Notice of a Special Meeting of Shareholders

To the Shareholders of:

PUTNAM ASSET ALLOCATION FUNDS

PUTNAM DYNAMIC ASSET ALLOCATION BALANCED FUND

PUTNAM DYNAMIC ASSET ALLOCATION CONSERVATIVE FUND

PUTNAM DYNAMIC ASSET ALLOCATION GROWTH FUND

PUTNAM INCOME STRATEGIES PORTFOLIO

PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND

PUTNAM CONVERTIBLE SECURITIES FUND

PUTNAM DIVERSIFIED INCOME TRUST

PUTNAM FOCUSED INTERNATIONAL EQUITY FUND

PUTNAM FUNDS TRUST

PUTNAM DYNAMIC ASSET ALLOCATION EQUITY FUND

PUTNAM DYNAMIC RISK ALLOCATION FUND

PUTNAM EMERGING MARKETS EQUITY FUND

PUTNAM FIXED INCOME ABSOLUTE RETURN FUND

PUTNAM FLOATING RATE INCOME FUND

PUTNAM FOCUSED EQUITY FUND

PUTNAM GLOBAL TECHNOLOGY FUND

PUTNAM INTERMEDIATE-TERM MUNICIPAL INCOME FUND

PUTNAM INTERNATIONAL VALUE FUND

PUTNAM MORTGAGE OPPORTUNITIES FUND

PUTNAM MULTI-ASSET ABSOLUTE RETURN FUND

PUTNAM MULTI-CAP CORE FUND

PUTNAM SHORT DURATION BOND FUND

PUTNAM SHORT TERM INVESTMENT FUND

PUTNAM SHORT-TERM MUNICIPAL INCOME FUND

PUTNAM SMALL CAP GROWTH FUND

PUTNAM ULTRA SHORT DURATION INCOME FUND

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 GOVERNMENT MONEY MARKET FUND

PUTNAM GROWTH OPPORTUNITIES FUND

PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND

PUTNAM PANAGORA RISK PARITY FUND

PUTNAM RESEARCH FUND

PUTNAM SMALL CAP VALUE FUND

PUTNAM SUSTAINABLE FUTURE FUND

PUTNAM LARGE CAP VALUE FUND

PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND

PUTNAM MINNESOTA TAX EXEMPT INCOME FUND

PUTNAM MONEY MARKET FUND

PUTNAM MORTGAGE SECURITIES FUND

PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND

PUTNAM NEW YORK TAX EXEMPT INCOME FUND

PUTNAM OHIO TAX EXEMPT INCOME FUND

PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND

PUTNAM SUSTAINABLE LEADERS FUND

PUTNAM TARGET DATE FUNDS

PUTNAM RETIREMENT ADVANTAGE MATURITY FUND

PUTNAM RETIREMENT ADVANTAGE 2065 FUND

PUTNAM RETIREMENT ADVANTAGE 2060 FUND

PUTNAM RETIREMENT ADVANTAGE 2055 FUND

PUTNAM RETIREMENT ADVANTAGE 2050 FUND

PUTNAM RETIREMENT ADVANTAGE 2045 FUND

PUTNAM RETIREMENT ADVANTAGE 2040 FUND

PUTNAM RETIREMENT ADVANTAGE 2035 FUND

PUTNAM RETIREMENT ADVANTAGE 2030 FUND

PUTNAM RETIREMENT ADVANTAGE 2025 FUND

PUTNAM RETIREMENTREADY MATURITY FUND

PUTNAM RETIREMENTREADY 2065 FUND

PUTNAM RETIREMENTREADY 2060 FUND

PUTNAM RETIREMENTREADY 2055 FUND

PUTNAM RETIREMENTREADY 2050 FUND

PUTNAM RETIREMENTREADY 2045 FUND

PUTNAM RETIREMENTREADY 2040 FUND

PUTNAM RETIREMENTREADY 2035 FUND

PUTNAM RETIREMENTREADY 2030 FUND

PUTNAM RETIREMENTREADY 2025 FUND

PUTNAM TAX EXEMPT INCOME FUND

PUTNAM TAX-FREE INCOME TRUST

PUTNAM STRATEGIC INTERMEDIATE MUNICIPAL FUND

PUTNAM TAX-FREE HIGH YIELD FUND

PUTNAM VARIABLE TRUST

PUTNAM VT DIVERSIFIED INCOME FUND

PUTNAM VT EMERGING MARKETS EQUITY FUND

PUTNAM VT FOCUSED INTERNATIONAL EQUITY FUND

PUTNAM VT GEORGE PUTNAM BALANCED FUND

PUTNAM VT GLOBAL ASSET ALLOCATION FUND

PUTNAM VT GLOBAL HEALTH CARE FUND

PUTNAM VT GOVERNMENT MONEY MARKET FUND

PUTNAM VT GROWTH OPPORTUNITIES FUND

PUTNAM VT HIGH YIELD FUND

PUTNAM VT INCOME FUND

PUTNAM VT INTERNATIONAL EQUITY FUND

PUTNAM VT INTERNATIONAL VALUE FUND

PUTNAM VT LARGE CAP VALUE FUND

PUTNAM VT MORTGAGE SECURITIES FUND

PUTNAM VT MULTI-ASSET ABSOLUTE RETURN FUND

PUTNAM VT MULTI-CAP CORE FUND

PUTNAM VT RESEARCH FUND

PUTNAM VT SMALL CAP GROWTH FUND

PUTNAM VT SMALL CAP VALUE FUND

PUTNAM VT SUSTAINABLE FUTURE FUND

PUTNAM VT SUSTAINABLE LEADERS FUND

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

A Special Meetingspecial meeting of Shareholdersshareholders of your fund (the “Meeting”) will be held on March 18, 2021June 29, 2022 at 11:00 a.m., Eastern Time, solely by means of remote communications at the following address: https://viewproxy.com/putnamfunds/broadridgevsm (the “Meeting website”),principal offices of the funds, 100 Federal Street, Boston, Massachusetts, 02110, to consider the following proposal:proposals, in each case as applicable to the particular funds listed in the table below:

Proposal 1:

Proposal	Proposal Description	Affected Funds
1.	Electing Trustees	All funds
2.	Approving a change to certain funds’ sub-classification under the Investment Company Act of 1940, as amended, from “diversified” to “non-diversified”	Putnam Emerging Markets Equity Fund Putnam Growth Opportunities Fund Putnam VT Emerging Markets Equity Fund Putnam VT Growth Opportunities Fund
3.	Approving an amendment to certain funds’ fundamental investment policy regarding the acquisition of voting securities of any issuer	George Putnam Balanced Fund Putnam Dynamic Asset Allocation Balanced Fund Putnam Dynamic Asset Allocation Conservative Fund Putnam Dynamic Asset Allocation Growth Fund Putnam VT George Putnam Balanced Fund Putnam VT Global Asset Allocation Fund

As part of our effort to maintain a safe and healthy environment at the annual meeting, each fund and the Trustees are closely monitoring statements issued by the Centers for Disease Control and Prevention (cdc.gov) regarding the coronavirus pandemic. For that reason, the Trustees reserve the right to reconsider the date, time and/or means of convening your fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified.”meeting.

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

Kenneth R. Leibler, Chair

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 cardcard(s) in the postage-paid envelope provided.

Any shareholder wishing to attend the Meeting by means of remote communications can do so at the Meeting website.[ ], 2022

If you were a record holder of fund shares as of December 21, 2020, please visit the Meeting website no later than 11:00 a.m. Eastern Time on Wednesday, March 17, 2021 to register. You will need to register for the Meeting by entering the control number found on your proxy card or voting instruction form on the Meeting website. If you register on the Meeting website, you will receive a password to enter and instructions for voting during the Meeting.

If you held fund shares through an intermediary (such as a broker-dealer) as of December 21, 2020, and you want to attend the Meeting, please visit the Meeting website no later than 11:00 a.m. Eastern Time on Wednesday, March 17, 2021. If you wish to vote at the Meeting you must first obtain a legal proxy from your intermediary reflecting your fund’s name, the number of fund shares you held, as well as your name and e-mail address.

December 23, 2020

Proxy Statement

This document gives you the information you need to vote on the proposal.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 1-855-601-2251,1-833-501-4818 or call your financial professional.

► Who is asking for your vote?What proposals are being presented to shareholders at the special meeting?

The enclosed proxy is solicited byShareholders of all open-end Putnam funds are being asked to vote to elect the Trusteestrustees. Shareholders of Putnam Variable Trust (the “Trust”) on behalf of its seriesEmerging Markets Equity Fund, Putnam Growth Opportunities Fund, Putnam VT GlobalEmerging Markets Equity Fund, for use at the fund’s Special Meeting of Shareholders on March 18, 2021 and if the meeting is adjourned, at any later sessions, for the purpose of approvingPutnam VT Growth Opportunities Fund are also being asked to approve a change to your fund’s sub-classificationthose funds’ sub-classifications under the Investment Company Act of 1940, as amended (the “1940 Act”), from “diversified” to “non-diversified.” Shareholders of George Putnam Balanced Fund, Putnam Dynamic Asset Allocation Balanced Fund, Putnam Dynamic Asset Allocation Conservative Fund, Putnam Dynamic Asset Allocation Growth Fund, Putnam VT George Putnam Balanced Fund, and Putnam VT Global Asset Allocation Fund are also being asked to approve an amendment to those funds’ fundamental investment policy regarding the acquisition of voting securities of any issuer.

Who is asking for your vote?

The enclosed proxy is solicited by the Trustees of the open-end Putnam funds for use at each fund’s special meeting of shareholders to be held on June 29, 2022 and, if a fund’s meeting is adjourned, at any later meetings, for the purposes stated in the Notice of Special Meeting of Shareholders (see previous pages). The Notice of a Special Meeting of Shareholders, the proxy card, and this proxy statement are being mailed beginning on or about January 4, 2021.[May 20], 2022.

► How do your fund’s Trustees recommend that shareholders vote on the proposal?proposals?

The Trustees unanimously recommend that you votevote:

1. FOR Proposal 1electing your fund’s nominees for Trustees;

► 2. FOR approving a change to Putnam Emerging Markets Equity Fund’s, Putnam Growth Opportunities Fund’s, Putnam VT Emerging Markets Equity Fund’s, and Putnam VT Growth Opportunities Fund’s sub-classification under the 1940 Act from “diversified” to “non-diversified”; and

3. FOR approving an amendment to George Putnam Balanced Fund’s, Putnam Dynamic Asset Allocation Balanced Fund’s, Putnam Dynamic Asset Allocation Conservative Fund’s, Putnam Dynamic Asset Allocation Growth Fund’s, Putnam VT George Putnam Balanced Fund’s, and Putnam VT Global Asset Allocation Fund’s fundamental investment policy regarding the acquisition of voting securities of any issuer.

Who is eligible to vote?

Shareholders of record of theeach fund at the close of business on December 21, 2020April 1, 2022 (the “Record Date”) are entitled to be present and to vote at the special meeting or, if it is adjourned, at any later sessions.

The number of shares of theeach fund outstanding on the Record Date is shown on page 11.in Appendix A. Each share is entitled to one vote, with fractional shares voting proportionately.

► How will your shares be voted?

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

► WhyShareholders of all series of a trust vote together with respect to the election of Trustees. Shareholders of each fund vote separately with respect to each other proposal. The name of each trust is indicated in bold in the Notice of a Special Meeting of Shareholders, with the funds that are you being asked to vote?series of that trust appearing below its name. The outcome of a vote affecting one fund does not affect any other fund, except where series of a trust vote together as a single class. No proposal is contingent upon the outcome of any other proposal.

The Proposals

Affected funds: All funds

Who are the nominees for Trustees?

The proposalBoard Policy and Nominating Committee of the Board is being maderesponsible for recommending nominees for Trustees of your fund. The Board Policy and Nominating Committee consists solely of Trustees who are not “interested persons” (as defined in connection with repositioningthe 1940 Act) of your fund or of Putnam Management. Those Trustees who are not “interested persons” of your fund or of Putnam Management are referred to as “Independent Trustees” throughout this proxy statement.

The Board, based on the recommendation of the Board Policy and Nominating Committee, has fixed the number of Trustees of your fund at 11 and recommends that you vote for the election of the nominees described in the following pages. Each fund currently has eleven Trustees on its Board. Two of your fund’s current Trustees, Paul L. Joskow and Ravi Akhoury, are retiring and are not standing for re-election to your fund’s Board, and each will serve until June 30, 2022, when he will retire. The Trustees have nominated Jennifer Williams Murphy and Marie Pillai to stand for election to your fund’s Board. If elected, Mses. Murphy and Pillai will serve as Trustees beginning July 1, 2022, following Dr. Joskow’s and Mr. Akhoury’s retirements. Each other nominee is currently a Trustee of your fund and of the other Putnam VT Focused International Equity funds and, if elected, will continue to serve in that capacity without interruption.

Biographical information for the Fund’s nominees.

The Board’s nominees for Trustees and their backgrounds are shown in the following pages. This information includes each nominee’s name, year of birth, principal occupation(s) during the past five years, and other information about the nominee’s professional background, including other directorships the nominee holds. Each of the current Trustees oversees all of the Putnam funds and serves until the election and qualification of his or her successor, or until he or she sooner dies, resigns, retires, or is removed. The address of all of the Trustees/nominees is 100 Federal Street, Boston, Massachusetts 02110. As of March 31, 2022, there were 100 Putnam funds.

Independent Trustee Nominees

Interested Trustee Nominee

Current Independent Trustees Not Nominated for Re-Election

¹ The address of each Trustee/Nominee is 100 Federal Street, Boston, MA 02110.

² Each Trustee serves for an indefinite term, until his or her resignation, retirement during the year he or she reaches age 75, death, or removal.

³ Mses. Murphy and Pillai have been nominated for election to your fund’s Board and, if elected, will serve as Trustees beginning July 1, 2022.

⁴ Trustee who is an “interested person” (as defined in the 1940 Act) of the fund and Putnam Management. Mr. Reynolds is deemed an “interested person” by virtue of his positions as an officer of the fund and Putnam Management. Mr. Reynolds is the President and Chief Executive Officer of Putnam Investments, LLC and President of your fund and each of the other Putnam funds, exclusive of the four exchange-traded funds in Putnam ETF Trust.

⁵ Mr. Akhoury and Dr. Joskow are retiring and are not standing for re-election to your fund’s Board. Each will serve until June 30, 2022, when he will retire.

Most of the Trustees have served on the Board for many years. The Board Policy and Nominating Committee is responsible for recommending proposed nominees for election to the Board of Trustees for its approval. In recommending the election of the nominees as Trustees, the Committee generally considered the educational, business and professional experience of each nominee in determining his or her qualifications to serve as a Trustee of the fund, including the nominee’s record of service as a director or trustee of public and private organizations. This included each current Trustee’s previous service as a member of the Board of Trustees of the Putnam funds, during which he or she has demonstrated a high level of diligence and commitment to the interests of fund shareholders and the ability to work effectively and collegially with other members of the Board. The Committee also considered, among other factors, the particular attributes described below (the “Repositioning”).with respect to the various individual Trustees/nominees.

Independent Trustee Nominees:

Liaquat Ahamed — Mr. Ahamed’s experience as Chief Executive Officer of a major investment management organization and as head of the investment division at the World Bank, as well as his experience as an author of economic literature.

Barbara M. Baumann — Ms. Baumann’s experience in the energy industry as a consultant, an investor, and in both financial and operational management positions at a global energy company, and her service as a director of multiple New York Stock Exchange companies.

Katinka Domotorffy — Ms. Domotorffy’s experience as Chief Investment Officer and Global Head of Quantitative Investment Strategies at a major asset management organization.

Catharine Bond Hill — Dr. Hill’s education and experience as an economist and as president and provost of colleges in the United States.

Kenneth R. Leibler — Mr. Leibler’s extensive experience in the financial services industry, including as Chief Executive Officer of a major asset management organization, and his service as a director of various public and private companies.

Jennifer Williams Murphy — Ms. Murphy’s experience as Chief Operating Officer of a major global investment management organization and as Chief Executive Officer of an investment advisory firm specializing in digital assets.

Marie Pillai — Ms. Pillai’s experience as Vice President, Chief Investment Officer and Treasurer of a global food company.

George Putnam, III — Mr. Putnam’s training and experience as an attorney, his experience as the founder and Chief Executive Officer of an investment management firm and his experience as an author of various publications on the subject of investments.

Manoj P. Singh — Mr. Singh’s experience as Chief Operating Officer and global managing director of a global professional services organization that provided accounting, consulting, tax, risk management, and financial advisory services.

Mona K. Sutphen — Ms. Sutphen’s extensive experience advising corporate, philanthropic and institutional investors on the intersection of geopolitics, policy and markets, as well as her prior service as White House Deputy Chief of Staff for Policy and as a US Foreign Service Officer, her work advising financial services companies on macro risks, and her service as a director of public companies.

Interested Trustee Nominee:

Robert L. Reynolds — Mr. Reynolds’s extensive experience as a senior executive of one of the largest mutual fund organizations in the United States and his current role as the President and Chief Executive Officer of Putnam Investments.

Current Independent Trustees Not Nominated for Re-Election:

Ravi Akhoury — Mr. Akhoury’s experience as Chairman and Chief Executive Officer of a major investment management organization.

Paul L. Joskow — Dr. Joskow’s education and experience as a professional economist familiar with financial economics and related issues and his service on multiple for-profit boards.

Each of the nominees has agreed to serve as a Trustee, if elected. If any nominee is unavailable for election at the proposaltime of the special meeting, which is approved, then:not anticipated, the Trustees may vote for other nominees at their discretion, or the Trustees may fix the number of Trustees at fewer than 11 for your fund.

•What are the Trustees’ responsibilities?

Your fund’s Trustees are responsible for the general oversight of your fund’s affairs. The Trustees regularly review your fund’s investment performance as well as the quality of other services provided to your fund will change fromand its shareholders by Putnam Management and its affiliates, including administration and shareholder servicing. Currently, Putnam Management and its affiliates provide administrative services to your fund. At least annually, the Trustees review and evaluate the fees and operating expenses paid by your fund for these services and negotiate changes if they deem it appropriate. In carrying out these responsibilities, the Trustees are assisted by an independent administrative staff and by your fund’s auditors, independent counsel, and other experts as appropriate, selected by and responsible to the Trustees.

Board Leadership Structure. Currently, all but one of your fund’s Trustees are Independent Trustees, meaning that they are not considered “interested persons” of your fund or Putnam Management. Mses. Murphy and Pillai also qualify as Independent Trustees. These Independent Trustees must vote separately to approve all financial arrangements and other agreements with your fund’s investment manager and other affiliated parties. The role of the Independent Trustees has been characterized as that of a “diversified”“watchdog” charged with oversight to a “non-diversified” fund. As a non-diversified fund, the fund will have flexibility (and will be expected) to concentrate its investmentsprotect shareholders’ interests against overreaching and abuse by those who are in a position to control or influence a fund. Your fund’s Independent Trustees meet regularly as a group in executive session (i.e., without representatives of Putnam Management or its affiliates present). An Independent Trustee currently serves as chair of the Board.

Board Committees. Taking into account the number, the diversity, and the complexity of the funds overseen by the Board and the aggregate amount of assets under management, your fund’s Trustees have determined that the efficient conduct of the Board’s affairs makes it desirable to delegate responsibility for certain specific matters to committees of the Board. The Executive Committee, Contract Committee, Audit, Compliance and Risk Committee, and Board Policy and Nominating Committee are authorized to take action on certain matters as specified in their charters or in policies and procedures relating to the governance of the funds; with respect to other matters, these committees review and evaluate and make recommendations to the Trustees as they deem appropriate. The other committees also review and evaluate matters specified in their charters and make recommendations to the Trustees as they deem appropriate. Each committee may utilize the resources of your fund’s independent staff, independent counsel and independent registered public accountants as well as other experts. The committees meet as often as appropriate, either in conjunction with regular meetings of the Trustees or otherwise. The membership and chair of each committee are appointed by the Trustees upon recommendation of the Board Policy and Nominating Committee. Each committee is chaired by an Independent Trustee and,

except as noted below, the membership and chairs of each committee consist exclusively of Independent Trustees.

The Trustees have determined that this committee structure also allows the Board to focus more effectively on the oversight of risk as part of its broader oversight of the funds’ affairs. While risk management is the primary responsibility of the funds’ investment manager, the Trustees receive reports and presentations regarding investment risks, compliance risks and other risks. The Board and certain committees also meet periodically with the funds’ and Putnam Management’s Chief Compliance Officer to receive compliance reports and with Putnam Management’s Chief Risk Officer to receive reports regarding risk oversight. In addition, the Board and its Investment Oversight Committees meet periodically with the portfolio managers of the funds to receive reports regarding the management of the funds. The Board’s committee structure allows separate committees to focus on different aspects of these risks and their potential impact on some or all of the funds and to discuss with the funds’ investment manager how it monitors and controls risks.

The Board recognizes that the reports it receives concerning risk management matters are, by their nature, typically summaries of the relevant information. Moreover, the Board recognizes that not all risks that may affect your fund can be identified in advance; that it may not be practical or cost-effective to eliminate or to mitigate certain risks; that it may be necessary to bear certain risks (such as investment-related risks) in seeking to achieve your fund’s investment objectives; and that the processes, procedures and controls employed to address certain risks may be limited number of issuers.in their effectiveness. As a result of the foregoing and for other reasons, the Board’s risk management oversight is subject to substantial limitations.

Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee provides oversight on matters relating to the integrity of the funds’ financial statements, compliance with legal and regulatory requirements, Codes of Ethics issues, and certain aspects of overseeing Putnam Management’s risk assessment and risk management. This oversight is discharged by regularly meeting with management, the funds’ independent registered public accountants, the fund’s portfolio will generally consistand Putnam Management’s Chief Compliance Officer, and Putnam Management’s Chief Risk Officer, and remaining current with respect to industry developments. Duties of fewer, but larger, portfolio holdings.

The Trustees allocate their investments among the Putnam funds based on their own investment strategies beforeneeds. The number of shares beneficially owned by each Trustee and afternominee for Trustee, as well as the Repositioning compare?

A comparisonvalue of each Trustee’s and nominee’s holdings in each fund and in all of the fund’sPutnam funds as of December 31, 2021 is included in Appendix C. As a group, the Trustees/nominees owned shares of the Putnam funds valued at approximately $[ ] million, as of March 31, 2022.

As of March 31, 2022, to the knowledge of your fund, each Trustee/nominee, and the officers and Trustees/nominees of the fund as a group, owned less than 1% of the outstanding shares of each class of each fund, except as listed in Appendix C.

How can shareholders communicate with the Trustees?

The Board provides a process for shareholders to send communications to the Trustees. Shareholders may direct communications to the Board as a whole or to specified individual Trustees by submitting them in writing to the following address:

Written communications must include the shareholder’s name, be signed by the shareholder, refer to the Putnam fund(s) in which the shareholder holds shares, and include the class and number of shares held by the shareholder as of a recent date.

Representatives of the funds’ transfer agent will review all communications sent to Trustees and, as deemed appropriate, will provide copies and/or summaries of communications to the Trustees.

How often do the Trustees meet?

The Trustees currently hold regular in-person meetings eight times each year, usually over a two-day period, to review the operations of the Putnam funds. (During the COVID-19 pandemic, the Trustees have held meetings by videoconference or teleconference rather than in person.) A portion of these meetings is devoted to meetings of various committees of the Board that focus on particular matters. Each Independent Trustee generally attends several formal committee meetings during each regular meeting of the Trustees, including meetings with senior investment personnel and portfolio managers to review recent performance and the current principal investment strategiesclimate for selected funds. These meetings ensure that fund performance is reviewed in detail on at least an annual basis. The committees of the Board, including the Executive Committee, may also meet on special occasions as the need arises. During the calendar year 2021, each Trustee attended at least 75% of the Board and its expected principal investment strategies followingapplicable committee meetings noted for each fund and the Repositioningaverage Trustee participated in approximately 38 committee and Board meetings.

The number of times the full Board and each committee met during calendar year 2021 is set forth below (deleted language isshown in strike-through text and new language is in bold text):the table below:

[TheEach fund may not and will not]: not:]	[TheEach fund may not and will not]:
not:]
1. With respect to 75% of its total assets,	1. With respect to 75% 50% of its total assets,
invest in securities of any issuer if,	invest in securities of any issuer if,
immediately after such investment, more than	immediately after such investment, more than
5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies.	1. With respect to 75% 50% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at
current value) would be invested in the	current value) would be invested in the
securities of such issuer; provided that this	securities of such issuer; provided that this
limitation does not apply to obligations issued	limitation does not apply to obligations issued
or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies.
2. With respect to 75% of its total assets, acquire more than 10% of the voting securities of any issuer.	2. With respect to 75% 50% of its total assets, acquire more than 10% of the voting securities of any issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the
U.S. government or its agencies or	U.S. government or its agencies or
instrumentalities or to securities issued by	instrumentalities or to securities issued by
other investment companies.	other investment companies.
2. With respect to 75% of its total assets,	2. With respect to 75% 50% of its total assets,
acquire more than 10% of the voting	acquire more than 10% of the voting
securities of any issuer.	securities of any issuer; provided that this
	limitation does not apply to obligations
	issued or guaranteed as to interest or
	principal by the U.S. government or its
	agencies or instrumentalities or to securities
	issued by other investment companies.

 

► What is the plan for implementation if the proposal is approved?

If shareholders approve the proposal, it is anticipated that the change to the fund’s sub-classification from diversified to non-diversified and the related amendments to the fund’s fundamental investment policies regarding diversification would take effect on the Effective Date, along with the Repositioning.

► What is the voting requirement for approving the proposal?

ApprovingWith respect to each fund, approving this proposal 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) 67% or more of the voting securities of the fund that are present or represented by proxy at the shareholder meeting if the holders of more than 50% of the outstanding voting securities of the fund are present or represented by proxy at the shareholder meeting, or (b) more than 50% of the outstanding voting securities of the fund.

► What is the plan for implementation if the proposal is approved?

If shareholders approve the proposal, it is anticipated that the change to each fund’s sub-classification from diversified to non-diversified, as well as the related amendments to the fund’s fundamental investment policies regarding diversification of investments, would take effect on July 1, 2022.

What if the proposal is not approved by shareholders?

If shareholders do not approve thea fund becoming non-diversified, the fund would continue to be managed as a diversified fund under itsand the fund’s current fundamental investment policies regarding diversification of investments. In addition, the Repositioninginvestments would not occur, and Putnam Management may consider other long-term strategic options for the fund.remain in effect.

9

---

► Who is bearing the costs associated with the proposal, including proxy-related costs?

The expenses of the preparation of proxy statements and related materials, including printing, delivery and solicitation costs, attributable to Proposal 2 will be borne by the fund.

Iffunds affected by Proposal 2 pro rata based on the proposal is approved, the fund is expected to dispose mostnumber of its portfolio holdings in connection with the Repositioning. These transactions, which are expected to occur largely in late April 2021, will result in brokerage commissions or other transaction costs.shareholder accounts.

20

► What are the Trustees recommending?

The Trustees unanimously recommend that shareholders approve a change to your fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified.”

3. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL INVESTMENT POLICY REGARDING ACQUISITION OF VOTING SECURITIES OF ANY ISSUER

Affected fund: George Putnam Balanced Fund, Putnam Dynamic Asset Allocation Balanced Fund, Putnam Dynamic Asset Allocation Conservative Fund, Putnam Dynamic Asset Allocation Growth Fund, Putnam VT George Putnam Balanced Fund, and Putnam VT Global Asset Allocation Fund only

What is the proposal?

The Trustees recommend that the fundamental investment policy with respect to the acquisition of voting securities of any issuer be revised for each of the following funds: George Putnam Balanced Fund, Putnam Dynamic Asset Allocation Balanced Fund, Putnam Dynamic Asset Allocation Conservative Fund, Putnam Dynamic Asset Allocation Growth Fund, Putnam VT George Putnam Balanced Fund, and Putnam VT Global Asset Allocation Fund (for purposes of this Proposal 3, the “funds”).

By way of background, the 1940 Act requires registered investment companies like the funds to have fundamental investment policies governing specified investment practices, including with respect to the diversification of their investments. Fundamental investment policies can be changed only by a shareholder vote.

Each of the funds is a diversified fund under the 1940 Act. Compared with a non-diversified fund, a diversified fund would be generally expected to have lesser exposures to individual portfolio securities. The 1940 Act sets forth the requirements that must be met for an investment company to be diversified. The 1940 Act requires that to qualify as a “diversified” fund, among other things, a fund may not, with respect to at least 75% of the value of its total assets, invest in securities of any issuer if, immediately after the investment, the fund would hold more than 10% of the outstanding voting securities of the issuer. Under the 1940 Act, however, this percentage limitation on the acquisition of an issuer’s voting securities does not apply to cash or cash items (including receivables), securities issued by investment companies, or any “Government security.” A Government security is any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United Sates pursuant to authority granted by the Congress of the United Sates, or any certificate of deposit for any of the forgoing. The remaining 25% of a fund’s total assets is not subject to this restriction.

Currently, each fund has a fundamental investment policy that prohibits it, with respect to 75% of its total assets, from acquiring more than 10% of the outstanding voting securities of any issuer. This current fundamental investment policy for the funds is more restrictive than required by the 1940 Act because it does not include the relevant exclusions from the definition of a “diversified” fund expressed in the 1940 Act. Therefore, the Trustees are proposing to amend this fundamental restriction to align it with the requirements of the 1940 Act.

21

The current and proposed fundamental investment policies for each fund are set forth below (new language is in bold text):

Current Fundamental Investment Policy	Proposed Fundamental Investment Policy
[Each fund may not and will not:]	[Each fund may not and will not:]
1. With respect to 75% of its total assets, acquire more than 10% of the voting securities of any issuer.	1. With respect to 75% of its total assets, acquire more than 10% of the voting securities of any issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies.

The revised fundamental investment policy regarding the acquisition of voting securities of any issuer tracks the definition of a “diversified” fund under the 1940 Act and clarifies that the 10% percentage limitation on the acquisition of an issuer’s voting securities does not apply to securities issued by other investment companies or to Government securities. As revised, the fundamental investment policy would also align the investment policies and operations of the funds with other Putnam funds.

What effect will amending the current fundamental investment policy with respect to the acquisition of voting securities of any issuer have on your fund?

By aligning your fund’s fundamental investment policy regarding the acquisition of voting securities of any issuer with the requirements of the 1940 Act, the proposed amendment will permit your fund greater flexibility to invest in certain U.S. government securities and in the securities of other investment companies without limiting its right to exercise voting power with respect to those securities. Further, to the extent your fund invests its assets in other Putnam funds, the amended fundamental investment policies will give the fund greater flexibility to allocate its assets to the other Putnam Funds to pursue its investment objective, including through a fund of funds structure. Any such fund of funds structure would be effected in accordance with the 1940 Act and SEC rules, including rules limiting double-charging of investment management fees.

What is the voting requirement for approving the proposal?

With respect to each fund, approving this proposal 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) 67% or more of the voting securities of the fund that are present or represented by proxy at the shareholder meeting if the holders of more than 50% of the outstanding voting securities of the fund are present or represented by proxy at the shareholder meeting, or (b) more than 50% of the outstanding voting securities of the fund.

What is the plan for implementation if the proposal is approved?

If shareholders approve the proposal, it is anticipated that the change to each fund’s fundamental investment policy regarding the acquisition of voting securities of any issuer would take effect on July 1, 2022.

22

What if the proposal is not approved by shareholders?

If shareholders do not approve the changes to a fund’s fundamental investment policy regarding the acquisition of voting securities of any issuer, the fund would continue to be managed under its current fundamental investment policy regarding the acquisition of voting securities of any issuer.

Who is bearing the costs associated with the proposal, including proxy-related costs?

The expenses of the preparation of proxy statements and related materials, including printing, delivery and solicitation costs, attributable to Proposal 3 will be borne by the funds affected by Proposal 3 pro rata based on the number of shareholder accounts.

What are the Trustees recommending?

The Trustees unanimously recommend that shareholders approve an amendment to your fund’s fundamental investment policy regarding the acquisition of voting securities of any issuer.

23

Further Information About Voting and the Special Meeting

Location. As part of our effort to maintain a safe and healthy environment at the annual meeting, each fund and the Trustees are closely monitoring statements issued by the Centers for Disease Control and Prevention (cdc.gov) regarding the coronavirus 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 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 all of the series of a trust vote together as a single class with respect to the election of Trustees (Proposal 1). Shareholders of bothPutnam Emerging Markets Equity Fund, Putnam Growth Opportunities Fund, Putnam VT Emerging Markets Equity, and Putnam VT Growth Opportunities Fund vote separately with respect to approving a change to those funds’ sub-classifications under the 1940 Act from “diversified” to “non-diversified” (Proposal 2). Shareholders of George Putnam Balanced Fund, Putnam Dynamic Asset Allocation Balanced Fund, Putnam Dynamic Asset Allocation Conservative Fund, Putnam Dynamic Asset Allocation Growth Fund, Putnam VT George Putnam Balanced Fund, and Putnam VT Global Asset Allocation Fund vote separately with respect to approving an amendment to those funds’ fundamental investment policy regarding the acquisition of voting securities of any issuer (Proposal 3). Shares of all classes of theeach fund vote together as a single class. The holders of thirtyThirty percent of the shares of your fund outstanding at the close of business on the Record Date present in person or represented by proxy will constituteentitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the proposal.

special meeting for all funds. 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 thea 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. AbstentionsWith respect to Proposal 1, neither abstentions nor broker non-votes have an effect on the outcome of the proposal. With respect to each other proposal, abstentions and broker non-votes have the effect of a negative vote on the proposal. Because broker-dealers (in the absence of specific authorization from their customers) are not expected to have discretionary authority to vote on theany proposal other than Proposal 1, any shares owned beneficially by their customers, there are unlikely to be any “broker non-votes” at the meeting. Broker non-votes would otherwise have the same effect as abstentions (that is, they would be treated as being present and entitled to vote on the matter for purposes of determining the presence of a quorum, and as if they were votes against the proposal).

The documents that authorize Putnam Fiduciary Trust Company, LLC (“PFTC”) or Putnam Investor Services, Inc. (“Putnam Investor Services”) to act as Trustee for certain individual retirement accounts (including traditional, Roth and SEP IRAs, 403(b)(7) accounts and Coverdell Education Savings Accounts) provide that if an account owner does not submit voting instructions for his or her shares, Putnam Fiduciary Trust CompanyPFTC or Putnam Investor Services will vote thesuch shares in the same proportions as other shareholders with similar accounts that have submitted voting instructions for their shares. Shareholders should be aware that this practice, known as “echo-voting,” may have the effect of increasing the likelihood that thea proposal will be approvedacted upon (approved or disapproved) and that Putnam Fiduciary Trust CompanyPFTC or Putnam Investor Services, each of which

24

is an affiliate of Putnam Management, may benefit

10

---

indirectly from the approval of the proposal,or disapproval, in accordance with the Trustees’ recommendation.

Asrecommendations, of the Record Date, the fund had the following shares outstanding:

Class	Number of shares outstanding
Class IA	8,587,303.55
Class IB	1,197,422.87

proposals.

Share Ownership. At November 30, 2020, the officers and Trustees as a group owned directly no shares of the Trust or any fund thereof. As of that date, less than 1% of the value of the accumulation units with respectShareholders who object to any fund was attributableproposal in this proxy statement will not be entitled under Massachusetts law or your fund’s Amended and Restated Agreement and Declaration of Trust (“Declaration of Trust”) to the officers and Trusteesdemand payment for, or an appraisal of, the Trust, as a group, owning variable annuity contracts or variable life insurance policies issued by the insurers listed in the following tables or by other insurers that may hold shares of a fund. Except as noted below, no person owned of record or to the knowledge of the Trust beneficially 5% or more of any class of the shares of any fund of the Trust.

Class	Shareholder name and address	Holdings	Percentage owned
IA	Talcott Resolution Life & Annuity (4)	4,130,089.760	47.69%
IA	Talcott Resolution Life & Annuity (4)	3,469,375.556	40.06%
IA	Allstate Life Insurance Company (1)	594,821.704	6.87%
IB	Allstate Life of NY (2)	850,375.185	70.31%
IB	Great- West Life & Annuity Co. (3)	97,150.759	8.03%
IB	Talcott Resolution Life & Annuity (4)	87,776.124	7.26%

(1) Allstate Life Insurance Company, 3100 Sanders Road, Northbrook, IL 60062
(2) Allstate Life of NY, 3100 Sanders Road, Northbrook, IL 60062
(3) Great- West Life & Annuity Co., 8515 E. Orchard Rd., Greenwood, CO 80111-5002
(4) Talcott Resolution Life & Annuity, P.O. Box 5051, Hartford, CT 06102-5051their shares.

Other Business. business. The Trustees know of no matters other than tthose 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.card(s).

Simultaneous meetings. The special meeting of shareholders of your fund is called to be held at the same time as the meetings of shareholders of certain of the other Putnam funds. It is anticipated that all special meetings will be held simultaneously. However, if any shareholder at the special meeting objects to the holding of a simultaneous meeting and moves for an adjournment of the meeting to a time promptly after the simultaneous meetings, the persons named as proxies will vote in favor of adjournment.

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

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

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

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

25

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. process.As With respect to funds that are series of Putnam Variable Trust only, as of the Record Date, certain insurance companies or funds-of-funds sold exclusively to insurance company separate accounts and other variable insurance products (each an “Insurance Company”) were shareholders of record of the fund.each fund that is a series of Putnam Variable Trust. Each Insurance Company will vote shares of the fund or funds held by it in accordance with voting instructions received from variable annuity contract and variable life insurance policy owners (collectively, the “Contract Owners”) for whose accounts the shares are held. Accordingly, with respect to funds that are series of Putnam Variable Trust, this proxy statement is also intended to be used by each Insurance Company in obtaining these voting instructions from Contract Owners. In the event that a Contract Owner gives no instructions, the relevant Insurance Company will vote the shares of the appropriate fund attributable to the Contract

11

---

Owner in the same proportion as shares of thethat fund for which it has received instructions. One effect of this system of proportional voting is that, if only a small number of Contract Owners provide voting instructions, this small number of Contract Owners may determine the outcome of the vote.a vote for a fund.

Solicitation of Proxies. 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 and the Insurance Companies may solicit voting instructions from Contract Owners in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for solicitation of proxies and voting instructions by telephone are designed to authenticate Contract Owners’ identities, to allow them to authorize the voting of their units in accordance with their instructions, and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. Contract Owners would be called at the phone number Putnam Management has in its records for their accounts (or that Putnam Management obtains from the Insurance Companies) and would be given an opportunity to give their instructions. To ensure that the Contract Owners’ instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case the information contained in the confirmation is incorrect. If these procedures were subject to a successful legal challenge, thesesuch votes would not be counted at the special meeting. Your fund is unaware of any such challenge at this time.

Contract Owner Instructions. 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. 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

26

instructions from Contract Owners. 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 overvia the Internet by usingutilizing a program provided by a third-party vendor hired by Putnam Management or by automated telephone service. The giving of such voting instructions will not affect your right to vote in at the meetingperson should you decide to attend it.the special meeting. 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. Note that, if you have a smart phone with a “QR” reader, you may access the Internet address by scanning the QR code on your proxy card. To record

12

---

your voting instructions using thevia automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate Contract Owners’ identities, to allow Contract Owners to give their voting instructions, and to confirm that their instructions have been recorded properly.

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

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

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

Information for all Putnam funds

Expenses of the Solicitation. solicitation. For managing your fund’sthe funds’ overall proxy campaign, Broadridge Financial Solutions (“Broadridge”) will receive a proxy management fee of $2,500$33,000 plus reimbursement for out-of-pocket expenses. Broadridge 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. 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 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 $29,000.$3.1 million. Other costs associated with the proxy campaign include the expenses of the preparation, printing and delivery of proxy materials.

RevocationThe funds will bear the expenses of Instructions.the solicitation pro rata Any Contract Owner giving instructionsbased on the number of shareholder accounts; provided, that only those funds affected by Proposal 2 will bear a pro rata share of solicitation expenses attributable to an Insurance Company has the powerProposal 2, and only those funds affected by Proposal 3 will bear a pro rata share of solicitation expenses attributable 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.Proposal 3.

27

Revocation of Proxies. Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted (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 meeting and voting.

Date for Receiptreceipt of Shareholders’ Proposalsshareholders’ proposals for Subsequent Meetingssubsequent meetings of Shareholders.shareholders.

Your fund does not regularly hold an annual shareholder meeting, but may from time to time schedule a special meeting. Each of Putnam Mortgage Securities Fund, Putnam Short Duration Bond Fund, and Putnam VT Mortgage Securities Fund held a special meeting in 2018; each of Putnam Focused Equity Fund and Putnam Sustainable Leaders Fund held a special shareholder meeting in 2019; each of the Putnam RetirementReady Funds and Putnam Strategic Intermediate Municipal Fund held a special meetings in 2020; and each of Putnam Focused International Equity Fund and Putnam VT Focused International Equity Fund held a special shareholder meeting in 2021. For each other fund, the last special meeting was held in 2014, except that funds that commenced operations after 2014 have not yet held any shareholder meeting. In accordance with the regulations of the SEC and the fund’sfunds’ governing documents, in order to be eligible for inclusion in thea fund’s proxy statement for a meeting, a shareholder or Contract Owner proposal must be received a reasonable time before the fund prints and mails its proxy statement.

The Board Policy and Nominating Committee of the Board of Trustees, which consists only of Independent Trustees, considerswill also consider nominees recommended by shareholders of athe fund to serve as Trustees. A shareholder or Contract Owner must submit the names of any such nominees in writing to the fund, to the attention of the Clerk, at the address of the principal offices of the fund.

13

---

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 fund’s Amended and Restated Agreement andfunds’ Declaration of Trust and Amended and Restated Bylaws.Bylaws (“Bylaws”).

Postponement and Adjournment. adjournment. To the extent permitted by youreach fund’s Amended and Restated Agreement and Declaration of Trust and Amended and Restated Bylaws, any meeting of shareholders may be postponed or cancelled by the Trustees upon public notice prior to the time scheduled for the 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 Amended and Restated Agreement and 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 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 athe 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, thesuch 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 intend tomay propose adjournment of the meeting and to vote all shares that they are entitled to vote in favor of such adjournment. If the quorum required for the 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

28

present and entitled to vote at a meeting including shares 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 of the meeting may be proposed for a reasonable period or periods to permit further solicitation of proxies.proxies or for any other reason. The fundfunds will bear the costs of any additional solicitation and of any adjourned session.

Location. As partsessions. Any proposal for which sufficient votes consistent with the Trustees’ recommendation have been received may be acted upon and considered final regardless of our effort to maintain a safe and healthy environment atwhether the special meetings, each fund andmeeting is adjourned to permit additional solicitation with respect to any other proposal that may properly come before the Trustees are closely monitoring statements issued by the World Health Organization (who.int) and the Centers for Disease Control and Prevention (cdc.gov) regarding the novel coronavirus disease, COVID-19. For that reason, the Trustees havemeeting.

14

---

chosen to conduct the meeting solely 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 and filed with the SEC as additional proxy material. Attendees are also encouraged to review guidance from public health authorities on this issue.

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

Financial Information.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, Inc., P.O. Box 219697, Kansas City, MO 64121-9697 or by phone at 1-800-225-1581.1-800 225-1581. You may also access copies of these reports by visiting Putnam’s website at http://www.putnam.com/individual/annuities.putnam.com/individual.

29

Fund Information

Fund Information

Putnam Investments. Investments. Putnam Management the fund’s investment manager, is an indirect wholly ownedwholly-owned subsidiary of Putnam Investments, LLC (“Putnam Investments”).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 50.9% 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,controls, directly andor indirectly, voting securities to which are attached approximately 70.9%70% of the votesoutstanding common shares (representing approximately 65% of the voting rights attached to all of the outstanding voting securitiesshares) 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.The2J3. 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, MassachusettsMA 02110.

15

---

Putnam Investments Limited.Putnam Investments Limited (“PIL”) is a registered investment adviser that has been retained by Putnam Management as investment sub-manager with respect to a portion of the funds. PILassets of certain funds, and is directly owned directly by Putnam Advisory Holdings II, LLC, which is a Delaware holding company, and is owned indirectly by Putnam Investments. Though Putnam Management has retained the services of PIL, PIL does not currently manage any assets of the fund. The directors of PIL,Putnam Investments Limited, listed along with their principal business occupations at Putnam Investments, are Jeffrey L. Gould, Co-Head of Global Distribution,Vivek Gandhi, Portfolio Manager, and Alan G. McCormack, Head of Quantitative Equities and Risk, and Vivek Gandhi, Portfolio Manager.Risk. The address of PILPutnam Investments Limited, Vivek Gandhi, and of Messrs. Gandhi andAlan G. McCormack is 16 St. James’s Street, London, SW1A 1ER, U.K. The address of The Putnam Advisory Company, LLC and of Mr. Gould is 100 Federal Street, Boston, Massachusetts 02110. The address of Putnam Advisory Holdings II, LLC is 100 Federal Street, Boston, Massachusetts 02110.

The Putnam Advisory Company, LLC and Putnam Investments Limited are both directly owned by Putnam Advisory Holdings II, LLC.

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 owned by Putnam Investments through a series of wholly-owned subsidiaries. Though Putnam Management has retained the services of PAC, PAC does not currently manage any assets of the fund. The address of The Putnam Advisory Company, LLC is 100 Federal Street, Boston, Massachusetts 02110.

Putnam Retail Management.Putnam Retail Management, your fund’sthe principal underwriter for the open-end Putnam funds, is a limited partnership whose general partner (and minority owner) is Putnam Retail Management GP, Inc. and whose limited partner and majority owner is Putnam U.S. Holdings I, LLC, which is also the sole owner of Putnam Retail Management GP, Inc. and an indirect wholly-owned subsidiary of Putnam Investments. The address of each of Putnam Retail Management, Putnam Retail Management GP, Inc. and Putnam U.S. Holdings I, LLC is 100 Federal Street, Boston, Massachusetts 02110.

Putnam Investor Services Inc. . Putnam Investor Services Inc. serves as your fund’s investor servicing agent. Putnam Investor Services Inc. is an indirect wholly-owned subsidiary of Putnam Investments. The address of Putnam Investor Services Inc. is 100 Federal Street, Boston, Massachusetts 02110.02110

The table below shows fee amounts Putnam VT Global Equity Fund paid to Putnam Management or its affiliates during the most recent fiscal year (for the 12 months ended December 30, 2019) for the services noted (other than under a management contract). The funds made no other material payments to Putnam Management or its affiliates during the period shown. These services will continue to be provided regardless of whether Proposal 1 is approved.

Fees paid to Putnam Investor Services, Inc. for	Fees paid to Putnam Retail Management Limited
serving as investor servicing agent ($)	Partnership pursuant to distribution plans ($)
$126,959	$56,443

1630

---

Limitation of Trustee liability.Your fund’s Declaration of Trust provides that the fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the fund, except if it is determined in the manner specified in the Declaration of Trust that they have not acted in good faith, 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 were liablethat 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.

Auditor. The Trustees have selected PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Boston, Massachusetts 02210 as the auditor for each fund’s current fiscal year. The firm was selected primarily on the basis of its expertise as an auditor of investment companies, the quality of its audit services and the competitiveness of its fees. Representatives of PricewaterhouseCoopers LLP are expected to be available or present at the special meeting and to have the opportunity to make a statement and respond to appropriate questions.

On March 20, 2020, the Audit, Compliance and Risk Committee of the Trustees approved and recommended the decision to change the independent accountant, and not to retain KPMG LLP, with respect to each of the following funds: Putnam California Tax Exempt Income Fund, Putnam Convertible Securities Fund, Putnam Diversified Income Trust, Putnam Dynamic Risk Allocation Fund, Putnam Emerging Markets Equity Fund, Putnam Fixed Income Absolute Return Fund, Putnam Floating Rate Income Fund, Putnam Focused Equity Fund, Putnam Focused International Equity Fund (formerly Putnam Global Equity Fund), Putnam Global Technology Fund, Putnam Government Money Market Fund, Putnam Growth Opportunities Fund, Putnam High Yield Fund, Putnam Income Fund, Putnam Intermediate-Term Municipal Income Fund, Putnam Large Cap Value Fund (formerly Putnam Equity Income Fund), Putnam Mortgage Securities Fund, Putnam Multi-Cap Core Fund, Putnam New York Tax Exempt Income Fund, Putnam Research Fund, Putnam Short Duration Bond Fund, Putnam Short-Term Municipal Income Fund, Putnam Small Cap Value Fund, Putnam Sustainable Future Fund, Putnam Tax Exempt Income Fund, and Putnam Ultra Short Duration Income Fund. On April 3, 2020, upon request of the Putnam Funds, KPMG LLP provided a letter of resignation with respect to each of those funds. During the two previous fiscal years, with respect to those funds, KPMG LLP audit reports contained no adverse opinion or disclaimer of opinion; nor were its reports qualified or modified as to uncertainty, audit scope or accounting principle. Further, in connection with its audits for the two previous fiscal years and the subsequent interim period through April 3, 2020: (i) there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of KPMG would have caused it to make reference to the subject matter of the disagreements in its report on those funds’ financial statements for such years, and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. On April 17, 2020, the Audit, Compliance and Risk Committee of the Trustees approved and recommended the decision to appoint PricewaterhouseCoopers LLP as the independent accountant of each of those funds.

Information about the fees billed to each fund by the fund’s auditors, as well as information about the Committee’s pre-approval policies relating to the work performed by the funds’ auditors, is included in Appendix B of this proxy statement.

31

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

Name, Address1, Year of Birth,	Length of Service with	Principal Occupation(s) During Past 5 Years and
Position(s) Held with Fund	the Putnam Funds2	Position(s) with Fund’s Investment Adviser and
		Distributor3
Robert L. Reynolds (Born 1952)	Since 2008	President and Chief Executive Officer of Putnam
President and Chief Executive		Investments (2008 – Present) and Chairman of
Officer		Great-West Lifeco U.S. Inc., a holding company
		that owns Putnam Investments and Great-West
		Financial (2019 – Present). From 2014 to 2019,
		President and Chief Executive Officer of Great-
		West Financial, a financial services company that
		provides retirement savings plans, life insurance,
		and annuity and executive benefits products, and of
		Great-West Lifeco U.S. Inc. Member of Putnam
		Investments’ and Great-West Financial’s Board of
		Directors.
Jonathan S. Horwitz4 (Born 1955)	Since 2004	Executive Vice President, Principal Executive
Executive Vice President, Principal		Officer, and Compliance Liaison, The Putnam
Executive Officer, and Compliance		Funds
Liaison
Robert T. Burns (Born 1961)	Since 2011	General Counsel, Putnam Investments, Putnam
Vice President and Chief Legal		Management and Putnam Retail Management.
Officer
James F. Clark3 (Born 1974)	Since 2016	Chief Compliance Officer (2016 – present) and
Vice President and Chief Compliance		Chief Risk Officer (2020 – present), Putnam
Officer		Investments. Chief Compliance Officer, Putnam
		Management (2016 – Present).
		Associate General Counsel, Putnam Investments,
		Putnam Management and Putnam Retail
		Management (2003-2015).
Michael J. Higgins4 (Born 1976)	Since 2010	Vice President, Treasurer, and Clerk, The Putnam
Vice President, Treasurer, and Clerk		Funds
Richard T. Kircher (Born 1962)	Since 2019	Assistant Director, Operational Compliance,
Vice President and BSA Compliance		Putnam Investments and Putnam Retail

17

---

Officer		Length of Service
Name, Address1, Year of Birth,		with the		Principal Occupation(s)
Position(s) Held with Putnam funds		Putnam funds2		During Past 5 Years3
Jonathan S. Horwitz4 (Born 1955)		Since 2004		Executive Vice President, Principal
Executive Vice President,				Executive Officer, and Compliance
Principal Executive Officer and				Liaison, The Putnam Funds
Compliance Liaison
Stephen J. Tate (Born 1974)		Since 2021		General Counsel, Putnam Investments,
Vice President and Chief Legal Officer				Putnam Management (2015 – Present). Sr. Manager,and Putnam Retail
				Operational Compliance, Management (2021 – Present). Deputy General Counsel and related positions, Putnam Investments, Putnam Management and Putnam Retail Management (2004 – 2021).
James F. Clark3 (Born 1974)		Since 2016		Chief Compliance Officer and Chief
Vice President and				Risk Officer, Putnam Investments
Chief Compliance Officer				and Chief Compliance Officer,
				Putnam Management
Michael J. Higgins4 (Born 1976)		Since 2010		Vice President, Treasurer, and Clerk, The
Vice President, Treasurer, and Clerk				Putnam Funds
Richard T. Kircher (Born 1962)		Since 2019		Assistant Director of Operational
Vice President and BSA				Compliance, Putnam Investments and
Compliance Officer				Putnam Retail Management (2004-2015).
Janet C. Smith (Born(Born 1965)		Since 2007		Head of Fund Administration Services, Putnam
Vice President, Principal Financial Officer,				Putnam Investments and Putnam Management.
Officer, Principal Accounting Officer and				Management
Assistant Treasurer
Officer, and Assistant Treasurer
Susan G. Malloy (Born(Born 1957)	Since 2007		Head of Accounting, Middle Office and Control
Vice President and Assistant Treasurer				Control Services, Putnam Investments
				and Putnam Management
Mark C. Trenchard (Born 1962)		Since 2002		Director of Operational Compliance,
Vice President				Putnam Investments and Putnam Retail
Treasurer				Management.Management
Mark C. Trenchard Alan G. McCormack5 (Born 1964)(Born 1962)		Since 20022022		DirectorHead of Operational Compliance, Putnam Quantitative Equities and Risk,
Vice President and Derivatives Risk Manager				Investments and Putnam Retail Management Investments
Martin Lemaire5 (Born 1984)		Since 2022		Risk Manager, Putnam Investments
Vice President and Derivatives Risk Manager				(2020 – Present).
				Risk Analyst, Putnam Investments
				(2016 – 2020).

32

Nancy E. Florek4 (Born 1957)		Since 2000		Vice President, Director of Proxy Voting and
Vice President, Director of Proxy Voting				Corporate Governance, Assistant Clerk, and
Voting and Corporate Governance, Assistant
and Corporate Governance, Assistant				Clerk and Associate Treasurer, The
Clerk, and Associate Treasurer				Putnam Funds
Denere P. Poulack4 (Born 1968)		Since 2004		Assistant Vice President, Assistant Clerk,
Assistant Vice President, Assistant Clerk,				and Assistant Treasurer, The Putnam Funds.
Assistant Clerk, and Assistant Treasurer				Funds
Treasurer
Denere P. Poulack4 (Born 1968)	Since 2004	Assistant Vice President, Assistant Clerk, and
Assistant Vice President, Assistant		Assistant Treasurer, The Putnam Funds.
Clerk, and Assistant Treasurer

 

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

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

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

⁴ Officers of the fund indicatedwho 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.

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

5% Beneficial Ownership. As of March 31, 2022, to the knowledge of the funds, no person other than those listed on Appendix E owned beneficially or of record 5% or more of any class of shares of any Putnam fund. Putnam Investments or one of its affiliates (typically Putnam Investment Holdings, LLC) typically provides initial capital sufficient for the operation of new funds. Putnam Investments and its affiliates intend to vote their shares for each of the proposals, in accordance with the Trustees’ recommendations. [As of the Record Date, these investments represented a majority of the outstanding voting shares of some Putnam funds.] See Appendix E for information about persons owning 5% or more of any class of shares of each Putnam fund.

33

Appendix A — Number of Shares Outstanding as of the Record Date [TO BE UPDATED]

	Putnam [ ] Fund	Putnam [ ] Fund	Putnam [ ] Fund	Putnam [ ] Fund	Putnam [ ] Fund
18Class A
Class B
Class C
Class M
Class R
Class R5
Class R6
Class Y

	Putnam [ ] Fund	Putnam [ ] Fund	Putnam [ ] Fund	Putnam [ ] Fund	Putnam [ ] Fund
Class A
Class B
Class C
Class M
Class R
Class R5
Class R6
Class Y

A-1

Appendix B — Auditor

As stated above, the Trustees have selected PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Boston, Massachusetts 02210 as the auditor for each fund’s current fiscal year. The firm was selected primarily on the basis of its expertise as an auditor of investment companies, the quality of its audit services and the competitiveness of its fees

The following table presents fees billed to each indicated fund in each of its last two fiscal years by the fund’s auditor:

Fund	Fiscal Year Ended	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Putnam California Tax Exempt Income Fund	September 30, 2021	$92,324	$0	$7,201	$0
	September 30, 2020	$89,008	$0	$7,201	$0
Putnam Convertible Securities Fund	October 31, 2021	$64,841	$0	$7,700	$0
	October 31, 2020	$60,450	$0	$7,700	$0
Putnam Diversified Income Trust	September 30, 2021	$195,021	$0	$14,295	$0
	September 30, 2020	$204,546	$0	$14,833	$0
Putnam Dynamic Asset Allocation Balanced Fund	September 30, 2021	$151,005	$0	$22,543	$0
	September 30, 2020	$152,959	$0	$17,704	$0
Putnam Dynamic Asset Allocation Conservative Fund	September 30, 2021	$154,852	$0	$22,542	$0
	September 30, 2020	$140,713	$0	$17,704	$0
Putnam Dynamic Asset Allocation Equity Fund	May 31, 2021	$69,286	$0	$20,874	$0
	May 31, 2020	$73,236	$0	$9,697	$0
Putnam Dynamic Asset Allocation Growth Fund	September 30, 2021	$148,304	$0	$28,613	$0
	September 30, 2020	$148,880	$0	$26,304	$0
Putnam Dynamic Risk Allocation Fund	May 31, 2021	$70,054	$0	$16,273	$0
	May 31, 2020	$81,601	$0	$5,550	$0
Putnam Emerging Markets Equity Fund	August 31, 2021	$51,217	$0	$22,195	$0
	August 31, 2020	$48,202	$20,5001	$23,588	$0
Putnam Fixed Income Absolute Return Fund	October 31, 2021	$93,237	$0	$10,645	$0
	October 31, 2020	$89,469	$0	$9,224	$0
Putnam Floating Rate Income Fund	February 28, 2021	$76,350	$0	$8,899	$0
	February 28, 2020	$105,459	$0	$8,260	$0
Putnam Focused Equity Fund	August 31, 2021	$65,848	$0	$15,620	$0
	August 31, 2020	$61,931	$24,6671	$8,494	$0
Putnam Focused International Equity Fund	October 31, 2021	$68,281	$0	$12,865	$0
	October 31, 2020	$73,612	$0	$10,230	$0

B-1

 

George Putnam Balanced Fund	July 31, 2021	$87,323	$0	$12,815	$0
	July 31, 2020	$113,094	$0	$13,679	$0
Putnam Global Health Care Fund	August 31, 2021	$68,888	$0	$8,387	$0
	August 31, 2020	$107,393	$0	$8,387	$0
Putnam Global Income Trust	October 31, 2021	$143,128	$0	$12,318	$0
	October 31, 2020	$135,777	$0	$13,942	$0
Putnam Global Technology Fund	August 31, 2021	$70,506	$0	$6,955	$0
	August 31, 2020	$48,309	$0	$6,829	$0
Putnam Government Money Market Fund	September 30, 2021	$33,517	$0	$4,387	$0
	September 30, 2020	$32,159	$0	$4,387	$0
Putnam Growth Opportunities Fund	July 31, 2021	$98,384	$0	$6,125	$0
	July 31, 2020	$132,671	$0	$7,120	$0
Putnam High Yield Fund	November 30, 2021	$110,302	$0	$7,538	$0
	November 30, 2020	$105,222	$0	$7,538	$0
Putnam Income Fund	October 31, 2021	$130,178	$0	$10,201	$0
	October 31, 2020	$146,605	$0	$10,810	$0
Putnam Income Strategies Portfolio	August 31, 2021	$59,813	$0	$13,890	$0
	August 31, 20202	$67,434	$0	$11,890	$0
Putnam Intermediate-Term Municipal Income Fund	November 30, 2021	$30,492	$0	$7,135	$0
	November 30, 2020	$30,844	$0	$7,135	$0
Putnam International Capital Opportunities Fund	August 31, 2021	$61,024	$0	$12,416	$0
	August 31, 2020	$62,753	$0	$11,407	$0
Putnam International Equity Fund	June 30, 2021	$85,278	$0	$14,133	$0
	June 30, 2020	$102,970	$0	$16,256	$0
Putnam International Value Fund	June 30, 2021	$52,149	$0	$10,677	$0
	June 30, 2020	$60,425	$0	$10,649	$0
Putnam Large Cap Value Fund	October 31, 20213	$126,078	$0	$5,837	$0
	November 30, 2020	$140,548	$0	$5,837	$0
Putnam Massachusetts Tax Exempt Income Fund	May 31, 2021	$50,613	$0	$7,088	$0
	May 31, 2020	$56,667	$0	$12,430	$0
Putnam Minnesota Tax Exempt Income Fund	May 31, 2021	$37,773	$0	$7,088	$0
	May 31, 2020	$43,427	$0	$12,430	$0
Putnam Money Market Fund	September 30, 2021	$66,859	$0	$4,192	$0
	September 30, 2020	$68,170	$0	$4,192	$0

B-2

---

---

---

Putnam Mortgage Opportunities Fund	May 31, 2021	$132,419	$0	$12,265	$0
	May 31, 2020	$128,653	$0	$23,329	$0
Putnam Mortgage Securities Fund	September 30, 2021	$126,895	$0	$9,872	$0
	September 30, 2020	$123,957	$0	$9,872	$0
Putnam Multi-Asset Absolute Return Fund	October 31, 2021	$135,406	$0	$21,733	$0
	October 31, 2020	$152,225	$0	$13,642	$0
Putnam Multi-Cap Core Fund	April 30, 2021	$66,538	$0	$7,891	$0
	April 30, 2020	$36,745	$0	$3,505	$0
Putnam New Jersey Tax Exempt Income Fund	May 31, 2021	$42,398	$0	$7,088	$0
	May 31, 2020	$49,000	$0	$12,430	$0
Putnam New York Tax Exempt Income Fund	November 30, 2021	$78,007	$0	$7,163	$0
	November 30, 2020	$77,752	$0	$7,163	$0
Putnam Ohio Tax Exempt Income Fund	May 31, 2021	$38,704	$0	$7,088	$0
	May 31, 2020	$47,037	$0	$12,430	$0
Putnam PanAgora Risk Parity Fund	August 31, 2021	$55,560	$0	$8,466	$0
	August 31, 2020	$56,426	$0	$8,466	$0
Putnam Pennsylvania Tax Exempt Income Fund	May 31, 2021	$39,921	$0	$7,088	$0
	May 31, 2020	$48,601	$0	$12,430	$0
Putnam Research Fund	July 31, 2021	$43,007	$0	$5,329	$0
	July 31, 2020	$41,893	$0	$5,329	$0
Putnam Retirement Advantage 2025 Fund	August 31, 2021	$21,048	$0	$9,411	$0
	August 31, 20202	$25,144	$0	$8,322	$0
Putnam Retirement Advantage 2030 Fund	August 31, 2021	$22,921	$0	$9,769	$0
	August 31, 20202	$27,205	$0	$9,004	$0
Putnam Retirement Advantage 2035 Fund	August 31, 2021	$24,631	$0	$10,430	$0
	August 31, 20202	$31,004	$0	$10,261	$0
Putnam Retirement Advantage 2040 Fund	August 31, 2021	$16,004	$0	$7,092	$0
	August 31, 20202	$19,747	$0	$6,536	$0
Putnam Retirement Advantage 2045 Fund	August 31, 2021	$17,361	$0	$7,617	$0
	August 31, 20202	$19,704	$0	$6,521	$0
Putnam Retirement Advantage 2050 Fund	August 31, 2021	$9,360	$0	$4,522	$0
	August 31, 20202	$9,271	$0	$3,068	$0
Putnam Retirement Advantage 2055 Fund	August 31, 2021	$5,669	$0	$3,094	$0
	August 31, 20202	$5,615	$0	$1,858	$0

B-3

Putnam Retirement Advantage 2060 Fund	August 31, 2021	$2,328	$0	$1,801	$0
	August 31, 20202	$1,355	$0	$449	$0
Putnam Retirement Advantage 2065 Fund	August 31, 20214	$255	$0	$98	$0
Putnam Retirement Advantage Maturity Fund	August 31, 2021	$20,422	$17,5001	$8,801	$0
	August 31, 20202	$9,480	$0	$3,137	$0
Putnam RetirementReady 2025 Fund	July 31, 2021	$25,267	$0	$8,128	$0
	July 31, 2020	$22,221	$0	$7,354	$0
Putnam RetirementReady 2030 Fund	July 31, 2021	$32,802	$0	$10,551	$0
	July 31, 2020	$30,570	$0	$10,117	$0
Putnam RetirementReady 2035 Fund	July 31, 2021	$22,058	$0	$7,096	$0
	July 31, 2020	$19,514	$0	$6,458	$0
Putnam RetirementReady 2040 Fund	July 31, 2021	$25,600	$0	$8,234	$0
	July 31, 2020	$23,094	$0	$7,642	$0
Putnam RetirementReady 2045 Fund	July 31, 2021	$13,493	$0	$4,340	$0
	July 31, 2020	$10,524	$0	$3,482	$0
Putnam RetirementReady 2050 Fund	July 31, 2021	$10,614	$0	$3,414	$0
	July 31, 2020	$9,240	$0	$3,058	$0
Putnam RetirementReady 2055 Fund	July 31, 2021	$4,089	$0	$1,315	$0
	July 31, 2020	$3,108	$0	$1,028	$0
Putnam RetirementReady 2060 Fund	July 31, 2021	$610	$0	$196	$0
	July 31, 2020	$372	$0	$123	$0
Putnam RetirementReady 2065 Fund	July 31, 20215	$14	$0	$5	$0
Putnam RetirementReady Maturity Fund	July 31, 2021	$34,971	$0	$15,449	$0
	July 31, 2020	$16,015	$17,5001	$5,300	$0
Putnam Short Duration Bond Fund	October 31, 2021	$93,932	$0	$7,815	$0
	October 31, 2020	$108,792	$0	$8,192	$0
Putnam Short Term Investment Fund	July 31, 2021	$80,611	$0	$3,894	$0
	July 31, 2020	$92,849	$0	$3,894	$0
Putnam Short-Term Municipal Income Fund	November 30, 2021	$33,688	$0	$7,135	$0
	November 30, 2020	$31,386	$0	$7,135	$0
Putnam Small Cap Growth Fund	June 30, 2021	$55,857	$0	$8,726	$0
	June 30, 2020	$63,818	$0	$7,646	$0
Putnam Small Cap Value Fund	February 28, 2021	$38,343	$0	$5,382	$0
	February 28, 2020	$45,432	$0	$4,910	$0

B-4

Putnam Strategic Intermediate Municipal Fund	July 31, 2021	$63,509	$0	$7,088	$0
	July 31, 2020	$50,996	$0	$7,088	$0
Putnam Sustainable Future Fund	April 30, 2021	$48,147	$0	$5,382	$0
	April 30, 2020	$42,705	$0	$4,910	$0
Putnam Sustainable Leaders Fund	June 30, 2021	$94,770	$0	$6,375	$0
	June 30, 2020	$240,618	$0	$6,293	$0
Putnam Tax Exempt Income Fund	September 30, 2021	$82,697	$0	$7,157	$0
	September 30, 2020	$80,866	$0	$7,157	$0
Putnam Tax-Free High Yield Fund	July 31, 2021	$75,818	$0	$8,890	$0
	July 31, 2020	$76,203	$0	$8,890	$0
Putnam Ultra Short Duration Income Fund	July 31, 2021	$175,199	$0	$7,132	$0
	July 31, 2020	$282,728	$0	$7,132	$0
Putnam VT Diversified Income Fund	December 31, 2021	$128,043	$0	$10,717	$0
	December 31, 2020	$121,559	$0	$10,464	$0
Putnam VT Emerging Markets Equity Fund	December 31, 2021	$32,783	$0	$11,786	$0
	December 31, 2020	$35,741	$0	$8,330	$0
Putnam VT Focused International Equity Fund	December 31, 2021	$47,985	$0	$10,714	$0
	December 31, 2020	$48,318	$0	$8,434	$0
Putnam VT George Putnam Balanced Fund	December 31, 2021	$66,601	$0	$7,397	$0
	December 31, 2020	$65,610	$0	$8,078	$0
Putnam VT Global Asset Allocation Fund	December 31, 2021	$105,197	$0	$10,053	$0
	December 31, 2020	$96,632	$0	$8,998	$0
Putnam VT Global Health Care Fund	December 31, 2021	$26,005	$0	$5,314	$0
	December 31, 2020	$25,667	$0	$3,815	$0
Putnam VT Government Money Market Fund	December 31, 2021	$33,958	$0	$3,073	$0
	December 31, 2020	$34,365	$0	$3,073	$0
Putnam VT Growth Opportunities Fund	December 31, 2021	$74,278	$0	$4,187	$0
	December 31, 2020	$68,224	$0	$4,691	$0
Putnam VT High Yield Fund	December 31, 2021	$60,664	$0	$7,352	$0
	December 31, 2020	$61,548	$0	$6,494	$0
Putnam VT Income Fund	December 31, 2021	$95,699	$0	$8,073	$0
	December 31, 2020	$94,420	$0	$7,073	$0
Putnam VT International Equity Fund	December 31, 2021	$44,652	$0	$8,867	$0
	December 31, 2020	$43,671	$0	$7,154	$0

B-5

Putnam VT International Value Fund	December 31, 2021	$36,498	$0	$7,577	$0
	December 31, 2020	$36,881	$0	$6,407	$0
Putnam VT Large Cap Value Fund	December 31, 2021	$80,428	$0	$3,327	$0
	December 31, 2020	$76,760	$0	$3,327	$0
Putnam VT Mortgage Securities Fund	December 31, 2021	$51,499	$0	$8,073	$0
	December 31, 2020	$51,212	$0	$7,073	$0
Putnam VT Multi-Asset Absolute Return Fund	December 31, 2021	$76,733	$0	$9,570	$0
	December 31, 2020	$71,264	$0	$9,086	$0
Putnam VT Multi-Cap Core Fund	December 31, 2021	$34,390	$0	$5,812	$0
	December 31, 2020	$33,865	$0	$4,313	$0
Putnam VT Research Fund	December 31, 2021	$25,579	$0	$4,043	$0
	December 31, 2020	$25,044	$0	$4,488	$0
Putnam VT Small Cap Growth Fund	December 31, 2021	$24,522	$0	$4,827	$0
	December 31, 2020	$24,581	$0	$3,327	$0
Putnam VT Small Cap Value Fund	December 31, 2021	$23,083	$0	$4,112	$0
	December 31, 2020	$23,067	$0	$4,112	$0
Putnam VT Sustainable Future Fund	December 31, 2021	$47,760	$0	$4,187	$0
	December 31, 2020	$41,344	$0	$4,187	$0
Putnam VT Sustainable Leaders Fund	December 31, 2021	$23,188	$0	$3,649	$0
	December 31, 2020	$22,308	$0	$3,649	$0

¹ Fees billed to the fund for services relating to a fund merger.

² The amounts shown represent fees for the period December 31, 2019 (the fund’s commencement of operations) to the fiscal period ended August 31, 2020.

³ Effective October 31, 2021, the fund changed its fiscal year end from November 30th to October 31st. The amounts shown represent fees for the period December 1, 2020 to the fiscal year ended October 31, 2021.

⁴ The amounts shown represent fees for the period December 30, 2020 (the fund’s commencement of operations) to the fiscal period ended August 31, 2021.

⁵ The amounts shown represent fees for the period January 4, 2021 (the fund’s commencement of operations) to the fiscal period ended July 31, 2021.

Audit Fees represent fees billed for a fund’s last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.

Audit-Related Fees represent fees billed in a fund’s last two fiscal years for services traditionally performed by the fund’s auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.

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

B-6

The following tables present the amounts the fund’s auditor billed for aggregate non-audit fees to each fund, Putnam Management, and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund in each of the fund’s last two fiscal years:

Putnam California Tax Exempt Income Fund	September 30, 2021: $272,100	September 30, 2020: $353,043
Putnam Convertible Securities Fund	October 31, 2021: $272,599	October 31, 2020: $353,542
Putnam Diversified Income Trust	September 30, 2021: $279,194	September 30, 2020: $360,675
Putnam Dynamic Asset Allocation Balanced Fund	September 30, 2021: $287,442	September 30, 2020: $363,546
Putnam Dynamic Asset Allocation Conservative Fund	September 30, 2021: $287,441	September 30, 2020: $363,546
Putnam Dynamic Asset Allocation Equity Fund	May 31, 2021: $330,174	May 31, 2020: $293,413
Putnam Dynamic Asset Allocation Growth Fund	September 30, 2021: $293,512	September 30, 2020: $372,146
Putnam Dynamic Risk Allocation Fund	May 31, 2021: $325,573	May 31, 2020: $5,550
Putnam Emerging Markets Equity Fund	August 31, 2021: $287,094	August 31, 2020: $389,930
Putnam Fixed Income Absolute Return Fund	October 31, 2021: $275,544	October 31, 2020: $355,066
Putnam Floating Rate Income Fund	February 28, 2021: $622,593	February 28, 2020: $8,260
Putnam Focused Equity Fund	August 31, 2021: $280,519	August 31, 2020: $379,003
Putnam Focused International Equity Fund	October 31, 2021: $277,764	October 31, 2020: $356,072
George Putnam Balanced Fund	July 31, 2021: $322,115	July 31, 2020: $359,521
Putnam Global Health Care Fund	August 31, 2021: $273,286	August 31, 2020: $354,229
Putnam Global Income Trust	October 31, 2021: $277,217	October 31, 2020: $359,784
Putnam Global Technology Fund	August 31, 2021: $271,854	August 31, 2020: $352,671
Putnam Government Money Market Fund	September 30, 2021: $269,286	September 30, 2020: $350,229
Putnam Growth Opportunities Fund	July 31, 2021: $315,425	July 31, 2020: $352,962
Putnam High Yield Fund	November 30, 2021: $272,437	November 30, 2020: $353,380
Putnam Income Fund	October 31, 2021: $275,100	October 31, 2020: $356,652
Putnam Income Strategies Portfolio	August 31, 2021: $278,789	August 31, 20201: $357,732
Putnam Intermediate-Term Municipal Income Fund	November 30, 2021: $272,034	November 30, 2020: $352,977
Putnam International Capital Opportunities Fund	August 31, 2021: $277,315	August 31, 2020: $357,249
Putnam International Equity Fund	June 30, 2021: $323,433	June 30, 2020: $299,972
Putnam International Value Fund	June 30, 2021: $319,977	June 30, 2020: $294,365
Putnam Large Cap Value Fund	October 31, 20212: $270,736	November 30, 2020: $351,679
Putnam Massachusetts Tax Exempt Income Fund	May 31, 2021: $316,388	May 31, 2020: $296,146
Putnam Minnesota Tax Exempt Income Fund	May 31, 2021: $316,388	May 31, 2020: $296,146
Putnam Money Market Fund	September 30, 2021: $269,091	September 30, 2020: $350,034
Putnam Mortgage Opportunities Fund	May 31, 2021: $321,565	May 30, 2020: $307,045
Putnam Mortgage Securities Fund	September 30, 2021: $274,771	September 30, 2020: $355,714
Putnam Multi-Asset Absolute Return Fund	October 31, 2021: $286,632	October 31, 2020: $359,484
Putnam Multi-Cap Core Fund	April 30, 2021: $317,191	April 30, 2020: $3,505

B-7

Putnam New Jersey Tax Exempt Income Fund	May 31, 2021: $316,388	May 31, 2020: $296,146
Putnam New York Tax Exempt Income Fund	November 30, 2021: $272,062	November 30, 2020: $353,005
Putnam Ohio Tax Exempt Income Fund	May 31, 2021: $316,388	May 31, 2020: $296,146
Putnam PanAgora Risk Parity Fund	August 31, 2021: $273,365	August 30, 2020: $354,308
Putnam Pennsylvania Tax Exempt Income Fund	May 31, 2021: $316,388	May 31, 2020: $296,146
Putnam Research Fund	July 31, 2021: $314,629	July 31, 2020: $351,171
Putnam Retirement Advantage 2025 Fund	August 31, 2021: $274,310	August 31, 20201: $354,164
Putnam Retirement Advantage 2030 Fund	August 31, 2021: $274,668	August 31, 20201: $354,846
Putnam Retirement Advantage 2035 Fund	August 31, 2021: $275,329	August 31, 20201: $356,103
Putnam Retirement Advantage 2040 Fund	August 31, 2021: $271,991	August 31, 20201: $352,378
Putnam Retirement Advantage 2045 Fund	August 31, 2021: $272,516	August 31, 20201: $352,363
Putnam Retirement Advantage 2050 Fund	August 31, 2021: $269,421	August 31, 20201: $348,910
Putnam Retirement Advantage 2055 Fund	August 31, 2021: $267,993	August 31, 20201: $347,700
Putnam Retirement Advantage 2060 Fund	August 31, 2021: $266,700	August 31, 20201: $346,291
Putnam Retirement Advantage 2065 Fund	August 31, 20213: $264,997	N/A
Putnam Retirement Advantage Maturity Fund	August 31, 2021: $291,200	August 31, 20201: $348,979
Putnam RetirementReady 2025 Fund	July 31, 2021: $317,428	July 31, 2020: $353,196
Putnam RetirementReady 2030 Fund	July 31, 2021: $319,851	July 31, 2020: $355,959
Putnam RetirementReady 2035 Fund	July 31, 2021: $316,396	July 31, 2020: $352,300
Putnam RetirementReady 2040 Fund	July 31, 2021: $317,534	July 31, 2020: $353,484
Putnam RetirementReady 2045 Fund	July 31, 2021: $313,640	July 31, 2020: $349,324
Putnam RetirementReady 2050 Fund	July 31, 2021: $312,714	July 31, 2020: $348,900
Putnam RetirementReady 2055 Fund	July 31, 2021: $310,615	July 31, 2020: $346,870
Putnam RetirementReady 2060 Fund	July 31, 2021: $309,496	July 31, 2020: $345,965
Putnam RetirementReady 2065 Fund	July 31, 20214: $309,305	N/A
Putnam RetirementReady Maturity Fund	July 31, 2021: $324,749	July 31, 2020: $368,642
Putnam Short Duration Bond Fund	October 31, 2021: $272,714	October 31, 2020: $353,971
Putnam Short Term Investment Fund	July 31, 2021: $313,194	July 31, 2020: $349,736
Putnam Short-Term Municipal Income Fund	November 30, 2021: $272,034	November 30, 2020: $352,977
Putnam Small Cap Growth Fund	June 30, 2021: $318,026	June 30, 2020: $291,362
Putnam Small Cap Value Fund	February 28, 2021: $619,076	February 28, 2020: $4,910
Putnam Strategic Intermediate Municipal Fund	July 31, 2021: $316,388	July 31, 2020: $352,930
Putnam Sustainable Future Fund	April 30, 2021: $314,682	April 30, 2020: $4,910
Putnam Sustainable Leaders Fund	June 30, 2021: $315,675	June 30, 2020: $290,009
Putnam Tax Exempt Income Fund	September 30, 2021: $272,056	September 30, 2020: $352,999
Putnam Tax-Free High Yield Fund	July 31, 2021: $318,190	July 31, 2020: $354,732
Putnam Ultra Short Duration Income Fund	July 31, 2021: $316,432	July 31, 2020: $352,974
Putnam VT Diversified Income Fund	December 31, 2021: $304,137	December 31, 2020: $624,158

B-8

Putnam VT Emerging Markets Equity Fund	December 31, 2021: $305,206	December 31, 2020: $622,024
Putnam VT Focused International Equity Fund	December 31, 2021: $304,134	December 31, 2020: $622,128
Putnam VT George Putnam Balanced Fund	December 31, 2021: $300,817	December 31, 2020: $621,772
Putnam VT Global Asset Allocation Fund	December 31, 2021: $303,473	December 31, 2020: $622,692
Putnam VT Global Health Care Fund	December 31, 2021: $298,734	December 31, 2020: $617,509
Putnam VT Government Money Market Fund	December 31, 2021: $296,493	December 31, 2020: $616,767
Putnam VT Growth Opportunities Fund	December 31, 2021: $297,607	December 31, 2020: $618,385
Putnam VT High Yield Fund	December 31, 2021: $300,772	December 31, 2020: $620,188
Putnam VT Income Fund	December 31, 2021: $301,493	December 31, 2020: $620,767
Putnam VT International Equity Fund	December 31, 2021: $302,287	December 31, 2020: $620,848
Putnam VT International Value Fund	December 31, 2021: $300,997	December 31, 2020: $620,101
Putnam VT Large Cap Value Fund	December 31, 2021: $296,747	December 31, 2020: $617,021
Putnam VT Mortgage Securities Fund	December 31, 2021: $301,493	December 31, 2020: $620,767
Putnam VT Multi-Asset Absolute Return Fund	December 31, 2021: $302,990	December 31, 2020: $622,780
Putnam VT Multi-Cap Core Fund	December 31, 2021: $299,232	December 31, 2020: $618,007
Putnam VT Research Fund	December 31, 2021: $297,463	December 31, 2020: $618,182
Putnam VT Small Cap Growth fund	December 31, 2021: $298,247	December 31, 2020: $617,021
Putnam VT Small Cap Value Fund	December 31, 2021: $297,532	December 31, 2020: $617,806
Putnam VT Sustainable Future Fund	December 31, 2021: $297,607	December 31, 2020: $617,881
Putnam VT Sustainable Leaders Fund	December 31, 2021: $297,069	December 31, 2020: $617,343

¹ The amounts shown represent fees for the period December 31, 2019 (the fund’s commencement of operations) to the fiscal period ended August 31, 2020.

² Effective October 31, 2021, the fund changed its fiscal year end from November 30th to October 31st. The amounts shown represent fees for the period December 1, 2020 to the fiscal year ended October 31, 2021.

³ The amounts shown represent fees for the period December 30, 2020 (the fund’s commencement of operations) to the fiscal period ended August 31, 2021.

⁴ The amounts shown represent fees for the period January 4, 2021 (the fund’s commencement of operations) to the fiscal period ended July 31, 2021.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee has determined that, as a matter of policy, all work performed for the funds by the funds’ auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by Putnam Management and its affiliated companies of the funds’ auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why the work should be performed by that particular audit firm as opposed to another one. In reviewing these requests, the Committee considers, among other things, whether the provision of such services by the audit firm is compatible with the independence of the audit firm.

Since the beginning of the two most recently completed fiscal years of each fund, all work performed by the auditors for the funds, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the funds was approved in

B-9

advance by the Committee or a member of the Committee pursuant to the pre-approval policies discussed above.

The following table presents fees billed to each indicated fund in each of its last two fiscal years by the fund’s auditors for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X:

Putnam California Tax Exempt Income Fund	September 30, 2021: $264,899	September 30, 2020: $345,842
Putnam Convertible Securities Fund	October 31, 2021: $264,899	October 31, 2020: $345,842
Putnam Diversified Income Trust	September 30, 2021: $264,899	September 30, 2020: $345,842
Putnam Dynamic Asset Allocation Balanced Fund	September 30, 2021: $264,899	September 30, 2020: $345,842
Putnam Dynamic Asset Allocation Conservative Fund	September 30, 2021: $264,899	September 30, 2020: $345,842
Putnam Dynamic Asset Allocation Equity Fund	May 31, 2021: $309,300	May 31, 2020: $283,716
Putnam Dynamic Asset Allocation Growth Fund	September 30, 2021: $264,899	September 30, 2020: $345,842
Putnam Dynamic Risk Allocation Fund	May 31, 2021: $309,300	May 31, 2020: $0
Putnam Emerging Markets Equity Fund	August 31, 2021: $264,899	August 31, 2020: $345,842
Putnam Fixed Income Absolute Return Fund	October 31, 2021: $264,899	October 31, 2020: $345,842
Putnam Floating Rate Income Fund	February 28, 2021: $613,694	February 28, 2020: $0
Putnam Focused Equity Fund	August 31, 2021: $264,899	August 31, 2020: $345,842
Putnam Focused International Equity Fund	October 31, 2021: $264,899	October 31, 2020: $345,842
George Putnam Balanced Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam Global Health Care Fund	August 31, 2021: $264,899	August 31, 2020: $345,842
Putnam Global Income Trust	October 31, 2021: $264,899	October 31, 2020: $345,842
Putnam Global Technology Fund	August 31, 2021: $264,899	August 31, 2020: $345,842
Putnam Government Money Market Fund	September 30, 2021: $264,899	September 30, 2020: $345,842
Putnam Growth Opportunities Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam High Yield Fund	November 30, 2021: $264,899	November 30, 2020: $345,842
Putnam Income Fund	October 31, 2021: $264,899	October 31, 2020: $345,842
Putnam Income Strategies Portfolio	August 31, 2021: $264,899	August 31, 20201: $345,842
Putnam Intermediate-Term Municipal Income Fund	November 30, 2021: $264,899	November 30, 2020: $345,842
Putnam International Capital Opportunities Fund	August 31, 2021: $264,899	August 31, 2020: $345,842
Putnam International Equity Fund	June 30, 2021: $309,300	June 30, 2020: $283,716
Putnam International Value Fund	June 30, 2021: $309,300	June 30, 2020: $283,716
Putnam Large Cap Value Fund	October 31, 20212: $264,899	November 30, 2020: $345,842
Putnam Massachusetts Tax Exempt Income Fund	May 31, 2021: $309,300	May 31, 2020: $283,716
Putnam Minnesota Tax Exempt Income Fund	May 31, 2021: $309,300	May 31, 2020: $283,716
Putnam Money Market Fund	September 30, 2021: $264,899	September 30, 2020: $345,842
Putnam Mortgage Opportunities Fund	May 31, 2021: $309,300	May 30, 2020: $283,716
Putnam Mortgage Securities Fund	September 30, 2021: $264,899	September 30, 2020: $345,842

B-10

Putnam Multi-Asset Absolute Return Fund	October 31, 2021: $264,899	October 31, 2020: $345,842
Putnam Multi-Cap Core Fund	April 30, 2021: $309,300	April 30, 2020: $0
Putnam New Jersey Tax Exempt Income Fund	May 31, 2021: $309,300	May 31, 2020: $283,716
Putnam New York Tax Exempt Income Fund	November 30, 2021: $264,899	November 30, 2020: $345,842
Putnam Ohio Tax Exempt Income Fund	May 31, 2021: $309,300	May 31, 2020: $283,716
Putnam PanAgora Risk Parity Fund	August 31, 2021: $264,899	August 30, 2020: $345,842
Putnam Pennsylvania Tax Exempt Income Fund	May 31, 2021: $309,300	May 31, 2020: $283,716
Putnam Research Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam Retirement Advantage 2025 Fund	August 31, 2021: $264,899	August 31, 20201: $345,842
Putnam Retirement Advantage 2030 Fund	August 31, 2021: $264,899	August 31, 20201: $345,842
Putnam Retirement Advantage 2035 Fund	August 31, 2021: $264,899	August 31, 20201: $345,842
Putnam Retirement Advantage 2040 Fund	August 31, 2021: $264,899	August 31, 20201: $345,842
Putnam Retirement Advantage 2045 Fund	August 31, 2021: $264,899	August 31, 20201: $345,842
Putnam Retirement Advantage 2050 Fund	August 31, 2021: $264,899	August 31, 20201: $345,842
Putnam Retirement Advantage 2055 Fund	August 31, 2021: $264,899	August 31, 20201: $345,842
Putnam Retirement Advantage 2060 Fund	August 31, 2021: $264,899	August 31, 20201: $345,842
Putnam Retirement Advantage 2065 Fund	August 31, 20213: $264,899	N/A
Putnam Retirement Advantage Maturity Fund	August 31, 2021: $264,899	August 31, 20201: $345,842
Putnam RetirementReady 2025 Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam RetirementReady 2030 Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam RetirementReady 2035 Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam RetirementReady 2040 Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam RetirementReady 2045 Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam RetirementReady 2050 Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam RetirementReady 2055 Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam RetirementReady 2060 Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam RetirementReady 2065 Fund	July 31, 20214: $309,300	N/A
Putnam RetirementReady Maturity Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam Short Duration Bond Fund	October 31, 2021: $264,899	October 31, 2020: $345,842
Putnam Short Term Investment Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam Short-Term Municipal Income Fund	November 30, 2021: $264,899	November 30, 2020: $345,842
Putnam Small Cap Growth Fund	June 30, 2021: $309,300	June 30, 2020: $283,716
Putnam Small Cap Value Fund	February 28, 2021: $613,694	February 28, 2020: $0
Putnam Strategic Intermediate Municipal Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam Sustainable Future Fund	April 30, 2021: $309,300	April 30, 2020: $0
Putnam Sustainable Leaders Fund	June 30, 2021: $309,300	June 30, 2020: $283,716
Putnam Tax Exempt Income Fund	September 30, 2021: $264,899	September 30, 2020: $345,842
Putnam Tax-Free High Yield Fund	July 31, 2021: $309,300	July 31, 2020: $345,842

B-11

Putnam Ultra Short Duration Income Fund	July 31, 2021: $309,300	July 31, 2020: $345,842
Putnam VT Diversified Income Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Emerging Markets Equity Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Focused International Equity Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT George Putnam Balanced Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Global Asset Allocation Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Global Health Care Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Government Money Market Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Growth Opportunities Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT High Yield Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Income Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT International Equity Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT International Value Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Large Cap Value Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Mortgage Securities Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Multi-Asset Absolute Return Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Multi-Cap Core Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Research Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Small Cap Growth Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Small Cap Value Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Sustainable Future Fund	December 31, 2021: $293,420	December 31, 2020: $613,694
Putnam VT Sustainable Leaders Fund	December 31, 2021: $293,420	December 31, 2020: $613,694

² The amounts shown represent fees for the period December 31, 2019 (the fund’s commencement of operations) to the fiscal period ended August 31, 2020.

³ Effective October 31, 2021, the fund changed its fiscal year end from November 30th to October 31st. The amounts shown represent fees for the period December 1, 2020 to the fiscal year ended October 31, 2021.

⁴ The amounts shown represent fees for the period December 30, 2020 (the fund’s commencement of operations) to the fiscal period ended August 31, 2021.

⁵ The amounts shown represent fees for the period January 4, 2021 (the fund’s commencement of operations) to the fiscal period ended July 31, 2021.

B-12

Appendix C — Dollar Range and Number of Shares Beneficially Owned

The tables below show the number of shares of each fund beneficially owned by each Trustee and nominee for Trustee, as well as the value of each Trustee’s and nominee’s holdings in each fund and across all funds, as of December 31, 2021. Where the number of shares beneficially owned exceeds 1% percent of the class owned, the percentage is included in parentheses below. As of December 31, 2021, none of the Trustees or nominees owned shares of any of the following funds: Putnam Income Strategies Portfolio, Putnam Retirement Advantage 2025 Fund, Putnam Retirement Advantage 2030 Fund, Putnam Retirement Advantage 2040 Fund, Putnam Retirement Advantage 2045 Fund, Putnam Retirement Advantage 2050 Fund, Putnam Retirement Advantage 2055 Fund, Putnam Retirement Advantage 2060 Fund, Putnam Retirement Advantage 2065 Fund, Putnam Retirement Advantage Maturity Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2050 Fund, Putnam RetirementReady 2060 Fund, Putnam RetirementReady 2065 Fund, and Putnam Short Term Investment Fund. All references in the tables are to Class A shares unless otherwise indicated.

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam California Tax Exempt Income Fund		Putnam Convertible Securities Fund		Putnam Diversified Income Trust
Liaquat Ahamed	$1-$10,000	342.155	$1-$10,000	100.000	$1-$10,000	100.000
Ravi Akhoury*	$1-$10,000	121.510	$1-$10,000	250.212	$1-$10,000	107.479
Barbara M. Baumann	$1-$10,000	100.000	$1-$10,000	237.159	$50,001-$100,000	15,902.084
Katinka Domotorffy	$1-$10,000	143.131	$1-$10,000	219.990	$1-$10,000	158.136
Catharine Bond Hill	$1-$10,000	170.189	$1-$10,000	173.543	$1-$10,000	113.728
Paul L. Joskow*	$1-$10,000	112.827	Over $100,000	5,172.354	Over $100,000	48,037.360
Kenneth R. Leibler	$1-$10,000	114.716	$1-$10,000	267.234	$1-$10,000	495.975
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	$1-$10,000	158.457	Over $100,000	29,611.405	$50,001-$100,000	14,264.308
Robert L. Reynolds†	$1-$10,000	171.962	$1-$10,000	250.212	Over $100,000	131,989.602
Manoj P. Singh	$1-$10,000	190.517	$1-$10,000	154.281	$1-$10,000	112.367
Mona K. Sutphen	$10,001-$50,000	2,776.830	$1-$10,000	38.577	$1-$10,000	156.568
Trustees/Nominees
and Officers as a group	$10,001-$50,000	4,402.294	Over $100,000	36,474.967	Over $100,000	211,437.607

C-1

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam Dynamic Asset Allocation Balanced Fund		Putnam Dynamic Asset Allocation Conservative Fund		Putnam Dynamic Asset Allocation Equity Fund
Liaquat Ahamed	$1-$10,000	100.000	$1-$10,000	100.000	N/A	N/A
Ravi Akhoury*	$1-$10,000	186.369	$1-$10,000	167.990	$1-$10,000	368.535
Barbara M. Baumann	$10,001-$50,000	2,373.470	$1-$10,000	155.535	N/A	N/A
Katinka Domotorffy	$1-$10,000	162.019	$1-$10,000	147.298	N/A	N/A
Catharine Bond Hill	$1-$10,000	125.656	$1-$10,000	115.250	N/A	N/A
Paul L. Joskow*	Over $100,000	76,359.923	$1-$10,000	387.325	N/A	N/A
Kenneth R. Leibler	$1-$10,000	200.336	$1-$10,000	182.804	N/A	N/A
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	$50,001-$100,000	5,891.161	$50,001-$100,000	8,232.221	N/A	N/A
Robert L. Reynolds†	$1-$10,000	186.369	$1-$10,000	169.428	$1-$10,000	368.535
Manoj P. Singh	$1-$10,000	117.093	$1-$10,000	111.504	N/A	N/A
Mona K. Sutphen	$1-$10,000	61.362	$1-$10,000	86.472	N/A	N/A
Trustees/Nominees
and Officers as a group	Over $100,000	85,763.758	Over $100,000	9,855.827	$10,001-$50,000	737.07

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam Dynamic Asset Allocation Growth Fund		Putnam Dynamic Risk Allocation Fund		Putnam Emerging Markets Equity Fund
Liaquat Ahamed	$1-$10,000	100.000	$1-$10,000	100.000	$10,001-$50,000	2,169.660
Ravi Akhoury*	$1-$10,000	200.757	$1-$10,000	205.163	$1-$10,000	347.800
Barbara M. Baumann	$10,001-$50,000	2,340.480	$1-$10,000	1,013.534	$1-$10,000	336.826
Katinka Domotorffy	$10,001-$50,000	1,819.733	$50,001-$100,000	11,523.329	$1-$10,000	305.024
Catharine Bond Hill	$1-$10,000	130.495	$1-$10,000	169.135	$1-$10,000	295.038
Paul L. Joskow*	$10,001-$50,000	627.587	$1-$10,000	312.111	$1-$10,000	229.307
Kenneth R. Leibler	$1-$10,000	215.988	$1-$10,000	202.458	$1-$10,000	351.481
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	Over $100,000	35,120.207	$50,001-$100,000	8,266.797	Over $100,000	31,553.169
Robert L. Reynolds†	$1-$10,000	200.757	$1-$10,000	1,081.153	Over $100,000	45,523.469
Manoj P. Singh	$1-$10,000	118.104	$1-$10,000	166.000	$1-$10,000	292.648
Mona K. Sutphen	$1-$10,000	53.721	$1-$10,000	142.0210	$1-$10,000	241.701
Trustees/Nominees
and Officers as a group	Over $100,000	40,927.829	Over $100,000	23,181.702	Over $100,000	81,646.1230

C-2

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam Fixed Income Absolute Return Fund		Putnam Floating Rate Income Fund		Putnam Focused Equity Fund
Liaquat Ahamed	$1-$10,000	100.000	$1-$10,000	100.000	$10,001-$50,000	414.965
Ravi Akhoury*	$1-$10,000	154.800	$1-$10,000	172.751	$10,001-$50,000	623.472
Barbara M. Baumann	$50,001-$100,000	9,308.417	$1-$10,000	162.009	Over $100,000	5,059.102
Katinka Domotorffy	$1-$10,000	144.719	$1-$10,000	144.006	$10,001-$50,000	655.144
Catharine Bond Hill	$1-$10,000	114.980	$1-$10,000	112.067	$10,001-$50,000	513.868
Paul L. Joskow*	$1-$10,000	249.543	$1-$10,000	388.568	$1-$10,000	181.632
Kenneth R. Leibler	$1-$10,000	154.800	$1-$10,000	199.589	$10,001-$50,000	804.167
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	$10,001-$50,000	1,543.374	Over $100,000	14,672.843	Over $100,000	49,508.530
Robert L. Reynolds†	Over $100,000	36,057.652	$1-$10,000	174.532	Over $100,000	51,871.575
Manoj P. Singh	$1-$10,000	112.779	$1-$10,000	110.886	$10,001-$50,000	425.757
Mona K. Sutphen	$1-$10,000	109.980	$1-$10,000	122.472	$1-$10,000	35.455
Trustees/Nominees
and Officers as a group	Over $100,000	48,051.044	Over $100,000	16,359.723	Over $100,000	110,093.667

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam Focused International Equity Fund		George Putnam Balanced Fund		Putnam Global Health Care Fund
Liaquat Ahamed	$1-$10,000	490.301	$1-$10,000	100.000	$1-$10,000	100.000
Ravi Akhoury*	$10,001-$50,000	1,086.981	$1-$10,000	155.922	$10,001-$50,000	159.469
Barbara M. Baumann	$50,001-$100,000	4,685.999	Over $100,000	4,302.348	$10,001-$50,000	297.891
Katinka Domotorffy	$50,001-$100,000	5,381.921	$1-$10,000	145.029	Over $100,000	2,230.902
Catharine Bond Hill	$10,001-$50,000	651.808	$1-$10,000	200.755	$1-$10,000	136.969
Paul L. Joskow*	$10,001-$50,000	2,371.260	Over $100,000	4,520.596	Over $100,000	1,571.212
Kenneth R. Leibler	$10,001-$50,000	1,204.407	$1-$10,000	208.795	$10,001-$50,000	422.198
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	Over $100,000	208,003.620	Over $100,000	140,096.168	Over $100,000	14,716.950
Robert L. Reynolds†	Over $100,000	48,297.093	$1-$10,000	158.327	$10,001-$50,000	298.868
Manoj P. Singh	$1-$10,000	134.805	$1-$10,000	199.305	$1-$10,000	107.432
Mona K. Sutphen	$1-$10,000	61.229	$1-$10,000	134.612	$1-$10,000	15.780
Trustees/Nominees
and Officers as a group	Over $100,000	272,369.424	Over $100,000	150,221.857	Over $100,000	20,057.671

C-3

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam Global Income Trust Fund		Putnam Global Technology Fund		Putnam Government Money Market Fund
Liaquat Ahamed	$1-$10,000	100.000	$1-$10,000	135.570	$1-$10,000	100.030
Ravi Akhoury*	$1-$10,000	171.527	$10,001-$50,000	277.627	$1-$10,000	N/A
Barbara M. Baumann	$1-$10,000	144.775	Over $100,000	5,700.592	$1-$10,000	100.030
Katinka Domotorffy	$1-$10,000	129.372	Over $100,000	6,035.602	$1-$10,000	100.030
Catharine Bond Hill	$1-$10,000	106.657	$50,001-$100,000	1,224.521	$1-$10,000	101.820
Paul L. Joskow*	$1-$10,000	301.879	$10,001-$50,000	458.647	$1-$10,000	1,706.030
Kenneth R. Leibler	$1-$10,000	192.785	$10,001-$50,000	319.136	$1-$10,000	100.030
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	$50,001-$100,000	7,391.402	Over $100,000	3,559.143	$1-$10,000	500.280
Robert L. Reynolds†	Over $100,000	68,124.454	$10,001-$50,000	319.136	$1-$10,000	N/A
Manoj P. Singh	$1-$10,000	106.019	$1-$10,000	141.646	$1-$10,000	101.430
Mona K. Sutphen	$1-$10,000	81.494	$1-$10,000	68.255	$1-$10,000	1,000.000
Trustees/Nominees
and Officers as a group	Over $100,000	76,850.364	Over $100,000	18,239.875	$1-$10,000	3,809.680

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam Growth Opportunities Fund		Putnam High Yield Fund		Putnam Income Fund Fund
Liaquat Ahamed	$50,001-$100,000	1,239.996	Over $100,000	79,282.884	$1-$10,000	100.000
Ravi Akhoury*	$10,001-$50,000	314.226	$1-$10,000	467.790	$1-$10,000	175.459
Barbara M. Baumann	Over $100,000	9,130.801	$1-$10,000	415.604	$1-$10,000	156.605
Katinka Domotorffy	Over $100,000	2,147.340	$1-$10,000	355.328	$1-$10,000	143.737
Catharine Bond Hill	Over $100,000	2,196.735	$1-$10,000	115.386	$1-$10,000	115.547
Paul L. Joskow*	Over $100,000	2,330.608	$1-$10,000	925.257	Over $100,000	37,551.284
Kenneth R. Leibler	$10,001-$50,000	333.545	$1-$10,000	564.051	$1-$10,000	203.860
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	Over $100,000	88,089.478	Over $100,000	20,033.307	Over $100,000	15,587.011
Robert L. Reynolds†	Over $100,000	98,667.845	Over $100,000	82,457.803	Over $100,000	1,869,261.208
Manoj P. Singh	$1-$10,000	116.558	$1-$10,000	113.928	$1-$10,000	114.496
Mona K. Sutphen	$1-$10,000	17.318	$1-$10,000	160.040	$1-$10,000	143.199
Trustees/Nominees
and Officers as a group	Over $100,000	204,584.450	Over $100,000	184,891.378	Over $100,000	1,923,552.406

C-4

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam Intermediate-Term Municipal Income Fund		Putnam International Capital Opportunities Fund		Putnam International Equity Fund
Liaquat Ahamed	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	209.667
Ravi Akhoury*	$1-$10,000	120.094	$1-$10,000	159.138	$1-$10,000	298.909
Barbara M. Baumann	$1-$10,000	128.382	$1-$10,000	158.525	Over $100,000	7,209.626
Katinka Domotorffy	$1-$10,000	120.089	$1-$10,000	150.322	$1-$10,000	288.003
Catharine Bond Hill	$1-$10,000	109.434	$1-$10,000	133.264	$1-$10,000	264.874
Paul L. Joskow*	$1-$10,000	179.434	$10,001-$50,000	730.233	Over $100,000	6,257.120
Kenneth R. Leibler	$1-$10,000	168.715	$1-$10,000	174.529	$10,001-$50,000	406.172
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	$10,001-$50,000	1,423.585	Over $100,000	2,945.130	Over $100,000	10,461.877
Robert L. Reynolds†	N/A	N/A	$1-$10,000	159.138	Over $100,000	16,190.650
Manoj P. Singh	$1-$10,000	108.896	$1-$10,000	120.873	$1-$10,000	119.757
Mona K. Sutphen	$1-$10,000	188.503	$1-$10,000	23.330	$1-$10,000	117.560
Trustees/Nominees
and Officers as a group	$10,001-$50,000	2,647.132	Over $100,000	4,854.482	Over $100,000	41,824.214

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam International Value Fund		Putnam Large Cap Value Fund		Putnam Massachusetts Tax Exempt Income Fund
Liaquat Ahamed	$10,001-$50,000	2,000.000	$10,001-$50,000	1,105.242	$1-$10,000	100.000
Ravi Akhoury*	$1-$10,000	141.133	$10,001-$50,000	330.470	$1-$10,000	153.140
Barbara M. Baumann	$1-$10,000	140.660	Over $100,000	12,624.986	$1-$10,000	143.990
Katinka Domotorffy	$1-$10,000	129.546	Over $100,000	4,370.880	$1-$10,000	131.288
Catharine Bond Hill	$1-$10,000	118.289	$50,001-$100,000	2,491.458	$1-$10,000	107.586
Paul L. Joskow*	$1-$10,000	236.328	Over $100,000	38,798.219	$1-$10,000	260.817
Kenneth R. Leibler	$1-$10,000	187.685	$10,001-$50,000	998.204	$1-$10,000	170.771
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	$50,001-$100,000	4,245.759	Over $100,000	188,245.777	Over $100,000	10,075.422
Robert L. Reynolds†	$1-$10,000	141.133	Over $100,000	124,157.500	$1-$10,000	155.277
Manoj P. Singh	$1-$10,000	112.982	$1-$10,000	119.410	$1-$10,000	106.797
Mona K. Sutphen	$1-$10,000	248.599	$1-$10,000	141.526	$1-$10,000	100.737
Trustees/Nominees
and Officers as a group	$50,001-$100,000	7,702.114	Over $100,000	373,383.672	Over $100,000	11,505.825

C-5

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam Minnesota Tax Exempt Income Fund		Putnam Money Market Fund		Putnam Mortgage Opportunities Fund
Liaquat Ahamed	$1-$10,000	100.000	Over $100,000	129,711.030	Over $100,000	26,329.52
Ravi Akhoury*	$1-$10,000	150.060	$1-$10,000	132.030	N/A	N/A
Barbara M. Baumann	$1-$10,000	141.861	$1-$10,000	1,039.870	$1-$10,000	109.874
Katinka Domotorffy	$1-$10,000	130.726	$10,001-$50,000	20,569.920	$1-$10,000	109.874
Catharine Bond Hill	$1-$10,000	107.712	$1-$10,000	5,564.230	$1-$10,000	109.49
Paul L. Joskow*	$1-$10,000	265.149	Over $100,000	510,609.780	$1-$10,000	109.874
Kenneth R. Leibler	$1-$10,000	164.960	$1-$10,000	104.010	$1-$10,000	109.874
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	$10,001-$50,000	2,110.662	Over $100,000	801,277.930	$10,001-$50,000	1,352.29
Robert L. Reynolds†	$1-$10,000	151.173	$50,001-$100,000	86,904.140	N/A	0
Manoj P. Singh	$1-$10,000	106.998	$1-$10,000	220.480	$1-$10,000	109.874
Mona K. Sutphen	$1-$10,000	105.346	$1-$10,000	2,000.030	$1-$10,000	112.733
Trustees/Nominees
and Officers as a group	$10,001-$50,000	3,534.647	Over $100,000	1,558,133.450	Over $100,000	28,453.40

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam Mortgage Securities Fund		Putnam Multi-Asset Absolute Return Fund		Putnam Multi-Cap Core Fund
Liaquat Ahamed	Over $100,000	19,957.76	$1-$10,000	189.686	$1-$10,000	227.379
Ravi Akhoury*	$1-$10,000	300.288	$1-$10,000	265.280	$10,001-$50,000	290.855
Barbara M. Baumann	$50,001-$100,000	8,103.40	$1-$10,000	260.629	Over $100,000	17,683.93
Katinka Domotorffy	$1-$10,000	228.459	$10,001-$50,000	2,658.009	$10,001-$50,000	303.839
Catharine Bond Hill	$1-$10,000	115.461	$1-$10,000	105.897	Over $100,000	3,675.95
Paul L. Joskow*	$10,001-$50,000	1,753.21	$1-$10,000	124.722	Over $100,000	16,512.43
Kenneth R. Leibler	$1-$10,000	274.921	$1-$10,000	265.280	$10,001-$50,000	540.571
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	$50,001-$100,000	8,421.25	$10,001-$50,000	2,401.825	Over $100,000	11,487.83
Robert L. Reynolds†	$1-$10,000	302.629	Over $100,000	41,781.855	$10,001-$50,000	316.36
Manoj P. Singh	$1-$10,000	114.007	$1-$10,000	102.064	$1-$10,000	117.828
Mona K. Sutphen	$1-$10,000	86.124	$1-$10,000	97.855	$1-$10,000	29.986
Trustees/Nominees
and Officers as a group	Over $100,000	39,657.51	Over $100,000	48,253.102	Over $100,000	51,186.95

C-6

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam New Jersey Tax Exempt Income Fund		Putnam New York Tax Exempt Income Fund		Putnam Ohio Tax Exempt Income Fund
Liaquat Ahamed	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Ravi Akhoury*	$1-$10,000	156.576	$1-$10,000	156.67	$1-$10,000	153.362
Barbara M. Baumann	$1-$10,000	147.559	$1-$10,000	147.09	$1-$10,000	144.362
Katinka Domotorffy	$1-$10,000	134.911	$1-$10,000	133.921	$1-$10,000	132.404
Catharine Bond Hill	$1-$10,000	109.099	$1-$10,000	108.446	$1-$10,000	108.920
Paul L. Joskow*	$1-$10,000	271.323	$1-$10,000	518.871	$1-$10,000	271.653
Kenneth R. Leibler	$1-$10,000	172.985	$1-$10,000	332.208	$1-$10,000	169.353
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	$10,001-$50,000	2,132.783	$10,001-$50,000	4,509.57	$10,001-$50,000	2,139.350
Robert L. Reynolds†	$1-$10,000	157.931	$1-$10,000	158.009	$1-$10,000	154.739
Manoj P. Singh	$1-$10,000	108.178	$1-$10,000	107.681	$1-$10,000	108.221
Mona K. Sutphen	$1-$10,000	104.722	$1-$10,000	113.772	$1-$10,000	109.013
Trustees/Nominees
and Officers as a group	$10,001-$50,000	3,596.067	$50,001-$100,000	6,386.24	$10,001-$50,000	3,591.3770

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam PanAgora Risk Parity Fund		Putnam Pennsylvania Tax Exempt Income Fund		Putnam Research Fund
Liaquat Ahamed	$1-$10,000	118.917	$1-$10,000	100.000	$10,001-$50,000	243.767
Ravi Akhoury*	N/A	N/A	$1-$10,000	154.246	$1-$10,000	149.424
Barbara M. Baumann	Over $100,000	112,337.559	$1-$10,000	145.273	$1-$10,000	148.184
Katinka Domotorffy	$1-$10,000	118.917	$1-$10,000	132.968	$50,001-$100,000	1,170.044
Catharine Bond Hill	$1-$10,000	138.518	$1-$10,000	108.235	$1-$10,000	118.977
Paul L. Joskow*	$1-$10,000	139.505	$1-$10,000	275.154	Over $100,000	8,291.726
Kenneth R. Leibler	$1-$10,000	139.505	$1-$10,000	169.949	$1-$10,000	151.696
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	$10,001-$50,000	1,649.309	$10,001-$50,000	2,141.79	Over $100,000	2,656.721
Robert L. Reynolds†	N/A	N/A	$1-$10,000	155.616	Over $100,000	6,811.675
Manoj P. Singh	$1-$10,000	137.124	$1-$10,000	107.423	$1-$10,000	118.977
Mona K. Sutphen	$1-$10,000	106.310	$1-$10,000	105.311	$1-$10,000	45.226
Trustees/Nominees
and Officers as a group	Over $100,000	114,885.664	$10,001-$50,000	3,595.97	Over $100,000	19,906.417

C-7

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam Retirement Advantage 2035 Fund		Putnam RetirementReady 2025 Fund		Putnam RetirementReady 2030 Fund
Liaquat Ahamed	N/A	N/A	$1-$10,000	100.000	N/A	N/A
Ravi Akhoury*	N/A	N/A	N/A	N/A	N/A	N/A
Barbara M. Baumann	N/A	N/A	N/A	N/A	$1-$10,000	127.521
Katinka Domotorffy	N/A	N/A	N/A	N/A	N/A	N/A
Catharine Bond Hill	N/A	N/A	N/A	N/A	N/A	N/A
Paul L. Joskow*	N/A	N/A	$1-$10,000	117.914	N/A	N/A
Kenneth R. Leibler	N/A	N/A	N/A	N/A	N/A	N/A
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	N/A	N/A	$10,001-$50,000	2,104.049	N/A	N/A
Robert L. Reynolds†	N/A	N/A	N/A	N/A	N/A	N/A
Manoj P. Singh	N/A	N/A	N/A	N/A	N/A	N/A
Mona K. Sutphen	$1-$10,000	95.9960	N/A	N/A	N/A	N/A
Trustees/Nominees
and Officers as a group	$1-$10,000	95.9960	$10,001-$50,000	2,321.963	$1-$10,000	127.521

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam RetirementReady 2035 Fund		Putnam Retirement Advantage 2040 Fund		Putnam RetirementReady 2055 Fund
Liaquat Ahamed	N/A	N/A	N/A	N/A	N/A	N/A
Ravi Akhoury*	N/A	N/A	N/A	N/A	N/A	N/A
Barbara M. Baumann	N/A	N/A	N/A	N/A	N/A	N/A
Katinka Domotorffy	N/A	N/A	N/A	N/A	N/A	N/A
Catharine Bond Hill	N/A	N/A	N/A	N/A	N/A	N/A
Paul L. Joskow*	N/A	N/A	N/A	N/A	N/A	N/A
Kenneth R. Leibler	N/A	N/A	N/A	N/A	N/A	N/A
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	N/A	N/A	N/A	N/A	$10,001-$50,000	826.355
Robert L. Reynolds†	N/A	N/A	$10,001-$50,000	459.796	N/A	N/A
Manoj P. Singh	N/A	N/A	N/A	N/A	N/A	N/A
Mona K. Sutphen	$1-$10,000	37.254	N/A	N/A	N/A	N/A
Trustees/Nominees
and Officers as a group	$1-$10,000	37.254	$10,001-$50,000	459.796	$10,001-$50,000	826.355

C-8

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam RetirementReady Maturity Fund		Putnam Short Duration Bond Fund		Putnam Short-Term Municipal Income Fund
Liaquat Ahamed	N/A	N/A	$1-$10,000	100.000	$1-$10,000	100.000
Ravi Akhoury*	$1-$10,000	564.132	$1-$10,000	127.122	$1-$10,000	106.765
Barbara M. Baumann	$1-$10,000	164.972	$1-$10,000	126.717	$1-$10,000	597.308
Katinka Domotorffy	$1-$10,000	127.751	$1-$10,000	121.428	$1-$10,000	110.938
Catharine Bond Hill	$1-$10,000	111.300	$1-$10,000	108.029	$1-$10,000	104.975
Paul L. Joskow*	$10,001-$50,000	1,027.663	$1-$10,000	190.540	$1-$10,000	166.100
Kenneth R. Leibler	$1-$10,000	286.927	$1-$10,000	127.122	$1-$10,000	156.217
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	$10,001-$50,000	1,237.348	$10,001-$50,000	1,270.495	$10,001-$50,000	1,327.250
Robert L. Reynolds†	$1-$10,000	128.785	$1-$10,000	127.122	N/A	0.000
Manoj P. Singh	$1-$10,000	109.050	$1-$10,000	106.699	$1-$10,000	104.560
Mona K. Sutphen	N/A	N/A	$1-$10,000	98.287	$1-$10,000	98.996
Trustees/Nominees
and Officers as a group	$50,001-100,000	3,757.928	$10,001-$50,000	2,503.561	$10,001-$50,000	2,873.109

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam Small Cap Growth Fund		Putnam Small Cap Value Fund		Putnam Strategic Intermediate Municipal Fund
Liaquat Ahamed	$1-$10,000	126.874	$1-$10,000	100.000	$1-$10,000	100.000
Ravi Akhoury*	$10,001-$50,000	187.289	$1-$10,000	122.218	$1-$10,000	167.330
Barbara M. Baumann	Over $100,000	2,107.701	$1-$10,000	183.757	$1-$10,000	157.272
Katinka Domotorffy	$10,001-$50,000	185.977	$1-$10,000	188.727	$1-$10,000	143.230
Catharine Bond Hill	$1-$10,000	122.902	$1-$10,000	103.028	$1-$10,000	115.606
Paul L. Joskow*	$10,001-$50,000	308.763	$1-$10,000	483.768	$1-$10,000	274.147
Kenneth R. Leibler	$10,001-$50,000	225.434	$1-$10,000	306.781	$1-$10,000	184.691
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	Over $100,000	12,824.023	Over $100,000	6,561.556	$10,001-$50,000	1,472.736
Robert L. Reynolds†	$50,001-$100,000	1,332.772	$1-$10,000	186.982	$1-$10,000	168.678
Manoj P. Singh	$1-$10,000	122.902	$1-$10,000	103.028	$1-$10,000	113.597
Mona K. Sutphen	$1-$10,000	29.587	$1-$10,000	123.846	$1-$10,000	134.550
Trustees/Nominees
and Officers as a group	Over $100,000	17,574.224	Over $100,000	8,463.691	Over $100,000	3,031.837

C-9

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam Sustainable Future Fund		Putnam Sustainable Leaders Fund		Putnam Tax Exempt Income Fund
Liaquat Ahamed	$1-$10,000	100.000	$10,001-$50,000	100.000	$1-$10,000	310.981
Ravi Akhoury*	$1-$10,000	223.396	$10,001-$50,000	234.639	$1-$10,000	507.126
Barbara M. Baumann	Over $100,000	7,543.014	Over $100,000	1,770.958	$1-$10,000	475.725
Katinka Domotorffy	Over $100,000	4,737.382	$50,001-$100,000	584.520	$1-$10,000	434.062
Catharine Bond Hill	$1-$10,000	132.069	$1-$10,000	31.848	$1-$10,000	113.265
Paul L. Joskow*	$1-$10,000	408.773	Over $100,000	1,937.654	$10,001-$50,000	1,381.673
Kenneth R. Leibler	$1-$10,000	300.276	$10,001-$50,000	233.246	$1-$10,000	724.981
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A	N/A	N/A
George Putnam, III	Over $100,000	7,283.483	Over $100,000	45,749.756	Over $100,000	13,312.688
Robert L. Reynolds†	$50,001-$100,000	2,862.160	Over $100,000	17,348.087	$1-$10,000	512.300
Manoj P. Singh	$1-$10,000	132.069	$10,001-$50,000	91.720	$1-$10,000	111.995
Mona K. Sutphen	$1-$10,000	130.084	$1-$10,000	24.358	$1-$10,000	115.784
Trustees/Nominees
and Officers as a group	$10,001-$50,000	23,852.706	Over $100,000	68,106.786	Over $100,000	18,000.580

Trustees/Nominees	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned	Dollar Range of   Fund Shares Owned	Fund Shares  Beneficially Owned
	Putnam Tax-Free High Yield Fund		Putnam Ultra Short Duration Income Fund
Liaquat Ahamed	$1-$10,000	100.000	$1-$10,000	100.000
Ravi Akhoury*	$1-$10,000	181.449	$1-$10,000	111.463
Barbara M. Baumann	$1-$10,000	166.797	Over $100,000	100,601.932
Katinka Domotorffy	$1-$10,000	148.487	$1-$10,000	110.805
Catharine Bond Hill	$1-$10,000	114.273	$1-$10,000	104.203
Paul L. Joskow*	$1-$10,000	567.649	$1-$10,000	167.025
Kenneth R. Leibler	$1-$10,000	205.808	$1-$10,000	122.859
Jennifer Williams Murphy#	N/A	N/A	N/A	N/A
Marie Pillai#	N/A	N/A	N/A	N/A
George Putnam, III	$50,001-$100,000	5,475.834	$10,001-$50,000	1,336.343
Robert L. Reynolds†	$1-$10,000	183.816	$1-$10,000	111.418
Manoj P. Singh	$1-$10,000	113.118	$1-$10,000	103.561
Mona K. Sutphen	$1-$10,000	77.233	$1-$10,000	99.173
Trustees/Nominees
and Officers as a group	$50,001-$100,000	7,334.464	Over $100,000	102,968.782

C-10

	Aggregate Dollar Range of Shares Held in All of the
Name of Trustee/Nominee	Putnam Funds Overseen by Trustee
Liaquat Ahamed	Over $100,000
Ravi Akhoury*	Over $100,000
Barbara M. Baumann	Over $100,000
Katinka Domotorffy	Over $100,000
Catharine Bond Hill	Over $100,000
Paul L. Joskow*	Over $100,000
Kenneth R. Leibler	Over $100,000
Jennifer Williams Murphy#	N/A
Marie Pillai#	N/A
George Putnam, III	Over $100,000
Manoj P. Singh	Over $100,000
Mona K. Sutphen	$50,001-$100,000
Robert L. Reynolds†	Over $100,000

* Mr. Akhoury and Dr. Joskow are retiring and are not standing for re-election to your fund’s Board. Each will serve until June 30, 2022, when he will retire.

# Mses. Murphy and Pillai have been nominated for election to your fund’s Board and, if elected, will serve as Trustees beginning July 1, 2022.

† Trustee who is an “interested person” (as defined in the Investment Company Act of 1940) of the fund and Putnam Management. Mr. Reynolds is deemed an “interested person” by virtue of his positions as an officer of the fund and Putnam Management. Mr. Reynolds is the President and Chief Executive Officer of Putnam Investments, LLC and President of your fund and each of the other Putnam funds. None of the other Trustees is an “interested person”.

Putnam Variable Trust

As of December 31, 2021, except as shown in the tables below, the Trustees/nominees, and the Trustees/nominees and officers as a group, did not own variable annuity contracts or variable life insurance policies that invested in the funds that are series of Putnam Variable Trust. These tables show the value of the Trustees’ and nominees’ indirect beneficial ownership interest in these funds. As of December 31, 2021, none of the Trustees or nominees beneficially owned shares of any of the following funds: Putnam VT Global Health Care Fund, Putnam VT Government Money Market Fund, or Putnam VT Multi-Asset Absolute Return Fund. All references in the tables are to Class IA shares unless otherwise indicated. As reflected in the tables above, Trustees/nominees and officers own shares of the retail Putnam funds that are counterparts to Putnam Variable Trust’s various portfolios.

C-11

	Trustee/Nominee Name
Fund Name	Paul L. Joskow*	George Putnam, III
Putnam VT Diversified Income Fund	$1-$10,000	N/A
Putnam VT Emerging Markets Equity Fund	$1-$10,000	N/A
Putnam VT Focused International Equity Fund	$1-$10,000	N/A
Putnam VT George Putnam Balanced Fund	$1-$10,000	N/A
Putnam VT Global Asset Allocation Fund	$1-$10,000	$10,001-$50,000
Putnam VT Growth Opportunities Fund	$1-$10,000	N/A
Putnam VT High Yield Fund	$1-$10,000	N/A
Putnam VT Income Fund	$1-$10,000	N/A
Putnam VT International Equity Fund	$1-$10,000	N/A
Putnam VT International Value Fund	$1-$10,000	N/A
Putnam VT Large Cap Value Fund	$10,001-$50,000	N/A
Putnam VT Mortgage Securities Fund	$1-$10,000	N/A
Putnam VT Multi-Cap Core Fund	$1-$10,000	N/A
Putnam VT Research Fund	$1-$10,000	N/A
Putnam VT Small Cap Growth Fund	$1-$10,000	N/A
Putnam VT Small Cap Value Fund	$1-$10,000	N/A
Putnam VT Sustainable Future Fund	$1-$10,000	N/A
Putnam VT Sustainable Leaders Fund	$10,001-$50,000	N/A

* Dr. Joskow is retiring and is not standing for re-election to your fund’s Board. He will serve until June 30, 2022, when he will retire.

C-12

Appendix D — Trustee Compensation Table

The following table includes the year each Trustee became a Trustee of the Putnam funds, the fees paid to each of those Trustees by each fund included in this proxy statement for its most recent fiscal year (ended prior to March 31, 2022), and the fees paid to each of those Trustees by all of the Putnam funds during calendar year 2021. Mses. Murphy and Pillai did not serve as Trustees of the Board during any fund’s recently completed fiscal year or during the calendar year 2021 and are therefore not included in the table below.

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)		Aggregate compensation from the fund ($)		Pension or retirement benefits accrued as part of fund expenses ($)		Aggregate compensation from the fund ($)		Pension or retirement benefits accrued as part of fund expenses ($)		Aggregate compensation from the fund ($)		Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam California Tax Exempt Income Fund			Putnam Convertible Securities Fund				Putnam Diversified Income Trust				Putnam Dynamic Asset Allocation Balanced Fund
Liaquat Ahamed / 2012(3)	$3,299		N/A		$4,270		N/A		$7,858		N/A		$7,563		N/A
Ravi Akhoury / 2009(4)	$3,299		N/A		$4,270		N/A		$7,858		N/A		$7,563		N/A
Barbara M. Baumann / 2010(3)	$3,299		N/A		$4,270		N/A		$7,858		N/A		$7,563		N/A
Katinka Domotorffy / 2012(3)	$3,299		N/A		$4,270		N/A		$7,858		N/A		$7,563		N/A
Catharine Bond Hill / 2017	$3,299		N/A		$4,270		N/A		$7,858		N/A		$7,563		N/A
Paul L. Joskow / 1997(3)(4)	$3,299		$612		$4,270		$415		$7,858		$1,520		$7,563		$1,373
Kenneth R. Leibler / 2006(5)	$4,395		N/A		$5,807		N/A		$10,472		N/A		$10,073		N/A
George Putnam, III / 1984(6)	$3,527		$1,049		$4,591		$708		$8,403		$2,606		$8,086		$2,353
Manoj P. Singh / 2017(7)	$3,527		N/A		$4,591		N/A		$8,403		N/A		$8,086		N/A
Mona K. Sutphen / 2020	$3,141		N/A		$4,136		N/A		$7,477		N/A		$7,212		N/A
Robert L. Reynolds / 2008(8)	N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Dynamic Asset Allocation Conservative Fund		Putnam Dynamic Asset Allocation Equity Fund		Putnam Dynamic Asset Allocation Growth Fund		Putnam Dynamic Risk Allocation Fund
Liaquat Ahamed / 2012(3)	$3,033	N/A	$258	N/A	$8,436	N/A	$301	N/A
Ravi Akhoury / 2009(4)	$3,033	N/A	$258	N/A	$8,436	N/A	$301	N/A
Barbara M. Baumann / 2010(3)	$3,033	N/A	$263	N/A	$8,436	N/A	$306	N/A
Katinka Domotorffy / 2012(3)	$3,033	N/A	$258	N/A	$8,436	N/A	$301	N/A
Catharine Bond Hill / 2017	$3,033	N/A	$258	N/A	$8,436	N/A	$301	N/A
Paul L. Joskow / 1997(3)(4)	$3,033	$561	$258	$41	$8,436	$1,473	$301	$47
Kenneth R. Leibler / 2006(5)	$4,041	N/A	$349	N/A	$11,233	N/A	$407	N/A
George Putnam, III / 1984(6)	$3,243	$962	$277	$71	$9,019	$2,523	$323	$82
Manoj P. Singh / 2017(7)	$3,243	N/A	$272	N/A	$9,019	N/A	$317	N/A
Mona K. Sutphen / 2020	$2,890	N/A	$249	N/A	$8,048	N/A	$290	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

D-1

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Emerging Markets Equity Fund		Putnam Fixed Income Absolute Return Fund		Putnam Floating Rate Income Fund		Putnam Focused Equity Fund
Liaquat Ahamed / 2012(3)	$1,916	N/A	$2,058	N/A	$1,285	N/A	$2,587	N/A
Ravi Akhoury / 2009(4)	$1,916	N/A	$2,058	N/A	$1,285	N/A	$2,587	N/A
Barbara M. Baumann / 2010(3)	$1,916	N/A	$2,058	N/A	$1,335	N/A	$2,587	N/A
Katinka Domotorffy / 2012(3)	$1,916	N/A	$2,058	N/A	$1,285	N/A	$2,587	N/A
Catharine Bond Hill / 2017	$1,916	N/A	$2,058	N/A	$1,285	N/A	$2,587	N/A
Paul L. Joskow / 1997(3)(4)	$1,916	$241	$2,058	$205	$1,285	$59	$2,587	$391
Kenneth R. Leibler / 2006(5)	$2,577	N/A	$2,802	N/A	$1,742	N/A	$3,494	N/A
George Putnam, III / 1984(6)	$2,054	$413	$2,213	$350	$1,380	$100	$2,776	$670
Manoj P. Singh / 2017(7)	$2,054	N/A	$2,213	N/A	$1,330	N/A	$2,776	N/A
Mona K. Sutphen / 2020	$1,852	N/A	$1,994	N/A	$1,135	N/A	$2,491	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Focused International Equity Fund		George Putnam Balanced Fund		Putnam Global Health Care Fund		Putnam Global Income Trust
Liaquat Ahamed / 2012(3)	$4,329	N/A	6,225	N/A	$5,475	N/A	$1,083	N/A
Ravi Akhoury / 2009(4)	$4,329	N/A	6,225	N/A	$5,475	N/A	$1,083	N/A
Barbara M. Baumann / 2010(3)	$4,329	N/A	6,225	N/A	$5,475	N/A	$1,083	N/A
Katinka Domotorffy / 2012(3)	$4,329	N/A	6,225	N/A	$5,475	N/A	$1,083	N/A
Catharine Bond Hill / 2017	$4,329	N/A	6,225	N/A	$5,475	N/A	$1,083	N/A
Paul L. Joskow / 1997(3)(4)	$4,329	$409	6,225	$879	$5,475	$784	$1,083	$107
Kenneth R. Leibler / 2006(5)	$5,887	N/A	8,399	N/A	$7,394	N/A	$1,473	N/A
George Putnam, III / 1984(6)	$4,654	$700	6,678	$1,508	$5,875	$1,344	$1,164	$182
Manoj P. Singh / 2017(7)	$4,654	N/A	6,678	N/A	$5,875	N/A	$1,164	N/A
Mona K. Sutphen / 2020	$4,199	N/A	5,999	N/A	$5,273	N/A	$1,049	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

D-2

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Global Technology Fund		Putnam Government Money Market Fund		Putnam Growth Opportunities Fund		Putnam High Yield Fund
Liaquat Ahamed / 2012(3)	$3,678	N/A	564	N/A	$30,621	N/A	$5,268	N/A
Ravi Akhoury / 2009(4)	$3,678	N/A	564	N/A	$30,621	N/A	$5,268	N/A
Barbara M. Baumann / 2010(3)	$3,678	N/A	564	N/A	$30,621	N/A	$5,268	N/A
Katinka Domotorffy / 2012(3)	$3,678	N/A	564	N/A	$30,621	N/A	$5,268	N/A
Catharine Bond Hill / 2017	$3,678	N/A	564	N/A	$30,621	N/A	$5,268	N/A
Paul L. Joskow / 1997(3)(4)	$3,678	$480	564	$106	$30,621	$4,264	$5,268	$407
Kenneth R. Leibler / 2006(5)	$4,952	N/A	752	N/A	$41,314	N/A	$7,165	N/A
George Putnam, III / 1984(6)	$3,943	$822	603	$182	$32,849	$7,316	$5,663	$692
Manoj P. Singh / 2017(7)	$3,943	N/A	603	N/A	$32,849	N/A	$5,663	N/A
Mona K. Sutphen / 2020	$3,546	N/A	537	N/A	$29,526	N/A	$5,100	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Income Fund		Putnam Income Strategies Portfolio		Putnam Intermediate-Term Municipal Income Fund		Putnam International Capital Opportunities Fund
Liaquat Ahamed / 2012(3)	$16,263	N/A	$51	N/A	$60	N/A	$1,307	N/A
Ravi Akhoury / 2009(4)	$16,263	N/A	$51	N/A	$60	N/A	$1,307	N/A
Barbara M. Baumann / 2010(3)	$16,263	N/A	$51	N/A	$60	N/A	$1,307	N/A
Katinka Domotorffy / 2012(3)	$16,263	N/A	$51	N/A	$60	N/A	$1,307	N/A
Catharine Bond Hill / 2017	$16,263	N/A	$51	N/A	$60	N/A	$1,307	N/A
Paul L. Joskow / 1997(3)(4)	$16,263	$1,649	$51	$7	$60	$5	$1,307	$182
Kenneth R. Leibler / 2006(5)	$22,137	N/A	$69	N/A	$82	N/A	$1,762	N/A
George Putnam, III / 1984(6)	$17,487	$2,818	$55	$12	$64	$8	$1,402	$313
Manoj P. Singh / 2017(7)	$17,487	N/A	$55	N/A	$64	N/A	$1,402	N/A
Mona K. Sutphen / 2020	$15,737	N/A	$49	N/A	$58	N/A	$1,259	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

D-3

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam International Equity Fund		Putnam International Value Fund		Putnam Large Cap Value Fund		Putnam Massachusetts Tax Exempt Income Fund
Liaquat Ahamed / 2012(3)	$2,929	N/A	$440	N/A	$63,674	N/A	$1,098	N/A
Ravi Akhoury / 2009(4)	$2,929	N/A	$440	N/A	$63,674	N/A	$1,098	N/A
Barbara M. Baumann / 2010(3)	$2,982	N/A	$447	N/A	$63,674	N/A	$1,119	N/A
Katinka Domotorffy / 2012(3)	$2,929	N/A	$440	N/A	$63,674	N/A	$1,098	N/A
Catharine Bond Hill / 2017	$2,929	N/A	$440	N/A	$63,674	N/A	$1,098	N/A
Paul L. Joskow / 1997(3)(4)	$2,929	$449	$440	$65	$63,674	$4,262	$1,098	$167
Kenneth R. Leibler / 2006(5)	$3,962	N/A	$594	N/A	$86,517	N/A	$1,485	N/A
George Putnam, III / 1984(6)	$3,144	$770	$472	$112	$68,433	$7,249	$1,179	$287
Manoj P. Singh / 2017(7)	$3,091	N/A	$464	N/A	$68,433	N/A	$1,158	N/A
Mona K. Sutphen / 2020	$2,818	N/A	$423	N/A	$61,895	N/A	$1,058	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Minnesota Tax Exempt Income Fund		Putnam Money Market Fund		Putnam Mortgage Opportunities Fund		Putnam Mortgage Securities Fund
Liaquat Ahamed / 2012(3)	$527	N/A	$2,182	N/A	$733	N/A	$2,036	N/A
Ravi Akhoury / 2009(4)	$527	N/A	$2,182	N/A	$733	N/A	$2,036	N/A
Barbara M. Baumann / 2010(3)	$537	N/A	$2,182	N/A	$752	N/A	$2,036	N/A
Katinka Domotorffy / 2012(3)	$527	N/A	$2,182	N/A	$733	N/A	$2,036	N/A
Catharine Bond Hill / 2017	$527	N/A	$2,182	N/A	$733	N/A	$2,036	N/A
Paul L. Joskow / 1997(3)(4)	$527	$80	$2,182	$425	$733	$111	$2,036	$390
Kenneth R. Leibler / 2006(5)	$713	N/A	$2,908	N/A	$988	N/A	$2,713	N/A
George Putnam, III / 1984(6)	$566	$138	$2,333	$729	$786	$191	$2,177	$669
Manoj P. Singh / 2017(7)	$556	N/A	$2,333	N/A	$768	N/A	$2,177	N/A
Mona K. Sutphen / 2020	$508	N/A	$2,074	N/A	$711	N/A	$1,938	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

D-4

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Multi-Asset Absolute Return Fund		Putnam Multi-Cap Core Fund		Putnam New Jersey Tax Exempt Income Fund		Putnam New York Tax Exempt Income Fund
Liaquat Ahamed / 2012(3)	$3,066	N/A	$11,878	N/A	$605	N/A	$4,395	N/A
Ravi Akhoury / 2009(4)	$3,066	N/A	$11,878	N/A	$605	N/A	$4,395	N/A
Barbara M. Baumann / 2010(3)	$3,066	N/A	$12,208	N/A	$617	N/A	$4,395	N/A
Katinka Domotorffy / 2012(3)	$3,066	N/A	$11,878	N/A	$605	N/A	$4,395	N/A
Catharine Bond Hill / 2017	$3,066	N/A	$11,878	N/A	$605	N/A	$4,395	N/A
Paul L. Joskow / 1997(3)(4)	$3,066	$317	$11,878	$1,503	$605	$94	$4,395	$325
Kenneth R. Leibler / 2006(5)	$4,180	N/A	$16,080	N/A	$818	N/A	$5,982	N/A
George Putnam, III / 1984(6)	$3,298	$543	$12,753	$2,584	$650	$162	$4,726	$553
Manoj P. Singh / 2017(7)	$3,298	N/A	$12,424	N/A	$638	N/A	$4,726	N/A
Mona K. Sutphen / 2020	$2,969	N/A	$10,869	N/A	$583	N/A	$4,263	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Ohio Tax Exempt Income Fund		Putnam Pennsylvania Tax Exempt Income Fund		Putnam PanAgora Risk Parity Fund		Putnam Research Fund
Liaquat Ahamed / 2012(3)	$404	N/A	$563	N/A	$157	N/A	$1,538	N/A
Ravi Akhoury / 2009(4)	$404	N/A	$563	N/A	$157	N/A	$1,538	N/A
Barbara M. Baumann / 2010(3)	$412	N/A	$574	N/A	$157	N/A	$1,538	N/A
Katinka Domotorffy / 2012(3)	$404	N/A	$563	N/A	$157	N/A	$1,538	N/A
Catharine Bond Hill / 2017	$404	N/A	$563	N/A	$157	N/A	$1,538	N/A
Paul L. Joskow / 1997(3)(4)	$404	$63	$563	$87	$157	$22	$1,538	$215
Kenneth R. Leibler / 2006(5)	$546	N/A	$761	N/A	$212	N/A	$2,074	N/A
George Putnam, III / 1984(6)	$433	$108	$604	$150	$169	$38	$1,649	$369
Manoj P. Singh / 2017(7)	$425	N/A	$593	N/A	$169	N/A	$1,649	N/A
Mona K. Sutphen / 2020	$389	N/A	$542	N/A	$151	N/A	$1,484	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

D-5

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Retirement Advantage 2025 Fund		Putnam Retirement Advantage 2030 Fund		Putnam Retirement Advantage 2035 Fund		Putnam Retirement Advantage 2040 Fund
Liaquat Ahamed / 2012(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Ravi Akhoury / 2009(4)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Barbara M. Baumann / 2010(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Katinka Domotorffy / 2012(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Catharine Bond Hill / 2017	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Paul L. Joskow / 1997(3)(4)	$0	$0	$0	$0	$0	$0	$0	$0
Kenneth R. Leibler / 2006(5)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
George Putnam, III / 1984(6)	$0	$0	$0	$0	$0	$0	$0	$0
Manoj P. Singh / 2017(7)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Mona K. Sutphen / 2020	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Retirement Advantage 2045 Fund		Putnam Retirement Advantage 2050 Fund		Putnam Retirement Advantage 2055 Fund		Putnam Retirement Advantage 2060 Fund
Liaquat Ahamed / 2012(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Ravi Akhoury / 2009(4)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Barbara M. Baumann / 2010(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Katinka Domotorffy / 2012(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Catharine Bond Hill / 2017	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Paul L. Joskow / 1997(3)(4)	$0	$0	$0	$0	$0	$0	$0	$0
Kenneth R. Leibler / 2006(5)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
George Putnam, III / 1984(6)	$0	$0	$0	$0	$0	$0	$0	$0
Manoj P. Singh / 2017(7)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Mona K. Sutphen / 2020	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

D-6

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Retirement Advantage 2065 Fund		Putnam Retirement Advantage Maturity Fund		Putnam RetirementReady 2025 Fund		Putnam RetirementReady 2030 Fund
Liaquat Ahamed / 2012(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Ravi Akhoury / 2009(4)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Barbara M. Baumann / 2010(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Katinka Domotorffy / 2012(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Catharine Bond Hill / 2017	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Paul L. Joskow / 1997(3)(4)	$0	$0	$0	$0	$0	$0	$0	$0
Kenneth R. Leibler / 2006(5)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
George Putnam, III / 1984(6)	$0	$0	$0	$0	$0	$0	$0	$0
Manoj P. Singh / 2017(7)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Mona K. Sutphen / 2020	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam RetirementReady 2035 Fund		Putnam RetirementReady 2040 Fund		Putnam RetirementReady 2045 Fund		Putnam RetirementReady 2050 Fund
Liaquat Ahamed / 2012(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Ravi Akhoury / 2009(4)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Barbara M. Baumann / 2010(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Katinka Domotorffy / 2012(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Catharine Bond Hill / 2017	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Paul L. Joskow / 1997(3)(4)	$0	$0	$0	$0	$0	$0	$0	$0
Kenneth R. Leibler / 2006(5)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
George Putnam, III / 1984(6)	$0	$0	$0	$0	$0	$0	$0	$0
Manoj P. Singh / 2017(7)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Mona K. Sutphen / 2020	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

D-7

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam RetirementReady 2055 Fund		Putnam RetirementReady 2060 Fund		Putnam RetirementReady 2065 Fund		Putnam RetirementReady Maturity Fund
Liaquat Ahamed / 2012(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Ravi Akhoury / 2009(4)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Barbara M. Baumann / 2010(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Katinka Domotorffy / 2012(3)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Catharine Bond Hill / 2017	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Paul L. Joskow / 1997(3)(4)	$0	$0	$0	$0	$0	$0	$0	$0
Kenneth R. Leibler / 2006(5)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
George Putnam, III / 1984(6)	$0	$0	$0	$0	$0	$0	$0	$0
Manoj P. Singh / 2017(7)	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Mona K. Sutphen / 2020	$0	N/A	$0	N/A	$0	N/A	$0	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Short Duration Bond Fund		Putnam Short-Term Investment Fund		Putnam Short-Term Municipal Income Fund		Putnam Small Cap Growth Fund
Liaquat Ahamed / 2012(3)	$9,411	N/A	$10,971	N/A	$203	N/A	$2,524	N/A
Ravi Akhoury / 2009(4)	$9,411	N/A	$10,971	N/A	$203	N/A	$2,524	N/A
Barbara M. Baumann / 2010(3)	$9,411	N/A	$10,971	N/A	$203	N/A	$2,564	N/A
Katinka Domotorffy / 2012(3)	$9,411	N/A	$10,971	N/A	$203	N/A	$2,524	N/A
Catharine Bond Hill / 2017	$9,411	N/A	$10,971	N/A	$203	N/A	$2,524	N/A
Paul L. Joskow / 1997(3)(4)	$9,411	$854	$10,971	$1,760	$203	$16	$2,524	$373
Kenneth R. Leibler / 2006(5)	$12,804	N/A	$14,863	N/A	$277	N/A	$3,415	N/A
George Putnam, III / 1984(6)	$10,118	$1,459	$11,782	$3,023	$219	$27	$2,710	$640
Manoj P. Singh / 2017(7)	$10,118	N/A	$11,782	N/A	$219	N/A	$2,669	N/A
Mona K. Sutphen / 2020	$9,143	N/A	$10,560	N/A	$197	N/A	$2,423	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

D-8

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Small Cap Value Fund		Putnam Strategic Intermediate Municipal Fund		Putnam Sustainable Future Fund		Putnam Sustainable Leaders Fund
Liaquat Ahamed / 2012(3)	$552	N/A	$953	N/A	$2,290	N/A	$20,439	N/A
Ravi Akhoury / 2009(4)	$552	N/A	$953	N/A	$2,290	N/A	$20,439	N/A
Barbara M. Baumann / 2010(3)	$572	N/A	$953	N/A	$2,350	N/A	$20,797	N/A
Katinka Domotorffy / 2012(3)	$552	N/A	$953	N/A	$2,290	N/A	$20,439	N/A
Catharine Bond Hill / 2017	$552	N/A	$953	N/A	$2,290	N/A	$20,439	N/A
Paul L. Joskow / 1997(3)(4)	$552	$35	$953	$148	$2,290	$291	$20,439	$3,045
Kenneth R. Leibler / 2006(5)	$748	N/A	$1, 288	N/A	$3,102	N/A	$27,659	N/A
George Putnam, III / 1984(6)	$593	$60	$1,023	$253	$2,460	$500	$21,943	$5,227
Manoj P. Singh / 2017(7)	$573	N/A	$1,023	N/A	$2,400	N/A	$21,584	N/A
Mona K. Sutphen / 2020	$491	N/A	$917	N/A	$2,105	N/A	$19,671	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam Tax Exempt Income Fund		Putnam Tax-Free High Yield Fund		Putnam Ultra Short Duration Income Fund		Putnam VT Diversified Income Fund
Liaquat Ahamed / 2012(3)	$2,579	N/A	$3,027	N/A	$59,779	N/A	$631	N/A
Ravi Akhoury / 2009(4)	$2,579	N/A	$3,027	N/A	$59,779	N/A	$631	N/A
Barbara M. Baumann / 2010(3)	$2,579	N/A	$3,027	N/A	$59,779	N/A	$631	N/A
Katinka Domotorffy / 2012(3)	$2,579	N/A	$3,027	N/A	$59,779	N/A	$631	N/A
Catharine Bond Hill / 2017	$2,579	N/A	$3,027	N/A	$59,778	N/A	$631	N/A
Paul L. Joskow / 1997(3)(4)	$2,579	$474	$3,027	$454	$59,779	$9,326	$631	$42
Kenneth R. Leibler / 2006(5)	$3,436	N/A	$4,089	N/A	$80,876	N/A	$850	N/A
George Putnam, III / 1984(6)	$2,758	$813	$3,248	$780	$64,174	$16,009	$676	$72
Manoj P. Singh / 2017(7)	$2,758	N/A	$3,248	N/A	$64,174	N/A	$676	N/A
Mona K. Sutphen / 2020	$2,458	N/A	$2,917	N/A	$57,510	N/A	$607	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

D-9

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam VT Emerging Markets Equity Fund		Putnam VT Focused International Equity Fund		Putnam VT George Putnam Balanced Fund		Putnam VT Global Asset Allocation Fund
Liaquat Ahamed / 2012(3)	$128	N/A	$756	N/A	$819	N/A	$449	N/A
Ravi Akhoury / 2009(4)	$128	N/A	$756	N/A	$819	N/A	$449	N/A
Barbara M. Baumann / 2010(3)	$128	N/A	$756	N/A	$819	N/A	$449	N/A
Katinka Domotorffy / 2012(3)	$128	N/A	$756	N/A	$819	N/A	$449	N/A
Catharine Bond Hill / 2017	$128	N/A	$756	N/A	$819	N/A	$449	N/A
Paul L. Joskow / 1997(3)(4)	$128	$9	$756	$48	$819	$52	$449	$29
Kenneth R. Leibler / 2006(5)	$173	N/A	$1,019	N/A	$1,104	N/A	$605	N/A
George Putnam, III / 1984(6)	$138	$15	$811	$83	$878	$90	$482	$50
Manoj P. Singh / 2017(7)	$138	N/A	$811	N/A	$878	N/A	$482	N/A
Mona K. Sutphen / 2020	$124	N/A	$729	N/A	$790	N/A	$433	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam VT Global Health Care Fund		Putnam VT Government Money Market Fund		Putnam VT Growth Opportunities Fund		Putnam VT High Yield Fund
Liaquat Ahamed / 2012(3)	$567	N/A	288	N/A	$3,980	N/A	$617	N/A
Ravi Akhoury / 2009(4)	$567	N/A	288	N/A	$3,980	N/A	$617	N/A
Barbara M. Baumann / 2010(3)	$567	N/A	288	N/A	$3,980	N/A	$617	N/A
Katinka Domotorffy / 2012(3)	$567	N/A	288	N/A	$3,980	N/A	$617	N/A
Catharine Bond Hill / 2017	$567	N/A	288	N/A	$3,980	N/A	$617	N/A
Paul L. Joskow / 1997(3)(4)	$567	$35	288	$19	$3,980	$251	$617	$40
Kenneth R. Leibler / 2006(5)	$764	N/A	389	N/A	$5,364	N/A	$832	N/A
George Putnam, III / 1984(6)	$608	$61	309	$33	$4,268	$434	$662	$70
Manoj P. Singh / 2017(7)	$608	N/A	309	N/A	$4,268	N/A	$662	N/A
Mona K. Sutphen / 2020	$546	N/A	277	N/A	$3,833	N/A	$594	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

D-10

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam VT Income Fund		Putnam VT International Equity Fund		Putnam VT International Value Fund		Putnam VT Large Cap Value Fund
Liaquat Ahamed / 2012(3)	$808	N/A	$854	N/A	$272	N/A	$5,442	N/A
Ravi Akhoury / 2009(4)	$808	N/A	$854	N/A	$272	N/A	$5,442	N/A
Barbara M. Baumann / 2010(3)	$808	N/A	$854	N/A	$272	N/A	$5,442	N/A
Katinka Domotorffy / 2012(3)	$808	N/A	$854	N/A	$272	N/A	$5,442	N/A
Catharine Bond Hill / 2017	$808	N/A	$854	N/A	$272	N/A	$5,442	N/A
Paul L. Joskow / 1997(3)(4)	$808	$52	$854	$55	$272	$17	$5,442	$339
Kenneth R. Leibler / 2006(5)	$1,089	N/A	$1,151	N/A	$367	N/A	$7,335	N/A
George Putnam, III / 1984(6)	$867	$90	$916	$95	$292	$30	$5,836	$586
Manoj P. Singh / 2017(7)	$867	N/A	$916	N/A	$292	N/A	$5,836	N/A
Mona K. Sutphen / 2020	$776	N/A	$823	N/A	$263	N/A	$5,256	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam VT Mortgage Securities Fund		Putnam VT Multi-Asset Absolute Return Fund		Putnam VT Multi-Cap Core Fund		Putnam VT Research Fund
Liaquat Ahamed / 2012(3)	$162	N/A	$83	N/A	$1,005	N/A	$208	N/A
Ravi Akhoury / 2009(4)	$162	N/A	$83	N/A	$1,005	N/A	$208	N/A
Barbara M. Baumann / 2010(3)	$162	N/A	$83	N/A	$1,005	N/A	$208	N/A
Katinka Domotorffy / 2012(3)	$162	N/A	$83	N/A	$1,005	N/A	$208	N/A
Catharine Bond Hill / 2017	$162	N/A	$83	N/A	$1,005	N/A	$208	N/A
Paul L. Joskow / 1997(3)(4)	$162	$11	$83	$5	$1,005	$64	$208	$12
Kenneth R. Leibler / 2006(5)	$218	N/A	$111	N/A	$1,355	N/A	$280	N/A
George Putnam, III / 1984(6)	$174	$19	$89	$9	$1,078	$111	$223	$21
Manoj P. Singh / 2017(7)	$174	N/A	$89	N/A	$1,078	N/A	$223	N/A
Mona K. Sutphen / 2020	$156	N/A	$79	N/A	$970	N/A	$201	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

D-11

Trustees	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)	Aggregate compensation from the fund ($)	Pension or retirement benefits accrued as part of fund expenses ($)
	Putnam VT Small Cap Growth Fund		Putnam VT Small Cap Value Fund		Putnam VT Sustainable Future Fund		Putnam VT Sustainable Leaders Fund
Liaquat Ahamed / 2012(3)	$132	N/A	$489	N/A	$163	N/A	$3,415	N/A
Ravi Akhoury / 2009(4)	$132	N/A	$489	N/A	$163	N/A	$3,415	N/A
Barbara M. Baumann / 2010(3)	$132	N/A	$489	N/A	$163	N/A	$3,415	N/A
Katinka Domotorffy / 2012(3)	$132	N/A	$489	N/A	$163	N/A	$3,415	N/A
Catharine Bond Hill / 2017	$132	N/A	$489	N/A	$163	N/A	$3,415	N/A
Paul L. Joskow / 1997(3)(4)	$132	$9	$489	$32	$163	$11	$3,415	$213
Kenneth R. Leibler / 2006(5)	$178	N/A	$659	N/A	$219	N/A	$4,602	N/A
George Putnam, III / 1984(6)	$142	$15	$524	$55	$175	$19	$3,662	$368
Manoj P. Singh / 2017(7)	$142	N/A	$524	N/A	$175	N/A	$3,662	N/A
Mona K. Sutphen / 2020	$127	N/A	$473	N/A	$157	N/A	$3,293	N/A
Robert L. Reynolds / 2008(8)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Trustees/Year	Estimated annual benefits from all Putnam Funds upon retirement ($)(1)	Total compensation from all Putnam funds ($)(2)
Liaquat Ahamed / 2012(3)	N/A	$345,000
Ravi Akhoury / 2009(4)	N/A	$345,000
Barbara M. Baumann / 2010(3)	N/A	$345,000
Katinka Domotorffy / 2012(3)	N/A	$345,000
Catharine Bond Hill / 2017	N/A	$345,000
Paul L. Joskow / 1997(3)(4)	$113,417	$345,000
Kenneth R. Leibler / 2006(5)	N/A	$465,000
George Putnam, III / 1984(6)	$130,333	$370,000
Manoj P. Singh / 2017(7)	N/A	$370,000
Mona K. Sutphen / 2020	N/A	$332,500
Robert L. Reynolds / 2008(8)	N/A	N/A

(1) Estimated benefits for each Trustee are based on Trustee fee rates for calendar years 2003, 2004 and 2005.

(2) As of March 31, 2022, there were 100 funds in the Putnam family.

(3) Certain Trustees are also owed compensation deferred pursuant to a Trustee Compensation Deferral Plan. As of each fund’s fiscal year ended prior to December 31, 2021, the total amounts of deferred compensation payable each fund listed below, including income earned on such amounts, to these Trustees were (in dollars):

D-12

Fund	Mr. Ahamed	Ms. Baumann	Ms. Domotorffy	Dr. Hill	Dr. Joskow
Putnam California Tax Exempt Income Fund	$21,434	$17,167	$17,534	$7,606	$76,500
Putnam Convertible Securities Fund	$12,230	$9,769	$9,972	$4,553	$43,510
Putnam Diversified Income Fund	$45,702	$36,603	$37,387	$16,218	$163,114
Putnam Dynamic Asset Allocation Balanced Fund	$19,786	$15,847	$16,186	$7,021	$70,618
Putnam Dynamic Asset Allocation Conservative Fund	$8,325	$6,668	$6,811	$2,955	$29,716
Putnam Dynamic Asset Allocation Equity Fund	$304	$245	$252	$101	$1,093
Putnam Dynamic Asset Allocation Growth Fund	$20,666	$16,552	$16,906	$7,334	$73,759
Putnam Dynamic Risk Allocation Fund	$935	$756	$775	$312	$3,366
Putnam Emerging Markets Equity Fund	$11,721	$9,408	$9,619	$4,172	$41,896
Putnam Fixed Income Absolute Return Fund	$6,257	$4,998	$5,102	$2,329	$22,259
Putnam Floating Rate Income Fund	$5,172	$4,214	$4,332	$1,627	$18,757
Putnam Focused Equity Fund	$39,852	$31,986	$32,703	$14,184	$142,443
Putnam Focused International Equity Fund	$36,572	$29,212	$29,821	$13,615	$130,110
George Putnam Balanced Fund	$28,733	$23,124	$23,664	$10,256	$102,975
Putnam Global Health Care Fund	$25,320	$20,323	$20,778	$9,012	$90,502
Putnam Global Income Fund	$5,876	$4,693	$4,791	$2,187	$20,903
Putnam Global Technology Fund	$798	$641	$655	$284	$2,853
Putnam Government Money Market Fund	$211	$169	$172	$75	$752
Putnam Growth Opportunities Fund	$94,561	$76,102	$77,879	$33,754	$338,891
Putnam High Yield Fund	$39,803	$31,708	$32,338	$15,089	$143,667
Putnam Income Fund	$23,297	$18,609	$18,997	$8,673	$82,884
Putnam Income Strategies Portfolio	$1	$01	$1	$0	$4
Putnam Intermediate-Term Municipal Fund	$63	$50	$51	$24	$226
Putnam International Capital Opportunities Fund	$9,472	$7,602	$7,773	$3,371	$33,856
Putnam International Equity Fund	$37,174	$29,998	$30,727	$12,373	$133,651
Putnam International Value Fund	$5,593	$4,513	$4,623	$1,861	$20,107
Putnam Large Cap Value Fund	$169,701	$135,549	$138,373	$63,177	$603,738
Putnam Massachusetts Tax Exempt Income Fund	$3,832	$3,099	$3,177	$1,279	$13,796
Putnam Minnesota Tax Exempt Income Fund	$2,231	$1,805	$1,850	$745	$8,034
Putnam Money Market Fund	$21,414	$17,151	$17,518	$7,599	$76,429
Putnam Mortgage Opportunities Fund	$287	$232	$238	$96	$1,033
Putnam Mortgage Securities Fund	$33,532	$26,856	$27,431	$11,899	$119,676
Putnam Multi-Asset Absolute Return Fund	$12,546	$10,021	$10,230	$4,671	$44,633
Putnam Multi-Cap Core Fund	$34,607	$28,061	$28,797	$11,586	$124,937
Putnam New Jersey Tax Exempt Income Fund	$3,055	$2,471	$2,533	$1,020	$11,000
Putnam New York Tax Exempt Income Fund	$16,606	$13,229	$13,492	$6,295	$59,939
Putnam Ohio Tax Exempt Income Fund	$2,499	$2,020	$2,072	$834	$8,996
Putnam PanAgora Risk Parity Fund	$38	$31	$31	$14	$136
Putnam Pennsylvania Tax Exempt Fund	$2,927	$2,367	$2,427	$977	$10,540
Putnam Research Fund	$5,492	$4,420	$4,523	$1,961	$19,683
Putnam Short Duration Income Fund	$22,789	$18,340	$18,768	$8,135	$81,671
Putnam Short Term Investment Fund	$13,153	$10,586	$10,833	$4,695	$47,139
Putnam Short-Term Municipal Income Fund	$78	$62	$64	$30	$282
Putnam Small Cap Growth Fund	$8,171	$6,594	$6,754	$2,720	$29,378
Putnam Small Cap Value Fund	$4,326	$3,525	$3,624	$1,361	$15,691
Putnam Strategic Intermediate Municipal Fund	$6,269	$5,045	$5,163	$2,238	$22,467
Putnam Sustainable Future Fund	$4,487	$3,639	$3,734	$1,502	$16,200
Putnam Sustainable Leaders Fund	$116,999	$94,414	$96,709	$38,941	$420,648
Putnam Tax Exempt Income Fund	$21,872	$17,518	$17,893	$7,762	$78,064

D-13

Putnam Tax-Free High Yield Fund	$19,413	$15,623	$15,988	$6,929	$69,572
Putnam Ultra Short Duration Bond Fund	$2,254	$1,800	$1,838	$839	$8,018
Putnam VT Diversified Income Fund	$4,451	$3,813	$4,327	$1,833	$17,143
Putnam VT Emerging Markets Equity Fund	$2,141	$1,834	$2,081	$882	$8,244
Putnam VT Focused International Equity Fund	$13,718	$11,752	$13,334	$5,650	$52,831
Putnam VT George Putnam Balanced Fund	$3,389	$2,903	$3,294	$1,396	$13,050
Putnam VT Global Asset Allocation Fund	$5,143	$4,406	$4,999	$2,119	$19,809
Putnam VT Global Health Care Fund	$2,640	$2,262	$2,566	$1,087	$10,167
Putnam VT Government Money Market Fund	$3,270	$2,802	$3,179	$1,347	$12,595
Putnam VT Growth Opportunities Fund	$22,561	$19,328	$21,930	$9,293	$86,890
Putnam VT High Yield Fund	$7,329	$6,279	$7,124	$3,019	$28,227
Putnam VT Income Fund	$7,532	$6,452	$7,321	$3,102	$29,006
Putnam VT International Equity Fund	$5,329	$4,565	$5,179	$2,195	$20,522
Putnam VT International Value Fund	$2,607	$2,233	$2,534	$1,074	$10,039
Putnam VT Large Cap Value Fund	$33,333	$28,556	$32,400	$13,730	$128,376
Putnam VT Mortgage Securities Fund	$2,331	$1,997	$2,266	$960	$8,978
Putnam VT Multi-Asset Absolute Return Fund	$143	$122	$139	$59	$550
Putnam VT Multi-Cap Core Fund	$4,895	$4,194	$4,758	$2,016	$18,853
Putnam VT Research Fund	$2,050	$1,756	$1,993	$844	$7,895
Putnam VT Small Cap Growth Fund	$1,067	$914	$1,037	$440	$4,110
Putnam VT Small Cap Value Fund	$3,444	$2,951	$3,348	$1,419	$13,264
Putnam VT Sustainable Futures Fund	$1,249	$1,070	$1,214	$515	$4,812
Putnam VT Sustainable Leaders Fund	$20,220	$17,322	$19,654	$8,329	$77,872

(4) Mr. Akhoury and Dr. Joskow are not standing for re-election and each will serve until June 30, 2022, when he will retire.

(5) Includes additional compensation to Mr. Leibler for service as Chair of the Trustees of the Putnam funds.

(6) Includes additional compensation to Mr. Putnam for service as Chair of the Contract Committee.

(7) Includes additional compensation to Mr. Singh for service as Chair of the Audit, Compliance and Risk Committee.

(8) Mr. Reynolds is an “interested person” of the funds and Putnam Management.

D-14

Appendix E — 5% Beneficial Ownership

As of [ ], to the knowledge of the Putnam funds, no person owned beneficially or of record 5% or more of any class of shares of any Putnam fund, except as shown in the tables below. Additional ownership information for the Putnam closed-end funds is shown separately at the end of this Appendix E.

Class	Shareholder Name and Address	Holdings	Percentage Owned
Putnam [ ] Fund
[ ]	[ ]	[ ]	[ ]%

E-1

Putnam Investments

100 Federal Street

Boston, MA 02110

1-800-225-1581

Address correspondence to

Putnam Investor Services

P.O. Box 8383

Boston, MA 02266-8383

putnam.com

[     ]