PRE 14A 1 a_openfundsproxypre14a.htm PUTNAM OPEN END FUNDS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

SCHEDULE 14A

(RULE 14a-101)

 

Information required in proxy statement

 

SCHEDULE 14A INFORMATION

 

Proxy Statement Pursuant to Section 14(a)

of the Securities Exchange Act of 1934

 

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PUTNAM ASSET ALLOCATION FUNDS

PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND

PUTNAM CONVERTIBLE SECURITIES FUND

PUTNAM DIVERSIFIED INCOME TRUST

PUTNAM ETF TRUST

PUTNAM FOCUSED INTERNATIONAL EQUITY FUND

PUTNAM FUNDS TRUST

GEORGE PUTNAM BALANCED FUND

PUTNAM GLOBAL HEALTH CARE FUND

PUTNAM GLOBAL INCOME TRUST

PUTNAM HIGH YIELD FUND

PUTNAM INCOME FUND

PUTNAM INTERNATIONAL EQUITY FUND

PUTNAM INVESTMENT FUNDS

PUTNAM LARGE CAP VALUE FUND

PUTNAM MANAGED MUNICIPAL INCOME TRUST

PUTNAM MASTER INTERMEDIATE INCOME TRUST

PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND

PUTNAM MINNESOTA TAX EXEMPT INCOME FUND

PUTNAM MONEY MARKET FUND

 
 

PUTNAM MORTGAGE SECURITIES 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 SUSTAINABLE LEADERS FUND

PUTNAM TARGET DATE FUNDS

PUTNAM TAX EXEMPT INCOME FUND

PUTNAM TAX-FREE INCOME TRUST

PUTNAM VARIABLE TRUST

(Name of Registrant as Specified in its Charter)

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A message from Putnam Investments and the Trustees of the Putnam funds

 

A few minutes of your time now can help save time and expenses later.

 

Dear Fellow Shareholder:

We are asking for your vote on important matters affecting your investment in one or more of the funds in the Putnam family of funds (the “funds”). Special meetings of shareholders of Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust (the “Putnam Closed-End Funds”) will be held on October 6, 2023 in Boston, Massachusetts. Special meetings of shareholders of the other funds identified in the Joint Proxy Statement (the “Putnam Open-End Funds and ETFs”) will be held on October 20, 2023 in Boston, Massachusetts. We are asking you — and all shareholders — to consider and vote on the important matters described below.

You may conveniently vote by:

·Visiting the website listed on the proxy card.
·Calling by telephone, using the toll-free number listed on the proxy card.
·Mailing the enclosed proxy card—be sure to sign, date, and return the card in the enclosed postage-paid envelope.

Of course, you are also welcome to attend your fund’s special shareholder meeting and vote your shares in person.

The Board of Trustees of the Putnam funds unanimously recommend that you vote “FOR” all proposals described below.

1.Approving new management contracts. Shareholders of each fund, including your fund, are being asked to approve a new management contract with Putnam Investment Management, LLC (“Putnam Management”), your fund’s investment adviser.
2.Approving new sub-advisory contracts. Shareholders of each fund, including your fund, are being asked to approve new sub-advisory contracts with respect to one or more of the subadvisers to the funds. Subadvisers for the funds include Putnam Investments Limited (“PIL”), The Putnam Advisory Company, LLC (“PAC”), and PanAgora Asset Management, Inc. (“PanAgora”) (PIL, PAC, and PanAgora are also each individually referred to as a “subadviser” and collectively as the “subadvisers”).

On May 31, 2023, Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), entered into a definitive purchase agreement with Franklin Resources, Inc. (“FRI” and, together with its subsidiaries, “Franklin Templeton”) and a subsidiary of FRI for such subsidiary to acquire Putnam Holdings from Great-West Lifeco Inc. (the “Transaction”).

 
 

Putnam Holdings is the parent company of the investment adviser and subadvisers to the funds. The Transaction will cause the funds’ current management and sub-advisory contracts to terminate in accordance with applicable law and the terms of each contract. The Transaction will not be completed unless certain conditions are met. One of these conditions effectively requires shareholders of a substantial number of the Putnam funds to approve new management contracts to replace those that will terminate automatically upon consummation of the Transaction. We are therefore asking shareholders to approve a new management contract and new sub-advisory contracts, as applicable for each fund. Each fund’s Board of Trustees has approved the new contracts. It is important to note that your fund’s management fee rate under its new contracts will remain the same, and the Transaction is not expected to result in any change in the portfolio managers of your fund.

Detailed information regarding these proposals may be found in the enclosed proxy statement.

Please vote today

We encourage you to sign and return your proxy card today or, alternatively, online or by telephone using the voting control number that appears on your proxy card. Delaying your vote will increase fund expenses if further mailings are required. Your shares will be voted on your behalf exactly as you have instructed. If you sign the proxy card without specifying your vote, your shares will be voted in accordance with the Board of Trustees’ recommendations.

Your vote is extremely important. If you have questions, please call toll-free [___] or contact your financial advisor.

We appreciate your participation and prompt response, and thank you for investing in the Putnam family of funds.

Sincerely yours,

Robert L. Reynolds

President and Chief Executive Officer

Putnam Investments

 

Kenneth R. Leibler

Chair

Board of Trustees

The Putnam funds

 
 

Table of Contents

Notice of a Special Meeting of Shareholders of the Putnam Closed-End Funds [ ]
Notice of a Special Meeting of Shareholders of the Putnam Open-End Funds and Exchange-Traded Funds [ ]
Board of Trustees’ Recommendations [ ]
The Proposals  
1.    APPROVING A NEW MANAGEMENT CONTRACT WITH PUTNAM MANAGEMENT FOR YOUR FUND [ ]
2a.    APPROVING A NEW SUB-MANAGEMENT CONTRACT BETWEEN PUTNAM MANAGEMENT AND PIL FOR YOUR FUND [ ]
2b.    APPROVING A NEW SUB-ADVISORY CONTRACT AMONG PUTNAM MANAGEMENT, PIL, AND PAC FOR YOUR FUND [ ]
2c.    APPROVING A NEW SUBADVISORY AGREEMENT BETWEEN PUTNAM MANAGEMENT AND PANAGORA FOR YOUR FUND [ ]
Additional Information Relevant to the Proposals [ ]
Further Information About Voting and the Special Meeting [ ]
Fund Information [ ]

 

Appendix A — Number of Shares Outstanding as of the Applicable Record Date A-1
Appendix B — Management Contracts with Putnam Investment Management (“Putnam Management”) — Dates, Approvals and Fees B-1
Appendix C — New Management Contracts with Putnam Management C-1
Appendix D — Sub-Advisory Contracts — Dates, Approvals and Fees D-1
Appendix E — Description of Contract Approval Process E-1
Appendix F — New Sub-Advisory Contracts F-1
Appendix G — Fees Paid to Adviser and its Affiliates G-1
Appendix H — Other Funds Advised by Adviser and Subadvisers H-1
Appendix I — Officers of the Funds I-1
Appendix J — Management Ownership of Fund Shares J-1
Appendix K — 5% Beneficial Ownership K-1

 

PROXY CARD(S) ENCLOSED

If you have any questions, please call toll-free [____] or call your financial advisor.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SPECIAL SHAREHOLDER MEETING OF THE PUTNAM CLOSED-END FUNDS TO BE HELD ON OCTOBER 6, 2023: The notice of special meeting of shareholders, Joint Proxy Statement and your form of proxy card are available at [https://].

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IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SPECIAL SHAREHOLDER MEETING OF THE PUTNAM OPEN-END FUNDS AND EXCHANGE-TRADED FUNDS TO BE HELD ON OCTOBER 20, 2023: The notice of special meeting of shareholders, Joint Proxy Statement and your form of proxy card are available at [https://].

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Notice of a Special Meeting of Shareholders of the Putnam Closed-End Funds

To the Shareholders of:

PUTNAM MANAGED MUNICIPAL INCOME TRUST PUTNAM MUNICIPAL OPPORTUNITIES TRUST
PUTNAM MASTER INTERMEDIATE INCOME TRUST PUTNAM PREMIER INCOME TRUST

 

This is the formal agenda for your fund’s special shareholder meeting. It tells you what proposals will be voted on and the time and place of the special meeting, in the event you attend in person.

A special meeting of Shareholders of your fund will be held on October 6, 2023 at [11:00 a.m.], Boston time, at the principal offices of the funds, 100 Federal Street, Boston, MA 02110, to consider the following proposals, in each case as applicable to the particular funds listed in the table below:

Proposal Proposal Description Affected Funds
1. Approving a new Management Contract with Putnam Investment Management, LLC for your fund

All funds

 

2a. Approving a new Sub-Management Contract between Putnam Investment Management, LLC and Putnam Investments Limited for your fund

All funds

 

 

By Michael J. Higgins, Clerk, and by the Trustees

Kenneth R. Leibler, Chair

Barbara M. Baumann, Vice Chair

Liaquat Ahamed

Katinka Domotorffy

Catharine Bond Hill

Jennifer Williams Murphy

Marie Pillai

George Putnam III

Robert L. Reynolds

Manoj P. Singh

Mona K. Sutphen

In order for you to be represented at your fund’s special shareholder meeting, we urge you to record your voting instructions over the Internet or by telephone or to mark, sign, date, and mail the enclosed proxy card(s) in the postage-paid envelope provided.

[ ], 2023

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Notice of a Special Meeting of Shareholders of the Putnam Open-End Funds and Exchange-Traded Funds

To the Shareholders of:

PUTNAM ASSET ALLOCATION FUNDS  PUTNAM INTERNATIONAL CAPITAL 
PUTNAM DYNAMIC ASSET ALLOCATION  OPPORTUNITIES FUND 
BALANCED FUND  PUTNAM LARGE CAP GROWTH FUND 
PUTNAM DYNAMIC ASSET ALLOCATION  PUTNAM RESEARCH FUND 
CONSERVATIVE FUND  PUTNAM SMALL CAP VALUE FUND 
PUTNAM DYNAMIC ASSET ALLOCATION GROWTH  PUTNAM SUSTAINABLE FUTURE FUND 
FUND  PUTNAM LARGE CAP VALUE FUND 
PUTNAM MULTI-ASSET INCOME FUND  PUTNAM MASSACHUSETTS TAX EXEMPT INCOME 
PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND  FUND 
PUTNAM CONVERTIBLE SECURITIES FUND  PUTNAM MINNESOTA TAX EXEMPT INCOME FUND 
PUTNAM DIVERSIFIED INCOME TRUST  PUTNAM MONEY MARKET FUND 
PUTNAM ETF TRUST  PUTNAM MORTGAGE SECURITIES FUND 
PUTNAM BDC INCOME ETF  PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND 
PUTNAM BIOREVOLUTION™ ETF  PUTNAM NEW YORK TAX EXEMPT INCOME FUND 
PUTNAM EMERGING MARKETS EX-CHINA ETF  PUTNAM OHIO TAX EXEMPT INCOME FUND 
PUTNAM ESG CORE BOND ETF  PUTNAM PENNSYLVANIA TAX EXEMPT INCOME 
PUTNAM ESG HIGH YIELD ETF  FUND 
PUTNAM ESG ULTRA SHORT ETF  PUTNAM SUSTAINABLE LEADERS FUND 
PUTNAM FOCUSED LARGE CAP GROWTH ETF  PUTNAM TARGET DATE FUNDS 
PUTNAM FOCUSED LARGE CAP VALUE ETF  PUTNAM RETIREMENT ADVANTAGE MATURITY 
PUTNAM PANAGORA ESG EMERGING MARKETS  FUND 
EQUITY ETF  PUTNAM RETIREMENT ADVANTAGE 2065 FUND 
PUTNAM PANAGORA ESG INTERNATIONAL  PUTNAM RETIREMENT ADVANTAGE 2060 FUND 
EQUITY ETF  PUTNAM RETIREMENT ADVANTAGE 2055 FUND 
PUTNAM SUSTAINABLE FUTURE ETF  PUTNAM RETIREMENT ADVANTAGE 2050 FUND 
PUTNAM SUSTAINABLE LEADERS ETF  PUTNAM RETIREMENT ADVANTAGE 2045 FUND 
PUTNAM FOCUSED INTERNATIONAL EQUITY FUND  PUTNAM RETIREMENT ADVANTAGE 2040 FUND 
PUTNAM FUNDS TRUST  PUTNAM RETIREMENT ADVANTAGE 2035 FUND 
PUTNAM CORE BOND FUND  PUTNAM RETIREMENT ADVANTAGE 2030 FUND 
PUTNAM CORE EQUITY FUND  PUTNAM RETIREMENT ADVANTAGE 2025 FUND 
PUTNAM DYNAMIC ASSET ALLOCATION EQUITY  PUTNAM SUSTAINABLE RETIREMENT MATURITY 
FUND  FUND 
PUTNAM EMERGING MARKETS EQUITY FUND  PUTNAM SUSTAINABLE RETIREMENT 2065 FUND 
PUTNAM FLOATING RATE INCOME FUND  PUTNAM SUSTAINABLE RETIREMENT 2060 FUND 
PUTNAM FOCUSED EQUITY FUND  PUTNAM SUSTAINABLE RETIREMENT 2055 FUND 
PUTNAM GLOBAL TECHNOLOGY FUND  PUTNAM SUSTAINABLE RETIREMENT 2050 FUND 
PUTNAM INTERMEDIATE-TERM MUNICIPAL  PUTNAM SUSTAINABLE RETIREMENT 2045 FUND 
INCOME FUND  PUTNAM SUSTAINABLE RETIREMENT 2040 FUND 
PUTNAM INTERNATIONAL VALUE FUND  PUTNAM SUSTAINABLE RETIREMENT 2035 FUND 
PUTNAM MORTGAGE OPPORTUNITIES FUND  PUTNAM SUSTAINABLE RETIREMENT 2030 FUND 
PUTNAM SHORT DURATION BOND FUND  PUTNAM SUSTAINABLE RETIREMENT 2025 FUND 
PUTNAM SHORT TERM INVESTMENT FUND  PUTNAM TAX EXEMPT INCOME FUND 
PUTNAM SHORT-TERM MUNICIPAL INCOME FUND  PUTNAM TAX-FREE INCOME TRUST 
PUTNAM SMALL CAP GROWTH FUND  PUTNAM STRATEGIC INTERMEDIATE MUNICIPAL 
PUTNAM ULTRA SHORT DURATION INCOME FUND  FUND 
PUTNAM ULTRA SHORT MAC SERIES  PUTNAM TAX-FREE HIGH YIELD FUND 
GEORGE PUTNAM BALANCED FUND  PUTNAM VARIABLE TRUST 
PUTNAM GLOBAL HEALTH CARE FUND  PUTNAM VT CORE EQUITY FUND 
PUTNAM GLOBAL INCOME TRUST  PUTNAM VT DIVERSIFIED INCOME FUND 
PUTNAM HIGH YIELD FUND  PUTNAM VT EMERGING MARKETS EQUITY FUND 
PUTNAM INCOME FUND  PUTNAM VT FOCUSED INTERNATIONAL EQUITY 
PUTNAM INTERNATIONAL EQUITY FUND  FUND 
PUTNAM INVESTMENT FUNDS  PUTNAM VT GEORGE PUTNAM BALANCED FUND 
PUTNAM GOVERNMENT MONEY MARKET FUND  PUTNAM VT GLOBAL ASSET ALLOCATION FUND 

 

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PUTNAM VT GLOBAL HEALTH CARE FUND  PUTNAM VT LARGE CAP VALUE FUND 
PUTNAM VT GOVERNMENT MONEY MARKET  PUTNAM VT MORTGAGE SECURITIES FUND 
FUND  PUTNAM VT RESEARCH FUND 
PUTNAM VT HIGH YIELD FUND  PUTNAM VT SMALL CAP GROWTH FUND 
PUTNAM VT INCOME FUND  PUTNAM VT SMALL CAP VALUE FUND 
PUTNAM VT INTERNATIONAL EQUITY FUND  PUTNAM VT SUSTAINABLE FUTURE FUND 
PUTNAM VT INTERNATIONAL VALUE FUND  PUTNAM VT SUSTAINABLE LEADERS FUND 
PUTNAM VT LARGE CAP GROWTH FUND   

This is the formal agenda for your fund’s special shareholder meeting. It tells you what proposals will be voted on and the time and place of the special meeting, in the event you attend in person.

A special meeting of Shareholders of your fund will be held on October 20, 2023 at [11:00 a.m.], Boston time, at the principal offices of the funds, 100 Federal Street, Boston, MA 02110, to consider the following proposals, in each case as applicable to the particular funds listed in the table below:

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Proposal Proposal Description Affected Funds
1. Approving a new Management Contract with Putnam Investment Management, LLC for your fund

All funds

 

2a Approving a new Sub-Management Contract between Putnam Investment Management, LLC and Putnam Investments Limited for your fund

All funds other than Putnam PanAgora ESG Emerging Markets Equity ETF and Putnam PanAgora ESG International Equity ETF

 

 

2b Approving a new Sub-Advisory Contract among Putnam Investment Management, LLC, Putnam Investments Limited and The Putnam Advisory Company, LLC for your fund Putnam Core Bond Fund; Putnam Dynamic Asset Allocation Balanced Fund; Putnam Dynamic Asset Allocation Conservative Fund; Putnam Dynamic Asset Allocation Equity Fund; Putnam Dynamic Asset Allocation Growth Fund; Putnam Emerging Markets Equity Fund; Putnam Focused Equity Fund; Putnam Focused International Equity Fund; Putnam Global Health Care Fund; Putnam Global Technology Fund; Putnam International Capital Opportunities Fund; Putnam International Equity Fund; Putnam International Value Fund; Putnam Multi-Asset Income Fund; Putnam Research Fund; Putnam Short Duration Bond Fund; Putnam VT Emerging Markets Equity Fund; Putnam VT Focused International Equity Fund; Putnam VT Global Asset Allocation Fund; Putnam VT Global Health Care Fund; Putnam VT International Equity Fund; Putnam VT International Value Fund; and Putnam VT Research Fund
2c Approving a new Subadvisory Agreement between Putnam Investment Management, LLC and PanAgora Asset Management, Inc. for your fund Putnam PanAgora ESG Emerging Markets Equity ETF and Putnam PanAgora ESG International Equity ETF
     

 

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By Michael J. Higgins, Clerk, and by the Trustees

Kenneth R. Leibler, Chair

Barbara M. Baumann, Vice Chair

Liaquat Ahamed

Katinka Domotorffy

Catharine Bond Hill

Jennifer Williams Murphy

Marie Pillai

George Putnam III

Robert L. Reynolds

Manoj P. Singh

Mona K. Sutphen

In order for you to be represented at your fund’s special shareholder meeting, we urge you to record your voting instructions over the Internet or by telephone or to mark, sign, date, and mail the enclosed proxy card(s) in the postage-paid envelope provided.

[ ], 2023

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Joint Proxy Statement

This document (the “Proxy Statement”) gives you the information you need to vote on the proposals. Much of the information is required under rules of the Securities and Exchange Commission (the “SEC”); some of it is technical. If there is anything you don’t understand, please call toll-free [1-833-501-4818] or call your financial professional.

Proposal Proposal Description Affected Funds
1. Approving a new Management Contract with Putnam Investment Management, LLC for your fund

All funds

 

2a Approving a new Sub-Management Contract between Putnam Investment Management, LLC and Putnam Investments Limited for your fund

All funds, other than Putnam PanAgora ESG Emerging Markets Equity ETF and Putnam PanAgora ESG International Equity ETF

 

 

2b Approving a new Sub-Advisory Contract among Putnam Investment Management, LLC, Putnam Investments Limited and The Putnam Advisory Company, LLC for your fund Putnam Core Bond Fund; Putnam Dynamic Asset Allocation Balanced Fund; Putnam Dynamic Asset Allocation Conservative Fund; Putnam Dynamic Asset Allocation Equity Fund; Putnam Dynamic Asset Allocation Growth Fund; Putnam Emerging Markets Equity Fund; Putnam Focused Equity Fund; Putnam Focused International Equity Fund; Putnam Global Health Care Fund; Putnam Global Technology Fund; Putnam International Capital Opportunities Fund; Putnam International Equity Fund; Putnam International Value Fund; Putnam Multi-Asset Income Fund; Putnam Research Fund; Putnam Short Duration Bond Fund; Putnam VT Emerging Markets Equity Fund; Putnam VT Focused International Equity Fund; Putnam VT Global Asset Allocation Fund; Putnam VT Global Health Care Fund; Putnam VT International Equity Fund; Putnam VT International Value Fund; and Putnam VT Research Fund
2c Approving a new Subadvisory Agreement between Putnam Investment Management, LLC and PanAgora Asset Management, Inc. for your fund Putnam PanAgora ESG Emerging Markets Equity ETF and Putnam PanAgora ESG International Equity ETF

 

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*Why has a special meeting of shareholders been called?

On May 31, 2023, Great-West Lifeco Inc. (“Great-West Lifeco”), the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), entered into a definitive purchase agreement with Franklin Resources, Inc. (“FRI” and, together with its subsidiaries, “Franklin Templeton”) and a subsidiary of FRI for such subsidiary to acquire Putnam Holdings from Great-West Lifeco (the “Transaction”). Putnam Holdings is the parent company of Putnam Investment Management, LLC (“Putnam Management”), the investment adviser to the Putnam family of funds (the “funds”), and of Putnam Investments Limited (“PIL”), The Putnam Advisory Company, LLC (“PAC”), and PanAgora Asset Management, Inc. (“PanAgora”), subadvisers to the funds. In this Proxy Statement, we refer to your fund’s contract with Putnam Management as a “management contract” and to each contract with a subadviser as a “sub-advisory contract,” even though certain of these agreements are titled “sub-advisory contract,” “sub-management contract,” or “subadvisory agreement.”

The Transaction will result in what is commonly called a “change of control” of Putnam Holdings and its subsidiaries that are included in the Transaction, including Putnam Management, PIL, and PAC. The Investment Company Act of 1940, as amended (the “1940 Act”), which regulates investment companies such as your fund, requires management contracts to terminate automatically upon an “assignment” of the contract, which includes a “change of control” affecting an investment company’s investment adviser (including any subadviser). PanAgora is not involved in the Transaction, and therefore will remain an indirect, wholly-owned subsidiary of Great-West Lifeco, although its sub-advisory contract, by its terms, will also terminate.

The Transaction will not be completed unless certain conditions are met. One of these conditions effectively requires shareholders of a substantial number of the Putnam funds to approve new management contracts to replace those that will terminate automatically upon consummation of the Transaction. We are therefore asking shareholders to approve a new management contract and new sub-advisory contracts, as applicable for each fund. The Board of Trustees of the funds, including your fund (the “Board of Trustees”), has approved the new contracts. It is important to note that your fund’s management fee rate under its new contracts will remain the same, and the Transaction is not expected to result in any change in the portfolio managers of your fund.

*How will the sale of Putnam Holdings potentially benefit me?

The acquisition of Putnam Holdings by Franklin Templeton will result in one of the world’s largest independent, specialized global investment managers with approximately [$___] trillion in assets under management (based on Franklin Templeton assets under management and assets under management of the Putnam Holdings subsidiaries involved in the Transaction as of [__]). Assets under management are subject to fluctuation based on market conditions and other factors. The combined organization will offer Putnam Management, PIL, and PAC greater scale and resources, broader distribution capabilities, and new opportunities to grow. Approval of the new management contracts and new sub-advisory contracts will provide continuity of the

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investment program you selected through your fund investment and will allow the funds’ operations to continue uninterrupted after the Transaction.

*Does the proposed new management contract differ from your fund’s current management contract?

The proposed new management contract is identical to your fund’s current management contract except for the effective date, initial term, other non-substantive changes and, for certain funds, an additional update, as described in detail under Proposal 1. There will be no change in the services that your fund will receive under the proposed new management contract.

*Do the proposed new sub-advisory contracts differ from your fund’s current sub-advisory contracts?

The proposed new sub-advisory contracts are identical to your fund’s current sub-advisory contracts, except for effective dates, initial terms, and other non-substantive changes. There will be no change in the services that your fund will receive under the applicable proposed new sub-advisory contract(s).

*What happens if new management and sub-advisory contracts are not approved for my fund?

If shareholders of your fund do not approve a new management contract and one or more new sub-advisory contracts, as applicable, with respect to the applicable subadvisers of your fund, and the Transaction is consummated, your fund’s current contracts will terminate, and the adviser and/or subadvisers, as applicable, will not be able to provide services to the fund under the new contract unless and until it has been approved. If this should happen, the applicable adviser and/or subadvisers will be able to continue to provide services for your fund for a period of up to 150 days following consummation of the Transaction pursuant to an interim management contract and/or interim sub-advisory contract. During the interim period, the Board of Trustees will consider what additional actions to take, which could include, without limitation, continuing to solicit approval of the new management contract and/or sub-advisory contracts or, in the case of PIL and PAC and to the extent consistent with current law and interpretations of the Securities and Exchange Commission and its staff, determining that shareholder approval is not required with respect to new sub-advisory contracts. The Board of Trustees has approved interim management and sub-advisory contracts to provide for maximum flexibility for your fund’s future. The terms of the interim contracts are identical to those of the current contracts except for term and certain provisions required by 1940 Act rules, including the escrowing of fees paid under the interim management and sub-advisory contracts.

*Who is asking for your vote?

The enclosed proxy is solicited by the Board of Trustees for use at the special meeting of shareholders of each fund, to be held on October 6, 2023 for Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust (the “Putnam Closed-End Funds”) and October 20, 2023 for the other funds identified in the Joint Proxy Statement (the “Putnam Open-End Funds

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and ETFs”) and, if your fund’s meeting is adjourned, at any later meetings, for the purposes stated in the Notice of a Special Meeting (see previous pages). The Notice of a Special Meeting, the proxy card and this Proxy Statement are being mailed beginning on or about [ ], 2023.

*How does the Board of Trustees recommend that shareholders vote on the proposals?

The Board of Trustees unanimously recommend that you vote FOR each proposal.

1. To approve a new management contract with Putnam Management.

2a. To approve a new sub-advisory contract between Putnam Management and PIL.

2b. To approve a new sub-advisory contract among Putnam Management, PIL, and PAC.

2c. To approve a new sub-advisory contract between Putnam Management and PanAgora.

Please see the table beginning on page [ ] for a list of the affected funds for each proposal.

*Who is eligible to vote?

For Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust, shareholders of record at the close of business on July 10, 2023 (the “Closed-End Fund Record Date”) are entitled to be present and to vote at the special meeting or any adjournment. For all other funds, shareholders of record at the close of business on July 24, 2023 (the “Open-End Fund/ETF Record Date”) are entitled to be present and to vote at the special meeting or any adjournment.

The number of shares of each fund outstanding on the applicable Record Date is shown in Appendix A. Shareholders of each of the Putnam exchange-traded funds (the “Putnam ETFs”) are entitled to one vote for each dollar of net asset value per share of the fund, and shareholders of each of the remaining funds are entitled to one vote per share of the fund, with any fractional dollar amount or fractional share, as applicable, entitled to a proportional fractional vote.

Shares represented by your duly executed proxy card will be voted in accordance with your instructions. If you sign and return the proxy card but don’t fill in a vote, your shares will be voted in accordance with the Board of Trustees’ recommendations. If any other business comes before your fund’s special meeting, your shares will be voted at the discretion of the persons designated on the proxy card.

Shareholders of each fund vote separately with respect to the proposal to approve a new management contract and the proposals to approve each new sub-advisory contract. The outcome of a vote affecting one fund does not affect the outcome of voting for any other fund.

 

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The Proposals

1.Approving a new Management Contract with Putnam Management for your fund
*Background Information

At the special shareholder meeting, you will be asked to approve a new management contract between your fund and its investment adviser, Putnam Management. You are being asked to approve a new management contract for your fund because your fund’s current management contract (its “Current Management Contract” and together with the other funds’ current management contracts with Putnam Management, the “Current Management Contracts”) will terminate upon the consummation of the Transaction. The Transaction is described in more detail below.

The Board of Trustees has concluded that it is in the best interests of your fund’s shareholders to call a special meeting so that shareholders may approve a new management contract with Putnam Management. At an in-person meeting on June 22-23, 2023, the Board of Trustees unanimously approved, and recommend to the shareholders of each fund that they approve, a proposed new management contract with Putnam Management (a “New Management Contract”) for their fund.

If shareholders of your fund approve the New Management Contract for your fund before the consummation of the Transaction, the New Management Contract will become effective upon the consummation of the Transaction. In the event that the Transaction is not consummated, Putnam Management will continue to serve as investment adviser of your fund pursuant to the terms of your fund’s Current Management Contract.

 

*Description of the Transaction

On May 31, 2023, Great-West Lifeco, the parent company of Putnam Holdings, entered into a definitive purchase agreement (the “Transaction Agreement”) with Franklin Resources, Inc. (“FRI” and, together with its subsidiaries, “Franklin Templeton”) and an indirect, wholly-owned subsidiary of FRI for such subsidiary to acquire Putnam Holdings from Great-West Lifeco. Putnam Holdings is the parent company of Putnam Management, the investment adviser to the funds, and of PIL, PAC, and PanAgora, subadvisers to the funds. Upon consummation of the Transaction, Putnam Management, PIL, and PAC will become indirect, wholly-owned subsidiaries of FRI. Franklin Templeton is not acquiring PanAgora, which will remain an indirect, wholly-owned subsidiary of Great-West Lifeco.

Under the terms of the Transaction Agreement, subject to certain customary adjustments, Franklin Templeton will pay upfront consideration at closing consisting of 33.33 million shares of Franklin Templeton common stock and $100 million in cash paid six months after closing, and up to $375 million in contingent payments in cash between three and seven years after closing tied to the growth of the Partnership (defined below). Great-West Lifeco has agreed to retain shares of Franklin Templeton common stock representing 4.9% of Franklin Templeton’s total outstanding common stock for a minimum period of five years after closing, and the

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remaining shares of Franklin Templeton common stock issued to Great-West Lifeco are subject to a 180-day lock-up.

Certain key employees of Putnam Management and its affiliates that hold vested or unvested class B shares under the Putnam Investments, LLC Equity Incentive Plan, as amended (the “Plan”) (which include, among others, Mr. Reynolds, who also serves as President and a Trustee of the funds, and Mses. Malloy and Smith and Messrs. Clark, Lemaire, Tate, and Trenchard, who also serve as officers of the funds), will be entitled to receive certain cash payments in accordance with the terms of the Transaction Agreement and the Plan. Certain key employees that hold class B shares under the Plan have elected (and it is expected that additional employees will elect before the closing) to receive unvested shares of Franklin Templeton’s common stock in lieu of a portion of the cash payments that the employee would have otherwise received at the closing (and the number of shares of Franklin Templeton common stock issued to Great-West Lifeco as described in the paragraph above will be reduced accordingly). As of June 30, 2023, the vested and unvested class B shares held by Mr. Reynolds under the Plan represented approximately 2% of the total outstanding equity interests of Putnam Investments, LLC.

In connection with the Transaction, Great-West Lifeco, Power Corporation of Canada, the parent company of Great-West Lifeco, and Franklin Templeton have entered into a strategic partnership (the “Partnership”) to allocate assets to Franklin Templeton investment products. Great-West Lifeco will provide an initial long-term asset allocation, in the amount of $25 billion in assets under management, to Franklin Templeton’s investment management subsidiaries within 12 months of the Transaction closing, with the potential for that amount to increase over the next several years.

Consummation of the Transaction is subject to certain terms and conditions, including, among others, (i) receipt of applicable regulatory approvals and (ii) consent by advisory clients representing a specified percentage of the revenues of Putnam Management and its affiliates to continue their advisory relationships with Putnam Management (or PIL or PAC) following the consummation of the Transaction. Condition (ii) above effectively requires shareholders of a substantial number of the Putnam funds to approve new management contracts to replace those that will terminate automatically upon consummation of the Transaction, as described below. Subject to satisfaction or waiver of the terms and conditions, the Transaction is expected to close in the fourth quarter of 2023.

The Transaction will result in a “change of control” of Putnam Management, PIL, and PAC and will cause the funds’ Current Management Contracts, the sub-advisory contract with PIL, and the sub-advisory contract with PAC to terminate in accordance with the 1940 Act. In addition, although the ultimate parent company of PanAgora will not change as a result of the Transaction, the sub-advisory contract with PanAgora will nonetheless terminate, according to its terms, upon the termination of the management contract with Putnam Management for funds to which PanAgora serves as subadviser.

 

The Transaction will result in one of the world’s largest independent, specialized global investment managers with approximately [$___] trillion in assets under management (based on Franklin Templeton assets under management and assets under management of the Putnam Holdings subsidiaries involved in the Transaction as of [__]). Assets under management are subject to fluctuation based on market conditions and other factors. The combined organization will offer Putnam Management, PIL, and PAC greater scale and resources, broader distribution capabilities, and new opportunities to grow. Approval of the new management contracts and new sub-advisory contracts will provide continuity of the investment program you selected through your fund investment and will allow the funds’ operations to continue uninterrupted after the Transaction.

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Impact on the Investment Advisory Services Provided to Your Fund

The Transaction is not expected to result in any diminution in the nature, extent or quality of the services provided by Putnam Management to your fund and its shareholders. The Transaction also is not expected to result in any diminution in the nature, extent or quality of the services provided by any subadviser to your fund and its shareholders.

While the organizational structure of Putnam Management, PIL, and PAC is not expected to change immediately following the transaction, Franklin Templeton anticipates that Putnam Management’s reporting structure will change. Franklin Templeton currently intends for the equity investment professionals at Putnam Management and its affiliates PIL and PAC to continue to operate largely independently, with the team’s leadership reporting directly to the Head of Public Markets at Franklin Templeton, and Franklin Templeton intends to include the fixed income investment professionals at Putnam Management and its affiliate PIL in Franklin Templeton’s fixed income group and to include Putnam Management’s Global Asset Allocation (“GAA”) investment professionals in Franklin Templeton’s investment solutions group, with both Franklin Templeton groups reporting to Franklin Templeton’s Head of Public Markets.

 

Section 15(f) of the 1940 Act

Franklin Templeton has agreed to comply with Section 15(f) of the 1940 Act. Section 15(f) provides a non-exclusive “safe harbor” for an investment company’s adviser or any affiliated persons of the adviser to receive any amount or benefit in connection with a change of control of the investment adviser as long as two conditions are met. First, for a period of three years after the change of control, at least 75% of the directors of the investment company must not be interested persons of the adviser or the predecessor adviser. Second, there must not be any “unfair burden” imposed on the investment company as a result of the transaction or any express or implied terms, conditions or understandings relating to the transaction. Section 15(f) defines “unfair burden” to include any arrangement during the two-year period after the transaction in which the adviser or predecessor adviser, or any interested person of the adviser or predecessor adviser, receives or is entitled to receive any compensation, directly or indirectly, from the investment company or its security holders (other than fees for bona fide investment advisory or other services) or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other than bona fide ordinary compensation as principal underwriter for the investment company).

Putnam Management has advised the funds that neither it, Great-West Lifeco, nor Franklin Templeton, after reasonable inquiry, is aware of any express or implied term, condition, arrangement or understanding that would impose an “unfair burden” on the funds as a result of the Transaction. Moreover, Franklin Templeton has advised the funds that Franklin Templeton will not take, nor cause its affiliates to take, any action that would have the effect of causing the conditions of Section 15(f) not to be met with respect to the Transaction, and Franklin Templeton has advised the funds that Franklin Templeton will not fail to take, and will cause its affiliates not to fail to take, any action if the failure to take such action would have the effect of causing the conditions of Section 15(f) not to be met with respect to the Transaction.

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*The Interim Management Contracts

Each fund’s Current Management Contract terminates automatically in the event of an “assignment.” If the shareholders of your fund have not approved the New Management Contract for your fund and the Transaction is consummated, an interim management contract between Putnam Management and your fund (an “Interim Management Contract”) will take effect upon the consummation of the Transaction. The Board of Trustees has approved the Interim Management Contract for your fund to allow Putnam Management to continue providing services to your fund for a period of up to 150 days following consummation of the Transaction while shareholder approval of a New Management Contract continues to be sought.

Rule 15a-4 under the 1940 Act allows an investment company to enter into an interim management contract with a maximum term of 150 days, without first obtaining shareholder approval, so that the investment company may receive investment management services without interruption following the termination by assignment of a previous management contract.

The terms of each fund’s Interim Management Contract are identical to those of its Current Management Contract, except for the term and provisions required under Rule 15a-4, including the escrow provisions described below. If your fund’s Interim Management Contract takes effect upon the consummation of the Transaction, it will continue in effect for a term ending on the earlier of 150 days from the closing of the Transaction (the “150-day period”) or, if shareholders of your fund approve the New Management Contract, the effective date of the New Management Contract. The Board of Trustees or a “majority of the outstanding voting securities,” as defined in the 1940 Act, may terminate the Interim Management Contract on 10 calendar days’ written notice to Putnam Management without the payment of any penalty. Pursuant to Rule 15a-4 under the 1940 Act, compensation earned by Putnam Management under the Interim Management Contract will be held in an interest-bearing escrow account. If shareholders of your fund approve the New Management Contract before the end of the 150-day period, the amount held in the escrow account under the Interim Management Contract, plus interest earned, will be paid to Putnam Management. If shareholders of your fund do not approve the New Management Contract before the end of the 150-day period, the Board of Trustees will consider what further action to take consistent with their fiduciary duties to the fund, and Putnam Management will be paid the lesser of its costs incurred in performing its services under the Interim Management Contract or the total amount of the escrow account, plus interest earned. The actions considered by the Board of Trustees may include, among other things, negotiating a new management contract with an advisory organization selected by the Board of Trustees, subject to shareholder approval, or taking other appropriate actions.

*The New Management Contract; Comparison with your Fund’s Current Management Contract

The terms of the New Management Contracts (described generally below) are identical to those of the current management contracts except for the effective dates, initial term, certain non-substantive changes, and, for certain funds, the addition of a “No Third-Party Beneficiaries” provision. The date of each fund’s Current Management Contract, the date on which it was last submitted to a vote of shareholders, and the purpose of the submission is set forth in Appendix B.

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Set forth below is a general description of the New Management Contracts and a comparison of their terms to those of the Current Management Contracts. The complete terms of each New Management Contract are set forth in Appendix C, as follows:

·Unless your fund is specifically identified in the “bulleted” paragraphs below, you should refer to Appendix C-1 for a copy of the form of your fund’s New Management Contract.
·If you are a shareholder of Putnam Focused International Equity Fund, Putnam Emerging Markets Equity Fund, Putnam International Value Fund, Putnam Small Cap Growth Fund, Putnam International Equity Fund, Putnam Sustainable Leaders Fund, Putnam Large Cap Growth Fund, or Putnam International Capital Opportunities Fund, you should refer to Appendix C-2 for a copy of the form of your fund’s New Management Contract.
·If you are a shareholder of Putnam Core Bond Fund or Putnam Short Duration Bond Fund, you should refer to Appendix C-3 for a copy of the form of your fund’s New Management Contract.
·If you are a shareholder of Putnam Managed Municipal Income Trust or Putnam Municipal Opportunities Trust, you should refer to Appendix C-4 for a copy of the form of your fund’s New Management Contract.
·If you are a shareholder of Putnam Master Intermediate Income Trust or Putnam Premier Income Trust you should refer to Appendix C-5 for a copy of the form of your fund’s New Management Contract.
·If you are a shareholder of the Putnam Retirement Advantage Funds or the Putnam Sustainable Retirement Funds (each a series of Putnam Target Date Funds), you should refer to Appendix C-6 for a copy of the form of your fund’s New Management Contract.
·If you are a shareholder of a Putnam ETF (each a series of Putnam ETF Trust), you should refer to Appendix C-7 for a copy of the form of your fund’s New Management Contract.

Fees. There is no change in the rate of the fees that your fund will pay Putnam Management under its New Management Contract. The current fee schedule for investment management services and administrative services for each fund is set forth in Appendix B. The actual fees paid by some funds are subject to expense limitations, which would be unaffected by approval and adoption of a New Management Contract.

Investment Management Services. The New Management Contract for your fund provides that Putnam Management will furnish continuously an investment program for the fund, determining what investments to purchase, hold, sell or exchange and what portion of the fund’s assets will be held uninvested, in compliance with the fund’s governing documents, investment objectives, policies and restrictions, and subject to the oversight and control of the Board of Trustees. As

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indicated above, Putnam Management’s responsibilities under the New Management Contracts are identical to those under the Current Management Contracts.

Putnam Management is authorized under your fund’s New Management Contract to place orders for the purchase and sale of portfolio investments for your fund with brokers or dealers that Putnam Management selects. Putnam Management must select brokers and dealers, and place orders, using its best efforts to obtain for the funds the most favorable price and execution available, except that Putnam Management may pay higher brokerage commissions if it determines in good faith that the commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer (a practice commonly known as “soft dollars”). Putnam Management may make this determination in terms of either the particular transaction or Putnam Management’s overall responsibilities with respect to your fund and to other clients of Putnam Management for which Putnam Management exercises investment discretion. Putnam Management’s use of soft dollars is subject to policies established by the Board of Trustees from time to time and applicable guidance issued by the Securities and Exchange Commission and its staff.

Delegation of Responsibilities. The New Management Contract for your fund expressly provides that Putnam Management may, in its discretion and with the approval of the Board of Trustees (including a majority of the Trustees of the funds who are not “interested persons” as defined in the 1940 Act (the “Independent Trustees”)) and, if required, the approval of shareholders, delegate responsibilities under the contract to one or more subadvisers or sub-administrators. The separate costs of employing any subadviser or sub-administrator must be borne by Putnam Management or the subadviser or sub-administrator, not by your fund. Putnam Management is responsible for overseeing the performance of any subadviser or sub-administrator and remains fully responsible to your fund under the New Management Contract regardless of whether it delegates any responsibilities.

At present, Putnam Management has entered into a sub-advisory contract where it may delegate certain responsibilities for the management of each fund, other than Putnam PanAgora ESG Emerging Markets Equity ETF and Putnam PanAgora ESG International Equity ETF, to PIL, an affiliated subadviser. Putnam Management and PIL have further entered into a sub-advisory contract where Putnam Management may delegate certain responsibilities for the management of the funds identified in Appendix D-2 to PAC, an affiliated subadviser. Putnam Management has also entered into a sub-advisory contract delegating certain responsibilities for the management of the funds identified in Appendix D-3 to PanAgora, which is currently an affiliated subadviser. As a result of the Transaction, the sub-advisory contracts with PIL, PAC, and PanAgora will terminate. The Board of Trustees is recommending that shareholders vote to approve new sub-advisory contracts with each fund’s subadviser(s), as is discussed in detail under Proposal 2.

Administrative Services. Like its Current Management Contract, your fund’s New Management Contract provides that Putnam Management will manage, supervise and conduct the other (i.e., non-investment) affairs and business of your fund and incidental matters. These administrative services include providing suitable office space for the fund and administrative facilities, such as bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the fund’s affairs, including determination of the net asset value of the fund, but excluding shareholder accounting services.

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Putnam Management has currently delegated certain administrative, pricing and bookkeeping services to State Street Bank and Trust Company.

Expenses. Like its Current Management Contract, your fund’s New Management Contract requires Putnam Management to bear the expenses associated with (i) furnishing all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully, (ii) providing suitable office space for the fund and (iii) providing administrative services.

Like their Current Management Contracts, the New Management Contracts for funds other than those identified in Appendix C-3 and Appendix C-7, also provide that each of these funds will pay the fees of its Trustees and will reimburse Putnam Management for compensation paid to officers and persons assisting officers of the fund, and all or part of the cost of suitable office space, utilities, support services and equipment used by such officers and persons, as the Board of Trustees may determine. Each of these funds will bear the costs of the Board of Trustees’ independent staff, which assists the Board of Trustees in overseeing each of the funds.

Like their Current Management Contracts, the New Management Contracts for those funds identified in Appendix C-3 and Appendix C-7 also require Putnam Management to bear the expenses of all these funds’ organizational and other operating expenses, excluding certain expenses such as 12b-1 fees, brokerage, interest, taxes, investment-related expenses, extraordinary expenses, and acquired fund fees and expenses.

Term and Termination. If approved by shareholders before the consummation of the Transaction, your fund’s New Management Contract will go into effect for a two-year period beginning   on the date the Transaction is consummated. Thereafter, if not terminated, the New Management Contract will continue in effect from year to year if its continuance is specifically approved at least annually by (i) the Board of Trustees or the shareholders of the fund by the affirmative vote of a majority of the outstanding shares of the fund and (ii) a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on approval. The Current Management Contracts have similar provisions for their term and continuance, although the initial term  has elapsed in most cases  .

Like its Current Management Contract, your fund’s New Management Contract provides that it may be terminated at any time by either Putnam Management or the fund by not less than 60 days’ written notice to the other party and without the payment of any penalty by Putnam Management or the fund. The fund may terminate the contract by vote of a majority of the Board of Trustees or by the affirmative vote of a “majority of the outstanding voting securities” of the fund, as defined in the 1940 Act. Your fund’s New Management Contract also will terminate automatically in the event of its “assignment.”

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Proxy Voting. Like their Current Management Contracts, the New Management Contracts for certain funds, identified in Appendix C-7, require Putnam Management to vote all proxies solicited by or with respect to issuers of securities in which assets of the fund may be invested in accordance with its proxy voting policy. Putnam Management currently provides this service for all funds, whether or not expressly required by a particular fund’s Current Management Contract.

Limitation of Liability. Like its Current Management Contract, under your fund’s New Management Contract, Putnam Management is not liable to the fund or to any shareholder of the fund for any act or omission in the course of, or connected with, rendering services under the New Management Contract, unless there is willful misfeasance, bad faith or gross negligence on the part of Putnam Management or reckless disregard of its obligations and duties under the New Management Contract.

As required under the Declaration of Trust for each fund other than the Putnam ETFs, the New Management Contracts, like the Current Management Contracts, contain a notice provision stating that the fund’s Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts and that the New Management Contract is executed on behalf of the Trustees as Trustees of the fund and not individually. Also, the fund’s obligations arising out of the New Management Contract are limited only to the assets and property of the fund and are not binding on any of the Trustees, officers or shareholders individually.

No Third-Party Beneficiaries. The Current Management Contracts for certain, more recently established funds include a provision specifying that there are no third-party beneficiaries of the management contracts. This provision states that no shareholder, or any person other than the named funds and Putnam Management, is a party to the management contract or entitled to any right or benefit arising under or in respect of the management contract. The Current Management Contracts for other funds do not include this “no third-party beneficiaries” provision. The proposed New Management Contracts for all funds, except for the Putnam Closed-End Funds, will include the “no third-party beneficiaries” provision, consistent with the Current Management Contracts for more recently established funds. A list of the funds for which this provision will be added is provided in Appendix C-8.

Amendments; Defined Terms. Like your fund’s Current Management Contract, its New Management Contract may only be amended in writing, and any amendment must be approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretations of the Securities and Exchange Commission or its staff. Similarly, certain terms used in the New Management Contract are used as defined in the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

 

*What did the Board of Trustees consider in evaluating the New Management Contracts?

The Independent Trustees met with their independent legal counsel and representatives of Putnam Management and its parent company, Power Corporation of Canada, to discuss the potential Transaction, including the timing and structure of the Transaction and its implications for Putnam

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Management and the funds, during their regular meeting on November 18, 2022, and the full Board of Trustees further discussed these matters with representatives of Putnam Management at its regular meeting on December 15, 2022. At a special meeting on December 20, 2022, the full Board of Trustees met with representatives of Putnam Management, Power Corporation of Canada, and Franklin Templeton to further discuss the potential Transaction, including Franklin Templeton’s strategic plans for Putnam Management’s asset management business and the funds, potential sources of synergy between Franklin Templeton and Putnam Management, potential areas of partnership between Power Corporation of Canada and Franklin Templeton, Franklin Templeton’s distribution capabilities, Franklin Templeton’s existing service provider relationships, and Franklin Templeton’s recent acquisitions of other asset management firms.

In order to assist the Independent Trustees in their consideration of the New Management Contracts and other anticipated impacts of the Transaction on the funds and their shareholders, independent legal counsel for the Independent Trustees furnished an initial information request to Franklin Templeton (the “Initial Franklin Request”). At a special meeting of the full Board of Trustees held on January 25, 2023, representatives of Franklin Templeton addressed the firm’s responses to the Initial Franklin Request. At the meeting, representatives of Franklin Templeton discussed, among other things, the business and financial condition of Franklin Templeton and its affiliates, Franklin Templeton’s U.S. registered fund operations, its recent acquisition history, Franklin Templeton’s intentions regarding the operation of Putnam Management and the funds following the completion of the potential Transaction, and expected benefits to the funds and Putnam Management that might result from the Transaction.

The Board of Trustees actively monitored developments with respect to the potential Transaction throughout the period leading up to the public announcement of a final sale agreement on May 31, 2023. The Independent Trustees met to discuss these matters at their regular meetings on January 27, April 20, and May 19, 2023. The full Board of Trustees also discussed developments at their regular meeting on February 23, 2023. Following the public announcement of the Transaction on May 31, 2023, independent legal counsel for the Independent Trustees furnished a supplemental information request (the “Supplemental Franklin Request”) to Franklin Templeton. At the Board of Trustees’ regular in-person meeting held on June 22-23, 2023, representatives of Putnam Management and Power Corporation of Canada provided further information regarding, among other matters, the final terms of the Transaction and efforts undertaken to retain Putnam employees. The Contract Committee of the Board of Trustees also met on June 22, 2023 to discuss Franklin Templeton’s responses to the Supplemental Franklin Request. Mr. Reynolds, the only Trustee affiliated with Putnam Management, participated in portions of these meetings to provide the perspective of the Putnam organization, but did not otherwise participate in the deliberations of the Independent Trustees or the Contract Committee regarding the potential Transaction.

After the presentations and after reviewing the written materials provided, the Independent Trustees met at their in-person meeting on June 23, 2023 to consider the New Management Contracts for each fund, proposed to become effective upon the closing of the Transaction, and the filing of a preliminary proxy statement. At this meeting and throughout the process, the Independent Trustees also received advice from their independent legal counsel regarding their responsibilities in evaluating the potential Transaction and the New Management Contracts. The Independent Trustees reviewed the terms of the proposed New Management Contracts and the differences between the New Management Contracts and the current management contracts. They

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noted that the terms of the proposed New Management Contracts were substantially identical to the current management contracts, except for certain changes designed largely to address differences among various of the existing contracts, which had been developed and implemented at different times in the past. (These differences are described elsewhere in this Proxy Statement.)

In considering the approval of the proposed New Management Contracts, the Board of Trustees took into account a number of factors, including:4

(i)Franklin Templeton’s and Putnam Management’s belief that the Transaction will not adversely affect the funds or their shareholders and their belief that the Transaction is likely to result in certain benefits (described below) for the funds and their shareholders;
(ii)That Franklin Templeton did not intend to make any material change in Putnam Management’s senior investment professionals (other than certain changes related to reporting structure and organization of personnel discussed below), including the portfolio managers of the funds, or to the firm’s operating locations as a result of the Transaction;
(iii)That Franklin Templeton intended for Putnam Management’s equity investment professionals to continue to operate largely independently from Franklin Templeton, reporting to Franklin Templeton’s Head of Public Markets following the Transaction;
(iv)That, while Putnam Management’s organizational structure is not expected to change immediately following the Transaction, Franklin Templeton intended to revise Putnam Management’s reporting structure in order to include Putnam Management’s fixed income investment professionals in Franklin Templeton’s fixed income group and to include Putnam Management’s GAA investment professionals in Franklin Templeton’s investment solutions group, with both Franklin Templeton groups reporting to Franklin Templeton’s Head of Public Markets;
(v)Franklin Templeton’s expectation that there would not be any changes in the investment objectives, strategies, or portfolio holdings of the funds as a result of the Transaction;
(vi)That neither Franklin Templeton nor Putnam Management had any current plans to propose changes to the funds’ existing management fees or expense limitations, or current plans to make changes to the funds’ existing distribution arrangements;
(vii)Franklin Templeton’s and Putnam Management’s representations that, following the Transaction, there is not expected to be any diminution in the nature, quality, and extent of services provided to the funds and their shareholders by Putnam Management and PIL, PAC, and PanAgora, as applicable, including compliance and other non-advisory services;

                                                     

4 All references to Putnam Management in this section describing the Board of Trustees’ considerations should be deemed to include references to PIL and PAC as necessary or appropriate in the context.

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(viii)That PanAgora was not a part of the Transaction and, therefore, PanAgora would remain an indirect, wholly-owned subsidiary of Great-West Lifeco, with no expected material changes in PanAgora’s senior investment professionals, including the portfolio managers of the applicable funds;
(ix)That Franklin Templeton did not currently plan to change the branding of the funds or to change the lineup of funds in connection with the Transaction but will continue to evaluate how best to position the funds in the market;
(x)The possible benefits accruing to the funds and their shareholders as a result of the Transaction, including:

a.  That the scale of Franklin Templeton’s investment operations platform would increase the investment and operational resources available to the funds;

b.   That the funds would benefit from Franklin Templeton’s large retail and institutional global distribution capabilities and significant network of intermediary relationships, which may provide additional opportunities for the funds to increase assets and reduce expenses by spreading expenses over a larger asset base; and

c.    Potential benefits to shareholders of the funds that could result from the alignment of certain fund features and shareholder benefits with those of other funds sponsored by Franklin Templeton and its affiliates and access to a broader array of investment opportunities;

(xi)The financial strength, reputation, experience, and resources of Franklin Templeton and its investment advisory subsidiaries;
(xii)Franklin Templeton’s expectation that the Transaction would not impact the capabilities or responsibilities of Putnam Management’s Investment Division (other than any impact related to reporting structure changes for Putnam Management’s equity, fixed income, and GAA investment groups and to including Putnam Management’s fixed income and GAA investment professionals in existing Franklin Templeton investment groups, as discussed above) and that any changes to the Investment Division over the longer term would be made in order to achieve any perceived operational efficiencies or improvements to the portfolio management process;
(xiii)Franklin Templeton’s commitment to maintaining competitive compensation arrangements to allow Putnam Management to continue to attract and retain highly qualified personnel and its efforts to retain personnel, including efforts implemented since the Transaction was announced;
(xiv)That the current senior management teams at Putnam Management and Power Corporation of Canada have indicated their strong support of the Transaction and that Putnam Management has recommended that the Board of Trustees approve the New Management Contracts; and
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(xv)Putnam Management’s and Great-West Lifeco’s commitment to bear all expenses incurred by the funds in connection with the Transaction, including all costs associated with this proxy solicitation.

Finally, in considering the proposed New Management Contracts, the Board of Trustees also took into account their concurrent deliberations and conclusions in connection with their annual review of the funds’ current management contracts and the approval of their continuance, effective July 1, 2023, and the extensive materials that they had reviewed in connection with that review process. Appendix E contains a summary description of the matters considered by the Board of Trustees in connection with those approvals. The considerations discussed in Appendix E and in this section also apply to the Board of Trustees’ consideration of the Interim Management Contracts discussed elsewhere in this Proxy Statement.

Based upon the foregoing considerations, on June 23, 2023 the Board of Trustees, including all of the Independent Trustees, unanimously approved the proposed New Management Contracts and determined to recommend their approval to the shareholders of the funds.

*What is the voting requirement for approving the proposal?

Shareholder approval of your fund’s proposed New Management Contract requires the affirmative vote of a “majority of the outstanding voting securities” of the fund, which is defined under the 1940 Act to be the lesser of (a) more than 50% of the outstanding shares of the fund, or (b) 67% or more of the shares of the fund present (in person or by proxy) at the special meeting if more than 50% of the outstanding shares of the fund are present at the meeting in person or by proxy. The Board of Trustees unanimously recommends that shareholders vote FOR the proposed New Management Contracts.

 

 

2a.Approving a new Sub-Management Contract between Putnam Management and PIL for your fund
*Background Information

Under each Current Management Contract, Putnam Management may, in its discretion and with the approval of the Board of Trustees (including a majority of the Independent Trustees) and, if required, the approval of shareholders, delegate its advisory responsibilities to one or more subadvisers.

At present, Putnam Management has entered into sub-advisory contracts with PIL, an affiliated subadviser (the “Current PIL Sub-Advisory Contracts”), for each fund, other than Putnam PanAgora ESG Emerging Markets Equity ETF and Putnam PanAgora ESG International Equity ETF. Under the Current PIL Sub-Advisory Contracts, Putnam Management may delegate to PIL certain responsibilities for the management of all or a portion of a fund’s assets as determined by Putnam Management (a “PIL Allocated Sleeve”). PIL, which provides a full range of international investment advisory services to institutional clients, is located at 16 St James’s Street, London, England, SW1A 1ER. Pursuant to the Current PIL Sub-Advisory Contracts, Putnam investment professionals who are based in the United Kingdom may serve as portfolio

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managers of or provide other investment services to a fund, consistent with local regulations. Under the Current PIL Sub-Advisory Contracts, Putnam Management (and not the funds) pays a quarterly sub-advisory fee to PIL for its services at the rates set forth in Appendix D-1.

As noted above in Proposal 1, the Transaction will result in an “assignment” of the Current PIL Sub-Advisory Contracts and will cause the Current PIL Sub-Advisory Contracts to terminate in accordance with applicable law.

At an in-person meeting on June 22-23, 2023, the Board of Trustees unanimously approved a proposed new sub-advisory contract between Putnam Management and PIL (the “New PIL Sub-Advisory Contract”) for each applicable fund. Consistent with current law and interpretations of the Securities and Exchange Commission and its staff, it may not be necessary for shareholders to approve the New PIL Sub-Advisory Contract. However, notwithstanding that shareholder approval may not be required, the Board of Trustees has determined to seek shareholder approval of the New PIL Sub-Advisory Contract and to recommend to the shareholders of each applicable fund that they approve the New PIL Sub-Advisory Contract.

If shareholders of your fund approve the New PIL Sub-Advisory Contract before the consummation of the Transaction, the New PIL Sub-Advisory Contract will become effective with respect to your fund upon the consummation of the Transaction. In the event that the Transaction is not consummated, PIL will continue to serve as a subadviser of your fund pursuant to the terms of the Current PIL Sub-Advisory Contract for your fund.

* Impact of the Transaction on the Sub-Advisory Services Provided to Your Fund

The Transaction is not expected to result in any diminution in the nature, extent or quality of the services provided by PIL to your fund and its shareholders.

*The Interim Sub-Advisory Contract

If the shareholders of your fund do not approve the New PIL Sub-Advisory Contract and the Transaction is consummated, an interim sub-advisory contract between Putnam Management and PIL (the “Interim PIL Sub-Advisory Contract”) will take effect for your fund upon the consummation of the Transaction. The Board of Trustees has approved the Interim PIL Sub-Advisory Contract to allow PIL to continue providing services to your fund while shareholder approval of the New PIL Sub-Advisory contract continues to be sought.

Rule 15a-4 under the 1940 Act allows an investment company to enter into an interim management contract with a maximum term of 150 days, without first obtaining shareholder approval, so that the investment company may receive investment management services without interruption following an assignment of a previous management contract.

The terms of the Interim PIL Sub-Advisory Contract are identical to those of the Current PIL Sub-Advisory Contracts, except for the term and escrow provisions described below. The Interim PIL Sub-Advisory Contract for your fund will continue in effect for a term ending on the earlier of 150 days from the closing of the Transaction (the “150-day period”) or, if shareholders of your fund approve the New PIL Sub-Advisory Contract, the effective date of the New PIL Sub-Advisory Contract. The Board of Trustees or a “majority of the outstanding voting securities,” as

24 
 

defined in the 1940 Act, may terminate the Interim PIL Sub-Advisory Contract for your fund on 10 calendar days’ written notice to PIL without the payment of any penalty. Pursuant to Rule 15a-4 under the 1940 Act, compensation earned by PIL under the Interim PIL Sub-Advisory Contract will be held in an interest-bearing escrow account.  (As noted below, the funds, including your fund, do not compensate PIL for its services. That compensation is paid by Putnam Management.) If shareholders of your fund approve the New PIL Sub-Advisory Contract before the end of the 150-day period, the amount held in the escrow account under the Interim PIL Sub-Advisory Contract will be paid to PIL. If shareholders of your fund do not approve the New PIL Sub-Advisory Contract prior to the end of the 150-day period, the Board of Trustees will consider what further action to take consistent with their fiduciary duties to the fund, and PIL will be paid the lesser of its costs incurred in performing its services under the Interim PIL Sub-Advisory Contract or the total amount of the escrow account, plus interest earned. The actions considered by the Board of Trustees may include, among other things, determining (to the extent consistent with current law and interpretations of the Securities and Exchange Commission and its staff) that shareholder approval is not required with respect to the New PIL Sub-Advisory Contract, having the fund managed without a sub-adviser, or making other appropriate arrangements.

*The New PIL Sub-Advisory Contract; Comparison with the Current PIL Sub-Advisory Contract

The terms of the New PIL Sub-Advisory Contract (described generally below) are identical to those of the Current PIL Sub-Advisory Contracts, except for the effective dates, initial term, and certain non-substantive changes. The start date of each applicable fund’s Current PIL Sub-Advisory Contract, the date on which each applicable fund’s Current PIL Sub-Advisory Contract was last submitted to a vote of shareholders, and the purpose of the submission is set forth in Appendix D-1.

Set forth below is a general description of the New PIL Sub-Advisory Contract and a comparison of its terms to those of the Current PIL Sub-Advisory Contract for your fund. The complete terms of the New PIL Sub-Advisory Contract are set forth in Appendix F-1.

Fees. There is no change in the rate of the fees payable to PIL under the New PIL Sub-Advisory Contract. The funds, including your fund, do not compensate PIL for its services. That compensation is paid by Putnam Management. The current fee schedule for investment sub-advisory services provided by PIL for each applicable fund is set forth in Appendix D-1.

Investment Sub-Advisory Services. Like the Current PIL Sub-Advisory Contract for your fund, the New PIL Sub-Advisory Contract for your fund provides that PIL will furnish continuously an investment program for a PIL Allocated Sleeve, determining what investments to purchase, hold, sell or exchange and what portion of the PIL Allocated Sleeve assets will be held uninvested, in compliance with the fund’s governing documents, investment objectives, policies and restrictions, and subject to the oversight and control of the Board of Trustees and Putnam Management. Putnam Management may also request PIL to assist with purchasing and selling securities for any fund, including the placement of orders with broker-dealers selected in accordance with the sub-advisory contract, even if Putnam Management has not established a PIL Allocated Sleeve for the fund. As indicated above, PIL’s responsibilities under the New PIL

25 
 

Sub-Advisory Contract for your fund are identical to those under the Current PIL Sub-Advisory Contract for your fund.

Like the Current PIL Sub-Advisory Contract for your fund, if requested by Putnam Management, PIL is authorized under the New PIL Sub-Advisory Contract to place orders for the purchase and sale of portfolio investments for any PIL Allocated Sleeve of your fund with brokers or dealers that PIL selects. PIL must select brokers and dealers, and place orders, using its best efforts to obtain for the funds the most favorable price and execution available, except that PIL may pay higher brokerage commissions if it determines in good faith that the commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer (a practice commonly known as “soft dollars”) and the services qualify as “minor non-monetary benefits” under the rules of the United Kingdom’s Financial Conduct Authority (“FCA”). PIL may make this determination in terms of either the particular transaction or its overall responsibilities for a fund and to other clients of Putnam Management or PIL for which Putnam Management or PIL exercises investment discretion. Putnam Management’s and PIL’s use of soft dollars is subject to policies established by the Board of Trustees from time to time and applicable guidance issued by the Securities and Exchange Commission and its staff and the FCA.

Expenses. Like the Current PIL Sub-Advisory Contract for your fund, the New PIL Sub-Advisory Contract requires PIL to bear the expenses associated with furnishing all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.

Term and Termination. If approved by shareholders before the consummation of the Transaction, the New PIL Sub-Advisory Contract for your fund will go into effect for a two-year period beginning on the date the Transaction is consummated. Thereafter, if not terminated, the New PIL Sub-Advisory Contract will continue in effect from year to year if its continuance is specifically approved at least annually (i) the Board of Trustees or the shareholders of the fund by the affirmative vote of a majority of the outstanding shares of the fund and (ii) a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on the contract’s approval. The Current PIL Sub-Advisory Contracts have similar provisions for their term and continuance, although the initial term has elapsed in most cases .

Like the Current PIL Sub-Advisory Contract for your fund, the New PIL Sub-Advisory Contract for your fund provides that the contract may be terminated at any time by Putnam Management or PIL with not more than 60 days’, nor less than 30 days’, written notice to the other party and without the payment of any penalty. Your fund may also terminate the contract with respect to services provided to your fund by vote of a majority of its Trustees or by the affirmative vote of a “majority of the outstanding voting securities” of the fund, as defined in the 1940 Act, with not more than 60 days’, nor less than 30 days’, written notice to Putnam Management and PIL, and without the payment of any penalty. The New PIL Sub-Advisory Contract also will terminate automatically in the event of its “assignment” or upon the termination of Putnam Management’s management contract with a fund.

26 
 

Limitation of Liability. Like the Current PIL Sub-Advisory Contract for your fund, under the New PIL Sub-Advisory Contract for your fund, PIL is not liable to Putnam Management, your fund or to any shareholder of your fund for any act or omission in the course of, or connected with, rendering services under the New PIL Sub-Advisory Contract, unless there is willful misfeasance, bad faith or gross negligence on the part of PIL or reckless disregard of its obligations and duties under the proposed sub-advisory contract.

Amendments; Defined Terms. Like the Current PIL Sub-Advisory Contract for your fund, any amendment to the New PIL Sub-Advisory Contract must be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on the amendment’s approval, of a majority of the Independent Trustees. Certain terms used in the New PIL Sub-Advisory Contract are used as defined in the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

*What did the Board of Trustees consider in evaluating the New PIL Sub-Advisory Contract?

At the meetings held on June 22-23, 2023, at which the Board of Trustees approved your fund’s New Management Contract, the Board of Trustees (including a majority of the Independent Trustees), also approved new sub-advisory contracts with each of your fund’s subadvisers, including the New PIL Sub-Advisory Contract. The Board of Trustees’ considerations regarding a new sub-advisory contract with respect to PIL are discussed in Proposal 1 above.

*What is the voting requirement for approving the proposal?

Shareholder approval of your fund’s New PIL Sub-Advisory Contract will be obtained if the affirmative vote of a “majority of the outstanding voting securities” of the fund is received, which is defined under the 1940 Act to be the lesser of (a) more than 50% of the outstanding shares of the fund, or (b) 67% or more of the shares of the fund present (in person or by proxy) at the special meeting if more than 50% of the outstanding shares of the fund are present at the meeting in person or by proxy. The Board of Trustees unanimously recommend that shareholders vote FOR the New PIL Sub-Advisory Contract.

 

 

2b.Approving a new Sub-Advisory Contract among Putnam Management, PIL, and PAC for your fund
*Background Information

Under each Current Management Contract, Putnam Management may, in its discretion and with the approval of the Board of Trustees (including a majority of the Independent Trustees) and, if required, the approval of shareholders, delegate its advisory responsibilities to one or more subadvisers.

27 
 

 

At present, Putnam Management and PIL have entered into a sub-advisory contract with PAC, an affiliated subadviser (the “Current PAC Sub-Advisory Contract”), for each fund included in Appendix D-2 pursuant to which Putnam Management or PIL, as the case may be, may delegate to PAC certain responsibilities for the management of all or a portion of a fund’s assets as determined by Putnam Management or PIL, as the case may be (a “PAC Allocated Sleeve”). PAC, which provides financial services to institutions and individuals through separately managed accounts and pooled investment vehicles, has its headquarters at 100 Federal Street, Boston, MA 02110, with additional investment management personnel located in Singapore. Pursuant to the Current PAC Sub-Advisory Contract, Putnam investment professionals who are based in Singapore may serve as portfolio managers of or provide other investment services to a fund, consistent with local regulations. Under the Current PAC Sub-Advisory Contract, Putnam Management or PIL, as the case may be (and not the funds), pays a quarterly sub-advisory fee to PAC for its services at the rates set forth in Appendix D-2.

As noted above in Proposal 1, the Transaction will result in an “assignment” of the Current PAC Sub-Advisory Contract for each fund and will cause the Current PAC Sub-Advisory Contract for each fund to terminate in accordance with applicable law.

At an in-person meeting on June 22-23, 2023, the Board of Trustees unanimously approved, and recommend to the shareholders of each applicable fund that they approve, a proposed new sub-advisory contract between Putnam Management, PIL, and PAC (the “New PAC Sub-Advisory Contract”). Consistent with current law and interpretations of the Securities and Exchange Commission and its staff, it may not be necessary for shareholders to approve the New PAC Sub-Advisory Contract. However, notwithstanding that shareholder approval may not be required, the Board of Trustees has determined to seek shareholder approval of the New PAC Sub-Advisory Contract and to recommend to the shareholders of each applicable fund that they approve the New PAC Sub-Advisory Contract for their fund.

If shareholders of your fund approve the New PAC Sub-Advisory Contract before the consummation of the Transaction, the New PAC Sub-Advisory Contract will become effective upon the consummation of the Transaction. In the event that the Transaction is not consummated, PAC will continue to serve a subadviser of your fund pursuant to the terms of the Current PAC Sub-Advisory Contract.

* Impact of the Transaction on the Sub-Advisory Services Provided to Your Fund

The Transaction is not expected to result in any diminution in the nature, extent or quality of the services provided by PAC to your fund and its shareholders.

*The Interim Sub-Advisory Contract

If your fund is included in Appendix D-2, the shareholders of your fund do not approve the New PAC Sub-Advisory Contract, and the Transaction is consummated, an interim sub-advisory contract among Putnam Management, PIL, and PAC (the “Interim PAC Sub-Advisory Contract”) for your fund will take effect upon the consummation of the Transaction. The Board of Trustees has approved the Interim PAC Sub-Advisory Contract to allow PAC to continue

28 
 

providing services to a fund while shareholder approval of the new PAC sub-advisory contract continues to be sought.

Rule 15a-4 under the 1940 Act allows an investment company to enter into an interim management contract with a maximum term of 150 days, without first obtaining shareholder approval, so that the investment company may receive investment management services without interruption following an assignment of a previous management contract.

The terms of the Interim PAC Sub-Advisory Contract are identical to those of the Current PAC Sub-Advisory Contract, except for the term and escrow provisions described below. The Interim PAC Sub-Advisory Contract will continue in effect for a term ending on the earlier of 150 days from the closing of the Transaction (the “150-day period”) or, if shareholders of your fund approve the New PAC Sub-Advisory Contract, the effective date of the New PAC Sub-Advisory Contract. The Board of Trustees or a “majority of the outstanding voting securities,” as defined in the 1940 Act, may terminate the Interim PAC Sub-Advisory Contract on 10 calendar days’ written notice to PAC without the payment of any penalty. Pursuant to Rule 15a-4 under the 1940 Act, compensation earned by PAC under the Interim PAC Sub-Advisory Contract will be held in an interest-bearing escrow account.  If shareholders of your fund approve the New PAC Sub-Advisory Contract prior to the end of the 150-day period, the amount held in the escrow account under the Interim PAC Sub-Advisory Contract will be paid to PAC. If shareholders of your fund do not approve the New PAC Sub-Advisory Contract prior to the end of the 150-day period, the Board of Trustees will consider what further action to take consistent with their fiduciary duties to the fund, and PAC will be paid the lesser of its costs incurred in performing its services under the Interim PAC Sub-Advisory Contract or the total amount of the escrow account, plus interest earned. The actions considered by the Board of Trustees may include, among other things, determining (to the extent consistent with current law and interpretations of the Securities and Exchange Commission and its staff) that shareholder approval is not required with respect to the New PAC Sub-Advisory Contract, having the fund managed without a sub-adviser, or making other appropriate arrangements.

*The New PAC Sub-Advisory Contract; Comparison with the Current PAC Sub-Advisory Contract

The terms of the New PAC Sub-Advisory Contract (described generally below) are identical to those of the Current PAC Sub-Advisory Contract, except for the effective dates, initial term, and certain non-substantive changes. The start date of the Current PAC Sub-Advisory Contract for each applicable fund, the date on which the Current PAC Sub-Advisory Contract was last submitted to a vote of shareholders of each applicable fund, and the purpose of the submission is set forth in Appendix D-2.

Set forth below is a general description of the New PAC Sub-Advisory Contract and a comparison of its terms to those of the Current PAC Sub-Advisory Contract. The complete terms of the New PAC Sub-Advisory Contract are set forth in Appendix F-2.

Fees. There is no change in the rate of the fees payable to PAC under the New PAC Sub-Advisory Contract. The funds, including your fund, do not compensate PAC for its services. That compensation is paid by Putnam Management or PIL, as the case may be. The current fee

29 
 

schedule for investment sub-advisory services provided by PAC for each fund is set forth in Appendix D-2.

Investment Sub-Advisory Services. Like the Current PAC Sub-Advisory Contract for your fund, the New PAC Sub-Advisory Contract for your fund provides that PAC will furnish continuously an investment program for a PAC Allocated Sleeve, determining what investments to purchase, hold, sell or exchange and what portion of the PAC Allocated Sleeve assets will be held uninvested, in compliance with the fund’s governing documents, investment objectives, policies and restrictions, and subject to the oversight and control of the Board of Trustees and Putnam Management. Putnam Management or PIL, as the case may be, may also request PAC to assist with purchasing and selling securities for any fund, including the placement of orders with broker-dealers selected in accordance with the sub-advisory contract, even if Putnam Management has not established a PAC Allocated Sleeve for the fund. As indicated above, PAC’s responsibilities under the New PAC Sub-Advisory Contract for your fund are identical to those under the Current PAC Sub-Advisory Contract for your fund.

Like the Current PAC Sub-Advisory Contract, if requested by Putnam Management, PAC is authorized under the New PAC Sub-Advisory Contract to place orders for the purchase and sale of portfolio investments for any PAC Allocated Sleeve of your fund with brokers or dealers that PAC selects. PAC must select brokers and dealers, and place orders, using its best efforts to obtain for the funds the most favorable price and execution available, except that PAC may pay higher brokerage commissions if it determines in good faith that the commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer (a practice commonly known as “soft dollars”). PAC may make this determination in terms of either the particular transaction or its overall responsibilities with respect to a fund and to other clients of Putnam Management, PIL, or PAC for which Putnam Management, PIL, or PAC exercises investment discretion. Putnam Management’s, PIL’s, and PAC’s use of soft dollars is subject to policies established by the Board of Trustees from time to time and applicable guidance issued by the Securities and Exchange Commission and its staff and, in the case of PIL, the FCA.

Expenses. Like the Current PAC Sub-Advisory Contract for your fund, the New PAC Sub-Advisory Contract requires PAC to bear the expenses associated with furnishing all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.

Term and Termination. If approved by shareholders before the consummation of the Transaction, the New PAC Sub-Advisory Contract for your fund will go into effect for a two-year period beginning on the date the Transaction is consummated. Thereafter, if not terminated, the New PAC Sub-Advisory Contract will continue in effect from year to year if its continuance is specifically approved at least annually (i) the Board of Trustees or the shareholders of the fund by the affirmative vote of a majority of the outstanding shares of the fund and (ii) a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on the contract’s approval. The Current PAC Sub-Advisory Contract has similar provisions for its term and continuance, although the initial term has elapsed in most cases .

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Like the Current PAC Sub-Advisory Contract for your fund, the New PAC Sub-Advisory Contract for your fund provides that the contract may be terminated at any time by Putnam Management, PIL, or PAC with not more than 60 days’, nor less than 30 days’, written notice to the other parties and without the payment of any penalty. Your fund may also terminate the contract with respect to services provided to your fund by vote of a majority of its Trustees or by the affirmative vote of a “majority of the outstanding voting securities” of the fund, as defined in the 1940 Act, with not more than 60 days’, nor less than 30 days’, written notice to Putnam Management and PIL, and without the payment of any penalty. The New PAC Sub-Advisory Contract also will terminate automatically in the event of its “assignment” or upon the termination of Putnam Management’s management contract with a fund.

Limitation of Liability. Like the Current PAC Sub-Advisory Contract for your fund, under the New PAC Sub-Advisory Contract for your fund, PAC is not liable to Putnam Management, PIL, the fund or to any shareholder of the fund for any act or omission in the course of, or connected with, rendering services under the New PAC Sub-Advisory Contract, unless there is willful misfeasance, bad faith or gross negligence on the part of PAC or reckless disregard of its obligations and duties under the proposed sub-advisory contract.

Amendments; Defined Terms. Like the Current PAC Sub-Advisory Contract for your fund, any amendment to the New PAC Sub-Advisory Contract must be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on the amendment’s approval, of a majority of the Independent Trustees. Certain terms used in the New PIL Sub-Advisory Contract are used as defined in the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

*What did the Board of Trustees consider in evaluating the New PAC Sub-Advisory Contract?

At the meetings held on June 22-23, 2023, at which the Board of Trustees approved your fund’s New Management Contract, the Board of Trustees (including a majority of the Independent Trustees), also approved new sub-advisory contracts with each of your fund’s subadvisers, including the New PAC Sub-Advisory Contract. The Board of Trustees’ considerations regarding a new sub-advisory contract with respect to PAC are discussed in Proposal 1 above.

*What is the voting requirement for approving the proposal?

Shareholder approval of your fund’s New PAC Sub-Advisory Contract will be obtained if the affirmative vote of a “majority of the outstanding voting securities” of the fund is received, which is defined under the 1940 Act to be the lesser of (a) more than 50% of the outstanding shares of the fund, or (b) 67% or more of the shares of the fund present (in person or by proxy) at the special meeting if more than 50% of the outstanding shares of the fund are present at the meeting in person or by proxy. The Board of Trustees unanimously recommend that shareholders vote FOR the New PAC Sub-Advisory Contract.

 

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2c.Approving a new Subadvisory Agreement between Putnam Management and PanAgora for your fund
*Background Information

Under each Current Management Contract, Putnam Management may, in its discretion and with the approval of the Board of Trustees (including a majority of the Independent Trustees) and, if required, the approval of shareholders, delegate its advisory responsibilities to one or more subadvisers.

At present, Putnam Management has entered into a sub-advisory contract with PanAgora, an affiliated subadviser (the “Current PanAgora Sub-Advisory Contract”), for each fund included in Appendix D-3 – namely Putnam PanAgora ESG International Equity ETF and Putnam PanAgora ESG Emerging Markets Equity ETF – pursuant to which that PanAgora will furnish continuously an investment program for the portion of the fund’s assets determined by Putnam Management (the “Portfolio”). PanAgora, which provides financial services to institutions and individuals through separately managed accounts and pooled investment vehicles, is located at One International Place, 24th Floor, Boston, Massachusetts 02110. Under the Current PanAgora Sub-Advisory Contract, Putnam Management (and not the funds) pays a quarterly sub-advisory fee to PanAgora for its services at the rates set forth in Appendix D-3.

As noted above in Proposal 1, Franklin Templeton is not acquiring PanAgora in the Transaction, and PanAgora will remain an indirect, wholly-owned subsidiary of Great-West Lifeco. Although the ultimate parent company of PanAgora is not expected to change as a result of the Transaction, the Current PanAgora Sub-Advisory Contract will nonetheless terminate, according to its terms, upon the termination of the Current Management Contract between Putnam Management and each fund listed on Appendix D-3.

At an in-person meeting on June 22-23, 2023, the Board of Trustees unanimously approved, and recommend to the shareholders of each fund included in Appendix D-3 that they approve, a proposed new sub-advisory contract between Putnam Management and PanAgora (the “New PanAgora Sub-Advisory Contract”).

If shareholders of your fund approve the New PanAgora Sub-Advisory Contract before the consummation of the Transaction, the New PanAgora Sub-Advisory Contract will become effective upon the consummation of the Transaction. In the event that the Transaction is not consummated, PanAgora will continue to serve as subadviser of your fund pursuant to the terms of the Current PanAgora Sub-Advisory Contract.

* Impact of the Transaction on the Sub-Advisory Services Provided to Your Fund

The Transaction is not expected to result in any diminution in the nature, extent or quality of the services provided by PanAgora to your fund and its shareholders.

*The Interim Sub-Advisory Contract

If the shareholders of your fund do not approve the New PanAgora Sub-Advisory Contract and the Transaction is consummated, an interim management contract between Putnam Management

32 
 

and PanAgora (the “Interim PanAgora Sub-Advisory Contract”) will take effect upon the closing of the Transaction. The Board of Trustees has approved the Interim PanAgora Sub-Advisory Contract to allow PanAgora to continue providing services to a fund while shareholder approval of a new sub-advisory contract continues to be sought.

Rule 15a-4 under the 1940 Act allows an investment company to enter into an interim management contract with a maximum term of 150 days, without first obtaining shareholder approval, so that the investment company may receive investment management services without interruption following an assignment of a previous management contract.

The terms of the Interim PanAgora Sub-Advisory Contract are identical to those of the Current PanAgora Sub-Advisory Contract, except for the term and escrow provisions described below. The Interim PanAgora Sub-Advisory Contract will continue in effect for a term ending on the earlier of 150 days from the closing of the Transaction (the “150-day period”) or, if shareholders of your fund approve the New PanAgora Sub-Advisory Contract, the effective date of the New PanAgora Sub-Advisory Contract. The Board of Trustees or a “majority of the outstanding voting securities,” as defined in the 1940 Act, may terminate the Interim PanAgora Sub-Advisory Contract on 10 calendar days’ written notice to PanAgora without the payment of any penalty. Pursuant to Rule 15a-4 under the 1940 Act, compensation earned by PanAgora under the Interim PanAgora Sub-Advisory Contract will be held in an interest-bearing escrow account.  If shareholders of your fund approve the New PanAgora Sub-Advisory Contract prior to the end of the 150-day period, the amount held in the escrow account under the Interim PanAgora Sub-Advisory Contract will be paid to PanAgora. If shareholders of your fund do not approve the New PanAgora Sub-Advisory Contract prior to the end of the 150-day period, the Board of Trustees will consider what further action to take consistent with their fiduciary duties to the fund, and PanAgora will be paid the lesser of its costs incurred in performing its services under the Interim PanAgora Sub-Advisory Contract or the total amount of the escrow account, plus interest earned. These actions may include, among other things, negotiating a new management contract with an advisory organization selected by the Board of Trustees, subject to shareholder approval, or having the fund managed without a sub-adviser.

*The New PanAgora Sub-Advisory Contract; Comparison with the Current PanAgora Sub-Advisory Contract

The terms of the New PanAgora Sub-Advisory Contract (described generally below) are identical to those of the Current PanAgora Sub-Advisory Contract except for the effective dates, initial term, and certain non-substantive changes. The start date of the Current PanAgora Sub-Advisory Contract for each applicable fund, the date on which the Current PanAgora Sub-Advisory Contract was last submitted to a vote of shareholders for each applicable fund, and the purpose of the submission is set forth in Appendix D-3.

Set forth below is a general description of the New PanAgora Sub-Advisory Contract and a comparison of its terms to those of the Current PanAgora Sub-Advisory Contract. The complete terms of the New PanAgora Sub-Advisory Contract are set forth in Appendix F-3.

33 
 

 

Fees. There is no change in the rate of the fees payable to PanAgora under the New PanAgora Sub-Advisory Contract. The funds do not compensate PanAgora for its services. That compensation is paid by Putnam Management. The current fee schedule for investment sub-advisory services provided by PanAgora for each fund is set forth in Appendix D-3.

Investment Sub-Advisory Services. Like the Current PanAgora Sub-Advisory Contract for your fund, the New PanAgora Sub-Advisory Contract provides that PanAgora will furnish continuously an investment program for a Portfolio, determining what investments to purchase, hold, sell or exchange and what portion of Portfolio assets will be held uninvested, in compliance with the fund’s governing documents, investment objectives, policies and restrictions, and subject to the oversight and control of the Board of Trustees and Putnam Management. As indicated above, PanAgora’s responsibilities under the New PanAgora Sub-Advisory Contract are identical to those under the Current PanAgora Sub-Advisory Contract.

PanAgora is authorized under the New PanAgora Sub-Advisory Contract to place orders for the purchase and sale of portfolio investments for each applicable fund with brokers or dealers that PanAgora selects. PanAgora must select brokers and dealers, and place orders, using its best efforts to obtain for the funds the most favorable price and execution available, except that PanAgora may pay higher brokerage commissions if it determines in good faith that the commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer (a practice commonly known as “soft dollars”). PanAgora’s use of soft dollars is subject to its internal policies in effect from time to time and applicable guidance issued by the Securities and Exchange Commission and its staff.

Expenses. Like the Current PanAgora Sub-Advisory Contract for your fund, the New PanAgora Sub-Advisory Contract requires PanAgora to bear the expenses associated with furnishing all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.

Term and Termination. If approved by shareholders before the consummation of the Transaction, the New PanAgora Sub-Advisory Contract for your fund will go into effect for a two-year period beginning on the date the Transaction is consummated. Thereafter, if not terminated, the New PanAgora Sub-Advisory Contract will continue in effect from year to year if its continuance is specifically approved at least annually (i) the Board of Trustees or the shareholders of the fund by the affirmative vote of a majority of the outstanding shares of the fund and (ii) a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on the contract’s approval. The Current PanAgora Sub-Advisory Contract has similar provisions for its term and continuance.

Like the Current PanAgora Sub-Advisory Contract, the New PanAgora Sub-Advisory Contract provides that the contract may be terminated at any time by Putnam Management or PanAgora with not more than 60 days’, nor less than 30 days’, written notice to the other party and without the payment of any penalty. Your fund may also terminate the contract with respect to services to provided to your fund by vote of a majority of its Trustees or by the affirmative vote of a “majority of the outstanding voting securities” of the fund, as defined in the 1940 Act, with not more than 60 days’, nor less than 30 days’, written notice to Putnam Management and PanAgora and without the payment of any penalty. The New PanAgora Sub-Advisory Contract also will

34 
 

terminate automatically in the event of its “assignment” or upon the termination of Putnam Management’s management contract with a fund.

Limitation of Liability. Like the Current PanAgora Sub-Advisory Contract for your fund, under the New PanAgora Sub-Advisory Contract, PanAgora is not liable to Putnam Management, your fund, or to any shareholder of your fund for any act or omission in the course of, or connected with, rendering services under the New PanAgora Sub-Advisory Contract, unless there is willful misfeasance, bad faith or gross negligence on the part of PanAgora or reckless disregard of its obligations and duties under the New PanAgora Sub-Advisory Contract.

Amendments; Defined Terms. Like the Current PanAgora Sub-Advisory Contract for your fund, any amendment to the New PanAgora Sub-Advisory Contract must be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on the amendment’s approval, of a majority of the Independent Trustees. Certain terms used in the New PanAgora Sub-Advisory Contract are used as defined in the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

*What did the Board of Trustees consider in evaluating the New PanAgora Sub-Advisory Contract?

At the meetings held on June 22-23, 2023, at which the Board of Trustees approved your fund’s New Management Contract, the Board of Trustees (including a majority of the Independent Trustees), also approved new sub-advisory contracts with each of your fund’s subadvisers, including the New PanAgora Sub-Advisory Contract. The Board of Trustees’ considerations regarding new sub-advisory contracts with respect to PanAgora are discussed in Proposal 1 above.

*What is the voting requirement for approving the proposal?

Shareholder approval of your fund’s New PanAgora Sub-Advisory Contract requires the affirmative vote of a “majority of the outstanding voting securities” of the fund, which is defined under the 1940 Act to be the lesser of (a) more than 50% of the outstanding shares of the fund, or (b) 67% or more of the shares of the fund present (in person or by proxy) at the special meeting if more than 50% of the outstanding shares of the fund are present at the meeting in person or by proxy. The Board of Trustees unanimously recommend that shareholders vote FOR the New PanAgora Sub-Advisory Contract.

 

 

 

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Additional Information Relevant to the Proposals

Potential Conflict of Interest Relating to One of the Independent Trustees.  Jennifer Williams Murphy is the founder, controlling member, and Chief Executive Officer of Runa Digital Assets, LLC (“RDA”), the investment manager of Runa Digital Partners, LP (“RDP”), a private investment fund. Ms. Murphy also holds a controlling interest in RDP’s general partner and is a limited partner in RDP. A subsidiary of Franklin Templeton and certain individuals employed by Franklin Templeton or its affiliates have made passive investments as limited partners in RDP (one of whom serves on the advisory board for RDA, which has no governance or oversight authority over RDA), representing in the aggregate approximately 33% of RDP as of May 31, 2023. In addition, if certain conditions are met, Franklin will be entitled to receive a portion of any incentive compensation allocable to RDP’s general partner. For so long as Franklin Templeton maintains its investment in RDP, Ms. Murphy also has agreed to advise and consult with Franklin Templeton and its affiliates on the market for digital assets. Ms. Murphy provides similar service to other limited partners in RDP that request her advice. Ms. Murphy also is entitled to receive deferred cash compensation in connection with her prior employment by an affiliate of Franklin Templeton, which employment ended at the end of 2021. The Independent Trustees met on two occasions, at their regular meetings on January 27, 2023 and June 23, 2023, in the absence of Ms. Murphy, to provide an opportunity for discussion of the Transaction and related matters.

 

Further Information About Voting and the Special Meeting

Location.  As part of our effort to maintain a safe and healthy environment at the special shareholder meeting, each fund and the Trustees are closely monitoring statements issued by the Centers for Disease Control and Prevention (cdc.gov) regarding the COVID-19 pandemic. For that reason, the Trustees reserve the right to reconsider the date, time and/or means of convening your fund’s meeting. Subject to any restrictions imposed by applicable law, the Trustees may choose to conduct the meeting solely by means of remote communications, or may hold a “hybrid” meeting where some participants attend in person and others attend by means of remote communications. If the Trustees choose to change the date, time and/or means of convening your fund’s meeting, the fund will announce the decision to do so in advance, and details on how to participate will be issued by press release, in the case of the Closed-End Funds, or by press release or other public notice, in the case of the Open-End Funds and ETFs, and filed with the SEC as additional proxy material. Attendees are also encouraged to review guidance from public health authorities on this issue.

 

Meeting Quorum and Methods of Tabulation. The shareholders of each fund vote separately with respect to the proposals. Shares of all classes of each fund vote together as a single class. Thirty percent of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the special meeting for all funds except (i) Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, for which a majority of the shares entitled to vote constitutes a quorum for the transaction of business, and (ii) each of the Putnam ETFs, for which shares representing one-third (1/3) or more of the total combined voting power of all shares of a series entitled to vote constitutes a quorum for the transaction of business.

 

Votes cast by proxy or in person at the special meeting will be counted by persons your fund appoints as tellers for the meeting. The tellers will count the total number of votes cast “for” approval of a proposal for purposes of determining whether sufficient affirmative votes have been cast. Shares represented by proxies that reflect abstentions and “broker non-votes” (i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or the persons entitled to vote and (ii) the broker or nominee does not have the discretionary voting power on a particular matter) will be counted as shares that are present and entitled to vote on the matter for purposes of determining the presence of a quorum. Abstentions and broker non-votes have the effect of votes against the proposal. Broker non-votes may result in the proposals not being approved, even though the votes cast in favor would have been sufficient to approve the proposal if some or all of the broker non-votes had been withheld.

 

The documents that authorize Putnam Fiduciary Trust Company, LLC (“PFTC”) or Putnam Investor Services, Inc. (“Putnam Investor Services”) to act as Trustee or servicing agent for certain individual retirement accounts (including traditional, Roth and SEP IRAs, 403(b)(7) accounts and Coverdell Education Savings Accounts) provide that if an account owner does not submit voting instructions for his or her shares, PFTC or Putnam Investor Services will vote such shares in the same proportions as other shareholders with similar accounts have submitted voting instructions

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for their shares. Shareholders should be aware that this practice, known as “echo-voting,” may have the effect of increasing the likelihood that a proposal will be acted upon (approved or disapproved) and that PFTC or Putnam Investor Services, each of which is an affiliate of Putnam Management, may benefit indirectly from the approval or disapproval, in accordance with the Trustees’ recommendations, of the proposals.

Shareholders who object to any proposal in this Proxy Statement will not be entitled under Massachusetts law or Delaware law, as applicable, or the Agreement and Declaration of Trust of the particular fund to demand payment for, or an appraisal of, their shares.

For the Putnam Closed-End Funds:

Each fund’s Amended and Restated Bylaws include a provision (collectively, the “Control Share Provision”) pursuant to which, in summary, a shareholder who obtains beneficial ownership of fund shares in a “Control Share Acquisition” may exercise voting rights with respect to such shares only to the extent the authorization of such voting rights is approved by other shareholders of the fund. The Control Share Provision is primarily intended to protect the interests of the fund and its shareholders by limiting the risk that the fund will become subject to undue influence by activist investors. As described further below, the Control Share Provision does not eliminate voting rights for shares acquired in Control Share Acquisitions, but rather, it entrusts a fund’s other “non-interested” shareholders with determining whether to approve the authorization of voting rights for such shares.

Subject to various conditions and exceptions, the Amended and Restated Bylaws define a “Control Share Acquisition” to include an acquisition of fund shares (other than remarketed preferred shares of a series existing as of September 18, 2020) that, but for the Control Share Provision, would entitle the beneficial owner, upon the acquisition of such shares, to vote or direct the voting of shares having voting power in the election of Trustees (except for elections of Trustees by preferred shareholders of the fund voting as a separate class) within any of the following ranges: (i) one-tenth or more, but less than one-fifth of all voting power; (ii) one-fifth or more, but less than one-third of all voting power; (iii) one-third or more, but less than a majority of all voting power; or (iv) a majority or more of all voting power.

Shares acquired before September 18, 2020 are excluded from the definition of Control Share Acquisition, though such shares are included in assessing whether any subsequent share acquisition exceeds one of the enumerated thresholds. Subject to various conditions and procedural requirements set forth in the Amended and Restated Bylaws, including the delivery of a “Control Share Acquisition Statement” to the fund’s Clerk setting forth certain required information, a shareholder who obtains beneficial ownership of shares in a Control Share Acquisition generally may request a vote of fund shareholders (excluding such acquiring shareholder and certain other interested shareholders) to approve the authorization of voting rights for such shares at the next annual meeting of fund shareholders, notice of which has not been given before the fund has received the Control Share Acquisition Statement.

On February 23, 2023, the Trustees of each fund determined to exempt all prior, and, until further notice, new purchases of the funds’ shares that might otherwise be deemed Control Share

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Acquisitions under the Control Share Provision. Thus, the Control Share Provision currently has no effect, and will not affect voting at the special meeting in any way.

Special Rule for Proportional Voting for Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust. For funds listed on the New York Stock Exchange that have outstanding preferred shares, in accordance with the rules of the exchange, brokerage firms may vote for or against a proposal, on behalf of their clients who beneficially own the remarketed or auction rate preferred shares and from whom they have not received voting instructions, in the same proportion as votes for and against the proposal that have been received from other holders of preferred shares if (i) a minimum of 30% of the outstanding preferred shares have been voted by the holders of preferred shares, (ii) less than 10% of the outstanding preferred shares have voted against the proposal, and (iii) for any proposal on which common and preferred shares vote together as a single class, the holders of the common shares have approved the proposal.

Other business. The Trustees know of no matters other than those described in this Proxy Statement to be brought before the special meeting. If, however, any other matters properly come before the special meeting, proxies will be voted on these matters in accordance with the judgment of the persons named in the enclosed proxy card(s).

Simultaneous meetings. The special meeting of shareholders of each Putnam Closed-End Fund is called to be held at the same time as the meetings of shareholders of the other Putnam Closed-End Funds, and the special meeting of shareholders of each Putnam Open-End Fund and ETF is called to be held at the same time as the meetings of shareholders of the other Putnam Open-End Funds and ETF. It is anticipated that all special meetings of the Putnam Closed-End Funds will be held simultaneously and that all special meetings of the Putnam Open-End Funds and ETFs will be held simultaneously. However, if any shareholder at a special meeting objects to the holding of a simultaneous meeting and moves for an adjournment of the meeting to a time promptly after the simultaneous meetings, the persons named as proxies will vote in favor of adjournment.

Information for all Putnam funds except funds that are series of Putnam Variable Trust

Solicitation of proxies. In addition to soliciting proxies by mail, the Trustees of your fund and employees of Putnam Management and Putnam Investor Services, as well as their agents, may solicit proxies in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for voting proxies by telephone are designed to authenticate shareholders’ identities, to allow them to authorize the voting of their shares in accordance with their instructions, and to confirm that their instructions have been properly recorded. Shareholders would be called at the phone number Putnam Management or Putnam Investor Services has in its records for their accounts (or that Putnam Management or Putnam Investor Services obtains from agents acting on behalf of financial intermediaries, in the case of shares held in street name through a bank, broker or other financial intermediary) and would be given an opportunity to authenticate their identities and to authorize the proxies to vote their shares at the special meeting in accordance with their instructions. To ensure that shareholders’ instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case

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the information contained in the confirmation is incorrect. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be counted at the special meeting. Your fund is unaware of any such challenge at this time.

Shareholders have the opportunity to submit their voting instructions over the Internet by using a program provided by a third-party vendor selected by Putnam Management  or by automated telephone service. To vote online using the Internet, please access the Internet address listed on the proxy card and follow the instructions on the Internet site. To record your voting instructions using the automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions, and to confirm that shareholders’ instructions have been recorded properly.

Revocation of proxies. Giving your proxy, whether by returning the proxy card(s) or providing voting instructions over the Internet or by telephone, does not affect your right to attend the special meeting and vote in person. Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing and submitting a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, or (iv) by attending the special meeting and voting in person. If your shares are held in street name through a bank, broker or other financial intermediary, please check your voting instruction form or contact your bank, broker or other financial intermediary for instructions on how to change or revoke your vote.

Information for funds that are series of Putnam Variable Trust

Voting process. With respect to funds that are series of Putnam Variable Trust only, as of the Open-End Fund/ETF Record Date, certain insurance companies (each an “Insurance Company”) were shareholders of record of funds that are series of Putnam Variable Trust. Each Insurance Company will vote shares of the fund or funds held by it in accordance with voting instructions received from variable annuity contract and variable life insurance policy owners (collectively, the “Contract Owners”) for whose accounts the shares are held. Accordingly, with respect to funds that are series of Putnam Variable Trust, this Proxy Statement is also intended to be used by each Insurance Company in obtaining these voting instructions from Contract Owners.

Solicitation of proxies. In addition to soliciting proxies and voting instructions by mail, the Trustees of your fund and employees of Putnam Management, Putnam Investor Services, Putnam Retail Management Limited Partnership and the Insurance Companies may solicit voting instructions from Contract Owners in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for solicitation of proxies and voting instructions by telephone are designed to authenticate Contract Owners’ identities, to allow them to authorize the voting of their units in accordance with their instructions, and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. Contract Owners would be called at the phone number Putnam Management or Putnam Investor Services has in its records for their accounts (or that Putnam Management or Putnam Investor Services obtains from the Insurance

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Companies) and would be given an opportunity to give their instructions. To ensure that the Contract Owners’ instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case the information contained in the confirmation is incorrect. If these procedures were subject to a successful legal challenge, such votes would not be counted at the special meeting. Your fund is unaware of any such challenge at this time.

Contract Owner instructions. Each Contract Owner is entitled to instruct his or her Insurance Company as to how to vote its shares and can do so by marking voting instructions on the ballot enclosed with this Proxy Statement and then signing, dating and mailing the ballot in the envelope provided. If a ballot is not marked to indicate voting instructions, but is signed, dated and returned, it will be treated as an instruction to vote the shares in accordance with the Trustees’ recommendations. Each Insurance Company will vote the shares for which it receives timely voting instructions from Contract Owners in accordance with those instructions and will vote those shares for which it receives no timely voting instructions for and against approval of a proposal, and as an abstention, in the same proportion as the shares for which it receives voting instructions. Shares attributable to accounts retained by each Insurance Company will be voted in the same proportion as votes cast by Contract Owners. Accordingly, there are not expected to be any “broker non-votes.” One effect of this system of proportional voting is that, if only a small number of Contract Owners provide voting instructions, this small number of Contract Owners may determine the outcome of the vote for the fund.

Contract Owners have the opportunity to submit their voting instructions via the Internet by utilizing a program provided by a third-party vendor selected by Putnam Management  or by automated telephone service. To give voting instructions online using the Internet, please access the Internet address listed on the proxy card and follow the instructions on the Internet site. To record your voting instructions via automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate Contract Owners’ identities, to allow Contract Owners to give their voting instructions, and to confirm that their instructions have been recorded properly.

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

Revocation of proxies. Proxies, including proxies given by telephone or over the Internet, may be revoked by an Insurance Company at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, or (iv) by attending the special meeting and voting in person.

Information for the Putnam Closed-End Funds

Date for receipt of shareholders’ proposals for subsequent meetings of shareholders. It is currently anticipated that your fund’s next annual meeting of shareholders will be held on April 26, 2024, although the Trustees of your fund reserve the right to set an earlier or later date for the

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annual meeting for the next fiscal year. Shareholder proposals that are intended to be included in the proxy statement for that meeting and presented at the 2024 annual meeting must have been received by your fund on or before November 27, 2023. In order for a shareholder proposal to be included in the proxy statement, both the submitting shareholder and the proposal itself must satisfy the requirements set forth in Rule 14a-8 under the Securities Exchange Act of 1934. The fund may exclude from the proxy materials and consideration at a meeting certain proposals as permitted by Securities and Exchange Commission rules and state law. Shareholders who wish to make a proposal at the 2024 annual meeting without including the proposal in the fund’s proxy statement must ensure that the proposal was received by your fund in good order and in compliance with all applicable legal requirements, including the requirements set forth in your fund’s Amended and Restated Bylaws, between January 22, 2024 and February 21, 2024. You may obtain a copy of your fund’s Amended and Restated Bylaws by submitting a request in writing to The Putnam Funds, 100 Federal Street, Boston, Massachusetts 02110.

Postponement and Adjournment. To the extent permitted by each fund’s Declaration of Trust and Amended and Restated Bylaws, any meeting of shareholders may be postponed or cancelled by the Trustees upon public notice before the time scheduled for such meeting.

In addition to any ability that the persons named as proxies may have to propose and/or vote on an adjournment of any meeting of shareholders as described below, to the extent permitted by each fund’s Declaration of Trust and Amended and Restated Bylaws, 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 the 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 the matter. Upon motion of the chair of the meeting, the question of adjournment may (but need not) be submitted to a vote of the shareholders, and in that case, any adjournment with respect to one or more matters must be approved by the vote of holders of a majority of the shares present and entitled to vote with respect to the matter or matters to be adjourned and, if approved, such adjournment shall take place without further notice (other than announcement at the meeting at which the adjournment is taken). If the quorum required for the meeting has not been met, the persons named as proxies may propose adjournment of the meeting and vote all shares that they are entitled to vote in favor of such adjournment. If the quorum required for the meeting has been met, but sufficient votes in accordance with the Trustees’ recommendations are not received by the time scheduled for the meeting, the persons named as proxies may also propose adjournment of the meeting with respect to any or all proposals in order to permit solicitation of additional proxies. The persons named as proxies will vote in favor of adjournment those proxies that they are entitled to vote in accordance with the Trustees’ recommendation. They will vote against adjournment those proxies required to be voted contrary to the Trustees’ recommendation. Unless a proxy is otherwise limited in this regard, any shares present and entitled to vote at a meeting that are represented by broker non-votes, may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. Adjournments may be proposed for a reasonable period or periods to permit further solicitation of proxies or for any other reason. Putnam Investments (or an affiliate) will bear the costs of any additional solicitation and of any adjourned session. Any proposal for which sufficient votes consistent with the Trustees’ recommendation have been received may be acted upon and considered final regardless of whether the meeting is adjourned

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to permit additional solicitation with respect to any other proposal that may properly come before the meeting.

The record date initially set for a meeting will continue to apply to any adjourned or postponed session of that meeting, unless the Trustees fix a new record date for the meeting. If a new record date is fixed for a meeting, any proxy received by a fund from a shareholder who was a shareholder of record on both the record date originally set for the meeting and the new record date for the meeting will remain in full force and effect unless explicitly revoked by the shareholder.

Information for the Putnam Open-End Funds and ETFs  

Date for receipt of shareholders’ proposals for subsequent meetings of shareholders.

Your fund does not regularly hold an annual shareholder meeting, but may from time to time schedule a special meeting. Each of the Putnam ETFs held a special meeting on January 11, 2023, and Putnam Core Bond Fund held a special meeting on October 19, 2022. For each other fund, the last special meeting was held on June 29, 2022 (and, for a limited number of funds, was adjourned to a later date), except that funds that commenced operations after June 29, 2022 have not yet held any shareholder meeting. In accordance with the regulations of the SEC and the funds’ governing documents, in order to be eligible for inclusion in a fund’s proxy statement for a meeting, a Contract Owner proposal (to the extent Contract Owners have the right to submit proposals under applicable law or a fund’s Declaration of Trust or Amended and Restated Bylaws) or shareholder proposal must be received a reasonable time before the fund prints and mails its proxy statement.

The Board Policy and Nominating Committee of the Board of Trustees, which consists only of Independent Trustees, will consider nominees recommended by shareholders of the fund to serve as Trustees. A Contract Owner (to the extent Contract Owners have the right to submit nominees under applicable law or a fund’s Declaration of Trust or Amended and Restated Bylaws) or shareholder must submit the names of any such nominees in writing to the fund, to the attention of the Clerk, at the address of the principal offices of the fund.

If a shareholder who wishes to present a proposal at a special shareholder meeting fails to notify the fund within a reasonable time before the fund mails its proxy statement, the persons named as proxies will have discretionary authority to vote on the shareholder’s proposal if it is properly brought before the meeting. If a shareholder makes a timely notification, the proxies may still exercise discretionary voting authority under circumstances consistent with the SEC’s proxy rules. All shareholder proposals must also comply with other requirements of the SEC’s rules and the funds’ Declaration of Trust and Amended and Restated Bylaws.

Postponement and adjournment. To the extent permitted by each fund’s Declaration of Trust and Bylaws, any meeting of shareholders may be postponed or cancelled by the Trustees upon public notice prior to the time scheduled for such meeting.

In addition to any ability that the persons named as proxy may have to propose and/or vote on an adjournment of any meeting of shareholders as described below, to the extent permitted by your fund’s Declaration of Trust and Bylaws, any meeting of shareholders may, by action of the chair

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of the meeting, be adjourned from time to time without further notice (other than announcement at the meeting at which the adjournment is taken) with respect to one or more matters to be considered at the 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 the matter. Upon motion of the chair of the meeting, the question of adjournment may, but need not, be submitted to a vote of the shareholders, and in that case, any adjournment with respect to one or more matters must be approved by the vote of holders of a majority of the shares present and entitled to vote with respect to the matter or matters to be adjourned and, if approved, such adjournment shall take place without further notice (other than announcement at the meeting at which the adjournment is taken). If the quorum required for the meeting has not been met, the persons named as proxies may propose adjournment of the meeting and vote all shares that they are entitled to vote in favor of such adjournment. If the quorum required for the meeting has been met, but sufficient votes in accordance with the Trustees’ recommendation are not received by the time scheduled for the meeting, the persons named as proxies may also propose adjournment of the meeting with respect to any or all proposals in order to permit solicitation of additional proxies. The persons named as proxies will vote in favor of adjournment those proxies that they are entitled to vote in accordance with the Trustees’ recommendation. “They will vote against adjournment those proxies required to be voted contrary to the Trustees’ recommendation. Unless a proxy is otherwise limited in this regard, any shares present and entitled to vote at a meeting that are represented by broker non-votes, if any, may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. Adjournments may be proposed for a reasonable period or periods to permit further solicitation of proxies or for any other reason. Putnam Investments (or an affiliate) will bear the costs of any additional solicitation and of any adjourned sessions. Any proposal for which sufficient votes consistent with the Trustees’ recommendation have been received may be acted upon and considered final regardless of whether the special meeting is adjourned to permit additional solicitation with respect to any other proposal that may properly come before the meeting.

Information for all funds

Expense of the solicitation. [For managing the Putnam Open-End Funds’ and ETFs’ overall proxy campaign, Broadridge Financial Solutions (“Broadridge”) will receive a proxy management fee of $20,000 plus reimbursement for out-of-pocket expenses. For managing the Putnam Closed-End Funds’ overall proxy campaign, EQ Fund Solutions (“EQ”) will receive a proxy management fee of $50,000 plus reimbursement for out-of-pocket expenses. Broadridge and EQ will also receive fees in connection with assembling, mailing, and transmitting the notice of meeting, proxy statement and related materials on behalf of your fund, tabulating those votes that are received, and any solicitation of additional votes. While the fees received by Broadridge and EQ will vary based on the level of additional solicitation necessary to achieve quorum and shareholder approval, the fees paid to Broadridge are estimated to be approximately $4,080,316 and fees paid to EQ are estimated to be approximately $246,177. In addition, banks, brokers, or other financial intermediaries holding shares as nominees will be reimbursed, upon request, for their reasonable expenses in sending solicitation materials to the principals of the accounts and tabulating those instructions that are received. While fees paid to banks, brokers, or other financial intermediaries will vary based on the level of additional solicitation necessary to achieve quorum and shareholder approval of the Trustees’ recommendations, the aggregate fees across all funds are estimated to be approximately $4,794,725. Other costs associated with the proxy campaign, which are estimated to be approximately $700,000, include the expenses of the preparation and printing proxy materials. All proxy campaign costs are being borne by Putnam Investments (or an affiliate) because the funds are holding a special meeting only to approve new management contracts and sub-advisory contracts in connection with the Transaction.]

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Duplicate mailings. As permitted by SEC rules, the funds’ practice is to send a single copy of the proxy statement to shareholders who share the same last name and address, unless a shareholder previously has requested otherwise. Separate proxy cards will be included with the proxy statement for each account registered at that address. If you would prefer to receive your own copy of the proxy statement, please contact Putnam Investor Services by phone at 1-800-225-1581 or by mail at P.O. Box 219697, Kansas City, MO 64121-9697.

Financial information. Your fund’s Clerk will furnish to you, upon request and without charge, a copy of the fund’s annual report for its most recent fiscal year, and a copy of its semiannual report for any subsequent semiannual period. You may direct these requests to Putnam Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697 or by phone at 1-800-225-1581. You may also access copies of these reports by visiting Putnam’s website at putnam.com/individual.

 

 

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Fund Information 

Putnam Investment Management, LLC. Putnam Investment Management, LLC (“Putnam Management”) is an indirect wholly-owned subsidiary of Putnam Investments, LLC (“Putnam Investments”). The Desmarais Family Residuary Trust, a trust established pursuant to the Last Will and Testament of The Honourable Paul G. Desmarais, indirectly holds approximately 51.35% of the voting rights of Power Corporation of Canada. Power Corporation of Canada is an international management and holding company that focuses on financial services in North America, Europe and Asia. Power Financial Corporation, a wholly owned subsidiary of Power Corporation of Canada, is an international management and holding company with interests in financial services and asset management businesses in Canada, the United States and Europe. Power Financial Corporation in turn owns, directly and indirectly, voting securities to which are attached approximately 70.63% of the voting rights attached to all of the outstanding voting shares of Great-West Lifeco Inc., an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco Inc. indirectly owns a majority interest in, and all of the voting shares of, Putnam Investments through a series of subsidiaries.

The address of each of Putnam Investments and Putnam Management is 100 Federal Street, Boston, Massachusetts 02110. The address of The Desmarais Family Residuary Trust is 759 Victoria Square, Montreal, Quebec H2Y 2J7. The address of Power Corporation of Canada and Power Financial Corporation is 751 Victoria Square, Montreal, Quebec H2Y 2J3. The address of Great-West Lifeco Inc. is 100 Osborne Street North, Winnipeg, Manitoba, R3C 1V3.

Robert L. Reynolds is the President and Chief Executive Officer of Putnam Investments. His address is 100 Federal Street, Boston, MA 02110. It is currently expected that, following the consummation of the Transaction, Mr. Reynolds will continue to serve in various roles at Great-West Lifeco, its parent Power Corporation of Canada, and/or their affiliates, but will no longer serve as President and Chief Executive Officer of Putnam Investments.

Following the Transaction described in this Proxy Statement, Putnam Investments and Putnam Management would become indirect wholly-owned subsidiaries of Franklin Templeton.

Putnam Investments Limited. Putnam Investments Limited (“PIL”) is a registered investment adviser that has been retained by Putnam Management as investment sub-adviser or sub-manager with respect to a portion of the assets of certain funds, and is directly owned by Putnam Advisory Holdings II, LLC, which is a Delaware holding company, and is owned indirectly by Putnam Investments. The directors of PIL, listed along with their principal business occupations at Putnam Investments, are Vivek Gandhi, Portfolio Manager, and Alan G. McCormack, Head of Quantitative Equities and Risk. Vivek Gandhi is also the Chief Executive Officer of PIL. The address of PIL, Vivek Gandhi, and Alan G. McCormack is 16 St. James’s Street, London, SW1A 1ER, U.K. The address of Putnam Advisory Holdings II, LLC is 100 Federal Street, Boston, Massachusetts 02110.

Following the Transaction described in this Proxy Statement, PIL would become an indirect wholly-owned subsidiary of Franklin Templeton.

The Putnam Advisory Company, LLC. The Putnam Advisory Company, LLC (“PAC”), which has also been retained by Putnam Management to serve as sub-adviser for a portion of the assets of certain funds, is directly and wholly owned by Putnam Advisory Holdings II, LLC, its sole member, which is a

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Delaware holding company. Putnam Advisory Holdings II, LLC is an indirect wholly owned subsidiary of Putnam Investments. The address of PAC is 100 Federal Street, Boston, Massachusetts 02110.

Steven P. McKay is the President of PAC. His address is 100 Federal Street, Boston, MA 02110.

Following the Transaction described in this Proxy Statement, PAC would become an indirect wholly-owned subsidiary of Franklin Templeton.

PanAgora Asset Management, Inc. PanAgora Asset Management, Inc. (“PanAgora”) has also been retained by Putnam Management to serve as sub-adviser for a portion of the assets of certain funds. The voting interests in PanAgora are owned by Power Financial Corporation through a series of subsidiaries (including Putnam Investments). The directors of PanAgora, listed along with their principal business occupations, are Eric Sorensen, Chief Executive Officer and President, PanAgora; Mark Anson, Chief Executive Officer & Chief Investment Officer, Commonfund; R. Jeffrey Orr, President & Chief Executive Officer, Power Corporation of Canada; Robert L. Reynolds, President and Chief Executive Officer, Putnam Investments; Gregory D. Tretiak, Executive Vice President & Chief Financial Officer, Power Corporation of Canada; Margaret Wyrwas, Independent Board Director. The address of PanAgora and each director other than Mr. Reynolds is One International Place, 24th Floor, Boston, Massachusetts 02110.

PanAgora will not become a direct or indirect subsidiary of Franklin Templeton in connection with the Transaction described in this Proxy Statement and will remain an indirect subsidiary of Power Financial Corporation.

Putnam Retail Management Limited Partnership. Putnam Retail Management Limited Partnership (“PRM”), the principal underwriter for the Putnam Open-End Funds (other than the Putnam ETFs), is a limited partnership whose general partner (and minority owner) is Putnam Retail Management GP, Inc. and whose limited partner and majority owner is Putnam U.S. Holdings I, LLC, which is also the sole owner of Putnam Retail Management GP, Inc. and an indirect wholly-owned subsidiary of Putnam Investments. The address of each of PRM, Putnam Retail Management GP, Inc. and Putnam U.S. Holdings I, LLC is 100 Federal Street, Boston, Massachusetts 02110.

Following the Transaction described in this Proxy Statement, PRM would become an indirect wholly-owned subsidiary of Franklin Templeton.

Foreside Fund Services, LLC. Foreside Fund Services, LLC (“Foreside”), located at Three Canal Plaza, Suite 100, Portland, ME 04101, is the principal underwriter of shares of the Putnam ETFs. Foreside is a registered broker-dealer and a member of the Financial Industry Regulatory Authority. Foreside is not affiliated with Putnam Management or any other service provider for the Putnam ETFs.

Putnam Investor Services, Inc.. Putnam Investor Services, Inc. (“Putnam Investor Services”) serves as your fund’s investor servicing agent. Putnam Investor Services is an indirect wholly-owned subsidiary of Putnam Investments. The address of Putnam Investor Services is 100 Federal Street, Boston, Massachusetts 02110.

Following the Transaction described in this Proxy Statement, Putnam Investor Services would become an indirect wholly-owned subsidiary of Franklin Templeton.

Payments to Putnam Management or its affiliates. Appendix G shows amounts paid to Putnam Management or its affiliates during each fund’s most recent fiscal year ended prior to [ ], 2023 for the services noted. The funds made no other material payments to Putnam Management or its affiliates during the periods shown.

46 
 

Limitation of Trustee liability. Your fund’s Declaration of Trust provides that the fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the fund, except if it is determined in the manner specified in the Declaration of Trust (i) in the case of the Putnam ETFs, that they have acted with willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office; or (ii) in the case of each other fund, that they have not acted in good faith, have not acted in the reasonable belief that their actions were in the best interests of the fund or at least were not opposed to the best interests of the fund, or had reasonable cause to believe their actions were unlawful in the case of a criminal proceeding, or that such indemnification would relieve any officer or Trustee of any liability to the fund or its shareholders arising by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties. Your fund, at its expense, provides liability insurance for the benefit of its Trustees and officers.

Officers and other information. All of the officers of your fund are employees of Putnam Management or its affiliates or serve on the staff of the Office of the Trustees. Because of his positions with Putnam Management or its affiliates, Mr. Reynolds, as well as the other affiliated officers of your fund, will benefit indirectly from the management fees and investor servicing fees paid or allowed by your fund.  In addition to Mr. Reynolds, the other officers of your fund are as follows:

 

47 
 

 

Name, Address1, Year of Birth, Position(s) Held with Fund

Length of Service with the Putnam Funds2

 

Principal Occupation(s) During Past 5 Years and Position(s) with Fund’s Investment Adviser and Distributor3
Jonathan S. Horwitz4 (Born 1955) Executive Vice President, Principal Executive Officer, and Compliance Liaison Since 2004 Executive Vice President, Principal Executive Officer, and Compliance Liaison, The Putnam Funds.

Stephen J. Tate (Born 1974)

Vice President and Chief Legal Officer

Since 2021

General Counsel, Putnam Investments, Putnam Management and Putnam Retail Management

(2021 – Present).

Deputy General Counsel and related positions, Putnam Investments, Putnam Management and Putnam Retail Management (2004-2021).

James F. Clark3 (Born 1974)

Vice President and Chief Compliance Officer

Since 2016

Chief Compliance Officer, Putnam Investments and Putnam Management (2016 – Present).

Associate General Counsel, Putnam Investments, Putnam Management and Putnam Retail Management (2003-2015).

Michael J. Higgins4 (Born 1976)

Vice President, Treasurer, and Clerk

Since 2010 Vice President, Treasurer, and Clerk, The Putnam Funds.

Richard T. Kircher (Born 1962)

Vice President and BSA Compliance Officer

Since 2019 Assistant Director, Operational Compliance, Putnam Investments and Putnam Retail Management (2015 – Present).  Sr. Manager, Operational Compliance, Putnam Investments and Putnam Retail Management (2004-2015).

Janet C. Smith (Born 1965)

Vice President, Principal Financial Officer, Principal Accounting Officer, and Assistant Treasurer

Since 2007 Head of Fund Administration Services, Putnam Investments and Putnam Management.

Susan G. Malloy (Born 1957)

Vice President and Assistant Treasurer

Since 2007 Head of Accounting, Middle Office, and Control Services, Putnam Investments, and Putnam Management.
Mark C. Trenchard (Born 1962) Vice President Since 2002 Director of Operational Compliance, Putnam Investments and Putnam Retail Management.
Alan G. McCormack5 (Born 1964) Vice President and Derivatives Risk Manager Since 2022 Head of Quantitative Equities and Risk, Putnam Investments.

Martin Lemaire5 (Born 1984)

Vice President and Derivatives Risk Manager

Since 2022

Risk Manager, Putnam Investments

(2020 – Present).

Risk Analyst, Putnam Investments

(2016 – 2020).

Denere P. Poulack4 (Born 1968)

Assistant Vice President, Assistant Clerk, and Assistant Treasurer

Since 2004 Assistant Vice President, Assistant Clerk, and Assistant Treasurer, The Putnam Funds.

1 The address of each Officer is 100 Federal Street, Boston, MA 02110.

2 Each officer serves for an indefinite term, until his or her resignation, retirement, death or removal.

48 
 

3 Prior positions and/or officer appointments with the fund or the fund’s investment adviser and distributor have been omitted.

4 Officers of the fund indicated are members of the Trustees’ independent administrative staff. Compensation for these individuals is fixed by the Trustees and reimbursed to Putnam Management by the funds, except in certain cases where a fund has a unitary fee and/or expense limitation arrangement whereby Putnam Management is responsible for all or a portion of these individuals’ compensation.

5 Messrs. McCormack and Lemaire each serve as Vice President and Derivatives Risk Manager for the funds, except Putnam Government Money Market Fund and Putnam Money Market Fund.

 

5% Beneficial Ownership. As of May 31, 2023, to the knowledge of the funds, no person other than those listed on Appendix K owned beneficially or of record 5% or more of any class of shares of any Putnam fund. Putnam Investments or one of its affiliates (typically Putnam Investment Holdings, LLC) typically provides initial capital sufficient for the operation of new funds. Putnam Investments and its affiliates intend to vote their shares for each of the proposals, in accordance with the Trustees’ recommendations. As of the applicable Record Date, these investments represented a majority of the outstanding voting shares of some Putnam funds. See Appendix K for information about persons owning 5% or more of any class of shares of each Putnam fund.

 

49 
 

Appendix A — Number of Shares Outstanding as of the Applicable Record Date

[to be updated by amendment]

 

  Fund Fund Fund Fund Fund
Class A          
Class B          
Class C          
Class M          
Class R          
Class R5          
Class R6          
Class Y          

 

  Fund Fund Fund Fund Fund
Class A          
Class B          
Class C          
Class M          
Class R          
Class R5          
Class R6          
Class Y          

 

A-1 
 

Appendix B — Current Management Contracts with Putnam Investment Management (“Putnam Management”) — Dates, Approvals and Fees

 

The following table contains certain information regarding the Current Management Contracts between Putnam Management and each fund. Pursuant to the applicable management contract, most of the open-end Putnam funds pay a management fee to Putnam Management according to a rate that is based on the average of the aggregate net assets of all open-end funds sponsored by Putnam Management, excluding fund assets that are invested in other Putnam funds to the extent necessary to avoid “double-counting” of such net assets (“Total Open-End Mutual Fund Average Net Assets”), as set forth below.

 

The Putnam ETFs, Putnam Closed-End Funds, Putnam Retirement Advantage Funds, Putnam Sustainable Retirements Funds, and each of Putnam Mortgage Opportunities Fund, Putnam Core Bond Fund, Putnam Short Duration Bond Fund, and Putnam Short Term Investment Fund pay a management fee to Putnam Management according to a rate that is based on the average of the net assets of the fund.

 

The management fee for certain of the Putnam funds is increased or decreased by a performance adjustment as set forth below.

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
George Putnam Balanced Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.680%

0.630%

0.580%

0.530%

0.480%

0.460%

0.450%

0.445%

Putnam BDC Income ETF January 18, 2023 June 23, 2023 September 23, 2022 Organization of fund All inclusive 0.75%
Putnam BioRevolution ETF January 18, 2023 June 23, 2023 September 23, 2022 Organization of fund All inclusive 0.70%
Putnam California Tax Exempt Income Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.590%

0.540%

0.490%

0.440%

0.390%

0.370%

0.360%

0.355%

Putnam Convertible Securities Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.780%

0.730%

0.680%

0.630%

0.580%

0.560%

0.550%

0.545%

B-1 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Core Bond Fund March 1, 2023 June 23, 2023 October 19, 2022 Fee structure change

March 1, 2023 through August 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 1, 2024 and thereafter

The lesser of (i) 0.39% and (ii) 0.60%, subject to the following performance adjustments

 

Benchmark: ICE BofA U.S. Treasury Bill Index

 

Hurdle: 3.00%

 

Maximum Performance Adjustment Rate: 0.12%

 

Minimum Performance Adjustment Rate: -0.12%

 

 

0.39%

Putnam Core Equity Fund April 4, 2023 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.710%

0.660%

0.610%

0.560%

0.510%

0.490%

0.480%

0.475%

Putnam Diversified Income Trust February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.700%

0.650%

0.600%

0.550%

0.500%

0.480%

0.470%

0.465%

Putnam Dynamic Asset Allocation Balanced Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.680%

0.630%

0.580%

0.530%

0.480%

0.460%

0.450%

0.4455%

Putnam Dynamic Asset Allocation Conservative Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.680%

0.630%

0.580%

0.530%

0.480%

0.460%

0.450%

0.4455%

B-2 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Dynamic Asset Allocation Equity Fund April 4, 2023 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.750%

0.700%

0.650%

0.600%

0.550%

0.530%

0.520%

0.515%

Putnam Dynamic Asset Allocation Growth Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.750%

0.700%

0.650%

0.600%

0.550%

0.530%

0.520%

0.515%

Putnam Emerging Markets Equity Fund January 24, 2020 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

 

Benchmark:

 

 

 

Hurdle:

 

Maximum Performance Adjustment Rate:

 

Minimum Performance Adjustment Rate:

1.080%

1.030%

0.980%

0.930%

0.880%

0.860%

0.850%

0.845%

 

MSCI Emerging Markets Index (Net Dividends)*

 

N/A

 

0.21%

 

 

-0.21%

Putnam Emerging Markets ex-China ETF January 18, 2023 June 23, 2023 September 23, 2022 Organization of fund All inclusive 0.85%
Putnam ESG Core Bond ETF January 18, 2023 June 23, 2023 January 18, 2023 Organization of fund All inclusive 0.35%
Putnam ESG High Yield ETF January 18, 2023 June 23, 2023 January 18, 2023 Organization of fund All inclusive 0.55%
Putnam ESG Ultra Short ETF January 18, 2023 June 23, 2023 January 18, 2023 Organization of fund All inclusive 0.25%
Putnam Floating Rate Income Fund April 4, 2023 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.720%

0.670%

0.620%

0.570%

0.520%

0.500%

0.490%

0.485%

B-3 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Focused Equity Fund April 4, 2023 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.780%

0.730%

0.680%

0.630%

0.580%

0.560%

0.550%

0.545%

Putnam Focused International Equity Fund April 1, 2021 June 23, 2023 April 1, 2021 Fee structure change

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

 

Benchmark:

 

 

 

Hurdle:

 

Maximum Performance Adjustment Rate:

 

Minimum Performance Adjustment Rate:

0.850%

0.800%

0.750%

0.700%

0.650%

0.630%

0.620%

0.615%

 

MSCI ACWI-Ex USA Index (Net Dividends)*

 

N/A

 

0.15%

 

 

-0.15%

Putnam Focused Large Cap Growth ETF April 20, 2021 June 23, 2023 May 24, 2021 Organization of fund All inclusive 0.55%
Putnam Focused Large Cap Value ETF April 20, 2021 June 23, 2023 May 24, 2021 Organization of fund All inclusive 0.55%
Putnam Global Health Care Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.780%

0.730%

0.680%

0.630%

0.580%

0.560%

0.550%

0.545%

Putnam Global Income Trust February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.700%

0.650%

0.600%

0.550%

0.500%

0.480%

0.470%

0.465%

Putnam Global Technology Fund April 4, 2023 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.780%

0.730%

0.680%

0.630%

0.580%

0.560%

0.550%

0.545%

B-4 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Government Money Market Fund February 27, 2014 June 23, 2023 October 16, 2015 Organization of fund

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.440%

0.390%

0.340%

0.290%

0.240%

0.220%

0.210%

0.205%

Putnam High Yield Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.720%

0.670%

0.620%

0.570%

0.520%

0.500%

0.490%

0.485%

Putnam Income Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.550%

0.500%

0.450%

0.400%

0.350%

0.330%

0.320%

0.315%

Putnam Intermediate-Term Municipal Income Fund April 4, 2023 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.590%

0.540%

0.490%

0.440%

0.390%

0.370%

0.360%

0.355%

Putnam International Capital Opportunities Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

 

Benchmark:

 

 

 

 

Hurdle:

 

Maximum Performance Adjustment Rate:

 

Minimum Performance Adjustment Rate:

1.080%

1.030%

0.980%

0.930%

0.880%

0.860%

0.850%

0.845%

 

S&P Developed/Ex-U.S. SmallCap Index

 

N/A

 

0.21%

 

 

-0.21%

B-5 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam International Equity Fund January 25, 2019 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

 

Benchmark:

 

 

 

Hurdle:

 

Maximum Performance Adjustment Rate:

 

Minimum Performance Adjustment Rate:

0.850%

0.800%

0.750%

0.700%

0.650%

0.630%

0.620%

0.615%

 

MSCI EAFE Index (Net Dividends)*

 

N/A

 

0.15%

 

 

-0.15%

Putnam International Value Fund January 24, 2020 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

 

Benchmark:

 

 

 

Hurdle:

 

Maximum Performance Adjustment Rate:

 

Minimum Performance Adjustment Rate:

0.850%

0.800%

0.750%

0.700%

0.650%

0.630%

0.620%

0.615%

 

MSCI EAFE Value Index (Net Dividends)*

 

N/A

 

0.15%

 

 

-0.15%

 

Putnam Large Cap Growth Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

 

Benchmark:

 

 

Hurdle:

 

Maximum Performance Adjustment Rate:

 

Minimum Performance Adjustment Rate:

0.710%

0.660%

0.610%

0.560%

0.510%

0.490%

0.480%

0.475%

 

Russell 1000 Growth Index

 

N/A

 

0.12%

 

 

-0.12%

B-6 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Large Cap Value Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.630%

0.580%

0.530%

0.480%

0.430%

0.410%

0.400%

0.395%

Putnam Managed Municipal Income Trust (Common and Preferred) February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

 

 

 

 

First $500 million

Next $500 million

Next $500 million

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Any excess thereafter

The lesser of (i) 0.55%, or (ii) the following:

 

0.65%

0.55%

0.50%

0.45%

0.425%

0.405%

0.39%

0.38%

Putnam Massachusetts Tax Exempt Income Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.590%

0.540%

0.490%

0.440%

0.390%

0.370%

0.360%

0.355%

Putnam Master Intermediate Income Trust February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $500 million

Next $500 million

Next $500 million

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Next $8.5 billion

Any excess thereafter

0.75%

0.65%

0.60%

0.55%

0.525%

0.505%

0.49%

0.48%

0.47%

0.46%

0.45%

0.44%

0.43%

0.42%

Putnam Minnesota Tax Exempt Income Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.590%

0.540%

0.490%

0.440%

0.390%

0.370%

0.360%

0.355%

Putnam Money Market Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.440%

0.390%

0.340%

0.290%

0.240%

0.220%

0.210%

0.205%

B-7 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Mortgage Opportunities Fund March 20, 2015 June 23, 2023 March 20, 2015 Organization of fund

First $500 million

Next $500 million

Any excess thereafter

0.550%

0.500%

0.450%

Putnam Mortgage Securities Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.550%

0.500%

0.450%

0.400%

0.350%

0.330%

0.320%

0.315%

Putnam Multi-Asset Income Fund February 27, 2014 June 23, 2023 June 23, 2022 Fee structure change

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.630%

0.580%

0.530%

0.480%

0.430%

0.410%

0.400%

0.395%

Putnam Municipal Opportunities Trust (Common and Preferred) February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $500 million

Next $500 million

Next $500 million

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Any excess thereafter

The lesser of (i) 0.55%, or (ii) the following:

 

0.65%

0.55%

0.50%

0.45%

0.425%

0.405%

0.39%

0.38%

Putnam New Jersey Tax Exempt Income Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.590%

0.540%

0.490%

0.440%

0.390%

0.370%

0.360%

0.355%

Putnam New York Tax Exempt Income Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.590%

0.540%

0.490%

0.440%

0.390%

0.370%

0.360%

0.355%

Putnam Ohio Tax Exempt Income Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.590%

0.540%

0.490%

0.440%

0.390%

0.370%

0.360%

0.355%

B-8 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam PanAgora ESG Emerging Markets Equity ETF January 18, 2023 June 23, 2023 January 18, 2023 Organization of fund All inclusive 0.60%
Putnam PanAgora ESG International Equity ETF January 18, 2023 June 23, 2023 January 18, 2023 Organization of fund All inclusive 0.49%
Putnam Pennsylvania Tax Exempt Income Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.590%

0.540%

0.490%

0.440%

0.390%

0.370%

0.360%

0.355%

Putnam Premier Income Trust February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $500 million

Next $500 million

Next $500 million

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Next $5 billion

Next $8.5 billion

Any excess thereafter

0.75%

0.65%

0.60%

0.55%

0.525%

0.505%

0.49%

0.48%

0.47%

0.46%

0.45%

0.44%

0.43%

0.42%

Putnam Research Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.710%

0.660%

0.620%

0.560%

0.510%

0.490%

0.480%

0.475%

B-9 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Retirement Advantage 2025 Fund January 4, 2021 June 23, 2023 December 31, 2019 Organization of fund

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.45%

0.45%

0.45%

0.45%

0.45%

0.44%

0.44%

0.44%

0.44%

0.44%

0.43%

0.43%

0.43%

0.43%

0.43%

0.42%

0.42%

0.42%

0.42%

0.42%

0.41%

0.41%

0.41%

0.41%

0.41%

0.40%

0.40%

0.40%

0.40%

0.40%

0.39%

0.39%

0.39%

0.39%

0.39%

0.38%

0.38%

0.38%

0.38%

0.38%

0.37%

0.37%

0.37%

0.37%

0.37%

B-10 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Retirement Advantage 2030 Fund January 4, 2021 June 23, 2023 December 31, 2019 Organization of fund

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.45%

0.45%

0.45%

0.45%

0.45%

0.44%

0.44%

0.44%

0.44%

0.44%

0.43%

0.43%

0.43%

0.43%

0.43%

0.42%

0.42%

0.42%

0.42%

0.42%

0.41%

0.41%

0.41%

0.41%

0.41%

0.40%

0.40%

0.40%

0.40%

0.40%

0.39%

0.39%

0.39%

0.39%

0.39%

0.38%

0.38%

0.38%

0.38%

0.38%

0.37%

0.37%

0.37%

0.37%

0.37%

B-11 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Retirement Advantage 2035 Fund January 4, 2021 June 23, 2023 December 31, 2019 Organization of fund

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.45%

0.45%

0.45%

0.45%

0.45%

0.44%

0.44%

0.44%

0.44%

0.44%

0.43%

0.43%

0.43%

0.43%

0.43%

0.42%

0.42%

0.42%

0.42%

0.42%

0.41%

0.41%

0.41%

0.41%

0.41%

0.40%

0.40%

0.40%

0.40%

0.40%

0.39%

0.39%

0.39%

0.39%

0.39%

0.38%

0.38%

0.38%

0.38%

0.38%

0.37%

0.37%

0.37%

0.37%

0.37%

B-12 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Retirement Advantage 2040 Fund January 4, 2021 June 23, 2023 December 31, 2019 Organization of fund

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.45%

0.45%

0.45%

0.45%

0.45%

0.44%

0.44%

0.44%

0.44%

0.44%

0.43%

0.43%

0.43%

0.43%

0.43%

0.42%

0.42%

0.42%

0.42%

0.42%

0.41%

0.41%

0.41%

0.41%

0.41%

0.40%

0.40%

0.40%

0.40%

0.40%

0.39%

0.39%

0.39%

0.39%

0.39%

0.38%

0.38%

0.38%

0.38%

0.38%

0.37%

0.37%

0.37%

0.37%

0.37%

B-13 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Retirement Advantage 2045 Fund January 4, 2021 June 23, 2023 December 31, 2019 Organization of fund

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.45%

0.45%

0.45%

0.45%

0.45%

0.44%

0.44%

0.44%

0.44%

0.44%

0.43%

0.43%

0.43%

0.43%

0.43%

0.42%

0.42%

0.42%

0.42%

0.42%

0.41%

0.41%

0.41%

0.41%

0.41%

0.40%

0.40%

0.40%

0.40%

0.40%

0.39%

0.39%

0.39%

0.39%

0.39%

0.38%

0.38%

0.38%

0.38%

0.38%

0.37%

0.37%

0.37%

0.37%

0.37%

B-14 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Retirement Advantage 2050 Fund January 4, 2021 June 23, 2023 December 31, 2019 Organization of fund

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.45%

0.45%

0.45%

0.45%

0.45%

0.44%

0.44%

0.44%

0.44%

0.44%

0.43%

0.43%

0.43%

0.43%

0.43%

0.42%

0.42%

0.42%

0.42%

0.42%

0.41%

0.41%

0.41%

0.41%

0.41%

0.40%

0.40%

0.40%

0.40%

0.40%

0.39%

0.39%

0.39%

0.39%

0.39%

0.38%

0.38%

0.38%

0.38%

0.38%

0.37%

0.37%

0.37%

0.37%

0.37%

B-15 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Retirement Advantage 2055 Fund January 4, 2021 June 23, 2023 December 31, 2019

Organization of fund

 

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.45%

0.45%

0.45%

0.45%

0.45%

0.44%

0.44%

0.44%

0.44%

0.44%

0.43%

0.43%

0.43%

0.43%

0.43%

0.42%

0.42%

0.42%

0.42%

0.42%

0.41%

0.41%

0.41%

0.41%

0.41%

0.40%

0.40%

0.40%

0.40%

0.40%

0.39%

0.39%

0.39%

0.39%

0.39%

0.38%

0.38%

0.38%

0.38%

0.38%

0.37%

0.37%

0.37%

0.37%

0.37%

B-16 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Retirement Advantage 2060 Fund January 4, 2021 June 23, 2023 December 31, 2019 Organization of fund

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.45%

0.45%

0.45%

0.45%

0.45%

0.44%

0.44%

0.44%

0.44%

0.44%

0.43%

0.43%

0.43%

0.43%

0.43%

0.42%

0.42%

0.42%

0.42%

0.42%

0.41%

0.41%

0.41%

0.41%

0.41%

0.40%

0.40%

0.40%

0.40%

0.40%

0.39%

0.39%

0.39%

0.39%

0.39%

0.38%

0.38%

0.38%

0.38%

0.38%

0.37%

0.37%

0.37%

0.37%

0.37%

B-17 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Retirement Advantage 2065 Fund January 4, 2021 June 23, 2023 December 31, 2020 Organization of fund

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.45%

0.45%

0.45%

0.45%

0.45%

0.44%

0.44%

0.44%

0.44%

0.44%

0.43%

0.43%

0.43%

0.43%

0.43%

0.42%

0.42%

0.42%

0.42%

0.42%

0.41%

0.41%

0.41%

0.41%

0.41%

0.40%

0.40%

0.40%

0.40%

0.40%

0.39%

0.39%

0.39%

0.39%

0.39%

0.38%

0.38%

0.38%

0.38%

0.38%

0.37%

0.37%

0.37%

0.37%

0.37%

Putnam Retirement Advantage Maturity Fund January 4, 2021 June 23, 2023 December 31, 2019 Organization of fund - 0.36%
Putnam Short Duration Bond Fund August 1, 2018 June 23, 2023 May 20, 2018 Fee structure change - 0.37%
Putnam Short Term Investment Fund April 4, 2023 June 23, 2023 February 27, 2014 Change of control of Putnam Management - 0.25%
B-18 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Short-Term Municipal Income Fund April 4, 2023 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.440%

0.390%

0.340%

0.290%

0.240%

0.220%

0.210%

0.205%

Putnam Small Cap Growth Fund January 24, 2020 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

 

Benchmark:

 

 

Hurdle:

 

Maximum Performance Adjustment Rate:

 

Minimum Performance Adjustment Rate:

0.780%

0.730%

0.680%

0.630%

0.580%

0.560%

0.550%

0.545%

 

Russell 2000 Growth Index

 

N/A

 

0.18%

 

 

-0.18%

Putnam Small Cap Value Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.780%

0.730%

0.680%

0.630%

0.580%

0.560%

0.550%

0.545%

Putnam Strategic Intermediate Municipal Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.590%

0.540%

0.490%

0.440%

0.390%

0.370%

0.360%

0.355%

Putnam Sustainable Future ETF April 20, 2021 June 23, 2023 May 24, 2021 Organization of fund All inclusive 0.64%
Putnam Sustainable Future Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.710%

0.660%

0.610%

0.560%

0.510%

0.490%

0.480%

0.475%

Putnam Sustainable Leaders ETF April 20, 2021 June 23, 2023 May 24, 2021 Organization of fund All inclusive 0.59%
B-19 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Sustainable Leaders Fund August 1, 2019 June 23, 2023 July 17, 2019 Fee structure change

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

 

Benchmark:

 

 

Hurdle:

 

Maximum Performance Adjustment Rate:

 

Minimum Performance Adjustment Rate:

0.710%

0.660%

0.610%

0.560%

0.510%

0.490%

0.480%

0.475%

 

S&P 500 Index

 

 

N/A

 

0.12%

 

 

-0.12%

 

 

B-20 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Sustainable Retirement 2025 Fund January 4, 2021 June 23, 2023 February 27, 2014 Change of control of Putnam Management

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.55%

0.55%

0.55%

0.55%

0.54%

0.54%

0.54%

0.54%

0.54%

0.54%

0.53%

0.53%

0.53%

0.53%

0.53%

0.52%

0.52%

0.52%

0.52%

0.52%

0.51%

0.51%

0.51%

0.51%

0.51%

0.50%

0.50%

0.50%

0.50%

0.50%

0.49%

0.49%

0.49%

0.49%

0.49%

0.48%

0.48%

0.48%

0.48%

0.48%

0.47%

0.47%

0.47%

0.47%

0.47%

B-21 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Sustainable Retirement 2030 Fund January 4, 2021 June 23, 2023 February 27, 2014 Change of control of Putnam Management

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.55%

0.55%

0.55%

0.55%

0.54%

0.54%

0.54%

0.54%

0.54%

0.54%

0.53%

0.53%

0.53%

0.53%

0.53%

0.52%

0.52%

0.52%

0.52%

0.52%

0.51%

0.51%

0.51%

0.51%

0.51%

0.50%

0.50%

0.50%

0.50%

0.50%

0.49%

0.49%

0.49%

0.49%

0.49%

0.48%

0.48%

0.48%

0.48%

0.48%

0.47%

0.47%

0.47%

0.47%

0.47%

B-22 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Sustainable Retirement 2035 Fund January 4, 2021 June 23, 2023 February 27, 2014 Change of control of Putnam Management

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.55%

0.55%

0.55%

0.55%

0.54%

0.54%

0.54%

0.54%

0.54%

0.54%

0.53%

0.53%

0.53%

0.53%

0.53%

0.52%

0.52%

0.52%

0.52%

0.52%

0.51%

0.51%

0.51%

0.51%

0.51%

0.50%

0.50%

0.50%

0.50%

0.50%

0.49%

0.49%

0.49%

0.49%

0.49%

0.48%

0.48%

0.48%

0.48%

0.48%

0.47%

0.47%

0.47%

0.47%

0.47%

B-23 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Sustainable Retirement 2040 Fund January 4, 2021 June 23, 2023 February 27, 2014 Change of control of Putnam Management

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.55%

0.55%

0.55%

0.55%

0.54%

0.54%

0.54%

0.54%

0.54%

0.54%

0.53%

0.53%

0.53%

0.53%

0.53%

0.52%

0.52%

0.52%

0.52%

0.52%

0.51%

0.51%

0.51%

0.51%

0.51%

0.50%

0.50%

0.50%

0.50%

0.50%

0.49%

0.49%

0.49%

0.49%

0.49%

0.48%

0.48%

0.48%

0.48%

0.48%

0.47%

0.47%

0.47%

0.47%

0.47%

B-24 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Sustainable Retirement 2045 Fund January 4, 2021 June 23, 2023 February 27, 2014 Change of control of Putnam Management

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.55%

0.55%

0.55%

0.55%

0.54%

0.54%

0.54%

0.54%

0.54%

0.54%

0.53%

0.53%

0.53%

0.53%

0.53%

0.52%

0.52%

0.52%

0.52%

0.52%

0.51%

0.51%

0.51%

0.51%

0.51%

0.50%

0.50%

0.50%

0.50%

0.50%

0.49%

0.49%

0.49%

0.49%

0.49%

0.48%

0.48%

0.48%

0.48%

0.48%

0.47%

0.47%

0.47%

0.47%

0.47%

B-25 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Sustainable Retirement 2050 Fund January 4, 2021 June 23, 2023 February 27, 2014 Change of control of Putnam Management

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.55%

0.55%

0.55%

0.55%

0.54%

0.54%

0.54%

0.54%

0.54%

0.54%

0.53%

0.53%

0.53%

0.53%

0.53%

0.52%

0.52%

0.52%

0.52%

0.52%

0.51%

0.51%

0.51%

0.51%

0.51%

0.50%

0.50%

0.50%

0.50%

0.50%

0.49%

0.49%

0.49%

0.49%

0.49%

0.48%

0.48%

0.48%

0.48%

0.48%

0.47%

0.47%

0.47%

0.47%

0.47%

B-26 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Sustainable Retirement 2055 Fund January 4, 2021 June 23, 2023 February 27, 2014 Change of control of Putnam Management

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.55%

0.55%

0.55%

0.55%

0.54%

0.54%

0.54%

0.54%

0.54%

0.54%

0.53%

0.53%

0.53%

0.53%

0.53%

0.52%

0.52%

0.52%

0.52%

0.52%

0.51%

0.51%

0.51%

0.51%

0.51%

0.50%

0.50%

0.50%

0.50%

0.50%

0.49%

0.49%

0.49%

0.49%

0.49%

0.48%

0.48%

0.48%

0.48%

0.48%

0.47%

0.47%

0.47%

0.47%

0.47%

B-27 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Sustainable Retirement 2060 Fund January 4, 2021 June 23, 2023 June 19, 2015 Organization of fund

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.55%

0.55%

0.55%

0.55%

0.54%

0.54%

0.54%

0.54%

0.54%

0.54%

0.53%

0.53%

0.53%

0.53%

0.53%

0.52%

0.52%

0.52%

0.52%

0.52%

0.51%

0.51%

0.51%

0.51%

0.51%

0.50%

0.50%

0.50%

0.50%

0.50%

0.49%

0.49%

0.49%

0.49%

0.49%

0.48%

0.48%

0.48%

0.48%

0.48%

0.47%

0.47%

0.47%

0.47%

0.47%

B-28 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Sustainable Retirement 2065 Fund January 4, 2021 June 23, 2023 January 1, 2021 Organization of fund

45 years to target date

44

43

42

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0.55%

0.55%

0.55%

0.55%

0.54%

0.54%

0.54%

0.54%

0.54%

0.54%

0.53%

0.53%

0.53%

0.53%

0.53%

0.52%

0.52%

0.52%

0.52%

0.52%

0.51%

0.51%

0.51%

0.51%

0.51%

0.50%

0.50%

0.50%

0.50%

0.50%

0.49%

0.49%

0.49%

0.49%

0.49%

0.48%

0.48%

0.48%

0.48%

0.48%

0.47%

0.47%

0.47%

0.47%

0.47%

Putnam Sustainable Retirement Maturity Fund January 4, 2021 June 23, 2023 February 27, 2014 Change of control of Putnam Management - 0.46%
Putnam Tax Exempt Income Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.590%

0.540%

0.490%

0.440%

0.390%

0.370%

0.360%

0.355%

B-29 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam Tax-Free High Yield Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.630%

0.580%

0.530%

0.480%

0.430%

0.410%

0.400%

0.395%

Putnam Ultra Short Duration Income Fund April 4, 2023 June 23, 2023 March 7, 2014 Approval of new management contract following change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.440%

0.390%

0.340%

0.290%

0.240%

0.220%

0.210%

0.205%

Putnam Ultra Short MAC Series April 4, 2023 June 23, 2023 April 4, 2023 Organization of fund - 0.00%
Putnam VT Core Equity Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.710%

0.660%

0.610%

0.560%

0.510%

0.490%

0.480%

0.475%

Putnam VT Diversified Income Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.700%

0.650%

0.600%

0.550%

0.500%

0.480%

0.470%

0.465%

Putnam VT Emerging Markets Equity Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

1.080%

1.030%

0.980%

0.930%

0.880%

0.860%

0.850%

0.845%

Putnam VT Focused International Equity Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.850%

0.800%

0.750%

0.700%

0.650%

0.630%

0.620%

0.615%

Putnam VT George Putnam Balanced Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.680%

0.630%

0.580%

0.530%

0.480%

0.460%

0.450%

0.445%

B-30 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam VT Global Asset Allocation Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.750%

0.700%

0.650%

0.600%

0.550%

0.530%

0.520%

0.515%

Putnam VT Global Health Care Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.780%

0.730%

0.680%

0.630%

0.580%

0.560%

0.550%

0.545%

Putnam VT Government Money Market Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.440%

0.390%

0.340%

0.290%

0.240%

0.220%

0.210%

0.205%

Putnam VT High Yield Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.720%

0.670%

0.620%

0.570%

0.520%

0.500%

0.490%

0.485%

Putnam VT Income Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.550%

0.500%

0.450%

0.400%

0.350%

0.330%

0.320%

0.315%

Putnam VT International Equity Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.720%

0.670%

0.620%

0.570%

0.520%

0.500%

0.490%

0.485%

Putnam VT International Value Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.850%

0.800%

0.750%

0.700%

0.650%

0.630%

0.620%

0.615%

B-31 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam VT Large Cap Growth Fund February 27, 2014 June 23, 2023 October 24, 2016 Fee structure change

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.710%

0.660%

0.610%

0.560%

0.510%

0.490%

0.480%

0.475%

Putnam VT Large Cap Value Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.630%

0.580%

0.530%

0.480%

0.430%

0.410%

0.400%

0.395%

Putnam VT Mortgage Securities Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.550%

0.500%

0.450%

0.400%

0.350%

0.330%

0.320%

0.315%

Putnam VT Research Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.710%

0.660%

0.620%

0.560%

0.510%

0.490%

0.480%

0.475%

Putnam VT Small Cap Growth Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.780%

0.730%

0.680%

0.630%

0.580%

0.560%

0.550%

0.545%

Putnam VT Small Cap Value Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.780%

0.730%

0.680%

0.630%

0.580%

0.560%

0.550%

0.545%

Putnam VT Sustainable Future Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.710%

0.660%

0.610%

0.560%

0.510%

0.490%

0.480%

0.475%

B-32 
 

 

Fund Date of Current Management Contract Date Current Management Contract Last Approved by Board of Trustees Date Current Management Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Management Contract to Shareholder Vote Management Fee Schedule  
Putnam VT Sustainable Leaders Fund February 27, 2014 June 23, 2023 February 27, 2014 Change of control of Putnam Management

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Any excess thereafter

0.710%

0.660%

0.610%

0.560%

0.510%

0.490%

0.480%

0.475%

 

* MSCI publishes two versions of this index reflecting the reinvestment of dividends using two different methodologies: gross dividends and net dividends. While both versions reflect reinvested dividends, they differ with respect to the manner in which taxes associated with dividend payments are treated. In calculating the net dividends version, MSCI incorporates reinvested dividends applying the withholding tax rate applicable to foreign non-resident institutional investors that do not benefit from double taxation treaties. Putnam Management believes that the net dividends version better reflects the returns U.S. investors might expect were they to invest directly in the component securities of the index.

B-33 
 

Appendix C – New Management Contracts with Putnam Management

 

Appendix C-1 – Form of New Management Contract

 

For the following funds only:

 

George Putnam Balanced Fund  Putnam Ohio Tax Exempt Income Fund 
Putnam California Tax Exempt Income  Putnam Pennsylvania Tax Exempt Income 
Fund  Fund 
Putnam Convertible Securities Fund  Putnam Research Fund 
Putnam Core Equity Fund  Putnam Short Term Investment Fund 
Putnam Diversified Income Trust  Putnam Short-Term Municipal Income Fund 
Putnam Dynamic Asset Allocation Balanced  Putnam Small Cap Value Fund 
Fund  Putnam Strategic Intermediate Municipal 
Putnam Dynamic Asset Allocation  Fund 
Conservative Fund  Putnam Sustainable Future Fund 
Putnam Dynamic Asset Allocation Equity  Putnam Tax Exempt Income Fund 
Fund  Putnam Tax-Free High Yield Fund 
Putnam Dynamic Asset Allocation Growth  Putnam Ultra Short Duration Income Fund 
Fund  Putnam Ultra Short MAC Series 
Putnam Floating Rate Income Fund  Putnam VT Core Equity Fund 
Putnam Focused Equity Fund  Putnam VT Diversified Income Fund 
Putnam Global Health Care Fund  Putnam VT Emerging Markets Equity Fund 
Putnam Global Income Trust  Putnam VT Focused International Equity 
Putnam Global Technology Fund  Fund 
Putnam Government Money Market Fund  Putnam VT George Putnam Balanced Fund 
Putnam High Yield Fund  Putnam VT Global Asset Allocation Fund 
Putnam Income Fund  Putnam VT Global Health Care Fund 
Putnam Intermediate-Term Municipal  Putnam VT Government Money Market 
Income Fund  Fund 
Putnam Large Cap Value Fund  Putnam VT High Yield Fund 
Putnam Massachusetts Tax Exempt Income  Putnam VT Income Fund 
Fund  Putnam VT International Equity Fund 
Putnam Minnesota Tax Exempt Income  Putnam VT International Value Fund 
Fund  Putnam VT Large Cap Growth Fund 
Putnam Money Market Fund  Putnam VT Large Cap Value Fund 
Putnam Mortgage Opportunities Fund  Putnam VT Mortgage Securities Fund 
Putnam Mortgage Securities Fund  Putnam VT Research Fund 
Putnam Multi-Asset Income Fund  Putnam VT Small Cap Growth Fund 
Putnam New Jersey Tax Exempt Income  Putnam VT Small Cap Value Fund 
Fund  Putnam VT Sustainable Future Fund 
Putnam New York Tax Exempt Income Fund  Putnam VT Sustainable Leaders Fund 

 

C-1 
 

 

Form of New MANAGEMENT CONTRACT

This Management Contract is dated as of [·] between [NAME OF TRUST/FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).

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

1.SERVICES TO BE RENDERED BY MANAGER TO FUND.

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

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

(c)               The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the

C-2 
 

broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.

(d)               The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space, utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund.

(e)               The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.

(f)                Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.

2.OTHER AGREEMENTS, ETC.

It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.

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

The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a fee, based on the Fund’s Average Net Assets, computed and paid monthly at the annual rates set forth on Schedule B attached to this Contract, as from time to time amended. The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each month while this Contract is in effect. The fee is payable for each month within 15 days after the close of the month.

The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.

In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.

If the Manager serves for less than the whole of a month, the foregoing compensation will be prorated.

4.ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.

This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

5.EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) for an initial period of two years from the date of this Contract, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by

C-4 
 

(i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.

Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.

Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.

6.CERTAIN DEFINITIONS.

For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.

For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

7.NON-LIABILITY OF MANAGER.

In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.

8.NO THIRD-PARTY BENEFICIARIES.

No shareholder or any person other than the Fund and the Manager is a party to this Contract or shall be entitled to any right or benefit arising under or in respect of this Contract; there are no third-party beneficiaries of this Contract. Without limiting the generality of the foregoing, nothing in this Contract is intended to, or shall be read to, (i) create in any shareholder or person other than the Fund in question (including without limitation any shareholder in any

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Fund) any direct, indirect, derivative, or other rights against the Manager, or (ii) create or give rise to any duty or obligation on the part of the Manager (including without limitation any fiduciary duty) to any shareholder or person other than the Fund, and all of the rights, duties, and obligations referred to in the foregoing clauses (i) and (ii) are hereby expressly excluded from this Contract.

9.LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.

A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.

[The remainder of this page intentionally left blank.]

 

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IN WITNESS WHEREOF, [NAME OF TRUST/FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.

  [Name of Trust/Fund]
     
  By: _____________________
    Name:
    Title:
     
  PUTNAM INVESTMENT MANAGEMENT, LLC
     
  By: _____________________
    Name:
    Title:

 

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Schedule A

[List of Funds]

 

 

Schedule B

[FEE SCHEDULE: See Appendix B to this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]

 

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Appendix C-2 – Form of New Management Contract

 

For the following funds only:

 

Putnam Focused International Equity Fund  Putnam Sustainable Leaders Fund 
Putnam Emerging Markets Equity Fund  Putnam Large Cap Growth Fund 
Putnam International Value Fund  Putnam International Capital Opportunities 
Putnam Small Cap Growth Fund  Fund 
Putnam International Equity Fund   

 

 

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Form of New MANAGEMENT CONTRACT

This Management Contract is dated as of [·] between [NAME OF TRUST/FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).

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

1.                  SERVICES TO BE RENDERED BY MANAGER TO FUND.

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

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

(c)               The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the

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broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.

(d)               The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space, utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund.

(e)               The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.

(f)                Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.

2.                  OTHER AGREEMENTS, ETC.

It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.

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

The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a Base Fee, computed and paid monthly on the Average Net Assets of the Fund at the annual rates set forth on Schedule B attached to this Contract, as from time to time amended, subject to adjustment as set forth on Schedule C attached to this Contract, as from time to time amended. The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each period for which such computation is made. The Base Fee, as adjusted, is payable for each month within 15 days after the close of the month.

The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.

In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.

If the Manager serves for less than the whole of a month, the foregoing compensation will be prorated.

4.                  ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.

This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

5.                  EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) for an initial period of two years from the date of this Contract, and will continue

C-12 
 

in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.

Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.

Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.

6.                  CERTAIN DEFINITIONS.

For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.

For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

7.                  NON-LIABILITY OF MANAGER.

In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.

8.                  NO THIRD-PARTY BENEFICIARIES.

No shareholder or any person other than the Fund and the Manager is a party to this Contract or shall be entitled to any right or benefit arising under or in respect of this Contract; there are no third-party beneficiaries of this Contract. Without limiting the generality of the foregoing, nothing in this Contract is intended to, or shall be read to, (i) create in any shareholder

C-13 
 

or person other than the Fund in question (including without limitation any shareholder in any Fund) any direct, indirect, derivative, or other rights against the Manager, or (ii) create or give rise to any duty or obligation on the part of the Manager (including without limitation any fiduciary duty) to any shareholder or person other than the Fund, and all of the rights, duties, and obligations referred to in the foregoing clauses (i) and (ii) are hereby expressly excluded from this Contract.

9.                  LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.

A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.

[The remainder of this page intentionally left blank.]

 

 

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IN WITNESS WHEREOF, [NAME OF TRUST/FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.

 

 

 

  [NAME OF TRUST/FUND]
     
  By: __________________________
    Name:
    Title:
     
  PUTNAM INVESTMENT MANAGEMENT, LLC
     
  By: __________________________
    Name:
    Title:

 

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Schedule A

[List of Funds]

 

 

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Schedule B

[FEE SCHEDULE: See Appendix B to this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]

 

 

Schedule C

Putnam Sustainable Leaders Fund

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

Performance Period. The Performance Period is equal to the thirty-six month period ending at the end of the month for which the fee adjustment is being computed.

Performance Adjustment Rate. The Performance Adjustment Rate is equal to the product of 0.03 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period; provided that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on Schedule B or be less than the Minimum Performance Adjustment Rate set forth on Schedule B.

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

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

Measuring Class. The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of

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the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.

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

Putnam Focused International Equity Fund

The Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve. Effective upon the closing of the merger of Putnam Global Consumer Fund, Putnam Global Financials Fund, Putnam Global Sector Fund and Putnam Global Utilities Fund (collectively, the “Target Funds”) into the Fund (the “Merger Closing Date”), the Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Combined Average Net Assets of the Fund for the Performance Period and dividing the result by twelve (such adjusted fee, the “Current Management Fee”); provided, however, that if the use of the Combined Average Net Assets in calculating the Current Management Fee results in the Fund paying a higher management fee than would have been paid using the Average Net Assets of the Fund for periods prior to the Merger Closing Date, Average Net Assets shall be used for purposes of this calculation.

 

Combined Average Net Assets. Combined Average Net Assets means the average of all of the determinations of (i) the sum of the net asset value of the Target Funds and the Fund at the close of business on each business day during any portion of a Performance Period prior to the Merger Closing Date; and (ii) the Fund’s net asset value at the close of business on each business day during any portion of a Performance Period on or after the Merger Closing Date.

Performance Period. The Performance Period is equal to the thirty-six month period ending at the end of the month for which the fee adjustment is being computed.

Performance Adjustment Rate. The Performance Adjustment Rate is equal to the product of 0.03 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period; provided that the Performance Adjustment Rate

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

 

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

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

Measuring Class. The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.

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

Putnam Emerging Markets Equity Fund, Putnam International Value Fund, and Putnam Small Cap Growth Fund

 

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PUTNAM EMERGING MARKETS EQUITY FUND, PUTNAM INTERNATIONAL VALUE FUND, AND PUTNAM SMALL CAP GROWTH FUND: The Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

PUTNAM EMERGING MARKETS EQUITY FUND: Commencing on the business day (the “Effective date”) following the closing date of the merger of Putnam International Growth Fund (“International Growth Fund”) into Putnam Emerging Markets Equity Fund, Putnam Emerging Markets Equity Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Combined Average Net Assets of the Fund for the Performance Period and dividing the result by twelve (such adjusted fee, the “Current Management Fee”); provided, however, that if the use of the Combined Average Net Assets in calculating the Current Management Fee results in the Fund paying a higher management fee than would have been paid using the Average Net Assets of the Fund for periods prior to the Effective Date, Average Net Assets shall be used for purposes of this calculation. Combined Average Net Assets means the average of all of the determinations of (i) the sum of the net asset value of International Growth Fund and Putnam Emerging Markets Equity Fund at the close of business on each business day during any portion of a Performance Period prior to the Effective Date; and (ii) Putnam Emerging Markets Equity Fund’s net asset value at the close of business on each business day during any portion of a Performance Period on or after the Effective Date.

PUTNAM EMERGING MARKETS EQUITY FUND, PUTNAM INTERNATIONAL VALUE FUND, AND PUTNAM SMALL CAP GROWTH FUND: Performance Period. The Performance Period is equal to the shorter of (i) the period from January 1, 2010 to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.

PUTNAM EMERGING MARKETS EQUITY FUND, PUTNAM INTERNATIONAL VALUE FUND, AND PUTNAM SMALL CAP GROWTH FUND: Performance Adjustment Rate. The Performance Adjustment Rate is equal to the product of 0.03 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period; provided that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on Schedule B or be less than the Minimum Performance Adjustment Rate set forth on Schedule B.

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

PUTNAM EMERGING MARKETS EQUITY FUND AND PUTNAM SMALL CAP GROWTH FUND: Benchmark. The Fund’s initial Benchmark is set forth in Schedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other

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appropriate index of securities prices for purposes of this Schedule C (the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.

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

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

ALL FUNDS: Measuring Class. The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.

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

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Putnam International Equity Fund

The Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve. Effective upon the closing of the merger of Putnam Europe Equity Fund (the “Europe Equity Fund”) into the Fund (the “Merger Closing Date”), the Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Combined Average Net Assets of the Fund for the Performance Period and dividing the result by twelve (such adjusted fee, the “Current Management Fee”); provided, however, that if the use of the Combined Average Net Assets in calculating the Current Management Fee results in the Fund paying a higher management fee than would have been paid using the Average Net Assets of the Fund for periods prior to the Merger Closing Date, Average Net Assets shall be used for purposes of this calculation.

Combined Average Net Assets. Combined Average Net Assets means the average of all of the determinations of (i) the sum of the net asset value of Europe Equity Fund and the Fund at the close of business on each business day during any portion of a Performance Period prior to the Merger Closing Date; and (ii) the Fund’s net asset value at the close of business on each business day during any portion of a Performance Period on or after the Merger Closing Date.

Performance Period. The Performance Period is equal to the shorter of (i) the period from January 1, 2010 to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.

Performance Adjustment Rate. The Performance Adjustment Rate is equal to the product of 0.03 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period; provided that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on Schedule B or be less than the Minimum Performance Adjustment Rate set forth on Schedule B.

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

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

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Measuring Class. The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.

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

Putnam Large Cap Growth Fund and Putnam International Capital Opportunities Fund

 

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

 

Performance Period. The Performance Period is equal to the shorter of (i) the period from January 1, 2010 to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.

 

Performance Adjustment Rate. The Performance Adjustment Rate is equal to the product of 0.03 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period; provided that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on Schedule B or be less than the Minimum Performance Adjustment Rate set forth on Schedule B.

 

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

 

Benchmark. The Fund’s initial Benchmark is set forth in Schedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of this Schedule C (the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by

C-23 
 

applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.

 

Measuring Class. The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.

 

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

 

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Appendix C-3 – Form of New Management Contract

 

For the following funds only:

 

Putnam Core Bond Fund

Putnam Short Duration Bond Fund

 

 

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Form of New MANAGEMENT CONTRACT

This Management Contract is dated as of [·] between [NAME OF TRUST/FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).

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

1.SERVICES TO BE RENDERED BY MANAGER TO FUND.

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

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

(c)               The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the

C-26 
 

broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.

(d)               In consideration of the fees payable by the Fund to the Manager pursuant to Section 3, the Manager will also pay, or reimburse the Fund for, all of the Fund’s organizational and other operating expenses, excluding only fees payable under distribution plans adopted pursuant to Rule 12b-1 under the 1940 Act, any downward adjustment to the Fund’s fee (as provided in Section 3), brokerage, interest, taxes, investment-related expenses, extraordinary expenses, and acquired fund fees and expenses.

(e)               Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.

2.OTHER AGREEMENTS, ETC.

It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.

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

The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a),

C-27 
 

(b), and (c) of Section 1, a fee, computed and paid monthly on the Average Net Assets of the Fund at the annual rate set forth on Schedule B attached to this Contract, as from time to time amended[, provided, however, that for the period beginning on the date of this Contract and ending on August 31, 2024 (the “Interim Period”) the fee based on the Fund’s Average Net Assets, computed and paid monthly to the Manager, shall be calculated as set forth on Schedule C attached to this Contract, as from time to time amended]1. The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each period for which such computation is made. The fee is payable for each month within 15 days after the close of the month.

The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.

In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.

If the Manager serves for less than the whole of a month, the foregoing compensation will be prorated.

4.ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.

This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

5.EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or

                                                     

1 Bracketed language applies only to Putnam Core Bond Fund.

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terminated in accordance with the following paragraph) for an initial period of two years from the date of this Contract, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.

Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.

Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.

6.CERTAIN DEFINITIONS.

For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.

For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

7.NON-LIABILITY OF MANAGER.

In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.

8.NO THIRD-PARTY BENEFICIARIES.

No shareholder or any person other than the Fund and the Manager is a party to this Contract or shall be entitled to any right or benefit arising under or in respect of this Contract; there are no third-party beneficiaries of this Contract. Without limiting the generality of the

C-29 
 

foregoing, nothing in this Contract is intended to, or shall be read to, (i) create in any shareholder or person other than the Fund in question (including without limitation any shareholder in any Fund) any direct, indirect, derivative, or other rights against the Manager, or (ii) create or give rise to any duty or obligation on the part of the Manager (including without limitation any fiduciary duty) to any shareholder or person other than the Fund, and all of the rights, duties, and obligations referred to in the foregoing clauses (i) and (ii) are hereby expressly excluded from this Contract.

9.LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.

A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.

[The remainder of this page is intentionally left blank.]

 

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IN WITNESS WHEREOF, [NAME OF TRUST/FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.

  [NAME OF TRUST/FUND]
     
  By: _____________________
    Name:
    Title:
     
  PUTNAM INVESTMENT MANAGEMENT, LLC
  By: _____________________
    Name:
    Title:

 

 

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Schedule A

[List of Funds]

 

 

 

C-32 
 

 

Schedule B

[FEE SCHEDULE: See Appendix B to this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]

 

 

Schedule C

[FEE SCHEDULE: See Appendix B to this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]

 

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Appendix C-4 – Form of New Management Contract

 

For the following funds only:

 

Putnam Managed Municipal Income Trust

Putnam Municipal Opportunities Trust

 

 

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FORM OF NEW MANAGEMENT CONTRACT

This Management Contract is dated as of [•] between [NAME OF FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).

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

1.SERVICES TO BE RENDERED BY MANAGER TO FUND.

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

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

(c)               The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the

C-35 
 

broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.

(d)               The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space, utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund.

(e)               The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.

(f)                Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.

2.OTHER AGREEMENTS, ETC.

It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.

C-36 
 
3.COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER.

The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a fee, based on the Fund’s Average Net Assets, computed and paid quarterly at the annual rates set forth on Schedule B attached to this Contract, as from time to time amended.

“Average Net Assets” means the average of all of the determinations of the Fund’s net asset value during each quarter at the close of business on the last business day of each week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter.

In the event that the amount of dividends payable with respect to any outstanding shares of beneficial interest of the Fund with preference rights (“Preferred Shares”) during any period for which regular payments of dividends or other distributions on such Preferred Shares are payable (each, a “Dividend Period”) plus expenses attributable to such Preferred Shares for such Dividend Period exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Dividend Period as a result of the fact that such Preferred Shares were outstanding during such Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i) the aggregate liquidation preference of the average number of Preferred Shares outstanding during the Period by (ii) the percentage of the aggregate net asset value of the Fund which the fee payable to the Manager during such Period pursuant to this Section 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Dividend Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Dividend Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to the Preferred Shares and the portion of the Fund’s net income and net short-term capital gains accruing during any Dividend Period as a result of the fact that Preferred Shares were outstanding during such Period shall be determined by the Trustees of the Fund.

The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.

In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the

C-37 
 

Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.

If the Manager serves for less than the whole of a quarter, the foregoing compensation will be prorated.

4.ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.

This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

5.EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) for an initial period of two years from the date of this Contract, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.

Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.

Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.

6.CERTAIN DEFINITIONS.

For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.

C-38 
 

For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

7.NON-LIABILITY OF MANAGER.

In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.

8.LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.

A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.

 

 

C-39 
 

IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.

  [NAME OF FUND]
     
  By: _____________________
    Name:
    Title:
     
  PUTNAM INVESTMENT MANAGEMENT, LLC
     
  By: _____________________
    Name:
    Title:

 

C-40 
 

Schedule A

[List of Funds]

Schedule B

[FEE SCHEDULE: See Appendix B to this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]

 

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Appendix C-5 – Form of New Management Contract

 

For the following funds only:

 

Putnam Master Intermediate Income Trust

Putnam Premier Income Trust

 

 

C-42 
 

 

FORM OF NEW MANAGEMENT CONTRACT

This Management Contract is dated as of [•] between [NAME OF FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).

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

1.SERVICES TO BE RENDERED BY MANAGER TO FUND.

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

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

(c)               The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the

C-43 
 

transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.

(d)               The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space, utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund.

(e)               The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.

(f)                Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.

2.OTHER AGREEMENTS, ETC.

It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common

C-44 
 

control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.

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

The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a fee, based on the Fund’s Average Net Assets, computed and paid quarterly at the annual rates set forth on Schedule B attached to this Contract, as from time to time amended.

“Average Net Assets” means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes), determined at the close of the last business day of each week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter. As used in this Section 3, “leverage for investment purposes” means any incurrence of indebtedness the proceeds of which are to be invested in accordance with the Fund’s investment objective. For purposes of calculating Average Net Assets, liabilities associated with any instruments or transactions used to leverage the Fund’s portfolio for investment purposes (whether or not such instruments or transactions are “covered” within the meaning of the 1940 Act and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff) are not considered liabilities. For purposes of calculating Average Net Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the “Underlying Asset”) of the Fund to a counterparty in a reverse repurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.

In the event that, during any period for which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes (a “Measurement Period”), the amount of interest payments and fees with respect to such indebtedness or other obligation, plus additional expenses attributable to any such leverage for investment purposes for such Measurement Period, exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such indebtedness or other obligation was outstanding during the Measurement Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i) the aggregate value of all assets representing leverage for investment purposes by (ii) the percentage of the Average Net Assets of the Fund which the fee payable to the Manager during such Measurement Period pursuant to this Section 3 would constitute without giving effect to such reduction. The amount of

C-45 
 

such reduction attributable to any Measurement Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Measurement Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to leverage for investment purposes and the portion of the Fund’s net income and net short-term capital gains accruing during any Measurement Period as a result of the fact that leverage for investment purposes was outstanding during such Measurement Period shall be determined by the Trustees of the Fund.

The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.

In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.

If the Manager serves for less than the whole of a quarter, the foregoing compensation will be prorated.

4.ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.

This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

5.EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in

C-46 
 

Section 4 or terminated in accordance with the following paragraph) for an initial period of two years from the date of this Contract, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.

Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.

Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.

6.CERTAIN DEFINITIONS.

For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.

For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

7.NON-LIABILITY OF MANAGER.

In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.

C-47 
 
8.LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.

A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.

 

 

C-48 
 

IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.

 

[NAME OF FUND]

 

  By: _____________________
    Name:
    Title:

 

 

PUTNAM INVESTMENT MANAGEMENT, LLC
     
  By: _____________________
    Name:
    Title:

 

C-49 
 

Schedule A

[List of Funds]

 

Schedule B

[FEE SCHEDULE: See Appendix B to this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]

 

 

C-50 
 

 

Appendix C-6 – Form of New Management Contract

 

For the following funds only:

 

Putnam Retirement Advantage 2025 Fund  Putnam Sustainable Retirement 2025 Fund 
Putnam Retirement Advantage 2030 Fund  Putnam Sustainable Retirement 2030 Fund 
Putnam Retirement Advantage 2035 Fund  Putnam Sustainable Retirement 2035 Fund 
Putnam Retirement Advantage 2040 Fund  Putnam Sustainable Retirement 2040 Fund 
Putnam Retirement Advantage 2045 Fund  Putnam Sustainable Retirement 2045 Fund 
Putnam Retirement Advantage 2050 Fund  Putnam Sustainable Retirement 2050 Fund 
Putnam Retirement Advantage 2055 Fund  Putnam Sustainable Retirement 2055 Fund 
Putnam Retirement Advantage 2060 Fund  Putnam Sustainable Retirement 2060 Fund 
Putnam Retirement Advantage 2065 Fund  Putnam Sustainable Retirement 2065 Fund 
Putnam Retirement Advantage Maturity  Putnam Sustainable Retirement Maturity 
Fund  Fund 

 

 

 

C-51 
 

 

Form of New MANAGEMENT CONTRACT

This Management Contract is dated as of [·] between [NAME OF TRUST/FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).

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

1.SERVICES TO BE RENDERED BY MANAGER TO FUND.

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

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

(c)       The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the

C-52 
 

broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.

(d)       The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space, utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund.

(e)       The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.

(f)       Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.

2.OTHER AGREEMENTS, ETC.

It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.

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

The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a fee, based on the Fund’s Average Net Assets, computed and paid monthly at the annual rates set forth on Schedule B (with respect to the RetirementReady Funds) and Schedule C (with respect to the Retirement Advantage Funds), each as attached to this Contract, as from time to time amended.

“Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each month while this Contract is in effect. The fee is payable for each month within 30 days after the close of the month.

The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.

In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.

If the Manager serves for less than the whole of a month, the foregoing compensation will be prorated.

4.ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.

This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

C-54 
 

 

5.EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) for an initial period of two years from the date of this Contract, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.

Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.

Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.

6.CERTAIN DEFINITIONS.

For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.

For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term

“approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

7.NON-LIABILITY OF MANAGER.

In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.

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8.no third-party beneficiaries

No shareholder or any person other than the Fund and the Manager is a party to this Contract or shall be entitled to any right or benefit arising under or in respect of this Contract; there are no third-party beneficiaries of this Contract. Without limiting the generality of the foregoing, nothing in this Contract is intended to, or shall be read to, (i) create in any shareholder or person other than the Fund in question (including without limitation any shareholder in any Fund) any direct, indirect, derivative, or other rights against the Manager, or (ii) create or give rise to any duty or obligation on the part of the Manager (including without limitation any fiduciary duty) to any shareholder or person other than the Fund, and all of the rights, duties, and obligations referred to in the foregoing clauses (i) and (ii) are hereby expressly excluded from this Contract.

9.LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.

A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.

[The remainder of this page is intentionally left blank.]

 

 

C-56 
 

IN WITNESS WHEREOF, [NAME OF TRUST/FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.

  [NAME OF TRUST/FUND]
     
  By: _____________________
    Name:
    Title:
     
  PUTNAM INVESTMENT MANAGEMENT, LLC
     
  By: _____________________
    Name:
    Title:

 

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Schedule A

[List of Funds]

Schedule B

 

[FEE SCHEDULE: See Appendix B to this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]

Schedule C

[FEE SCHEDULE: See Appendix B to this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]

 

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Appendix C-7 – Form of New Management Contract

 

For the following funds only:

 

Putnam BDC Income ETF  Putnam Focused Large Cap Value ETF 
Putnam BioRevolution ETF  Putnam PanAgora ESG Emerging Markets 
Putnam Emerging Markets ex-China ETF  Equity ETF 
Putnam ESG Core Bond ETF  Putnam PanAgora ESG International Equity 
Putnam ESG High Yield ETF  ETF 
Putnam ESG Ultra Short ETF  Putnam Sustainable Future ETF 
Putnam Focused Large Cap Growth ETF  Putnam Sustainable Leaders ETF 

 

 

 

C-59 
 

 

 

FORM OF NEW MANAGEMENT CONTRACT

This Management Contract (the “Contract”) is dated as of [•] between [NAME OF TRUST/FUND], a Delaware statutory trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).

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

1.SERVICES TO BE RENDERED BY MANAGER TO FUND.

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

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

(c)               The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times,

                                                     

2 Bracketed language only for Putnam BDC Income ETF, Putnam BioRevolution ETF, Putnam Emerging Markets ex-China ETF, Putnam ESG Core Bond ETF, Putnam ESG High Yield ETF, Putnam ESG Ultra Short ETF, Putnam PanAgora ESG International Equity ETF, and Putnam PanAgora ESG Emerging Markets Equity ETF.

C-60 
 

will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as permitted by the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

(d)               The Manager will vote all proxies solicited by or with respect to issuers of securities in which assets of a Fund may be invested from time to time in accordance with its proxy voting policy in effect from time to time.

(e)               In consideration of the fees payable by the Fund to the Manager pursuant to Section 3, the Manager will also pay all expenses incurred by the Fund, or reimburse the Fund for, all of the Fund’s organizational and other operating expenses, excluding only (i) interest and taxes (including, but not limited to, income, excise, transfer and withholding taxes); (ii) expenses of the Fund incurred with respect to the acquisition and disposition of portfolio securities, commodities or other financial instruments and the execution of portfolio transactions, including brokerage commissions; (iii) expenses incurred in connection with any distribution plan adopted by the Fund in compliance with Rule 12b-1 under the 1940 Act, including distribution fees; (iv) expenses of printing and mailing proxy materials to shareholders of the Fund; (v) all other expenses incidental to holding meetings of the Fund’s shareholders, including proxy solicitations therefor; (vi) litigation expenses (including, but not limited to, any indemnification obligation, attorneys’ fees, expenses, costs, judgments, amounts paid in settlement, fines, penalties, fees of expert witnesses, document production fees, and all other liabilities whatsoever incurred or paid by the Fund or a person indemnified by the Fund); (vii) the fee payable to the Manager hereunder; (viii) any extraordinary expenses (which, for the avoidance of doubt, do not include expenses related to the organization of any subsidiary for a Fund or the ongoing corporate expenses of maintaining such subsidiary) and (ix) acquired fund fees and expenses. The Manager shall promptly inform the Trustees of any expenses, or category of expenses, determined to be “extraordinary expenses” for purposes of this Section 1(e).

(f)                Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of

C-61 
 

the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.

2.OTHER AGREEMENTS, ETC.

It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.

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

The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a fee, based on the Fund’s Average Net Assets, computed and paid monthly at the annual rates set forth on Schedule B attached to this Contract, as from time to time amended. The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each period for which such computation is made. The fee is payable for each month within 15 days after the close of the month.

If the Manager serves for less than the whole of a month, the foregoing compensation will be prorated.

4.ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.

This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

5.EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or

C-62 
 

terminated in accordance with the following paragraph) for an initial period of two years from the date of this Contract, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.

Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.

6.CERTAIN DEFINITIONS.

For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.

For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

7.NON-LIABILITY OF MANAGER.

In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.

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8.NO THIRD-PARTY BENEFICIARIES.

No shareholder or any person other than the Fund and the Manager is a party to this Contract or shall be entitled to any right or benefit arising under or in respect of this Contract; there are no third-party beneficiaries of this Contract. Without limiting the generality of the foregoing, nothing in this Contract is intended to, or shall be read to, (i) create in any shareholder or person other than the Fund in question (including without limitation any shareholder in any Fund) any direct, indirect, derivative, or other rights against the Manager, or (ii) create or give rise to any duty or obligation on the part of the Manager (including without limitation any fiduciary duty) to any shareholder or person other than the Fund, and all of the rights, duties, and obligations referred to in the foregoing clauses (i) and (ii) are hereby expressly excluded from this Contract.

9.LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.

Notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.

[The remainder of this page is intentionally left blank.]

 

 

C-64 
 

 

IN WITNESS WHEREOF, [NAME OF TRUST/FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.

  [NAME OF TRUST/FUND]
     
  By: _____________________
    Name:
    Title:
     
  PUTNAM INVESTMENT MANAGEMENT, LLC
     
  By: _____________________
    Name:
    Title:

 

 

C-65 
 

 

Schedule A

[List of Funds]

Schedule B

[FEE SCHEDULE: See Appendix B to this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]

 

C-66 
 

Appendix C-8 – List of Funds for which the Current Management Contract Includes a “No Third-Party Beneficiaries” Provision

 

Putnam Government Money Market Fund

Putnam Ultra Short Mac Series

 

 

 

C-67 
 

 

Appendix D — Current Sub-Advisory Contracts — Dates, Approvals and Fees

 

Appendix D-1 — Current Sub-Advisory Contracts with Putnam Investments Limited (“PIL”) — Dates, Approvals and Fees

 

Fund Date of Current Sub-Advisory Contract Date Current Sub-Advisory Contract Last Approved by Board of Trustees Date Current Sub-Advisory Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Sub-Advisory Contract to Shareholder Vote Sub-Advisory Fee
Putnam BDC Income ETF, Putnam BioRevolution ETF, and Putnam Emerging Markets ex-China ETF January 18, 2023 June 23, 2023 September 23, 2022 Organization of fund 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL
Putnam ESG Core Bond ETF, Putnam ESG High Yield ETF, and Putnam ESG Ultra Short ETF January 18, 2023 June 23, 2023 January 18, 2023 Organization of fund 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL
Putnam Focused Large Cap Growth ETF and Putnam Focused Large Cap Value ETF January 18, 2023 June 23, 2023 May 24, 2021 Organization of fund 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL
Putnam Government Money Market Fund July 1, 2022 June 23, 2023 October 16, 2015 Organization of fund 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL.
Putnam Master Intermediate Income Trust July 1, 2022 June 23, 2023 February 27, 2014 Change of control of Putnam Management 0.20% of Average Weekly Assets in Allocated Sleeves.*
Putnam Mortgage Opportunities Fund July 1, 2022 June 23, 2023 March 20, 2015 Organization of fund 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL.
D-1 
 

 

Fund Date of Current Sub-Advisory Contract Date Current Sub-Advisory Contract Last Approved by Board of Trustees Date Current Sub-Advisory Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Sub-Advisory Contract to Shareholder Vote Sub-Advisory Fee
Putnam Multi-Asset Income Fund July 1, 2022 June 23, 2023 November 22, 2019 Organization of fund 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL.
Putnam Premier Income Trust July 1, 2022 June 23, 2023 February 27, 2014 Change of control of Putnam Management 0.20% of Average Weekly Assets in Allocated Sleeves.*
Putnam Retirement Advantage 2025 Fund, Putnam Retirement Advantage 2030 Fund, Putnam Retirement Advantage 2035 Fund, Putnam Retirement Advantage 2040 Fund, Putnam Retirement Advantage 2045 Fund, Putnam Retirement Advantage 2050 Fund, Putnam Retirement Advantage 2055 Fund, and Putnam Retirement Advantage 2060 Fund July 1, 2022 June 23, 2023 December 31, 2019 Organization of fund 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL.
Putnam Retirement Advantage 2065 Fund July 1, 2022 June 23, 2023 December 31, 2020 Organization of fund 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL.
D-2 
 

 

Fund Date of Current Sub-Advisory Contract Date Current Sub-Advisory Contract Last Approved by Board of Trustees Date Current Sub-Advisory Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Sub-Advisory Contract to Shareholder Vote Sub-Advisory Fee
Putnam Sustainable Future ETF and Putnam Sustainable Leaders ETF January 18, 2023 June 23, 2023 May 24, 2021 Organization of fund 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL
Putnam Sustainable Retirement 2065 Fund July 1, 2022 June 23, 2023 January 1, 2021 Organization of fund 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL.
Putnam Ultra Short Duration Income Fund July 1, 2022 June 23, 2023 March 7, 2014 Change of control of Putnam Management 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL.
Putnam Ultra Short MAC Series July 1, 2022 June 23, 2023 April 4, 2023 Organization of fund 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL.
Putnam Sustainable Retirement 2060 Fund July 1, 2022 June 23, 2023 June 19, 2015 Organization of fund 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL.
All funds other than funds listed above July 1, 2022 June 23, 2023 February 27, 2014 Change of control of Putnam Management 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL.

*“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 the portion of the fund managed by PIL and the total liabilities of the fund (excluding liabilities incurred in connection with leverage for investment purposes) attributable to such portion of the fund managed by PIL.

 

 

 

Appendix D-2 — Current Sub-Advisory Contracts with The Putnam Advisory Company, LLC (“PAC”) — Dates, Approvals and Fees

 

 

Fund Date of Current Sub-Advisory Contract Date Current Sub-Advisory Contract Last Approved by Board of Trustees Date Current Sub-Advisory Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Sub-Advisory Contract to Shareholder Vote Sub-Advisory Fee
Putnam Core Bond Fund

 

Putnam Dynamic Asset Allocation Balanced Fund

 

Putnam Dynamic Asset Allocation Conservative Fund

 

Putnam Dynamic Asset Allocation Equity Fund

 

Putnam Dynamic Asset Allocation Growth Fund

 

Putnam Emerging Markets Equity Fund

 

Putnam Focused Equity Fund

 

Putnam Focused International Equity Fund

 

Putnam Global Health Care Fund

 

Putnam Global Technology Fund

 

Putnam International Capital Opportunities Fund

 

Putnam International Equity Fund

 

Putnam International Value Fund

 

Putnam Research Fund

 

Putnam Short Duration Bond Fund

 

Putnam VT Emerging Markets Equity Fund

 

Putnam VT Focused International Equity Fund

 

Putnam VT Global Asset Allocation Fund

 

Putnam VT Global Health Care

 

Putnam VT International Equity Fund

 

Putnam VT International Value Fund

 

Putnam VT Research Fund

July 1, 2022 June 23, 2023 February 27, 2014 Approval of new management contract following change of control of Putnam Management 0.25% per annum of average net asset value of the assets in equity and asset allocation portion of each fund managed by PAC and 0.20% per annum of average aggregate net asset value of the assets in fixed income portion of each fund managed by PAC.
Putnam Multi-Asset Income Fund July 1, 2022 June 23, 2023 November 22, 2019 Organization of fund 0.25% per annum of average net asset value of the assets in equity and asset allocation portion of the fund managed by PAC and 0.20% per annum of average aggregate net asset value of the assets in fixed income portion of the fund managed by PAC.

 

 

Appendix D-3 — Current Sub-Advisory Contracts with PanAgora Asset Management, Inc. (“PanAgora”) — Dates, Approvals and Fees

 

 

Fund Date of Current Sub-Advisory Contract Date Current Sub-Advisory Contract Last Approved by Board of Trustees Date Current Sub-Advisory Contract Last Submitted to Shareholder Vote Purpose of Last Submission of Current Sub-Advisory Contract to Shareholder Vote Sub-Advisory Fee
Putnam PanAgora ESG Emerging Markets Equity ETF January 18, 2023 June 23, 2023 September 23, 2022 Organization of fund 0.21% of average aggregate net asset value of the portion of the fund managed by PanAgora.
Putnam PanAgora ESG International Equity ETF January 18, 2023 June 23, 2023 September 23, 2022 Organization of fund 0.17% of average aggregate net asset value of the portion of the fund managed by PanAgora.

 

 

D-3 
 

Appendix E — Description of Contract Approval Process

The discussion below summarizes the principal factors considered by the Trustees in approving the continuance of the current management contracts (the “Current Management Contracts”) in June 2023.

General conclusions

The Board of Trustees of The Putnam Funds (the “funds”) oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund’s management contract with Putnam Investment Management, LLC (“Putnam Management”) and, as applicable, the sub-management contract with respect to your fund between Putnam Management and its affiliate, Putnam Investments Limited (“PIL”), the sub-advisory contract among Putnam Management, PIL, and another affiliate, The Putnam Advisory Company (“PAC”), and the sub-advisory contract between Putnam Management and its affiliate, PanAgora Asset Management, Inc. (“PanAgora”). The Board, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Trustees who are not “interested persons” (as this term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the funds (“Independent Trustees”).

At the outset of the review process, members of the Board’s independent staff and independent legal counsel considered any possible changes to the annual contract review materials furnished to the Contract Committee during the course of the previous year’s review and, as applicable, identified those changes to Putnam Management. Following these discussions and in consultation with the Contract Committee, the Independent Trustees’ independent legal counsel requested that Putnam Management and its affiliates, including PanAgora, furnish specified information, together with any additional information that Putnam Management and PanAgora considered relevant, to the Contract Committee. Over the course of several months ending in June 2023, the Contract Committee met on a number of occasions with representatives of Putnam Management, and separately in executive session, to consider the information that Putnam Management and PanAgora provided. Throughout this process, the Contract Committee was assisted by the members of the Board’s independent staff and by independent legal counsel for the funds and the Independent Trustees.

At the Trustees’ June 2023 meeting, the Contract Committee met in executive session to discuss and consider its recommendations with respect to the continuance of the contracts. At that meeting, the Contract Committee also met in executive session with the other Independent Trustees to review a summary of the key financial, performance and other data that the Contract Committee considered in the course of its review. The Contract Committee recommended, and the Independent Trustees approved, the continuance of your fund’s management, sub-management and sub-advisory contracts, as applicable, effective July 1, 2023. (Because PIL and PAC are affiliates of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL and PAC, the Trustees have not attempted to evaluate PIL or PAC as separate entities, and all subsequent references to Putnam Management below should be deemed to include reference to PIL and PAC as necessary or appropriate in the context.)

E-1 
 

The Independent Trustees’ approvals were based on the following conclusions:

That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds, the costs incurred by Putnam Management and PanAgora, as applicable, in providing services to the fund and the application of certain reductions and waivers noted below; and
That the fee schedule in effect for your fund represented an appropriate sharing between fund shareholders and Putnam Management and PanAgora, as applicable, of any economies of scale as may exist in the management of the fund at current asset levels.

These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the management arrangements for the Putnam mutual funds and closed-end funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that some aspects of the arrangements may receive greater scrutiny in some years than others and that the Trustees’ conclusions may be based, in part, on their consideration of fee arrangements in previous years. For example, with certain exceptions primarily involving newer funds (including the exchange-traded funds) or repositioned funds, the current fee arrangements under the vast majority of the funds’ management contracts were first implemented at the beginning of 2010 following extensive review by the Contract Committee and discussions with representatives of Putnam Management, as well as approval by shareholders. The Board of Trustees also took into account their concurrent deliberations and conclusions, and the materials that they had reviewed, in connection with their approval on June 23, 2023 of interim and new management, sub-management, and sub-advisory contracts for the funds, which had been proposed in light of the transaction announced on May 31, 2023 and described elsewhere in this Proxy Statement, which will cause the funds’ current management and sub-advisory contracts to terminate in accordance with applicable law or the terms of each contract.

Management fee schedules and total expenses

The Trustees reviewed the management fee schedules in effect for all funds, including fee levels and breakpoints. Under their management contracts, the vast majority of mutual funds have the benefit of breakpoints in their management fee schedules that provide shareholders with reduced fee levels as assets under management in the Putnam family of funds increase, and the closed-end funds each have the benefit of breakpoints in their management fee schedules that provide shareholders with economies of scale in the form of reduced fee levels as the fund’s assets increase. The Trustees also reviewed the total expenses of each Putnam fund, recognizing that in most cases management fees represented the major, but not the sole, determinant of total costs to fund shareholders. (Two mutual funds and each of the exchange-traded funds have implemented so-called “all-in” or unitary management fees covering substantially all routine fund operating costs.)

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In reviewing fees and expenses, the Trustees generally focus their attention on material changes in circumstances – for example, changes in assets under management, changes in a fund’s investment strategy, changes in Putnam Management’s operating costs or profitability, or changes in competitive practices in the mutual fund industry – that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not indicate that changes to the management fee schedule for any fund would be appropriate at this time.

In addition, certain funds’ management contracts provide that a fund’s management fees will be adjusted up or down depending upon whether the fund’s performance is better or worse than the performance of an appropriate index of securities prices specified in the management contract. In the course of reviewing investment performance, the Trustees examined the operation of those funds’ performance fees and concluded that these fees were operating effectively to align further Putnam Management’s economic interests with those of each fund’s shareholders.

As in the past, the Trustees also focused on the competitiveness of each fund’s total expense ratio. The Trustees noted that two mutual funds and the exchange-traded funds are subject to unitary management fees, as noted above, and that none of the exchange-traded funds have a contractual expense limitation at present. The Trustees, Putnam Management and the funds’ investor servicing agent, Putnam Investor Services, Inc. (“PSERV”), have implemented certain expense limitations for the mutual funds. These expense limitations were: (i) a contractual expense limitation applicable to specified mutual funds of 25 basis points on investor servicing fees and expenses and (ii) a contractual expense limitation applicable to specified mutual funds of 20 basis points on so-called “other expenses” (i.e., all expenses exclusive of management fees, distribution fees, investor servicing fees, investment-related expenses, interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses). These expense limitations attempt to maintain competitive expense levels for the funds. Most funds had sufficiently low expenses that these expense limitations were not operative during their fiscal years ending in 2022. Putnam Management and PSERV’s commitment to these expense limitation arrangements, which were intended to support an effort to have the mutual fund expenses meet competitive standards, was an important factor in the Trustees’ decision to approve the continuance of the mutual funds’ management, sub-management and sub-advisory contracts, as applicable.

The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom group of competitive funds selected by Broadridge Financial Solutions, Inc. (“Broadridge”), each Putnam fund ranked in particular percentiles in management fees and total expenses (excluding any applicable 12b-1 fees) as of December 31, 2022. The fee and expense data reported by Broadridge as of December 31, 2022 reflected the most recent fiscal year-end data available in Broadridge’s database at that time.

In connection with their review of fund management fees and total expenses, the Trustees also reviewed the costs of the services provided and the profits realized by Putnam Management and its affiliates, including PanAgora, from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management, investor servicing and distribution services

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provided to the funds. In this regard, the Trustees also reviewed an analysis of the revenues, expenses and profitability of Putnam Management and its affiliates, allocated on a fund-by-fund basis, with respect to the funds’ management, distribution and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability in 2022 for each of the agreements separately and for the agreements taken together on a combined basis. The Trustees concluded that, at current asset levels, the fee schedules in place for each of the funds, including the fee schedule for your fund, represented reasonable compensation for the services being provided and represented an appropriate sharing between fund shareholders, Putnam Management and PanAgora, as applicable, of any economies of scale as may exist in the management of the funds at that time.

 

The information examined by the Trustees in connection with their annual contract review for the funds included information regarding services provided and fees charged by Putnam Management and its affiliates to other clients, including collective investment trusts offered in the defined contribution and defined benefit retirement plan markets, sub-advised mutual funds, private funds sponsored by affiliates of Putnam Management, model-only separately managed accounts and Putnam Management’s manager-traded separately managed account programs. This information included, in cases where a product’s investment strategy corresponds with a fund’s strategy, comparisons of those fees with fees charged to the funds, as well as an assessment of the differences in the services provided to these clients as compared to the services provided to the funds. The Trustees observed that the differences in fee rates between these clients and the funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients may reflect, among other things, historical competitive forces operating in separate marketplaces. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for 1940 Act-registered funds than for other clients, and the Trustees also considered the differences between the services that Putnam Management provides to the funds and those that it provides to its other clients. The Trustees did not rely on these comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.

Investment performance

The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ evaluation of the quality of services provided by Putnam Management under your fund’s management contract. The Trustees were assisted in their review of Putnam Management’s investment process and performance by the work of the investment oversight committees of the Trustees and the full Board of Trustees, which meet on a regular basis with individual portfolio managers and with senior management of Putnam Management’s Investment Division throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them and in general Putnam Management’s ability to attract and retain high-quality personnel — but also recognized that this does not guarantee favorable investment results for every fund in every time period.

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The Trustees considered that, in the aggregate, peer-relative and benchmark-relative fund performance was generally encouraging in 2022 against a backdrop of volatile equity and fixed income markets, driven by factors such as Russia’s invasion of Ukraine, increased tensions with China, disruptions in energy markets and broader supply chains, rising inflation and the significant tightening of monetary policy by the Board of Governors of the Federal Reserve in an effort to combat inflation. The Trustees further noted that, in the face of these numerous economic headwinds, corporate earnings and employment data had been generally robust throughout 2022. For the one-year period ended December 31, 2022, the Trustees noted that the funds, on an asset-weighted basis, ranked in the 41st percentile of their peers as determined by Lipper Inc. (“Lipper”) and, on an asset-weighted-basis, outperformed their benchmarks by 1.3% gross of fees over the one-year period. The Committee also noted that the funds’ aggregate performance over longer-term periods continued to be strong, with the funds, on an asset-weighted basis, ranking in the 34th, 27th and 22nd percentiles of their Lipper peers over the three-year, five-year and ten-year periods ended December 31, 2022, respectively. The Trustees further noted that the funds, in the aggregate, outperformed their benchmarks on a gross basis for each of the three-year, five-year and ten-year periods. The Trustees also considered the Morningstar Inc. ratings assigned to the funds and that 40 funds were rated four or five stars at the end of 2022, which represented an increase of 15 funds year-over-year. The Trustees also considered that seven funds were five-star rated at the end of 2022, which was a year-over-year decrease of two funds, and that 83% of the funds’ aggregate assets were in four- or five-star rated funds at year end.

In addition to the performance of the individual Putnam funds, the Trustees considered, as they had in prior years, the performance of The Putnam Fund complex versus competitor fund complexes, as reported in the Barron’s/Lipper Fund Families survey (the “Survey”). The Trustees noted that the Survey ranks mutual fund companies based on their performance across a variety of asset types, and that The Putnam Fund complex had performed exceptionally well in 2022. In this regard, the Trustees considered that the funds had ranked 9th out of 49 fund companies, 3rd out of 49 fund companies and 2nd out of 47 fund companies for the one-year, five-year and ten-year periods, respectively. The Trustees also noted that The Putnam Fund complex had been the only fund family to rank in the top ten in all three time periods. They also noted, however, the disappointing investment performance of some Putnam funds for periods ended December 31, 2022 and considered information provided by Putnam Management regarding the factors contributing to the underperformance and, where relevant, actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor the performance of those funds.

For purposes of the Trustees’ evaluation of the funds’ investment performance, the Trustees generally focus on a competitive industry ranking of each fund’s total net return over a one-year, three-year and five-year period. For a number of Putnam funds with relatively unique investment mandates for which Putnam Management informed the Trustees that meaningful competitive performance rankings are not considered to be available, the Trustees evaluated performance based on their total gross and net returns and comparisons of those returns to the returns of selected investment benchmarks.

E-5 
 

The Trustees also considered Putnam Management’s continued efforts to support fund performance through certain initiatives, including structuring compensation for portfolio managers to enhance accountability for fund performance, emphasizing accountability in the portfolio management process and affirming its commitment to a fundamental-driven approach to investing. The Trustees noted further that Putnam Management had made selective hires and internal promotions in 2022 to strengthen its investment team.

Brokerage and soft-dollar allocations; distribution and investor servicing

The Trustees considered various potential benefits that Putnam Management and PanAgora, as applicable, may receive in connection with the services they provide under the management and sub-advisory contracts, as applicable, with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that are expected to be useful to Putnam Management or PanAgora, as applicable, in managing the assets of the fund and of other clients. Subject to policies established by the Trustees, soft dollars generated by these means are used predominantly to acquire brokerage and research services (including third-party research and market data) that enhance the investment capabilities and supplement the internal research efforts of Putnam Management or PanAgora, as applicable. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their Brokerage Committee. In addition, with the assistance of their Brokerage Committee, the Trustees indicated their continued intent to monitor the allocation of the funds’ brokerage in order to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.

Putnam Management may also receive benefits from payments made to Putnam Management’s affiliates by the mutual funds for distribution services and by the mutual funds and closed-end funds for investor services. In conjunction with the review of the funds’ management, sub-management and sub-advisory contracts, the Trustees reviewed the mutual funds’ and closed-end funds’ investor servicing agreement with PSERV and the mutual funds’ distributor’s contract and distribution plans with Putnam Retail Management Limited Partnership (“PRM”), both of which are affiliates of Putnam Management. The Trustees concluded that the fees payable by the mutual funds and closed-end funds to PSERV and PRM, as applicable, for such services were fair and reasonable in relation to the nature and quality of such services, the fees paid by competitive funds and the costs incurred by PSERV and PRM, as applicable, in providing such services. Furthermore, the Trustees were of the view that the investor services provided by PSERV were required for the operation of the mutual funds and closed-end funds, and that they were of a quality at least equal to those provided by other providers.

 

 

 

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Appendix F – New Sub-Advisory Contracts

 

Appendix F-1 – Form of New Sub-Advisory Contract with PIL

 

 

 

 

 

 

F-1 
 

 

Form of SUB-MANAGEMENT CONTRACT

This Sub-Management Contract is dated as of [·] 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 all or 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 all or a 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)               If requested by the Manager, 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

F-2 
 

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. To the extent permitted by applicable law and 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 0.25% per annum of average aggregate net asset value of the assets in equity and asset allocation

F-3 
 

Allocated Sleeves and 0.20% per annum of average aggregate net asset value of the assets in fixed income Allocated Sleeves of Funds identified on Schedule A.

Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during a quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each quarter within 30 days after the close of such quarter. The Sub-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 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 0.20% 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 either of Putnam Master Intermediate Income Trust or Putnam Premier Income Trust is reduced pursuant to the investment management contract between such Fund and the Manager because during any Measurement Period (as defined below) the amount of interest payments and fees with respect to indebtedness or other obligation of the Fund incurred for investment leverage purposes, plus additional expenses attributable to any such leverage for investment purposes, exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such indebtedness or other obligation was outstanding during the Measurement Period, the fee payable to the Sub-Manager with respect to such Fund shall be reduced in the same proportion as the fee paid to the Manager with respect to such Fund is so reduced. “Measurement Period” shall be any period for which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes.

If the Sub-Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.

F-4 
 
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) for an initial period of two years from the date of this Contract, and will continue in effect from year to year thereafter until terminated as follows:

(a)               Either party hereto or, with respect to any Allocated Sleeve, the related Fund may at any time terminate this Contract by not more than sixty days’ nor less than thirty days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party, or

(b)               With respect to any Allocated Sleeve, if (i) the Trustees of the related Fund or the shareholders by the affirmative vote of a majority of the outstanding shares of such Fund, and (ii) a majority of the Trustees of such Fund who are not interested persons of such Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval, do not specifically approve at least annually the continuance of this Contract, then this Contract shall automatically terminate at the close of business on the anniversary of its execution, or upon the expiration of one year from the effective date of the last such continuance, whichever is later, or

(c)               With respect to any Allocated Sleeve, automatically upon termination of the Manager’s investment management contract with the related Fund.

Action by a Fund under (a) above may be taken either (i) by vote of a majority of its Trustees, or (ii) by the affirmative vote of a majority of the outstanding shares of such Fund.

Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.

6.CERTAIN DEFINITIONS.

For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares of a Fund” means the affirmative vote, at a duly called and held meeting of shareholders of such Fund, (a) of the holders of 67% or more of the shares of such Fund present (in person or by proxy) and entitled to vote at such meeting, if the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting are present in person or by proxy, or (b) of the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting, whichever is less.

F-5 
 

 

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: ___________________
    Name:
    Title:
     
     
     
 

PUTNAM INVESTMENT MANAGEMENT, LLC

                
     
  By: _____________________
    Name:
    Title:

 

Schedule A

[List of Funds]

 

 

 

F-7 
 

 

 

 

 

 

 

PUTNAM INVESTMENTS LIMITED

     
                 
  By: ___________________
    Name:
    Title:
     
     
     
 

PUTNAM INVESTMENT MANAGEMENT, LLC

                
     
  By: _____________________
    Name:
    Title:

 

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Appendix F-2 – Form of New Sub-Advisory Contract with PAC

 

 

 

 

F-9 
 

 

Form of new SUB-ADVISORY CONTRACT

This Sub-Advisory Contract is dated as of [·] between and among PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”), PUTNAM INVESTMENTS LIMITED, a company organized under the laws of England and Wales (“PIL”), and THE PUTNAM ADVISORY COMPANY, LLC, a Delaware limited liability company (the “Sub-Advisor”).

WHEREAS, the Manager is the investment manager of each of the investment companies registered under the United States Investment Company Act of 1940, as amended, that are identified on Schedule A hereto, as they may from time to time be amended by the Manager (the “Funds”), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended;

WHEREAS, PIL is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended, is licensed as an investment manager by the Financial Conduct Authority of the United Kingdom (the “FCA”) and is a sub-manager of each of the Funds pursuant to that certain Sub-Management Contract dated as of [•] (the “PIL Sub-Management Contract”), between the Manager and PIL whereby the Manager has contracted with PIL for the management of certain portions of each of the Funds (each, a “PIL-Advised Sleeve”);

WHEREAS, the Sub-Advisor is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended, and is an investment adviser authorized to provide discretionary investment advice and management in Singapore;

WHEREAS, the Manager and PIL currently engage the Sub-Advisor from time to time to provide discretionary investment management services from the Sub-Advisor’s office in Singapore with respect to all or a portion of certain of the Funds:

NOW THEREFORE, in consideration of the mutual covenants herein contained, it is agreed as follows:

1. SERVICES TO BE RENDERED BY SUB-ADVISOR.

(a) The Sub-Advisor, at its expense, will furnish continuously an investment program for that portion of any Fund identified on Schedule A the management of which is allocated from time to time by the Manager or PIL to the Sub-Advisor (an “Allocated Sleeve”). The Manager or PIL, as the case may be, shall, in its sole discretion, determine which Funds will have an Allocated Sleeve and the amount of assets allocated from time to time to each such Allocated Sleeve; provided that, with respect to any Fund, the Trustees of such Fund must have approved the use of the Sub-Advisor prior to the creation of an Allocated Sleeve for such Fund. The Sub-Advisor will determine what investments shall be purchased, held, sold or exchanged by any Allocated Sleeve and what portion, if any, of the assets of the Allocated Sleeve shall be held uninvested and shall, on behalf of the Fund, make changes in the Fund’s investments held in such Allocated Sleeve.

F-10 
 

(b) The Manager may, and in the case of a PIL-Advised Sleeve, PIL may, each at its discretion, also request the Sub-Advisor to provide assistance with purchasing and selling securities for any Fund, including the placement of orders with broker-dealers selected in accordance with Section 1(c), even if the Manager or PIL, as the case may be, has not established an Allocated Sleeve for such Fund.

(c) If requested by the Manager, the Sub-Advisor shall place all orders for the purchase and sale of portfolio investments for any Allocated Sleeve with brokers or dealers selected by the Sub-Advisor. In the selection of such brokers or dealers and the placing of such orders, the Sub-Advisor shall use its best efforts to obtain for the related Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Sub-Advisor, bearing in mind the Fund’s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Funds may determine, the Sub-Advisor shall not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused a Fund to pay a broker or dealer that provides brokerage and research services to the Manager or, in the case of a PIL-Advised Sleeve, PIL, or the Sub-Advisor an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Sub-Advisor determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Fund and to other clients of the Manager or PIL, as the case may be, or the Sub-Advisor as to which the Manager or PIL, as the case may be, or the Sub-Advisor exercises investment discretion. The Sub-Advisor agrees that in connection with purchases or sales of portfolio investments for any Fund, neither the Sub-Advisor nor any officer, director, employee or agent of the Sub-Advisor shall act as a principal or receive any commission other than as provided in Section 3.

(d) The Sub-Advisor at its expense will furnish all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.

(e) The Sub-Advisor shall not be obligated to pay any expenses of or for the Manager, PIL or any Fund not expressly assumed by the Sub-Advisor pursuant to this Section 1.

(f) In the performance of its duties, the Sub-Advisor will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of each applicable Fund and such Fund’s stated investment objectives, policies and restrictions, and will use its best efforts to safeguard and promote the welfare of such Fund and to comply with other policies which the Manager, PIL or the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Manager and PIL.

F-11 
 

2. OTHER AGREEMENTS, ETC.

It is understood that any of the shareholders, Trustees, officers and employees of a Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Sub-Advisor, and in any person controlled by or under common control with the Sub-Advisor, and that the Sub-Advisor and any person controlled by or under common control with the Sub-Advisor may have an interest in such Fund. It is also understood that the Sub-Advisor and any person controlled by or under common control with the Sub-Advisor have and may have advisory, management, service or other contracts with other organizations and persons, and may have other interests and business.

3. COMPENSATION.

Except as provided below, the Manager or PIL, as the case may be, will pay to the Sub-Advisor as compensation for the Sub-Advisor’s services rendered a fee, computed and paid quarterly at the annual rate of 0.25% per annum of average net asset value of the assets in equity and asset allocation Allocated Sleeves and 0.20% per annum of average aggregate net asset value of the assets in fixed income Allocated Sleeves of Funds identified on Schedule A.

Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during a quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each quarter within 30 days after the close of such quarter. The Sub-Advisor shall look only to the Manager or PIL, as the case may be, for payment of its fees. No Fund shall have any responsibility for paying any fees due the Sub-Advisor.

If the Sub-Advisor shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.

4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.

This Contract shall automatically terminate, without the payment of any penalty, in the event of its assignment; and this Contract shall not be amended with respect to any Allocated Sleeve unless such amendment be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Trustees of the related Fund who are not interested persons of such Fund or of the Manager.

5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

This Contract shall become effective upon its execution, and shall remain in full force and effect continuously thereafter (unless terminated automatically as set forth in Section 4) for an initial period of two years from the date of this Contract, and will continue in effect from year to year thereafter until terminated as follows:

(a) Any party hereto or, with respect to any Allocated Sleeve, the related Fund may at any time terminate this Contract by not more than sixty days’ nor less than thirty days’ written notice delivered or mailed by registered mail, postage prepaid, to the other parties, or

F-12 
 

(b) With respect to any Allocated Sleeve, if (i) the Trustees of the related Fund or the shareholders by the affirmative vote of a majority of the outstanding shares of such Fund, and (ii) a majority of the Trustees of such Fund who are not interested persons of such Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval, do not specifically approve at least annually the continuance of this Contract, then this Contract shall automatically terminate at the close of business on the anniversary of its execution, or upon the expiration of one year from the effective date of the last such continuance, whichever is later, or

(c) With respect to any Allocated Sleeve, automatically upon termination of the Manager’s investment management contract with the related Fund, or with respect to any Allocated Sleeve for which PIL has contracted with the Sub-Advisor to provide services under this Contract, automatically upon termination of the PIL Sub-Management Contract.

Action by a Fund under (a) above may be taken either (i) by vote of a majority of its Trustees, or (ii) by the affirmative vote of a majority of the outstanding shares of such Fund.

Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.

6. CERTAIN DEFINITIONS.

For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares of a Fund” means the affirmative vote, at a duly called and held meeting of shareholders of such Fund, (a) of the holders of 67% or more of the shares of such Fund present (in person or by proxy) and entitled to vote at such meeting, if the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting are present in person or by proxy, or (b) of the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting, whichever is less.

For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” shall have their respective meanings defined in the United States Investment Company Act of 1940 and the Rules and Regulations thereunder (the “1940 Act”), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under said Act; and the term “specifically approve at least annually” shall be construed in a manner consistent with the 1940 Act, and the Rules and Regulations thereunder.

7. NON-LIABILITY OF SUB-ADVISOR.

In the absence of willful misfeasance, bad faith or gross negligence on the part of the Sub-Advisor, or reckless disregard of its obligations and duties hereunder, the Sub-Advisor shall not be subject to any liability to the Manager, PIL, any Fund or to any shareholder of any Fund, for any act or omission in the course of, or connected with, rendering services hereunder.

F-13 
 

8. ADDITIONAL PROVISIONS.

(a) PIL represents that it is regulated by the FCA in the conduct of its investment business. PIL has in operation a written procedure in accordance with FCA rules for the effective consideration and proper handling of complaints from customers. Any complaint by the Manager or any Fund should be sent to the Compliance Officer of PIL. The Manager and any Fund is also entitled to make any complaints about PIL to the Financial Ombudsman Service established by the FCA. The Manager and any Fund may also request a statement describing its rights to compensation in the event of PIL’s inability to meet its liabilities.

(b) The Manager represents that it and each Fund are “Professional Customers” in the meaning of the FCA’s rules.

(c) Although each Fund is not a party hereto and shall have no responsibility for the Manager’s, PIL’s or the Sub-Advisor’s obligations hereunder, each Fund is named as explicit third party beneficiary of the parties’ agreements hereunder.

 

F-14 
 

In witness whereof, PUTNAM INVESTMENT MANAGEMENT, LLC, PUTNAM INVESTMENTS LIMITED and THE PUTNAM ADVISORY COMPANY, LLC have each caused this instrument to be signed on its behalf by an officer duly authorized, all as of the day and year first above written.

 

 

 

 

 

 

PUTNAM INVESTMENTS LIMITED

     
                 
  By: ___________________
    Name:
    Title:
     
     
     
 

PUTNAM INVESTMENT MANAGEMENT, LLC

                
     
  By: _____________________
    Name:
    Title:
     
     
     
  THE PUTNAM ADVISORY COMPANY, LLC
   
   
  By: _____________________
    Name:
    Title:

 

F-15 
 

 

Schedule A

 

[List of Funds]

 

 

 

 

 

 

PUTNAM INVESTMENTS LIMITED

     
                 
  By: ___________________
    Name:
    Title:
     
     
     
 

PUTNAM INVESTMENT MANAGEMENT, LLC

                
     
  By: _____________________
    Name:
    Title:
     
     
     
  THE PUTNAM ADVISORY COMPANY, LLC
   
   
  By: _____________________
    Name:
    Title:

 

F-16 
 

 

Appendix F-3 – Form of New Sub-Advisory Contract with PanAgora

 

 

 

 

F-17 
 

 

Form of New SUBADVISORY Agreement

This Subadvisory Agreement between PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Adviser”) and PANAGORA ASSET MANAGEMENT, INC., a Delaware corporation (the “Subadviser”) is dated as of [·].

WHEREAS, the Adviser is the investment adviser of each of the investment companies registered under the United States Investment Company Act of 1940, as amended (the “1940 Act”), that are identified on Schedule A hereto, as it may from time to time be amended by written agreement of the Adviser and the Subadviser (the “Funds”), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended (the “Advisers Act”);

WHEREAS, the Subadviser is a registered investment adviser under the Advisers Act; and

WHEREAS, the Adviser desires to engage the Subadviser to act as investment subadviser to the Funds:

NOW THEREFORE, in consideration of the mutual covenants herein contained, it is agreed as follows:

1.SERVICES TO BE RENDERED BY SUBADVISER.

(a)               The Subadviser, at its expense, will furnish continuously an investment program for that portion of each Fund (a “Portfolio”), subject to the supervision of the Adviser and the Board of Trustees of the Funds (the “Board of Trustees”) and the terms of this Agreement. The Adviser shall, in its sole discretion, determine the amount of Fund assets allocated from time to time to each such Portfolio and the Subadviser acknowledges that there is no guarantee that any Portfolio will be of any particular size and that a Portfolio may be sized at zero in the Adviser’s sole discretion; provided that, with respect to each Fund, the Board of Trustees must have approved the use of the Subadviser prior to the creation of a Portfolio for such Fund. The Subadviser will determine what investments shall be purchased, held, sold or exchanged by any Portfolio and what portion, if any, of the assets of the Portfolio shall be held uninvested and shall, on behalf of the Fund, make changes in the Fund’s investments held in such Portfolio.

(b)               The Subadviser, at its expense, will furnish all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.

(c)               The Subadviser will make its officers and employees available to the Adviser and the Board of Trustees from time to time at reasonable times to review and consult with the Adviser and the Board of Trustees regarding the investment program of each Portfolio. The Subadviser will furnish to the Board of Trustees and the Adviser such reports and records regarding the Portfolio and the Subadviser as the Adviser or the Board of Trustees may reasonably request from time to time. The Subadviser (i) will make recommendations when reasonably requested, in accordance with procedures established by the Adviser and the Board of Trustees, for the fair value of securities held by the Portfolio for which market quotations are not readily available for purposes of enabling the Fund’s custodian to calculate the Fund’s net asset value; (ii) will provide such information regarding the Subadviser’s evaluation of the liquidity of portfolio securities in the Portfolio as the Adviser and the Board of Trustees may reasonably request to address the requirements of the

F-18 
 

Fund’s liquidity risk management program; (iii) will provide such information regarding derivatives transactions engaged in by the Portfolio as the Adviser and the Board of Trustees may reasonably request to address the requirements of the Fund’s derivatives risk management program; and (iv) will, upon reasonable notice, review written references to the Subadviser, its investment program for the Portfolios, and the Portfolios, whether in a prospectus, statement of additional information, shareholder report, sales material or otherwise.

(d)               The Subadviser shall provide the Adviser with the Subadviser’s written policies and procedures (“Compliance Policies”) as required by Rule 206(4)-7 under the Advisers Act. The Subadviser shall promptly submit to the Adviser: (i) any material changes to the Compliance Policies related to the services provided by the Subadviser to the Portfolios, (ii) notification of the commencement of a regulatory examination of the Subadviser by any relevant regulatory authority and documentation describing the results of any such examination and of any periodic testing of the Compliance Policies, (iii) documentation of a formal review of the Subadviser’s Compliance Policies and (iv) notification of any material compliance matter that relates to the services provided by the Subadviser to the Portfolios including, but not limited to, any material violation of the Compliance Policies relating to the services provided by the Subadviser to the Portfolios or of the Subadviser’s Code of Ethics, and (v) any breach of fiduciary duty or violation of the federal securities laws relating to the services provided by the Subadviser to the Portfolios. The Subadviser shall provide the Adviser with any certifications, information and access to personnel and resources (including those resources that will permit testing of the Compliance Policies by the Adviser) that the Adviser may reasonably request to enable the Portfolios to comply with Rule 38a-1 under the 1940 Act. The Subadviser also agrees to provide such other information relating to the Subadviser’s compliance program as may be reasonably requested by the Portfolios, the Funds’ Chief Compliance Officer, or his or her authorized representative.

(e)               The Subadviser shall place all orders for the purchase and sale of portfolio investments for any Portfolio with brokers or dealers selected by the Subadviser. In the selection of such brokers or dealers and the placing of such orders, the Subadviser 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 Subadviser, 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 Subadviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement 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 Adviser or the Subadviser 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 Subadviser 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 Subadviser as to which the Subadviser exercises investment discretion. The Subadviser

F-19 
 

agrees that in connection with purchases or sales of portfolio investments for any Fund, neither the Subadviser nor any officer, director, employee or agent of the Subadviser shall act as a principal or receive any commission other than as provided in Section 3.

(f)                In the performance of its duties, the Subadviser will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of each applicable Fund, the Fund’s stated investment objectives, policies and restrictions, any additional operating policies or procedures that the Adviser communicates to the Subadviser in writing, and applicable law, and will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Adviser or the Trustees may from time to time determine and communicate to the Subadviser, and shall exercise the same care and diligence expected of the Adviser.

(g)               The Subadviser will maintain all accounts, books and records with respect to the Portfolios as are required: (i) by subparagraphs (b)(5), (6), (7), (9), (10) and (11) and paragraph (f) of Rule 31a-1 under the 1940 Act; and (ii) of an investment adviser of a registered investment company pursuant to the Advisers Act and the rules thereunder. The Subadviser will keep the books and records relating to the Portfolios required to be maintained by the Subadviser under this Agreement and shall timely furnish to the Adviser all information related to the Subadviser’s services under this Agreement needed by the Adviser to keep the other books and records of a Fund required by Rule 31a-1 under the 1940 Act. The Subadviser agrees that all records it maintains on behalf of a Fund are property of the Fund and the Subadviser will surrender promptly to a fund any such records upon the Fund’s request.

(h)               The Subadviser shall not be obligated to pay any expenses of or for the Adviser or any Fund not expressly assumed by the Subadviser pursuant to this Section 1.

(i)                 The Subadviser acknowledges that the Adviser will vote the shares of all securities that are held in a Portfolio.

(j)                 The Subadviser shall not be responsible for the preparation or filing of any other reports required of a Portfolio or a Fund by any governmental or regulatory agency, except as expressly agreed to in writing.

(k)               The Adviser will be primarily responsible for taking action on behalf of the Trust in any contemplated or actual legal proceedings, including, but not limited to, bankruptcies, tax reclaims or class actions, involving the issuers of securities held or formerly held as part or all of the Portfolios. The Subadviser agrees to provide reasonable assistance when requested by the Trust or the Adviser with respect to any such contemplated or actual legal proceedings, including, but not limited to, bankruptcies, tax reclaims or class actions, involving the issuers of securities held or formerly held as part or all of the Portfolio.

 

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 Subadviser, and in any person controlled by or under common control with the Subadviser, and that the

F-20 
 

Subadviser and any person controlled by or under common control with the Subadviser may have an interest in such Fund. It is also understood that the Subadviser and any person controlled by or under common control with the Subadviser have and may have advisory, management, service or other contracts with other organizations and persons, and may have other interests and business, including proprietary interests in managed accounts and/or in Portfolio investments. It is further understood that the Subadviser shall have no obligation to acquire for a Portfolio a position in any investment which a proprietary or affiliated account may acquire if, due to the timing of cash flows or other externalities, or in the reasonable determination of the Subadviser and consistent with its internal policies, such investment is not advisable for the Portfolio.

3.COMPENSATION.

The Adviser will pay to the Subadviser, as compensation for the Subadviser’s services rendered, a fee, at the annual rate set forth in Schedule B of average aggregate net asset value of the assets in a Portfolio; provided, however, that the Subadviser may voluntarily waive all or a portion of such fees by written notice to the Adviser.

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 of a Fund during such quarter while this Agreement is in effect. Such fee shall be payable for each quarter within 30 days after the close of such quarter. The Subadviser shall look only to the Adviser for payment of its fees. No Fund shall have any responsibility for paying any fees due the Subadviser.

If the Subadviser shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.

4.ASSIGNMENT TERMINATES THIS agreement; AMENDMENTS OF THIS agreement.

This Agreement shall automatically terminate without the payment of any penalty, in the event of its assignment, as that term is used in the 1940 Act and the rules thereunder; and this Agreement shall not be amended with respect to any Fund unless such amendment be approved (a) 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 Fund who are not interested persons of the Fund or of the Adviser or Subadviser; and (b) to the extent required by the 1940 Act or the rules and regulations thereunder, and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the affirmative vote of the outstanding shares of the Fund.

5.EFFECTIVE PERIOD AND TERMINATION OF THIS agreement.

This Agreement 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) for an initial period of two years from the date of this Contract, and will continue in effect from year to year thereafter until terminated as follows:

(a)               Either party or, with respect to any Portfolio, the related Fund may at any time terminate this Agreement 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

F-21 
 

(b)               With respect to any Portfolio, 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 Adviser, 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 Agreement, then this Agreement 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 Fund, automatically upon termination of the Adviser’s investment management contract with the 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 Agreement pursuant to this Section 5 will be without the payment of any penalty.

6.CERTAIN DEFINITIONS.

For the purposes of this Agreement, 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 Agreement, the terms “affiliated person,” “control,” “interested person” and “assignment” shall have their respective meanings defined in the 1940 Act, subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under the 1940 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 SUBADVISER.

In the absence of willful misfeasance, bad faith or gross negligence on the part of the Subadviser, or reckless disregard of its obligations and duties hereunder, the Subadviser shall not be subject to any liability to the Adviser, any Fund or to any shareholder of any Fund, for any act or omission in the course of, or connected with, rendering services hereunder. 

F-22 
 
8.USE OF NAME

The Subadviser consents to and grants a non-exclusive license for the use by the Funds, in their names or otherwise, of the name “PanAgora” (the “PanAgora Name”) and any derivatives thereof, as well as any logos that are now or shall hereafter be associated with the PanAgora Name, which are the valuable property of the Subadviser. In the event that this Agreement is terminated and the Subadviser no longer acts as subadviser to the Funds, the Subadviser reserves the right to withdraw such license from the Funds, the uses of the PanAgora Name and logos or any such name or logo misleadingly implying a continuing relationship between a Fund and the Adviser or any of its affiliates.

9.APPLICABLE LAW

This Agreement is made in The Commonwealth of Massachusetts, and it is to be governed by and construed and administered according to the laws of said Commonwealth. Should any part of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

10.FORUM FOR ADJUDICATION OF DISPUTES.

Absent the consent in writing of all parties, the sole and exclusive forum for any action, suit, or proceeding under, arising out of, or relating to this Agreement shall be either the federal courts sitting within the City of Boston in The Commonwealth of Massachusetts or the Business Litigation Session of the Massachusetts Superior Court in Suffolk County.

11.ADDITIONAL PROVISIONS.

(a)               The Subadviser will promptly notify the Adviser in writing of the occurrence of any of the following events:

i.Any breach of this Agreement;
ii.Any of the representations and warranties of the Subadviser contained herein becomes untrue after the execution of this Agreement;
iii.Any proposed assignment of this Agreement;
iv.Any change in the Subadviser’s financial condition that could impact its abilities to perform its duties pursuant to this Agreement;
v.The Subadviser becomes aware of any material fact respecting or relating to the Subadviser or the investment strategies of a Fund that is not contained in a Fund’s Registration Statement on Form N-1A, as amended and supplemented from time to time, regarding the Fund, or any amendment or supplement thereto, but that is required to be disclosed therein, and of any statement respecting or relating to the Subadviser, the Subadviser’s investment strategies or a Fund contained therein that becomes untrue in any material respect;
vi.Any event that would disqualify the Subadviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or other applicable law, rule or regulation or if the Subadviser becomes aware that it is or likely may become subject to any statutory
F-23 
 

disqualification pursuant to Section 9(b) of the 1940 Act or otherwise that prevents the Subadviser from serving as an investment adviser or performing its duties pursuant to this Agreement;

vii.The Subadviser fails to be registered as an investment adviser under the Advisers Act or under the laws of any jurisdiction in which the Subadviser is required to be registered as an investment adviser in order to perform its obligations under the Agreement; and
viii.The Subadviser is served or otherwise becomes aware of any action, suit, proceeding, inquiry or investigation at law or in equity, before or by any court, public board or body involving the affairs of any Fund.

 

(b)               The Subadviser is deemed to be an independent contractor and will, unless otherwise expressly provided or authorized by the Fund or the Adviser, have no authority to act for or represent any Fund in any way or otherwise be deemed an agent of any Fund.

(c)               Although each Fund is not a party hereto and shall have no responsibility for the Adviser’s or the Subadviser’s obligations hereunder, each Fund is named as explicit third party beneficiary of the parties’ agreements hereunder. No shareholder or any person other than the Adviser and the Subadviser is a party to this Agreement, and no shareholder or any person other than the Funds, the Adviser, and the Subadviser shall be entitled to any right or benefit arising under or in respect of this Agreement; there are no third-party beneficiaries of this Agreement other than the Funds. Without limiting the generality of the foregoing, nothing in this Agreement is intended, or shall be read, (i) to create in any shareholder or person other than the Fund in question (including without limitation any shareholder in any Fund) any direct, indirect, derivative, or other rights against the Adviser or Subadviser, or (ii) to create or give rise to any duty or obligation on the part of the Adviser or Subadviser (including without limitation any fiduciary duty) to any shareholder or person other than the Fund, and all of the rights, duties, and obligations referred to in the foregoing clauses (i) and (ii) are hereby expressly excluded from this Agreement.

(d)               The Subadviser represents and warrants that it is either registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity trading advisor and is a member of the National Futures Association (“NFA”), or is not required to be registered with the CFTC or to be a member of the NFA.

(e)               The Adviser represents that each Fund is a “qualified eligible person” (“QEP”) as defined in CFTC Rule 4.7 (“CFTC Rule 4.7”), and the Trust will promptly notify the Sub-Adviser if the Fund ceases to be a QEP, and hereby consents to each Fund being treated as an “exempt account” under CFTC Rule 4.7.

 

F-24 
 

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.

 

IN WITNESS WHEREOF, PANAGORA ASSET MANAGEMENT, INC. 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 INVESTMENT MANAGEMENT, LLC

                
     
  By: _____________________
    Name:
    Title:
     
     
     
  PANAGORA ASSET MANAGEMENT, INC.
   
   
  By: _____________________
    Name:
    Title:

 

F-25 
 

Schedule A

[List of Funds]

 

 

 

PUTNAM INVESTMENT MANAGEMENT, LLC

                
     
  By: _____________________
    Name:
    Title:
     
     
     
  PANAGORA ASSET MANAGEMENT, INC.
   
   
  By: _____________________
    Name:
    Title:

 

 

 

F-26 
 

Schedule B

[FEE SCHEDULE: See Appendix D-3 to this proxy statement for each fund’s detailed fee information. The fee for each fund under the proposed new sub-advisory contract is identical to that for each fund under the fund’s previous sub-advisory contract.]

 

 

 

 

F-27 
 

Appendix G — Fees Paid to Adviser and its Affiliates

The following table indicates amounts paid by each fund to Putnam Management or an affiliate of Putnam Management during the fund’s last fiscal year. No fund paid commissions to an affiliated broker for the fund’s most recently completed fiscal year.

 

Fund Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Investor Services, Inc. for serving as investor servicing agent in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Retail Management Limited Partnership pursuant to distribution plans in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fiscal Year End
George Putnam Balanced Fund $9,649,895 $2,346,680 $5,115,624 7/31/2022
Putnam BDC Income ETF* $66,336 - - 4/30/2023
Putnam BioRevolution ETF* $18,638 - - 4/30/2023
Putnam California Tax Exempt Income Fund $4,238,566 $499,892 $2,265,234 9/30/2022
Putnam Convertible Securities Fund $4,983,681 $872,870 $1,327,026 10/31/2022
Putnam Core Bond Fund#, $1,852,175 - $369,378 10/31/2022
Putnam Core Equity Fund $16,818,325 $4,381,181 $6,540,004 4./30/2023
Putnam Diversified Income Trust $10,325,369 $2,934,276 $3,751,107 9/30/2022
Putnam Dynamic Asset Allocation Balanced Fund $12,869,313 $2,674,060 $5,615,524 9/30/2022
Putnam Dynamic Asset Allocation Conservative Fund $4,985,532 $2,019,458 $1,043,315 9/30/2022
Putnam Dynamic Asset Allocation Equity Fund $242,492 $8,387 - 5/31/2022
Putnam Dynamic Asset Allocation Growth Fund $16,569,054 $3,277,521 $6,310,638 9/30/2022
Putnam Emerging Markets Equity Fund $3,462,237 $1,012,649 $772,737 8/31/2022
Putnam Emerging Markets ex-China ETF - - - 4/30/2023
Putnam ESG Core Bond ETF* $337,530 - - 4/30/2023
Putnam ESG High Yield ETF* $131,259 - - 4/30/2023
Putnam ESG Ultra Short ETF* $67,876     4/30/2023
G-1 
 

 

Fund Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Investor Services, Inc. for serving as investor servicing agent in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Retail Management Limited Partnership pursuant to distribution plans in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fiscal Year End
Putnam Floating Rate Income Fund $2,373,648 $526,656 $824,829 2/28/2023
Putnam Focused Equity Fund $4,204,152 $1,334,762 $2,068,440 8/31/2022
Putnam Focused International Equity Fund $5,137,382 $1,475,297 $2,097,061 10/31/2022
Putnam Focused Large Cap Growth ETF $52,889 - - 8/31/2022
Putnam Focused Large Cap Value ETF $124,660 - - 8/31/2022
Putnam Global Health Care Fund $9,964,341 $2,266,867 $3,938,410 8/31/2022
Putnam Global Income Trust $361,202 $393,912 $281,804 10/31/2022
Putnam Global Technology Fund $5,937,180 $1,467,921 $1,772,665 8/31/2022
Putnam Government Money Market Fund $270,821 $91,565 - 9/30/2022
Putnam High Yield Fund $5,707,743 $1,637,642 $2,217,854 11/30/2022
Putnam Income Fund $7,237,895 $4,163,286 $2,361,121 10/31/2022
Putnam Intermediate-Term Municipal Income Fund - $30,036 $35,397 11/30/2022
Putnam International Capital Opportunities Fund $3,298,784 $694,473 $815,450 8/31/2022
Putnam International Equity Fund $5,810,498 $1,719,433 $1,801,984 6/30/2022
Putnam International Value Fund $1,253,479 $387,146 $303,633 6/30/2022
Putnam Large Cap Growth Fund $44,218,429 $12,443,482 $17,783,703 7/31/2022
Putnam Large Cap Value Fund $81,857,390 $23,039,868 $27,485,885 10/31/2022
G-2 
 

 

Fund Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Investor Services, Inc. for serving as investor servicing agent in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Retail Management Limited Partnership pursuant to distribution plans in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fiscal Year End
Putnam Managed Municipal Income Trust $2,506,222 $177,638 - 10/31/2022
Putnam Massachusetts Tax Exempt Income Fund $1,287,401 $171,971 $568,096 5/31/2022
Putnam Master Intermediate Income Trust $1,446,776 $97,151 - 9/30/2022
Putnam Minnesota Tax Exempt Income Fund $671,430 $141,475 $222,951 5/31/2022
Putnam Money Market Fund $853,071 $1,025,706 - 9/30/2022
Putnam Mortgage Opportunities Fund $474,974 $42,480 $6,824 5/31/2022
Putnam Mortgage Securities Fund $2,291,472 $1,103,550 $1,410,240 9/30/2022
Putnam Multi-Asset Income Fund± - $239 - 8/31/2022
Putnam Municipal Opportunities Trust $2,337,721 $189,683 - 4/30/2023
Putnam New Jersey Tax Exempt Income Fund $670,758 $98,123 $401,378 5/31/2022
Putnam New York Tax Exempt Income Fund $3,814,829 $527,386 $1,835,353 11/30/2022
Putnam Ohio Tax Exempt Income Fund $418,940 $75,157 $229,627 5/31/2022
Putnam PanAgora ESG Emerging Markets Equity ETF* $24,549 - - 4/30/2023
Putnam PanAgora ESG International Equity ETF* $131,762 - - 4/30/2023
Putnam Pennsylvania Tax Exempt Income Fund $628,754 $102,445 $393,629 5/31/2022
Putnam Premier Income Trust $3,308,316 $220,690 - 7/31/2022
Putnam Research Fund $2,575,226 $721,820 $1,095,551 7/31/2022
G-3 
 

 

Fund Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Investor Services, Inc. for serving as investor servicing agent in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Retail Management Limited Partnership pursuant to distribution plans in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fiscal Year End
Putnam Retirement Advantage 2025 Fund - $5,012 $4,725 8/31/2022
Putnam Retirement Advantage 2030 Fund - $3,742 $1,368 8/31/2022
Putnam Retirement Advantage 2035 Fund - $3,985 $1,552 8/31/2022
Putnam Retirement Advantage 2040 Fund - $2,133 $528 8/31/2022
Putnam Retirement Advantage 2045 Fund - $2,538 $1,070 8/31/2022
Putnam Retirement Advantage 2050 Fund - $1,258 $361 8/31/2022
Putnam Retirement Advantage 2055 Fund - $938 $466 8/31/2022
Putnam Retirement Advantage 2060 Fund - $513 $473 8/31/2022
Putnam Retirement Advantage 2065 Fund - $219 $281 8/31/2022
Putnam Retirement Advantage Maturity Fund - $4,028 $1,451 8/31/2022
Putnam Short Duration Bond Fund#   $7,627,121 - $2,896,610 10/31/2022
Putnam Short Term Investment Fund - $234,206 - 7/31/2022
Putnam Short-Term Municipal Income Fund - $35,951 $70,920 11/30/2022
Putnam Small Cap Growth Fund $6,300,131 $1,439,899 $1,577,901 6/30/2022
Putnam Small Cap Value Fund $1,833,710 $537,777 $464,482 2/28/2023
Putnam Strategic Intermediate Municipal Fund $1,345,073 $202,215 $607,078 7/31/2022
Putnam Sustainable Future ETF $50,027 - - 8/31/2022
G-4 
 

 

Fund Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Investor Services, Inc. for serving as investor servicing agent in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Retail Management Limited Partnership pursuant to distribution plans in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fiscal Year End
Putnam Sustainable Future Fund $2,028,874 $632,104 $814,529 4/30/2023
Putnam Sustainable Leaders ETF $40,305 - - 8/31/2022
Putnam Sustainable Leaders Fund $35,781,210 $8,458,043 $14,830,266 6/30/2022
Putnam Sustainable Retirement 2025 Fund - $247,651 $92,921 7/31/2022
Putnam Sustainable Retirement 2030 Fund - $301,510 $90,257 7/31/2022
Putnam Sustainable Retirement 2035 Fund - $222,448 $89,337 7/31/2022
Putnam Sustainable Retirement 2040 Fund - $238,116 $64,433 7/31/2022
Putnam Sustainable Retirement 2045 Fund - $149,292 $54,656 7/31/2022
Putnam Sustainable Retirement 2050 Fund - $110,047 $39,785 7/31/2022
Putnam Sustainable Retirement 2055 Fund - $49,989 $29,882 7/31/2022
Putnam Sustainable Retirement 2060 Fund - $9,199 $5,711 7/31/2022
Putnam Sustainable Retirement 2065 Fund - $340 $1,519 7/31/2022
Putnam Sustainable Retirement Maturity Fund - $344,433 $95,156 7/31/2022
Putnam Tax Exempt Income Fund $3,403,360 $564,225 $1,816,324 9/30/2022
Putnam Tax-Free High Yield Fund $3,832,823 $581,625 $1,797,274 7/31/2022
Putnam Ultra Short Duration Income Fund $30,861,970 $8,941,727 $5,756,547 7/31/2022
Putnam Ultra Short MAC Series - - - 7/31/2022
G-5 
 

 

Fund Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Investor Services, Inc. for serving as investor servicing agent in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Retail Management Limited Partnership pursuant to distribution plans in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fiscal Year End
Putnam VT Core Equity Fund (formerly, Putnam VT Multi-Cap Core Fund) $795,912 $101,731 $183,969 12/31/2022
Putnam VT Diversified Income Fund $740,221 $104,490 $254,250 12/31/2022
Putnam VT Emerging Markets Equity Fund $114,236 $17,098 $18,121 12/31/2022
Putnam VT Focused International Equity Fund $1,088,498 $119,544 $48,432 12/31/2022
Putnam VT George Putnam Balanced Fund $1,121,719 $151,612 $378,186 12/31/2022
Putnam VT Global Asset Allocation Fund $590,112 $76,270 $87,056 12/31/2022
Putnam VT Global Health Care Fund 960,913 $108,804 $275,783 12/31/2022
Putnam VT Government Money Market Fund $114,654 $23,611 $81,949 12/31/2022
Putnam VT High Yield Fund $806,386 $101,164 $103,304 12/31/2022
Putnam VT Income Fund $690,812 $124,698 $205,599 12/31/2022
Putnam VT International Equity Fund $1,416,722 $144,222 $340,224 12/31/2022
Putnam VT International Value Fund $566,876 $57,693 $124,442 12/31/2022
Putnam VT Large Cap Growth Fund (formerly, Putnam VT Growth Opportunities Fund) $5,019,811 $641,785 $544,684 12/31/2022
Putnam VT Large Cap Value Fund $7,298,845 $1,091,765 $1,548,124 12/31/2022
Putnam VT Mortgage Securities Fund - $24,283 $41,750 12/31/2022
G-6 
 

 

Fund Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Investor Services, Inc. for serving as investor servicing agent in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fees paid to Putnam Retail Management Limited Partnership pursuant to distribution plans in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Fiscal Year End
Putnam VT Research Fund $351,778 $44,929 $104,625 12/31/2022
Putnam VT Small Cap Growth Fund $147,049 $19,915 $35,591 12/31/2022
Putnam VT Small Cap Value Fund $780,429 $88,430 $208,497 12/31/2022
Putnam VT Sustainable Future Fund $138,316 $21,043 $18,532 12/31/2022
Putnam VT Sustainable Leaders Fund $4,502,964 $575,526 $372,689 12/31/2022

 

* Management fee is not annualized, but instead represents the actual fees paid from the Fund’s commencement on January 19, 2023 through its fiscal year end on April 30, 2023.

 

# In return for the management fee, Putnam Management provides the fund with investment management and bears the fund’s organizational and operating expenses, excluding performance fee adjustments, distribution and service (12b-1) fees, brokerage, interest, taxes, investment-related expenses, extraordinary expenses, and acquired fund fees and expenses. This fee structure is sometimes referred to as an “all in” or “unitary” management fee.

† Management fees reflect the management fee rate under the fund’s prior management contract. The Fund’s current management contract took effect after the conclusion of the October 31, 2022 fiscal year.

± Management fees reflect the management fee rate under the fund’s prior management contract (for the period from September 1, 2021 through June 30, 2022) and the fund’s current management contract (for the period from July 1, 2022 through August 31, 2022).

 

 

 

G-7 
 

Appendix H — Other Funds Advised by Adviser and Subadvisers

 

The following table contains certain information regarding funds for which Putnam Management, PIL, PAC, and/or PanAgora provides investment advisory services, including the Putnam funds and funds that are not in the Putnam family of funds, and that may have similar investment objective and policies to your fund.

Funds not in the Putnam Family of Funds

Fund Advisor / Subadvisor(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule   Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Guardian Diversified Research VIP Fund Putnam Management (Subadvisor) $253,603 (000s)

Subadvisory Fee (as an annual percentage of average daily net assets of the series)

 

0.30% $472,667 No Capital appreciation
Empower Core Strategies: US Equity Fund Putnam Management (Subadvisor) $254,476 (000s)

Sub-advisory Fee (of average daily net asset value on fund account assets)

 

First $250 million

Next $250 million

Over $500 million

 

 

 

 

0.40%

0.35%

0.25%

$98,097 No Long-term capital growth
Empower Large Cap Value Fund Putnam Management (Subadvisor) $1,480,406,989

Sub-advisory Fee (of average daily net asset value on fund account assets)

 

First $250 million

Next $250 million

Over $500 million

 

 

 

 

0.40%

0.35%

0.25%

$4,500,252   No Long-term capital growth
Empower High Yield Bond Fund Putnam Management (Subadvisor) $502,545,332

Sub-advisory Fee (on all assets)

 

 

0.35%

 

 

 

 

$1,911,069 No High Current Income with capital appreciation as a secondary objective when consistent with the primary objective
H-1 
 

 

Fund Advisor / Subadvisor(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule   Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Russell Investment Company – Multi Asset Growth Strategy Fund Putnam Management (Money Manager) $709,555 (000s) Management fee 0.60% $5,149,466 No Long-term total return, with lower volatility than equity markets
Russell Multi-Strategy Income Fund Putnam Management (Money Manager) $398,696 (000s) Management fee 0.50% $2,577,197   No High Current Income and as a secondary objective, long-term capital growth
SA Putnam Asset Allocation Diversified Growth Portfolio Putnam Management (Subadvisor) $181,929,617

Sub-advisory Fee of average daily net assets of the portfolio)

 

Up to first $150 million

On the next $150 million

Over $300 million

0.55%

0.50%.

0.40%

$788,282 None Capital Appreciation
SA Putnam International Growth and Income Portfolio Putnam Management (Subadvisor) $348,762,820

Sub-advisory Fee of average daily net assets of the portfolio)

 

Up to first $150 million

On the next $150 million

Over $300 million

0.65%

0.55%.

0.45%

$1,783,345 None Growth of capital and secondarily, current income

 

H-2 
 

 

Funds in the Putnam Family of Funds

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
George Putnam Balanced Fund

Adviser: Putnam Management

Subadviser(s): PIL

$1,722,419,409

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

$9,649,895 Yes Capital growth and current income
Putnam BDC Income ETF(1)

Adviser: Putnam Management

Subadviser(s): PIL

$29,358,933

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

$66,336 No Current income.
Putnam BioRevolution ETF(1)

Adviser: Putnam Management

Subadviser(s): PIL

$4,803,421

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

$18,638 No Long term capital appreciation.
Putnam California Tax Exempt Income

Adviser: Putnam Management

Subadviser(s): PIL

$815,014,310

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

$4,238,566 Yes As high a level of current income, exempt from federal income tax and California personal income tax as we believe to be consistent with preservation of capital.
Putnam Convertible Securities

Adviser: Putnam Management

Subadviser(s): PIL

$662,990,983

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

$4,983,681 Yes Current income and capital appreciation, with equal emphasis. Conservation of capital is a secondary objective.
Putnam Core Bond Fund

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$359,707,194

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$1,852,175 No High current income consistent with what Putnam Management believes to be prudent risk.
H-3 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam Core Equity Fund

Adviser: Putnam Management

Subadviser(s): PIL

3,194,655,360

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

16,818,325 Yes Capital appreciation.
Putnam Diversified Income Trust

Adviser: Putnam Management

Subadviser(s): PIL

$1,590,934,468

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

$10,325,369 Yes As high a level of current income as Putnam Management believes is consistent with preservation of capital.
Putnam Dynamic Asset Allocation Equity

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$9,788,386

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$0 Yes Long-term growth
Putnam Dynamic Asset Allocation Conservative

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$814,874,322

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$4,985,532 Yes Total return consistent with preservation of capital.
Putnam Dynamic Asset Allocation Balanced

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$2,083,215,782

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$12,869,313 Yes Total return.
H-4 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam Dynamic Asset Allocation Growth

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$2,328,307,910

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$16,569,054 Yes Capital appreciation.
Putnam Emerging Markets Equity

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$375,507,421

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$3,462,237 Yes Long-term capital appreciation
Putnam Emerging Markets ex-China ETF

Adviser: Putnam Management

Subadviser(s): PIL

$6,391,960(3)

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

$--(4) No Long term capital appreciation.
Putnam ESG Core Bond ETF(2)

Adviser: Putnam Management

Subadviser(s): PIL

$466,144,573

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

$337,530 No High current income is consistent with what Putnam Management believes to be prudent risk.
Putnam ESG High Yield ETF(2)

Adviser: Putnam Management

Subadviser(s): PIL

$104,842,443

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

$131,259 No High current income. Capital growth is a secondary goal when consistent with achieving high current income.
Putnam ESG Ultra Short ETF(2)

Adviser: Putnam Management

Subadviser(s): PIL

$125,536,412

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

$67,876 No As high a rate of current income as Putnam Management believes is consistent with preservation of capital and maintenance of liquidity.
H-5 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam Floating Rate Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

$370,752,546

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

$2,373,648 Yes High income. Preservation of capital is a secondary objective.
Putnam Focused Equity

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$610,869,021

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$4,204,152 Yes Capital appreciation.
Putnam Focused International Equity

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$662,264,740

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$5,137,382 Yes Capital appreciation.
Putnam Focused Large Cap Growth ETF

Adviser: Putnam Management

Subadviser(s): PIL

$10,517,459

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$52,889  No Capital appreciation.
Putnam Focused Large Cap Value ETF

Adviser: Putnam Management

Subadviser(s): PIL

$47,365,113

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$124,660  No Capital growth and current income.
Putnam Global Health Care

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$1,499,244,336

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$9,964,341 Yes Capital appreciation.
H-6 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam Global Income Trust

Adviser: Putnam Management

Subadviser(s): PIL

$147,729,985

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$361,202 Yes High current income. Preservation of capital and long-term total return are secondary objectives, but only to the extent consistent with the objective of seeking high current income.
Putnam Global Technology Fund

Adviser: Putnam Management

Subadviser(s): PIL

720,506,915

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$5,937,180 Yes Capital appreciation.
Putnam Government Money Market Fund

Adviser: Putnam Management

Subadviser(s): PIL

209,280,106

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$270,281 Yes As high a rate of current income as Putnam Management believes is consistent with preservation of capital and maintenance of liquidity.
Putnam High Yield Fund

Adviser: Putnam Management

Subadviser(s): PIL

949,966,476

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$5,707,743 Yes High current income. Capital growth is a secondary goal when consistent with achieving high current income.
Putnam Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

1,964,125,994

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$7,237,895 Yes High current income consistent with what Putnam Management believes to be prudent risk.
Putnam Intermediate-Term Municipal Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

33,717,343

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes As high a level of current income exempt from federal income tax as we believe is consistent with preservation of capital.
H-7 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam International Capital Opportunities Fund

Adviser: Putnam Management

Subadviser(s): PIL

282,310,264

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$3,298,784 Yes Long-term capital appreciation.
Putnam International Equity Fund

Adviser: Putnam Management

Subadviser(s): PIL

[to be updated by amendment]

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

[to be updated by amendment] Yes Capital appreciation.
Putnam International Value Fund

Adviser: Putnam Management

Subadviser(s): PIL

[to be updated by amendment]

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

[to be updated by amendment] Yes Capital growth. Current income is a secondary objective.
Putnam Large Cap Growth Fund

Adviser: Putnam Management

Subadviser(s): PIL

7,735,334,853

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$44,218,429 Yes Capital appreciation.
Putnam Large Cap Value Fund

Adviser: Putnam Management

Subadviser(s): PIL

17,823,515,712

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$81,857,390 Yes Capital growth and current income.
Putnam Managed Municipal Income Trust (Common and Preferred)

Adviser: Putnam Management

Subadviser(s): PIL

$289,259,002

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$2,506,222 No

High level of current income exempt from federal income tax.

 

Putnam Massachusetts Tax Exempt Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

$253,056,045

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$1,063,088 Yes As high a level of current income exempt from federal income tax and Massachusetts personal income tax as Putnam Management believes is consistent with preservation of capital.
H-8 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam Master Intermediate Income Trust (Common)

Adviser: Putnam Management

Subadviser(s): PIL

$176,942,354

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$1,446,776  No Equal emphasis high current income and relative stability of net asset value by allocating its investments among the U.S. investment grade sector, high-yield sector, and international sector.
Putnam Minnesota Tax Exempt Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

$169,370,648

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$677,076 Yes As high a level of current income exempt from federal income tax and Minnesota personal income tax as Putnam Management believes is consistent with preservation of capital.
Putnam Money Market Fund

Adviser: Putnam Management

Subadviser(s): PIL

777,820,212

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$853,071 Yes As high a rate of current income as Putnam Management believes is consistent with preservation of capital and maintenance of liquidity.
Putnam Mortgage Opportunities Fund

Adviser: Putnam Management

Subadviser(s): PIL

$361,100,119

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$2,090,573 Yes Maximize total return consistent with what Putnam Management believes to be prudent risk. Total return is composed of capital appreciation and income.
Putnam Mortgage Securities Fund

Adviser: Putnam Management

Subadviser(s): PIL

483,909,282

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$2,291,472 Yes As high a level of current income as Putnam Management believes is consistent with preservation of capital
Putnam Multi-Asset Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

17,223,679

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Total return consistent with conservation of capital. Within the fund’s total return orientation, the fund seeks to provide current income, along with long-term Capital appreciation.
H-9 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam Municipal Opportunities Trust (Common and Preferred)

Adviser: Putnam Management

Subadviser(s): PIL

$377,416,229

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$2,377,721 No As high a level of current income exempt from federal income tax as we believe to be consistent with preservation of capital.
Putnam New Jersey Tax Exempt Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

$129,604,272

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$551,851 Yes As high a level of current income exempt from federal income tax and New Jersey personal income tax as Putnam Management believes is consistent with preservation of capital.
Putnam New York Tax Exempt Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

814,629,351

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$3,814,829 Yes As high a level of current income exempt from federal income tax and New York State and City personal income taxes as Putnam Management believes is consistent with preservation of capital.
Putnam Ohio Tax Exempt Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

$83,119,425

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$368,621 Yes 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.
Putnam PanAgora ESG Emerging Markets Equity ETF(2)

Adviser: Putnam Management

Subadviser(s): PanAgora

$18,469,091

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PanAgora): see Appendix D-3

 

$24,549 No  Long term capital appreciation.
Putnam PanAgora ESG International Equity ETF(2)

Adviser: Putnam Management

Subadviser(s): PanAgora

$128,687,709

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PanAgora): see Appendix D-3

 

$131,762 No Long term capital appreciation.
H-10 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam Pennsylvania Tax Exempt Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

$114,922,094

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$518,631 Yes 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.
Putnam Premier Income Trust (Common)

Adviser: Putnam Management

Subadviser(s): PIL

$409,600,320

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$3,308,316 No High current income consistent with the preservation of capital by allocating its investments among the U.S. government sector, high yield sector and international sector of the fixed-income securities market.
Putnam Research Fund

Adviser: Putnam Management

Subadviser(s): PIL, PAC

442,001,421

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$2,575,226 Yes Capital appreciation.
Putnam Retirement Advantage 2025 Fund

Adviser: Putnam Management

Subadviser(s): PIL

12,633,256

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Retirement Advantage 2030 Fund

Adviser: Putnam Management

Subadviser(s): PIL

12,306,506

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
H-11 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam Retirement Advantage 2035 Fund

Adviser: Putnam Management

Subadviser(s): PIL

13,014,418

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Retirement Advantage 2040 Fund

Adviser: Putnam Management

Subadviser(s): PIL

7,179,714

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Retirement Advantage 2045 Fund

Adviser: Putnam Management

Subadviser(s): PIL

8,372,876

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Retirement Advantage 2050 Fund

Adviser: Putnam Management

Subadviser(s): PIL

4,407,301

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Retirement Advantage 2055 Fund

Adviser: Putnam Management

Subadviser(s): PIL

3,161,687

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Retirement Advantage 2060 Fund

Adviser: Putnam Management

Subadviser(s): PIL

1,245,072

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
H-12 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam Retirement Advantage 2065 Fund

Adviser: Putnam Management

Subadviser(s): PIL

174,853

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Retirement Advantage Maturity Fund

Adviser: Putnam Management

Subadviser(s): PIL

12,715,429

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes As high a rate of current income as Putnam Management believes is consistent with preservation of capital.
Putnam Short Duration Bond Fund

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$1,756,894,516

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$7,627,121 No As high a rate of current income as Putnam Management believes is consistent with preservation of capital.
Putnam Short-Term Investment Fund

Adviser: Putnam Management

Subadviser(s): PIL

$2,088,859,397

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes As high a rate of current income as Putnam Management believes is consistent with preservation of capital and maintenance of liquidity.
Putnam Short-Term Municipal Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

$81,024,783

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes As high a level of current income exempt from federal income tax as Putnam Management believes is consistent with preservation of capital.
Putnam Small Cap Growth Fund

Adviser: Putnam Management

Subadviser(s): PIL

[to be updated by amendment]

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

[to be updated by amendment] Yes Capital appreciation.
H-13 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam Small Cap Value Fund

Adviser: Putnam Management

Subadviser(s): PIL

$277,889,128

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$1,833,710 Yes Capital appreciation.
Putnam Strategic Intermediate Municipal Fund

Adviser: Putnam Management

Subadviser(s): PIL

$532,082,622

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$1,345,073 Yes As high a level of current income exempt from federal income tax as Putnam Management believes is consistent with preservation of capital.
Putnam Sustainable Future ETF

Adviser: Putnam Management

Subadviser(s): PIL

$6,796,226

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$50,027  No Long-term capital appreciation.
Putnam Sustainable Future Fund

Adviser: Putnam Management

Subadviser(s): PIL

$354,231,500

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$2,028,874 Yes Long-term capital appreciation.
Putnam Sustainable Leaders ETF

Adviser: Putnam Management

Subadviser(s): PIL

[to be updated by amendment]

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

[to be updated by amendment] No Long-term capital appreciation.
Putnam Sustainable Leaders Fund

Adviser: Putnam Management

Subadviser(s): PIL

$4,896,750,740

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$35,781,210 Yes Long-term capital appreciation.
H-14 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam Sustainable Retirement 2025 Fund

Adviser: Putnam Management

Subadviser(s): PIL

202,233,333

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Sustainable Retirement 2030 Fund

Adviser: Putnam Management

Subadviser(s): PIL

238,632,192

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Sustainable Retirement 2035 Fund

Adviser: Putnam Management

Subadviser(s): PIL

186,772,319

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Sustainable Retirement 2040 Fund

Adviser: Putnam Management

Subadviser(s): PIL

192,071,965

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Sustainable Retirement 2045 Fund

Adviser: Putnam Management

Subadviser(s): PIL

127,664,646

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Sustainable Retirement 2050 Fund

Adviser: Putnam Management

Subadviser(s): PIL

88,062,084

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
H-15 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam Sustainable Retirement 2055 Fund

Adviser: Putnam Management

Subadviser(s): PIL

43,430,139

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Sustainable Retirement 2060 Fund

Adviser: Putnam Management

Subadviser(s): PIL

11,168,594

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Sustainable Retirement 2065 Fund

Adviser: Putnam Management

Subadviser(s): PIL

410,814

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes Capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.
Putnam Sustainable Retirement Maturity Fund

Adviser: Putnam Management

Subadviser(s): PIL

249,329,329

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes As high a rate of current income as Putnam Management believes is consistent with preservation of capital.
Putnam Tax Exempt Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

$652,421,966

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$3,403,360 Yes As high a level of current income exempt from federal income tax as Putnam Management believes to be consistent with preservation of capital.
Putnam Tax-Free High Yield Fund

Adviser: Putnam Management

Subadviser(s): PIL

$732,424,137

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$3,832,823 Yes High current income exempt from federal income tax..
H-16 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam Ultra Short Duration Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

$12,634,275,889

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$30,889,654 Yes As high a rate of current income as Putnam Management believes is consistent with preservation of capital and maintenance of liquidity.
Putnam Ultra Short MAC Series

Adviser: Putnam Management

Subadviser(s): PIL

$10,103,863(3)

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$--(4) Yes As high a rate of current income as Putnam Management believes is consistent with preservation of capital and maintenance of liquidity.
Putnam VT Core Equity Fund

Adviser: Putnam Management

Subadviser(s): PIL

$128,805,217 

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$795,912 Yes Capital appreciation.
Putnam VT Diversified Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

$117,117,759

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$740,221 Yes As high a level of current income as Putnam Management believes is consistent with preservation of capital.
Putnam VT Emerging Markets Equity Fund

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$21,434,733

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$114,236 Yes Long-term capital appreciation.
Putnam VT Focused International Equity Fund

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$155,328,348

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$1,088,498 Yes Capital Appreciation.
H-17 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam VT George Putnam Balanced Fund

Adviser: Putnam Management

Subadviser(s): PIL

$200,447,176

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$1,121,719 Yes Provide a balanced investment composed of a well-diversified portfolio of stocks and bonds which produce both capital growth and current income.
Putnam VT Global Asset Allocation Fund

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$97,078,833

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$590,112 Yes Long-term return consistent with preservation of capital.
Putnam VT Global Health Care Fund

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$158,483,114

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$ 960,913 Yes Capital appreciation.
Putnam VT Government Money Market Fund

Adviser: Putnam Management

Subadviser(s): PIL

$72,846,124

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$114,654 Yes As high a rate of current income as Putnam Management believes is consistent with preservation of capital and maintenance of liquidity.
Putnam VT High Yield Fund

Adviser: Putnam Management

Subadviser(s): PIL

$131,881,648

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$806,386 Yes High current income.
Putnam VT Income Fund

Adviser: Putnam Management

Subadviser(s): PIL

$156,911,296

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$690,812 Yes High current income consistent with what Putnam Management believes to be prudent risk.
H-18 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam VT International Equity Fund

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$203,165,314

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$1,416,722 Yes Capital appreciation.
Putnam VT International Value Fund

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$85,493,181

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$566,876 Yes Capital growth. Current income is a secondary objective.
Putnam VT Large Cap Growth Fund

Adviser: Putnam Management

Subadviser(s): PIL

$771,079,243

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$ 5,019,811 Yes Capital appreciation.
Putnam VT Large Cap Value Fund

Adviser: Putnam Management

Subadviser(s): PIL

$1,545,778,030

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$7,298,845 Yes Capital growth and current income.
Putnam VT Mortgage Securities Fund

Adviser: Putnam Management

Subadviser(s): PIL

$30,681,439

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$0 Yes As high a level of current income as Putnam Management believes is consistent with preservation of capital.
Putnam VT Research Fund

Adviser: Putnam Management

Subadviser(s): PIL, PAC

$63,102,088

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

Sub-Advisory Fee (PAC): see Appendix D-2

$351,778 Yes Capital appreciation.
H-19 
 

 

Fund Adviser / Subadviser(s) to Fund Net Assets as of the End of the Most Recent Fiscal Year ($) Current Management Fee/Sub-Management Fee/Sub-Advisory Fee Schedule Amount of Management Fee Paid in the Most Recent Fiscal Year (after applicable waivers and reimbursements, if any) ($) Has compensation been waived, reduced or otherwise agreed to be reduced under any applicable contract? Current Investment Objective
Putnam VT Small Cap Growth Fund

Adviser: Putnam Management

Subadviser(s): PIL

$25,139,774

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$147,049 Yes Capital Appreciation.
Putnam VT Small Cap Value Fund

Adviser: Putnam Management

Subadviser(s): PIL

$111,034,270

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$780,429 Yes Capital Appreciation.
Putnam VT Sustainable Future Fund

Adviser: Putnam Management

Subadviser(s): PIL

$25,140,799

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$138,316 Yes Long-term capital appreciation.
Putnam VT Sustainable Leaders Fund

Adviser: Putnam Management

Subadviser(s): PIL

$738,492,955 

Management Fee (Putnam Management): see Appendix B

 

Sub-Advisory Fee (PIL): see Appendix D-1

 

$4,502,964 Yes Long-term capital appreciation.

 

(1) The fund’s reported net assets and management fee paid reflect the period from the Fund’s launch on September 29, 2022 through it’s fiscal year end on April 30, 2023.

 

(2) The fund’s reported net assets and management fee paid reflect the period from the Fund’s launch on January 19, 2023 through it’s fiscal year end on April 30, 2023.

 

(3) The net assets figure is based on assets as of June 30, 2023 since the fund has not experienced a fiscal year-end since its inception.

 

(4) The fund has not experienced a fiscal year-end as of May 31, 2023.

H-20 
 

Appendix I — Officers of the Funds

 

The following table contains information about each officer or director of the Putnam funds who is an officer, employee, director, general partner or shareholder of Putnam Management, PIL, PAC, and/or PanAgora.

 

Name Position(s) with Funds Position(s) with Adviser and/or Subadviser(s) (indicate position and entity)
Liaquat Ahamed Trustee --
Barbara M. Baumann Vice Chair, Board of Trustees --
Katinka Domotorffy Trustee --
Catharine Bond Hill Trustee --
Kenneth R. Leibler Chair, Board of Trustees --
Jennifer Williams Murphy Trustee --
Marie Pillai Trustee --
George Putnam III Trustee --
Manoj P. Singh Trustee --
Mona K. Sutphen Trustee --
Robert L. Reynolds Trustee, President President, Putnam Management
Jonathan S. Horwitz Executive Vice President, Principal Executive Officer, and Compliance Liaison --
Stephen J. Tate Vice President and Chief Legal Officer Secretary, Putnam Advisory Company; Chief Legal Officer, General Counsel and Secretary, Putnam Management
James F. Clark Vice President and Chief Compliance Officer Chief Compliance Officer, Code of Ethics Officer, and Assistant Secretary, Putnam Advisory Company, Putnam Management, and Putnam Investments Limited.  
Michael J. Higgins Vice President, Treasurer, and Clerk --
Richard T. Kircher Vice President and BSA Compliance Officer --
Janet C. Smith Vice President, Principal Financial Officer, Principal Accounting Officer, and Assistant Treasurer --
Susan G. Malloy Vice President and Assistant Treasurer --
Mark C. Trenchard Vice President --
Alan G. McCormack Vice President and Derivatives Risk Manager --
Martin Lemaire Vice President and Derivatives Risk Manager --
Denere P. Poulack Assistant Vice President, Assistant Clerk, and Assistant Treasurer --

 

 

 

I-1 
 

Appendix J — Management Ownership of Fund Shares

 

Individual Ownership

 

The following tables show the number of shares beneficially owned by each Trustee and named executive officer in each fund as of May 31, 2023. Where the number of shares beneficially owned exceeds 1% percent of the class owned, the percentage is included in parentheses below. As of May 31, 2023, none of the Trustees or named executive officers owned shares of any fund not named here.

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
George Putnam Balanced Fund – Class A GEORGE PUTNAM III 32,471.156
George Putnam Balanced Fund – Class R6 CATHARINE BOND HILL 5,141.816448
MARIE PILLAI 79.218175
JANET C. SMITH 25,103.658
STEPHEN J. TATE 1,225.387
George Putnam Balanced Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 4,467.4460
KATINKA I. DOMOTORFFY 150.5950
CATHARINE BOND HILL 208.4580
KENNETH R. LEIBLER 216.8070
JENNIFER WILLIAMS MURPHY 53.2100
GEORGE PUTNAM III

113,144.8730

(1.07%)

ROBERT L. REYNOLDS 164.4040
MANOJ P. SINGH 206.9530
MONA K. SUTPHEN 231.2230
Putnam BDC Income ETF LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 68.0000
KATINKA I. DOMOTORFFY 37.0000
CATHARINE BOND HILL 34.0000
KENNETH R. LEIBLER 36.0000
MARIE PILLAI 72.3600
GEORGE PUTNAM III 200.0000
MANOJ P. SINGH 38.0000
MONA K. SUTPHEN 34.0000
Putnam BioRevolution ETF LIAQUAT A. AHAMED

2,000.0000

(1.14%)

BARBARA M. BAUMANN 75.0000
KATINKA I. DOMOTORFFY 37.0000
CATHARINE BOND HILL 38.0000
KENNETH R. LEIBLER 36.0000
MARIE PILLAI 36.6570
GEORGE PUTNAM III 200.0000
MANOJ P. SINGH 38.0000
MONA K. SUTPHEN 34.0000
J-1 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam California Tax Exempt Income Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 165.1430
KATINKA I. DOMOTORFFY 149.187
CATHARINE BOND HILL 119.5770
KENNETH R. LEIBLER 198.5450
GEORGE PUTNAM III 2,894.2580
ROBERT L. REYNOLDS 179.2310
MANOJ P. SINGH 117.6350
MONA K. STUTPHEN 126.6350
Putnam Convertible Securities Fund – Class R6 MARIE PILLAI 73.497537
Putnam Convertible Securities Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 242.1040
KATINKA I. DOMOTORFFY 224.5760
CATHARINE BOND HILL 177.1610
KENNETH R. LEIBLER 272.8050
JENNIFER WILLIAMS MURPHY 48.0810
GEORGE PUTNAM III 30,000.7570
ROBERT L. REYNOLDS 255.4280
MANOJ P. SINGH 157.4980
MONA K. STUTPHEN 39.3810
Putnam Core Bond Fund – Class R6 BARBARA M. BAUMANN

9,923.784876

(5.30%)

MARIE PILLAI 193.397857
Putnam Core Bond Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 166.4120
KATINKA I. DOMOTORFFY 157.0660
CATHARINE BOND HILL 124.7890
KENNETH R. LEIBLER 168.0120
GEORGE PUTNAM III 1,675.0800
ROBERT L. REYNOLDS 39,134.6470
MANOJ P. SINGH 122.4000
MONA K. SUTPHEN 119.3680
Putnam Core Equity Fund – Class R6 LIAQUAT A. AHAMED 7,898.276804
CATHARINE BOND HILL 5,218.139524
JONATHAN S. HORWITZ 7,854.038
MARIE PILLAI 319.930817
Putnam Core Equity Fund – Class Y LIAQUAT A. AHAMED 227.3790
BARBARA M. BAUMANN 18,591.0260
KATINKA I. DOMOTORFFY 319.4240
CATHARINE BOND HILL 123.8720
KENNETH R. LEIBLER 568.3000
JENNIFER WILLIAMS MURPHY 38.0900
GEORGE PUTNAM III 12,077.1030
ROBERT L. REYNOLDS 332.5870
MANOJ P. SINGH 123.8720
MONA K. SUTPHEN 93.3280

Putnam Diversified Income Trust –

Class R6

BARBARA M. BAUMANN 7,805.878996
KATINKA I. DOMOTORFFY 17,125.27052
MARIE PILLAI 294.114566
J-2 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam Diversified Income Trust – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 9,463.6240
KATINKA I. DOMOTORFFY 171.5630
CATHARINE BOND HILL 123.3840
KENNETH R. LEIBLER 538.0920
JENNIFER WILLIAMS MURPHY 188.6000
GEORGE PUTNAM III 15,475.5560
ROBERT L. REYNOLDS 143,197.4370
MANOJ P. SINGH 121.9110
MONA K. SUTPHEN 169.8600
Putnam Dynamic Asset Allocation Balanced – Class R6 MARIE PILLAI 115.160568
Putnam Dynamic Asset Allocation Balanced – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 2,534.4140
KATINKA I. DOMOTORFFY 173.0060
CATHARINE BOND HILL 134.1760
KENNETH R. LEIBLER 213.9220
GEORGE PUTNAM III 6,290.6400
ROBERT L. REYNOLDS 199.0070
MANOJ P. SINGH 125.0340
MONA K. SUTPHEN 65.5220
Putnam Dynamic Asset Allocation Conservative – Class R6 MARIE PILLAI 166.299802
JANET C. SMITH 646.928
Putnam Dynamic Asset Allocation Conservative – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 166.8330
KATINKA I. DOMOTORFFY 157.9980
CATHARINE BOND HILL 123.6220
KENNETH R LEIBLER 196.0840
GEORGE PUTNAM III 8,830.2660
ROBERT L. REYNOLDS 181.7360
MANOJ P. SINGH 119.6070
MONA K. SUTPHEN 92.7550
Putnam Dynamic Asset Allocation Equity – Class A ROBERT L. REYNOLDS 443.1060
Putnam Dynamic Asset Allocation Growth – Class R6 MARIE PILLAI 96.173971
Putnam Dynamic Asset Allocation Growth – Class Y LIAQUAT A. AHAMED 100.000
BARBARA M. BAUMANN 2,386.3780
KATINKA I. DOMOTORFFY 187.2460
CATHARINE BOND HILL 133.0540
KENNETH R. LEIBLER 220.2230
GEORGE PUTNAM III 35,568.6550
ROBERT L. REYNOLDS 204.6940
MANOJ P. SINGH 120.4200
MONA K. SUTPHEN 54.7750
Putnam Emerging Markets Equity – Class R6 KATINKA I. DOMOTORFFY 7,471.788155
MARIE PILLAI 804.132355
ROBERT L. REYNOLDS 4,527.201021
JANET C. SMITH 11,376.467
Putnam Emerging Markets Equity – Class Y LIAQUAT A. AHAMED 7,197.8180
BARBARA M. BAUMANN 336.8260
KATINKA I. DOMOTORFFY 305.0240
CATHARINE BOND HILL 295.0380
KENNETH R. LEIBLER 351.4810
GEORGE PUTNAM III 25,165.6590
ROBERT L. REYNOLDS 40,996.2680
MANOJ P. SINGH 292.6480
MONA K. SUTPHEN 310.9530
J-3 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam ESG Core Bond ETF LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 41.0000
KATINKA I. DOMOTORFFY 21.0000
CATHARINE BOND HILL 21.0000
KENNETH R. LEIBLER 21.0000
MARIE PILLAI 20.0900
GEORGE PUTNAM III 200.0000
MANOJ P. SINGH 21.0000
MONA K. SUTPHEN 19.0000
Putnam ESG High Yield ETF LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 40.000
KATINKA I. DOMOTORFFY 21.0000
CATHARINE BOND HILL 21.0000
KENNETH R. LEIBLER 20.0000
MARIE PILLAI 20.0520
GEORGE PUTNAM III 200.0000
MANOJ P. SINGH 21.0000
MONA K. SUTPHEN 19.0000
Putnam ESG Ultra Short ETF LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 40.0000
KATINKA I. DOMOTORFFY 20.0000
CATHARINE BOND HILL 20.0000
KENNETH R. LEIBLER 20.0000
MARIE PILLAI 19.9380
GEORGE PUTNAM III 200.0000
MANOJ P. SINGH 21.0000
MONA K. SUTPHEN 18.0000
Putnam Floating Rate Income Fund – Class R6 JONATHAN S. HORWITZ 0.037
MARIE PILLAI 208.233862
STEPHEN J. TATE 0.160
Putnam Floating Rate Income Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 176.1980
KATINKA I. DOMOTORFFY 156.7030
CATHARINE BOND HILL 121.9670
KENNETH R. LEIBLER 217.1010
JENNIFER WILLIAMS MURPHY 136.3080
GEORGE PUTNAM III 15,960.8350
ROBERT L. REYNOLDS 189.8370
MANOJ P. SINGH 120.5120
MONA K. SUTPHEN 133.2140
Putnam Focused Equity – Class A GEORGE PUTNAM III 10,304.0490
Putnam Focused Equity – Class R6 BARBARA M. BAUMANN 188.496912
KATINKA I. DOMOTORFFY 1,836.577819
JONATHAN S. HORWITZ

7,921.147

(1.08%)

MARIE PILLAI 63.770037
J-4 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam Focused Equity – Class Y LIAQUAT A. AHAMED 414.9650
BARBARA M. BAUMANN 5,212.8380
KATINKA I. DOMOTORFFY 699.4590
CATHARINE BOND HILL 548.6270
KENNETH R. LEIBLER 858.5620
GEORGE PUTNAM III

42,792.9310

(1.10%)

ROBERT L. REYNOLDS

55,380.2860

(1.42%)

MANOJ P. SINGH 415.8170
MONA K. SUTPHEN 74.8590
Putnam Focused International Equity – Class A GEORGE PUTNAM III 31,052.2080
Putnam Focused International Equity – Class R6 KATINKA I. DOMOTORFFY 6,435.323937
MARIE PILLAI 668.494797
JANET C. SMITH 7,618.444
Putnam Focused International Equity – Class Y LIAQUAT A. AHAMED 490.3010
BARBARA M. BAUMANN 4,822.9140
KATINKA I. DOMOTORFFY 992.2040
CATHARINE BOND HILL 670.8520
KENNETH R. LEIBLER 1,239.5970
GEORGE PUTNAM III

179,738.0210

(5.78%)

ROBERT L. REYNOLDS

49,708.2270

(1.60%)

MANOJ P. SINGH 138.7440
MONA K. SUTPHEN 63.0180
Putnam Focused Large Cap Growth ETF LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 93.0000
KATINKA I. DOMOTORFFY 44.0000
CATHARINE BOND HILL 46.0000
KENNETH R. LEIBLER 43.0000
JENNIFER WILLIAMS MURPHY 50.0000
MARIE PILLAI 42.4800
GEORGE PUTNAM III 200.0000
MANOJ P. SINGH 45.0000
MONA K. SUTPHEN 40.0000
Putnam Focused Large Cap Value ETF LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 71.0000
KATINKA I. DOMOTORFFY 37.0000
CATHARINE BOND HILL 36.0000
KENNETH R. LEIBLER 36.0000
JENNIFER WILLIAMS MURPHY 45.0000
MARIE PILLAI 36.3110
GEORGE PUTNAM III 200.0000
MANOJ P. SINGH 40.0000
MONA K. SUTPHEN 34.0000
Putnam Global Health Care – Class R6 LIAQUAT A. AHAMED 3899.136097
KATINKA I. DOMOTORFFY 1544.118944
MARIE PILLAI 154.687819
JANET C. SMITH 168.500
J-5 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam Global Health Care – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 320.0510
KATINKA I. DOMOTORFFY 257.3840
CATHARINE BOND HILL 147.1580
KENNETH R. LEIBLER 453.6040
JENNIFER WILLIAMS MURPHY 17.9990
GEORGE PUTNAM III 15,811.7110
ROBERT L. REYNOLDS 321.1010
MANOJ P. SINGH 115.4240
MONA K. SUTPHEN 33.3770
Putnam Global Income Trust – Class R6 MARIE PILLAI 160.181069
JANET C. SMITH 154.577
Putnam Global Income Trust – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 149.4040
KATINKA I. DOMOTORFFY 133.5070
CATHARINE BOND HILL 110.0680
KENNETH R. LEIBLER 198.9460
GEORGE PUTNAM III 7,627.6670
ROBERT L. REYNOLDS

70,302.1100

(2.04%)

MANOJ P. SINGH 109.4080
MONA K. SUTPHEN 84.0980
Putnam Global Technology Fund – Class R6 KATINKA I. DOMOTORFFY 1,059.48
CATHARINE BOND HILL 1,025.02
JONATHAN S. HORWTIZ 13,672.64
MARIE PILLAI 210.52213
Putnam Global Technology Fund – Class Y LIAQUAT A. AHAMED 135.5700
BARBARA M. BAUMANN 5,797.9050
KATINKA I. DOMOTORFFY 281.5860
CATHARINE BOND HILL 221.2900
KENNETH R. LEIBLER 324.5840
GEORGE PUTNAM III 3,619.9000
ROBERT L. REYNOLDS 324.5840
MANOJ P. SINGH 144.0640
MONA K. SUTPHEN 88.7090
Putnam Government Money Market Fund – Class A LIAQUAT A. AHAMED 102.7400
BARBARA M. BAUMANN 171,825.5100
KATINKA I. DOMOTORFFY 129.470
CATHARINE BOND HILL 104.6400
JONATHAN S. HORWITZ 381,623.680
KENNETH R. LEIBLER 102.7400
MARIE PILLAI 1621.95
GEORGE PUTNAM III 13,140.4200
ROBERT L. REYNOLDS 1026.1400
MANOJ P. SINGH 104.2500
MONA K. SUTPHEN 1,030.0500
STEPHEN J. TATE 63,530.170
Putnam High Yield Fund – Class R6 MARIE PILLAI 297.064237
JANET C. SMITH 734.451
STEPHEN J. TATE 11,648.376
Putnam High Yield Fund – Class Y LIAQUAT A. AHAMED 220.9310
BARBARA M. BAUMANN 444.6120
KATINKA I. DOMOTORFFY 380.1260
CATHARINE BOND HILL 123.4470
KENNETH R. LEIBLER 603.4160
JENNIFER WILLIAMS MURPHY 197.4950
GEORGE PUTNAM III 21,431.5870
ROBERT L. REYNOLDS 88,213.1670
MANOJ P. SINGH 121.8760
MONA K. SUTPHEN 171.2160
J-6 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam Income Fund – Class R6 MARIE PILLAI 288.258753
ROBERT L. REYNOLDS 31604.89745
JANET C. SMITH 699.335
Putnam Income Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 171.7500
KATINKA I. DOMOTORFFY 157.6340
CATHARINE BOND HILL 126.7200
KENNETH R. LEIBLER 223.5770
JENNIFER WILLIAMS MURPHY 188.2470
GEORGE PUTNAM III 17,094.3410
ROBERT L. REYNOLDS

1,848,621.4550

(1.43%)

MANOJ P. SINGH 125.5680
MONA K. SUTPHEN 157.0480
Putnam Intermediate-Term Municipal Income Fund LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 132.2970
KATINKA I. DOMOTORFFY 123.7760
CATHARINE BOND HILL 112.7650
KENNETH R. LEIBLER 173.8860
GEORGE PUTNAM III 1,467.0260
ROBERT L. REYNOLDS 104.6360
MANOJ P. SINGH 112.2150
MONA K. SUTPHEN 194.2470
Putnam International Capital Opportunities Fund – Class R6 KATINKA I. DOMOTORFFY 2480.657622
MARIE PILLAI 43.56473
JANET C. SMITH 88.242
Putnam International Capital Opportunities Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 159.7180
KATINKA I. DOMOTORFFY 151.4530
CATHARINE BOND HILL 134.2670
KENNETH R. LEIBLER 175.8420
GEORGE PUTNAM III 2,967.2910
ROBERT L. REYNOLDS 160.3360
MANOJ P. SINGH 121.7820
MONA K. SUTPHEN 23.5050
Putnam International Equity Fund – Class R6 BARBARA M. BAUMANN 2707.657709
KATINKA I. DOMOTORFFY 1964.053302
MARIE PILLAI 66.655681
JANET C. SMITH 424.978
STEPHEN J. TATE 1015.531
Putnam International Equity Fund – Class Y LIAQUAT A. AHAMED 209.6670
BARBARA M. BAUMANN 4,499.3160
KATINKA I. DOMOTORFFY 288.0030
CATHARINE BOND HILL 264.8740
KENNETH R. LEIBLER 406.1720
GEORGE PUTNAM III 10,461.8770
ROBERT L. REYNOLDS 16,190.6500
MANOJ P. SINGH 119.7570
MONA K. SUTPHEN 198.7950
Putnam International Value Fund – Class R6 MARIE PILLAI 791.417836
JANET C. SMITH 208.905
STEPHEN J. TATE 2,026.917
J-7 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam International Value Fund – Class Y LIAQUAT A. AHAMED 2,000.0000
BARBARA M. BAUMANN 143.4250
KATINKA I. DOMOTORFFY 132.0920
CATHARINE BOND HILL 120.6150
KENNETH R. LEIBLER 191.3750
GEORGE PUTNAM III 4,329.2200
ROBERT L. REYNOLDS 143.9080
MANOJ P. SINGH 115.2030
MONA K. SUTPHEN 417.0240
Putnam Large Cap Growth Fund – Class A GEORGE PUTNAM III 12,281.4200
Putnam Large Cap Growth Fund – Class R6 BARBARA M. BAUMANN 5,543.993891
JONATHAN S. HORWITZ 14,143.296
JANET C. SMITH 11,379.505
KATINKA I. DOMOTORFFY 1071.161422
CATHARINE BOND HILL 3214.603321
MARIE PILLAI 214.597042
ROBERT L. REYNOLDS 5492.413256
Putnam Large Cap Growth Fund – Class Y LIAQUAT A. AHAMED 1,239.9960
BARBARA M. BAUMANN 4,214.8350
KATINKA I. DOMOTORFFY 363.8770
CATHARINE BOND HILL 124.6950
KENNETH R. LEIBLER 356.8310
JENNIFER WILLIAMS MURPHY 24.0040
GEORGE PUTNAM III 82,759.6910
ROBERT L. REYNOLDS 100,059.8180
MANOJ P. SINGH 124.6950
MONA K. SUTPHEN 57.2670
Putnam Large Cap Value Fund – Class A GEORGE PUTNAM III 32,643.53
Putnam Large Cap Value Fund – Class R6 LIAQUAT A. AHAMED 8,274.13
BARBARA M. BAUMANN 4,447.03
KATINKA I. DOMOTORFFY 3,213.78
CATHARINE BOND HILL 4,132.30
JONATHAN S. HORWITZ 2,762.13
MANOJ P. SINGH 888.498656
Putnam Large Cap Value Fund – Class Y LIAQUAT A. AHAMED 3,254.4850
BARBARA M. BAUMANN 9,143.9460
KATINKA I. DOMOTORFFY 344.2540
CATHARINE BOND HILL 135.4500
KENNETH R. LEIBLER 1,074.5260
JENNIFER WILLIAMS MURPHY 39.8680
GEORGE PUTNAM III 167,152.3660
ROBERT L. REYNOLDS 133,650.6320
MANOJ P. SINGH 128.5400
MONA K. SUTPHEN 187.2410
J-8 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam Managed Municipal Income Trust LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 100.0000
KATINKA I. DOMOTORFFY 100.0000
CATHARINE BOND HILL 100.0000
KENNETH R. LEIBLER 195.0000
MARIE PILLAI 172.4790
GEORGE PUTNAM III 3,815.0000
ROBERT L. REYNOLDS 100.0000
MONA K. SUTPHEN 149.0000
Putnam Massachusetts Tax Exempt Income Fund – Class A GEORGE PUTNAM III 8,315.5450
Putnam Massachusetts Tax Exempt Income Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 149.3980
KATINKA I. DOMOTORFFY 136.2380
CATHARINE BOND HILL 111.6190
KENNETH R. LEIBLER 177.1680
GEORGE PUTNAM III 2,162.4020
ROBERT L. REYNOLDS 161.0770
MANOJ P. SINGH 110.7750
MONA K. SUTPHEN 104.5360
Putnam Master Intermediate Income Trust LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 100.0000
KATINKA I. DOMOTORFFY 100.0000
CATHARINE BOND HILL 100.0000
KENNETH R. LEIBLER 100.0000
JENNIFER WILLIAMS MURPHY 299.0000
MARIE PILLAI 309.6160
GEORGE PUTNAM III 2,178.0000
ROBERT L. REYNOLDS 100.0000
MONA K. SUTPHEN 298.0000
Putnam Minnesota Tax Exempt Income Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 146.7670
KATINKA I. DOMOTORFFY 135.2980
CATHARINE BOND HILL 111.4630
KENNETH R. LEIBLER 170.7050
GEORGE PUTNAM III 2,184.0920
ROBERT L. REYNOLDS 156.4550
MANOJ P. SINGH 110.7310
MONA K. SUTPHEN 109.0250
Putnam Money Market Fund – Class A LIAQUAT A. AHAMED 18,551.5000
BARBARA M. BAUMANN 1,073.9600
KATINKA I. DOMOTORFFY 20,215.8400
CATHARINE BOND HILL 4,716.9900
KENNETH R. LEIBLER 56.1100
GEORGE PUTNAM III 775,037.6400
ROBERT L. REYNOLDS 83,587.4900
MANOJ P. SINGH 227.9600
MONA K. SUTPHEN 2,065.8100
Putnam Mortgage Opportunities Fund – Class R6 MARIE PILLAI 188.097847
J-9 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam Mortgage Opportunities Fund – Class Y LIAQUAT A. AHAMED 120.8670
BARBARA M. BAUMANN 120.8670
KATINKA I. DOMOTORFFY 120.8670
CATHARINE BOND HILL 120.4450
KENNETH R. LEIBLER 120.8670
GEORGE PUTNAM III 1,487.5880
ROBERT L. REYNOLDS 119.1340
MANOJ P. SINGH 120.8670
MONA K. SUTPHEN 124.0090
Putnam Mortgage Securities Fund – Class R6 BARBARA M. BAUMANN

9,089.208287

(1.32%)

MARIE PILLAI 182.444022
Putnam Mortgage Securities Fund – Class Y LIAQUAT A. AHAMED 166.5510
BARBARA M. BAUMANN 322.1990
KATINKA I. DOMOTORFFY 265.0480
CATHARINE BOND HILL 133.9520
KENNETH R. LEIBLER 318.9530
GEORGE PUTNAM III 9,769.9320
ROBERT L. REYNOLDS 351.0920
MANOJ P. SINGH 132.2660
MONA K. SUTPHEN 99.9150
Putnam Multi Asset Income Fund – Class R6 MARIE PILLAI 166.732724
Putnam Multi Asset Income Fund – Class Y LIAQUAT A. AHAMED 179.3550
BARBARA M. BAUMANN 292.4180
KATINKA I. DOMOTORFFY 781.8040
CATHARINE BOND HILL 118.8120
KENNETH R. LEIBLER 297.6370
GEORGE PUTNAM III 2,694.7780
ROBERT L. REYNOLDS

46,878.0400

(1.05%)

MANOJ P. SINGH 114.5130
MONA K. SUTPHEN 109.7900
Putnam Municipal Opportunities Trust LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 100.0000
KATINKA I. DOMOTORFFY 100.0000
CATHARINE BOND HILL 100.0000
KENNETH R. LEIBLER 287.0000
MARIE PILLAI 99.6000
GEORGE PUTNAM III 3,788.0000
ROBERT L. REYNOLDS 100.0000
MONA K. SUTPHEN 89.0000
Putnam New Jersey Tax Exempt Income Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 154.0010
KATINKA I. DOMOTORFFY 140.7930
CATHARINE BOND HILL 113.8320
KENNETH R. LEIBLER 180.5460
GEORGE PUTNAM III 2,225.9500
ROBERT L. REYNOLDS 164.8330
MANOJ P. SINGH 112.8790
MONA K. SUTPHEN 109.3360
Putnam New York Tax Exempt Income Fund – Class A KENNETH R. LEIBLER 158.1330
GEORGE PUTNAM III 2,097.5420
J-10 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam New York Tax Exempt Income Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 153.3110
KATINKA I. DOMOTORFFY 139.5670
CATHARINE BOND HILL 113.0280
KENNETH R. LEIBLER 181.4220
GEORGE PUTNAM III 2,513.9330
ROBERT L. REYNOLDS 164.6750
MANOJ P. SINGH 112.2340
MONA K. SUTPHEN 118.5720
Putnam Ohio Tax Exempt Income Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 149.8870
KATINKA I. DOMOTORFFY 137.5000
CATHARINE BOND HILL 113.0870
KENNETH R. LEIBLER 175.8650
GEORGE PUTNAM III 2,221.4720
ROBERT L. REYNOLDS 160.6920
MANOJ P. SINGH 112.3610
MONA K. SUTPHEN 113.1810
Putnam PanAgora ESG Emerging Markets Equity ETF LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 104.0000
KATINKA I DOMOTORFFY 52.0000
CATHARINE BOND HILL 52.0000
KENNETH R. LEIBLER 51.0000
MARIE PILLAI 51.9480
GEORGE PUTNAM III 200.0000
MANOJ P. SINGH 53.0000
MONA K. SUTPHEN 49.0000
Putnam PanAgora ESG International Equity ETF LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 100.0000
KATINKA I. DOMOTORFFY 49.0000
CATHARINE BOND HILL 50.0000
KENNETH R. LEIBLER 47.0000
MARIE PILLAI 48.3230
GEORGE PUTNAM III 200.0000
MANOJ P. SINGH 50.0000
MONA K. SUTPHEN 45.000
Putnam Pennsylvania Tax Exempt Income Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 151.0740
KATINKA I. DOMOTORFFY 138.2700
CATHARINE BOND HILL 112.5660
KENNETH R. LEIBLER 176.7040
GEORGE PUTNAM III 2,227.1930
ROBERT L. REYNOLDS 161.8120
MANOJ P. SINGH 111.7220
MONA K. SUTPHEN 109.5030
Putnam Premier Income Trust LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 100.0000
KATINKA I. DOMOTORFFY 100.0000
CATHARINE BOND HILL 100.0000
KENNETH R. LEIBLER 100.0000
JENNIFER WILLIAMS MURPHY 272.0000
MARIE PILLAI 282.8200
GEORGE PUTNAM III 2,505.0000
ROBERT L. REYNOLDS 100.0000
MONA K. SUTPHEN 268.0000
J-11 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam Research Fund – Class R6 KATINKA I. DOMOTORFFY 1254.782636
MARIE PILLAI 255.911468
ROBERT L. REYNOLDS

7293.757638

(1.19%)

STEPHEN J. TATE 980.543
Putnam Research Fund – Class Y LIAQUAT A. AHAMED 243.7670
BARBARA M BAUMANN 162.1070
KATINKA I. DOMOTORFFY 158.7050
CATHARINE BOND HILL 130.1570
KENNETH R. LEIBLER 165.9490
GEORGE PUTNAM III 2,906.3430
ROBERT L. REYNOLDS 163.4640
MANOJ P. SINGH 130.1570
MONA K. SUTPHEN 74.3720
Putnam Retirement Advantage 2030 Fund – Class Y BARBARA M. BAUMANN

108.2020

(7.38%)

Putnam Retirement Advantage 2035 Fund – Class Y MONA K. SUTPHEN

104.2400

(5.21%)

Putnam Retirement Advantage 2040 Fund – Class R6 MARIE PILLAI 179.795742
Putnam Retirement Advantage 2050 Fund - Class Y LIAQUAT A. AHAMED

109.8420

(8.03%)

Putnam Retirement Advantage Maturity Fund – Class Y KATINKA I. DOMOTORFFY

104.019

(4.20%)

CATHARINE BOND HILL

103.702

(4.19%)

KENNETH R. LEIBLER 5.2020
GEORGE PUTNAM III

1,019.3920

(41.15%)

ROBERT L. REYNOLDS

107.8700

(4.35%)

MANOJ P. SINGH

105.417

(4.26%)

Putnam Short Duration Bond Fund – Class R6 MARIE PILLAI 167.646479
Putnam Short Duration Bond Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 131.1760
KATINKA I. DOMOTORFFY 125.7500
CATHARINE BOND HILL 111.9150
KENNETH R. LEIBLER 131.6300
JENNIFER WILLIAMS MURPHY 107.2900
GEORGE PUTNAM III 1,315.7720
ROBERT L. REYNOLDS 131.6300
MANOJ P. SINGH 110.5220
MONA K. SUTPHEN 101.7690
Putnam Short-Term Municipal Income Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 612.3070
KATINKA I. DOMOTORFFY 113.7350
CATHARINE BOND HILL 107.6400
KENNETH R. LEIBLER 160.1280
GEORGE PUTNAM III 1,360.5940
ROBERT L. REYNOLDS 104.2100
MANOJ P. SINGH 107.2130
MONA K. SUTPHEN 101.4900
J-12 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam Small Cap Growth Fund – Class R6 MARIE PILLAI 176.314715
ROBERT L. REYNOLDS 1150.06627
STEPHEN J. TATE 449.179
Putnam Small Cap Growth Fund – Class Y LIAQUAT A. AHAMED 126.8740
BARBARA M. BAUMANN 2,107.7010
KATINKA I. DOMOTORFFY 185.9770
CATHARINE BOND HILL 122.9020
KENNETH R. LEIBLER 225.4340
GEORGE PUTNAM III 12,824.0230
ROBERT L. REYNOLDS 182.7060
MANOJ P. SINGH 122.9020
MONA K. SUTPHEN 63.0540
Putnam Small Cap Value Fund – Class R6 KATINKA I. DOMOTORFFY 3,222.296232
MARIE PILLAI 117.016152
JANET C. SMITH 7,080.607
Putnam Small Cap Value Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 198.1390
KATINKA I. DOMOTORFFY 203.4980
CATHARINE BOND HILL 111.0920
KENNETH R. LEIBLER 330.7930
GEORGE PUTNAM III 7,075.1090
ROBERT L. REYNOLDS 201.6160
MANOJ P. SINGH 111.0920
MONA K. SUTPHEN 267.4010
Putnam Strategic Intermediate Municipal Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 162.5460
KATINKA I. DOMOTORFFY 148.0370
CATHARINE BOND HILL 119.4740
KENNETH R. LEIBLER 190.8850
GEORGE PUTNAM III 1,522.0160
ROBERT L. REYNOLDS 174.3300
MANOJ P. SINGH 117.4010
MONA K. SUTPHEN 209.1030
Putnam Sustainable Future ETF LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 112.0000
KATINKA I. DOMOTORFFY 57.0000
CATHARINE BOND HILL 56.0000
KENNETH R. LEIBLER 54.0000
JENNIFER WILLIAMS MURPHY 60.0000
MARIE PILLAI 57.0150
GEORGE PUTNAM III 200.0000
MANOJ P. SINGH 60.0000
MONA K. SUTPHEN 53.0000
Putnam Sustainable Future Fund – Class R6 LIAQUAT A. AHAMED

14,061.58236

(1.08%)

KATINKA I. DOMOTORFFY 2,869.396557
MARIE PILLAI 98.316318
ROBERT L. REYNOLDS 4,299.65718
JANET C. SMITH

26,648.493

(2.05%)

J-13 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam Sustainable Future Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 7,543.0140
KATINKA I. DOMOTORFFY 289.4010
CATHARINE BOND HILL 132.0690
KENNETH R. LEIBLER 300.2760
GEORGE PUTNAM III 7,283.4830
ROBERT L. REYNOLDS 223.3960
MANOJ P. SINGH 132.0690
MONA K. SUTPHEN 232.9650
Putnam Sustainable Leaders ETF LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 90.0000
KATINKA I. DOMOTORFFY 44.0000
CATHARINE BOND HILL 45.0000
KENNETH R. LEIBLER 42.0000
JENNIFER WILLIAMS MURPHY 50.0000
MARIE PILLAI 44.4440
GEORGE PUTNAM III 200.0000
MANOJ P. SINGH 45.0000
MONA K. SUTPHEN 41.0000
Putnam Sustainable Leaders Fund – Class A GEORGE PUTNAM III 6,290.1050
Putnam Sustainable Leaders Fund – Class R6 KATINKA I. DOMOTORFFY 452.081696
MARIE PILLAI 92.416595
ROBERT L. REYNOLDS 2404.765787
JANET C. SMITH 8040.587
STEPHEN J. TATE 118.552
Putnam Sustainable Leaders Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 1,899.6590
KATINKA I. DOMOTORFFY 213.6860
CATHARINE BOND HILL 34.1620
KENNETH R. LEIBLER 250.1970
JENNIFER WILLIAMS MURPHY 10.7140
GEORGE PUTNAM III

43,359.7430

(1.31%)

ROBERT L. REYNOLDS 16,203.4360
MANOJ P. SINGH 98.3860
MONA K. SUTPHEN 43.3300
Putnam Sustainable Retirement 2025 Fund – Class Y LIAQUAT A. AHAMED 100.0000
GEORGE PUTNAM III 2,311.1070
Putnam Sustainable Retirement 2030 Fund – Class R6 JANET C. SMITH

21,537.533

(4.13%)

Putnam Sustainable Retirement 2030 Fund – Class Y BARBARA M. BAUMANN 141.1530
Putnam Sustainable Retirement 2035 Fund – Class Y MONA K. SUTPHEN 41.2410
Putnam Sustainable Retirement 2040 Fund – Class R6 MARIE PILLAI 68.132176
Putnam Sustainable Retirement 2040 Fund – Class Y ROBERT L. REYNOLDS 524.6050
Putnam Sustainable Retirement 2055 Fund – Class Y GEORGE PUTNAM III 909.8340
J-14 
 

 

Fund and Share Class Shareholder Name and Address Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam Sustainable Retirement Maturity Fund – Class Y BARBARA M. BAUMANN 178.9660
KATINKA I. DOMOTORFFY 138.5870
CATHARINE BOND HILL 120.7430
KENNETH R. LEIBLER 311.2660
GEORGE PUTNAM III 1,342.360
ROBERT L. REYNOLDS 139.7070
MANOJ P. SINGH 118.2980
Putnam Tax Exempt Income Fund- Class A KENNETH R. LEIBLER 162.311
GEORGE PUTNAM III 1,490.32
Putnam Tax Exempt Income Fund – Class Y LIAQUAT A. AHAMED 310.9810
BARBARA M. BAUMANN 496.3990
KATINKA I. DOMOTORFFY 452.9270
CATHARINE BOND HILL 118.2030
KENNETH R. LEIBLER 587.1430
GEORGE PUTNAM III 12,391.9950
ROBERT L. REYNOLDS 534.5740
MANOJ P. SINGH 116.8840
MONA K. SUTPHEN 120.7950
Putnam Tax-Free High Yield Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 175.8490
KATINKA I. DOMOTORFFY 156.5520
CATHARINE BOND HILL 120.5010
KENNETH R. LEIBLER 216.9980
GEORGE PUTNAM III 5,773.1420
ROBERT L. REYNOLDS 193.7890
MANOJ P. SINGH 119.2840
MONA K. SUTPHEN 81.4260
Putnam Ultra Short Duration Income Fund – Class R6 JONATHAN S. HORWITZ 0.004
MARIE PILLAI 162.0203
Putnam Ultra Short Duration Income Fund – Class Y LIAQUAT A. AHAMED 100.0000
BARBARA M. BAUMANN 75,777.8390
KATINKA I. DOMOTORFFY 114.9140
CATHARINE BOND HILL 108.0760
KENNETH R. LEIBLER 127.4200
JENNIFER WILLIAMS MURPHY 102.4900
GEORGE PUTNAM III 1,386.1440
ROBERT L. REYNOLDS 115.5530
MANOJ P. SINGH 107.4050
MONA K. SUTPHEN 102.8840
STEPHEN J. TATE 18,857.273
Putnam VT Global Asset Allocation Fund – Class IA GEORGE PUTNAM III 442.33

 

 

Aggregate Ownership

 

The following table shows the number of shares beneficially owned by the Trustees and executive officers, as a group, in each fund, as of May 31, 2023. Where the number of shares beneficially owned exceeds 1% percent of the class owned, the percentage is included in parentheses below.

 

Fund and Share Class Shares Beneficially Owned (Percentage of Class Owned if >1%)
George Putnam Balanced Fund – Class A 32,471.156
George Putnam Balanced Fund – Class R6 31,550.0796
George Putnam Balanced Fund – Class Y

118,943.9690

(1.13%)

Putnam BDC Income ETF 619.3600
J-15 
 

 

Fund and Share Class Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam BioRevolution ETF

2,494.6570

(1.43%)

Putnam California Tax Exempt Income Fund – Class Y 4,050.2110
Putnam Convertible Securities Fund – Class R6 73.497537
Putnam Convertible Securities Fund – Class Y 31,517.7910
Putnam Core Bond Fund – Class R6

10,117.18273

(5.41%)

Putnam Core Bond Fund – Class Y 41,767.7740
Putnam Core Equity Fund – Class R6 21,290.3851
Putnam Core Equity Fund – Class Y 32,494.981
Putnam Diversified Income Trust – Class R6 25,225,2641
Putnam Diversified Income Trust – Class Y 169,550.0270
Putnam Dynamic Asset Allocation Balanced Fund – Class R6 115.160568
Putnam Dynamic Asset Allocation Balanced Fund – Class Y 9,835.7210
Putnam Dynamic Asset Allocation Conservative Fund – Class R6 813.2278
Putnam Dynamic Asset Allocation Conservative Fund – Class Y 9,968.9010
Putnam Dynamic Asset Allocation Equity Fund – Class A 443.1060
Putnam Dynamic Asset Allocation Growth Fund – Class R6 96.173971
Putnam Dynamic Asset Allocation Growth Fund – Class Y 38,975.4450
Putnam Emerging Markets Equity Fund – Class R6

24,179.5885

(1.04%)

Putnam Emerging Markets Equity Fund – Class Y 75,251.7150
Putnam ESG Core Bond ETF 464.0900
Putnam ESG High Yield ETF 462.0520
Putnam ESG Ultra Short ETF 458.9380
Putnam Floating Rate Income Fund – Class R6 208.430862
Putnam Floating Rate Income Fund – Class Y 17,312.6750
Putnam Focused Equity Fund  – Class A 10,304.0490
Putnam Focused Equity Fund  – Class R6

10,009.9918

(1.36%)

Putnam Focused Equity Fund  – Class Y

106,398.3440

(2.73%)

Putnam Focused International Equity Fund  – Class A 31,052.208
Putnam Focused International Equity Fund  – Class R6 14,722.2627
Putnam Focused International Equity Fund  – Class Y

237,863.8780

(7.65%)

Putnam Focused Large Cap Growth ETF 703.4800
Putnam Focused Large Cap Value ETF 635.3110
Putnam Global Health Care Fund  – Class R6

5,766.44286

(1.26%)

Putnam Global Health Care Fund  – Class Y 17,577.8090
Putnam Global Income Trust  – Class Y

78,815.2080

(2.28%)

Putnam Global Income Trust – Class R6 314.758069
Putnam Global Technology Fund  – Class R6 2,295.025205
Putnam Global Technology Fund – Class Y 10,938.1920
Putnam Government Money Market Fund – Class A 570,811.19
Putnam High Yield Fund  – Class R6 12,679.8912
Putnam High Yield Fund – Class Y 111,907.873
Putnam Income Fund – Class R6 32,592.511
Putnam Income Fund – Class Y

1,866,966.34

(1.44%)

J-16 
 

 

Fund and Share Class Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam Intermediate-Term Municipal Income Fund – Class Y 2,520.8480
Putnam International Capital Opportunities Fund – Class R6 2,612.46435
Putnam International Capital Opportunities Fund – Class Y 3,994.1940
Putnam International Equity Fund  – Class R6 6,178.87769
Putnam International Equity Fund – Class Y 32,639.1110
Putnam International Value Fund – Class R6 3,943.3228
Putnam International Value Fund – Class Y 7,592.8620
Putnam Large Cap Growth Fund – Class A 12,281.4200
Putnam Large Cap Growth Fund – Class R6 41,059.5699
Putnam Large Cap Growth Fund – Class Y 189,325.709
Putnam Large Cap Value Fund – Class A 32,643.5320
Putnam Large Cap Value Fund – Class R6 23,717.8691
Putnam Large Cap Value Fund – Class Y 315,111.3080
Putnam Managed Municipal Income Trust 4,831.4790
Putnam Massachusetts Tax Exempt Income Fund – Class A 8,315.5450
Putnam Massachusetts Tax Exempt Income Fund – Class Y 3,213.2130
Putnam Master Intermediate Income Trust 3,684.6160
Putnam Minnesota Tax Exempt Income Fund – Class Y 3,224.5360
Putnam Money Market Fund  – Class A 905,533.3000
Putnam Mortgage Opportunities Fund  – Class R6 188.097847
Putnam Mortgage Opportunities Fund  – Class Y 2,455.5110
Putnam Mortgage Securities Fund  – Class R6

9,271.652309

(1.35%)

Putnam Mortgage Securities Fund – Class Y 11,559.9080
Putnam Multi Asset Income Fund – Class R6

166.732724

(1.16%)

Putnam Multi Asset Income Fund – Class Y 51,467.1470
Putnam Municipal Opportunities Trust 4,763.6000
Putnam New Jersey Tax Exempt Income Fund – Class Y 3,302.1700
Putnam New York Tax Exempt Income Fund – Class A 2,255.6750
Putnam New York Tax Exempt Income Fund – Class Y 3,596.7420
Putnam Ohio Tax Exempt Income Fund – Class Y 3,284.0450
Putnam PanAgora ESG Emerging Markets Equity ETF 712.9480
Putnam PanAgora ESG International Equity ETF 689.3230
Putnam Pennsylvania Tax Exempt Income Fund – Class Y 3,288.8440
Putnam Premier Income Trust 3,927.8200
Putnam Research Fund – Class R6

9,784.99474

(1.60%)

Putnam Research Fund – Class Y 4,135.0210
Putnam Retirement Advantage 2030 Fund – Class Y

108.2020

(7.38%)

Putnam Retirement Advantage 2035 Fund – Class Y

104.2400

(5.21%)

Putnam Retirement Advantage 2040 Fund – Class R6 179.795742
Putnam Retirement Advantage 2050 Fund  – Class Y

109.8420

(8.03%)

Putnam Retirement Advantage Maturity Fund

1,445.6020

(58.35%)

Putnam Short Duration Bond Fund  – Class R6 167.646479
Putnam Short Duration Bond Fund – Class Y 2,367.4540
Putnam Short-Term Municipal Income Fund – Class Y 2,767.3170
Putnam Small Cap Growth Fund – Class R6 1,775.55998
J-17 
 

 

Fund and Share Class Shares Beneficially Owned (Percentage of Class Owned if >1%)
Putnam Small Cap Growth Fund – Class Y 15,961.5730
Putnam Small Cap Value Fund  – Class R6 10,419.919
Putnam Small Cap Value Fund – Class Y 8,598.7400
Putnam Strategic Intermediate Municipal Fund – Class Y 2,743.7920
Putnam Sustainable Future ETF 809.0150
Putnam Sustainable Future Fund – Class R6

47,977.4454

(3.69%)

Putnam Sustainable Future Fund – Class Y 16,236.6730
Putnam Sustainable Leaders ETF 701.4440
Putnam Sustainable Leaders Fund  – Class R6

10,989.8511

(1.29%)

Putnam Sustainable Leaders Fund  – Class Y

62,213.313

(1.87%)

Putnam Sustainable Leaders Fund – Class A 6,290.1050
Putnam Sustainable Retirement 2025 Fund – Class Y 2,411.1070
Putnam Sustainable Retirement 2030 Fund – Class R6

21,537.533

(4.13%)

Putnam Sustainable Retirement 2030 Fund – Class Y 141.1530
Putnam Sustainable Retirement 2035 Fund – Class Y 41.2410
Putnam Sustainable Retirement 2040 Fund – Class R6 68.132176
Putnam Sustainable Retirement 2040 Fund – Class Y 524.6050
Putnam Sustainable Retirement 2055 Fund – Class Y 909.8340
Putnam Sustainable Retirement Maturity Fund – Class Y 2,349.8730
Putnam Tax Exempt Income Fund – Class A 1,652.6330
Putnam Tax Exempt Income Fund – Class Y 15,129.9010
Putnam Tax-Free High Yield Fund – Class Y 6,937.5410
Putnam Ultra Short Duration Income Fund – Class R6 162.0243
Putnam Ultra Short Duration Income Fund – Class Y 96,899.9980
Putnam VT Global Asset Allocation Fund – Class IA 442.33

 

 

 

J-18 
 

Appendix K — 5% Beneficial Ownership 

As of May 31, 2023, to the knowledge of the Putnam funds, no person owned beneficially or of record 5% or more of any class of shares of any Putnam fund, except as shown in the table below. 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
George Putnam Balanced Fund Class A

EDWARD D JONES & CO. FOR THE BENEFIT OF CUSTOMERS
1255 MANCHESTER RD.

ST. LOUIS, MO 63131-3729

5,169,777.680 9.06%
George Putnam Balanced Fund Class A NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT. 4TH FL.
JERSEY CITY, NJ 07310-2010
4,213,808.086 7.39%
George Putnam Balanced Fund Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT
FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
3,310,225.380 5.80%
George Putnam Balanced Fund Class A PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
3,219,621.138 5.64%
George Putnam Balanced Fund Class B PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
24,930.187 12.34%
George Putnam Balanced Fund Class B AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
19,779.398 9.79%
George Putnam Balanced Fund Class B NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT. 4TH FL.
JERSEY CITY, NJ 07310-2010
16,030.159 7.94%
George Putnam Balanced Fund Class B

LPL FINANCIAL --

OMNIBUS CUSTOMER ACCOUNT

ATTN: LINDSAY O'TOOLE

4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

12,512.472 6.20%
George Putnam Balanced Fund Class B RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST. PETERSBURG, FL  33716-1100
12,023.242 5.95%
George Putnam Balanced Fund Class B CHARLES SCHWAB & CO. INC.CLEARING ACCOUNT
FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS
101 MONTGOMERY ST.
SAN FRANCISCO, CA 94104-4151
11,693.003 5.79%
K-1 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
George Putnam Balanced Fund Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT
FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
900,906.103 18.29%
George Putnam Balanced Fund Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST. PETERSBURG, FL  33716-1100
669,779.006 13.60%
George Putnam Balanced Fund Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
549,309.338 11.15%
George Putnam Balanced Fund Class C AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
535,080.300 10.86%
George Putnam Balanced Fund Class C PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
466,309.881 9.47%
George Putnam Balanced Fund Class C NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT. 4TH FL.
JERSEY CITY, NJ 07310-2010
453,306.841 9.20%
George Putnam Balanced Fund Class M STATE STREET BANK TTEE
ADP ACCESS PRODUCT
1 LINCOLN ST.
BOSTON, MA 02111-2901
2,428,757.666 100.00%
George Putnam Balanced Fund Class R RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST. PETERSBURG, FL  33716-1100
16,938.788 29.68%
George Putnam Balanced Fund Class R STATE STREET BANK TTEE
ADP ACCESS PRODUCT
1 LINCOLN ST.
BOSTON, MA 02111-2901
15,849.955 27.78%
George Putnam Balanced Fund Class R

ASCENSUS TRUST COMPANY
FBO SAP SOUTH WALES

FIRE DISTRICT #1
PO BOX 10758
FARGO, ND 58106-0758

8,254.919 14.47%
K-2 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
George Putnam Balanced Fund Class R MID ATLANTIC TRUST COMPANY FBO
KATOPODY LLC 401(K) PROFIT SHARING
1251 WATERFRONT PLACE, SUITE 525
PITTSBURGH, PA 15222-4228
6,412.950 11.24%
George Putnam Balanced Fund Class R5 PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
488.747 100.00%
George Putnam Balanced Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3729
1,544,943.540 38.47%
George Putnam Balanced Fund Class R6 EMPOWER TRUST COMPANY, LLC  
THE PUTNAM RETIREMENT PLAN
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
1,000,123.980 24.90%
George Putnam Balanced Fund Class R6 EMPOWER TRUST COMPANY, LLC   RECORDKEEPING FOR VARIOUS BENEFIT PLANS
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
686,273.662 17.09%
George Putnam Balanced Fund Class R6 GREAT-WEST TRUST COMPANY, LLC – EMPLOYEE BENEFITS
CLIENTS 401(K) PLAN
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
361,457.218 9.00%
George Putnam Balanced Fund Class Y EMPOWER TRUST COMPANY, LLC
RECORDKEEPING FOR VARIOUS BENEFIT PLANS
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE, CO 80111-5002
1,447,819.216 13.74%
George Putnam Balanced Fund Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST. PETERSBURG, FL  33716-1100
1,387,185.572 13.17%
George Putnam Balanced Fund Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
1,351,824.329 12.83%
George Putnam Balanced Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
939,902.840 8.92%
K-3 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
George Putnam Balanced Fund Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT
FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
857,771.957 8.14%
George Putnam Balanced Fund Class Y MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK, NY 10004-1932
757,412.289 7.19%
George Putnam Balanced Fund Class Y NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT. 4TH FL.
JERSEY CITY, NJ 07310-2010
738,877.412 7.01%
George Putnam Balanced Fund Class Y PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
581,311.747 5.52%
George Putnam Balanced Fund Class Y

CHARLES SCHWAB & CO. INC.

CLEARING ACCOUNT
FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS
101 MONTGOMERY ST.
SAN FRANCISCO, CA 94104-4151

547,623.486 5.20%
Putnam BDC Income ETF NATIONAL FINANCIAL SERVICES LLC
499 WASHINGTON BLVD
JERSEY CITY, NJ 07310-1995
131,819 12.26%
Putnam BDC Income ETF STATE STREET BANK
FBO ADP ACCESS
1 LINCOLN ST.
BOSTON, MA 02111-2901
800,000 74.42%
Putnam BioRevolution ETF NATIONAL FINANCIAL SERVICES LLC
499 WASHINGTON BLVD
JERSEY CITY, NJ 07310-1995
27,708 15.83%
Putnam BioRevolution ETF STATE STREET BANK
FBO ADP ACCESS
1 LINCOLN ST.
BOSTON, MA 02111-2901
125,000 71.43%
Putnam BioRevolution ETF RBC CAPITAL MARKETS, LLC
250 NICOLLET MALL STE 1800
MINNEAPOLIS, MN 55401-1931
9,750 5.57%
Putnam California Tax Exempt Income Class A

MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS

1 NEW YORK PLAZA FL 12

NEW YORK NY 10004-1965

12,135,421.772 12.44%
K-4 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam California Tax Exempt Income Class A

WELLS FARGO CLEARING SERVICES, LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST

SAINT LOUIS MO 63103-2523

11,766,613.443 12.06%
Putnam California Tax Exempt Income Class A

MLPF&S FOR THE SOLE BENEFIT OF IT'S CUSTOMERS ATTN FUND ADMINISTRATION

4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484

10,103,930.905 10.36%
Putnam California Tax Exempt Income Class A PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
6,996,034.417 7.17%
Putnam California Tax Exempt Income Class B PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
13,706.014 56.24%
Putnam California Tax Exempt Income Class B

VIOLETA L DE VERA & VICKY L DE VERA JTWROS TOD LILY KWAN SUBJECT TO STA TOD RULES

307 PEACH BLOSSOM LN

TEHACHAPI CA 93561-2437

6,196.361 25.43%
Putnam California Tax Exempt Income Class B

CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT

FBO THEIR CUSTOMERS

ATTN MUTUAL FUNDS

211 MAIN ST

SAN FRANCISCO CA 94105-1901

1,379.282 5.66%
Putnam California Tax Exempt Income Class C

WELLS FARGO CLEARING SERVICES, LLC SPECIAL CUSTODY ACCT

FOR THE EXCLUSIVE BENEFIT OF CUSTOMER

2801 MARKET ST

SAINT LOUIS MO 63103-2523

387,057.441 29.05%
Putnam California Tax Exempt Income Class C

J.P. MORGAN SECURITIES LLC. FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS

4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPT

BROOKLYN NY 11245-0003

129,886.793 9.75%
Putnam California Tax Exempt Income Class C

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ

07399-0001

129,438.073 9.71%
Putnam California Tax Exempt Income Class C

LPL FINANCIAL

OMNIBUS CUSTOMER ACCOUNT-- ATTN: LINDSAY O'TOOLE 4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

120,435.335 9.04%
Putnam California Tax Exempt Income Class C

MLPF&S FOR THE SOLE BENEFIT OF IT'S CUSTOMERS

ATTN FUND ADMINISTRATION

4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484

81,693.625 6.13%
K-5 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam California Tax Exempt Income Class C

CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FBO THEIR CUSTOMERS ATTN MUTUAL FUNDS

211 MAIN ST

SAN FRANCISCO CA 94105-1901

70,608.320 5.30%
Putnam California Tax Exempt Income Class R6

EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS

12555 MANCHESTER RD

SAINT LOUIS MO 63131-3710

375,862.840 97.67%
Putnam California Tax Exempt Income Class Y

MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS

1 NEW YORK PLAZA FL 12

NEW YORK NY 10004-1965

2,236,944.861 17.82%
Putnam California Tax Exempt Income Class Y

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ

07399-0001

1,918,193.858 15.28%
Putnam California Tax Exempt Income Class Y

MERRILL LYNCH FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION

4800 DEERLAKE DR E FL3 JACKSONVILLE FL 32246-6484

1,831,051.120 14.59%
Putnam California Tax Exempt Income Class Y

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

499 WASHINGTON BLVD ATTN: MUTUAL FUNDS DEPT 4TH FL

JERSEY CITY NJ 07310-1995

1,088,462.955 8.67%
Putnam California Tax Exempt Income Class Y

WELLS FARGO CLEARING SERVICES, LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST

SAINT LOUIS MO 63103-2523

936,463.525 7.46%
Putnam California Tax Exempt Income Class Y

UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EXCL BEN CUST UBSFSI

1000 HARBOR BLVD

WEEHAWKEN NJ 07086-6761

791,409.978 6.30%
Putnam California Tax Exempt Income Class Y

CHARLES SCHWAB & CO INC CLEARING ACCOUNT FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS

101 MONTGOMERY ST

SAN FRANCISCO CA 94104-4151

778,587.945 6.20%
Putnam California Tax Exempt Income Class Y

TD AMERITRADE INC FBO OUR CUSTOMERS

PO BOX 2226

OMAHA NE 68103-2226

667,877.150 5.32%
Putnam California Tax Exempt Income Class Y

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S

MINNEAPOLIS MN 55402-2405

665,066.321 5.30%
K-6 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Convertible Securities Fund - Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
1,663,692.577 9.90%
Putnam Convertible Securities Fund - Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
1,310,859.901 7.80%
Putnam Convertible Securities Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
976,200.023 5.81%
Putnam Convertible Securities Fund - Class B MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
4,302.376 18.61%
Putnam Convertible Securities Fund - Class B AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
2,585.827 11.19%
Putnam Convertible Securities Fund - Class B RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
2,221.032 9.61%
Putnam Convertible Securities Fund - Class B CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1901
1,810.515 7.83%
Putnam Convertible Securities Fund - Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
1,793.131 7.76%
Putnam Convertible Securities Fund - Class B RANDY C SCHMIDT
5555 OAKLAND RD
BALTIMORE MD  21227-2822
1,519.844 6.57%
Putnam Convertible Securities Fund - Class B RBC CAPITAL MARKETS, LLC
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
ATTN MUTUAL FUND OPS MANAGER
250 NICOLLET MALL STE 1400
MINNEAPOLIS MN  55401-7554
1,405.179 6.08%
K-7 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Convertible Securities Fund - Class C CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1901
77,246.409 17.95%
Putnam Convertible Securities Fund - Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
63,307.185 14.71%
Putnam Convertible Securities Fund - Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
63,289.500 14.70%
Putnam Convertible Securities Fund - Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
36,328.020 8.44%
Putnam Convertible Securities Fund - Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
32,147.347 7.47%
Putnam Convertible Securities Fund - Class C MLPF&S FOR THE SOLE BENEFIT OF
IT'S CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
29,611.100 6.88%
Putnam Convertible Securities Fund - Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
22,826.495 5.30%
Putnam Convertible Securities Fund - Class R STATE STREET BK & TR TTEE &/OR CUST
ADP ACCESS PRODUCT
1 LINCOLN ST
BOSTON MA  02111-2901
45,564.088 40.01%
Putnam Convertible Securities Fund - Class R MATRIX TRUST COMPANY AS AGENT FOR
NEWPORT TRUST COMPANY
CORNERSTONE MEDICAL GROUP, P.C.
401(K) PS PLAN & TRUST
35 IRON POINT CIRCLE
FOLSOM CA  95630-8587
21,036.780 18.47%
Putnam Convertible Securities Fund - Class R ASCENSUS TRUST COMPANY FBO
CORELATION INC 401(K) PLAN  214940
PO BOX 10758
FARGO ND  58106-0758
10,705.424 9.40%
K-8 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Convertible Securities Fund - Class R VOYA INSTITUTIONAL TRUST COMPANY
VOYA FINANCIAL
1 ORANGE WAY
WINDSOR CT  06095-4773
9,236.118 8.11%
Putnam Convertible Securities Fund - Class R ASCENSUS TRUST COMPANY FBO
COST EFFECTIVE COMPUTER SYSTEMS, IN
686097
PO BOX 10758
FARGO ND  58106-0758
8,154.584 7.16%
Putnam Convertible Securities Fund - Class R EMPOWER TRUST COMPANY, LLC FBO
EMPOWER BENEFIT GRAND FATHERED PLAN
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
6,180.376 5.43%
Putnam Convertible Securities Fund - Class R6 GREAT WEST TR CO LLC FBO PFTC FBO
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO  80111-5002
396,563.097 31.13%
Putnam Convertible Securities Fund - Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
87,689.853 6.88%
Putnam Convertible Securities Fund - Class Y MERRILL LYNCH FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEERLAKE DR E FL3
JACKSONVILLE FL  32246-6484
1,423,178.280 15.11%
Putnam Convertible Securities Fund - Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
1,336,689.602 14.19%
Putnam Convertible Securities Fund - Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
979,873.341 10.41%
Putnam Convertible Securities Fund - Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
639,570.396 6.79%
Putnam Convertible Securities Fund - Class Y CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1901
561,332.392 5.96%
K-9 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Convertible Securities Fund - Class Y UBS WM USA
0O0 11011 6100
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ  07086-6761
535,109.924 5.68%
Putnam Convertible Securities Fund - Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
525,141.900 5.58%
Putnam Convertible Securities Fund - Class Y MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
507,310.505 5.39%
Putnam Convertible Securities Fund -I PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON MA  02110-1802
813.870 100.00%
Putnam Core Bond Fund Class A

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

499 WASHINGTON BLVD

ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995

2,064,164.005 15.53%
Putnam Core Bond Fund Class A

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

1,217,719.927 9.16%
Putnam Core Bond Fund Class A

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S

MINNEAPOLIS MN 55402-2405

938,417.073 7.06%
Putnam Core Bond Fund Class A

LPL FINANCIAL --OMNIBUS

CUSTOMER ACCOUNT—

ATTN: LINDSAY O'TOOLE 4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

821,279.862 6.18%
Putnam Core Bond Fund Class A

CHARLES SCHWAB & CO INC CLEARING ACCOUNT FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS

101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151

766,761.204 5.77%
Putnam Core Bond Fund Class A

WELLS FARGO CLEARING SERVICES, LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST

SAINT LOUIS MO 63103-2523

765,234.368 5.76%
K-10 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Core Bond Fund Class B

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S

MINNEAPOLIS MN 55402-2405

11,201.907 34.97%
Putnam Core Bond Fund Class B

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

5,566.057 17.38%
Putnam Core Bond Fund Class B

LPL FINANCIAL --OMNIBUS CUSTOMER ACCOUNT—

ATTN: LINDSAY O'TOOLE 4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

2,924.875 9.13%
Putnam Core Bond Fund Class C

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

106,828.829 18.92%
Putnam Core Bond Fund Class C

RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015

ATTN: COURTNEY WALLER

880 CARILLON PKWY

ST PETERSBURG FL 33716-1100

85,165.142 15.08%
Putnam Core Bond Fund Class C

WELLS FARGO CLEARING SERVICES, LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST

SAINT LOUIS MO 63103-2523

56,812.428 10.06%
Putnam Core Bond Fund Class C

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

499 WASHINGTON BLVD

ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995

55,087.262 9.76%
Putnam Core Bond Fund Class C

LPL FINANCIAL --

OMNIBUS CUSTOMER ACCOUNT

ATTN: LINDSAY O'TOOLE

4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

54,462.943 9.65%
Putnam Core Bond Fund Class C

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S

MINNEAPOLIS MN 55402-2405

42,668.418 7.56%
Putnam Core Bond Fund Class R

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

34,839.798 64.47%
Putnam Core Bond Fund Class R

MID ATLANTIC TRUST COMPANY FBO IMAGE ONE UNIFORMS, INC 401(K) PROF

1251 WATERFRONT PLACE, SUITE 525 PITTSBURGH PA 15222-4228

7,170.953 13.27%
Putnam Core Bond Fund Class R

ASCENSUS TRUST COMPANY ALLEN R SCHILLER #482733

PO BOX 10577

FARGO ND 58106-0577

3,328.987 6.16%
K-11 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Core Bond Fund Class R6

EMPOWER TRUST COMPANY, LLC FBO THE PUTNAM RETIREMENT PLAN C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

175,297.051 93.68%
Putnam Core Bond Fund Class R6

GREAT WEST TR CO LLC FBO PFTC FBO THE PUTNAM RETIREMENT PLAN C/O FASCORE LLC

8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002

10,117.176 5.41%
Putnam Core Bond Fund Class Y

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S

MINNEAPOLIS MN 55402-2405

2,274,662.940 19.51%
Putnam Core Bond Fund Class Y

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

499 WASHINGTON BLVD

ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995

1,989,276.492 17.06%
Putnam Core Bond Fund Class Y

LPL FINANCIAL --OMNIBUS CUSTOMER ACCOUNT

ATTN: LINDSAY O'TOOLE

4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

1,873,038.247 16.07%
Putnam Core Bond Fund Class Y

TD AMERITRADE INC FBO OUR CUSTOMERS

PO BOX 2226

OMAHA NE 68103-2226

767,808.856 6.59%
Putnam Core Bond Fund Class Y

UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EXCL BEN CUST UBSFSI

1000 HARBOR BLVD

WEEHAWKEN NJ 07086-6761

613,445.050 5.26%
Putnam Core Bond Fund Class Y

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

605,925.590 5.20%
Putnam Core Bond Fund Class Y WELLS FARGO CLEARING SERVICES, LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO  63103-2523 599,639.846 5.14%
Putnam Core Equity Fund - Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
5,346,968.830 7.61%
Putnam Core Equity Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
4,522,861.823 6.44%
K-12 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Core Equity Fund - Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
3,957,797.552 5.63%
Putnam Core Equity Fund - Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
3,634,119.259 5.17%
Putnam Core Equity Fund - Class B AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
42,163.669 12.97%
Putnam Core Equity Fund - Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
37,647.649 11.58%
Putnam Core Equity Fund - Class B LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
34,916.365 10.74%
Putnam Core Equity Fund - Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
22,977.596 7.07%
Putnam Core Equity Fund - Class B CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1901
21,357.717 6.57%
Putnam Core Equity Fund - Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
614,705.270 17.09%
Putnam Core Equity Fund - Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
589,843.869 16.40%
Putnam Core Equity Fund - Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
355,413.047 9.88%
K-13 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Core Equity Fund - Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
278,621.069 7.75%
Putnam Core Equity Fund - Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
243,515.988 6.77%
Putnam Core Equity Fund - Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
201,292.349 5.60%
Putnam Core Equity Fund - Class R STATE STREET BANK FBO
ADP ACCESS
1 LINCOLN ST
BOSTON MA  02111-2901
73,953.243 33.06%
Putnam Core Equity Fund - Class R ASCENSUS TRUST COMPANY FBO
E. FRANK EARLEY III, PC INDIVIDUAL
131936
PO BOX 10758
FARGO ND  58106-0758
25,375.882 11.35%
Putnam Core Equity Fund - Class R ASCENSUS TRUST COMPANY FBO
DELATTE & EDWARDS APLC 401K 131069
PO BOX 10758
FARGO ND  58106-0758
22,461.746 10.04%
Putnam Core Equity Fund - Class R ASCENSUS TRUST COMPANY FBO
CITY OF LEAGUE CITY 457 PLAN 69004
PO BOX 10758
FARGO ND  58106-0758
16,222.961 7.25%
Putnam Core Equity Fund - Class R PAI TRUST COMAPNY INC
ROBERT SORRENTINO, DMD 401(K) P/S P
1300 ENTERPRISE DR
DE PERE WI  54115-4934
13,118.039 5.87%
Putnam Core Equity Fund - Class R J LUKE A HOUSTON V ROGERS JR TTEE F
REEVES HARDWARE COMPANY INC 401K
C/O FASCORE LLC
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
13,009.324 5.82%
Putnam Core Equity Fund - Class R6 GREAT WEST TR CO LLC FBO PFTC FBO
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO  80111-5002
1,094,659.880 49.71%
Putnam Core Equity Fund - Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
633,268.087 28.76%
K-14 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Core Equity Fund - Class R6 EMPOWER TRUST COMPANY, LLC FBO
RECORDKEEPING FOR VARIOUS BENEFIT P
8525 E ORCHARD RD
C/O MUTUAL FUND TRADING
GREENWOOD VILLAGE CO  80111-5002
113,338.939 5.15%
Putnam Core Equity Fund - Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
3,807,294.127 14.25%
Putnam Core Equity Fund - Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
3,507,870.646 13.13%
Putnam Core Equity Fund - Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
3,421,284.586 12.80%
Putnam Core Equity Fund - Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
2,860,727.425 10.71%
Putnam Core Equity Fund - Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
2,313,320.514 8.66%
Putnam Core Equity Fund - Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
1,940,969.447 7.26%
Putnam Core Equity Fund - Class Y MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
1,339,563.244 5.01%
Putnam Diversified Income Trust Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
11,559,525.956 10.72%
Putnam Diversified Income Trust Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
9,571,306.553 8.88%
K-15 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Diversified Income Trust Class A RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
8,042,581.891 7.46%
Putnam Diversified Income Trust Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
7,741,512.931 7.18%
Putnam Diversified Income Trust Class A MLPF&S
FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
6,531,117.360 6.06%
Putnam Diversified Income Trust Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
6,455,748.206 5.99%
Putnam Diversified Income Trust Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
6,314,889.742 5.86%
Putnam Diversified Income Trust Class B LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
6,268,259.956 5.81%
Putnam Diversified Income Trust Class B CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1905
122,613.737 33.91%
Putnam Diversified Income Trust Class B AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
72,002.578 19.91%
Putnam Diversified Income Trust Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
24,268.269 6.71%
Putnam Diversified Income Trust Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
22,542.823 6.23%
K-16 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Diversified Income Trust Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
21,416.141 5.92%
Putnam Diversified Income Trust Class C LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
2,902,643.293 18.61%
Putnam Diversified Income Trust Class C MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1901
2,443,172.116 15.66%
Putnam Diversified Income Trust Class C UBS WM USA
0O0 11011 6100
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ  07086-6761
2,254,797.954 14.46%
Putnam Diversified Income Trust Class C MLPF&S
FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
970,338.831 6.22%
Putnam Diversified Income Trust Class C AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
955,815.619 6.13%
Putnam Diversified Income Trust Class M SMBC NIKKO SECURITIES INC.
FBO SUMITOMO MITSUI BANKING CORP
3-1, MARUNOUCHI 3-CHOME
CHIYODA-KU, TOKYO 100-8325 JAPAN
928,854.410 5.96%
Putnam Diversified Income Trust Class M SMBC NIKKO SECURITIES INC.
3-1, MARUNOUCHI 3-CHOME
CHIYODA-KU, TOKYO 100-8325 JAPAN
925,617.389 5.93%
Putnam Diversified Income Trust Class R CAPITAL BANK & TRUST CO TRUSTEE FBO
ROLSTON HOGSTROM INC 401K PROFIT
SHARING PLAN
C/O FASCORE
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO  80111-5002
842,267.675 5.40%
K-17 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Diversified Income Trust Class R RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
7,439,900.000 71.13%
Putnam Diversified Income Trust Class R MATRIX TRUST COMPANY CUST
FBO MILLWRIGHT HOLDINGS LLC 401K
717 17TH ST STE 1300
DENVER CO  80202-3304
3,019,750.000 28.87%
Putnam Diversified Income Trust Class R MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1901
102,041.298 30.63%
Putnam Diversified Income Trust Class R JIM HOFMAN
FBOADVANCED TRAINING AND REHAB LL 401(K)
14515 NORTH OUTER 40 RD
CHESTERFIELD MO  63017-5791
81,494.024 24.46%
Putnam Diversified Income Trust Class R LESLIE LEW & PETER RUGG TTEE
FBO ELOQUENCE CORP 401K
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO  80111-5002
34,382.924 10.32%
Putnam Diversified Income Trust Class R6 MLPF&S
FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
27,165.088 8.15%
Putnam Diversified Income Trust Class R6 EMPOWER TRUST COMPANY, LLC
THE PUTNAM RETIREMENT PLAN
8515 E ORCHARD RD # 2T2
GREENWOOD VILLAGE, CO  80111-5002
19,014.535 5.71%
Putnam Diversified Income Trust Class Y MERRILL LYNCH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
17,361.304 5.21%
Putnam Diversified Income Trust Class Y UBS WM USA
0O0 11011 6100
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ  07086-6761
2,062,984.392 31.92%
Putnam Diversified Income Trust Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
1,767,287.655 27.35%
K-18 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Diversified Income Trust Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
15,554,221.883 13.50%
Putnam Diversified Income Trust Class Y MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1901
15,242,318.906 13.23%
Putnam Diversified Income Trust Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
14,612,554.232 12.68%
Putnam Diversified Income Trust Class Y AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
13,729,363.593 11.92%
Putnam Diversified Income Trust Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
12,656,258.913 10.99%
Putnam Dynamic Asset Allocation Balanced Class A NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT. 4TH FL
JERSEY CITY, NJ 07310-2010
6,684,717.623 7.93%
Putnam Dynamic Asset Allocation Balanced Class A PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
5,692,423.324 6.75%
Putnam Dynamic Asset Allocation Balanced Class A LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
5,484,698.777 6.51%
Putnam Dynamic Asset Allocation Balanced Class A AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS. MN 55402-2405
4,485,853.330 5.32%
Putnam Dynamic Asset Allocation Balanced Class B LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
120,180.025 15.76%
K-19 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Dynamic Asset Allocation Balanced Class B PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
109,378.324 14.34%
Putnam Dynamic Asset Allocation Balanced Class B NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT. 4TH FL
JERSEY CITY, NJ 07310-2010
101,159.799 13.27%
Putnam Dynamic Asset Allocation Balanced Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCOUNT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
1,998,494.173 19.47%
Putnam Dynamic Asset Allocation Balanced Class C AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS. MN 55402-2405
1,790,458.248 17.44%
Putnam Dynamic Asset Allocation Balanced Class C LPL Financial
Omnibus Customer Account
Attn: Lindsay O'Toole
4707 Executive Drive
San Diego, CA 92121-3091
950,513.342 9.26%
Putnam Dynamic Asset Allocation Balanced Class C PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
833,764.809 8.12%
Putnam Dynamic Asset Allocation Balanced Class C NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT. 4TH FL
JERSEY CITY, NJ 07310-2010
755,374.793 7.36%
Putnam Dynamic Asset Allocation Balanced Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST. PETERSBURG, FL 33716-1100
532,807.007 5.19%
Putnam Dynamic Asset Allocation Balanced Class P PUTNAM SUSTAINABLE RETIREMENT 2035 FUND – CLASS R6 SHARES
C/O PUTNAM INVESTMENTS
100 FEDERAL STREET
BOSTON, MA 02110
827,611.356 48.80%
Putnam Dynamic Asset Allocation Balanced Class P PUTNAM SUSTAINABLE RETIREMENT 2030 FUND – CLASS R6 SHARES
C/O PUTNAM INVESTMENTS
100 FEDERAL STREET
BOSTON, MA 02110
488,599.762 28.81%
K-20 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Dynamic Asset Allocation Balanced Class P PUTNAM SUSTAINABLE RETIREMENT 2040 FUND – CLASS R6 SHARES
C/O PUTNAM INVESTMENTS
100 FEDERAL STREET
BOSTON, MA 02110
182,575.948 10.77%
Putnam Dynamic Asset Allocation Balanced Class R STATE STREET BANK TTEE
ADP ACCESS
1 LINCOLN ST.
BOSTON, MA 02111-2901
695,663.584 65.03%
Putnam Dynamic Asset Allocation Balanced Class R ASCENSUS TRUST COMPANY FBO
EXCEPTIONAL CARE FOR CHILDREN 403B 690855
PO BOX 10758
FARGO, ND 58106-0758
92,674.524 8.66%
Putnam Dynamic Asset Allocation Balanced Class R5 GREAT-WEST TRUST COMPANY, LLC  
EMPLOYEE BENEFITS CLIENTS 401(K)
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
945.671 100.00%
Putnam Dynamic Asset Allocation Balanced Class R6 EMPOWER TRUST COMPANY, LLC  
EMPLOYEE BENEFITS CLIENTS 401(K)
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
4,985,164.997 31.22%
Putnam Dynamic Asset Allocation Balanced Class R6 GREAT-WEST TRUST COMPANY LLC
TTEE SAN DIEGO COUNTY SCHOOLS FRINGE 457
8515 E ORCHARD RD # 2T2
GREENWOOD VILLAGE, CO 80111-5002
1,450,250.460 9.08%
Putnam Dynamic Asset Allocation Balanced Class R6 STATE STREET BANK & TRUST CO
ADP ACCESS PRODUCT
ONE LINCOLN ST.
BOSTON, MA 02111-2901
1,367,586.139 8.56%
Putnam Dynamic Asset Allocation Balanced Class R6 VOYA RETIREMENT INSURANCE & ANNUITY
VOYA FINANCIAL
1 ORANGE WAY
WINDSOR, CT 06095-4773
1,014,162.489 6.35%
Putnam Dynamic Asset Allocation Balanced Class R6 GREAT-WEST TRUST COMPANY LLC
TTEE SAN DIEGO COUNTY SCHOOLS FRINGE 403
8515 E ORCHARD RD # 2T2
GREENWOOD VILLAGE, CO 80111-5002
986,684.308 6.18%
Putnam Dynamic Asset Allocation Balanced Class Y NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT. 4TH FL
JERSEY CITY, NJ 07310-2010
2,711,272.391 14.59%
Putnam Dynamic Asset Allocation Balanced Class Y EMPOWER TRUST COMPANY, LLC
GREAT WEST IRA ADVANTAGE
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
2,524,125.387 13.58%
K-21 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Dynamic Asset Allocation Balanced Class Y EMPOWER TRUST COMPANY, LLC  
EMPLOYEE BENEFITS CLIENTS 401(K)
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
2,435,874.446 13.10%
Putnam Dynamic Asset Allocation Balanced Class Y MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR. E FL 3
JACKSONVILLE, FL 32246-6484
1,701,342.221 9.15%
Putnam Dynamic Asset Allocation Balanced Class Y PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
1,102,285.790 5.93%
Putnam Dynamic Asset Allocation Balanced Class Y EMPOWER TRUST COMPANY, LLC  
RECORDKEEPING FOR VARIOUS BENEFIT PLANS
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
1,087,530.855 5.85%
Putnam Dynamic Asset Allocation Conservative Class A NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT. 4TH FL
JERSEY CITY, NJ 07310-2010
2,894,431.729 8.19%
Putnam Dynamic Asset Allocation Conservative Class A PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
2,331,119.290 6.59%
Putnam Dynamic Asset Allocation Conservative Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3710
2,022,084.366 5.72%
Putnam Dynamic Asset Allocation Conservative Class A LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
1,808,450.274 5.12%
Putnam Dynamic Asset Allocation Conservative Class B PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
50,737.134 17.91%
Putnam Dynamic Asset Allocation Conservative Class B NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT. 4TH FL
JERSEY CITY, NJ 07310-2010
32,229.042 11.38%
K-22 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Dynamic Asset Allocation Conservative Class B MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK, NY 10004-1965
29,964.982 10.58%
Putnam Dynamic Asset Allocation Conservative Class B LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
29,855.787 10.54%
Putnam Dynamic Asset Allocation Conservative Class B AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS. MN 55402-2405
27,547.741 9.73%
Putnam Dynamic Asset Allocation Conservative Class B MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN. FUND ADMINISTRATION
4800 DEER LAKE DR. E FL 3
JACKSONVILLE, FL 32246-6484
21,323.835 7.53%
Putnam Dynamic Asset Allocation Conservative Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
1,327,978.467 21.35%
Putnam Dynamic Asset Allocation Conservative Class C AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS. MN 55402-2405
882,394.605 14.19%
Putnam Dynamic Asset Allocation Conservative Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
855,679.710 13.76%
Putnam Dynamic Asset Allocation Conservative Class C NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT. 4TH FL
JERSEY CITY, NJ 07310-2010
600,945.406 9.66%
Putnam Dynamic Asset Allocation Conservative Class C PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
412,568.601 6.63%
Putnam Dynamic Asset Allocation Conservative Class P PUTNAM SUSTAINABLE RETIREMENT 2025 FUND – CLASS R6 SHARES
C/O PUTNAM INVESTMENTS
100 FEDERAL STREET
BOSTON, MA 02110
480,955.881 50.24%
K-23 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Dynamic Asset Allocation Conservative Class P PUTNAM SUSTAINABLE RETIREMENT 2030 FUND – CLASS R6 SHARES
C/O PUTNAM INVESTMENTS
100 FEDERAL STREET
BOSTON, MA 02110
381,372.397 39.84%
Putnam Dynamic Asset Allocation Conservative Class P PUTNAM SUSTAINABLE RETIREMENT 2025 FUND – CLASS A SHARES
C/O PUTNAM INVESTMENTS
100 FEDERAL STREET
BOSTON, MA 02110
53,248.783 5.56%
Putnam Dynamic Asset Allocation Conservative Class R STATE STREET BANK TTEE
CUST FBO ADP ACCESS
1 LINCOLN ST.
BOSTON, MA 02111-2901
359,592.000 74.10%
Putnam Dynamic Asset Allocation Conservative Class R MATRIX TRUST COMPANY AS AGENT FOR
MISSISSIPPI COAST TRANSPORTATION AU
717 17TH ST STE 1300
DENVER, CO 80202-3304
42,097.139 8.67%
Putnam Dynamic Asset Allocation Conservative Class R MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN. FUND ADMINISTRATION
4800 DEER LAKE DR. E FL 3
JACKSONVILLE, FL 32246-6484
24,524.793 5.05%
Putnam Dynamic Asset Allocation Conservative Class R5 GREAT-WEST TRUST COMPANY LLC
EMPLOYEE BENEFITS CLIENTS
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
1,097.205 100.00%
Putnam Dynamic Asset Allocation Conservative Class R6 EMPOWER TRUST COMPANY, LLC   
EMPLOYEE BENEFITS CLIENTS 401(K)
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
1,873,658.986 26.36%
Putnam Dynamic Asset Allocation Conservative Class R6 GREAT-WEST TRUST COMPANY LLC
TTEE SAN DIEGO COUNTY SCHOOLS FRINGE 403
8515 E ORCHARD RD # 2T2
GREENWOOD VILLAGE, CO 80111-5002
854,617.526 12.02%
Putnam Dynamic Asset Allocation Conservative Class R6 GREAT-WEST TRUST COMPANY LLC
TTEE SAN DIEGO COUNTY SCHOOLS FRINGE 457
8515 E ORCHARD RD # 2T2
GREENWOOD VILLAGE, CO 80111-5002
842,043.978 11.85%
Putnam Dynamic Asset Allocation Conservative Class R6 NFS LLC
FBO FIIOC AS AGENT FOR QUALIFIED EMPLOYEE BENEFIT PLANS 401K SINOPIC FUNDS
100 MAGELLAN WAY #KW1C
COVINGTON, KY 41015-1987
578,252.158 8.13%
K-24 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Dynamic Asset Allocation Conservative Class R6 VOYA RETIREMENT INSURANCE & ANNUITY
VOYA FINANCIAL
1 ORANGE WAY
WINDSOR, CT 06095-4773
513,295.837 7.22%
Putnam Dynamic Asset Allocation Conservative Class R6 STATE STREET BANK & TRUST CO
ADP ACCESS PRODUCT
ONE LINCOLN ST.
BOSTON, MA 02111-2901
492,705.116 6.93%
Putnam Dynamic Asset Allocation Conservative Class R6 EMPOWER TRUST COMPANY, LLC   
THE PUTNAM RETIREMENT PLAN
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
411,663.478 5.79%
Putnam Dynamic Asset Allocation Conservative Class Y EMPOWER TRUST COMPANY, LLC
RECORDKEEPING FOR VARIOUS PLANS
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
4,525,059.483 33.70%
Putnam Dynamic Asset Allocation Conservative Class Y EMPOWER TRUST COMPANY, LLC
GREAT WEST IRA ADVANTAGE
EMPLOYEE BENEFITS CLIENTS 401(K)
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
1,850,761.099 13.79%
Putnam Dynamic Asset Allocation Conservative Class Y NFS LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-1995
1,555,355.344 11.59%
Putnam Dynamic Asset Allocation Conservative Class Y EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS 401(K)
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
1,251,700.408 9.32%
Putnam Dynamic Asset Allocation Conservative Class Y PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
1,015,468.711 7.56%
Putnam Dynamic Asset Allocation Equity - Class A PUTNAM INVESTMENTS, LLC
100 FEDERAL ST
BOSTON MA  02110-1802
456,669.354 99.90%
Putnam Dynamic Asset Allocation Equity - Class P PUTNAM RETIRE ADV 2055 FUND
CLASS R6 FUND 7508
C/O PUTNAM INVESTMENTS, 100 FEDERAL STREET,
BOSTON, MA 02110
128,966.286 30.77%
Putnam Dynamic Asset Allocation Equity - Class P PUTNAM RETIRE ADV 2060 FUND
CLASS R6 FUND 7509
C/O PUTNAM INVESTMENTS, 100 FEDERAL STREET,
BOSTON, MA 02110
102,134.604 24.37%
Putnam Dynamic Asset Allocation Equity - Class P PUTNAM RETIRE ADV 2050 FUND
CLASS R6 FUND 7507
C/O PUTNAM INVESTMENTS, 100 FEDERAL STREET,
BOSTON, MA 02110
98,142.994 23.42%
K-25 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Dynamic Asset Allocation Equity - Class P PUTNAM RETIRE ADV 2060 FUND
CLASS A FUND 7009
C/O PUTNAM INVESTMENTS, 100 FEDERAL STREET,
BOSTON, MA 02110
22,586.507 5.39%
Putnam Emerging Markets Equity Fund - Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
1,154,660.926 7.09%
Putnam Emerging Markets Equity Fund - Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
1,137,697.488 6.99%
Putnam Emerging Markets Equity Fund - Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
1,105,791.566 6.79%
Putnam Emerging Markets Equity Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
984,619.197 6.05%
Putnam Emerging Markets Equity Fund - Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
15,272.826 22.62%
Putnam Emerging Markets Equity Fund - Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
11,840.549 17.54%
Putnam Emerging Markets Equity Fund - Class B AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
4,908.616 7.27%
Putnam Emerging Markets Equity Fund - Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
109,761.903 20.51%
Putnam Emerging Markets Equity Fund - Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
45,445.855 8.49%
Putnam Emerging Markets Equity Fund - Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
44,224.920 8.26%
K-26 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Emerging Markets Equity Fund - Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
32,052.655 5.99%
Putnam Emerging Markets Equity Fund - Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
30,326.948 5.67%
Putnam Emerging Markets Equity Fund - Class R NATIONAL FINANCIAL SERVICES LLC
499 WASHINGTON BLVD
JERSEY CITY NJ  07310-1995
22,712.482 5.47%
Putnam Emerging Markets Equity Fund - Class R MID ATLANTIC TRUST COMPANY FBO
OB-GYN ASSOCIATES OF TURLOCK A 401(k)
1251 WATERFRONT PL STE 525
PITTSBURGH PA  15222-4228
21,290.399 5.13%
Putnam Emerging Markets Equity Fund - Class R6 GREAT WEST TR CO LLC FBO PFTC FBO
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO  80111-5002
1,310,037.392 56.67%
Putnam Emerging Markets Equity Fund - Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
500,434.842 21.65%
Putnam Emerging Markets Equity Fund - Class R6 GREAT-WEST TRUST COMPANY LLC TTEE
EMPLOYEE BENEFITS CLIENTS 401K
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO  80111-5002
275,010.882 11.90%
Putnam Emerging Markets Equity Fund - Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
3,414,520.847 26.62%
Putnam Emerging Markets Equity Fund - Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
2,037,980.867 15.89%
Putnam Emerging Markets Equity Fund - Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
1,730,141.470 13.49%
K-27 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Emerging Markets Equity Fund - Class Y RBC CAPITAL MARKETS, LLC
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
ATTN MUTUAL FUND OPS MANAGER
250 NICOLLET MALL STE 1400
MINNEAPOLIS MN  55401-7554
1,558,033.823 12.15%
Putnam Emerging Markets Equity Fund - Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
1,208,374.590 9.42%
Putnam Emerging Markets Equity Fund - Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
1,111,838.065 8.67%
Putnam Emerging Markets ex-China ETF NATIONAL FINANCIAL SERVICES LLC
499 WASHINGTON BLVD
JERSEY CITY, NJ 07310-1995
9,875 6.58%
Putnam Emerging Markets ex-China ETF STATE STREET BANK
FBO ADP ACCESS
1 LINCOLN ST.
BOSTON, MA 02111-2901
140,000 93.33%
Putnam ESG Core Bond ETF STATE STREET BANK
FBO ADP ACCESS
1 LINCOLN ST.
BOSTON, MA 02111-2901
9,119,048 97.80%
Putnam ESG High Yield ETF STATE STREET BANK
FBO ADP ACCESS
1 LINCOLN ST.
BOSTON, MA 02111-2901
2,025,544 96.45%
Putnam ESG Ultra Short ETF STATE STREET BANK
FBO ADP ACCESS
1 LINCOLN ST.
BOSTON, MA 02111-2901
2,401,750 96.07%
Putnam Floating Rate Income Fund Class A MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK, NY 10004-1965
3,642,441.909 13.95%
Putnam Floating Rate Income Fund Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-1995
3,285,252.057 12.58%
K-28 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Floating Rate Income Fund Class A LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
2,494,771.127 9.55%
Putnam Floating Rate Income Fund Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
2,310,284.516 8.85%
Putnam Floating Rate Income Fund Class B LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
27,487.555 34.20%
Putnam Floating Rate Income Fund Class B AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
9,585.647 11.93%
Putnam Floating Rate Income Fund Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
7,477.436 9.30%
Putnam Floating Rate Income Fund Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-1995
6,454.817 8.03%
Putnam Floating Rate Income Fund Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
386,740.760 14.48%
Putnam Floating Rate Income Fund Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS, MO 63103-2523
285,473.883 10.69%
Putnam Floating Rate Income Fund Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-1995
283,280.316 10.60%
Putnam Floating Rate Income Fund Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG, FL 33716-1100
220,776.476 8.26%
Putnam Floating Rate Income Fund Class C LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
212,480.416 7.95%
K-29 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Floating Rate Income Fund Class C MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK, NY 10004-1965
162,336.165 6.08%
Putnam Floating Rate Income Fund Class C J.P. MORGAN SECURITIES LLC.
FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CENTER
3RD FL MUTUAL FUND DEPT
BROOKLYN, NY 11245-0003
141,980.235 5.32%
Putnam Floating Rate Income Fund Class R RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG, FL 33716-1100
12,905.388 23.06%
Putnam Floating Rate Income Fund Class R MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK, NY 10004-1965
10,364.296 18.52%
Putnam Floating Rate Income Fund Class R PAI TRUST COMPANY INC
JASWAL PROFESSIONAL SERVICES CORP
1300 ENTERPRISE DR
DE PERE, WI 54115-4934
8,578.484 15.33%
Putnam Floating Rate Income Fund Class R ASCENSUS TRUST COMPANY FBO
VANTAGE TECHNOLOGIES USA 401(K) PLAN
PO BOX 10758
FARGO, ND 58106-0577
7,171.603 12.81%
Putnam Floating Rate Income Fund Class R ASCENSUS TRUST COMPANY FBO
MAID BRIGADE 401(K) SAFE HARBOR PLAN
PO BOX 10758
FARGO, ND 58106-0577
7,087.573 12.66%
Putnam Floating Rate Income Fund Class R MID ATLANTIC TRUST COMPANY FBO
SONOMA FEDERAL CREDIT UNION 401K
PROFIT SHARING PLAN & TRUST
1251 WATERFRONT PL STE 525
PITTSBURGH, PA 15222-4228
6,050.021 10.81%
Putnam Floating Rate Income Fund Class R6 GREAT WEST TR CO LLC FBO PFTC FBO
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG, CO  80111-5002
370,324.896 49.72%
Putnam Floating Rate Income Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS, MO  63131-3710
310,074.666 41.63%
K-30 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Floating Rate Income Fund Class R6 GREAT WEST TR CO LLC FBO PFTC FBO
PUTNAM DEFERRED COMPENSATION PLAN
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG, CO  80111-5002
46,884.314 6.29%
Putnam Floating Rate Income Fund Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-1995
2,166,306.776 14.97%
Putnam Floating Rate Income Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
1,970,021.781 13.61%
Putnam Floating Rate Income Fund Class Y MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK, NY 10004-1965
1,911,429.148 13.21%
Putnam Floating Rate Income Fund Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS, MO 63103-2523
1,728,791.074 11.95%
Putnam Floating Rate Income Fund Class Y MERRILL LYNCH FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE, FL  32246-6484
1,561,724.267 10.79%
Putnam Floating Rate Income Fund Class Y LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
1,231,591.714 8.51%
Putnam Floating Rate Income Fund Class Y UBS WM USA
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN, NJ 07086-6761
929,252.856 6.42%
Putnam Focused Equity Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ, 07310-1995
1,865,418.881 11.48%
Putnam Focused Equity Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ, 07399-0001
1,516,115.935 9.33%
K-31 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Focused Equity Class A LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT—
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA, 92121-3091
1,171,194.344 7.21%
Putnam Focused Equity Class A AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN, 55402-2405
1,147,480.055 7.06%
Putnam Focused Equity Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO, 63103-2523
1,074,863.983 6.62%
Putnam Focused Equity Class A MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY, 10004-1901
879,771.401 5.41%
Putnam Focused Equity Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ, 07310-1995
34,239.034 15.74%
Putnam Focused Equity Class B LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT—
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA, 92121-3091
31,254.242 14.37%
Putnam Focused Equity Class B AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN, 55402-2405
27,231.780 12.52%
Putnam Focused Equity Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ, 07399-0001
23,880.055 10.98%
Putnam Focused Equity Class B MLPF&S FOR THE SOLE BENEFIT OF IT'S CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
14,728.527 6.77%
Putnam Focused Equity Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ, 07399-0001
153,665.716 11.46%
Putnam Focused Equity Class C LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT—
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA, 92121-3091
142,140.863 10.60%
K-32 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Focused Equity Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ, 07310-1995
134,306.443 10.01%
Putnam Focused Equity Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN, 55402-2405
133,411.289 9.95%
Putnam Focused Equity Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO, 63103-2523
126,204.368 9.41%
Putnam Focused Equity Class C MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY, 10004-1901
106,557.489 7.94%
Putnam Focused Equity Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL, 33716-1100
92,545.672 6.90%
Putnam Focused Equity Class R ASCENSUS TRUST COMPANY
FBO PATRICIA PAVLOS
DDS PA 401(K) PLAN 192612
PO BOX 10758
FARGO, ND 58106-0758
28,403.735 10.35%
Putnam Focused Equity Class R6 GREAT WEST TR CO LLC FBO PFTC FBO
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO, 80111-5002
648,783.252 88.37%
Putnam Focused Equity Class R6

LINCOLN INVESTMENT PLANNING, LLC

FBO LINCOLN CUSTOMERS
601 OFFICE CENTER DR STE 300
FT WASHINGTON PA 19034-3275

48,836.125 6.65%
Putnam Focused Equity Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO, 63103-2523
448,514.836 11.49%
Putnam Focused Equity Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN, 55402-2405
441,051.434 11.30%
K-33 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Focused Equity Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ, 07399-0001
392,749.258 10.06%
Putnam Focused Equity Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ, 07310-1995
386,973.150 9.92%
Putnam Focused Equity Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL, 33716-1100
323,350.372 8.28%
Putnam Focused Equity Class Y LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT—
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA, 92121-3091
321,302.099 8.23%
Putnam Focused Equity Class Y UBS WM USA
0O0 11011 6100
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI 1000 HARBOR BLVD
WEEHAWKEN, NJ 07086-6761
240,822.174 6.17%
Putnam Focused International Equity Fund - Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
3,122,822.727 6.08%
Putnam Focused International Equity Fund - Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
3,093,491.052 6.03%
Putnam Focused International Equity Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
2,788,733.127 5.43%
Putnam Focused International Equity Fund - Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
31,833.273 15.68%
Putnam Focused International Equity Fund - Class B AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
17,140.196 8.44%
Putnam Focused International Equity Fund - Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
15,684.454 7.73%
K-34 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Focused International Equity Fund - Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
221,754.051 29.29%
Putnam Focused International Equity Fund - Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
54,615.791 7.21%
Putnam Focused International Equity Fund - Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
45,345.696 5.99%
Putnam Focused International Equity Fund - Class R VOYA INSTITUTIONAL TRUST COMPANY
VOYA FINANCIAL
1 ORANGE WAY
WINDSOR CT  06095-4773
5,913.583 20.40%
Putnam Focused International Equity Fund - Class R FIIOC FBO
GEORGE WASHINGTON MEMORIAL PARK
PROFIT SHARING 401(K) PLAN
100 MAGELLAN WAY
COVINGTON KY  41015-1987
3,427.265 11.82%
Putnam Focused International Equity Fund - Class R MID ATLANTIC TRUST COMPANY FBO
DUTCHESS CARS LLC 401(K) PROFIT SHA
1251 WATERFRONT PLACE, SUITE 525
PITTSBURGH PA  15222-4228
2,944.737 10.16%
Putnam Focused International Equity Fund - Class R ASCENSUS TRUST COMPANY FBO
TRANSCEND S 401K PLAN 692659
PO BOX 10577
FARGO ND  58106-0577
2,556.251 8.82%
Putnam Focused International Equity Fund - Class R MID ATLANTIC TRUST COMPANY FBO
DAL POS ARCHITECTSLLC 401(K) PROFI
1251 WATERFRONT PL STE 525
PITTSBURGH PA  15222-4228
2,146.998 7.41%
Putnam Focused International Equity Fund - Class R ASCENSUS TRUST COMPANY FBO
LUCAS INVESTMENT PLAN 690765
PO BOX 10758
FARGO ND  58106-0758
1,667.812 5.75%
Putnam Focused International Equity Fund - Class R6 EMPOWER TRUST COMPANY, LLC FBO
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
841,279.469 51.86%
Putnam Focused International Equity Fund - Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
324,048.404 19.98%
K-35 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Focused International Equity Fund - Class R6 EMPOWER TRUST COMPANY, LLC FBO
RECORDKEEPING FOR VARIOUS BENEFIT P
8525 E ORCHARD RD
C/O MUTUAL FUND TRADING
GREENWOOD VILLAGE CO  80111-5002
137,337.165 8.47%
Putnam Focused International Equity Fund - Class Y EMPOWER TRUST COMPANY, LLC FBO
GREAT WEST IRA ADVANTAGE
C/O FASCORE LLC
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
371,968.963 11.97%
Putnam Focused International Equity Fund - Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
299,397.140 9.64%
Putnam Focused International Equity Fund - Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
240,376.922 7.74%
Putnam Focused International Equity Fund - Class Y EMPOWER TRUST COMPANY, LLC FBO
RECORDKEEPING FOR VARIOUS BENEFIT P
8525 E ORCHARD RD
C/O MUTUAL FUND TRADING
GREENWOOD VILLAGE CO  80111-5002
226,578.161 7.29%
Putnam Focused International Equity Fund - Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
205,511.569 6.61%
Putnam Focused International Equity Fund - Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
166,154.140 5.35%
Putnam Focused Large Cap Growth ETF CETERA INVESTMENT SERVICES
230 HAMMES DR
MT PLEASANT, WI 53406-3116
81,954 6.69%
Putnam Focused Large Cap Growth ETF NATIONAL FINANCIAL SERVICES LLC
499 WASHINGTON BLVD
JERSEY CITY, NJ 07310-1995
88,501 7.22%
Putnam Focused Large Cap Growth ETF SSB&T CO 925,000 75.51%
Putnam Focused Large Cap Value ETF NATIONAL FINANCIAL SERVICES LLC
499 WASHINGTON BLVD
JERSEY CITY, NJ 07310-1995
3,220,463 56.21%
Putnam Focused Large Cap Value ETF PERSHING LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
432,036 7.54%
Putnam Focused Large Cap Value ETF TD AMERITRADE INC.
PO BOX 2226
OMAHA, NE 68103-2226
1,099,883 19.20%
K-36 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Global Income Trust Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3729
2,082,698.383 26.85%
Putnam Global Income Trust Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
627,649.612 8.09%
Putnam Global Income Trust Class B PUTNAM FIDUCIARY TRUST CO CUST
FBO CLEAR CREEK ISD 403(B) PLAN
A/C HARRIET H HAYES
2017 SANDY COAST CIR
LEAGUE CITY TX  77573-6619
2,979.928 27.09%
Putnam Global Income Trust Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
2,608.959 23.72%
Putnam Global Income Trust Class B PUTNAM FIDUCIARY TRUST CO CUST
SUZANNE L CICALE
IRA ROLLOVER PLAN
PO BOX 120
BARTON VT  05822-0120
1,200.243 10.91%
Putnam Global Income Trust Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
1,132.295 10.29%
Putnam Global Income Trust Class B LINCOLN INVESTMENT PLANNING, LLC
FBO LINCOLN CUSTOMERS
601 OFFICE CENTER DR STE 300
FT WASHINGTON PA  19034-3275
973.484 8.85%
Putnam Global Income Trust Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
54,107.627 29.60%
Putnam Global Income Trust Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
21,837.435 11.95%
Putnam Global Income Trust Class C UBS WM USA
0O0 11011 6100
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ  07086-6761
13,388.928 7.33%
Putnam Global Income Trust Class C LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
12,614.970 6.90%
K-37 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Global Income Trust Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT
FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
12,189.533 6.67%
Putnam Global Income Trust Class R CHARLES SCHWAB TRUST BANK CUST
UMB BANK FBO PLAN MEMBER QUALIFIED
2423 E LINCOLN DR # 108004
PHOENIX AZ  85016-1215
31,524.553 23.23%
Putnam Global Income Trust Class R D L GOFF & D V NELSON GOFF TTEE
FBO MEDICAL & RADIATION PHYSICS INC 401
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VILLAGE CO  80111-5002
24,345.804 17.94%
Putnam Global Income Trust Class R ASCENSUS TRUST COMPANY
FBO LOUISIANA FOREST SEED 401(K) PLAN 23687
P O BOX 10758
FARGO ND  58106-0758
24,312.691 17.91%
Putnam Global Income Trust Class R MID ATLANTIC TRUST COMPANY
FBO HRONOPOULOS 401(K) PROFIT SHARING P
1251 WATERFRONT PL STE 525
PITTSBURGH PA  15222-4228
8,153.508 6.01%
Putnam Global Income Trust Class R5 GREAT-WEST TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS 401(K)
8515 E ORCHARD RD. 2T2
GREENWOOD VILLAGE, CO  80111-5002
1,799.795 62.10%
Putnam Global Income Trust Class R5 PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
1,098.516 37.90%
Putnam Global Income Trust Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3729
738,616.090 35.11%
Putnam Global Income Trust Class R6 EMPOWER TRUST COMPANY, LLC
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
243,090.379 11.55%
Putnam Global Income Trust Class R6 DCGT TRUSTEE & OR CUSTODIAN
FBO PLIC VARIOUS RETIREMENT PLANS
OMNIBUS
ATTN NPIO TRADE DESK
711 HIGH ST
203,031.644 9.65%
K-38 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Global Income Trust Class R6 GREAT-WEST TRUST COMPANY, LLC
THE PUTNAM RETIREMENT PLAN
8515 E ORCHARD RD. 2T2
GREENWOOD VILLAGE, CO  80111-5002
129,370.989 6.15%
Putnam Global Income Trust Class R6 STATE STREET BK & TR TTEE &/OR CUST
ADP ACCESS PRODUCT
1 LINCOLN ST
BOSTON MA  02111-2901
129,195.003 6.14%
Putnam Global Income Trust Class R6 UBS WM USA
0O0 11011 6100
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ  07086-6761
972,203.641 28.16%
Putnam Global Income Trust Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
334,796.316 9.70%
Putnam Global Income Trust Class Y MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
318,280.816 9.22%
Putnam Global Income Trust Class Y CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1905
288,646.424 8.36%
Putnam Global Income Trust Class Y T ROWE PRICE RET PLAN SRVCS INC FBO
IDAHO POWER COMPANY EMPLOYEE
SAVINGS PLAN
4515 PAINTERS MILL RD
OWINGS MILLS MD  21117-4903
210,955.131 6.11%
Putnam Global Income Trust Class Y EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3729
2,082,698.383 26.85%
Putnam Global Technology Fund Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-1995
2,225,284.672 26.76%
Putnam Global Technology Fund Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
655,183.361 7.88%
K-39 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Global Technology Fund Class A CHARLES SCHWAB & CO INC
CLEARING ACCOUNT FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS
101 MONTGOMERY ST
SAN FRANCISCO, CA 94104-4151
590,440.831 7.10%
Putnam Global Technology Fund Class A AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
557,149.492 6.70%

Putnam Global Technology Fund Class C
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS, MO 63103-2523
204,448.419 18.48%
Putnam Global Technology Fund Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
149,377.366 13.50%
Putnam Global Technology Fund Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
116,368.578 10.52%
Putnam Global Technology Fund Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG, FL 33716-1100
108,927.460 9.85%
Putnam Global Technology Fund Class C LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT—
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
84,885.873 7.67%
Putnam Global Technology Fund Class R STATE STREET BANK
FBO ADP ACCESS
1 LINCOLN ST
BOSTON, MA 02111-2901
36,038.146 26.02%
Putnam Global Technology Fund Class R FIIOC FBO
ASPHALT CUTBACKS CASH OR DEFERRED
PROFIT SHARING PLAN
100 MAGELLAN WAY
COVINGTON KY  41015-1987
16,476.346 11.89%
Putnam Global Technology Fund Class R VOYA INSTITUTIONAL TRUST COMPANY
VOYA FINANCIAL
1 ORANGE WAY
WINDSOR, CT 06095-4773
14,372.591 10.38%
K-40 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Global Technology Fund Class R CHARLES SCHWAB & CO INC
CLEARING ACCOUNT FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS
101 MONTGOMERY ST
SAN FRANCISCO, CA 94104-4151
10,076.891 7.27%
Putnam Global Technology Fund Class R6 GREAT WEST TR CO LLC FBO PFTC FBO
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG, CO 80111-5002
423,024.404 27.72%
Putnam Global Technology Fund Class R6 GREAT-WEST TRUST COMPANY LLC TTEE
EMPLOYEE BENEF ITS CLIENTS 401K
 C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO, 80111-5002
234,504.553 15.37%
Putnam Global Technology Fund Class R6 DCGT TRUSTEE & OR CUSTODIAN
FBO PLIC VARIOUS RETIREMENT PLANS
ATTN NPIO TRADE DESK
711 HIGH ST
DES MOINES, IA  50392-0001
172,199.326 11.28%
Putnam Global Technology Fund Class R6 NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-1995
119,673.374 7.84%
Putnam Global Technology Fund Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-1995
1,340,499.936 23.42%

Putnam Global Technology Fund Class Y
EMPOWER TRUST COMPANY, LLC
GREAT WEST IRA ADVANTAGE
8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
763,949.885 13.35%
Putnam Global Technology Fund Class Y LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT—
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
654,414.348 11.43%
Putnam Global Technology Fund Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
647,256.893 11.31%
Putnam Global Technology Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
554,432.768 9.69%
K-41 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Global Technology Fund Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS, MO 63103-2523
392,485.846 6.86%
Putnam Government Money Market Fund Class A GREAT-WEST TRUST COMPANY, LLC –
THE PUTNAM RETIREMENT PLAN
8515 E ORCHARD RD # 2T2
GREENWOOD VLG, CO 80111-5002
29,892,008.338 17.49%
Putnam Government Money Market Fund Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3729
14,045,906.253 8.22%
Putnam Government Money Market Fund Class A PUTNAM 529 FOR AMERICA
100 FEDERAL STREET
BOSTON, MA 02110
13,691,150.990 8.01%
Putnam Government Money Market Fund Class A RBC CAPITAL MARKETS, LLC
MUTUAL FUND OMNIBUS PROCESSING OMNIBUS
ATTN MUTUAL FUND OPS MANAGER
250 NICOLLET MALL STE 1400
MINNEAPOLIS, MN 55401-7554
11,348,999.880 6.64%
Putnam Government Money Market Fund Class A NEBCO INC
1815 Y ST # 80268
LINCOLN, NE 68508-1233
8,960,328.670 5.24%
Putnam Government Money Market Fund Class B EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3729
49,579.560 20.38%
Putnam Government Money Market Fund Class B DOUGLAS E SHAFFER
IRA ROLLOVER PLAN
861 E HILLTOP COURT
MONTICELLO, IN 47960-2199
20,690.740 8.51%
Putnam Government Money Market Fund Class B PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
18,827.820 7.74%
Putnam Government Money Market Fund Class B JOHN CYMANSKY
IRA ROLLOVER PLAN
25 MOUNT RUN
TINTON FALLS, NJ 07753-7673
13,600.320 5.59%
Putnam Government Money Market Fund Class B STEVEN HAUSWEDELL
2042 COUNTY HIGHWAY 7
TYLER, MN 56178-4003
12,659.365 5.20%
Putnam Government Money Market Fund Class B MELISSA E KEMP
ROTH IRA PLAN
101 WINDY HILL CV
RAYMOND MS 39154-9732
12,472.600 5.13%
Putnam Government Money Market Fund Class B ERIN E NORBURY
IRA ROLLOVER PLAN
201 COLUMBIA CMN
HILLSBOROUGH NJ 08844-4308
12,296.230 5.06%
K-42 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Government Money Market Fund Class C RBC CAPITAL MARKETS, LLC
MUTUAL FUND OMNIBUS PROCESSING OMNIBUS
ATTN MUTUAL FUND OPS MANAGER
250 NICOLLET MALL STE 1400
MINNEAPOLIS, MN 55401-7554
772,114.645 28.20%
Putnam Government Money Market Fund Class C PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
238,383.930 8.71%
Putnam Government Money Market Fund Class C LPL Financial
Omnibus Customer Account
Attn: Lindsay O'toole
4707 Executive Dr
San Diego, CA 92121-3091
154,465.480 5.64%
Putnam Government Money Market Fund Class I Putnam Investments, LLC
100 Federal Street
Boston, MA  02110
10,686.290 100.00%
Putnam Government Money Market Fund Class P PUTNAM SUSTAINABLE LEADERS ETF 16,558,148.000 47.94%
Putnam Government Money Market Fund Class P PUTNAM SUSTAINABLE FUTURE ETF 6,521,553.000 18.88%
Putnam Government Money Market Fund Class P PUTNAM FOCUSED LARGE CAP VALUE ETF 3,665,049.000 10.61%
Putnam Government Money Market Fund Class P PUTNAM ESG HIGH YIELD ETF 2,103,840.000 6.09%
Putnam Government Money Market Fund Class R PAI TRUST COMPANY INC
HARTZELL & ASSOCIATES, INC 401K
1300 ENTERPRISE DR
DE PERE, WI 54115-4934
160,365.620 36.12%
Putnam Government Money Market Fund Class R PAI TRUST COMPANY INC
LINNA GOLODRIGA, DDS 401(K) P/S PLA
1300 ENTERPRISE DR
DE PERE, WI 54115-4934
110,084.741 24.80%
Putnam Government Money Market Fund Class R ASCENSUS TRUST COMPANY
FBO COVIELLO ELECTRIC SERVICE INC 401K
PO BOX 10758
FARGO, ND 58106-0758
53,732.030 12.10%
Putnam Government Money Market Fund Class R ASCENSUS TRUST COMPANY
FBO CEDAR LAKE ENGINEERING 401K
PO BOX 10758
FARGO, ND 58106-0758
49,257.540 11.10%
Putnam Government Money Market Fund Class R PAI TRUST COMPANY INC
GABBIES LLC 401(K) P/S PLAN
1300 ENTERPRISE DR
DE PERE, WI 54115-4934
28,873.610 6.50%
K-43 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam High Yield Fund Class A

EDWARD D JONES & CO, FOR THE BENEFIT OF CUSTOMERS

12555 MANCHESTER RD

SAINT LOUIS MO 63131-3710

13,254,420.417 10.95%
Putnam High Yield Fund Class A

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

7,514,873.555 6.21%
Putnam High Yield Fund Class A

WELLS FARGO CLEARING SERVICES, LLC, SPECIAL CUSTODY ACCT FOR THE, EXCLUSIVE BENEFIT OF CUSTOMER

2801 MARKET ST

SAINT LOUIS MO 63103-2523,

6,814,463.868 5.63%
Putnam High Yield Fund Class A

NATIONAL FINANCIAL SERVICES LLC, FOR THE EXCLUSIVE BENEFIT OF OUR, CUSTOMERS

499 WASHINGTON BLVD

ATTN: MUTUAL FUNDS DEPT 4TH FL

JERSEY CITY NJ 07310-1995

6,646,468.668 5.49%
Putnam High Yield Fund Class B

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

52,475.348 23.75%
Putnam High Yield Fund Class B

AMERICAN ENTERPRISE INVESTMENT SVC, FBO # 41999970

707 2ND AVE S

MINNEAPOLIS MN 55402-2405

36,309.326 16.43%
Putnam High Yield Fund Class B

MLPF&S FOR THE SOLE BENEFIT OF, IT'S CUSTOMERS, ATTN FUND ADMINISTRATION

4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484,

26,359.270 11.93%
Putnam High Yield Fund Class B

NATIONAL FINANCIAL SERVICES LLC, FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

499 WASHINGTON BLVD

ATTN: MUTUAL FUNDS DEPT 4TH FL

JERSEY CITY NJ 07310-1995

21,449.984 9.71%
Putnam High Yield Fund Class B

LPL FINANCIAL

OMNIBUS CUSTOMER ACCOUNT

ATTN: LINDSAY O'TOOLE

4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

19,374.144 8.77%
Putnam High Yield Fund Class B

WELLS FARGO CLEARING SERVICES, LLC, SPECIAL CUSTODY ACCT FOR THE, EXCLUSIVE BENEFIT OF CUSTOMER

2801 MARKET ST

SAINT LOUIS MO 63103-2523,

13,765.675 6.23%
K-44 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam High Yield Fund Class C

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

499 WASHINGTON BLVD

ATTN: MUTUAL FUNDS DEPT 4TH FL

JERSEY CITY NJ 07310-1995

138,394.800 9.92%
Putnam High Yield Fund Class C

LPL FINANCIAL

OMNIBUS CUSTOMER ACCOUNT

ATTN: LINDSAY O'TOOLE

4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

132,211.606 9.48%
Putnam High Yield Fund Class C

RAYMOND JAMES

OMNIBUS FOR MUTUAL FUNDS

HOUSE ACCT FIRM 92500015

ATTN: COURTNEY WALLER

880 CARILLON PKWY

ST PETERSBURG FL 33716-1100

118,336.536 8.48%
Putnam High Yield Fund Class C

WELLS FARGO CLEARING SERVICES, LLC, SPECIAL CUSTODY ACCT FOR THE, EXCLUSIVE BENEFIT OF CUSTOMER

2801 MARKET ST, SAINT LOUIS MO 63103-2523,

115,234.099 8.26%
Putnam High Yield Fund Class C

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

104,144.307 7.47%
Putnam High Yield Fund Class C

CHARLES SCHWAB & CO INC

SPECIAL CUSTODY ACCOUNT

FBO THEIR CUSTOMERS

ATTN MUTUAL FUNDS

211 MAIN ST

SAN FRANCISCO CA 94105-1901

82,326.464 5.90%
Putnam High Yield Fund Class C

CAPITAL BANK & TRUST CO TRUSTEE FBO, WILLIAMS BROTHERS INC 401K, C/O FASCORE LLC

8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002

78,879.505 5.66%
Putnam High Yield Fund Class M

MITSUBISHI UFJ MORGAN, STANLEY SECURITIES CO LTD

STRUCTURED PRODUCTS DIVISION OTEMACHI FINANCIAL CITY

GRAND CUBE, 1-9-2

OTEMACHI CHIYODA-KU

TOKYO 100-8127, JAPAN

7,819,165.000 99.72%
Putnam High Yield Fund Class R

EMPOWER ANNUITY INSURANCE

FBO FUTURE FUNDS II, 8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

1,092,424.728 30.63%
Putnam High Yield Fund Class R

TALCOTT RESOLUTION LIFE INSURANCE

PO BOX 505

HARTFORD CT 06102-5051

511,598.610 14.34%
K-45 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam High Yield Fund Class R

EMPOWER TRUST COMPANY, LLC FBO, EMPOWER BENEFIT GRAND FATHERED PLAN

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

424,419.574 11.90%
Putnam High Yield Fund Class R

STATE STREET BK & TR TTEE &/OR CUST, ADP ACCESS PRODUCT

1 LINCOLN ST

BOSTON MA 02111-2901

346,144.297 9.71%
Putnam High Yield Fund Class R

EMPOWER ANNUITY INSURANCE, FBO FUTURE FUNDS I

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002,

286,641.049 8.04%
Putnam High Yield Fund Class R

DCGT TRUSTEE & OR CUSTODIAN

FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS

ATTN NPIO TRADE DESK

711 HIGH ST

DES MOINES IA 50392-0001

192,042.307 5.38%
Putnam High Yield Fund Class R6

GREAT WEST TR CO LLC FBO PFTC

FBO THE PUTNAM RETIREMENT PLAN C/O FASCORE LLC, 8515 E ORCHARD RD # 2T2

GREENWOOD VLG CO 80111-5002,

2,458,899.567 71.87%
Putnam High Yield Fund Class R6

EDWARD D JONES & CO, FOR THE BENEFIT OF CUSTOMERS

12555 MANCHESTER RD

SAINT LOUIS MO 63131-3710

549,965.064 16.07%
Putnam High Yield Fund Class Y

NATIONAL FINANCIAL SERVICES LLC, FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

499 WASHINGTON BLVD

ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995

5,532,256.954 14.46%
Putnam High Yield Fund Class Y

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

3,205,349.473 8.38%
Putnam High Yield Fund Class Y

RAYMOND JAMES

OMNIBUS FOR MUTUAL FUNDS

HOUSE ACCT FIRM 92500015

ATTN: COURTNEY WALLER

880 CARILLON PKWY

ST PETERSBURG FL 33716-1100

3,169,515.788 8.28%
Putnam High Yield Fund Class Y

TD AMERITRADE INC

FBO OUR CUSTOMERS

PO BOX 2226

OMAHA NE 68103-2226

3,125,215.739 8.17%
Putnam High Yield Fund Class Y

EMPOWER TRUST COMPANY, LLC

FBO RECORDKEEPING FOR VARIOUS BENEFIT P

8525 E ORCHARD RD

C/O MUTUAL FUND TRADING, GREENWOOD VILLAGE CO 80111-5002,

2,684,460.723 7.02%
K-46 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Income Fund Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
7,986,489.049 9.07%
Putnam Income Fund Class A MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
6,657,180.883 7.56%
Putnam Income Fund Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
6,069,635.558 6.89%
Putnam Income Fund Class A LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
4,886,001.407 5.55%
Putnam Income Fund Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
55,779.577 26.47%
Putnam Income Fund Class B AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
31,638.962 15.01%
Putnam Income Fund Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
18,157.383 8.62%
Putnam Income Fund Class B LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
10,976.897 5.21%
Putnam Income Fund Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
1,044,321.274 15.74%
Putnam Income Fund Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
914,530.006 13.78%
Putnam Income Fund Class C MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
602,689.719 9.08%
K-47 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Income Fund Class C MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
586,248.961 8.84%
Putnam Income Fund Class C CHARLES SCHWAB & CO INC
CLEARING ACCOUNT
FOR THE EXCLUSIVE BENEFIT OF
THEIR CUSTOMERS
101 MONTGOMERY ST
SAN FRANCISCO CA  94105-1905
521,918.357 7.87%
Putnam Income Fund Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
500,203.796 7.54%
Putnam Income Fund Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
476,134.701 7.18%
Putnam Income Fund Class C LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
419,922.746 6.33%
Putnam Income Fund Class M MIZUHO SECURITIES CO., LTD.
SETTLEMENT CONTROL DEPT. INVESTMENT
FUND TRUST OPERATIONS TEAM
OCHANOMIZU SOLA CITY
4-6, KANDA-SURUGADAI, CHIYODA-KU,
TOKYO 101-8219 JAPAN
7,164,000.000 99.82%
Putnam Income Fund Class R CAPITAL BANK & TRUST CO TRUSTEE
FBO HATHAWAY SYCAMORES CHILD & FAM 401K
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO  80111-5002
236,134.663 17.93%
Putnam Income Fund Class R PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
198,106.544 15.04%
Putnam Income Fund Class R MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
83,102.080 6.31%
K-48 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Income Fund Class R MID ATLANTIC TRUST COMPANY
FBO UNIVERSAL CLASS, INC. 401(K) PROFIT
1251 WATERFRONT PLACE, SUITE 525
PITTSBURGH PA  15222-4228
69,813.189 5.30%
Putnam Income Fund Class R DCGT TRUSTEE & OR CUSTODIAN FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS
ATTN NPIO TRADE DESK
711 HIGH ST
DES MOINES IA 50392-0001
66,457.275 5.05%
Putnam Income Fund Class R CHARLES SCHWAB & CO INC
CLEARING ACCOUNT
FOR THE EXCLUSIVE BENEFIT OF
THEIR CUSTOMERS
101 MONTGOMERY ST
SAN FRANCISCO CA  94105-1905
65,840.073 5.00%
Putnam Income Fund Class R5 EMPOWER TRUST COMPANY, LLC
RECORDKEEPING FOR VARIOUS BENEFIT PLANS
8525 E ORCHARD RD
GREENWOOD VILLAGE, CO  80111-5002
583,659.641 97.27%
Putnam Income Fund Class R6 EMPOWER TRUST COMPANY, LLC
RECORDKEEPING FOR VARIOUS BENEFIT PLANS
8525 E ORCHARD RD
GREENWOOD VILLAGE, CO  80111-5002
8,216,343.659 26.83%
Putnam Income Fund Class R6 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS 401(k)
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
5,260,178.125 17.18%
Putnam Income Fund Class R6 DCGT TRUSTEE & OR CUSTODIAN
FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS
ATTN NPIO TRADE DESK
711 HIGH ST
DES MOINES IA  50392-0001
2,760,559.782 9.01%
Putnam Income Fund Class Y MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
26,493,595.273 20.48%
Putnam Income Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
18,329,155.647 14.17%
Putnam Income Fund Class Y MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
12,934,462.465 10.00%
K-49 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Income Fund Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
10,618,730.915 8.21%
Putnam Income Fund Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
8,733,854.403 6.75%
Putnam Income Fund Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
7,272,412.202 5.62%
Putnam Income Fund Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
6,786,687.316 5.25%
Putnam Intermediate-Term Municipal Income Fund Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3729
595,214.214 43.76%
Putnam Intermediate-Term Municipal Income Fund Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
193,975.602 14.26%
Putnam Intermediate-Term Municipal Income Fund Class A CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1905
159,539.039 11.73%
Putnam Intermediate-Term Municipal Income Fund Class A LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
4707 EXECUTIVE DRIVE
ATTN. LINDSAY O’TOOLE
SAN DIEGO CA  92121-3091
137,556.383 10.11%
Putnam Intermediate-Term Municipal Income Fund Class B GRETCHEN YALLOWITZ &
ALAN YALLOWITZ JTWROS
515 GARDEN ST
LITTLE FALLS NY  13365-1405
1,104.192 80.78%
Putnam Intermediate-Term Municipal Income Fund Class B RODNEY B ERICKSON &
KAREN J ERICKSON JTWROS
12410 RUSSET LN
HUNTLEY IL  60142-6427
243.281 17.80%
Putnam Intermediate-Term Municipal Income Fund Class C EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3729
11,432.362 37.64%
K-50 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Intermediate-Term Municipal Income Fund Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
8,224.029 27.08%
Putnam Intermediate-Term Municipal Income Fund Class C LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
4707 EXECUTIVE DRIVE
ATTN. LINDSAY O’TOOLE
SAN DIEGO CA  92121-3091
7,217.733 23.77%
Putnam Intermediate-Term Municipal Income Fund Class C JASON L BROW TTEE
JASON LINCOLN BROW LIVING TRUST
U/A DTD 08/28/2018
FBO JASON L BROW
719 DEERBROOK LN
TEGA CAY SC  29708-8582
2,300.336 7.57%
Putnam Intermediate-Term Municipal Income Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3729
1,757,038.709 90.99%
Putnam Intermediate-Term Municipal Income Fund Class Y LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
4707 EXECUTIVE DRIVE
ATTN. LINDSAY O’TOOLE
SAN DIEGO CA  92121-3091
5.92% 114,271.302
Putnam Intermediate-Term Municipal Income Fund Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
99.62% 296,628.335
Putnam International Capital Opportunities Fund Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT. 4TH FL
JERSEY CITY, NJ  07310-2010
486,345.959 7.02%
 Putnam International Capital Opportunities Fund Class A PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
429,511.063 6.20%
Putnam International Capital Opportunities Fund Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3729
413,749.599 5.97%
Putnam International Capital Opportunities Fund Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
351,877.322 5.08%
Putnam International Capital Opportunities Fund Class B LINCOLN INVESTMENT PLANNING, LLC
FBO LINCOLN CUSTOMERS
601 OFFICE CENTER DR. STE 300
FT. WASHINGTON, PA 19034-3275
985.603 6.36%
K-51 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam International Capital Opportunities Fund Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
5,395.459 10.88%
Putnam International Capital Opportunities Fund Class C CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST.
SAN FRANCISCO, CA 94105-1905
2,911.648 5.87%
Putnam International Capital Opportunities Fund Class R TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY
PO BOX 5051
HARTFORD, CT 06102-5051
52,330.229 29.63%
Putnam International Capital Opportunities Fund Class R EMPOWER TRUST COMPANY, LLC
FUTURE FUNDS I COMPENSATION PLANS
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
27,323.039 15.47%
Putnam International Capital Opportunities Fund Class R STATE STREET BANK
TTEE CUST FBO ADP ACCESS
1 LINCOLN ST.
BOSTON, MA 02111-2901
25,281.329 14.32%
Putnam International Capital Opportunities Fund Class R EMPOWER TRUST COMPANY, LLC  
EMPLOYEE BENEFITS CLIENTS 401K
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
17,350.040 9.83%
 Putnam International Capital Opportunities Fund Class R6 GREAT-WEST TRUST & ANNUITY FBO
THE PUTNAM RETIREMENT PLAN
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
284,841.688 75.32%
Putnam International Capital Opportunities Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3729
32,263.386 8.53%
Putnam International Capital Opportunities Fund Class Y LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
354,113.092 31.65%
Putnam International Capital Opportunities Fund Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT. 4TH FL
JERSEY CITY, NJ  07310-2010
146,371.374 13.08%
K-52 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam International Capital Opportunities Fund Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
123,778.570 11.06%
Putnam International Capital Opportunities Fund Class Y PERSHING, LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399-0001
103,599.368 9.26%
Putnam International Equity Fund - Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
1,999,653.099 8.34%
Putnam International Equity Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
1,599,173.862 6.67%
Putnam International Equity Fund - Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
1,511,429.945 6.30%
Putnam International Equity Fund - Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
1,268,997.645 5.29%
Putnam International Equity Fund - Class B LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
4,111.270 7.13%
Putnam International Equity Fund - Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
3,847.102 6.67%
Putnam International Equity Fund - Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
3,763.422 6.53%
Putnam International Equity Fund - Class B AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
3,562.487 6.18%
Putnam International Equity Fund - Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
47,956.669 17.44%
K-53 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam International Equity Fund - Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
16,007.038 5.82%
Putnam International Equity Fund - Class R ASCENSUS TRUST COMPANY FBO
TERRY L JONES LLC 690430
PO BOX 10758
FARGO ND  58106-0758
7,878.254 18.55%
Putnam International Equity Fund - Class R PAI TRUST COMPANY INC
THE IRRIGATION MAN INC. 401(K) P/S
PLAN
1300 ENTERPRISE DR
DE PERE WI  54115-4934
4,442.166 10.46%
Putnam International Equity Fund - Class R MATRIX TRUST COMPANY CUST FBO
IMPACT RET PLAN 401K
717 17TH ST STE 1300
DENVER CO  80202-3304
4,120.426 9.70%
Putnam International Equity Fund - Class R MATRIX TRUST COMPANY CUST FBO
MUELLER LUMBER COMPANY PROFIT SHARI
717 17TH STREET
SUITE 1300
DENVER CO  80202-3304
3,756.850 8.85%
Putnam International Equity Fund - Class R ASCENSUS TRUST COMPANY FBO
APPLEGATE HEATING& INSULATION CO
4225354
PO BOX 10758
FARGO ND  58106-0758
3,559.490 8.38%
Putnam International Equity Fund - Class R ASCENSUS TRUST COMPANY FBO
BROOKWOOD TECHNOLOGIES 401(K) PLAN 685441
PO BOX 10758
FARGO ND  58106-0758
2,446.208 5.76%
Putnam International Equity Fund - Class R CHARLES SMITH FBO
GUARDIAN IGNITION INTERLOCK MA
COCOA FL  32926
2,436.835 5.74%
Putnam International Equity Fund - Class R5 PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON MA  02110-1802
453.926 100.00%
Putnam International Equity Fund - Class R6 EMPOWER TRUST COMPANY, LLC FBO
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
792,604.265 62.41%
K-54 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam International Equity Fund - Class R6 GREAT-WEST TRUST COMPANY LLC TTEE
EMPLOYEE BENEFITS CLIENTS 401K PLAN
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO  80111-5002
183,588.991 14.46%
Putnam International Equity Fund - Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
83,111.193 6.54%
Putnam International Equity Fund - Class Y DCGT TRUSTEE & OR CUSTODIAN
FBO PLIC VARIOUS RETIREMENT PLANS
OMNIBUS
ATTN NPIO TRADE DESK
711 HIGH ST
DES MOINES IA  50392-0001
1,091,429.920 23.46%
Putnam International Equity Fund - Class Y EMPOWER TRUST COMPANY, LLC FBO
RECORDKEEPING FOR VARIOUS BENEFIT P
8525 E ORCHARD RD
C/O MUTUAL FUND TRADING
GREENWOOD VILLAGE CO  80111-5002
826,673.205 17.77%
Putnam International Equity Fund - Class Y MERRILL LYNCH FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEERLAKE DR E FL3
JACKSONVILLE FL  32246-6484
442,749.531 9.52%
Putnam International Equity Fund - Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
442,239.624 9.51%
Putnam International Equity Fund - Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
364,274.636 7.83%
Putnam International Value Fund Class A EDWARD D. JONES & CO.
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER ROAD
SAINT LOUIS, MO 63131-3729
1,259,342.835 13.25%
Putnam International Value Fund Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ  07399-0001
700,265.995 7.37%
Putnam International Value Fund Class A NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY, NJ 07310-2010
589,324.400 6.20%
K-55 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam International Value Fund Class B NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY, NJ 07310-2010
1,438.525 8.95%
Putnam International Value Fund Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
15,169.548 13.72%
Putnam International Value Fund Class C ASCENSUS TRCO
FBO 691365
PO BOX 10758
FARGO, ND 58106-0758
8,367.603 7.57%
Putnam International Value Fund Class C LPL FINANCIAL
ATTENTION LINDSAY O’TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
7,666.635 6.94%
Putnam International Value Fund Class C AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
7,376.651 6.67%
Putnam International Value Fund Class R STATE STREET BANK
FBO ADP ACCESS
1 LINCOLN ST.
BOSTON, MA 02111-2901
37,511.583 19.72%
Putnam International Value Fund Class R MID ATLANTIC TRUST COMPANY
FBO CROUSE CONSTRUCTION CO INC 401K
1251 WATERFRONT PLACE, SUITE 525
PITTSBURGH, PA 15222-4228
17,891.404 9.40%
Putnam International Value Fund Class R MID ATLANTIC TRUST COMPANY
FBO HARBOR LANDSCAPING AND HOME MA 401(K)
1251 WATERFRONT PLACE, SUITE 525
PITTSBURGH, PA 15222-4228
13,274.545 6.98%
Putnam International Value Fund Class R MID ATLANTIC TRUST COMPANY
FBO WMW CO INC 401(K) PROFIT SHARING PLAN
1251 WATERFRONT PLACE, SUITE 525
PITTSBURGH, PA 15222-4228
9,735.659 5.12%
Putnam International Value Fund Class R MID ATLANTIC TRUST COMPANY
FBO NORTHLAND CREDIT CORP 401(K)
1251 WATERFRONT PLACE, SUITE 525
PITTSBURGH, PA 15222-4228
9,593.146 5.04%
Putnam International Value Fund Class R6 EMPOWER TRUST COMPANY, LLC  
THE PUTNAM RETIREMENT PLAN
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO 80111-5002
707,933.542 24.45%
K-56 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam International Value Fund Class R6 GREAT-WEST TRUST COMPANY LLC TTEE
EMPLOYEE BENEFITS CLIENTS 401K PLAN
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG, CO 80111-5002
446,979.403 15.44%
Putnam International Value Fund Class R6 NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY, NJ 07310-2010
317,601.767 10.97%
Putnam International Value Fund Class R6 EDWARD D. JONES & CO.
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER ROAD
SAINT LOUIS, MO 63131-3729
269,871.063 9.32%
Putnam International Value Fund Class R6 LINCOLN RETIREMENT SERVICES COMPANY
FBO OAKS INTGRTD CARE 403B SAV PLAN
PO BOX 7876
FORT WAYNE, IN 46801-7876
176,547.481 6.10%
Putnam International Value Fund Class R6 VANGUARD FIDUCIARY TRCO
FBO 401K CLIENTS
ATTN INVESTMENT SERVICES
PO BOX 2600
VALLEY FORGE, PA 19482-2600
150,551.883 5.20%
Putnam International Value Fund Class R6 AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
4,664,396.635 32.02%
Putnam International Value Fund Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ  07399-0001
3,221,331.109 22.11%
Putnam International Value Fund Class Y NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY, NJ 07310-2010
3,064,596.028 21.03%
Putnam International Value Fund Class Y LPL FINANCIAL
ATTENTION LINDSAY O’TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
1,184,478.972 8.13%
Putnam Large Cap Growth Fund Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
9,186,046.451 7.69%
Putnam Large Cap Growth Fund Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
7,169,618.541 6.00%
K-57 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Large Cap Growth Fund Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
6,278,976.092 5.26%
Putnam Large Cap Growth Fund Class A MLPF&S
FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
6,167,385.845 5.16%
Putnam Large Cap Growth Fund Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
6,092,181.302 5.10%
Putnam Large Cap Growth Fund Class B AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
29,727.645 6.74%
Putnam Large Cap Growth Fund Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
29,283.305 6.64%
Putnam Large Cap Growth Fund Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
28,436.870 6.45%
Putnam Large Cap Growth Fund Class B LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
24,636.095 5.58%
Putnam Large Cap Growth Fund Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
431,862.796 14.76%
Putnam Large Cap Growth Fund Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
273,221.307 9.34%
Putnam Large Cap Growth Fund Class C LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
228,429.817 7.81%
K-58 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Large Cap Growth Fund Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
206,346.537 7.05%
Putnam Large Cap Growth Fund Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
196,771.211 6.73%
Putnam Large Cap Growth Fund Class C AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
194,751.649 6.66%
Putnam Large Cap Growth Fund Class C CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1905
184,626.999 6.31%
Putnam Large Cap Growth Fund Class C MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
161,810.273 5.53%
Putnam Large Cap Growth Fund Class R GREAT-WEST TRUST COMPANY, LLC -
EMPLOYEE BENEFITS CLIENTS 401(K) PLAN
8515 E ORCHARD RD. 2T2
GREENWOOD VILLAGE, CO  80111-5002
39,008.019 13.55%
Putnam Large Cap Growth Fund Class R CAPITAL BANK & TRUST CO TRUSTEE
FBO TECHSOURCE INC 401K PROFIT SHARING PLAN
C/O FASCORE
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO  80111-5002
36,258.152 12.60%
Putnam Large Cap Growth Fund Class R MATRIX TRUST COMPANY CUST
FBO G.E. TIGNALL & CO.
717 17TH STREET
SUITE 1300
DENVER CO  80202-3304
29,504.334 10.25%
Putnam Large Cap Growth Fund Class R MID ATLANTIC TRUST COMPANY
FBO DELASOFT INC 401(K) PROFIT SHARING PLAN & TRUST
1251 WATERFRONT PL STE 525
PITTSBURGH PA  15222-4228
24,101.860 8.37%
K-59 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Large Cap Growth Fund Class R ASCENSUS TRUST COMPANY
FBO HAIRE PLUMBING COMPANY  401(K) P/S
011361
PO BOX 10758
FARGO ND  58106-0758
18,279.717 6.35%
Putnam Large Cap Growth Fund Class R ASCENSUS TRUST COMPANY
FBO CITY OF LEAGUE CITY 457 PLAN 69004
PO BOX 10758
FARGO ND  58106-0758
17,616.420 6.12%
Putnam Large Cap Growth Fund Class R ASCENSUS TRUST COMPANY
FBO
STEPHEN BRACCI PLLC PROFIT SHARI 683295
PO BOX 10758
FARGO ND  58106-0758
14,383.190 5.00%
Putnam Large Cap Growth Fund Class R5 EMPOWER TRUST COMPANY, LLC
RECORDKEEPING FOR VARIOUS BENEFIT PLANS
8525 E ORCHARD RD
GREENWOOD VILLAGE, CO  80111-5002
51,916.486 99.89%
Putnam Large Cap Growth Fund Class R6 GREAT-WEST TRUST COMPANY, LLC -
EMPLOYEE BENEFITS CLIENTS 401(K) PLAN
8515 E ORCHARD RD. 2T2
GREENWOOD VILLAGE, CO  80111-5002
2,593,007.306 20.49%
Putnam Large Cap Growth Fund Class R6 EMPOWER TRUST COMPANY, LLC
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
1,650,951.751 13.04%
Putnam Large Cap Growth Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
1,248,298.035 9.86%
Putnam Large Cap Growth Fund Class R6 NFS LLC FBO FIIOC AS AGENT FOR
QUALIFIED EMPLOYEE BENEFIT PLANS
401K FINOPS-IC FUNDS
499 WASHINGTON BLVD
JERSEY CITY NJ  07310-1995

1,161,730.947 9.18%
Putnam Large Cap Growth Fund Class R6 EMPOWER TRUST COMPANY, LLC
RECORDKEEPING FOR VARIOUS BENEFIT PLANS
8515 E ORCHARD RD. 2T2
GREENWOOD VILLAGE, CO  80111-5002
769,647.603 6.08%
Putnam Large Cap Growth Fund Class Y NATIONWIDE TRUST COMPANY FSB
C/O IPO PORTFOLIO ACCOUNTING
PO BOX 182029
COLUMBUS OH  43218-2029
4,802,436.971 14.84%
K-60 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Large Cap Growth Fund Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
3,303,154.704 10.21%
Putnam Large Cap Growth Fund Class Y LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
2,398,222.233 7.41%
Putnam Large Cap Growth Fund Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
2,186,028.659 6.76%
Putnam Large Cap Growth Fund Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
2,133,060.827 6.59%
Putnam Large Cap Growth Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
1,966,173.043 6.08%
Putnam Large Cap Growth Fund Class Y NATIONWIDE TRUST COMPANY FSB
FBO PARTICIPATING RETIREMENT PLANS NTC-PLNS
C/O IPO PORTFOLIO ACCOUNTING
PO BOX 182029
COLUMBUS OH  43218-2029
1,917,344.889 5.93%
Putnam Large Cap Value Fund - Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
25,669,742.373 8.14%
Putnam Large Cap Value Fund - Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
24,502,931.650 7.77%
Putnam Large Cap Value Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
18,625,913.067 5.90%
Putnam Large Cap Value Fund - Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
15,816,289.621 5.01%
Putnam Large Cap Value Fund - Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
85,606.266 9.15%
K-61 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Large Cap Value Fund - Class B CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1901
79,328.897 8.48%
Putnam Large Cap Value Fund - Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
77,942.657 8.33%
Putnam Large Cap Value Fund - Class B LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
73,491.941 7.85%
Putnam Large Cap Value Fund - Class B AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
72,724.663 7.77%
Putnam Large Cap Value Fund - Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
1,571,496.673 15.98%
Putnam Large Cap Value Fund - Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
961,072.641 9.78%
Putnam Large Cap Value Fund - Class C MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
947,404.190 9.64%
Putnam Large Cap Value Fund - Class C CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1901
884,337.595 8.99%
Putnam Large Cap Value Fund - Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
778,088.593 7.91%
K-62 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Large Cap Value Fund - Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
757,385.796 7.70%
Putnam Large Cap Value Fund - Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
573,005.112 5.83%
Putnam Large Cap Value Fund - Class C MLPF&S FOR THE SOLE BENEFIT OF
IT'S CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
539,048.887 5.48%
Putnam Large Cap Value Fund - Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
517,580.237 5.26%
Putnam Large Cap Value Fund - Class R STATE STREET BK & TR TTEE &/OR CUST
ADP ACCESS PRODUCT
1 LINCOLN ST
BOSTON MA  02111-2901
770,546.982 30.22%
Putnam Large Cap Value Fund - Class R TALCOTT RESOLUTION LIFE INSURANCE
PO BOX 5051
HARTFORD CT  06102-5051
445,674.675 17.48%
Putnam Large Cap Value Fund - Class R PIMS/PRUDENTIAL RETPLAN
NOMINEE TRUSTEE CUSTODIAN
700 AKWEL CADILLAC USA INC
603 7TH ST
CADILLAC MI  49601-1344
152,018.907 5.96%
Putnam Large Cap Value Fund - Class R5 NFS LLC FBO
FIIOC AS AGENT FOR
QUALIFIED EMPLOYEE BENEFIT PLANS
401K FINOPS-IC FUNDS
100 MAGELLAN WAY # KW1C
COVINGTON KY  41015-1987
385,224.060 41.83%
Putnam Large Cap Value Fund - Class R5 CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
101 MONTGOMERY ST
SAN FRANCISCO CA  94104-4151
121,400.993 13.18%
Putnam Large Cap Value Fund - Class R5 DCGT TRUSTEE & OR CUSTODIAN
FBO PLIC VARIOUS RETIREMENT PLANS
OMNIBUS
ATTN NPIO TRADE DESK
711 HIGH ST
DES MOINES IA  50392-0001
102,718.423 11.15%
K-63 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Large Cap Value Fund - Class R5 FIIOC FBO
HENRICKSEN & COMPANY INC 401K
PROFIT SHARING PLAN
100 MAGELLAN WAY
COVINGTON KY  41015-1987
101,554.562 11.03%
Putnam Large Cap Value Fund - Class R5 JOHN HANCOCK TRUST COMPANY LLC
200 BERKELEY STREET
BOSTON MA  02116-5038
82,944.715 9.01%
Putnam Large Cap Value Fund - Class R6 NFS LLC FBO
FIIOC AS AGENT FOR
QUALIFIED EMPLOYEE BENEFIT PLANS
401K FINOPS-IC FUNDS
100 MAGELLAN WAY #KW1C
COVINGTON KY  41015-1987
13,767,000.042 14.63%
Putnam Large Cap Value Fund - Class R6 EMPOWER TRUST COMPANY, LLC FBO
EMPLOYEE BENEFITS CLIENTS 401K
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
10,439,425.648 11.09%
Putnam Large Cap Value Fund - Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
6,293,692.676 6.69%
Putnam Large Cap Value Fund - Class R6 DCGT TRUSTEE & OR CUSTODIAN
PLIC VARIOUS RETIREMENT PLNS OMNI
ATTN NPIO TRADE DESK
711 HIGH ST
DES MOINES IA  50392-0001
5,889,471.641 6.26%
Putnam Large Cap Value Fund - Class R6 TIAA - Class CREF TRUST CO CUST/TTEE FBO
RETIREMENT PLANS FOR WHICH
TIAA ACTS AS RECORDKEEPER
ATTN: TRUST OPERATIONS
211 N BROADWAY STE 1000
SAINT LOUIS MO  63102-2748
5,839,500.674 6.21%
Putnam Large Cap Value Fund - Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
31,206,544.167 13.52%
Putnam Large Cap Value Fund - Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
27,853,983.023 12.07%
Putnam Large Cap Value Fund - Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
22,863,763.546 9.90%
Putnam Large Cap Value Fund - Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
19,382,077.629 8.40%
K-64 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Large Cap Value Fund - Class Y CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
101 MONTGOMERY ST
SAN FRANCISCO CA  94104-4151
17,526,271.350 7.59%
Putnam Large Cap Value Fund - Class Y MERRILL LYNCH FOR THE SOLE BENEFITS OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEERLAKE DR E FL3
JACKSONVILLE FL  32246-6484
14,910,132.778 6.46%
Putnam Large Cap Value Fund - Class Y MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
13,208,041.267 5.72%
Putnam Large Cap Value Fund - Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
12,958,176.032 5.61%
Putnam Massachusetts Tax Exempt Income Fund Class A NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-2010
1,907,680.252 12.78%
Putnam Massachusetts Tax Exempt Income Fund Class A MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA 2, 3RD FLOOR
JERSEY CITY, NJ  07311
1,425,048.897 9.54%
Putnam Massachusetts Tax Exempt Income Fund Class A MLPF&S FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
4800 DEER LAKE DR. E FL 3
JACKSONVILLE, FL 32246-6484
1,314,737.487 8.80%
Putnam Massachusetts Tax Exempt Income Fund Class B PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ  07399-0001
16,440.757 79.38%
Putnam Massachusetts Tax Exempt Income Fund Class B RBC CAPITAL MARKETS, LLC
MUTUAL FUND OMNIBUS PROCESSING
ATTN: MUTUAL FUND OPS MANAGER
510 MARQUETTE AVE S
MINNEAPOLIS, MN 55402-1110
3,939.386 19.02%
Putnam Massachusetts Tax Exempt Income Fund Class C AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S.
MINNEAPOLIS, MN 55402-2405
168,864.734 33.13%
Putnam Massachusetts Tax Exempt Income Fund Class C PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ  07399-0001
77,228.743 15.15%
K-65 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Massachusetts Tax Exempt Income Fund Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O’TOOLE
9785 TOWNE CENTRE DR.
SAN DIEGO, CA 92121-1968
49,234.741 9.66%
Putnam Massachusetts Tax Exempt Income Fund Class C CHARLES SCHWAB & CO. INC
CLEARING ACCOUNT FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS
101 MONTGOMERY ST.
SAN FRANCISCO, CA  94104-4151
46,357.319 9.09%
Putnam Massachusetts Tax Exempt Income Fund Class C MLPF&S FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
4800 DEER LAKE DR. E FL 3
JACKSONVILLE, FL 32246-6484
46,143.615 9.05%
Putnam Massachusetts Tax Exempt Income Fund Class C NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-2010
45,926.259 9.01%
Putnam Massachusetts Tax Exempt Income Fund Class C MORGAN STANLEY 4SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA 2, 3RD FLOOR
JERSEY CITY, NJ  07311
41,060.153 8.06%
Putnam Massachusetts Tax Exempt Income Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3729

85,696.246

 

100.00%
Putnam Massachusetts Tax Exempt Income Fund Class Y NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-2010
4,153,684.566 32.16%
Putnam Massachusetts Tax Exempt Income Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S.
MINNEAPOLIS, MN 55402-2405
2,813,599.868 21.79%
Putnam Massachusetts Tax Exempt Income Fund Class Y MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA 2, 3RD FLOOR
JERSEY CITY, NJ 07311
1,455,718.309 11.27%
Putnam Massachusetts Tax Exempt Income Fund Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O’TOOLE
9785 TOWNE CENTRE DR.
SAN DIEGO, CA 92121-1968
1,126,071.265 8.72%
Putnam Massachusetts Tax Exempt Income Fund Class Y MLPF&S FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
4800 DEER LAKE DR. E FL 3
JACKSONVILLE, FL 32246-6484
960,452.559 7.44%
K-66 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Minnesota Tax Exempt Income Fund Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3729
1,081,749.690 16.19%
Putnam Minnesota Tax Exempt Income Fund Class A LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O’TOOLE
9785 TOWNE CENTRE DR.
SAN DIEGO, CA 92121-1968
813,306.365 12.17%
Putnam Minnesota Tax Exempt Income Fund Class A AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S.
MINNEAPOLIS, MN 55402-2405
706,779.557 10.58%
Putnam Minnesota Tax Exempt Income Fund Class A CHARLES SCHWAB & CO. INC
CLEARING ACCOUNT FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS
101 MONTGOMERY ST.
SAN FRANCISCO, CA  94104-4151
588,345.041 8.81%
Putnam Minnesota Tax Exempt Income Fund Class A PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ  07399-0001
376,858.091 5.64%
Putnam Minnesota Tax Exempt Income Fund Class A WELLS FARGO CLEARING SERVICES,, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
342,184.918 5.12%
Putnam Minnesota Tax Exempt Income Fund Class B LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O’TOOLE
9785 TOWNE CENTRE DR.
SAN DIEGO, CA 92121-1968
4,837.999 59.59%
Putnam Minnesota Tax Exempt Income Fund Class B AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S.
MINNEAPOLIS, MN 55402-2405
2,608.260 32.13%
Putnam Minnesota Tax Exempt Income Fund Class B PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ  07399-0001
432.813 5.33%
Putnam Minnesota Tax Exempt Income Fund Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O’TOOLE
9785 TOWNE CENTRE DR.
SAN DIEGO, CA 92121-1968
61,290.606 14.11%
Putnam Minnesota Tax Exempt Income Fund Class C PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ  07399-0001
58,870.004 13.55%
K-67 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Minnesota Tax Exempt Income Fund Class C AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S.
MINNEAPOLIS, MN 55402-2405
55,294.088 12.73%
Putnam Minnesota Tax Exempt Income Fund Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
46,753.369 10.76%
Putnam Minnesota Tax Exempt Income Fund Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDSHOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG, FL 33716-1100
38,902.900 8.96%
Putnam Minnesota Tax Exempt Income Fund Class C EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3729
32,100.609 7.39%
Putnam Minnesota Tax Exempt Income Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3729
568,054.757 96.33%
Putnam Minnesota Tax Exempt Income Fund Class Y PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ  07399-0001
4,052,734.307 33.91%
Putnam Minnesota Tax Exempt Income Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S.
MINNEAPOLIS, MN 55402-2405
2,882,091.569 24.11%
Putnam Minnesota Tax Exempt Income Fund Class Y UBS WEALTH MANAGEMENT USA
0O0 11011 6100
OMNI ACCOUNT M/F
ATTN: DEPARTMENT MANAGER
1000 HARBOR BLVD.
WEEHAWKEN, NJ 07086-6761
1,449,260.515 12.13%
Putnam Minnesota Tax Exempt Income Fund Class Y NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-2010
1,322,471.663 11.06%
Putnam Minnesota Tax Exempt Income Fund Class Y TD AMERITRADE INC
FBO OUR CUSTOMERS
PO BOX 2226
OMAHA NE 68103-2226
1,206,921.107 10.10%
Putnam Money Market Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
77,179,874.066 9.93%
K-68 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Money Market Fund - Class B LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
148,970.809 17.31%
Putnam Money Market Fund - Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
84,367.787 9.80%
Putnam Money Market Fund - Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
58,453.938 6.79%
Putnam Money Market Fund - Class B DORIS SPITLER TTEE
JOHN R SR & DORIS SPITLER REVOCABLE
TRUST U/A DTD 10/14/1996
22 CORRIELLE ST
FORDS NJ  08863-1909
43,013.440 5.00%
Putnam Money Market Fund - Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
796,465.799 5.38%
Putnam Money Market Fund - Class R ASCENSUS TRUST COMPANY FBO
VANDALAY 401(K) 684194
PO BOX 10758
FARGO ND  58106-0758
684,618.650 14.88%
Putnam Money Market Fund - Class R ASCENSUS TRUST COMPANY FBO
ANDREY BUSLOV SOLO 401(K) PLAN  692
20
PO BOX 10758
FARGO ND  58106-0758
509,102.520 11.07%
Putnam Money Market Fund - Class R ASCENSUS TRUST COMPANY FBO
BAMBACIGNO STEEL CO. INC 401K PS PL
216713
PO BOX 10758
FARGO ND  58106-0758
492,201.360 10.70%
Putnam Money Market Fund - Class R ASCENSUS TRUST COMPANY FBO
BRUCE MUSEUM 401(K) PLAN  211490
PO BOX 10758
FARGO ND  58106-0758
290,599.180 6.32%
Putnam Mortgage Opportunities Fund Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
269,972.626 22.42%
K-69 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Mortgage Opportunities Fund Class A PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
148,318.412 12.32%
Putnam Mortgage Opportunities Fund Class A LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA  92121-3091
132,267.915 10.98%
Putnam Mortgage Opportunities Fund Class A AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
103,526.877 8.60%
Putnam Mortgage Opportunities Fund Class C AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
124,080.304 57.91%
Putnam Mortgage Opportunities Fund Class C CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1901
25,734.260 12.01%
Putnam Mortgage Opportunities Fund Class C PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
20,536.214 9.58%
Putnam Mortgage Opportunities Fund Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
11,441.797 5.34%
Putnam Mortgage Opportunities Fund Class I THE COCA-COLA COMPANY MASTER
RETIREMENT TRUST
1 COCA COLA PLZ NW
ATLANTA GA  30313-2420
5,803,223.770 33.65%
Putnam Mortgage Opportunities Fund Class I NORTHERN TRUST COMPANY CUSTODIAN
FBO PENSION PLAN OF BATTELLE TRUST
A/C 2238559
PO BOX 92956
CHICAGO IL  60675-2956
5,153,774.305 29.89%
Putnam Mortgage Opportunities Fund Class I NORTHERN TRUST COMPANY CUSTODIAN
FBO STATE OF UTAH SCHOOL AND
INSTITUTIONAL TRUST FUNDS
A/C 4471299
PO BOX 92956
CHICAGO IL  60675-2956
4,073,373.615 23.62%
K-70 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Mortgage Opportunities Fund Class I NORTHERN TRUST COMPANY CUSTODIAN
FBO SIGNAL INSURANCE TR A/C 1703262
PO BOX 92956
CHICAGO IL  60675-2956
2,213,440.822 12.84%
Putnam Mortgage Opportunities Fund Class R6 GREAT WEST TRUST COMPANY, LLC -
THE PUTNAM RETIREMENT PLAN
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE, CO  80111-5002
162,111.352 39.12%
Putnam Mortgage Opportunities Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
5,632,007.695 24.32%
Putnam Mortgage Opportunities Fund Class Y RELIANCE TRUST CO FBO
FIDUCIARY TRUST C/R
PO BOX 78446
ATLANTA GA  30357
4,720,000.260 20.38%
Putnam Mortgage Opportunities Fund Class Y LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA  92121-3091
4,042,920.979 17.45%
Putnam Mortgage Opportunities Fund Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
3,949,448.294 17.05%
Putnam Mortgage Opportunities Fund Class Y PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
2,175,561.178 9.39%
Putnam Mortgage Opportunities Fund Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
1,175,163.038 5.07%
Putnam Mortgage Securities Fund Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
3,042,798.250 6.61%
Putnam Mortgage Securities Fund Class A MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
2,330,516.188 5.06%
Putnam Mortgage Securities Fund Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
9,497.865 25.56%
K-71 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Mortgage Securities Fund Class B MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
3,526.319 9.49%
Putnam Mortgage Securities Fund Class B LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
2,058.531 5.54%
Putnam Mortgage Securities Fund Class C CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1905
32,291.001 10.57%
Putnam Mortgage Securities Fund Class C LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
30,727.963 10.06%
Putnam Mortgage Securities Fund Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
29,017.378 9.50%
Putnam Mortgage Securities Fund Class C AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
21,977.503 7.19%
Putnam Mortgage Securities Fund Class C PUTNAM FIDUCIARY TRUST CO CUST
FBO JACKSON COUNTY SCHOOL DIST 9 403(B) PLAN
A/C JONAH W PARSONS
953 SAINT ANDREWS WAY
EAGLE POINT OR  97524
19,973.563 6.54%
Putnam Mortgage Securities Fund Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT
FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
19,488.867 6.38%
Putnam Mortgage Securities Fund Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
17,939.278 5.87%
Putnam Mortgage Securities Fund Class C ASCENSUS TRUST COMPANY FBO
RILEY SPENCE MGMT CO - #213962
ASCENSUS TRUST COMPANY
PO BOX 10577
FARGO ND  58106-0577
17,914.115 5.86%
K-72 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Mortgage Securities Fund Class C MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
16,498.264 5.40%
Putnam Mortgage Securities Fund Class R STATE STREET BK & TR TTEE &/OR CUST
ADP ACCESS PRODUCT
1 LINCOLN ST
BOSTON MA  02111-2901
261,921.290 48.73%
Putnam Mortgage Securities Fund Class R ASCENSUS TRUST COMPANY
FBO VLG TECH LLC RET PLAN 68192
PO BOX 10758
FARGO ND  58106-0758
30,670.433 5.71%
Putnam Mortgage Securities Fund Class R ASCENSUS TRUST COMPANY
FBO SPARK ELECTRIC SERVICE INC PENSION
PLAN PLA 211694
PO BOX 10758
FARGO ND  58106-0758
29,664.436 5.52%
Putnam Mortgage Securities Fund Class R ASCENSUS TRUST COMPANY
MARLEN MFG 401(K) PROFIT SHARING PL 208534
PO BOX 10758
FARGO ND  58106-0758
27,824.199 5.18%
Putnam Mortgage Securities Fund Class R6 GREAT-WEST TRUST COMPANY, LLC
THE PUTNAM RETIREMENT PLAN
8515 E ORCHARD RD.  2T2
GREENWOOD VILLAGE, CO  80111-5002
491,336.803 71.43%
Putnam Mortgage Securities Fund Class R6 GREAT-WEST TRUST COMPANY, LLC
PUTNAM DEFERRED COMPENSATION PLANS
8515 E ORCHARD RD. 2T2
GREENWOOD VILLAGE, CO  80111-5002
93,266.198 13.56%
Putnam Mortgage Securities Fund Class R6 GREAT-WEST TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS 401(K)
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE, CO  80111-5002
41,669.654 6.06%
Putnam Mortgage Securities Fund Class Y MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
748,363.330 27.63%
Putnam Mortgage Securities Fund Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
519,732.473 19.19%
K-73 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Mortgage Securities Fund Class Y UBS WM USA
0O0 11011 6100
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ  07086-6761
376,886.344 13.91%
Putnam Mortgage Securities Fund Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT
FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
145,411.472 5.37%
Putnam Multi-Asset Income Fund - Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
2,195,871.177 14.58%
Putnam Multi-Asset Income Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
1,522,831.848 10.11%
Putnam Multi-Asset Income Fund - Class A LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA  92121-3091
1,212,566.463 8.05%
Putnam Multi-Asset Income Fund - Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
264,196.562 18.14%
Putnam Multi-Asset Income Fund - Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
239,180.412 16.42%
Putnam Multi-Asset Income Fund - Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA  92121-3091
162,973.431 11.19%
Putnam Multi-Asset Income Fund - Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
138,675.090 9.52%
Putnam Multi-Asset Income Fund - Class P PUTNAM RETIRE ADV MAT FUND
CLASS R6 FUND 7500
C/O PUTNAM INVESTMENTS, 100 FEDERAL STREET,
BOSTON, MA 02110
1,272,515.324 60.82%
K-74 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Multi-Asset Income Fund - Class P PUTNAM RETIRE ADV 2030 FUND
CLASS R6 FUND 7503
C/O PUTNAM INVESTMENTS, 100 FEDERAL STREET,
BOSTON, MA 02110
150,124.892 7.18%
Putnam Multi-Asset Income Fund - Class R PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
86,217.674 36.48%
Putnam Multi-Asset Income Fund - Class R MATRIX TRUST COMPANY CUST. FBO
ALLIED MOTION TECHNOLOGIES INC. DEF
717 17TH STREET
SUITE 1300
DENVER CO  80202-3304
64,301.995 27.21%
Putnam Multi-Asset Income Fund - Class R DCGT TRUSTEE & OR CUSTODIAN
FBO PLIC VARIOUS RETIREMENT PLANS
OMNIBUS
ATTN NPIO TRADE DESK
711 HIGH ST
DES MOINES IA  50392-0001
31,006.096 13.12%
Putnam Multi-Asset Income Fund - Class R STATE STREET BK & TR TTEE &/OR CUST
ADP ACCESS PRODUCT
1 LINCOLN ST
BOSTON MA  02111-2901
13,042.947 5.52%
Putnam Multi-Asset Income Fund - Class R5 PUTNAM INVESTMENTS, LLC
100 FEDERAL ST
BOSTON MA  02110-1802
1,044.134 100.00%
Putnam Multi-Asset Income Fund - Class R6 EMPOWER TRUST COMPANY, LLC FBO
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
420,270.397 78.15%
Putnam Multi-Asset Income Fund - Class R6 ASCENSUS TRUST COMPANY FBO
STUART KARTEN DESIGN, INC CASH OR D 690372
PO BOX 10758
FARGO ND  58106-0758
29,834.188 5.55%
Putnam Multi-Asset Income Fund - Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
668,495.207 15.02%
Putnam Multi-Asset Income Fund - Class Y PUTNAM 529 FOR AMERICA
MULTI ASSET INCOME CL A FUND 4180
SSBTC AS SUBCUSTODIAN
C/O PUTNAM INVESTMENTS, 100 FEDERAL STREET,
BOSTON, MA 02110
620,950.300 13.95%
K-75 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Multi-Asset Income Fund - Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
465,995.307 10.47%
Putnam Multi-Asset Income Fund - Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
359,005.861 8.06%
Putnam Multi-Asset Income Fund - Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA  92121-3091
355,124.030 7.98%
Putnam Multi-Asset Income Fund - Class Y

JAMESON A BAXTER &
REGINALD R BAXTER JTWROS
C/O PUTNAM INVESTMENTS

100 FEDERAL STREET,
BOSTON, MA 02110

261,404.088 5.87%
Putnam Multi-Asset Income Fund - Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
248,437.679 5.58%
Putnam Multi-Asset Income Fund - Class Y UBS WM USA
0O0 11011 6100
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ  07086-6761
242,541.481 5.45%
Putnam Multi-Asset Income Fund -Class P PUTNAM RETIRE ADV 2025 FUND
CLASS R6 FUND 7502
C/O PUTNAM INVESTMENTS, 100 FEDERAL STREET,
BOSTON, MA 02110
518,025.085 24.76%
Putnam New Jersey Tax Exempt Income Fund Class A Wells Fargo Clearing Services,, LLC
Special Custody Acct for the
Exclusive Benefit of Customer
2801 Market St.
Saint Louis, MO 63103-2523
1,482,289.641 13.02%
Putnam New Jersey Tax Exempt Income Fund Class A National Financial Services, LLC
for the Exclusive Benefit of
Our Customers
499 Washington Blvd.
Attn: Mutual Funds Dept 4th Fl
Jersey City, NJ 07310-2010
1,411,689.942 12.40%
Putnam New Jersey Tax Exempt Income Fund Class A MLPF&S FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
4800 DEER LAKE DR. E FL 3
JACKSONVILLE, FL 32246-6484
1,132,357.997 9.95%
K-76 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam New Jersey Tax Exempt Income Fund Class A J.P. MORGAN SECURITIES LLC,
FOR THE EXCLUSIVE BENEFIT OF
CUSTOMERS
4 CHASE METROTECH CENTER
3RD FL MUTUAL FUND DEPT.
BROOKLYN, NY 11245-0003
1,077,499.174 9.47%
Putnam New Jersey Tax Exempt Income Fund Class B PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ  07399-0001
8,329.443 67.52%
Putnam New Jersey Tax Exempt Income Fund Class B CHARLES SCHWAB & CO. INC
CLEARING ACCOUNT FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS
101 MONTGOMERY ST.
SAN FRANCISCO, CA  94104-4151
1,685.088 13.66%
Putnam New Jersey Tax Exempt Income Fund Class B CAROL A HAY
TOD MULTIPLE BENEFICIARIES
SUBJECT TO STA TOD RULES
2109 JOHNSON DR.
ROCKAWAY, NJ 07866-5843
997.250 8.08%
Putnam New Jersey Tax Exempt Income Fund Class C J.P. MORGAN SECURITIES LLC,
FOR THE EXCLUSIVE BENEFIT OF
CUSTOMERS
4 CHASE METROTECH CENTER
3RD FL MUTUAL FUND DEPT.
BROOKLYN, NY 11245-0003
326,670.301 45.44%
Putnam New Jersey Tax Exempt Income Fund Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
84,012.176 11.69%
Putnam New Jersey Tax Exempt Income Fund Class C AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S.
MINNEAPOLIS, MN 55402-2405
51,569.130 7.17%
Putnam New Jersey Tax Exempt Income Fund Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O’TOOLE
9785 TOWNE CENTRE DR.
SAN DIEGO, CA 92121-1968
45,106.462 6.27%
Putnam New Jersey Tax Exempt Income Fund Class C MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA 2, 3RD FLOOR
JERSEY CITY, NJ 07311
43,601.888 6.06%
Putnam New Jersey Tax Exempt Income Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3729
48,857.965 83.66%
K-77 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam New Jersey Tax Exempt Income Fund Class R6 J.P. MORGAN SECURITIES LLC,
FOR THE EXCLUSIVE BENEFIT OF
CUSTOMERS
4 CHASE METROTECH CENTER
3RD FL MUTUAL FUND DEPT.
BROOKLYN, NY 11245-0003
8,264.464 14.15%
Putnam New Jersey Tax Exempt Income Fund Class Y MLPF&S FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
ATTN: FUND ADMINISTRATION
4800 DEER LAKE DR. E FL 3
JACKSONVILLE, FL 32246-6484
1,232,903.775 42.85%
Putnam New Jersey Tax Exempt Income Fund Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O’TOOLE
9785 TOWNE CENTRE DR.
SAN DIEGO, CA 92121-1968
300,172.087 10.43%
Putnam New Jersey Tax Exempt Income Fund Class Y NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-2010
279,576.397 9.72%
Putnam New Jersey Tax Exempt Income Fund Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
265,348.668 9.22%
Putnam New Jersey Tax Exempt Income Fund Class Y PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ  07399-0001
164,003.374 5.70%
Putnam New Jersey Tax Exempt Income Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S.
MINNEAPOLIS, MN 55402-2405
153,002.300 5.32%
Putnam New Jersey Tax Exempt Income Fund Class Y CHARLES SCHWAB & CO. INC
CLEARING ACCOUNT FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS
101 MONTGOMERY ST.
SAN FRANCISCO, CA  94104-4151
144,278.138 5.01%
Putnam NY Tax Exempt Income Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
10,032,174.852 13.25%
Putnam NY Tax Exempt Income Fund - Class A J.P. MORGAN SECURITIES LLC.
FOR THE EXCLUSIVE BENEFIT OF
CUSTOMERS
4 CHASE METROTECH CENTER
3RD FL MUTUAL FUND DEPT
BROOKLYN NY  11245-0003
8,406,306.586 11.10%
K-78 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam NY Tax Exempt Income Fund - Class A MLPF&S FOR THE SOLE BENEFIT OF
IT'S CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
6,532,878.985 8.63%
Putnam NY Tax Exempt Income Fund - Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
5,178,836.894 6.84%
Putnam NY Tax Exempt Income Fund - Class A MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
4,819,936.231 6.37%
Putnam NY Tax Exempt Income Fund - Class A LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
4,322,093.264 5.71%
Putnam NY Tax Exempt Income Fund - Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
6,632.084 15.70%
Putnam NY Tax Exempt Income Fund - Class B MLPF&S FOR THE SOLE BENEFIT OF
IT'S CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
5,493.543 13.01%
Putnam NY Tax Exempt Income Fund - Class B TERENCE CORRIGAN
40 BAYBERRY LN
NORTHPORT NY  11768-2305
5,168.604 12.24%
Putnam NY Tax Exempt Income Fund - Class B JOHN DEMPSEY
210 ATLANTIC AVE APT A1H
LYNBROOK NY  11563-3555
3,939.619 9.33%
Putnam NY Tax Exempt Income Fund - Class B LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
2,888.028 6.84%
Putnam NY Tax Exempt Income Fund - Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
2,767.015 6.55%
Putnam NY Tax Exempt Income Fund - Class B INGEBORG E KUHANECK TOD
KIM M HAAS
SUBJECT TO STA TOD RULES
399 WOODGATE RD
TONAWANDA NY  14150-7209
2,457.183 5.82%
K-79 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam NY Tax Exempt Income Fund - Class C J.P. MORGAN SECURITIES LLC.
FOR THE EXCLUSIVE BENEFIT OF
CUSTOMERS
4 CHASE METROTECH CENTER
3RD FL MUTUAL FUND DEPT
BROOKLYN NY  11245-0003
610,763.023 31.95%
Putnam NY Tax Exempt Income Fund - Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
526,460.393 27.54%
Putnam NY Tax Exempt Income Fund - Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
156,496.503 8.19%
Putnam NY Tax Exempt Income Fund - Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
107,229.547 5.61%
Putnam NY Tax Exempt Income Fund - Class R6 J.P. MORGAN SECURITIES LLC.
FOR THE EXCLUSIVE BENEFIT OF
CUSTOMERS
4 CHASE METROTECH CENTER
3RD FL MUTUAL FUND DEPT
BROOKLYN NY  11245-0003
17,480,408.003 97.80%
Putnam NY Tax Exempt Income Fund - Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
1,449,941.983 17.94%
Putnam NY Tax Exempt Income Fund - Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
1,104,529.091 13.67%
Putnam NY Tax Exempt Income Fund - Class Y MLPF&S FOR THE SOLE BENEFIT OF
IT'S CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEERLAKE DR E FL3
JACKSONVILLE FL  32246-6484
963,247.947 11.92%
Putnam NY Tax Exempt Income Fund - Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
925,913.664 11.46%
Putnam NY Tax Exempt Income Fund - Class Y MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
742,844.069 9.19%
K-80 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam NY Tax Exempt Income Fund - Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
680,902.042 8.42%
Putnam NY Tax Exempt Income Fund - Class Y UBS WM USA
0O0 11011 6100
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ  07086-6761
497,223.936 6.15%
Putnam NY Tax Exempt Income Fund - Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
457,764.210 5.66%
Putnam Ohio Tax Exempt Income Fund Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3729
1,080,880.706 14.67%
Putnam Ohio Tax Exempt Income Fund Class A PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ  07399-0001
540,654.674 7.34%
Putnam Ohio Tax Exempt Income Fund Class A NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-2010
532,885.018 7.23%
Putnam Ohio Tax Exempt Income Fund Class A RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDSHOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG, FL 33716-1100
446,331.721 6.06%
Putnam Ohio Tax Exempt Income Fund Class A MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA 2, 3RD FLOOR
JERSEY CITY, NJ 07311
377,084.091 5.12%
Putnam Ohio Tax Exempt Income Fund Class A AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S.
MINNEAPOLIS, MN 55402-2405
2,794.766 18.50%
Putnam Ohio Tax Exempt Income Fund Class B PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ  07399-0001
8,169.354 54.06%
Putnam Ohio Tax Exempt Income Fund Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDSHOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG, FL 33716-1100
33,598.659 15.48%
K-81 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Ohio Tax Exempt Income Fund Class C CHARLES SCHWAB & CO. INC
CLEARING ACCOUNT FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS
101 MONTGOMERY ST.
SAN FRANCISCO, CA  94104-4151
27,991.298 12.89%
Putnam Ohio Tax Exempt Income Fund Class C UBS WEALTH MANAGEMENT USA
0O0 11011 6100
OMNI ACCOUNT M/F
ATTN: DEPARTMENT MANAGER
1000 HARBOR BLVD.
WEEHAWKEN, NJ 07086-6761
21,667.973 9.98%
Putnam Ohio Tax Exempt Income Fund Class C JAMES E TURNER
TOD JAMES E TURNER REVOCABLE TRUST
U/A DTD 02/27/1998 SUBJECT TO STA TOD RULES
6401 COUPLES LN.
LIMA, OH 45801-8600
20,765.484 9.56%
Putnam Ohio Tax Exempt Income Fund Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O’TOOLE
9785 TOWNE CENTRE DR.
SAN DIEGO, CA 92121-1968
17,227.840 7.93%
Putnam Ohio Tax Exempt Income Fund Class C SARA M WELSH
TOD MULTIPLE BENEFICIARIES
SUBJECT TO STA TOD RULES
16482 GLENRIDGE AVE.
CLEVELAND, OH 44130-5444
12,872.264 5.93%
Putnam Ohio Tax Exempt Income Fund Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
11,324.515 5.22%
Putnam Ohio Tax Exempt Income Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3729
252,854.422 100.00%
Putnam Ohio Tax Exempt Income Fund Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDSHOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG, FL 33716-1100
1,002,275.979 44.81%
Putnam Ohio Tax Exempt Income Fund Class Y UBS WEALTH MANAGEMENT USA
0O0 11011 6100
OMNI ACCOUNT M/F
ATTN: DEPARTMENT MANAGER
1000 HARBOR BLVD.
WEEHAWKEN, NJ 07086-6761
183,435.306 8.20%
K-82 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Ohio Tax Exempt Income Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S.
MINNEAPOLIS, MN 55402-2405
177,616.534 7.94%
Putnam Ohio Tax Exempt Income Fund Class Y PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ  07399-0001
176,807.229 7.90%
Putnam Ohio Tax Exempt Income Fund Class Y NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT. 4TH FL
JERSEY CITY, NJ 07310-2010
169,282.644 7.57%
Putnam Ohio Tax Exempt Income Fund Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O’TOOLE
9785 TOWNE CENTRE DR.
SAN DIEGO, CA 92121-1968
147,100.262 6.58%
Putnam Ohio Tax Exempt Income Fund Class Y MLPF&S FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
ATTN: FUND ADMINISTRATION
4800 DEER LAKE DR. E FL 3
JACKSONVILLE, FL 32246-6484
144,271.623 6.45%
Putnam PanAgora ESG Emerging Markets Equity ETF STATE STREET BANK
FBO ADP ACCESS
1 LINCOLN ST.
BOSTON, MA 02111-2901
2,119,048 97.79%
Putnam PanAgora ESG International Equity ETF STATE STREET BANK
FBO ADP ACCESS
1 LINCOLN ST.
BOSTON, MA 02111-2901
6,146,647 99.54%
Putnam Pennsylvania Tax Exempt Income Fund Class A NATIONAL FINANCIAL SERVICES, LL
FOR THE EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-2010
2,285,034.479 19.90%
Putnam Pennsylvania Tax Exempt Income Fund Class A LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O’TOOLE
9785 TOWNE CENTRE DR.
SAN DIEGO, CA 92121-1968
1,268,126.450 11.05%
Putnam Pennsylvania Tax Exempt Income Fund Class A WELLS FARGO CLEARING SERVICES,, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
832,138.548 7.25%
K-83 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Pennsylvania Tax Exempt Income Fund Class A CHARLES SCHWAB & CO. INC
CLEARING ACCOUNT FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS
101 MONTGOMERY ST.
SAN FRANCISCO, CA  94104-4151
635,172.103 5.53%
Putnam Pennsylvania Tax Exempt Income Fund Class B LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O’TOOLE
9785 TOWNE CENTRE DR.
SAN DIEGO, CA 92121-1968
2,885.001 40.96%
Putnam Pennsylvania Tax Exempt Income Fund Class B NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-2010
1,321.891 18.77%
Putnam Pennsylvania Tax Exempt Income Fund Class B SCOTT A WOLFE
CUST FOR EMILY WOLFE
U/PA UNIF TRANSFER TO M/A 5361 SCHWABEN CREEK RD
LECK KILL, PA  17836
954.019 13.54%
Putnam Pennsylvania Tax Exempt Income Fund Class B HILDA O NITCHMAN
608 LOCUST ST
HANOVER, PA 17331-2715
593.094 8.42%
Putnam Pennsylvania Tax Exempt Income Fund Class B PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ  07399-0001
482.237 6.85%
Putnam Pennsylvania Tax Exempt Income Fund Class B MICHAEL BEST
2 BOLTON CIR
NEWTOWN, PA 18940-1866
459.027 6.52%
Putnam Pennsylvania Tax Exempt Income Fund Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O’TOOLE
9785 TOWNE CENTRE DR.
SAN DIEGO, CA 92121-1968
154,417.818 25.83%
Putnam Pennsylvania Tax Exempt Income Fund Class C WELLS FARGO CLEARING SERVICES,, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO 63103-2523
122,867.857 20.55%
Putnam Pennsylvania Tax Exempt Income Fund Class C NATIONAL FINANCIAL SERVICES, LLC
FOR THE EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-2010
63,450.982 10.61%
Putnam Pennsylvania Tax Exempt Income Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD.
SAINT LOUIS, MO 63131-3729
98,831.054 98.21%
K-84 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Pennsylvania Tax Exempt Income Fund Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O’TOOLE
9785 TOWNE CENTRE DR.
SAN DIEGO, CA 92121-1968
388,649.839 26.75%
Putnam Pennsylvania Tax Exempt Income Fund Class Y MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA 2, 3RD FLOOR
JERSEY CITY, NJ 07311
171,905.921 11.83%
Putnam Pennsylvania Tax Exempt Income Fund Class Y NATIONAL FINANCIAL SERVICES, LL
FOR THE EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
499 WASHINGTON BLVD.
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-2010
152,849.928 10.52%
Putnam Pennsylvania Tax Exempt Income Fund Class Y PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ  07399-0001
120,789.109 8.31%
Putnam Pennsylvania Tax Exempt Income Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S.
MINNEAPOLIS, MN 55402-2405
104,453.819 7.19%
Putnam Pennsylvania Tax Exempt Income Fund Class Y MLPF&S FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
4800 DEER LAKE DR. E FL 3
JACKSONVILLE, FL 32246-6484
94,874.058 6.53%
Putnam Pennsylvania Tax Exempt Income Fund Class Y CHARLES SCHWAB & CO. INC
CLEARING ACCOUNT FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS
101 MONTGOMERY ST.
SAN FRANCISCO, CA  94104-4151
93,259.004 6.42%
Putnam Pennsylvania Tax Exempt Income Fund Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST.
SAINT LOUIS, MO  63103-2523
76,050.312 5.23%
Putnam Research Fund Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
636,041.790 7.09%
Putnam Research Fund Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
558,473.479 6.22%
K-85 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Research Fund Class A AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
546,809.497 6.09%
Putnam Research Fund Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
534,330.450 5.95%
Putnam Research Fund Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
507,840.677 5.66%
Putnam Research Fund Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
3,713.566 10.48%
Putnam Research Fund Class B LINCOLN INVESTMENT PLANNING, LLC
FBO LINCOLN CUSTOMERS
601 OFFICE CENTER DR STE 300
FT WASHINGTON PA  19034-3275
2,745.341 7.75%
Putnam Research Fund Class B AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
2,705.109 7.63%
Putnam Research Fund Class C CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1905
33,237.029 11.59%
Putnam Research Fund Class C PAI TRUST COMPANY INC
YALE DRUG/FOSTER CORNER DRUG 401(K)
1300 ENTERPRISE DR
DE PERE WI  54115-4934
32,928.039 11.48%
Putnam Research Fund Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
29,809.354 10.39%
Putnam Research Fund Class C LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
24,828.730 8.65%
K-86 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Research Fund Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
16,938.777 5.90%
Putnam Research Fund Class C AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
16,904.200 5.89%
Putnam Research Fund Class R ASCENSUS TRUST COMPANY
FBO CITY OF LEAGUE CITY 457 PLAN 69004
PO BOX 10758
FARGO ND  58106-0758
7,060.441 25.79%
Putnam Research Fund Class R ASCENSUS TRUST COMPANY
FBO PREMIER PROTECTIVE PACKAGING 401(K) 685560
PO BOX 10758
FARGO ND  58106-0758
5,073.911 18.53%
Putnam Research Fund Class R MATRIX TRUST COMPANY CUST.
FBO SCIENTIFIC SYSTEMS & SOFTWARE
717 17TH STREET
SUITE 1300
DENVER CO  80202-3304
3,217.963 11.75%
Putnam Research Fund Class R JARED TAYLOR JERRY TAYLOR & SALLY T
ROBERT W SPEIRS PLUMBING INC 401K
C/O FASCORE
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO  80111-5002
2,829.306 10.33%
Putnam Research Fund Class R ASCENSUS TRUST COMPANY
FBO GARY SZYMANSKI MD LLC  692410
PO BOX 10758
FARGO ND  58106-0758
1,545.884 5.65%
Putnam Research Fund Class R MATRIX TRUST COMPANY CUST
FBO CHESAPEAKE WOOD PRODUCTS 401(K)
717 17TH ST STE 1300
DENVER CO  80202-3304
1,399.695 5.11%
Putnam Research Fund Class R6 EMPOWER TRUST COMPANY, LLC
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
371,980.498 60.71%
Putnam Research Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
117,417.781 19.16%
K-87 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Research Fund Class R6 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS 401(K) PLAN
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
77,289.702 12.61%
Putnam Research Fund Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
532,280.863 37.66%
Putnam Research Fund Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
185,638.110 13.14%
Putnam Research Fund Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
183,075.901 12.95%
Putnam Research Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
FBO # 41999970
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
116,074.551 8.21%
Putnam Research Fund Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
105,883.327 7.49%
Putnam Research Fund Class Y LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
98,557.931 6.97%
Putnam Retirement Advantage 2025 Fund Class A

HELEN M LATIMER IRA ROLLOVER PLAN

2 DAVID CT

GLEN COVE NY

11542-3301

26,887.515 20.50%
Putnam Retirement Advantage 2025 Fund Class A GAFRANCESCO ENTERPRISES SEP IRA PLAN A/C THOMAS P GAFRANCESCO 404 HELEN ST SYRACUSE NY  13203-1248 20,521.622 15.64%
Putnam Retirement Advantage 2025 Fund Class A

ROBERT A LENAHAN ARCHITECT PC PROFIT SHARING PLAN

A/C ROBERT A LENAHAN

34 ANDRE HL

TAPPAN NY 10983-2304

7,323.492 5.58%
Putnam Retirement Advantage 2025 Fund Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
2,409.743 32.05%
K-88 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2025 Fund Class C

MATRIX TRUST CO AS AGENT FOR

FBO LAURY A PURDY

403B IRA ACCOUNT

717 17TH ST STE 1300

DENVER CO 80202-3304

1,900.191 25.27%
Putnam Retirement Advantage 2025 Fund Class C

CONNIE'S SUPERMARKET INC SIMPLE IRA PLAN A/C CATHY L FRANKLIN

5295 WILMOT RD

WYALUSING PA 18853-8482

1,220.264 16.23%
Putnam Retirement Advantage 2025 Fund Class C

PUTNAM INVESTMENTS, LLC

100 FEDERAL STREET

BOSTON, MA 02110

1,043.227 13.87%
Putnam Retirement Advantage 2025 Fund Class C

PUTNAM FIDUCIARY TRUST CO CUST FBO MARLBOROUGH PUBLIC SCHOOLS OF MA 403(B) PLAN

A/C MICHAEL I ALLEN

41 MYOPIA RD HYDE PARK MA

02136-1521

879.374 11.69%
Putnam Retirement Advantage 2025 Fund Class R

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,046.421 100.00%
Putnam Retirement Advantage 2025 Fund Class R3

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,052.226 100.00%
Putnam Retirement Advantage 2025 Fund Class R4 EMPOWER TRUST COMPANY, LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO  80111-5002 9,214.420 89.69%
Putnam Retirement Advantage 2025 Fund Class R4

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,059.416 10.31%
Putnam Retirement Advantage 2025 Fund Class R5

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,062.246 100.00%
Putnam Retirement Advantage 2025 Fund Class R6 MATRIX TRUST CO CUST FBO SALT LAKE CITY CORP RETIREE HRA 717 17TH ST STE 1300 DENVER CO  80202-3304 321,376.913 27.10%
Putnam Retirement Advantage 2025 Fund Class R6

EMPOWER TRUST COMPANY, LLC FBO GLOBAL MEDICAL RESPONSE NQ DCP C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

195,956.290 16.53%
Putnam Retirement Advantage 2025 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO ACTION PACT INC

C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

140,282.380 11.83%
Putnam Retirement Advantage 2025 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO INFORM DESIGN INC 401K PLAN C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

109,403.393 9.23%
K-89 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2025 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002

99,753.011 8.41%
Putnam Retirement Advantage 2025 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO D SUEHIRO ELECTRIC INC 401K & PSP

C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

64,519.863 5.44%
Putnam Retirement Advantage 2025 Fund Class R6 JOHN HANCOCK TRUST COMPANY LLC 200 BERKELEY STREET BOSTON MA  02116-5038 61,913.113 5.22%
Putnam Retirement Advantage 2025 Fund Class Y JIMMY J ZHANG ROTH IRA PLAN 3506 TOWN HAVEN DR TROY MI  48083-1023 4,241.782 79.97%
Putnam Retirement Advantage 2025 Fund Class Y

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,062.246 20.03%
Putnam Retirement Advantage 2030 Fund Class A

PUTNAM FIDUCIARY TRUST CO CUST FBO FRANKLIN COUNTY BOARD OF ED 403(B) PLAN

A/C H DWAYNE THAMES 2530 LYNCHBURG RD WINCHESTER TN 37398-3408

12,475.014 14.45%
Putnam Retirement Advantage 2030 Fund Class A ED TOMAYER ROTH IRA PLAN 700 WASHINGTON ST APT 1023 VANCOUVER WA  98660-3358 12,463.467 14.44%
Putnam Retirement Advantage 2030 Fund Class A JOSE GRANADOS IRA ROLLOVER PLAN 2222 MALLORY ST SN BERNRDNO CA  92407-6433 11,448.324 13.26%
Putnam Retirement Advantage 2030 Fund Class A GEORGINE TOMAYER ROTH IRA PLAN 700 WASHINGTON ST APT 1023 VANCOUVER WA  98660-3358 10,882.771 12.61%
Putnam Retirement Advantage 2030 Fund Class A PUTNAM FIDUCIARY TRUST CO CUST FBO BRYAN CITY SCHOOLS 403(B) PLAN A/C VICTORIA S EIDENIER PO BOX 1003 PIONEER OH  43554-1003 4,842.132 5.61%
Putnam Retirement Advantage 2030 Fund Class A BARBARA E GALLAGHER IRA PLAN 1220 W NORTH AVE PITTSBURGH PA  15233-1936 4,779.846 5.54%
Putnam Retirement Advantage 2030 Fund Class A NAMASIVAYAM THANGAVELU IRA ROLLOVER PLAN 2888 GLEN HAWKINS CT SAN JOSE CA  95148-2542 4,757.439 5.51%
Putnam Retirement Advantage 2030 Fund Class C

PUTNAM FIDUCIARY TRUST CO CUST FBO NORTHBOROUGH-SOUTHBOROUGH 403(B) PLAN A/C RALPH ARABIAN

34 LINWOOD ST ANDOVER MA

01810-2746

4,661.425 40.69%
K-90 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2030 Fund Class C

ROBERT A LENAHAN ARCHITECT PC PROFIT SHARING PLAN A/C ROBERT A LENAHAN

34 ANDRE HL

TAPPAN NY 10983-2304

2,995.630 26.15%
Putnam Retirement Advantage 2030 Fund Class C

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,143.476 9.98%
Putnam Retirement Advantage 2030 Fund Class C

PUTNAM FIDUCIARY TRUST CO CUST FBO MARLBOROUGH PUBLIC SCHOOLS OF MA 403(B) PLAN

A/C MICHAEL I ALLEN

41 MYOPIA RD

HYDE PARK MA 02136-1521

917.602 8.01%
Putnam Retirement Advantage 2030 Fund Class C

PUTNAM FIDUCIARY TRUST CO CUST FBO WOODMORE SCHOOL DISTRICT 403(B) PLAN

A/C JULIA B COON

514 HICKORY ST

PEMBERVILLE OH 43450-9856

872.637 7.62%
Putnam Retirement Advantage 2030 Fund Class R

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,143.144 100.00%
Putnam Retirement Advantage 2030 Fund Class R3

PUTNAM INVESTMENT HOLDINGS LLC ATTN: CORPORATE TREASURY M/S M26C

100 FEDERAL ST BOSTON MA

02110-1802

1,149.794 100.00%
Putnam Retirement Advantage 2030 Fund Class R4

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002

9,415.156 89.06%
Putnam Retirement Advantage 2030 Fund Class R4

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,157.132 10.94%
Putnam Retirement Advantage 2030 Fund Class R5

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,160.319 100.00%
Putnam Retirement Advantage 2030 Fund Class R6

MATRIX TRUST CO CUST FBO SALT LAKE CITY CORP RETIREE HRA

717 17TH ST STE 1300

DENVER CO 80202-3304

378,172.789 27.34%
Putnam Retirement Advantage 2030 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO GLOBAL MEDICAL RESPONSE NQ DCP

C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

189,608.587 13.71%
Putnam Retirement Advantage 2030 Fund Class R6 EMPOWER TRUST COMPANY, LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO  80111-5002 170,047.638 12.30%
K-91 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2030 Fund Class R6

EMPOWER TRUST COMPANY, LLC FBO D SUEHIRO ELECTRIC INC 401K & PSP C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

136,409.374 9.86%
Putnam Retirement Advantage 2030 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO N F STROTH & ASSOCIATES LLC RET PLAN C/O EMPOWER

8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002

135,579.582 9.80%
Putnam Retirement Advantage 2030 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO ACTION PACT INC

C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

114,670.082 8.29%
Putnam Retirement Advantage 2030 Fund Class Y

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,160.442 79.10%
Putnam Retirement Advantage 2030 Fund Class Y ROBYN L BALDWIN IRA ROLLOVER PLAN 75 CURRAN RD N ATTLEBORO MA  02760-4356 121.444 8.28%
Putnam Retirement Advantage 2030 Fund Class Y   BARBARA M BAUMANN
c/o Putnam Investments
100 Federal Street
Boston, MA 02110
108.202 7.38%
Putnam Retirement Advantage 2030 Fund Class Y

KEVIN R HUSSEY IRA PLAN

94 PARADISE COVE RD

PENROSE NC 28766-8800

77.057 5.25%
Putnam Retirement Advantage 2035 Fund Class A

NICHOLAS TANGEMAN LLC 401K PLAN CUST

FBO JULIE M EDWARDS

PO BOX 928

LARAMIE WY 82073-0928

30,569.427 21.68%
Putnam Retirement Advantage 2035 Fund Class A

MARK AIELLO IRA ROLLOVER PLAN 120 E 36TH ST

NEW YORK NY 10016-3465

21,291.463 15.10%
Putnam Retirement Advantage 2035 Fund Class A DANA L CONDRON ROTH IRA PLAN 32836 MOUNT HERMON RD PARSONSBURG MD  21849-2147 18,856.153 13.37%
Putnam Retirement Advantage 2035 Fund Class A

PUTNAM FIDUCIARY TRUST CO CUST FBO MIDLAND INDEP SCH DIST (TX) 403(B) PLAN A/C WHITNEY NIX

4310 HEIDELBERG LN

MIDLAND TX 79707-9602

8,155.588 5.78%
Putnam Retirement Advantage 2035 Fund Class C

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,175.762 100.00%
Putnam Retirement Advantage 2035 Fund Class R

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,180.512 100.00%
Putnam Retirement Advantage 2035 Fund Class R3

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,186.171 100.00%
K-92 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2035 Fund Class R4

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

1,845.796 60.72%
Putnam Retirement Advantage 2035 Fund Class R4

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,194.023 39.28%
Putnam Retirement Advantage 2035 Fund Class R5

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,197.245 100.00%
Putnam Retirement Advantage 2035 Fund Class R6

MATRIX TRUST CO CUST

FBO SALT LAKE CITY CORP RETIREE HRA

717 17TH ST STE 1300

DENVER CO 80202-3304

506,109.297 31.78%
Putnam Retirement Advantage 2035 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002

332,932.337 20.91%
Putnam Retirement Advantage 2035 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO GLOBAL MEDICAL RESPONSE NQ DCP C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

254,196.099 15.96%
Putnam Retirement Advantage 2035 Fund Class R6 JOHN HANCOCK TRUST COMPANY LLC 200 BERKELEY STREET BOSTON MA  02116-5038 145,757.311 9.15%
Putnam Retirement Advantage 2035 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO LLAMAS COATINGS INC 401K PSP C/O FASCORE

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

124,601.097 7.82%
Putnam Retirement Advantage 2035 Fund Class Y  

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,197.432 59.89%
Putnam Retirement Advantage 2035 Fund Class Y

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

697.594 34.89%
Putnam Retirement Advantage 2035 Fund Class Y MONA K SUTPHEN
C/O PUTNAM INVESTMENTS
100 FEDERAL STREET
BOSTON, MA 02110
104.240 5.21%
Putnam Retirement Advantage 2040 Fund Class A PUTNAM FIDUCIARY TRUST CO CUST FBO WESTFIELD CITY SCHOOL DEPARTMENT 403(B) PLAN A/C LYNN M COACH 158 WILDER TER W SPRINGFIELD MA  01089-3055 14,651.431 43.32%
Putnam Retirement Advantage 2040 Fund Class A ED TOMAYER ROTH IRA PLAN 700 WASHINGTON ST APT 1023 VANCOUVER WA  98660-3358 2,103.732 6.22%
K-93 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2040 Fund Class A GEORGINE TOMAYER ROTH IRA PLAN 700 WASHINGTON ST APT 1023 VANCOUVER WA  98660-3358 1,826.257 5.40%
Putnam Retirement Advantage 2040 Fund Class A

PUTNAM FIDUCIARY TRUST CO CUST FBO MIDLAND INDEP SCH DIST (TX) 403(B) PLAN A/C WHITNEY NIX

4310 HEIDELBERG LN

MIDLAND TX 79707-9602

1,759.897 5.20%
Putnam Retirement Advantage 2040 Fund Class A

ZUBEK MOTORS INC SIMPLE IRA PLAN A/C JOHN J ZUBEK

492 W M 55

TAWAS CITY MI 48763-9284

1,709.053 5.05%
Putnam Retirement Advantage 2040 Fund Class A

PAZIN & MYERS INC SAR SEP PLAN A/C WILLIAM COANE

3340 HERROD AVE

ATWATER CA 95301-9424

1,694.514 5.01%
Putnam Retirement Advantage 2040 Fund Class C

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,218.739 46.43%
Putnam Retirement Advantage 2040 Fund Class C

U S BANCORP INVESTMENTS INC

FBO 268573181

60 LIVINGSTON AVE

SAINT PAUL MN 55107-2292

787.402 29.99%
Putnam Retirement Advantage 2040 Fund Class C UNITED WAY OF OTTER TAIL COUNTY SEP IRA PLAN A/C SUMMER E HAMMOND PO BOX 292 NEW YORK MLS MN  56567-0292 532.824 20.30%
Putnam Retirement Advantage 2040 Fund Class R

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,227.682 100.00%
Putnam Retirement Advantage 2040 Fund Class R3

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,234.806 100.00%
Putnam Retirement Advantage 2040 Fund Class R4

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002

4,624.803 78.82%
Putnam Retirement Advantage 2040 Fund Class R4

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,242.918 21.18%
Putnam Retirement Advantage 2040 Fund Class R5

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,246.156 100.00%
Putnam Retirement Advantage 2040 Fund Class R6

MATRIX TRUST CO CUST

FBO SALT LAKE CITY CORP RETIREE HRA

717 17TH ST STE 1300

DENVER CO 80202-3304

394,903.863 40.73%
K-94 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2040 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO GLOBAL MEDICAL RESPONSE NQ DCP

C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

150,600.935 15.53%
Putnam Retirement Advantage 2040 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

75,157.678 7.75%
Putnam Retirement Advantage 2040 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO HEARN CONSTRUCTION INC PROFIT SHARING PLAN C/O EMPOWER 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002

70,747.964 7.30%
Putnam Retirement Advantage 2040 Fund Class Y

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,246.156 100.00%
Putnam Retirement Advantage 2045 Fund Class A

PUTNAM FIDUCIARY TRUST CO CUST FBO GREAT OAKS INSTITUTE OF TECH 403(B) PLAN A/C LAURA R GALE

6218 HEDGEROW DR

WEST CHESTER OH 45069-1893

14,296.984 26.80%
Putnam Retirement Advantage 2045 Fund Class A

CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C

FBO CUSTOMERS

ATTN MUTUAL FUNDS

211 MAIN ST FL 17

SAN FRANCISCO CA 94105-1901

12,332.462 23.12%
Putnam Retirement Advantage 2045 Fund Class A

LPL FINANCIAL

OMNIBUS CUSTOMER ACCOUNT-- ATTN: LINDSAY O'TOOLE

4707 EXECUTIVE DR

SAN DIEGO CA 92121-3091

3,581.701 6.71%
Putnam Retirement Advantage 2045 Fund Class A

PAUL M SCHIAPPA

19 LIMESTONE DR STE 7 WILLIAMSVILLE NY 14221-7091

2,792.877 5.24%
Putnam Retirement Advantage 2045 Fund Class C

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,214.475 44.30%
Putnam Retirement Advantage 2045 Fund Class C

CONNIE'S SUPERMARKET INC SIMPLE IRA PLAN A/C

JENNIFER L NORTON

3684 STEAM MILL HOLLOW RD LACEYVILLE PA 18623-8033

1,143.440 41.70%
Putnam Retirement Advantage 2045 Fund Class C TOOMSUBA WATER SYSTEM INC SIMPLE IRA PLAN A/C JOE E EVANS III 8293 KING RD MERIDIAN MS  39305-8999 235.747 8.60%
K-95 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2045 Fund Class C

SNELGROVE SURVEYING AND MAPPING SIMPLE IRA PLAN A/C GEORGE W BELL II

418 MORGAN AVE

CHATTAHOOCHEE FL 32324-1319

146.693 5.35%
Putnam Retirement Advantage 2045 Fund Class R

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,222.886 100.00%
Putnam Retirement Advantage 2045 Fund Class R3

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,229.905 100.00%
Putnam Retirement Advantage 2045 Fund Class R4

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002

6,373.032 83.73%
Putnam Retirement Advantage 2045 Fund Class R4

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,238.147 16.27%
Putnam Retirement Advantage 2045 Fund Class R5

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,241.197 100.00%
Putnam Retirement Advantage 2045 Fund Class R6

MATRIX TRUST CO CUST

FBO SALT LAKE CITY CORP RETIREE HRA

717 17TH ST STE 1300

DENVER CO 80202-3304

374,587.883 42.44%
Putnam Retirement Advantage 2045 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

173,626.052 19.67%
Putnam Retirement Advantage 2045 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO GLOBAL MEDICAL RESPONSE NQ DCP C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

105,318.321 11.93%
Putnam Retirement Advantage 2045 Fund Class R6

JOHN HANCOCK TRUST COMPANY LLC 200 BERKELEY STREET

BOSTON MA 02116-5038

46,142.221 5.23%
Putnam Retirement Advantage 2045 Fund Class Y

RICHARD A ANDRADE ROTH IRA PLAN 81 PLAIN ST

TAUNTON MA 02780-4916

5,502.799 81.59%
Putnam Retirement Advantage 2045 Fund Class Y

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,241.340 18.41%
Putnam Retirement Advantage 2050 Fund Class A

PAMELA L HARRIS IRA ROLLOVER PLAN 7742 E BUTEO DR

SCOTTSDALE AZ 85255-4656

12,054.362 39.07%
Putnam Retirement Advantage 2050 Fund Class A

CETERA INVESTMENT SVCS

(FBO) ZACHARY WOLFE 3EC-15058-10 818 12TH ST E

WABASHA MN 55981-1718

3,582.424 11.61%
K-96 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2050 Fund Class A

PUTNAM FIDUCIARY TRUST CO CUST FBO ACTON BOXBOROUGH REGIONAL SCHOOL 403(B) PLAN A/C

JOSEPH C GIBOWICZ

787 CONCORD RD

SUDBURY MA 01776-1119

2,208.329 7.16%
Putnam Retirement Advantage 2050 Fund Class A SHEPHERD OF THE HILLS VETERINARY CLINIC LLC SIMPLE IRA PLAN A/C AMANDA L MCGINTY 1010 TENNESSEE RD OZARK MO  65721-6550 1,977.283 6.41%
Putnam Retirement Advantage 2050 Fund Class A

SHEPHERD OF THE HILLS VETERINARY CLINIC LLC SIMPLE IRA PLAN A/C DARIN J MCGINTY

1010 TENNESSEE RD

OZARK MO 65721-6550

1,787.455 5.79%
Putnam Retirement Advantage 2050 Fund Class C

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,232.496 98.26%
Putnam Retirement Advantage 2050 Fund Class R

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,240.215 100.00%
Putnam Retirement Advantage 2050 Fund Class R3

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,247.362 100.00%
Putnam Retirement Advantage 2050 Fund Class R4

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002

2,754.506 68.69%
Putnam Retirement Advantage 2050 Fund Class R4

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,255.499 31.31%
Putnam Retirement Advantage 2050 Fund Class R5

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,258.708 100.00%
Putnam Retirement Advantage 2050 Fund Class R6

MATRIX TRUST CO CUST

FBO SALT LAKE CITY CORP RETIREE HRA

717 17TH ST STE 1300

DENVER CO 80202-3304

224,719.411 42.60%
Putnam Retirement Advantage 2050 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO GLOBAL MEDICAL RESPONSE NQ DCP

C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

64,758.561 12.28%
Putnam Retirement Advantage 2050 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

50,210.200 9.52%
K-97 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2050 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO ACTION PACT INC

C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

35,268.593 6.69%
Putnam Retirement Advantage 2050 Fund Class Y

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,258.841 91.97%
Putnam Retirement Advantage 2050 Fund Class Y LIAQUAT A AHAMED & MEENAKSHI N AHAMED JTWROS
C/O PUTNAM INVESTMENTS
100 FEDFERAL STREET
BOSTON, MA 02110
109.842 8.03%
Putnam Retirement Advantage 2055 Fund Class A

PAMELA L HARRIS IRA ROLLOVER PLAN 7742 E BUTEO DR

SCOTTSDALE AZ 85255-4656

11,747.297 52.91%
Putnam Retirement Advantage 2055 Fund Class A

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

1,996.141 8.99%
Putnam Retirement Advantage 2055 Fund Class A

RENEE DARRAGH

IRA ROLLOVER PLAN

885 MCDONALD DR

NORTHVILLE MI 48167-1087

1,684.863 7.59%
Putnam Retirement Advantage 2055 Fund Class C

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,208.260 93.66%
Putnam Retirement Advantage 2055 Fund Class C

PUTNAM FIDUCIARY TRUST CO CUST FBO SULLIVAN COUNTY CHILD CARE 403(B) PLAN A/C KELSEY STODDARD 587 WILLI HILL RD

SWAN LAKE NY 12783-5820

81.817 6.34%
Putnam Retirement Advantage 2055 Fund Class R

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,213.698 100.00%
Putnam Retirement Advantage 2055 Fund Class R3

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,220.601 100.00%
Putnam Retirement Advantage 2055 Fund Class R4

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002

1,316.033 51.72%
Putnam Retirement Advantage 2055 Fund Class R4

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,228.260 48.28%
Putnam Retirement Advantage 2055 Fund Class R5

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,231.890 100.00%
Putnam Retirement Advantage 2055 Fund Class R6

MATRIX TRUST CO CUST

FBO SALT LAKE CITY CORP RETIREE HRA

717 17TH ST STE 1300

DENVER CO 80202-3304

119,047.814 37.54%
K-98 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2055 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002

71,209.103 22.46%
Putnam Retirement Advantage 2055 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO GLOBAL MEDICAL RESPONSE NQ DCP C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

26,418.631 8.33%
Putnam Retirement Advantage 2055 Fund Class R6

JOHN HANCOCK TRUST COMPANY LLC 200 BERKELEY STREET

BOSTON MA 02116-5038

19,905.667 6.28%
Putnam Retirement Advantage 2055 Fund Class Y

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,231.890 92.44%
Putnam Retirement Advantage 2055 Fund Class Y

BERNARD X BALDASSARO II ROTH IRA PLAN

8 COSMOS DR

PEABODY MA 01960-2836

100.709 7.56%
Putnam Retirement Advantage 2060 Fund Class A

ANTHONY M SELLS IRA ROLLOVER PLAN

3323 PURDUE AVE

LOS ANGELES CA 90066-1321

18,154.209 47.94%
Putnam Retirement Advantage 2060 Fund Class A

PUTNAM FIDUCIARY TRUST CO CUST FBO MILFORD PUBLIC SCHOOLS 403(B) PLAN A/C KERRY A TAYLOR

357 COMMERCIAL ST UNIT 114

BOSTON MA 02109-1230

4,527.358 11.96%
Putnam Retirement Advantage 2060 Fund Class A

CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS

ATTN MUTUAL FUNDS

211 MAIN ST FL 17

SAN FRANCISCO CA 94105-1901

3,607.548 9.53%
Putnam Retirement Advantage 2060 Fund Class A

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

3,446.767 9.10%
Putnam Retirement Advantage 2060 Fund Class A

J D & ASSOCIATES LTD SIMPLE IRA PLAN A/C SAWYER S DAHL

1235 BARNES DR

WEST FARGO ND 58078-8895

2,215.663 5.85%
Putnam Retirement Advantage 2060 Fund Class C

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,209.689 96.91%
Putnam Retirement Advantage 2060 Fund Class R

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,214.641 100.00%
Putnam Retirement Advantage 2060 Fund Class R3

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,219.008 100.00%
K-99 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2060 Fund Class R4

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

1,322.375 51.88%
Putnam Retirement Advantage 2060 Fund Class R4

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,226.781 48.12%
Putnam Retirement Advantage 2060 Fund Class R5

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,229.975 100.00%
Putnam Retirement Advantage 2060 Fund Class R6

MATRIX TRUST CO CUST

FBO SALT LAKE CITY CORP RETIREE HRA

717 17TH ST STE 1300

DENVER CO 80202-3304

92,351.847 53.73%
Putnam Retirement Advantage 2060 Fund Class R6

JOHN HANCOCK TRUST COMPANY LLC 200 BERKELEY STREET

BOSTON MA 02116-5038

20,868.170 12.14%
Putnam Retirement Advantage 2060 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

17,194.033 10.00%
Putnam Retirement Advantage 2060 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO ACTION PACT INC

C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

9,102.736 5.30%
Putnam Retirement Advantage 2060 Fund Class Y

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,230.080 74.06%
Putnam Retirement Advantage 2060 Fund Class Y

LYNDSEY C ROGER IRA ROLLOVER PLAN 43 SANBORN DR

NASHUA NH 03063-3402

237.158 14.28%
Putnam Retirement Advantage 2060 Fund Class Y

MARGARET A BLATCHFORD ROTH IRA PLAN 18 KIMBALL AVE

WENHAM MA 01984-1108

102.923 6.20%
Putnam Retirement Advantage 2060 Fund Class Y

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

90.786 5.47%
Putnam Retirement Advantage 2065 Fund Class A

DAVID E CHILDS III

360 WABASH AVE N BREWSTER OH 44613-1042

6,421.151 48.44%
Putnam Retirement Advantage 2065 Fund Class A

JANE A SNEAD ROTH IRA PLAN 3430 ROCKY SPRINGS CT

MARIETTA GA 30062-4450

1,022.104 7.71%
Putnam Retirement Advantage 2065 Fund Class C

PUTNAM INVESTMENTS LLC
100 FEDERAL ST BOSTON MA

02110-1802

1,101.905 63.74%
K-100 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2065 Fund Class C

PUTNAM FIDUCIARY TRUST CO CUST FBO NATOMAS UNIFIED SCH DIST 403(B) PLAN A/C KYLIE M WELCH

1275 SEVILLE WAY

SACRAMENTO CA 95816-5232

626.783 36.26%
Putnam Retirement Advantage 2065 Fund Class R

PUTNAM INVESTMENTS LLC
100 FEDERAL ST

BOSTON MA

02110-1802

1,105.254 100.00%
Putnam Retirement Advantage 2065 Fund Class R3

PUTNAM INVESTMENTS LLC
100 FEDERAL ST

BOSTON MA

02110-1802

1,107.777 100.00%
Putnam Retirement Advantage 2065 Fund Class R4

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

3,909.357 77.82%
Putnam Retirement Advantage 2065 Fund Class R4

PUTNAM INVESTMENTS LLC
100 FEDERAL ST

BOSTON MA

02110-1802

1,114.490 22.18%
Putnam Retirement Advantage 2065 Fund Class R5

PUTNAM INVESTMENTS LLC
100 FEDERAL ST

BOSTON MA

02110-1802

1,116.654 100.00%
Putnam Retirement Advantage 2065 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO INQBRANDS INC RET PLAN

C/O EMPOWER

8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002

5,366.511 47.85%
Putnam Retirement Advantage 2065 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

1,425.568 12.71%
Putnam Retirement Advantage 2065 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO PUTNAM DEFERRED COMPENSATION PLAN
C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

1,150.474 10.26%
Putnam Retirement Advantage 2065 Fund Class R6

PUTNAM INVESTMENTS LLC
100 FEDERAL ST

BOSTON MA

02110-1802

1,118.862 9.98%
Putnam Retirement Advantage 2065 Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO ACME DISTRIBUTION HOWARD LOG 401K P C/O EMPOWER

8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002

1,045.161 9.32%
K-101 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage 2065 Fund Class Y

MELANIE KIRKLAND BENEFICIARY OF THE RAYMOND L DUMONT IRA PLAN 20 TENBY DR

NASHUA NH 03062-2017

1,269.210 51.78%
Putnam Retirement Advantage 2065 Fund Class Y

PUTNAM INVESTMENTS LLC
100 FEDERAL ST

BOSTON MA

02110-1802

1,116.931 45.56%
Putnam Retirement Advantage Maturity Fund Class A

WELLS FARGO CLEARING SERVICES, LLC

SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST

SAINT LOUIS MO 63103-2523

39,566.203 59.86%
Putnam Retirement Advantage Maturity Fund Class A

MICHAEL T SOKOL IRA PLAN 15500 CAROB CIR

PARKER CO 80134-4407

14,877.179 22.51%
Putnam Retirement Advantage Maturity Fund Class A XU G HU IRA PLAN 10890 STEVER ST CULVER CITY CA  90230-5464 7,902.509 11.96%
Putnam Retirement Advantage Maturity Fund Class C

PUTNAM INVESTMENTS LLC
100 FEDERAL ST

BOSTON MA

02110-1802

1,025.384 100.00%
Putnam Retirement Advantage Maturity Fund Class R

PUTNAM INVESTMENTS LLC
100 FEDERAL ST

BOSTON MA

02110-1802

1,027.252 100.00%
Putnam Retirement Advantage Maturity Fund Class R3

PUTNAM INVESTMENTS LLC
100 FEDERAL ST

BOSTON MA

02110-1802

1,028.828 100.00%
Putnam Retirement Advantage Maturity Fund Class R4

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002

1,833.399 64.01%
Putnam Retirement Advantage Maturity Fund Class R4

PUTNAM INVESTMENTS LLC
100 FEDERAL ST

BOSTON MA

02110-1802

1,030.689 35.99%
Putnam Retirement Advantage Maturity Fund Class R5

PUTNAM INVESTMENTS LLC
100 FEDERAL ST

BOSTON MA

02110-1802

1,031.710 100.00%
Putnam Retirement Advantage Maturity Fund Class R6

MATRIX TRUST CO CUST

FBO SALT LAKE CITY CORP RETIREE HRA

717 17TH ST STE 1300

DENVER CO 80202-3304

385,026.703 28.39%
K-102 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Retirement Advantage Maturity Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO EMPLOYEE BENEFITS CLIENTS 401K

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

290,929.675 21.45%
Putnam Retirement Advantage Maturity Fund Class R6 EMPOWER TRUST COMPANY, LLC FBO ACTION PACT INC C/O FASCORE LLC 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO  80111-5002 159,834.885 11.78%
Putnam Retirement Advantage Maturity Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO SLAY ENGINEERING COMPANY INC 401K P C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

88,641.883 6.54%
Putnam Retirement Advantage Maturity Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO LLAMAS COATINGS INC 401K PSP C/O FASCORE

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

75,870.893 5.59%
Putnam Retirement Advantage Maturity Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO GLOBAL MEDICAL RESPONSE NQ DCP

C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

71,837.445 5.30%
Putnam Retirement Advantage Maturity Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO N F STROTH & ASSOCIATES LLC RET PLAN

C/O EMPOWER

8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002

71,763.349 5.29%
Putnam Retirement Advantage Maturity Fund Class Y

PUTNAM INVESTMENTS LLC
100 FEDERAL ST

BOSTON MA

02110-1802

1,031.710 41.65%
Putnam Retirement Advantage Maturity Fund Class Y

GEORGE PUTNAM III ROTH IRA CONVERSION PLAN

13 ELM ST STE 2 MANCHESTER MA 01944-1366

1,019.392 41.15%
Putnam Short Duration Bond Fund Class A

MORGAN STANLEY SMITH BARNEY LLC

FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS

1 NEW YORK PLAZA FL 12

NEW YORK NY 10004-1965

12,280,994.022 21.57%
Putnam Short Duration Bond Fund Class A

J.P. MORGAN SECURITIES LLC

FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS

4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPT

BROOKLYN NY 11245-0003

10,094,550.745 17.73%
K-103 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Short Duration Bond Fund Class A

WELLS FARGO CLEARING SERVICES, LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST

SAINT LOUIS MO 63103-2523

6,443,584.620 11.32%
Putnam Short Duration Bond Fund Class A

PERSHING LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

5,735,826.135 10.08%
Putnam Short Duration Bond Fund Class A

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

499 WASHINGTON BLVD

ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995

4,400,692.569 7.73%
Putnam Short Duration Bond Fund Class A

CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT

FBO THEIR CUSTOMERS

ATTN MUTUAL FUNDS

211 MAIN ST

SAN FRANCISCO CA 94105-1901

3,458,454.734 6.07%
Putnam Short Duration Bond Fund Class B

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S

MINNEAPOLIS MN 55402-2405

14,437.386 48.37%
Putnam Short Duration Bond Fund Class B

MORGAN STANLEY SMITH BARNEY LLC

FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS

1 NEW YORK PLAZA FL 12

NEW YORK NY 10004-1965

6,846.842 22.94%
Putnam Short Duration Bond Fund Class B

LPL FINANCIAL

OMNIBUS CUSTOMER ACCOUNT

ATTN: LINDSAY O'TOOLE

4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

3,380.585 11.33%
Putnam Short Duration Bond Fund Class C

WELLS FARGO CLEARING SERVICES, LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST

SAINT LOUIS MO 63103-2523

383,963.810 20.52%
Putnam Short Duration Bond Fund Class C

J.P. MORGAN SECURITIES LLC

FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS

4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPT

BROOKLYN NY 11245-0003

229,784.206 12.28%
Putnam Short Duration Bond Fund Class C

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S

MINNEAPOLIS MN 55402-2405

186,156.968 9.95%
Putnam Short Duration Bond Fund Class C

PERSHING LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

184,128.794 9.84%
K-104 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Short Duration Bond Fund Class C

CHARLES SCHWAB & CO INC

SPECIAL CUSTODY ACCOUNT

FBO THEIR CUSTOMERS

ATTN MUTUAL FUNDS

211 MAIN ST

SAN FRANCISCO CA 94105-1901

154,662.646 8.26%
Putnam Short Duration Bond Fund Class C

LPL FINANCIAL

OMNIBUS CUSTOMER ACCOUNT

ATTN: LINDSAY O'TOOLE

4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

148,370.718 7.93%
Putnam Short Duration Bond Fund Class C

MORGAN STANLEY SMITH BARNEY LLC

FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS

1 NEW YORK PLAZA FL 12

NEW YORK NY 10004-1965

130,610.537 6.98%
Putnam Short Duration Bond Fund Class C

RAYMOND JAMES OMNIBUS

FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015

ATTN: COURTNEY WALLER

880 CARILLON PKWY

ST PETERSBURG FL 33716-1100

118,116.650 6.31%
Putnam Short Duration Bond Fund Class C

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

499 WASHINGTON BLVD

ATTN: MUTUAL FUNDS DEPT

4TH FL JERSEY CITY NJ 07310-1995

108,552.371 5.80%
Putnam Short Duration Bond Fund Class R

UBS WM USA 0O0 11011 6100

OMNI ACCOUNT M/F SPEC CDY A/C EXCL BEN CUST UBSFSI

1000 HARBOR BLVD

WEEHAWKEN NJ 07086-6761

20,667.913 39.59%
Putnam Short Duration Bond Fund Class R

ASCENSUS TRUST COMPANY

FBO LCN SERVICES, LLC 401K 691601 ASCENSUS TRUST COMPANY

PO BOX 10577

FARGO ND 58106-0577

10,157.726 19.46%
Putnam Short Duration Bond Fund Class R

RICHARD LEE TTEE

FBO RENAISSANCE PLASTIC SURGERY INC 401

C/O FASCORE

8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002

5,823.278 11.15%
Putnam Short Duration Bond Fund Class R

CHARLES SCHWAB & CO INC CLEARING ACCOUNT FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS

101 MONTGOMERY ST

SAN FRANCISCO CA 94104-4151

4,356.153 8.34%
K-105 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Short Duration Bond Fund Class R6

MATRIX TRUST COMPANY CUST

FBO EDUSERVE/CSUSA RETIREMENT PLAN

PO BOX 52129

PHOENIX AZ 85072-2129

271,362.359 36.72%
Putnam Short Duration Bond Fund Class R6

EMPOWER TRUST COMPANY, LLC

FBO THE PUTNAM RETIREMENT PLAN C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

213,718.664 28.92%
Putnam Short Duration Bond Fund Class R6

STATE STREET BANK FBO

FBO ADP ACCESS PRODUCT

1 LINCOLN ST

BOSTON MA 02111-2901

82,998.893 11.23%
Putnam Short Duration Bond Fund Class R6

D DAVID KELLER & RAYMOND ROBIN TTEE KELLER LANDSBERG PA 401K

C/O FASCORE LLC

8515 E ORCHARD RD 2T2

GREENWOOD VILLAGE CO 80111-5002

44,064.154 5.96%
Putnam Short Duration Bond Fund Class Y

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S

MINNEAPOLIS MN 55402-2405

18,610,428.734 20.44%
Putnam Short Duration Bond Fund Class Y

MORGAN STANLEY SMITH BARNEY LLC

FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS

1 NEW YORK PLAZA FL 12

NEW YORK NY 10004-1965

18,233,923.325 20.03%
Putnam Short Duration Bond Fund Class Y

RELIANCE TRUST CO

FBO COMERICA EB R/R

PO BOX 78446 ATLANTA GA 30357

12,508,924.484 13.74%
Putnam Short Duration Bond Fund Class Y

LPL FINANCIAL

OMNIBUS CUSTOMER ACCOUNT

ATTN: LINDSAY O'TOOLE

4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

8,572,317.919 9.42%
Putnam Short Duration Bond Fund Class Y

UBS WM USA 0O0 11011 6100

OMNI ACCOUNT M/F SPEC CDY A/C EXCL BEN CUST UBSFSI

1000 HARBOR BLVD

WEEHAWKEN NJ 07086-6761

7,274,709.163 7.99%
Putnam Short Duration Bond Fund Class Y

RAYMOND JAMES

OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015

ATTN: COURTNEY WALLER

880 CARILLON PKWY

ST PETERSBURG FL 33716-1100

5,937,171.810 6.52%
K-106 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Short Duration Bond Fund Class Y

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

499 WASHINGTON BLVD

ATTN: MUTUAL FUNDS DEPT

4TH FL JERSEY CITY NJ 07310-1995

5,447,052.476 5.98%
Putnam Short Duration Bond Fund Class Y

PERSHING LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

4,867,371.836 5.35%
Putnam Short-Term Municipal Income Fund Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3729
732,434.205 23.04%
Putnam Short-Term Municipal Income Fund Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
652,186.057 20.52%
Putnam Short-Term Municipal Income Fund Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
460,488.800 14.49%
Putnam Short-Term Municipal Income Fund Class A RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
345,903.951 10.88%
Putnam Short-Term Municipal Income Fund Class A LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT—
ATTN: LINMDSAY O’TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
224,722.236 7.07%
Putnam Short-Term Municipal Income Fund Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
16,619.990 44.51%
Putnam Short-Term Municipal Income Fund Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
6,834.980 18.30%
Putnam Short-Term Municipal Income Fund Class C LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT—
ATTN: LINMDSAY O’TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
4,652.435 12.46%
Putnam Short-Term Municipal Income Fund Class C CHARLES SCHWAB & CO INC
CLEARING ACCOUNT
FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS
101 MONTGOMERY ST
SAN FRANCISCO CA  94104-4151
3,645.376 9.76%
K-107 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Short-Term Municipal Income Fund Class C EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3729
3,280.498 8.78%
Putnam Short-Term Municipal Income Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3729
482,103.007 99.56%
Putnam Short-Term Municipal Income Fund Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
1,591,086.264 43.95%
Putnam Short-Term Municipal Income Fund Class Y LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT—
ATTN: LINMDSAY O’TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
970,400.602 26.80%
Putnam Short-Term Municipal Income Fund Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
473,088.097 13.07%
Putnam Short-Term Municipal Income Fund Class Y CHARLES SCHWAB & CO INC
CLEARING ACCOUNT
FOR THE EXCLUSIVE BENEFIT OF THEIR CUSTOMERS
101 MONTGOMERY ST
SAN FRANCISCO CA  94104-4151
198,154.722 5.47%
Putnam Small Cap Growth Fund – Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
508,677.265 6.73%
Putnam Small Cap Growth Fund - Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
434,964.194 5.75%
Putnam Small Cap Growth Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
398,152.408 5.26%
Putnam Small Cap Growth Fund - Class A LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
380,380.289 5.03%
Putnam Small Cap Growth Fund - Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
9,226.491 23.09%
K-108 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Small Cap Growth Fund - Class B AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
2,596.177 6.50%
Putnam Small Cap Growth Fund - Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
2,373.406 5.94%
Putnam Small Cap Growth Fund - Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
46,714.163 15.63%
Putnam Small Cap Growth Fund - Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
29,639.844 9.92%
Putnam Small Cap Growth Fund - Class C CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1901
26,626.446 8.91%
Putnam Small Cap Growth Fund - Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
25,579.974 8.56%
Putnam Small Cap Growth Fund - Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
20,781.941 6.95%
Putnam Small Cap Growth Fund - Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
18,513.033 6.19%
Putnam Small Cap Growth Fund - Class R EMPOWER TRUST COMPANY, LLC FBO EMPOWER BENEFIT GRAND FATHERED PLAN
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
37,754.655 11.64%
Putnam Small Cap Growth Fund - Class R TALCOTT RESOLUTION LIFE INSURANCE
PO BOX 5051
HARTFORD CT  06102-5051
32,317.203 9.97%
K-109 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Small Cap Growth Fund - Class R STATE STREET BK & TR TTEE &/OR CUST
ADP ACCESS PRODUCT
1 LINCOLN ST
BOSTON MA  02111-2901
17,190.721 5.30%
Putnam Small Cap Growth Fund - Class R6 EMPOWER TRUST COMPANY, LLC FBO
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
395,869.920 16.47%
Putnam Small Cap Growth Fund - Class R6 GREAT-WEST TRUST COMPANY LLC TTEE
EMPLOYEE BENEFITS CLIENTS 401K PLAN
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO  80111-5002
365,073.469 15.19%
Putnam Small Cap Growth Fund - Class R6 NFS LLC FBO
FIIOC AS AGENT FOR
QUALIFIED EMPLOYEE BENEFIT PLANS
401K FINOPS-IC FUNDS
100 MAGELLAN WAY #KW1C
COVINGTON KY  41015-1987
274,972.582 11.44%
Putnam Small Cap Growth Fund - Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
271,040.080 11.27%
Putnam Small Cap Growth Fund - Class R6 DCGT TRUSTEE & OR CUSTODIAN
FBO PLIC VARIOUS RETIREMENT PLANS
OMNIBUS
ATTN NPIO TRADE DESK
711 HIGH ST
DES MOINES IA  50392-0001
189,762.927 7.89%
Putnam Small Cap Growth Fund - Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
1,874,797.725 25.99%
Putnam Small Cap Growth Fund - Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
1,045,544.277 14.49%
Putnam Small Cap Growth Fund - Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
1,031,752.748 14.30%
Putnam Small Cap Growth Fund - Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
646,481.531 8.96%
K-110 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Small Cap Growth Fund - Class Y CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
101 MONTGOMERY ST
SAN FRANCISCO CA  94104-4151
468,588.505 6.50%
Putnam Small Cap Growth Fund - Class Y EMPOWER TRUST COMPANY, LLC FBO
GREAT WEST IRA ADVANTAGE
C/O FASCORE LLC
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
398,896.274 5.53%
Putnam Small Cap Value Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
846,281.744 8.05%
Putnam Small Cap Value Fund - Class A LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
733,232.144 6.97%
Putnam Small Cap Value Fund - Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
645,760.299 6.14%
Putnam Small Cap Value Fund - Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
629,759.582 5.99%
Putnam Small Cap Value Fund - Class B PUTNAM FIDUCIARY TRUST CO TTEE FBO
TRUE FREEDOM MINISTRIES LLC
SIMPLE IRA PLAN
A/C MICHAEL SWIGER
11375 CAVES RD
CHESTERLAND OH  44026-1317
1,893.227 21.23%
Putnam Small Cap Value Fund - Class B PUTNAM FIDUCIARY TRUST CO TTEE FBO
MARTIN D INGRAM
ROTH IRA PLAN
PO BOX 4594
JACKSON MS  39296-4594
1,848.470 20.72%
Putnam Small Cap Value Fund - Class B LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
1,309.925 14.69%
Putnam Small Cap Value Fund - Class B PUTNAM FIDUCIARY TRUST CO TTEE FBO
DORIS M JANKE
IRA ROLLOVER PLAN
635 CHATHAM LN
BLUE BELL PA  19422-2908
852.996 9.56%
K-111 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Small Cap Value Fund - Class B PUTNAM FIDUCIARY TRUST CO TTEE FBO
ROBERT A HERTEL
ROTH IRA PLAN
289 M ELSTON RD
VAN ETTEN NY  14889-9533
588.963 6.60%
Putnam Small Cap Value Fund - Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
128,208.159 16.72%
Putnam Small Cap Value Fund - Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
109,951.918 14.34%
Putnam Small Cap Value Fund - Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
101,105.963 13.19%
Putnam Small Cap Value Fund - Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
79,688.928 10.39%
Putnam Small Cap Value Fund - Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
57,256.938 7.47%
Putnam Small Cap Value Fund - Class R DARRIN BROOKS & REBECCA BROOKS TTEE
INNOVATIVE BLDG SOLUTIONS 401K
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO  80111-5002
15,555.743 24.35%
Putnam Small Cap Value Fund - Class R ASCENSUS TRUST COMPANY FBO
MEDICAL CENTER OF AMERICAS 401(
221144
PO BOX 10758
FARGO ND  58106-0758
7,106.362 11.13%
Putnam Small Cap Value Fund - Class R GREAT-WEST TRUST COMPANY LLC TTEE
EMPLOYEE BENEFITS CLIENTS
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO  80111-5002
6,980.549 10.93%
Putnam Small Cap Value Fund - Class R STATE STREET BANK FBO
ADP ACCESS
1 LINCOLN ST
BOSTON MA  02111-2901
6,710.524 10.51%
K-112 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Small Cap Value Fund - Class R MATRIX TRUST COMPANY CUST FBO
ETC COMPANIES LLC
717 17TH ST STE 1300
DENVER CO  80202-3304
5,221.307 8.17%
Putnam Small Cap Value Fund - Class R MATRIX TR CO AGENT FOR TRP RPS RK
EMPLOYEE BENEFIT PLAN OF SMILE
1525 E 53RD ST STE 734
CHICAGO IL  60615-4575
5,169.772 8.09%
Putnam Small Cap Value Fund - Class R ASCENSUS TRUST COMPANY FBO
JOYCE & MCFARLAND LLP RETIREMENT TR
224615
PO BOX 10758
FARGO ND  58106-0758
4,400.433 6.89%
Putnam Small Cap Value Fund - Class R MATRIX TRUST COMPANY CUST. FBO
DONALD V BORGWARDT FUNERAL HOME, PA
717 17TH STREET
SUITE 1300
DENVER CO  80202-3304
3,228.456 5.05%
Putnam Small Cap Value Fund - Class R6 EMPOWER TRUST COMPANY, LLC FBO
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO  80111-5002
1,093,178.686 72.95%
Putnam Small Cap Value Fund - Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
111,751.587 7.46%
Putnam Small Cap Value Fund - Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
2,349,125.586 40.01%
Putnam Small Cap Value Fund - Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
948,531.958 16.16%
Putnam Small Cap Value Fund - Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
604,462.030 10.30%
Putnam Small Cap Value Fund - Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
515,795.450 8.79%
Putnam Strategic Intermediate Municipal Fund - Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
2,627,898.511 16.63%
K-113 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Strategic Intermediate Municipal Fund - Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
1,293,288.108 8.18%
Putnam Strategic Intermediate Municipal Fund - Class A MLPF&S FOR THE SOLE BENEFIT OF
IT'S CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
1,290,532.454 8.17%
Putnam Strategic Intermediate Municipal Fund - Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
1,208,819.186 7.65%
Putnam Strategic Intermediate Municipal Fund - Class A LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
1,010,910.337 6.40%
Putnam Strategic Intermediate Municipal Fund - Class A MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
945,861.145 5.99%
Putnam Strategic Intermediate Municipal Fund - Class A RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
921,721.148 5.83%
Putnam Strategic Intermediate Municipal Fund - Class A AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
912,162.752 5.77%
Putnam Strategic Intermediate Municipal Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
834,912.918 5.28%
Putnam Strategic Intermediate Municipal Fund - Class A CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1901
827,868.684 5.24%
Putnam Strategic Intermediate Municipal Fund - Class B WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
1,569.026 28.35%
K-114 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Strategic Intermediate Municipal Fund - Class B MLPF&S FOR THE SOLE BENEFIT OF
IT'S CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
1,441.618 26.05%
Putnam Strategic Intermediate Municipal Fund - Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
806.281 14.57%
Putnam Strategic Intermediate Municipal Fund - Class B NELL J WIENKEN TOD
ELIZABETH J ADKINS
SUBJECT TO STA TOD RULES
15642 OHIO CITY VENEDOCIA RD
VENEDOCIA OH  45894-9513
402.095 7.26%
Putnam Strategic Intermediate Municipal Fund - Class B LAUREN BETHEA TOD
MULTIPLE BENEFICIARIES
SUBJECT TO STA TOD RULES
168 BAYOU BEND RD
GROVELAND FL  34736-3638
390.977 7.06%
Putnam Strategic Intermediate Municipal Fund - Class B MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
341.195 6.16%
Putnam Strategic Intermediate Municipal Fund - Class B SCOT H TRENKAMP TOD
CAROLYN M TRENKAMP
SUBJECT TO STA TOD RULES
22903 US 224
FORT JENNINGS OH  45844
333.410 6.02%
Putnam Strategic Intermediate Municipal Fund - Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
188,796.195 28.79%
Putnam Strategic Intermediate Municipal Fund - Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
153,939.585 23.47%
Putnam Strategic Intermediate Municipal Fund - Class C MLPF&S FOR THE SOLE BENEFIT OF
IT'S CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
61,504.788 9.38%
Putnam Strategic Intermediate Municipal Fund - Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
56,337.080 8.59%
Putnam Strategic Intermediate Municipal Fund - Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
40,841.268 6.23%
K-115 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Strategic Intermediate Municipal Fund - Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
812,685.226 94.34%
Putnam Strategic Intermediate Municipal Fund - Class R6 LINCOLN INVESTMENT PLANNING, LLC
FBO LINCOLN CUSTOMERS
601 OFFICE CENTER DR STE 300
FT WASHINGTON PA  19034-3275
47,919.919 5.56%
Putnam Strategic Intermediate Municipal Fund - Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
8,579,211.929 20.40%
Putnam Strategic Intermediate Municipal Fund - Class Y MERRILL LYNCH FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEERLAKE DR E FL3
JACKSONVILLE FL  32246-6484
8,510,231.371 20.24%
Putnam Strategic Intermediate Municipal Fund - Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
4,451,727.980 10.59%
Putnam Strategic Intermediate Municipal Fund - Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
3,941,562.547 9.37%
Putnam Strategic Intermediate Municipal Fund - Class Y UBS WM USA
0O0 11011 6100
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ  07086-6761
3,923,803.534 9.33%
Putnam Strategic Intermediate Municipal Fund - Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
3,643,966.433 8.67%
Putnam Strategic Intermediate Municipal Fund - Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
3,180,197.675 7.56%
Putnam Strategic Intermediate Municipal Fund - Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
2,708,591.827 6.44%
Putnam Sustainable Future ETF State Street Bank
Fbo ADP Access
1 Lincoln St.
Boston, MA 02111-2901
8,442,848 97.60%
K-116 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Future Fund Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS, MO  63131-3710
1,386,646.265 8.34%
Putnam Sustainable Future Fund Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-1995
1,221,992.127 7.35%
Putnam Sustainable Future Fund Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
1,054,713.631 6.34%
Putnam Sustainable Future Fund Class B OPPENHEIMER & CO INC.  FBO
YUVAL & SUSAN B SHENKAL CO-TTEES
F/T YUVAL & SUSAN B SHENKAL TRUST
DTD 12/19/2000
2235 MONTGOMERY AVE
CARDIFF, CA 92007-1913
965.399 16.57%
Putnam Sustainable Future Fund Class B AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
909.653 15.61%
Putnam Sustainable Future Fund Class B OPPENHEIMER & CO INC.  FBO
FBO MARC A DAVILLA IRA
3250 OAKES DR
HAYWARD, CA 94542-1238
671.750 11.53%
Putnam Sustainable Future Fund Class B PUTNAM FIDUCIARY TRUST CO TTEE
FBO DRISS BENMHEND IRA PLAN
3535 S BALL ST APT 418
ARLINGTON, VA 22202-4431
592.545 10.17%
Putnam Sustainable Future Fund Class B PUTNAM FIDUCIARY TRUST CO TTEE FBO SCOTT C MINNICK ROTH IRA PLAN30993 LORAIN RD
NORTH OLMSTED OH  44070-4783
390.486 6.70%
Putnam Sustainable Future Fund Class B PUTNAM FIDUCIARY TRUST CO TTEE
FBO NICOLE L LANDWEHR
IRA ROLLOVER PLAN
14032 ROAD 25M
CLOVERDALE OH  45827-9270
358.037 6.14%
Putnam Sustainable Future Fund Class B PUTNAM FIDUCIARY TRUST CO TTEE FBO
LISA M DIMAULO ROTH IRA PLAN
836 WESSEX LN
SOMERDALE NJ  08083-2532
335.109 5.75%
Putnam Sustainable Future Fund Class B PUTNAM FIDUCIARY TRUST CO TTEE FBO
KIMBERLY K BURNS IRA ROLLOVER PLAN
519 BIRDIE DR
BYRAM MS  39272-5751
329.730 5.66%
K-117 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Future Fund Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS, MO 63103-2523
51,989.809 11.24%
Putnam Sustainable Future Fund Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
46,927.039 10.15%
Putnam Sustainable Future Fund Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG, FL 33716-1100
30,194.264 6.53%
Putnam Sustainable Future Fund Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
26,408.546 5.71%
Putnam Sustainable Future Fund Class R TALCOTT RESOLUTION LIFE INSURANCE
PO BOX 5051
HARTFORD, CT  06102-5051
215,174.016 50.34%
Putnam Sustainable Future Fund Class R6 GREAT WEST TR CO LLC FBO PFTC FBO
THE PUTNAM RETIREMENT PLAN
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG, CO  80111-5002
638,387.149 49.18%
Putnam Sustainable Future Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS, MO  63131-3710
578,679.830 44.58%
Putnam Sustainable Future Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
1,308,554.941 40.64%
Putnam Sustainable Future Fund Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-1995
417,400.421 12.96%
Putnam Sustainable Future Fund Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
221,472.428 6.88%
Putnam Sustainable Future Fund Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG, FL 33716-1100
168,422.059 5.23%
Putnam Sustainable Leaders ETF National Financial Services LLC
499 Washington Blvd
Jersey City, NJ 07310-1995
56,479 20.54%
K-118 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Leaders ETF State Street Bank
FBO ADP Access
1 Lincoln St.
Boston, MA 02111-2901
200,000 72.73%
Putnam Sustainable Leaders Fund Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-1995
3,538,740.680 7.27%
Putnam Sustainable Leaders Fund Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
2,814,853.678 5.78%
Putnam Sustainable Leaders Fund Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS, MO 63103-2523
2,626,223.714 5.39%
Putnam Sustainable Leaders Fund Class B AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
14,526.732 7.95%
Putnam Sustainable Leaders Fund Class B PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
12,004.765 6.57%
Putnam Sustainable Leaders Fund Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
56,854.585 13.30%
Putnam Sustainable Leaders Fund Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS, MO 63103-2523
46,228.883 10.82%
Putnam Sustainable Leaders Fund Class C LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
32,294.556 7.56%
Putnam Sustainable Leaders Fund Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
29,725.526 6.95%
Putnam Sustainable Leaders Fund Class C MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
28,065.748 6.57%
K-119 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Leaders Fund Class R PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
1,975.133 14.73%
Putnam Sustainable Leaders Fund Class R CAPITAL BANK & TRUST CO TRUSTEE FBO
SIGNUM ARCHITECTURE LLP
401K PROFIT SHARING PLAN
C/O FASCORE
8515 E ORCHARD RD # 2T2
GREENWOOD VILLAGE CO  80111-5002
1,843.241 13.75%
Putnam Sustainable Leaders Fund Class R MATRIX TRUST COMPANY CUST FBO
OMNICA CORPORATION EMPLOYEES PROFIT
717 17TH ST STE 1300
DENVER CO  80202-3304
1,791.510 13.36%
Putnam Sustainable Leaders Fund Class R ASCENSUS TRUST COMPANY
FBO NORMAN'S ELECTRIC SERVICE, INC. 401
711648
PO BOX 10758
FARGO ND  58106-0758
1,756.920 13.11%
Putnam Sustainable Leaders Fund Class R STATE STREET BK & TR TTEE &/OR CUST
ADP ACCESS PRODUCT
1 LINCOLN ST
BOSTON MA  02111-2901

1,133.328 8.45%
Putnam Sustainable Leaders Fund Class R CAPITAL BANK & TRUST CO TRUSTEE FBO
TECHSOURCE INC 401K PROFIT SHARING PLAN
C/O FASCORE
8515 E ORCHARD RD # 2T2
GREENWOOD VILLAGE CO  80111-5002
1,123.555 8.38%
Putnam Sustainable Leaders Fund Class R6 GREAT-WEST TRUST COMPANY LLC
THE PUTNAM RETIREMENT PLAN
8515 E ORCHARD RD. 2T2
GREENWOOD VILLAGE CO 80111-5002
638,708.521 74.03%
Putnam Sustainable Leaders Fund Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3729
88,466.965 10.25%
Putnam Sustainable Leaders Fund Class R6 EMPOWER TRUST COMPANY, LLC
RECORDKEEPING FOR VARIOUS BENEFIT P
C/O MUTUAL FUND TRADING
8525 E ORCHARD RD
GREENWOOD VLG CO  80111-5002
51,625.835 5.98%
K-120 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Leaders Fund Class Y EMPOWER TRUST COMPANY, LLC
RECORDKEEPING FOR VARIOUS BENEFIT P
C/O MUTUAL FUND TRADING
8525 E ORCHARD RD
GREENWOOD VLG CO  80111-5002
695,380.739 20.95%
Putnam Sustainable Leaders Fund Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS, MN 55402-2405
383,835.289 11.56%
Putnam Sustainable Leaders Fund Class Y MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
371,923.556 11.20%
Putnam Sustainable Leaders Fund Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY, NJ 07310-1995
289,787.245 8.73%
Putnam Sustainable Leaders Fund Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY, NJ 07399-0001
222,515.497 6.70%
Putnam Sustainable Leaders Fund Class Y LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
183,748.317 5.54%
Putnam Sustainable Leaders Fund Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG, FL 33716-1100
171,294.828 5.16%
Putnam Sustainable Retirement 2025 Fund Class A PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399
114,669.879 9.25%
Putnam Sustainable Retirement 2025 Fund Class B KENNEYVILLE SCHOOL DISTRICT #20
403(B) PLAN
215 RUSH ST.
ROSELLE, IL  60172-2224
2,033.809 27.24%
Putnam Sustainable Retirement 2025 Fund Class B LITTLE PEOPLES DAY CARE 403(B) PLAN
238 LINCOLN ST.
BLACKSTONE, MA  01504-1203
896.676 12.01%
Putnam Sustainable Retirement 2025 Fund Class B MONTVILLE CT BOE
403(B) PLAN
A/C DEBORAH PIACENZA
945 VAUXHALL STREET EXT.
QUAKER HILL, CT  06375-1037
777.225 10.41%
K-121 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2025 Fund Class B GALENA UNIT DISTRICT 120
403(B) PLAN
A/C LYDIA M NOWAK
905 ADDINGTON CT UNIT 202
VENICE, FL  34293-2328
716.276 9.59%
Putnam Sustainable Retirement 2025 Fund Class B SHIRLEY M OTT
IRA PLAN
317 HERMAN ST
YORK, PA  17404-3428
495.279 6.63%
Putnam Sustainable Retirement 2025 Fund Class B NORTHAMPTON AREA SCHOOL DISTRICT
403(B) PLAN
A/C MARY T CELIA
6985 BERGEN CIRCLE
BETHLEHEM, PA  18017-9394
477.794 6.40%
Putnam Sustainable Retirement 2025 Fund Class B TAUNTON PUBLIC SCHOOLS
403(B) PLAN
A/C DONNA GAVIN
63 MALBONE ST.
LAKEVILLE, MA  02347-2255
443.689 5.94%
Putnam Sustainable Retirement 2025 Fund Class B BRENDA M WRIGHT
ROTH IRA PLAN
54 APPLETREE LN
SEWELL, NJ  08080-3022
386.520 5.18%
Putnam Sustainable Retirement 2025 Fund Class C BEAVERCREEK CITY SCHOOLS
403(B) PLAN
A/C DERON J. SCHWIETERMAN
2623 ROANOKE AVENUE
OAKWOOD, OH 45419-1354
8,952.820 12.75%
Putnam Sustainable Retirement 2025 Fund Class C MANCHESTER LOCAL SCHOOLS
403(B) PLAN
A/C GOLDIE P FOORE
12990 CLINTON RD
DOYLESTOWN OH  44230-1521
3,554.430 5.06%
Putnam Sustainable Retirement 2025 Fund Class R ASCENSUS TRUST COMPANY
MR. APPLIANCE RET PLAN
P.O. BOX 10758
FARGO, ND  58106-0758
28,081.931 86.49%
Putnam Sustainable Retirement 2025 Fund Class R MATRIX TRUST COMPANY
DISABLED RESOURCE SERVICES
717 17TH STREET, SUITE 1300
DENVER, CO  80202-3304
2,952.880 9.09%
Putnam Sustainable Retirement 2025 Fund Class R3 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
53,811.443 28.32%
Putnam Sustainable Retirement 2025 Fund Class R3 MATRIX TRUST COMPANY
HARKER MELLINGER LLC
717 17TH STREET, SUITE 1300
DENVER, CO  80202-3304
26,750.388 14.08%
K-122 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)

Putnam Sustainable Retirement 2025 Fund Class R3
ASCENSUS TRUST COMPANY
INSIGHT FAMILY EYE CARE PC RETIREME
P.O. BOX 10758
FARGO, ND  58106-0758
12,007.806 6.32%
Putnam Sustainable Retirement 2025 Fund Class R3 ASCENSUS TRUST COMPANY
GSAVISION CONSULTING
P.O. BOX 10758
FARGO, ND  58106-0758
10,297.082 5.42%
Putnam Sustainable Retirement 2025 Fund Class R3 ASCENSUS TRUST COMPANY
CPACKET NETWORKS INC
P.O. BOX 10758
FARGO, ND  58106-0758
10,218.699 5.38%
Putnam Sustainable Retirement 2025 Fund Class R3 ASCENSUS TRUST COMPANY
CREATIVE MANAGEMENT INC
P.O. BOX 10758
FARGO, ND  58106-0758
9,543.591 5.02%
Putnam Sustainable Retirement 2025 Fund Class R4 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
68,281.839 96.12%
Putnam Sustainable Retirement 2025 Fund Class R5 PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
536.442 100.00%
Putnam Sustainable Retirement 2025 Fund Class R6 GREAT WEST TRUST COMPANY LLC
THE PUTNAM RETIREMENT PLAN
8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
331,416.045 96.71%
Putnam Sustainable Retirement 2025 Fund Class Y EMPOWER TRUST COMPANY, LLC
GREAT-WEST IRA ADVANTAGE
8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
9,019,804.820 99.63%
Putnam Sustainable Retirement 2030 Fund Class A PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399
91,594.518 7.55%
Putnam Sustainable Retirement 2030 Fund Class B PATRICIA D. REEF
IRA ROLLOVER PLAN
12530 S MOUNTAIN VIEW DR.
RIVERTON, UT 84065-7285
2,346.855 32.62%
Putnam Sustainable Retirement 2030 Fund Class B ISLIP UNION FREE SCHOOL DISTRICT
403(B) PLAN
A/C JASON VITALE
121 MONELL AVE.
ISLIP, NY  11751-4309
692.636 9.63%
Putnam Sustainable Retirement 2030 Fund Class B LINCOLN INVESTMENT PLANNING, LLC
FBO LINCOLN CUSTOMERS
601 OFFICE CENTER DR. STE 300
FT WASHINGTON, PA  19034-3275
441.787 6.14%
Putnam Sustainable Retirement 2030 Fund Class B J BRACKIN & COMPANY
SEP IRA PLAN
A/C JAMES B BRACKIN JR
242 GLENWORTH CT
POWELL, OH  43065-9118
437.536 6.08%
K-123 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2030 Fund Class C BEAVERCREEK CITY SCHOOLS
A/C NICOLA MOORHEAD
2389 BROWN BARK DRIVE
BEAVERCREEK, OH 45431-2686
6,298.721 12.82%

Putnam Sustainable Retirement 2030 Fund Class C
JOSEPH M MARTINEZ
IRA ROLLOVER PLAN
5089 W ATHENS AVE.
FRESNO, CA  93722-2306
3,399.996 6.92%
Putnam Sustainable Retirement 2030 Fund Class C BEAVERCREEK CITY SCHOOLS
403(B) PLAN
A/C STACI AUER
3848 MESQUITE DR.
BEAVERCREEK, OH 45440-3498
3,330.811 6.78%
Putnam Sustainable Retirement 2030 Fund Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE. S
MINNEAPOLIS, MN  55402-2405
3,105.446 6.32%
Putnam Sustainable Retirement 2030 Fund Class C BANGOR TOWNSHIP SCHOOLS
403(B) PLAN A/C DARCY D NICHOLAS
2170 NIETHAMMER DR
BAY CITY, MI  48706-9497
2,480.409 5.05%
Putnam Sustainable Retirement 2030 Fund Class R ASCENSUS TRUST COMPANY VANTAGE TECHNOLOGIES USA 401(K) PLAN
P.O. BOX 10758
FARGO, ND  58106-0758
21,448.987 89.39%
Putnam Sustainable Retirement 2030 Fund Class R MATRIX TRUST COMPANY
MISSISSIPPI COAST TRANSPORTATION AU
717 17TH ST. STE 1300
DENVER, CO  80202-3304
2,510.902 10.46%
Putnam Sustainable Retirement 2030 Fund Class R3 ASCENSUS TRUST COMPANY
MICHAEL T GOLDFARB PC PROFIT S
P.O. BOX 10758
FARGO, ND  58106-0758
39,108.172 14.79%
Putnam Sustainable Retirement 2030 Fund Class R3 MATRIX TRUST COMPANY CUST FBO
THE MARTIN LUTHER SCHOOL 403(B)
717 17TH ST. STE 1300
DENVER, CO  80202-3304
30,809.925 11.66%
Putnam Sustainable Retirement 2030 Fund Class R3 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
30,219.400 11.43%
Putnam Sustainable Retirement 2030 Fund Class R3 ASCENSUS TRUST COMPANY
ISRG RET PLAN
P.O. BOX 10758
FARGO, ND  58106-0758
24,390.928 9.23%
Putnam Sustainable Retirement 2030 Fund Class R3 ASCENSUS TRUST COMPANY CPACKET NETWORKS INC
P.O. BOX 10758
FARGO, ND  58106-0758
21,883.307 8.28%
K-124 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2030 Fund Class R3 ASCENSUS TRUST COMPANY FTS EMPLOYEES. RETIREMENT PLAN
P.O. BOX 10758
FARGO, ND  58106-0758
21,345.711 8.08%
Putnam Sustainable Retirement 2030 Fund Class R3 ASCENSUS TRUST COMPANY
B & H OIL COMPANY INC. 401K PS PLAN
P.O. BOX 10758
FARGO, ND  58106-0758
15,337.589 5.80%
Putnam Sustainable Retirement 2030 Fund Class R3 ASCENSUS TRUST COMPANY ADVANTAGE HEALTH SYSTEMS 401(K) PLAN
P.O. BOX 10758
FARGO, ND  58106-0758
14,388.720 5.44%
Putnam Sustainable Retirement 2030 Fund Class R4 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
130,513.995 99.11%
Putnam Sustainable Retirement 2030 Fund Class R5 PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
457.882 100.00%

 Putnam Sustainable Retirement 2030 Fund Class R6
GREAT WEST TRUST COMPANY LLC
THE PUTNAM RETIREMENT PLAN 8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
490,970.532 94.12%
Putnam Sustainable Retirement 2030 Fund Class Y EMPOWER TRUST COMPANY, LLC
GREAT-WEST IRA ADVANTAGE
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
8,433,575.884 99.77%

Putnam Sustainable Retirement 2035 Fund Class A
PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399
151,469.418 13.58%

Putnam Sustainable Retirement 2035 Fund Class B
TAUNTON PUBLIC SCHOOL 403(B) PLAN
A/C MATTHEW J KELLY
120 CHURCH ST.
WEST ROXBURY, MA  02132-1053
2,097.466 22.37%
Putnam Sustainable Retirement 2035 Fund Class B KAHLE & ASSOCIATES CPAS LLC
SIMPLE IRA PLAN
A/C SCOTT L KAHLE
113 RIVERVIEW DR.
KALIDA, OH  45853-2008
1,453.560 15.51%
Putnam Sustainable Retirement 2035 Fund Class B NATICK PUBLIC SCHOOLS 403(B) PLAN
A/C MARNIE MUSANTE
13 ARTHUR ST.
NATICK, MA  01760-2817
1,198.760 12.79%
Putnam Sustainable Retirement 2035 Fund Class B MIDLAND INDEP SCH DIST (TX) 403(B) PLAN
A/C WHITNEY NIX
4310 HEIDELBERG LN
MIDLAND TX  79707-9602
762.542 8.13%
K-125 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2035 Fund Class B STACIE CARPENTER
IRA ROLLOVER PLAN
3776 W FONTANA WAY UNIT J108 SOUTH JORDAN, UT  84095-5574
661.112 7.05%
Putnam Sustainable Retirement 2035 Fund Class B JONATHAN C CANTRELL
ROTH IRA PLAN
5527 PRESERVE PT
FLOWERY BR, GA  30542-6111
533.737 5.69%
Putnam Sustainable Retirement 2035 Fund Class C ROCKWOOD SCHOOL DISTRICT 403(B) PLAN
A/C DEBBIE LUCKEN
18530 SASSAFRAS POINT DR. GLENCOE, MO  63038-1122
9,929.757 14.40%
Putnam Sustainable Retirement 2035 Fund Class C CANDACE L. SMITH
10 DEAD END ROAD
LEBANON, PA 17046
6,679.378 9.69%
Putnam Sustainable Retirement 2035 Fund Class C TAUNTON PUBLIC SCHOOLS 403(B) PLAN
A/C CHRISTINE M STRAWBRIDGE
22 PARTRIDGE CIRCLE
TAUNTON, MA  02780-1278
4,815.297 6.98%
Putnam Sustainable Retirement 2035 Fund Class C TOWN OF COHASSET PUBLIC SCHOOLS
403(B) PLAN
A/C DAVID VINTON
127 SOUTH S.T
HANSON, MA  02341-2059
4,382.975 6.36%
Putnam Sustainable Retirement 2035 Fund Class R ASCENSUS TRUST COMPANY PREMIER TOOL, INC.
P.O. BOX 10758
FARGO, ND  58106-0758
14,499.869 49.84%
Putnam Sustainable Retirement 2035 Fund Class R ASCENSUS TRUST COMPANY GARTNER ANESTHESIA PLLC 401K
P.O. BOX 10758
FARGO, ND  58106-0758
11,703.798 40.23%
Putnam Sustainable Retirement 2035 Fund Class R MATRIX TRUST COMPANY MISSISSIPPI COAST TRANSPORTATION AU
717 17TH ST, STE 1300
DENVER, CO 80202
2,769.993 9.52%
Putnam Sustainable Retirement 2035 Fund Class R3 ASCENSUS TRUST COMPANY CPACKET NETWORKS INC 690515
P.O. BOX 10758
FARGO, ND  58106-0758
49,863.695 23.41%
Putnam Sustainable Retirement 2035 Fund Class R3 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS 8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
41,013.522 19.25%
Putnam Sustainable Retirement 2035 Fund Class R3 ASCENSUS TRUST COMPANY GRAIN TO GLASS LLC 401K PLAN
P.O. BOX 10758
FARGO, ND  58106-0758
19,874.624 9.33%
K-126 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2035 Fund Class R3 ASCENSUS TRUST COMPANY RKA CIVIL ENGINEERS, INC 401(K)
P.O. BOX 10758
FARGO, ND  58106-0758
13,277.682 6.23%
Putnam Sustainable Retirement 2035 Fund Class R3 MATRIX TRUST COMPANY
HARKER MELLINGER LLC 717 17TH ST, STE 1300 DENVER, CO 80202
12,548.528 5.89%
Putnam Sustainable Retirement 2035 Fund Class R3 ASCENSUS TRUST COMPANY B & H OIL COMPANY INC. 401K PS PLAN P.O. BOX 10758
FARGO, ND  58106-0758
12,516.590 5.88%
Putnam Sustainable Retirement 2035 Fund Class R4 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
39,381.796 97.66%
Putnam Sustainable Retirement 2035 Fund Class R5 PUTNAM INVESTMENTS, LLC 100 FEDERAL STREET BOSTON, MA 02110 431.490 100.00%
Putnam Sustainable Retirement 2035 Fund Class R6 GREAT WEST TRUST COMPANY LLC
THE PUTNAM RETIREMENT PLAN
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
422,851.617 91.74%
Putnam Sustainable Retirement 2035 Fund Class R6 EMPOWER TRUST COMPANY, LLC
 PUTNAM DEFERRED COMPENSATION PLAN
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
31,509.040 6.84%
Putnam Sustainable Retirement 2035 Fund Class Y EMPOWER TRUST COMPANY, LLC
GREAT-WEST IRA ADVANTAGE
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
6,269,752.005 99.22%
Putnam Sustainable Retirement 2040 Fund Class A NATIONAL FINANCIAL SERVICES LLC
FBO ITS CUSTOMERS
499 WASHINGTON BLVD.
JERSEY CITY, NJ 07310
74,719.064 9.01%
Putnam Sustainable Retirement 2040 Fund Class A PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399
58,785.732 7.09%
Putnam Sustainable Retirement 2040 Fund Class B MATTHEW KOHUT
84 WINFRIED DRIVE
MERRICK, NY 11566
3,707.131 20.82%
Putnam Sustainable Retirement 2040 Fund Class B CARRIE C. ROSBURG
2722 LANNER ST.
CASPER, WY  82604-4280
2,394.713 13.45%


Putnam Sustainable Retirement 2040 Fund Class B
CHRIS A. BURGEI
IRA PLAN 16696 ROAD 27
FORT JENNINGS, OH  45844-8850
1,935.686 10.87%
Putnam Sustainable Retirement 2040 Fund Class B TRN FINANCIAL LLC
A/C TOBY R LEBOEUF
1710 LAKE CHARLOTTE LANE RICHMOND, TX  77406-8094
1,749.453 9.83%
K-127 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2040 Fund Class B NATIONAL FINANCIAL SERVICES LLC
FBO ITS CUSTOMERS
499 WASHINGTON BLVD.
JERSEY CITY, NJ 07310
1,422.121 7.99%
Putnam Sustainable Retirement 2040 Fund Class B TRN FINANCIAL LLC
A/C NICOLE H LEBOEUF
1710 LAKE CHARLOTTE LANE RICHMOND, TX  77406-8094
1,342.500 7.54%
Putnam Sustainable Retirement 2040 Fund Class C CATHERINE PEWITT
SEP IRA PLAN
A/C CATHERINE B PEWITT 1913 WINNSBORO RD.
BIRMINGHAM, AL  35213-1743
6,005.198 10.95%
Putnam Sustainable Retirement 2040 Fund Class C TRINA VOSTERS
IRA ROLLOVER PLAN
819 MARQUETTE ST.
MENASHA, WI  54952-2829
3,779.123 6.89%
Putnam Sustainable Retirement 2040 Fund Class C CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
211 MAIN STREET
SAN FRANCISCO, CA  94105-1905
3,362.540 6.13%
Putnam Sustainable Retirement 2040 Fund Class C LPL FINANCIAL
ATTN: LINDSAY O’TOOLE 4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
3,359.092 6.12%
Putnam Sustainable Retirement 2040 Fund Class R ASCENSUS TRUST COMPANY JOYCE & MCFARLAND LLP RETIREMENT TR
P.O. BOX 10758
FARGO, ND  58106-0758
4,863.792 61.43%
Putnam Sustainable Retirement 2040 Fund Class R MATRIX TRUST COMPANY
JOURNEY PAYROLL RETIREMENT TRUST
717 17TH ST., STE 1300
DENVER, CO 80202
2,780.434 35.12%
Putnam Sustainable Retirement 2040 Fund Class R3 ASCENSUS TRUST COMPANY FBO
CPACKET NETWORKS INC 690515 P.O. BOX 10758 FARGO, ND  58106-0758
37,231.675 30.99%
Putnam Sustainable Retirement 2040 Fund Class R3 EMPOWER TRUST COMPANY, LLC
RECORDKEEPING FOR VARIOUS BENEFIT PLANS 8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
15,264.936 12.70%
Putnam Sustainable Retirement 2040 Fund Class R3 PAI TRUST COMPANY INC DIAMONDHEAD URGENT CARE LLC 401K
1300 ENTERPRISE DR.
DE PERE, WI  54115-4934
14,756.015 12.28%
Putnam Sustainable Retirement 2040 Fund Class R3 ASCENSUS TRUST COMPANY FBO
RKA CIVIL ENGINEERS, INC 401(K) P.O. BOX 10758 FARGO, ND  58106-0758
11,250.155 9.36%
K-128 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2040 Fund Class R3 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS 8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
11,044.049 9.19%
Putnam Sustainable Retirement 2040 Fund Class R4 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS 8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
27,533.295 94.49%
Putnam Sustainable Retirement 2040 Fund Class R5 PUTNAM INVESTMENTS, LLC 100 FEDERAL STREET BOSTON, MA 02110 436.267 100.00%
Putnam Sustainable Retirement 2040 Fund Class R6 GREAT WEST TRUST COMPANY LLC
THE PUTNAM RETIREMENT PLAN
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
309,132.697 97.87%
Putnam Sustainable Retirement 2040 Fund Class Y EMPOWER TRUST COMPANY, LLC
GREAT-WEST IRA ADVANTAGE
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
6,889,447.733 99.62%
Putnam Sustainable Retirement 2045 Fund Class A NATIONAL FINANCIAL SERVICES, LLC
FBO ITS CUSTOMERS
499 WASHINGTON BLVD.
JERSEY CITY, NJ 07310
110,783.422 16.28%
Putnam Sustainable Retirement 2045 Fund Class B KRISTEN M. HUG
24597 COUNTRY ROAD
ARCHBOLD, OH 43502
6,526.188 25.58%
Putnam Sustainable Retirement 2045 Fund Class B JODI A. TURNWALD
22714 ROAD N
CLOVERDALE, OH 45827
5,801.066 22.74%
Putnam Sustainable Retirement 2045 Fund Class B NATIONAL FINANCIAL SERVICES, LLC
FBO ITS CUSTOMERS
499 WASHINGTON BLVD.
JERSEY CITY, NJ 07310
3,422.894 13.42%
Putnam Sustainable Retirement 2045 Fund Class B LATTER AND BLUM
SEP IRA PLAN A/C GREGORY S JEANFREAU
3121 FORTIN ST.
NEW ORLEANS, LA  70119-280
1,978.756 7.76%
Putnam Sustainable Retirement 2045 Fund Class C PITTSFIELD PUBLIC SCHOOLS 403(B) PLAN
A/C MARY JANE LAFERRIERE
337 HUNGERFORD ST
PITTSFIELD MA  01201-7812
12,033.408 21.58%
Putnam Sustainable Retirement 2045 Fund Class C BRIDGEWATER-RAYNHAM REG SCHOOL
DISTRICT 403(B) PLAN
A/C KATELYN O. CARREAU
413 COUNTRY CLUB WAY KINGSTON, MA  02364-4108
5,064.653 9.08%
Putnam Sustainable Retirement 2045 Fund Class C LEWISTON PORTER FCU
A/C KENNETH STADLER
14 HOBART STREET
BUFFALO, NY  14206-2921
3,845.618 6.90%
K-129 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2045 Fund Class C CHARLES H SCHLOTTMAN
IRA ROLLOVER PLAN
1385 SE 72ND AVE.
HILLSBORO, OR  97123-6006
3,337.998 5.99%
Putnam Sustainable Retirement 2045 Fund Class R MATRIX TRUST COMPANY JOURNEY PAYROLL RETIREMENT TRUST 717 17TH ST, STE 1300 DENVER, CO 80202 2,792.400 84.39%
Putnam Sustainable Retirement 2045 Fund Class R MATRIX TRUST COMPANY MISSISSIPPI COAST TRANSPORTATION AU
717 17TH ST, STE 1300
DENVER, CO 80202
516.516 15.61%
Putnam Sustainable Retirement 2045 Fund Class R3 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
34,252.688 29.39%
Putnam Sustainable Retirement 2045 Fund Class R3 ASCENSUS TRUST COMPANY
CPACKET NETWORKS INC 690515 P.O. BOX 10758
FARGO, ND  58106-0758
13,349.923 11.45%
Putnam Sustainable Retirement 2045 Fund Class R3 ASCENSUS TRUST COMPANY
LAJF 401K RET PLAN
P.O. BOX 10758
FARGO, ND  58106-0758
10,821.090 9.28%
Putnam Sustainable Retirement 2045 Fund Class R3 ASCENSUS TRUST COMPANY
ADVANTAGE HEALTH SYSTEMS 401(K) PLAN
P.O. BOX 10758
FARGO, ND  58106-0758
8,487.929 7.28%
Putnam Sustainable Retirement 2045 Fund Class R3 MATRIX TRUST COMPANY11.00
HARKER MELLINGER LLC 717 17TH ST., STE 1300 DENVER, CO 80202
8,140.017 6.98%
Putnam Sustainable Retirement 2045 Fund Class R4 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
27,567.857 92.10%
Putnam Sustainable Retirement 2045 Fund Class R4 PAI TRUST COMPANY INC COLONIAL INSTRUMENTS, INC. 401(K) P
1300 ENTERPRISE DR.
DE PERE, WI  54115-4934
2,339.098 7.81%
Putnam Sustainable Retirement 2045 Fund Class R5 PUTNAM INVESTMENTS, LLC 100 FEDERAL STREET
BOSTON, MA 02110
450.212 100.00%
Putnam Sustainable Retirement 2045 Fund Class R6 GREAT WEST TRUST COMPANY LLC
THE PUTNAM RETIREMENT PLAN
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
195,058.235 96.74%
Putnam Sustainable Retirement 2045 Fund Class Y EMPOWER TRUST COMPANY, LLC
GREAT-WEST IRA ADVANTAGE
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
4,600,836.895 99.98%
K-130 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2050 Fund Class A NATIONAL FINANCIAL SERVICES, LLC
FBO ITS CUSTOMERS
499 WASHINGTON BLVD.
JERSEY CITY, NJ 07310
54,966.177 12.69%
Putnam Sustainable Retirement 2050 Fund Class A JUNENOIRE FONTE
IRA PLAN
8 RIVERSEDGE DR
MILFORD, NH  03055-8900
27,154.928 6.27%
Putnam Sustainable Retirement 2050 Fund Class B NATIONAL FINANCIAL SERVICES, LLC
FBO ITS CUSTOMERS
499 WASHINGTON BLVD.
JERSEY CITY, NJ 07310
2,968.072 59.38%
Putnam Sustainable Retirement 2050 Fund Class B SHANNON M GENDAY
IRA ROLLOVER PLAN
11596 CLAYMONT CIR
WINDERMERE, FL  34786-5329
319.997 6.40%
Putnam Sustainable Retirement 2050 Fund Class B MILFORD PUBLIC SCHOOLS 403(B) PLAN
A/C JOHANNA K ROY
8 REAGAN RD
MILFORD, MA  01757-2269
319.018 6.38%
Putnam Sustainable Retirement 2050 Fund Class C CANTON PUBLIC SCHOOLS 403(B) PLAN
A/C JULIE A. FOLEY
787 SEA ST. QUINCY, MA  02169-3421
5,286.631 8.65%
Putnam Sustainable Retirement 2050 Fund Class C LPL FINANCIAL
ATTN: LINDSAY O’TOOLE 4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
4,130.849 6.76%
Putnam Sustainable Retirement 2050 Fund Class C AMEBA MARKETING INC SIMPLE IRA PLAN
A/C LAUREN A AVALLONE
8 LORI RD
MONMOUTH BCH, NJ  07750-1012
3,624.486 5.93%
Putnam Sustainable Retirement 2050 Fund Class C AMERICAN ENTERPRISE INVESTMENT SERVICES
707 2ND AVE. S
MINNEAPOLIS, MN  55402-2405
3,502.644 5.73%
Putnam Sustainable Retirement 2050 Fund Class C BLACK TALON SECURITY LLC
SIMPLE IRA PLAN
A/C JOSHUA HYMAN
840 BROKEN SOUND PKWY NW APT 108
BOCA RATON, FL  33487-3714
3,206.093 5.24%
Putnam Sustainable Retirement 2050 Fund Class C

BRIDGEWATER-RAYNHAM REG SCH DIST 403(B) PLAN
A/C MEGHAN O DRISCOLL

50 ASPEN DR

BRIDGEWATER, MA 02324-1244

3,185.824 5.21%
Putnam Sustainable Retirement 2050 Fund Class R MATRIX TRUST COMPANY
MILLWRIGHT HOLDINGS LLC 401(K)
717 17TH ST. STE 1300
DENVER, CO  80202-3304
4,257.519 48.62%
K-131 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2050 Fund Class R

ASCENSUS TRUST COMPANY
JOYCE & MCFARLAND LLP RETIREMENT TRUST

P.O. BOX 10758
FARGO, ND 58106-0758

3,974.035 45.38%
Putnam Sustainable Retirement 2050 Fund Class R3

ASCENSUS TRUST COMPANY
CPACKET NETWORKS INC

P.O. BOX 10758
FARGO, ND 58106-0758

34,989.806 33.81%
Putnam Sustainable Retirement 2050 Fund Class R3 ASCENSUS TRUST COMPANY
ADVANTAGE HEALTH SYSTEMS 401(K) PLAN
P.O. BOX 10758
FARGO, ND  58106-0758
20,120.844 19.44%
Putnam Sustainable Retirement 2050 Fund Class R3 ASCENSUS TRUST COMPANY
ALTAVIZ 401(K) PLAN
P.O. BOX 10758
FARGO, ND  58106-0758
9,036.277 8.73%
Putnam Sustainable Retirement 2050 Fund Class R3 ASCENSUS TRUST COMPANY
GENIA, LLC PROFIT SHARING PLAN
P.O. BOX 10758
FARGO, ND  58106-0758
7,140.515 6.90%
Putnam Sustainable Retirement 2050 Fund Class R3 ASCENSUS TRUST COMPANY
HAMAGUCHI & ASSOCIATES 401K  
P.O. BOX 10758
FARGO, ND  58106-0758
6,455.037 6.24%
Putnam Sustainable Retirement 2050 Fund Class R3 NFS LLC FBO STATE STREET BANK TR
FBO VARIOUS RETIREMENT PLANS
499 WASHINGTON BLVD
JERSEY CITY, NJ  07310-1995
5,292.707 5.11%
Putnam Sustainable Retirement 2050 Fund Class R4 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
10,423.657 78.15%
Putnam Sustainable Retirement 2050 Fund Class R4 MATRIX TRUST COMPANY C&H EXCAVATION, LLC 401(K) PLAN
717 17TH ST. STE 1300
DENVER, CO  80202-3304
2,279.257 17.09%
Putnam Sustainable Retirement 2050 Fund Class R5

PUTNAM INVESTMENTS, LLC

100 FEDERAL STREET

BOSTON, MA 02110

637.309 100.00%
Putnam Sustainable Retirement 2050 Fund Class R6 GREAT-WEST TRUST CO LLC THE PUTNAM RETIREMENT PLAN
8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
284,939.445 97.20%
Putnam Sustainable Retirement 2050 Fund Class Y EMPOWER TRUST COMPANY, LLC
GREAT-WEST IRA ADVANTAGE
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
4,740,721.393 99.43%
Putnam Sustainable Retirement 2055 Fund Class A NATIONAL FINANCIAL SERVICES, LLC
FBO ITS CUSTOMERS
499 WASHINGTON BLVD.
JERSEY CITY, NJ 07310
78,818.339 14.87%
K-132 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2055 Fund Class A TD AMERITRADE INC FBO OUR CUSTOMERS
P.O. BOX 2226
OMAHA, NE  68103-2226
27,701.828 5.23%
Putnam Sustainable Retirement 2055 Fund Class B TIMOTHY J. MACLAUGHLIN, JR
21 POULIN DRIVE
LANCASTER, MA 01523
1,674.549 35.73%

Putnam Sustainable Retirement 2055 Fund Class B
ALEXIS PETERSEN
8242 S FESTIVE WAY
WEST JORDAN, UT 84088
1,322.583 28.22%
Putnam Sustainable Retirement 2055 Fund Class B KEALEY GILL
ROTH IRA PLAN
P.O. BOX 57794
SALT LAKE CITY, UT  84157-0794
349.469 7.46%
Putnam Sustainable Retirement 2055 Fund Class B BRANDON M HAMMOND
IRA PLAN 205 APPOMATTOX DR.
SIMPSONVILLE, SC  29681-3356
270.182 5.76%
Putnam Sustainable Retirement 2055 Fund Class B PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399
237.025 5.06%
Putnam Sustainable Retirement 2055 Fund Class C GRAND FORKS PUBLIC SCH DIST 1 403(B) PLAN
A/C ALISON CHERNEY
18460 HOFFMAN AVE.
BROOKFIELD, WI  53045-3448
5,160.839 8.33%

Putnam Sustainable Retirement 2055 Fund Class C
ABILITY A/C & REFRIGERATION INC
SIMPLE IRA PLAN
A/C RYAN B FOERTSCHBECK
3546 MILLER RD.
STREET, MD  21154-1305
4,111.125 6.64%
Putnam Sustainable Retirement 2055 Fund Class C SYSTEMATIC ASIAN LEADERSHIP
A/C NATHAN CLIFTON
P.O. BOX 38405
CHARLOTTE, NC 28272
4,107.413 6.63%
Putnam Sustainable Retirement 2055 Fund Class C TOTAL TOOLING CONCEPTS
SIMPLE IRA PLAN
A/C DUSTIN CRONKRIGHT
2771 FIELDSTONE CT. SW WYOMING, MI  49418-9304
3,799.065 6.13%
Putnam Sustainable Retirement 2055 Fund Class C COMPRESSOR ENERGY SERVICES LLC
SIMPLE IRA PLAN
A/C SCOTT L MILLS
8 CILLEY BROOK LN.
HEBRON, NH  03241-4351
3,595.787 5.80%
Putnam Sustainable Retirement 2055 Fund Class R MATRIX TRUST COMPANY
MISSISSIPPI COAST TRANSPORTATION AU
717 17TH ST, STE 1300
DENVER, CO 80202
2,512.218 43.01%
Putnam Sustainable Retirement 2055 Fund Class R MATRIX TRUST COMPANY
MILLWRIGHT HOLDINGS LLC 401(K)
717 17TH ST. STE 1300
DENVER, CO  80202-3304
2,374.477 40.65%
K-133 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2055 Fund Class R MATRIX TRUST COMPANY
JOURNEY PAYROLL RETIREMENT TRUST
717 17TH ST. STE 1300
DENVER, CO  80202-3304
950.343 16.27%
Putnam Sustainable Retirement 2055 Fund Class R3 ASCENSUS TRUST COMPANY
CPACKET NETWORKS INC P.O. BOX 10758
FARGO, ND  58106-0758
50,064.953 19.70%
Putnam Sustainable Retirement 2055 Fund Class R3 ASCENSUS TRUST COMPANY
ADVANTAGE HEALTH SYSTEMS 401(K) PLAN
P.O. BOX 10758
FARGO, ND  58106-0758
33,697.499 13.26%
Putnam Sustainable Retirement 2055 Fund Class R3 PAI TRUST COMPANY INC JUDICIAL REPORTING AND TYPING SERVICES
1300 ENTERPRISE DR.
DE PERE, WI  54115-4934
22,993.016 9.05%
Putnam Sustainable Retirement 2055 Fund Class R3 MATRIX TRUST COMPANY
SYRPES AND PANGBORN PLLC
717 17TH ST. STE 1300
DENVER, CO  80202-3304
20,299.304 7.99%
Putnam Sustainable Retirement 2055 Fund Class R3 ASCENSUS TRUST COMPANY MONTROY ANDERSON 401K 690694
P.O. BOX 10758
FARGO, ND  58106-0758
17,911.938 7.05%

Putnam Sustainable Retirement 2055 Fund Class R3
EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
17,481.266 6.88%
Putnam Sustainable Retirement 2055 Fund Class R3 FIIOC FBO
CB RICHARD ELLIS NE PARTNERS LP
401K RETIREMENT PLAN
100 MAGELLAN WAY
COVINGTON, KY  41015-1987
15,764.574 6.20%
Putnam Sustainable Retirement 2055 Fund Class R4 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
32,159.718 96.25%
Putnam Sustainable Retirement 2055 Fund Class R5 PUTNAM INVESTMENTS, LLC 100 FEDERAL STREET BOSTON, MA 02110 1,012.435 100.00%
Putnam Sustainable Retirement 2055 Fund Class R6 GREAT WEST TRUST COMPANY LLC
THE PUTNAM RETIREMENT PLAN
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
209,650.946 96.44%
Putnam Sustainable Retirement 2055 Fund Class Y EMPOWER TRUST COMPANY, LLC
GREAT WEST IRA ADVANTAGE
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
3,314,497.418 99.80%
Putnam Sustainable Retirement 2060 Fund Class B

PUTNAM INVESTMENTS, LLC

100 FEDERAL STREET

BOSTON, MA 02110

1,474.695 100.00%
K-134 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2060 Fund Class C CONNOR B. TRYON
2502 LOS ALAMOS CT.
LAS CRUCES, NM  88011-1657
6,408.594 22.57%
Putnam Sustainable Retirement 2060 Fund Class C

JUAN M. LEON-ESTRADA
IRA ROLLOVER PLAN
14154 W STANISLAUS AVE.

KERMAN, CA 93630-2119

3,149.952 11.09%
Putnam Sustainable Retirement 2060 Fund Class C

CHRISTOPHER CHRISTIAN
SEP IRA PLAN
A/C CHRISTOPHER CHRISTIAN 48 PATCHES LN.

PELL CITY, AL 35128-7268

2,660.788 9.37%
Putnam Sustainable Retirement 2060 Fund Class C

LUIS ORTIZ

SEP IRA PLAN

A/C LUIS ORTIZ
3204 COVE RD
PENNSAUKEN, NJ 08109-2537

2,319.316 8.17%
Putnam Sustainable Retirement 2060 Fund Class C ANNETTE M. HUBBERT
ROTH IRA PLAN
303 SUNNY HILL RD
MIDDLEBERG, PA  17842-9432
1,547.713 5.45%
Putnam Sustainable Retirement 2060 Fund Class R PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
1,504.720 100.00%
Putnam Sustainable Retirement 2060 Fund Class R3 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
3,547.304 73.67%
Putnam Sustainable Retirement 2060 Fund Class R3 PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
980.064 20.35%
Putnam Sustainable Retirement 2060 Fund Class R3 FIIOC FBO
CB RICHARD ELLIS NE PARTNERS LP
401K RETIREMENT PLAN
100 MAGELLAN WAY
COVINGTON, KY  41015-1987
287.735 5.98%
Putnam Sustainable Retirement 2060 Fund Class R4 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
5,358.063 84.48%
Putnam Sustainable Retirement 2060 Fund Class R4 PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
984.691 15.52%
Putnam Sustainable Retirement 2060 Fund Class R5 PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
986.722 100.00%
Putnam Sustainable Retirement 2060 Fund Class R6 EMPOWER TRUST COMPANY, LLC
THE PUTNAM RETIREMENT PLAN
8515 E. ORCHARD ROAD 2T2 GREENWOOD VILLAGE, CO 80111-5002
135,655.211 96.42%
K-135 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2060 Fund Class Y EMPOWER TRUST COMPANY, LLC
GREAT WEST IRA ADVANTAGE
8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
1,051,235.349 99.57%
Putnam Sustainable Retirement 2065 Fund Class A PAGE'S TREE
SIMPLE IRA PLAN
E SERVICE
A/C JEFFREY C PAGE
738 WOLF DEN RD.
BROOKLYN, CT  06234-1418
5,105.395 28.02%
Putnam Sustainable Retirement 2065 Fund Class A WJP INC
SIMPLE IRA PLAN
A/C ALYSSA L. OPLINGER
512 VALLEY RD.
HEGINS, PA  17938-9185
1,135.048 6.23%
Putnam Sustainable Retirement 2065 Fund Class A INTEGRATED WEALTH MANAGEMENT
SIMPLE IRA PLAN
A/C ADAM J ROBERTS
339A NATURE DR.
SAN JOSE, CA  95123-5121
1,089.325 5.98%
Putnam Sustainable Retirement 2065 Fund Class C TYSON VU
SEP PLAN A/C THAI VU
P/G OF TYSON VU
P.O. BOX 1502
CORDOVA, AK  99574-1502
9,282.381 37.40%
Putnam Sustainable Retirement 2065 Fund Class C PAGE'S TREE
SIMPLE IRA PLAN
E SERVICE
A/C JEFFREY C PAGE
738 WOLF DEN RD.
BROOKLYN, CT  06234-1418
6,081.021 24.50%
Putnam Sustainable Retirement 2065 Fund Class C BROCKTON PUBLIC SCHOOL
403(B) PLAN
A/C SUSAN A. DEVANEY
15 CAPE COD LN.
CANTON, MA  02021-3605
5,698.445 22.96%
Putnam Sustainable Retirement 2065 Fund Class C ISHCORP ENTERPRISES INC.
SIMPLE IRA PLAN
A/C NICHOLAS TSUTSUI
79 S PEAK
LAGUNA NIGUEL, CA  92677-2903
2,345.653 9.45%
Putnam Sustainable Retirement 2065 Fund Class R PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
1,095.205 100.00%
Putnam Sustainable Retirement 2065 Fund Class R3 PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
1,100.500 100.00%
Putnam Sustainable Retirement 2065 Fund Class R4 PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
1,105.976 100.00%
Putnam Sustainable Retirement 2065 Fund Class R5 PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
1,109.227 100.00%
K-136 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement 2065 Fund Class R6 GREAT WEST TRUST COMPANY LLC
THE PUTNAM RETIREMENT PLAN
8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
16,180.583 93.57%
Putnam Sustainable Retirement 2065 Fund Class R6 PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
1,111.655 6.43%
Putnam Sustainable Retirement 2065 Fund Class Y PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
1,109.463 80.16%
Putnam Sustainable Retirement 2065 Fund Class Y LEFLORE COUNTY ABSTRACT & TITLE LLC
SIMPLE IRA PLAN
A/C SHELBEY L JACKSON
20857 STATE HIGHWAY 83
HOWE, OK  74940-3055
274.556 19.84%
Putnam Sustainable Retirement Maturity Fund Class A PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY, NJ 07399
235,314.897 15.25%
Putnam Sustainable Retirement Maturity Fund Class B CITY OF WORCESTER
403(B) PLAN
A/C DEIDRE M SHEA
2 WOODSIDE DR.
SHREWSBURY, MA  01545-7733
722.022 13.22%
Putnam Sustainable Retirement Maturity Fund Class B DONNA M MEDEIROS
IRA ROLLOVER PLAN
343 LAFAYETTE ST.
SOMERSET, MA  02726-3456
645.018 11.81%
Putnam Sustainable Retirement Maturity Fund Class B CRAIG T WORREL
IRA ROLLOVER PLAN
909 MECHANIC ST
EMPORIA, KS  66801-2958
568.283 10.40%
Putnam Sustainable Retirement Maturity Fund Class B ROSEDALE MANOR
403(B) PLAN
A/C DAVID A BOYER
2483 KREMERS LN
VILLA HILLS, KY  41017-1164
440.767 8.07%
Putnam Sustainable Retirement Maturity Fund Class B ELSA C CONLU
ROTH IRA PLAN
787 CRAIGMARK CT
HENDERSON NV  89002-6580
313.787 5.74%
Putnam Sustainable Retirement Maturity Fund Class B HUA HSING WEI
IRA PLAN
9146 EMPEROR AVE
SAN GABRIEL, CA  91775-2019
305.452 5.59%

Putnam Sustainable Retirement Maturity Fund Class C
FAIRFIELD BOARD OF EDUCATION
403(B) PLAN
A/C EILEEN FRANKEL
9 KATY LANE
NORWALK, CT  06851-5901
12,490.317 20.47%
K-137 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement Maturity Fund Class C LPL FINANCIAL
ATTN: LINDSAY O’TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO, CA 92121-3091
12,452.404 20.40%
Putnam Sustainable Retirement Maturity Fund Class C ANGELA E WHISNEY
IRA ROLLOVER PLAN
49396 770TH ST.
JACKSON, MN  56143-3806
7,342.870 12.03%
Putnam Sustainable Retirement Maturity Fund Class C ROSEDALE MANOR
403(B) PLAN
A/C DAVID A BOYER
2483 KREMERS LN
VILLA HILLS, KY  41017-1164
3,100.161 5.08%
Putnam Sustainable Retirement Maturity Fund Class R ASCENSUS TRUST COMPANY
WILLIAM A. HELLER, P.A. SOLOK
P.O. BOX 10577
FARGO, ND  58106-0577
29,398.609 86.16%
Putnam Sustainable Retirement Maturity Fund Class R MATRIX TRUST COMPANY
JOURNEY PAYROLL RETIREMENT TRUST
717 17TH ST, STE 1300
DENVER, CO 80202
3,716.422 10.89%
Putnam Sustainable Retirement Maturity Fund Class R3 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
33,554.027 32.62%
Putnam Sustainable Retirement Maturity Fund Class R3 ASCENSUS TRUST COMPANY FBO
RKA CIVIL ENGINEERS, INC 401(K)
P.O. BOX 10577
FARGO, ND  58106-0577
11,511.518 11.19%
Putnam Sustainable Retirement Maturity Fund Class R3 ASCENSUS TRUST COMPANY FBO
JAMES DALTON 401(K)
P.O. BOX 10577
FARGO, ND  58106-0577
11,336.568 11.02%
Putnam Sustainable Retirement Maturity Fund Class R3 ASCENSUS TRUST COMPANY FBO
TRUE VALUE TITLE SH PLAN  
P.O. BOX 10577
FARGO, ND  58106-0577
7,854.420 7.64%
Putnam Sustainable Retirement Maturity Fund Class R4 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
8,111.425 75.60%
Putnam Sustainable Retirement Maturity Fund Class R4 MATRIX TRUST COMPANY CUST FBO
C&H EXCAVATION, LLC 401(K) PLAN
717 17TH ST, STE 1300
DENVER, CO 80202
1,599.664 14.91%
Putnam Sustainable Retirement Maturity Fund Class R4 ASCENSUS TRUST COMPANY FBO
BROKERAGE PROFESSIONALS INC
P.O. BOX 10577
FARGO, ND  58106-0577
963.814 8.98%
Putnam Sustainable Retirement Maturity Fund Class R5 PUTNAM INVESTMENTS, LLC
100 FEDERAL STREET
BOSTON, MA 02110
649.571 100.00%
K-138 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Sustainable Retirement Maturity Fund Class R6 GREAT-WEST TRUST CO LLC
THE PUTNAM RETIREMENT PLAN
8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
91,733.188 88.66%
Putnam Sustainable Retirement Maturity Fund Class R6 EMPOWER TRUST COMPANY, LLC
EMPLOYEE BENEFITS CLIENTS
8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
7,799.565 7.54%
Putnam Sustainable Retirement Maturity Fund Class Y EMPOWER TRUST COMPANY, LLC
GREAT-WEST IRA ADVANTAGE
8515 E. ORCHARD ROAD 2T2
GREENWOOD VILLAGE, CO 80111-5002
11,688,879.562 99.52%
Putnam Tax Exempt Income Fund - Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
12,038,339.387 16.28%
Putnam Tax Exempt Income Fund - Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
7,697,406.473 10.41%
Putnam Tax Exempt Income Fund - Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
4,515,171.437 6.10%
Putnam Tax Exempt Income Fund - Class A MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
4,472,694.388 6.05%
Putnam Tax Exempt Income Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
3,740,348.467 5.06%
Putnam Tax Exempt Income Fund - Class B ARTHUR BROWN
120 SHEFFIELD CT
GALLOWAY NJ  08205-6666
12,792.514 39.69%
Putnam Tax Exempt Income Fund - Class B LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
4,735.039 14.69%
Putnam Tax Exempt Income Fund - Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
3,823.705 11.86%
K-139 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Tax Exempt Income Fund - Class B MLPF&S FOR THE SOLE BENEFIT OF
IT'S CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
2,476.061 7.68%
Putnam Tax Exempt Income Fund - Class B RAJIV SINGH TOD
MULTIPLE BENEFICIARIES
SUBJECT TO STA TOD RULES
10525 KINGHURST DR
HOUSTON TX  77099-3505
2,033.835 6.31%
Putnam Tax Exempt Income Fund - Class B CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1901
1,644.216 5.10%
Putnam Tax Exempt Income Fund - Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
163,281.473 15.33%
Putnam Tax Exempt Income Fund - Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
128,646.879 12.08%
Putnam Tax Exempt Income Fund - Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
121,646.965 11.42%
Putnam Tax Exempt Income Fund - Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
112,320.152 10.55%
Putnam Tax Exempt Income Fund - Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
77,248.674 7.25%
Putnam Tax Exempt Income Fund - Class C UBS WM USA
0O0 11011 6100
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ  07086-6761
58,811.997 5.52%
Putnam Tax Exempt Income Fund - Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
840,681.396 92.02%
K-140 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Tax Exempt Income Fund - Class R6 LINCOLN INVESTMENT PLANNING, LLC
FBO LINCOLN CUSTOMERS
601 OFFICE CENTER DR STE 300
FT WASHINGTON PA  19034-3275
69,424.884 7.60%
Putnam Tax Exempt Income Fund - Class Y MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12 NEW YORK NY  10004-1965
1,010,064.488 11.89%
Putnam Tax Exempt Income Fund - Class Y MLPF&S FOR THE SOLE BENEFIT OF
IT'S CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEERLAKE DR E FL3
JACKSONVILLE FL  32246-6484
957,917.226 11.28%
Putnam Tax Exempt Income Fund - Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
940,401.819 11.07%
Putnam Tax Exempt Income Fund - Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
896,576.922 10.56%
Putnam Tax Exempt Income Fund - Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
855,854.702 10.08%
Putnam Tax Exempt Income Fund - Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
738,754.853 8.70%
Putnam Tax Exempt Income Fund - Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
702,600.804 8.27%
Putnam Tax Exempt Income Fund - Class Y UBS WM USA
0O0 11011 6100
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ  07086-6761
649,435.252 7.65%
Putnam Tax Exempt Income Fund - Class Y CHARLES SCHWAB & CO INC
CLEARING ACCOUNT
FOR THE EXCLUSIVE BENEFIT OF
THEIR CUSTOMERS
101 MONTGOMERY ST
SAN FRANCISCO CA  94104-4151
557,524.602 6.57%
K-141 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Tax Exempt Income Fund - Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
500,805.739 5.90%
Putnam Tax-Free High Yield Fund - Class A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
4,858,196.299 10.91%
Putnam Tax-Free High Yield Fund - Class A NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
3,975,562.666 8.93%
Putnam Tax-Free High Yield Fund - Class A WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
3,860,051.778 8.67%
Putnam Tax-Free High Yield Fund - Class A LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
3,053,835.962 6.86%
Putnam Tax-Free High Yield Fund - Class A PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
2,778,457.698 6.24%
Putnam Tax-Free High Yield Fund - Class A MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY  10004-1965
2,690,649.712 6.04%
Putnam Tax-Free High Yield Fund - Class B NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
16,255.719 24.87%
Putnam Tax-Free High Yield Fund - Class B AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
8,496.701 13.00%
Putnam Tax-Free High Yield Fund - Class B MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL  32246-6484
6,600.548 10.10%
K-142 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Tax-Free High Yield Fund - Class B ERIK M NOVAK &
JAMI L PARENT JTWROS
5111 N KENWOOD AVE
INDIANAPOLIS IN  46208-2619
3,645.802 5.58%
Putnam Tax-Free High Yield Fund - Class B CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT
FBO THEIR CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA  94105-1901
3,590.560 5.49%
Putnam Tax-Free High Yield Fund - Class B OPPENHEIMER & CO INC.  FBO
EUGENE H MILLER (TOD)
3 NORTHLAWN CT
SAGINAW MI  48602-1813
3,270.555 5.00%
Putnam Tax-Free High Yield Fund - Class C WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
348,970.425 27.28%
Putnam Tax-Free High Yield Fund - Class C PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
167,148.747 13.07%
Putnam Tax-Free High Yield Fund - Class C AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
165,947.972 12.97%
Putnam Tax-Free High Yield Fund - Class C LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
146,549.688 11.45%
Putnam Tax-Free High Yield Fund - Class C NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
90,611.219 7.08%
Putnam Tax-Free High Yield Fund - Class C RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
80,978.129 6.33%
Putnam Tax-Free High Yield Fund - Class R6 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
149,518.548 89.74%
Putnam Tax-Free High Yield Fund - Class R6 LINCOLN INVESTMENT PLANNING, LLC
FBO LINCOLN CUSTOMERS
601 OFFICE CENTER DR STE 300
FT WASHINGTON PA  19034-3275
15,887.232 9.54%
K-143 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Tax-Free High Yield Fund - Class Y PERSHING, LLC
1 PERSHING PLZ
JERSEY CITY NJ  07399-0001
2,297,994.187 15.72%
Putnam Tax-Free High Yield Fund - Class Y TD AMERITRADE INC FBO
OUR CUSTOMERS
PO BOX 2226
OMAHA NE  68103-2226
1,980,244.541 13.54%
Putnam Tax-Free High Yield Fund - Class Y NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
499 WASHINGTON BLVD
ATTN: MUTUAL FUNDS DEPT 4TH FL
JERSEY CITY NJ  07310-1995
1,792,097.403 12.26%
Putnam Tax-Free High Yield Fund - Class Y AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN  55402-2405
1,554,917.391 10.64%
Putnam Tax-Free High Yield Fund - Class Y WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO  63103-2523
1,347,413.187 9.22%
Putnam Tax-Free High Yield Fund - Class Y LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN: LINDSAY O'TOOLE
4707 EXECUTIVE DRIVE
SAN DIEGO CA  92121-3091
1,254,147.638 8.58%
Putnam Tax-Free High Yield Fund - Class Y CHARLES SCHWAB & CO INC
CLEARING ACCOUNT
FOR THE EXCLUSIVE BENEFIT OF
THEIR CUSTOMERS
101 MONTGOMERY ST
SAN FRANCISCO CA  94104-4151
982,860.888 6.72%
Putnam Tax-Free High Yield Fund - Class Y RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL  33716-1100
819,157.025 5.60%
Putnam Ultra Short Duration Income Fund Class A

MORGAN STANLEY SMITH BARNEY LLC

FOR THE EXCLUSIVE BENEFIT OF ITSCUSTOMERS

1 NEW YORK PLAZA FL 12

NEW YORK NY 10004-1965

79,370,783.439 25.98%
Putnam Ultra Short Duration Income Fund Class A

J.P. MORGAN SECURITIES LLC

FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS

4 CHASE METROTECH CENTER, 3RD FL MUTUAL FUND DEPT

BROOKLYN NY 11245-0003

35,436,707.422 11.60%
K-144 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Ultra Short Duration Income Fund Class A

LPL FINANCIAL

OMNIBUS CUSTOMER ACCOUNT

ATTN: LINDSAY O'TOOLE

4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

25,156,230.635 8.23%
Putnam Ultra Short Duration Income Fund Class A

UBS WM USA, 0O0 11011 6100

OMNI ACCOUNT M/F, SPEC CDY A/C EXCL BEN CUST UBSFSI

1000 HARBOR BLVD

WEEHAWKEN NJ 07086-6761

24,908,900.150 8.15%
Putnam Ultra Short Duration Income Fund Class A

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

499 WASHINGTON BLVD

ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995

24,693,452.506 8.08%
Putnam Ultra Short Duration Income Fund Class A CHARLES SCHWAB & CO INC, SPECIAL CUSTODY ACCOUNT, FBO THEIR CUSTOMERS, ATTN MUTUAL FUNDS, 211 MAIN ST, SAN FRANCISCO CA  94105-1901 23,972,444.119 7.85%
Putnam Ultra Short Duration Income Fund Class A

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

19,062,073.767 6.24%
Putnam Ultra Short Duration Income Fund Class A

RAYMOND JAMES

OMNIBUS FOR MUTUAL FUNDS

HOUSE ACCT FIRM 92500015

ATTN: COURTNEY WALLER

880 CARILLON PKWY

ST PETERSBURG FL 33716-1100

15,362,429.033 5.03%
Putnam Ultra Short Duration Income Fund Class A

RBC CAPITAL MARKETS, LLC

MUTUAL FUND OMNIBUS PROCESSING OMNIBUS

ATTN MUTUAL FUND OPS MANAGER

250 NICOLLET MALL STE 1400 MINNEAPOLIS MN 55401-7554

15,299,622.726 5.01%
Putnam Ultra Short Duration Income Fund Class C

LPL FINANCIAL

OMNIBUS CUSTOMER ACCOUNT

ATTN: LINDSAY O'TOOLE

4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

223,946.417 17.28%
Putnam Ultra Short Duration Income Fund Class C

CHARLES SCHWAB & CO INC

SPECIAL CUSTODY ACCOUNT

FBO THEIR CUSTOMERS

ATTN MUTUAL FUNDS

211 MAIN ST

SAN FRANCISCO CA 94105-1901

194,096.239 14.98%
Putnam Ultra Short Duration Income Fund Class C

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

152,163.282 11.74%
K-145 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Ultra Short Duration Income Fund Class C

AMERICAN ENTERPRISE INVESTMENT SVCFBO # 41999970

707 2ND AVE S

MINNEAPOLIS MN 55402-2405

151,629.400 11.70%
Putnam Ultra Short Duration Income Fund Class C

WELLS FARGO CLEARING SERVICES LLC

SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST

SAINT LOUIS MO 63103-2523

136,829.377 10.56%
Putnam Ultra Short Duration Income Fund Class C RBC CAPITAL MARKETS, LLC, MUTUAL FUND OMNIBUS PROCESSING, OMNIBUS, ATTN MUTUAL FUND OPS MANAGER, 250 NICOLLET MALL STE 1400, MINNEAPOLIS MN  55401-7554 85,102.541 6.57%
Putnam Ultra Short Duration Income Fund Class C

RAYMOND JAMES

OMNIBUS FOR MUTUAL FUNDS

HOUSE ACCT FIRM 92500015

ATTN: COURTNEY WALLER

880 CARILLON PKWY

ST PETERSBURG FL 33716-1100

79,748.611 6.15%
Putnam Ultra Short Duration Income Fund Class N

WELLS FARGO CLEARING SERVICES LLC

SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST

SAINT LOUIS MO 63103-2523

979,746.212 97.58%
Putnam Ultra Short Duration Income Fund Class R

PAI TRCO INC

JOLOHA ENTERPRISES DBA ROACH-REID O

1300 ENTERPRISE DR

DE PERE WI 54115-4934

101,520.792 22.39%
Putnam Ultra Short Duration Income Fund Class R

ASCENSUS TRUST COMPANY

FBO PREMIER TOOL, INC. 401K 690498 PO BOX 10758

FARGO ND 58106-0758

89,013.375 19.63%
Putnam Ultra Short Duration Income Fund Class R

MORGAN STANLEY SMITH BARNEY LLC

FOR THE EXCLUSIVE BENEFIT OF ITSCUSTOMERS

1 NEW YORK PLAZA FL 12

NEW YORK NY 10004-1965

65,190.360 14.38%
Putnam Ultra Short Duration Income Fund Class R

CAPITAL BANK & TRUST CO TRUSTEE FBO SILMAR ELECTRONICS INC 401K PROFIT, SHARING PLAN

C/O FASCORE

8515 E ORCHARD RD # 2T2, GREENWOOD VLG CO 80111-5002

42,245.118 9.32%
Putnam Ultra Short Duration Income Fund Class R

LINDA GAITHER & MARK TWOMBLY TTEE, BENDENA STATE BANK 401K, C/O FASCORE LLC

8515 E ORCHARD RD # 2T2, GREENWOOD VLG CO 80111-5002

30,278.822 6.68%
K-146 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Ultra Short Duration Income Fund Class R

CHARLES SCHWAB & CO INC, CLEARING ACCOUNT, FOR THE EXCLUSIVE BENEFIT OF, THEIR CUSTOMERS

101 MONTGOMERY ST

SAN FRANCISCO CA 94104-4151

24,619.388 5.43%
Putnam Ultra Short Duration Income Fund Class R6

MLPF&S FOR THE SOLE BENEFIT OF IT'S CUSTOMERS

ATTN FUND ADMINISTRATION

4800 DEER LAKE DR E FL 3, JACKSONVILLE FL 32246-6484

27,244,225.547 52.35%
Putnam Ultra Short Duration Income Fund Class R6

EDWARD D JONES & CO

FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD

SAINT LOUIS MO 63131-3710

19,794,303.052 38.03%
Putnam Ultra Short Duration Income Fund Class Y

MORGAN STANLEY SMITH BARNEY LLC

FOR THE EXCLUSIVE BENEFIT OF ITSCUSTOMERS

1 NEW YORK PLAZA FL 12

NEW YORK NY 10004-1965

173,498,062.354 24.40%
Putnam Ultra Short Duration Income Fund Class Y

UBS WM USA, 0O0 11011 6100

OMNI ACCOUNT M/F, SPEC CDY A/C EXCL BEN CUST UBSFSI

1000 HARBOR BLVD

WEEHAWKEN NJ 07086-6761

103,790,045.451 14.60%
Putnam Ultra Short Duration Income Fund Class Y

MLPF&S FOR THE SOLE BENEFIT OF IT'S CUSTOMERS

ATTN FUND ADMINISTRATION

4800 DEER LAKE DR E FL 3, JACKSONVILLE FL 32246-6484

81,176,970.453 11.42%
Putnam Ultra Short Duration Income Fund Class Y

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS

499 WASHINGTON BLVD

ATTN: MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995

65,608,933.674 9.23%
Putnam Ultra Short Duration Income Fund Class Y

LPL FINANCIAL

OMNIBUS CUSTOMER ACCOUNT

ATTN: LINDSAY O'TOOLE

4707 EXECUTIVE DRIVE

SAN DIEGO CA 92121-3091

61,678,962.185 8.67%
Putnam Ultra Short Duration Income Fund Class Y

PERSHING, LLC

1 PERSHING PLZ

JERSEY CITY NJ 07399-0001

44,301,132.503 6.23%
Putnam Ultra Short Duration Income Fund Class Y

RAYMOND JAMES

OMNIBUS FOR MUTUAL FUNDS

HOUSE ACCT FIRM 92500015

ATTN: COURTNEY WALLER

880 CARILLON PKWY

ST PETERSBURG FL 33716-1100

41,067,909.805 5.78%
K-147 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam Ultra Short MAC Series

PUTNAM INVESTMENTS LLC
100 FEDERAL ST

BOSTON MA 02110-1802

1,000,000.000 100.00%
Putnam VT Core Equity Fund IA TALCOTT RESOLUTION LIFE (25) 2,172,876.361 50.34%
Putnam VT Core Equity Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 1,832,951.062 42.46%
Putnam VT Core Equity Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 2,222,046.655 54.01%
Putnam VT Core Equity Fund IB TALCOTT RESOLUTION LIFE & ANNUITY (24) 881,832.366 21.43%
Putnam VT Core Equity Fund IB TALCOTT RESOLUTION LIFE (25) 567,485.599 13.79%
Putnam VT Core Equity Fund IB ALLSTATE LIFE OF NY (2) 289,447.092 7.04%
Putnam VT Diversified Income IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 4,498,028.037 45.64%
Putnam VT Diversified Income IA TALCOTT RESOLUTION LIFE (25) 4,483,025.493 45.49%
Putnam VT Diversified Income IB TALCOTT RESOLUTION LIFE & ANNUITY (24) 7,096,536.444 45.07%
Putnam VT Diversified Income IB TALCOTT RESOLUTION LIFE (25) 3,046,524.177 19.35%
Putnam VT Diversified Income IB ALLSTATE LIFE INSURANCE COMPANY (1) 1,942,166.996 12.34%
Putnam VT Diversified Income IB TALCOTT RESOLUTION LIFE & ANNUITY (24) 1,408,336.033 8.94%
Putnam VT Diversified Income IB AMER GEN CORPORATE AMERICA (4) 951,820.765 6.05%
Putnam VT Emerging Markets Equity Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 483,848.587 48.09%
Putnam VT Emerging Markets Equity Fund IA TALCOTT RESOLUTION LIFE (25) 458,083.449 45.53%
Putnam VT Emerging Markets Equity Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 52,387.975 5.21%
Putnam VT Emerging Markets Equity Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 322,431.890 82.68%
Putnam VT Emerging Markets Equity Fund IB ALLSTATE LIFE OF NY (2) 20,008.590 5.13%
Putnam VT Focused Intl Equity Fund IA TALCOTT RESOLUTION LIFE (25) 5,234,008.500 48.11%
Putnam VT Focused Intl Equity Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 4,209,934.579 38.70%
Putnam VT Focused Intl Equity Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 815,426.983 7.50%
Putnam VT Focused Intl Equity Fund IA TALCOTT RESOLUTION LIFE (25) 567,137.131 5.21%
Putnam VT Focused Intl Equity Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 991,070.032 71.48%
Putnam VT Focused Intl Equity Fund IB ALLSTATE LIFE OF NY (2) 114,039.349 8.22%
Putnam VT Focused Intl Equity Fund IB GREAT- WEST LIFE & ANNUITY CO. (8) 76,611.683 5.53%
K-148 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam VT George Putnam Balanced Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 2,833,529.164 57.58%
Putnam VT George Putnam Balanced Fund IA TALCOTT RESOLUTION LIFE (25) 1,688,412.758 34.31%
Putnam VT George Putnam Balanced Fund IB LINCOLN LIFE INSURANCE COMPANY (12) 7,172,358.128 59.34%
Putnam VT George Putnam Balanced Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 2,771,525.439 22.93%
Putnam VT George Putnam Balanced Fund IB LINCOLN LIFE AND ANNUITY COMPANY OF NEW YORK (13) 672,427.626 5.56%
Putnam VT Global Asset Allocation Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 1,961,830.884 46.74%
Putnam VT Global Asset Allocation Fund IA TALCOTT RESOLUTION LIFE (25) 1,918,436.088 45.70%
Putnam VT Global Asset Allocation Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 729,113.157 37.86%
Putnam VT Global Asset Allocation Fund IB TALCOTT RESOLUTION LIFE & ANNUITY (24) 361,862.031 18.79%
Putnam VT Global Asset Allocation Fund IB EQUITABLE FINANCIAL LIFE INSURANCE CO. (5) 208,561.574 10.83%
Putnam VT Global Asset Allocation Fund IB TALCOTT RESOLUTION LIFE (25) 136,019.749 7.06%
Putnam VT Global Asset Allocation Fund IB GREAT-WEST LIFE & ANNUITY CO. (8) 128,345.650 6.66%
Putnam VT Global Asset Allocation Fund IB AXA EQUITABLE LIFE INSURANCE CO. (5) 116,448.176 6.05%
Putnam VT Global Asset Allocation IB DELAWARE LIFE INSURANCE COMPANY (7) 101,045.222 5.25%
Putnam VT Global Health Care Fund IA TALCOTT RESOLUTION LIFE (25) 1,251,996.965 45.52%
Putnam VT Global Health Care Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 1,148,626.200 41.76%
Putnam VT Global Health Care Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 161,996.267 5.89%
Putnam VT Global Health Care Fund IB RIVERSOURCE LIFE INSURANCE COMPANY (23) 3,469,343.579 46.43%
Putnam VT Global Health Care Fund IB LINCOLN NATIONAL VARIABLE (14) 1,705,630.772 22.83%
K-149 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam VT Global Health Care Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 1,152,982.686 15.43%
Putnam VT Government Money Market Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 20,881,530.168 52.18%
Putnam VT Government Money Market Fund IA TALCOTT RESOLUTION LIFE (25) 15,945,943.400 39.84%
Putnam VT Government Money Market Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 19,559,933.750 68.27%
Putnam VT Government Money Market Fund IB ALLSTATE LIFE OF NY (2) 5,292,771.380 18.47%
Putnam VT Government Money Market Fund IB TRANSAMERICA LIFE INS CO. (27) 1,687,756.750 5.89%
Putnam VT High Yield Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 4,281,545.090 23.29%
Putnam VT High Yield Fund IA TALCOTT RESOLUTION LIFE (25) 4,161,045.127 22.64%
Putnam VT High Yield Fund IA CMFG GROUP (6) 4,154,665.805 22.60%
Putnam VT High Yield Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 2,117,169.619 11.52%
Putnam VT High Yield Fund IA METLIFE (PARAGON) (15) 1,384,117.044 7.53%
Putnam VT High Yield Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 2,223,846.200 27.87%
Putnam VT High Yield Fund IB TALCOTT RESOLUTION LIFE & ANNUITY (24) 1,975,743.459 24.76%
Putnam VT High Yield Fund IB JEFFERSON NATIONAL LIFE (10) 1,560,940.513 19.56%
Putnam VT High Yield Fund IB RIVERSOURCE LIFE INSURANCE COMPANY (23) 934,426.273 11.71%
Putnam VT Income Fund IA TALCOTT RESOLUTION LIFE (25) 3,736,339.217 36.03%
Putnam VT Income Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 3,331,914.072 32.13%
Putnam VT Income Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 1,277,275.515 12.32%
Putnam VT Income Fund IA METLIFE (PARAGON) (15) 835,425.888 8.06%
Putnam VT Income Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 3,301,714.266 38.90%
Putnam VT Income Fund IB LINCOLN LIFE INSURANCE COMPANY (12) 1,173,778.656 13.83%
Putnam VT Income Fund IB TALCOTT RESOLUTION LIFE & ANNUITY (24) 1,072,567.607 12.64%
Putnam VT Income Fund IB JEFFERSON NATIONAL LIFE (10) 784,073.058 9.24%
Putnam VT Income Fund IB ALLSTATE LIFE OF NY (2) 439,180.184 5.17%
Putnam VT International Equity Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 1,463,103.024 43.23%
K-150 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam VT International Equity Fund IA TALCOTT RESOLUTION LIFE (25) 963,997.177 28.49%
Putnam VT International Equity Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 287,703.732 8.50%
Putnam VT International Equity Fund IA TALCOTT RESOLUTION LIFE (25) 1,773,209.965 30.33%
Putnam VT International Equity Fund IA TALCOTT RESOLUTION LIFE (25) 887,908.695 15.19%
Putnam VT International Equity Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 576,870.555 9.87%
Putnam VT International Equity Fund IB NATIONWIDE LIFE INSURANCE CO. (18) 496,821.570 8.50%
Putnam VT International Equity Fund IB TALCOTT RESOLUTION LIFE & ANNUITY (24) 390,651.805 6.68%
Putnam VT International Equity Fund IB RIVERSOURCE LIFE INSURANCE COMPANY (24) 342,231.386 5.85%
Putnam VT International Equity Fund IB TALCOTT RESOLUTION LIFE (25) 1,678,303.376 34.39%
Putnam VT International Equity Fund IB ALLSTATE NORTHBROOK LIFE (3) 1,295,189.284 26.54%
Putnam VT International Equity Fund IB MINNESOTA LIFE (17) 1,128,237.820 23.12%
Putnam VT International Value Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 352,411.086 7.22%
Putnam VT International Value Fund IA TALCOTT RESOLUTION LIFE (25) 259,362.204 5.31%
Putnam VT International Value Fund IA GREAT-WEST LIFE & ANNUITY CO. (8) 1,836,519.451 18.47%
Putnam VT International Value Fund IB NATIONWIDE LIFE INSURANCE CO. (18) 1,761,138.007 17.71%
Putnam VT International Value Fund IB TALCOTT RESOLUTION LIFE & ANNUITY (24) 1,580,819.111 15.90%
Putnam VT International Value Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 1,212,168.344 12.19%
K-151 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam VT International Value Fund IB THRIVENT FINANCIAL FOR LUTHERANS (26) 816,199.257 8.21%
Putnam VT International Value Fund IB AMER GEN CORPORATE AMERICA (4) 706,214.557 7.10%
Putnam VT International Value Fund IB JEFFERSON NATIONAL LIFE (10) 664,226.666 6.68%
Putnam VT Large Cap Growth Fund IA TALCOTT RESOLUTION LIFE (25) 28,052,053.675 48.11%
Putnam VT Large Cap Growth Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 21,523,764.726 36.92%
Putnam VT Large Cap Growth Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 4,052,615.805 6.95%
Putnam VT Large Cap Growth Fund IA ALLSTATE LIFE INSURANCE COMPANY (1) 7,095,878.521 37.87%
Putnam VT Large Cap Growth Fund IA PRINCIPAL FINANCIAL GROUP PFLX (20) 2,678,730.723 14.29%
Putnam VT Large Cap Growth Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 1,542,826.815 8.23%
Putnam VT Large Cap Growth Fund IA MINNESOTA LIFE (17) 1,490,610.264 7.95%
Putnam VT Large Cap Growth Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 943,845.981 5.04%
Putnam VT Large Cap Growth Fund IA TALCOTT RESOLUTION LIFE (25) 15,744,319.429 46.03%
Putnam VT Large Cap Growth Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 13,939,384.699 40.75%
Putnam VT Large Cap Value Fund IB LINCOLN LIFE INSURANCE COMPANY (12) 6,421,230.990 24.62%
Putnam VT Large Cap Value Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 4,524,067.765 17.34%
Putnam VT Large Cap Value Fund IB NATIONWIDE LIFE INSURANCE COMPANY (18) 4,227,986.346 16.21%
Putnam VT Mortgage Securities Fund IA TALCOTT RESOLUTION LIFE (25) 1,263,219.817 49.65%
Putnam VT Mortgage Securities Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 1,218,295.072 47.88%
Putnam VT Mortgage Securities Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 911,554.525 39.07%
Putnam VT Mortgage Securities Fund IB JEFFERSON NATIONAL LIFE (10) 361,212.163 15.48%
Putnam VT Mortgage Securities Fund IB TALCOTT RESOLUTION LIFE & ANNUITY (24) 272,044.520 11.66%
Putnam VT Mortgage Securities Fund IB GREAT-WEST LIFE & ANNUITY CO. (8) 206,005.183 8.83%
Putnam VT Research Fund IA TALCOTT RESOLUTION LIFE (25) 324,045.612 44.58%
Putnam VT Research Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 323,464.336 44.50%
Putnam VT Research Fund IA PROTECTIVE LIFE INSURANCE COMPANY 58,666.010 8.07%
K-152 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam VT Research Fund IB THRIVENT FINANCIAL FOR LUTHERANS (26) 609,236.370 38.13%
Putnam VT Research Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 559,960.820 35.05%
Putnam VT Research Fund IB EQUITABLE FINANCIAL LIFE INSURANCE CO. (5) 126,026.104 7.89%
Putnam VT Research Fund IB DELAWARE LIFE INSURANCE COMPANY (7) 101,660.099 6.36%
Putnam VT Small Cap Growth Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 447,905.424 53.60%
Putnam VT Small Cap Growth Fund IA TALCOTT RESOLUTION LIFE (25) 387,662.492 46.40%
Putnam VT Small Cap Growth Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 489,623.314 57.42%
Putnam VT Small Cap Growth Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 175,941.641 20.63%
Putnam VT Small Cap Growth Fund IB TALCOTT RESOLUTION LIFE & ANNUITY (24) 68,362.784 8.02%
Putnam VT Small Cap Growth Fund IB TALCOTT RESOLUTION LIFE (25) 53,408.468 6.26%
Putnam VT Small Cap Value Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 1,793,653.485 46.70%
Putnam VT Small Cap Value Fund IA TALCOTT RESOLUTION LIFE (25) 1,764,339.307 45.94%
Putnam VT Small Cap Value Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 1,864,342.657 23.89%
Putnam VT Small Cap Value Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 1,390,623.505 17.82%
Putnam VT Small Cap Value Fund IB TALCOTT RESOLUTION LIFE (25) 1,059,028.649 13.57%
Putnam VT Small Cap Value Fund IB TALCOTT RESOLUTION LIFE & ANNUITY (24) 867,925.328 11.12%
Putnam VT Small Cap Value Fund IB NORTHBROOK LIFE INSURANCE COMPANY (19) 712,900.544 9.14%
Putnam VT Sustainable Future Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 786,957.618 51.46%
Putnam VT Sustainable Future Fund IA TALCOTT RESOLUTION LIFE (25) 720,659.774 47.13%
Putnam VT Sustainable Future Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 336,175.364 59.79%
Putnam VT Sustainable Future Fund IB TALCOTT RESOLUTION LIFE & ANNUITY (24) 98,196.843 17.46%
Putnam VT Sustainable Future Fund IB DELAWARE LIFE INSURANCE COMPANY (7) 58,987.202 10.49%
Putnam VT Sustainable Future Fund IB TALCOTT RESOLUTION LIFE (25) 28,257.420 5.03%
Putnam VT Sustainable Leaders Fund IA RIVERSOURCE LIFE INSURANCE COMPANY (24) 5,494,669.726 31.00%
Putnam VT Sustainable Leaders Fund IA TALCOTT RESOLUTION LIFE (25) 4,807,562.868 27.13%
Putnam VT Sustainable Leaders Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 4,734,648.479 26.72%
K-153 
 

 

Fund and Share Class Shareholder Name and Address Holdings
(number of shares)
Percentage Owned
(of Class)
Putnam VT Sustainable Leaders Fund IA TALCOTT RESOLUTION LIFE & ANNUITY (24) 935,263.941 5.28%
Putnam VT Sustainable Leaders Fund IB ALLSTATE LIFE INSURANCE COMPANY (1) 1,798,943.332 43.70%
Putnam VT Sustainable Leaders Fund IB RIVERSOURCE LIFE INSURANCE COMPANY (4) 1,031,327.463 25.05%
Putnam VT Sustainable Leaders Fund IB TALCOTT RESOLUTION LIFE & ANNUITY (24) 485,084.693 11.78%
Putnam VT Sustainable Leaders Fund IB ALLSTATE LIFE OF NY (2) 209,626.195 5.09%

 

K-154