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

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

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

Kenneth R. Leibler, Chair

Barbara M. Baumann, Vice Chair

Liaquat Ahamed

Katinka Domotorffy

Catharine Bond Hill

Jennifer Williams Murphy

Marie Pillai

George Putnam III

Robert L. Reynolds

Manoj P. Singh

Mona K. Sutphen

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

[ ], 2023

Joint Proxy Statement

This document (the “Proxy Statement”) gives you the information you need to vote on the proposals. Much of the information is required under rules of the Securities and Exchange Commission (the “SEC”); some of it is technical. If there is anything you don’t understand, please call toll-free 1-877-536-1555[1-833-501-4818] or call your financial advisor.professional.

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

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

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

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

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

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

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

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

The enclosed proxy is solicited by the Board of Trustees for use at the special meeting of shareholders of each fund, to be held on October 6, 2023 for Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust (the “Putnam Closed-End Funds”) and October 20, 2023 for use at each fund’s annual meeting of shareholders to be held on April 22, 2022the other funds identified in the Joint Proxy Statement (the “Putnam Open-End Funds

and ETFs”) and, if your fund’s meeting is adjourned, at any later sessions,meetings, for the purposes stated in the Notice of Annuala Special Meeting of Shareholders (see previous page)pages). The Notice of Annuala Special Meeting, of Shareholders, the proxy card and this proxy statementProxy Statement are being mailed beginning on or about March 22, 2022.[ ], 2023.

How do your fund’sThe Board of Trustees recommend that shareholders vote on these proposals?

The Trusteesunanimously recommend that you voteFOR each proposal.

1a. FOR fixing1. To approve a new management contract with Putnam Management.

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

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

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

Please see the numbertable beginning on page [ ] for a list of Trustees at 11;

1b. FOR electing your fund’s nomineesthe affected funds for Trustees.each proposal.

Who is eligible to vote?

ShareholdersFor Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust, shareholders of record of each fund at the close of business on February 15, 2022July 10, 2023 (the “Record“Closed-End Fund Record Date”) are entitled to be present and to vote at the annualspecial meeting or if itany adjournment. For all other funds, shareholders of record at the close of business on July 24, 2023 (the “Open-End Fund/ETF Record Date”) are entitled to be present and to vote at the special meeting or any adjournment.

The number of shares of each fund outstanding on the applicable Record Date is adjourned, at any later sessions.shown in Appendix A. Shareholders of each fund vote separately with respect to each proposal.

Each common shareholder and each preferred shareholder (if applicable) will beof the Putnam exchange-traded funds (the “Putnam ETFs”) are entitled to one vote for each dollar of net asset value per share held,of the fund, and shareholders of each of the remaining funds are entitled to one vote per share of the fund, with any fractional shares voting proportionately. For Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust, the only funds with outstanding preferred shares, the holders of preferred shares and holders of common shares for each fund will together votedollar amount or fractional share, as applicable, entitled to a single class, unless otherwise noted. proportional fractional vote.

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

The Proposals

1a. FIXING THE NUMBER OF TRUSTEES AT 11

Each fund’s Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”) states that shareholders shall fix the number of Trustees on the fund’s Board of Trustees (the “Board”) at each annual meeting. The Board, based on the recommendation of its Board Policy and Nominating Committee, recommends that shareholders fix the number of Trustees on your fund’s Board at 11.

Each fund currently has 11 Trustees on its Board. Current Trustees Mr. Akhoury and Dr. Joskow are retiring in 2022 and, if re-elected, each will serve until his retirement on June 30, 2022. As discussed below, 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. Thus, it is expected that the size of the Board will remain at 11 notwithstanding Mr. Akhoury’s and Dr. Joskow’s retirement.

For each fund, if a quorum is present at the annual meeting, a plurality vote, meaning the greatest number of affirmative votes cast by shareholders, will fix the number of Trustees. In the case of Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust, the holders of common and preferred shares vote together as a single class for Proposal 1a.

The Trustees of your fund unanimously recommend that shareholders vote “FOR” fixing the number of Trustees at 11.

1b. ELECTION OF TRUSTEES

Who are the nominees for Trustees?

The Board Policy and Nominating Committee of the Board is responsible 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 the Investment Company Act of 1940, as amended (the “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.

Each fund’s Declaration of Trust requires that shareholders elect the fund’s Trustees by a plurality vote at the fund’s annual meeting. The Board, based on the recommendation of the Board Policy and Nominating Committee, recommends that you vote for the election of the nominees described in the following pages. Eleven of the nominees are currently Trustees of your fund and of the other Putnam funds.

For Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust only.

Pursuant to the Amended and Restated BylawsShareholders of each fund vote separately with respect to the proposal to approve a new management contract and the 1940 Act, holdersproposals to approve each new sub-advisory contract. The outcome of a vote affecting one fund does not affect the preferred sharesoutcome of your fund, voting as a separate class, are entitled to elect two nominees for Trustees. Ms. Domotorffy and Mr. Putnam have been nominated to be elected as Trustees by the holders of the preferred shares, voting as a separate class, while theany other nominees have been nominated to be elected by the holders of the preferred shares and common shares voting together as a single class.fund.

Biographical Information For The Funds’ 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 nominees is 100 Federal Street, Boston, Massachusetts 02110. As of December 31, 2021, there were 100 Putnam funds.

Independent Trustees

The Proposals

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

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

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

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

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

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

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

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

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

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

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

Interested Trustee

Impact on the Investment Advisory Services Provided to Your Fund

¹The address of each Trustee/NomineeTransaction 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 Mr. Akhoury and Dr. Joskow, if re-electednot expected to your fund’s Board, will each serve until his retirement on June 30, 2022.

⁴ 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 definedresult in any diminution in the 1940 Act)nature, extent or quality of the fund andservices provided by 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 ofManagement to your fund and eachits shareholders. The Transaction also is not expected to result in any diminution in the nature, extent or quality of the otherservices provided by any subadviser to your fund and its shareholders.

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

Section 15(f) of the four exchange-traded funds in Putnam ETF Trust.1940 Act

MostFranklin Templeton has agreed to comply with Section 15(f) of the Trustees have served1940 Act. Section 15(f) provides a non-exclusive “safe harbor” for an investment company’s adviser or any affiliated persons of the adviser to receive any amount or benefit in connection with a change of control of the investment adviser as long as two conditions are met. First, for a period of three years after the change of control, at least 75% of the directors of the investment company must not be interested persons of the adviser or the predecessor adviser. Second, there must not be any “unfair burden” imposed on the Board for many years. The Board Policy and Nominating Committee is responsible for recommending nominees for electioninvestment company as a result of the transaction or any express or implied terms, conditions or understandings relating to the Board of Trustees for its approval. In recommendingtransaction. Section 15(f) defines “unfair burden” to include any arrangement during the electiontwo-year period after the transaction in which the adviser or predecessor adviser, or any interested person of the nomineesadviser or predecessor adviser, receives or is entitled to receive any compensation, directly or indirectly, from the investment company or its security holders (other than fees for bona fide investment advisory or other services) or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other than bona fide ordinary compensation as Trustees,principal underwriter for the Committee generally consideredinvestment company).

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

causing the conditions of Section 15(f) not to be met with respect to the Transaction.

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

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

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

The terms of the New Management Contracts (described generally below) are identical to those of the current management contracts except for the effective dates, initial term, certain non-substantive changes, and, for certain funds, duringthe addition of a “No Third-Party Beneficiaries” provision. The date of each fund’s Current Management Contract, the date on which he or she has demonstratedit was last submitted to a high levelvote of diligence and commitment to the interests of fund shareholders, and the ability to work effectively and collegially with other memberspurpose of the Board. The Committee also considered, among other factors, the particular attributes described below with respect to the various individual Trustees.

Independent Trustees:

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

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

Barbara M. Baumann — Ms. Baumann’s experiencesubmission is set forth 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.

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

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

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.Appendix B.

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 asSet forth below is 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:

Robert L. Reynolds — Mr. Reynolds’s extensive experience as a senior executive of onegeneral description of the largest mutual fund organizationsNew Management Contracts and a comparison of their terms to those of the Current Management Contracts. The complete terms of each New Management Contract are set forth in Appendix C, as follows:

Fees. There is no change in the United States and his current role as the President and Chief Executive Officer of Putnam Investments.

Eachrate of the nominees has agreedfees that your fund will pay Putnam Management under its New Management Contract. The current fee schedule for investment management services and administrative services for each fund is set forth in Appendix B. The actual fees paid by some funds are subject to serve asexpense limitations, which would be unaffected by approval and adoption of a Trustee, if elected. If any nominee is unavailableNew Management Contract.

Investment Management Services. The New Management Contract for election atyour fund provides that Putnam Management will furnish continuously an investment program for the timefund, determining what investments to purchase, hold, sell or exchange and what portion of the annual meeting, which is not anticipated,fund’s assets will be held uninvested, in compliance with the persons designated on the proxy card may vote for other nominees at their discretion or 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’sgoverning documents, investment performance as well as the quality of other services provided to your fundobjectives, policies and its shareholders by Putnam Managementrestrictions, 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 responsiblesubject 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. Murphyoversight 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 “watchdog” charged with oversight to protect 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, 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 anof Trustees. As

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

Independent TrusteePutnam Management is authorized under your fund’s New Management Contract to place orders for the purchase and sale of portfolio investments for your fund with brokers or dealers that Putnam Management selects. Putnam Management must select brokers and dealers, and place orders, using its best efforts to obtain for the funds the most favorable price and execution available, except that Putnam Management may pay higher brokerage commissions if it determines in good faith that the commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer (a practice commonly known as noted below,“soft dollars”). Putnam Management may make this determination in terms of either the membershipparticular transaction or Putnam Management’s overall responsibilities with respect to your fund and chairsto other clients of each committee consist exclusivelyPutnam Management for which Putnam Management exercises investment discretion. Putnam Management’s use of Independent Trustees.

The Trustees have determined that this committee structure also allowssoft dollars is subject to policies established by the Board of Trustees from time to focus more effectively ontime and applicable guidance issued by the oversightSecurities and Exchange Commission and its staff.

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

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

Administrative Services. Like its Current Management Contract, your fund’s New Management Contract provides that Putnam Management will manage, supervise and conduct the other (i.e., non-investment) affairs and business of your fund and incidental matters. These administrative services include providing suitable office space for other reasons, the Board’s risk management oversight is subject to substantial limitations.

Audit, Compliancefund and Risk Committee. The Audit, Complianceadministrative facilities, such as bookkeeping, clerical personnel and Risk Committee provides oversight on matters relating toequipment necessary for the integrityefficient conduct 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 and Putnam Management’s Chief Compliance Officer, and Putnam Management’s Chief Risk Officer, and remaining current with respect to industry developments. Duties of this Committee also include the review and evaluation of all matters and relationships pertaining to the funds’ independent registered public accountants,affairs, including their independence. The Committee also oversees all dividends and distributions by the funds. The Committee makes recommendations to the Trusteesdetermination of the funds regarding the amount and timingnet asset value of distributions paid by the funds, and determines such matters when the Trustees are not in session. The Committee also oversees the policies and procedures pursuant to which Putnam Management prepares recommendations for dividends and distributions, and meets regularly with representatives of Putnam Management to review the implementation of these policies and procedures. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. Information about the fees billed to the fund, by the funds’ registered public accountant, as well as information about the Committee’s pre-approval policies relating to the work performed by the funds’ registered public accountant, is included beginning on page 32 of this proxy statement. Each member of the Committee is an Independent Trustee. Each member of the Committee also is “independent,” as that term is interpreted for purposes of Rule 10A-3(b)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the listing standards of the New York Stock Exchange. The Board has adopted a written charter for the Committee, a current copy of which is available at www.putnam.com/about-putnam/ at the bottom of that page. The Committee currently consists of Messrs. Singh (Chair) and Akhoury, Ms. Domotorffy and Drs. Hill and Joskow. Mr. Singh and Drs. Hill and Joskow have each been designated an “audit committee financial expert” within the meaning of applicable SEC rules.but excluding shareholder accounting services.

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

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

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

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

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

Like its Current Management Contract, your fund’s New Management Contract provides that these proxies are voted in the best interest of each fund’s shareholders. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters.

The Committee evaluates and recommends all candidates for election as Trustees and recommends the appointment of members and chairs of each Board committee. The Committee also identifies prospective nominees for election as Trusteeit may be terminated at any time by considering individuals that come to its attention through the recommendation of current Trustees,either Putnam Management or shareholders. Candidates properly submittedthe fund by shareholders will be considerednot less than 60 days’ written notice to the other party and evaluated onwithout the same basis as candidates recommendedpayment of any penalty by other sources.Putnam Management or the fund. The Committee will consider nominees for Trustee recommendedfund may terminate the contract by shareholdersvote of a fund provided that the recommendations are submitted by the date disclosed in the fund’s proxy statement and otherwise comply with the fund’s by-laws and applicable securities laws, including Rule 14a-8 under the Exchange Act. The Committee may, but is not required to, engage a third-party professional search firm to assist it in identifying and evaluating potential nominees.

When evaluating a potential candidate for membership on the Board, the Committee considers the skills and characteristics that it determines would most benefit the Putnam funds at the time the evaluation is made. The Committee may take into account a wide variety of attributes in considering potential Trustee candidates, including, but not limited to: (i) availability and commitment of a candidate to attend meetings and perform his or her responsibilities to the Board, (ii) other board experience, (iii) relevant industry and related experience, (iv) educational background, (v) financial expertise, (vi) an assessment of the candidate’s ability, judgment and expertise, (vii) an assessment of the perceived needsmajority of the Board and its committees at that point in time, and (viii) overall Board composition. The Committee generally believes thatof Trustees or by the Board benefits from diversityaffirmative vote of background, experience, and views among its members, and considers this as a factor in evaluating the composition“majority of the Board, but has not adopted any specific policy in this regard. In connection with this evaluation, the Committee will determine whether to interview prospective nominees, and, if warranted, one or more membersoutstanding voting securities” of the Committee, and other Trustees and representatives offund, as defined in the funds, as appropriate,1940 Act. Your fund’s New Management Contract also will interview prospective nomineesterminate automatically in person or by telephone. Once this evaluation is completed, the Committee recommends such candidates as it determines appropriate to the Independent Trustees for nomination, and the Independent Trustees select the nominees after considering the recommendation of the Committee. The Board has adopted a written charter for the Committee, a current copy of which is available at www.putnam.com/about-putnam/ at the bottom of that page. The Committee is composed entirely of Independent Trustees and currently consists of Dr. Joskow (Chair), Messrs. Leibler and Putnam, and Ms. Baumann.

Brokerage Committee. The Brokerage Committee reviews the Putnam funds’ policies regarding the execution of portfolio trades and Putnam Management’s practices and procedures relating to the implementation of those policies. The Committee reviews periodic reports on the cost and quality of execution of portfolio transactions and the extent to which brokerage commissions have been used (i) by Putnam Management to obtain brokerage and research services generally useful to it in managing the portfolios of the funds andevent of its other clients, and (ii) by the funds to pay for certain fund expenses. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Messrs. Ahamed (Chair), Leibler, and Putnam, and Mses. Baumann and Sutphen.

Contract Committee. The Contract Committee reviews and evaluates at least annually all arrangements pertaining to (i) the engagement of Putnam Management and its affiliates to provide services to the Putnam funds, (ii) the expenditure of the open-end funds’ assets for distribution purposes pursuant to Distribution Plans of the open-end Putnam funds, and (iii) the engagement of“assignment.”

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

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

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

No Third-Party Beneficiaries. The Current Management Contracts for certain, more recently established funds including in particular those instances whereinclude a provision specifying that there are no third-party beneficiaries of the cost of services is shared betweenmanagement contracts. This provision states that no shareholder, or any person other than the named funds and Putnam Management, and its affiliates or where Putnam Management or its affiliates haveis a material interest. The Committee also reviews the proposed organization of new fund products, proposed structural changes to existing funds, and matters relating to closed-end funds. In addition, the Committee also reviews communications with, and the quality of services provided to, shareholders and oversees the marketing and sale of fund shares by Putnam Retail Management. The Committee reports and makes recommendationsparty to the Trustees regarding these matters. The Committee currently consists of Messrs. Putnam (Chair), Ahamed, and Leibler, and Mses. Baumann and Sutphen.

Executive Committee. The functionsmanagement contract or entitled to any right or benefit arising under or in respect of the Executive Committee are twofold.management contract. The first is to ensure thatCurrent Management Contracts for other funds do not include this “no third-party beneficiaries” provision. The proposed New Management Contracts for all funds, except for the Putnam funds’ business may be conducted at times when it is not feasible to convene a meeting ofClosed-End Funds, will include the Trustees or“no third-party beneficiaries” provision, consistent with the Current Management Contracts for the Trustees to act by written consent. The Committee may exercise any or all of the power and authority of the Trustees when the Trustees are not in session. The second is to review annual and ongoing goals, objectives and priorities for the Board and to facilitate coordination of all efforts between the Trustees and Putnam Management on behalf of the shareholders of themore recently established funds. The Committee currently consists of Messrs. Leibler (Chair) and Putnam and Ms. Baumann.

Investment Oversight Committees. The Investment Oversight Committees regularly meet with investment personnel of Putnam Management to review the investment performance and strategiesA list of the funds for which this provision will be added is provided in light of their stated goalsAppendix C-8.

Amendments; Defined Terms. Like your fund’s Current Management Contract, its New Management Contract may only be amended in writing, and policies. The Committees seek to identify any compliance issues that are unique to the applicable categories of funds and workamendment must be approved in a manner consistent with the appropriate Board committees to ensure that any such issues are properly addressed. The Committees review1940 Act, the proposed investment objectives, policiesrules and restrictions of new fund products and proposed changes to investment objectives, policies and restrictions of existing funds. Investment Oversight Committee A currently consists of Mses. Domotorffy (Chair) and Sutphen, Messrs. Ahamed, Reynolds and Singh, and Dr. Joskow. Investment Oversight Committee B currently consists of Messrs. Akhoury (Chair), Leibler, and Putnam, Ms. Baumann, and Dr. Hill.

Pricing Committee. The Pricing Committee oversees the valuation of assets of the Putnam funds and reviews the funds’ policies and procedures for achieving accurate and timely pricing of fund shares. The Committee oversees implementation of these policies, including fair value determinations of individual securities made by Putnam Management or other designated agents of the funds. The Committee also reviews (i) compliance by money market funds with Rule 2a-7regulations under the 1940 Act (ii) in-kind redemptions by fund affiliates, (iii)and any applicable guidance or interpretations of the correction of occasional pricing errors,Securities and (iv) Putnam Management’s oversight of pricing vendors. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Messrs. Singh (Chair) and Akhoury, Ms. Domotorffy, and Dr. Hill.

How large of a stake do the Trustees haveExchange Commission or its staff. Similarly, certain terms used in the Putnam family of funds?

The Trustees allocate their investments amongNew Management Contract are used as defined in the Putnam funds based on their own investment needs. The table below shows1940 Act, the number of shares of each fund beneficially owned by each nominee for Trustee, as well asrules and regulations under the value of each nominee’s holdings in each fund1940 Act and in allany applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

The Independent Trustees met with their independent legal counsel and representatives of Putnam funds asManagement and its parent company, Power Corporation of December 31, 2021. As a group,Canada, to discuss the Trustees owned sharespotential Transaction, including the timing and structure of the Transaction and its implications for Putnam funds valued at approximately $82 million, as of December 31, 2021.

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

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

The Board of Trustees actively monitored developments with respect to the potential Transaction throughout the period leading up to the public announcement of a final sale agreement on May 31, 2023. The Independent Trustees met to discuss these matters at their regular meetings on January 27, April 20, and May 19, 2023. The full Board of Trustees also discussed developments at their regular meeting on February 23, 2023. Following the public announcement of the Transaction on May 31, 2023, independent legal counsel for the Independent Trustees furnished a supplemental information request (the “Supplemental Franklin Request”) to Franklin Templeton. At the Board of Trustees’ regular in-person meeting held on June 30, 2022.

^#Mses. Murphy22-23, 2023, representatives of Putnam Management and Pillai have been nominated for election to your fund’s Board and, if elected, will serve as Trustees beginning July 1, 2022.

AsPower Corporation of December 31, 2021, noneCanada provided further information regarding, among other matters, the final terms of the Transaction and efforts undertaken to retain Putnam employees. The Contract Committee of the Board of Trustees owned any preferred sharesalso met on June 22, 2023 to discuss Franklin Templeton’s responses to the Supplemental Franklin Request. Mr. Reynolds, the only Trustee affiliated with Putnam Management, participated in portions of these meetings to provide the perspective of the Putnam Managed Municipal Income Trustorganization, but did not otherwise participate in the deliberations of the Independent Trustees or Putnam Municipal Opportunities Trust. Asthe Contract Committee regarding the potential Transaction.

After the presentations and after reviewing the written materials provided, the Independent Trustees met at their in-person meeting on June 23, 2023 to consider the New Management Contracts for each fund, proposed to become effective upon the closing of December 31, 2021, each Trustee,the Transaction, and the officersfiling of a preliminary proxy statement. At this meeting and throughout the process, the Independent Trustees also received advice from their independent legal counsel regarding their responsibilities in evaluating the potential Transaction and the New Management Contracts. The Independent Trustees reviewed the terms of the fund as a group, owned less than 1% of each fund’s outstanding common shares.proposed New Management Contracts and the differences between the New Management Contracts and the current management contracts. They

How can shareholders communicate withnoted that the Trustees?

The Board provides a process for shareholders to send communicationsterms of the proposed New Management Contracts were substantially identical to the Trustees. Shareholders may direct communicationscurrent management contracts, except for certain changes designed largely to address differences among various of the existing contracts, which had been developed and implemented at different times in the past. (These differences are described elsewhere in this Proxy Statement.)

In considering the approval of the proposed New Management Contracts, the Board asof Trustees took into account a whole or to specified individual Trustees by submitting them in writing to the following address:number of factors, including:⁴

Written communications must include the shareholder’s name, be signed by the shareholder, refer⁴ All references to the Putnam fund(s)Management 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 ofthis section describing 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 personnelTrustees’ considerations should be deemed to include references to PIL and portfolio managers to review recent performance and the current investment climate for selected funds. These meetings ensure that fund performance is reviewed in detail on at least an annual basis. The committees of the Board, including the Executive Committee, may also meet on special occasionsPAC as the need arises. During the calendar year 2021, each Trustee attended at least 75% of the Board and applicable committee meetings noted for each fund and the average Trustee participated in approximately 38 Board and committee meetings.

The number of times the full Board and each committee met during calendar year 2021 is shownnecessary or appropriate in the table below:

context.

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

Theb.   That the funds do not havewould benefit from Franklin Templeton’s large retail and institutional global distribution capabilities and significant network of intermediary relationships, which may provide additional opportunities for the funds to increase assets and reduce expenses by spreading expenses over a formal policy with respectlarger asset base; and

c.    Potential benefits to Trustee attendance at shareholder meetings. While various Trustees may attend shareholder meetings from time to time, your fund’s Trustees did not attend the last annual meeting of your fund. The Trustees are generally represented at shareholder meetings by their independent staff and independent counsel.

What are someshareholders of the ways in whichfunds that could result from the Trustees representalignment of certain fund features and shareholder interests?

Among other ways, the Trustees seek to represent shareholder interests:

• by reviewing your fund’s investment performance with your fund’s investment personnel;

• by discussing with senior management of Putnam Management steps being taken to address any performance deficiencies;

• by reviewing the quality of the various other services provided to your fund and its shareholders by Putnam Management and its affiliates;

• by reviewing in depth the fees paid by each fund and by negotiating with Putnam Management, if appropriate, to ensure that the fees remain reasonable and competitivebenefits with those of comparableother funds while at the same time providing Putnam Management sufficient resources to continue to provide high quality services in the future;

•sponsored by reviewing brokerage costs and fees, allocations among brokers, and soft dollar expenditures (if applicable);

• by discussing shareholder outreach initiatives with senior management of Putnam Management;

• by reviewing the specific concerns of closed-end fund shareholders;

• by monitoring potential conflicts of interest between the Putnam funds, including your fund, and Putnam ManagementFranklin Templeton and its affiliates and access to ensure that the funds continue to be managed in the best interestsa broader array of their shareholders; andinvestment opportunities;

• by monitoring potential conflicts among funds managed by Putnam Management to ensure that shareholders continue to realize the benefits of participation in a large and diverse family of funds.

What are the Trustees paid for their services?

Each Independent Trustee of the funds receives an annual retainer fee and additional fees for each Trustee meeting attended and for certain related services. Independent Trustees also are reimbursed for expenses they incur relating to their service as Trustees. All of the current Independent Trustees of the funds are Trustees of all of the Putnam funds.

The Trustees periodically review their fees to ensure that the fees continue to be appropriate in light of their responsibilities as well as in relation to fees paid to trustees of other mutual fund complexes. The Board Policy and Nominating Committee, which consists solely of Independent Trustees of the funds, estimates that committee and Trustee meeting time, together with the appropriate preparation, requires the equivalent of at least four business days per regular Trustee meeting.

Under a Retirement Plan in effect for Trustees of the Putnam funds elected to the Board before 2003 (the “Plan”), each eligible Trustee who retires with at least five years of service as a Trustee of the funds is entitled to receive an annual retirement benefit equal to one-half of the average annual

attendance and retainer fees paid to such Trustee for calendar years 2003, 2004 and 2005. This retirement benefit is payable during a Trustee’s lifetime, beginningFinally, in considering the year following retirement, for the number of years of service through December 31, 2006. A death benefit, also available under the Plan, ensures that the Trustee and his or her beneficiaries will receive benefit payments for the lesser of an aggregate period of (i) ten years or (ii) such Trustee’s total years of service.

The Plan Administrator (currentlyproposed New Management Contracts, the Board Policyof Trustees also took into account their concurrent deliberations and Nominating Committee) may terminate or amendconclusions in connection with their annual review of the Plan at any time, but no termination or amendment will resultfunds’ current management contracts and the approval of their continuance, effective July 1, 2023, and the extensive materials that they had reviewed in connection with that review process. Appendix E contains a reductionsummary description of the matters considered by the Board of Trustees in the amount of benefits (i) currently being paid to a Trustee at the time of such termination or amendment, or (ii) to which a current Trustee would have been entitled had he or she retired immediately prior to such termination or amendment.connection with those approvals. The Trustees have terminated the Plan with respect to any Trustee first electedconsiderations discussed in Appendix E and in this section also apply to the Board after 2003.

The following table includes the year each Trustee became a Trusteeof Trustees’ consideration of the Putnam funds, the fees paid to each of those Trustees by each fund includedInterim Management Contracts discussed elsewhere in this proxy statement for its most recent fiscal year (ended prior to December 31, 2021), andProxy Statement.

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

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

Under each Current Management Contract, Putnam funds during calendar year 2021. Mses. MurphyManagement may, in its discretion and Pillai did not serve as Trusteeswith the approval of the Board during anyof Trustees (including a majority of the Independent Trustees) and, if required, the approval of shareholders, delegate its advisory responsibilities to one or more subadvisers.

At present, Putnam Management has entered into sub-advisory contracts with PIL, an affiliated subadviser (the “Current PIL Sub-Advisory Contracts”), for each fund, other than Putnam PanAgora ESG Emerging Markets Equity ETF and Putnam PanAgora ESG International Equity ETF. Under the Current PIL Sub-Advisory Contracts, Putnam Management may delegate to PIL certain responsibilities for the management of all or a portion of a fund’s recently completed fiscal year or duringassets as determined by Putnam Management (a “PIL Allocated Sleeve”). PIL, which provides a full range of international investment advisory services to institutional clients, is located at 16 St James’s Street, London, England, SW1A 1ER. Pursuant to the calendar year 2021 andCurrent PIL Sub-Advisory Contracts, Putnam investment professionals who are therefore not includedbased in the table below.

United Kingdom may serve as portfolio

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

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

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

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

* Impact of the Transaction on Trustee fee rates for calendar years 2003, 2004 and 2005.the Sub-Advisory Services Provided to Your Fund

(2) As of December 31, 2021, there were 100 fundsThe Transaction is not expected to result in any diminution in the nature, extent or quality of the services provided by PIL to your fund and its shareholders.

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

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

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

(3) Certain Trustees are also oweddefined in the 1940 Act, may terminate the Interim PIL Sub-Advisory Contract for your fund on 10 calendar days’ written notice to PIL without the payment of any penalty. Pursuant to Rule 15a-4 under the 1940 Act, compensation deferred pursuant to a Trustee Compensation Deferral Plan. earned by PIL under the Interim PIL Sub-Advisory Contract will be held in an interest-bearing escrow account. (As of each fund’s fiscal year ended prior to December 31, 2021, no amounts of deferred compensation were payable, including income earned on such amounts, to these Trustees by these funds.

(4) Mr. Akhoury and Dr. Joskow, if re-elected, will each retire on June 30, 2022.

(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 noted below, the funds, andincluding your fund, do not compensate PIL for its services. That compensation is paid by Putnam Management.

Why should you vote for your fund’s nominees?

Your current Trustees are independent, experienced, and highly qualified fiduciaries who exercise strong fund governance practices.

Independent

• The Chair) If shareholders of your fund Kenneth R. Leibler,approve the New PIL Sub-Advisory Contract before the end of the 150-day period, the amount held in the escrow account under the Interim PIL Sub-Advisory Contract will be paid to PIL. If shareholders of your fund do not approve the New PIL Sub-Advisory Contract prior to the end of the 150-day period, the Board of Trustees will consider what further action to take consistent with their fiduciary duties to the fund, and PIL will be paid the lesser of its costs incurred in performing its services under the Interim PIL Sub-Advisory Contract or the total amount of the escrow account, plus interest earned. The actions considered by the Board of Trustees may include, among other things, determining (to the extent consistent with current law and interpretations of the Securities and Exchange Commission and its staff) that shareholder approval is independentnot required with respect to the New PIL Sub-Advisory Contract, having the fund managed without a sub-adviser, or making other appropriate arrangements.

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

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

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

Investment Sub-Advisory Services. Like the Current PIL Sub-Advisory Contract for your fund, the New PIL Sub-Advisory Contract for your fund provides that PIL will furnish continuously an investment program for a PIL Allocated Sleeve, determining what investments to purchase, hold, sell or exchange and what portion of the PIL Allocated Sleeve assets will be held uninvested, in compliance with the fund’s governing documents, investment objectives, policies and restrictions, and subject to the oversight and control of the Board of Trustees and Putnam Management. Putnam Management may also request PIL to assist with purchasing and selling securities for any fund, including the placement of orders with broker-dealers selected in accordance with the sub-advisory contract, even if Putnam Management has served on the Board for 16 years. He also has extensive experience in the financial services industry, including as Chief Executive Officer ofnot established a major asset management organization, and has served as a director of various public and private companies;

• 10 of the 11 Trustee nominees, and both of the nominees who do not currently serve as Trustees, are independent of Putnam Management; and

• The Independent Trustees are assisted by an independent administrative staff and legal counsel who are selected by the Independent Trustees and are independent of Putnam Management.

Highly Qualified

• The nominees have significant current and past related industry experience, and have a demonstrated history of actively pursuing the interests of fund shareholders;

• The Board includes individuals with substantial professional accomplishments and prior experience in a variety of fields, including investment management, economics, finance, energy, and professional services; and

• The Board has taken actions that directly benefit shareholders — liquidity events such as mergers and tender offers when in the best interests of all shareholders; a share repurchase program that has made a meaningful contribution to investment return; a significant decrease in 2006 in management fee rates for certain Putnam funds; and various efforts to improve shareholder relations.

Strong Governance Practices

• The Board includes a combination of long-tenured and newer members, bringing diverse perspectives to fund oversight;

• The Board has a well-established committee and oversight structurePIL Allocated Sleeve for the Putnam funds, which has been developed over a long period of time; andfund. As indicated above, PIL’s responsibilities under the New PIL

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

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

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

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

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

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

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

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

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

What is the voting requirement for electing Trustees?

For Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust, if a quorumoutstanding shares of preferred shares isthe fund are present at the annual meeting the two nominees for election as Trusteesin person or by the holdersproxy. The Board of the preferred shares, voting as a separate class, who receive the greatest number of affirmative votes cast by holders of the preferred shares will be elected Trustees. If a quorum of common and preferred shares is present, the nominees (see Proposal 1b) for election as Trustees by the holders of the preferred shares and common shares, voting together as a single class, who receive the greatest number of affirmative votes cast by the holders of the preferred shares and common shares, voting together as a single class, will be elected as Trustees.

For Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, if a quorum is present at the annual meeting, the applicable number of nominees (see Proposal 1b) for election as Trustees who receive the greatest number of affirmative votes cast by shareholders will be elected as Trustees.

The Trustees unanimously recommend that shareholders vote “FOR”FOR the electionNew PIL Sub-Advisory Contract.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Additional Information Relevant to the Proposals

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

Further Information About Voting and the AnnualSpecial Meeting

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

Meeting Quorum and Methods of Tabulation. The shareholders of each fund vote separately with respect to the proposals. For Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, the presence in person or by proxyShares of all classes of each fund vote together as a majority of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the annual meeting. For Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust, thirtysingle class. Thirty percent of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the annualspecial meeting for all funds except that(i) Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, for any proposal on which the preferred shares or common shares vote as separate classes, then thirty percenta majority of the shares of each class entitled to vote constitutes a quorum for the transaction of business, with respectand (ii) each of the Putnam ETFs, for which shares representing one-third (1/3) or more of the total combined voting power of all shares of a series entitled to that proposalvote constitutes a quorum for the transaction of business.

Votes cast by that class.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 eacha 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. Because broker-dealers (in the absence of specific authorization from their customers) are not expected to have discretionary authority to vote 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 presentAbstentions and

entitled to vote on the matter for purposes of determining the presence of a quorum). Neither abstentions nor broker non-votes have anthe effect onof votes against the outcomeproposal. Broker non-votes may result in the proposals not being approved, even though the votes cast in favor would have been sufficient to approve the proposal if some or all of Proposal 1a or 1b.the broker non-votes had been withheld.

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

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

Shareholders who object to aany proposal in this proxy statementProxy Statement will not be entitled under Massachusetts law or your fund’sDelaware law, as applicable, or the Agreement and Declaration of Trust of the particular fund to demand payment for, or an appraisal of, their shares.

For the Putnam Closed-End Funds:

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

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

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

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

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

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

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

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

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

Solicitation of proxies. In addition to soliciting proxies by mail, the Trustees of your fund and employees of Putnam Management and Putnam Investor Services, as well as their agents, may solicit proxies in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for voting proxies by telephone are designed to authenticate shareholders’ identities, to allow them to authorize the voting of their shares in accordance with their instructions, and to confirm that their instructions have been properly recorded. Shareholders would be called at the phone number Putnam Management or Putnam Investor Services has in its records for their accounts (or that Putnam Management or Putnam Investor Services obtains from agents acting on behalf of financial intermediaries, in the case of shares held in street name through a bank, broker or other financial intermediary) and would be given an opportunity to authenticate their identities and to authorize the proxies to vote their shares at the annualspecial 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 annualspecial 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 hiredselected by Putnam Management  or by automated telephone service. To vote online using the Internet, please access the Internet address listed on the proxy card and follow the instructions on the Internet site. To record your voting instructions using the automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions, and to confirm that shareholders’ instructions have been recorded properly.

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.

Expense of the solicitation. For managing the funds’ overall proxy campaign, AST Fund Solutions, 48 Wall Street, 22nd Floor, New York, NY 10005 will receive a management fee plus reimbursement for out-of-pocket expenses. AST Fund Solutions will also receive fees in connection with assembling, mailing and transmitting the notice of meeting, proxy statement and related materials on behalf of the funds, tabulating those votes that are received, and any solicitation of additional votes. While the fees received by AST Fund Solutions will vary based on the level of additional solicitation necessary to achieve quorum and shareholder approval of the Trustees’ recommendations, the project management fees paid to AST Fund Solutions are estimated to be approximately $5,607 for Putnam Managed Municipal Income Trust, $6,548 for Putnam Master Intermediate Income Trust, $5,157 for Putnam Municipal Opportunities Trust, and $9,245 for Putnam Premier Income Trust (approximately $26,557 in the aggregate for all funds). In addition, banks, brokers or other financial intermediaries holding shares as nominee 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. After reimbursement of these expenses, it is estimated that Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust will incur total costs of approximately $25,997, $23,914, $22,338, and $49,188, respectively, in connection with the proxy campaign (approximately $121,437 in the aggregate for all funds). Other costs associated with the proxy campaign include the expenses of the preparation and printing of proxy materials. Each fund is bearing all of its proxy campaign costs.

Revocation of proxies. Giving your proxy, whether by returning the proxy cardcard(s) or providing voting instructions over the Internet or by telephone, does not affect your right to attend the special meeting and vote atin person. Proxies, including proxies given by telephone or over the annual meeting. ProxiesInternet, 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 annualspecial meeting and voting at the meeting.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

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

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

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

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

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

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

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

Information for the Putnam Closed-End Funds

Date for receipt of shareholders’ proposals for subsequent meetings of shareholders.It is currently anticipated that your fund’s next annual meeting of shareholders will be held on April 21, 2023,26, 2024, although the Trustees of your fund reserve the right to set an earlier or later date for the

annual meeting for the 2022–2023next fiscal year. Shareholder proposals whichthat are intended to be included in the proxy statement for that meeting and presented at the 20232024 annual meeting must have been received by your fund on or before November 22, 2022.27, 2023. In order for a shareholder proposal to be included in the proxy statement, both the submitting shareholder and the proposal itself must satisfy the requirements set forth in Rule 14a-8 under the Securities Exchange Act.Act of 1934. The fund may exclude from the proxy materials and

consideration at a meeting certain proposals as permitted by Securities and Exchange Commission rules and state law. Shareholders who wish to make a proposal at the 20232024 annual meeting without including the proposal in the fund’s proxy statement must ensure that the proposal was received by your fund in good order and in compliance with all applicable legal requirements, including the requirements set forth in your fund’s Amended and Restated Bylaws, between January 21, 202322, 2024 and February 20, 2023.21, 2024. You may obtain a copy of your fund’s Amended and Restated Bylaws by submitting a request in writing to The Putnam Funds, 100 Federal Street, Boston, Massachusetts 02110.

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

In addition to any ability that the persons named as proxies may have to propose and/or vote on an adjournment of any meeting of shareholders as described below, to the extent permitted by each fund’s Declaration of Trust and Amended and Restated Bylaws, any meeting of shareholders may, by action of the chair of the meeting, be adjourned from time to time without notice (other than announcement at the meeting at which the adjournment is taken) with respect to one or more matters to be considered at the meeting to a designated date (which may be more than 120 days after the date initially set for the meeting), time and place, whether or not a quorum is present with respect to the matter. Upon motion of the chair of the meeting, the question of adjournment may (but need not) be submitted to a vote of the shareholders, and in that case, any adjournment with respect to one or more matters must be approved by the vote of holders of a majority of the shares present and entitled to vote with respect to the matter or matters to be adjourned and, if approved, such adjournment shall take place without further notice (other than announcement at the meeting at which the adjournment is taken). If the quorum required quorumfor the meeting has not been met, the persons named as proxies may propose adjournment of the meeting and vote all shares that they are entitled to vote in favor of such adjournment. If the quorum required for the meeting has been met, but sufficient votes in accordance with the Trustees’ recommendations are not received by the time scheduled for the meeting, the persons named as proxies may also propose adjournment of the meeting with respect to any or all proposals in order to permit solicitation of additional proxies. The persons named as proxies will vote in favor of adjournment those proxies that they are entitled to vote in accordance with the Trustees’ recommendation. They will vote against adjournment those proxies required to be voted contrary to the Trustees’ recommendation. Unless a proxy is otherwise limited in this regard, any shares present and entitled to vote at a meeting including shares that are represented by broker non-votes, may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. Adjournments may be proposed for a reasonable period or periods to permit further solicitation of proxies or for any other reason. The fundsPutnam Investments (or an affiliate) will bear the costs of any additional solicitation and of any adjourned session. Any proposal for which sufficient votes consistent with the Trustees’ recommendation have been received may be acted upon and considered final regardless of whether the meeting is adjourned

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

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

Information for the Putnam Open-End Funds and ETFs  

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

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

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

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

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

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

of the meeting, be adjourned from time to time without further notice (other than announcement at the meeting at which the adjournment is taken) with respect to one or more matters to be considered at the meeting to a designated date (which may be more than 120 days after the date initially set for the meeting), time and place, whether or not a quorum is present with respect to the matter. Upon motion of the chair of the meeting, the question of adjournment may, but need not, be submitted to a vote of the shareholders, and in that case, any adjournment with respect to one or more matters must be approved by the vote of holders of a majority of the shares present and entitled to vote with respect to the matter or matters to be adjourned and, if approved, such adjournment shall take place without further notice (other than announcement at the meeting at which the adjournment is taken). If the quorum required for the meeting has not been met, the persons named as proxies may propose adjournment of the meeting and vote all shares that they are entitled to vote in favor of such adjournment. If the quorum required for the meeting has been met, but sufficient votes in accordance with the Trustees’ recommendation are not received by the time scheduled for the meeting, the persons named as proxies may also propose adjournment of the meeting with respect to any or all proposals in order to permit solicitation of additional proxies. The persons named as proxies will vote in favor of adjournment those proxies that they are entitled to vote in accordance with the Trustees’ recommendation. “They will vote against adjournment those proxies required to be voted contrary to the Trustees’ recommendation. Unless a proxy is otherwise limited in this regard, any shares present and entitled to vote at a meeting that are represented by broker non-votes, if any, may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. Adjournments may be proposed for a reasonable period or periods to permit further solicitation of proxies or for any other reason. Putnam Investments (or an affiliate) will bear the costs of any additional solicitation and of any adjourned sessions. Any proposal for which sufficient votes consistent with the Trustees’ recommendation have been received may be acted upon and considered final regardless of whether the special meeting is adjourned to permit additional solicitation with respect to any other proposal that may properly come before the meeting.

Information for all funds

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

Duplicate mailings. As permitted by SEC rules, Putnam Management’s policythe funds’ practice is to send a single copy of the proxy statement to shareholders who share the same last name and address, unless a shareholder previously has requested otherwise. Separate proxy cards will be included with the proxy statement for each account registered at that address. If you would prefer to receive your own copy of the proxy statement, please contact Putnam InvestmentsInvestor Services by phone at 1-877-536-15551-800-225-1581 or by mail at P.O. Box 219697, Kansas City, MO 64121-9697.

Financial information. Your fund’s Clerk will furnish to you, upon request and without charge, a copy of the fund’s annual report for its most recent fiscal year, and a copy of its semiannual report for any subsequent semiannual period. You may direct these requests to Putnam Investments,Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697 or by phone at 1-877-536-1555.1-800-225-1581. You may also access copies of these reports by visiting Putnam’s website at www.putnam.com/individual.putnam.com/individual.

Fund Information

Putnam Investments. Investment Management, LLC. Putnam Investment Management, LLC (“Putnam Management”) is an indirect wholly ownedwholly-owned subsidiary of Putnam Investments, LLC (“Putnam Investments”). The funds do not have a distributor or principal underwriter. 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%51.35% of the voting rights of Power Corporation of Canada. Power Corporation of Canada is an international management and holding company that focuses on financial services in North America, Europe and Asia. Power Financial Corporation, a wholly owned subsidiary of Power Corporation of Canada, is an international management and holding company with interests in financial services and asset management businesses in Canada, the United States and Europe. Power Financial Corporation in turn owns, directly and indirectly, voting securities to which are attached approximately 65%70.63% of the voting rights attached to all of the outstanding voting shares of Great-West Lifeco Inc., an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco Inc. indirectly owns a majority interest in, and all of the voting shares of, Putnam Investments through a series of subsidiaries.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 annual 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 of Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust and to not retain KPMG LLP, and on April 3, 2020, upon request of the Putnam Funds, KPMG LLP provided a letter of resignation. During the two previous fiscal years, 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 the Fund’s 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 Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust.

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

Putnam Managed Municipal Income Trust

Putnam Master Intermediate Income Trust

Putnam Municipal Opportunities Trust

Putnam Premier Income Trust

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.

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:

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 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 auditor for services required to be approved pursuant to paragraph (c) (7)(ii) of Rule 2-01 of Regulation S-X:

The Audit, Compliance and Risk Committee of the funds has submitted the following report:

The Audit, Compliance and Risk Committee has reviewed and discussed with management of the funds the audited financial statements of each fund for the last fiscal year. The Audit, Compliance and Risk Committee has discussed with each fund’s independent auditor the matters required to be discussed by Statements on Auditing Standard No. 61 (SAS No. 61), as amended, supplemented or superseded from time to time. The Audit, Compliance and Risk Committee has received the written disclosures and the letter from each fund’s independent auditor required by the applicable requirements of the Public Company Accounting Oversight Board regarding the independent auditor’s communications with the Audit, Compliance and Risk Committee concerning independence and has discussed with the independent auditor its independence. Based on the foregoing review and discussions, the Audit, Compliance and Risk Committee recommended to the Trustees that each fund’s audited financial statements for the last fiscal year be included in each fund’s annual report to shareholders.

Manoj P. Singh (Chairperson)
Ravi Akhoury
Katinka Domotorffy

Catharine Bond Hill
Paul L. Joskow

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

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 whoindicated 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.funds, except in certain cases where a fund has a unitary fee and/or expense limitation arrangement whereby Putnam Management is responsible for all or a portion of these individuals’ compensation.

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

Net5% Beneficial Ownership. As of May 31, 2023, to the knowledge of the funds, no person other than those listed on Appendix K owned beneficially or of record 5% or more of any class of shares of any Putnam fund. Putnam Investments or one of its affiliates (typically Putnam Investment Holdings, LLC) typically provides initial capital sufficient for the operation of new funds. Putnam Investments and its affiliates intend to vote their shares for each of the proposals, in accordance with the Trustees’ recommendations. As of the applicable Record Date, these investments represented a majority of the outstanding voting shares of some Putnam funds. See Appendix K for information about persons owning 5% or more of any class of shares of each Putnam fund.

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

[to be updated by amendment]

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

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

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

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