Form NSAR-B PUTNAM GLOBAL EQUITY For: Oct 31
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E-mailPAGE 1 000 B000000 10/31/2016 000 C000000 0000081251 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 PUTNAM GLOBAL EQUITY FUND 001 B000000 811-01403 001 C000000 6172921000 002 A000000 ONE POST OFFICE SQUARE 002 B000000 BOSTON 002 C000000 MA 002 D010000 02109 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 007 C010200 2 007 C010300 3 007 C010400 4 007 C010500 5 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A000001 PUTNAM INVESTMENT MANAGEMENT, LLC 008 B000001 A 008 C000001 801-7974 008 D010001 BOSTON 008 D020001 MA 008 D030001 02109 008 A000002 PUTNAM INVESTMENTS LIMITED 008 B000002 S 008 C000002 801-61441 008 D010002 LONDON 008 D050002 ENGLAND 008 D060002 SW1A 1LD 008 A000003 THE PUTNAM ADVISORY COMPANY, LLC 008 B000003 S 008 C000003 801-5097 008 D010003 BOSTON 008 D020003 MA 008 D030003 02109 011 A000001 PUTNAM RETAIL MANAGEMENT LIMITED PARTNERSHIP PAGE 2 011 B000001 8-5088 011 C010001 BOSTON 011 C020001 MA 011 C030001 02109 012 A000001 PUTNAM INVESTOR SERVICES, INC. 012 B000001 84-06331 012 C010001 BOSTON 012 C020001 MA 012 C030001 02109 013 A000001 KPMG LLP 013 B010001 BOSTON 013 B020001 MA 013 B030001 02111 015 A000001 STATE STREET BANK AND TRUST COMPANY 015 B000001 C 015 C010001 BOSTON 015 C020001 MA 015 C030001 02110 015 E010001 X 018 000000 Y 019 A000000 Y 019 B000000 116 019 C000000 PUTNAMFUND 020 A000001 BANC OF AMERICA SECURITIES, LLC 020 B000001 56-2058405 020 C000001 70 020 A000002 CITIBANK, N.A. 020 B000002 13-5266470 020 C000002 66 020 A000003 GOLDMAN SACHS & CO. 020 B000003 13-5108880 020 C000003 57 020 A000004 MORGAN STANLEY & CO., LLC 020 B000004 13-2655998 020 C000004 50 020 A000005 JPMORGAN SECURITIES, LLC 020 B000005 13-3299429 020 C000005 49 020 A000006 UBS SECURITIES, LLC 020 B000006 13-3873456 020 C000006 41 020 A000007 CREDIT SUISSE SECURITIES (USA), LLC 020 B000007 05-0546650 020 C000007 40 020 A000008 DEUTSCHE BANK SECURITIES, INC. 020 B000008 13-2730828 020 C000008 34 020 A000009 WEEDEN & CO. L.P. 020 B000009 13-3364318 020 C000009 27 020 A000010 BARCLAYS CAPITAL, INC. PAGE 3 020 B000010 06-1031656 020 C000010 27 021 000000 738 022 A000001 CITIBANK, N.A. 022 B000001 13-5266470 022 C000001 7082 022 D000001 5985 022 A000002 MORGAN STANLEY & CO., LLC 022 B000002 13-2655998 022 C000002 5808 022 D000002 0 022 A000003 UBS SECURITIES, LLC 022 B000003 13-3873456 022 C000003 3054 022 D000003 0 022 A000004 JPMORGAN SECURITIES, LLC 022 B000004 13-3299429 022 C000004 2702 022 D000004 0 022 A000005 TD SECURITIES (USA), LLC 022 B000005 22-2203727 022 C000005 1833 022 D000005 0 022 A000006 GOLDMAN SACHS & CO. 022 B000006 13-5108880 022 C000006 1420 022 D000006 0 022 A000007 BANC OF AMERICA SECURITIES, LLC 022 B000007 56-2058405 022 C000007 932 022 D000007 0 022 A000008 BARCLAYS CAPITAL, INC. 022 B000008 06-1031656 022 C000008 903 022 D000008 0 022 A000009 NOMURA SECURITIES INTERNATIONAL, INC. 022 B000009 13-2642206 022 C000009 789 022 D000009 0 022 A000010 BMO CAPITAL MARKETS CORP. 022 B000010 13-3459853 022 C000010 557 022 D000010 0 023 C000000 26119 023 D000000 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Y 035 000000 9 036 A000000 N 036 B000000 0 037 000000 N 038 000000 0 039 000000 N 040 000000 Y 041 000000 Y 042 A000000 0 042 B000000 0 042 C000000 100 042 D000000 0 042 E000000 0 042 F000000 0 042 G000000 0 042 H000000 0 043 000000 2128 044 000000 0 045 000000 Y 046 000000 N 047 000000 N 048 000000 0.000 048 A010000 0 048 A020000 0.000 048 B010000 0 048 B020000 0.000 048 C010000 0 048 C020000 0.000 048 D010000 0 048 D020000 0.000 048 E010000 0 048 E020000 0.000 048 F010000 0 048 F020000 0.000 048 G010000 0 048 G020000 0.000 048 H010000 0 048 H020000 0.000 048 I010000 0 048 I020000 0.000 048 J010000 0 048 J020000 0.000 048 K010000 0 048 K020000 0.000 PAGE 6 049 000000 N 050 000000 N 051 000000 Y 052 000000 Y 053 A000000 Y 053 B000000 Y 054 A000000 Y 054 B000000 Y 054 C000000 Y 054 D000000 N 054 E000000 N 054 F000000 N 054 G000000 N 054 H000000 N 054 I000000 N 054 J000000 Y 054 K000000 N 054 L000000 Y 054 M000000 Y 054 N000000 N 054 O000000 N 055 A000000 N 055 B000000 N 056 000000 Y 057 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Y 070 Q010000 N 070 Q020000 N 070 R010000 Y 070 R020000 N 071 A000000 367306 071 B000000 429097 071 C000000 762608 071 D000000 48 072 A000000 12 PAGE 8 072 B000000 85 072 C000000 14576 072 D000000 0 072 E000000 408 072 F000000 4930 072 G000000 22 072 H000000 0 072 I000000 1538 072 J000000 56 072 K000000 53 072 L000000 48 072 M000000 60 072 N000000 0 072 O000000 0 072 P000000 0 072 Q000000 0 072 R000000 65 072 S000000 67 072 T000000 2128 072 U000000 0 072 V000000 0 072 W000000 158 072 X000000 9125 072 Y000000 11 072 Z000000 5955 072AA000000 0 072BB000000 6475 072CC010000 0 072CC020000 22113 072DD010000 4098 072DD020000 351 072EE000000 0 073 A010000 0.0000 073 A020000 0.0000 073 B000000 0.0000 073 C000000 0.0000 074 A000000 0 074 B000000 0 074 C000000 241 074 D000000 0 074 E000000 4845 074 F000000 722674 074 G000000 1485 074 H000000 0 074 I000000 58007 074 J000000 4723 074 K000000 0 074 L000000 3862 074 M000000 31 074 N000000 795868 074 O000000 7536 PAGE 9 074 P000000 1370 074 Q000000 0 074 R010000 0 074 R020000 0 074 R030000 951 074 R040000 41849 074 S000000 0 074 T000000 744162 074 U010000 57272 074 U020000 3167 074 V010000 0.00 074 V020000 0.00 074 W000000 0.0000 074 X000000 69963 074 Y000000 110 075 A000000 0 075 B000000 777223 076 000000 0.00 077 A000000 Y 077 B000000 Y 077 Q010000 Y 077 Q030000 Y 078 000000 N 080 A000000 NATL UNION FIRE/ACE AMER/GREAT AMER/FID&DEP 080 B000000 FEDERAL INSURANCE COMPANY 080 C000000 80000 081 A000000 Y 081 B000000 115 082 A000000 N 082 B000000 0 083 A000000 N 083 B000000 0 084 A000000 N 084 B000000 0 085 A000000 Y 085 B000000 N 086 A010000 0 086 A020000 0 086 B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 SIGNATURE JANET C. SMITH TITLE PRINC. ACCT. OFFICER
Report of Independent Registered Public Accounting Firm
The Board of Trustees and Shareholders
Putnam Global Equity Fund:
In planning and performing our audit of the financial statements
of Putnam Global Equity Fund ( the Fund ) as of and for the year
ended October 31, 2016, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), we
considered the Funds internal control over financial reporting,
including controls over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, but not for the purpose of
expressing an opinion on the effectiveness of the Funds internal
control over financial reporting. Accordingly, we express no
such opinion.
Management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles (GAAP).
A companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with GAAP, and that receipts
and expenditures of the company are being made only in
accordance with authorizations of management and trustees of the
company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use
or disposition of the companys assets that could have a material
effect on the financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of a funds annual or interim financial
statements will not be prevented or detected on a timely basis.
Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control that might be material weaknesses under
standards established by the Public Company Accounting Oversight
Board (United States). However, we noted no deficiencies in the
Funds internal control over financial reporting and its
operation, including controls over safeguarding securities, that
we consider to be a material weakness as defined above as of
October 31, 2016.
This report is intended solely for the information and use of
management and the Board of Trustees of Putnam Global Equity
Fund and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these
specified parties.
/s/ KPMG LLP
Boston, Massachusetts
December 13, 2016
Putnam Global Equity Fund, as of October 31, 2016, annual shareholder report Because the electronic format for filing Form NSAR does not provide adequate space for responding to certain items correctly, the correct answers are as follows: 72DD1 (000s omitted) Class A 4,081 Class B 0 Class C 12 Class M 5 72DD2 (000s omitted) Class R5 0 Class R6 112 Class Y 239 73A1 Class A 0.069 Class C 0.007 Class M 0.006 73A2 Class R5 0.108 Class R6 0.122 Class Y 0.102 74U1 (000s omitted) Class A 53,903 Class B 950 Class C 1,604 Class M 815 74U2 (000s omitted) Class R 41 Class R6 893 Class Y 2,233 74V1 Class A 12.34 Class B 11.02 Class C 11.59 Class M 11.79 74V2 Class R 12.22 Class R6 12.80 Class Y 12.76 Item 61 Additional Information About Minimum Required Investment Shareholders can open a fund account with as little as $500 and make subsequent investments in any amount. The minimum investment is waived if you make regular investments weekly, semi monthly, or monthly through automatic deductions through your bank checking or savings account. Currently, Putnam is waiving the minimum, but reserves the right to reject initial investments under the minimum. Item 85B Additional Information About Errors and Omissions Policy While no claims with respect to the Registrant/Series were filed under such policy during the period, requests under such policy for reimbursement of legal expenses and costs arising out of claims of market timing activity in the Putnam Funds have been submitted by the investment manager of the Registrant/Series.
PUTNAM FUNDS
SUB-MANAGEMENT CONTRACT
This Sub-Management Contract is dated as of February 27,
2014 between PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware
limited liability company (the Manager) and PUTNAM INVESTMENTS
LIMITED, a company organized under the laws of England and Wales
(the Sub-Manager).
WHEREAS, the Manager is the investment manager of each of
the investment companies registered under the United States
Investment Company Act of 1940, as amended, that are identified
on Schedule A hereto, as it may from time to time be amended by
the Manager (the Funds), and a registered investment adviser
under the United States Investment Advisers Act of 1940, as
amended;
WHEREAS, the Sub-Manager is licensed as an investment
manager by the Financial Conduct Authority of the United Kingdom
(the FCA); and
WHEREAS, the Manager desires to engage the Sub-Manager from
time to time to manage a portion of certain of the Funds:
NOW THEREFORE, in consideration of the mutual covenants
herein contained, it is agreed as follows:
1. SERVICES TO BE RENDERED BY SUB-MANAGER.
(a) The Sub-Manager, at its expense, will furnish
continuously an investment program for that portion of any Fund
the management of which is allocated from time to time by the
Manager to the Sub-Manager (an Allocated Sleeve). The Manager
shall, in its sole discretion, determine which Funds will have an
Allocated Sleeve and the amount of assets allocated from time to
time to each such Allocated Sleeve; provided that, with respect
to any Fund, the Trustees of such Fund must have approved the use
of the Sub-Manager prior to the creation of an Allocated Sleeve
for such Fund. The Sub-Manager will determine what investments
shall be purchased, held, sold or exchanged by any Allocated
Sleeve and what portion, if any, of the assets of the Allocated
Sleeve shall be held uninvested and shall, on behalf of the Fund,
make changes in the Funds investments held in such Allocated
Sleeve.
(b) The Manager may also, at its discretion, request the
Sub-Manager to provide assistance with purchasing and selling
securities for any Fund, including the placement of orders with
broker-dealers selected in accordance with Section 1(d), even if
the Manager has not established an Allocated Sleeve for such
Fund.
(c) The Sub-Manager at its expense will furnish all
necessary investment and management facilities, including
salaries of personnel, required for it to execute its duties
faithfully.
(d) The Sub-Manager shall place all orders for the purchase
and sale of portfolio investments for any Allocated Sleeve with
brokers or dealers selected by the Sub-Manager. In the selection
of such brokers or dealers and the placing of such orders, the
Sub-Manager shall use its best efforts to obtain for the related
Fund the most favorable price and execution available, except to
the extent it may be permitted to pay higher brokerage
commissions for brokerage and research services as described
below. In using its best efforts to obtain for the Fund the most
favorable price and execution available, the Sub-Manager, bearing
in mind the Funds best interests at all times, shall consider all
factors it deems relevant, including by way of illustration,
price, the size of the transaction, the nature of the market for
the security, the amount of the commission, the timing of the
transaction taking into account market prices and trends, the
reputation, experience and financial stability of the broker or
dealer involved and the quality of service rendered by the broker
or dealer in other transactions. Subject to such policies as the
Trustees of the Funds may determine, the Sub-Manager shall not be
deemed to have acted unlawfully or to have breached any duty
created by this Contract or otherwise solely by reason of its
having caused a Fund to pay a broker or dealer that provides
brokerage and research services to the Manager or the Sub-Manager
an amount of commission for effecting a portfolio investment
transaction in excess of the amount of commission another broker
or dealer would have charged for effecting that transaction, if
the Sub-Manager determines in good faith that such amount of
commission was reasonable in relation to the value of the
brokerage and research services provided by such broker or
dealer, viewed in terms of either that particular transaction or
its overall responsibilities with respect to the Fund and to
other clients of the Manager or the Sub-Manager as to which the
Manager or the Sub-Manager exercises investment discretion. The
Sub-Manager agrees that in connection with purchases or sales of
portfolio investments for any Fund, neither the Sub-Manager nor
any officer, director, employee or agent of the Sub-Manager shall
act as a principal or receive any commission other than as
provided in Section 3.
(e) The Sub-Manager shall not be obligated to pay any
expenses of or for the Manager or any Fund not expressly assumed
by the Sub-Manager pursuant to this Section 1.
(f) In the performance of its duties, the Sub-Manager will
comply with the provisions of the Agreement and Declaration of
Trust and By-Laws of each applicable Fund and such Funds stated
investment objectives, policies and restrictions, and will use
its best efforts to safeguard and promote the welfare of such
Fund and to comply with other policies which the Manager or the
Trustees may from time to time determine and shall exercise the
same care and diligence expected of the Manager.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees,
officers and employees of a Fund may be a shareholder, director,
officer or employee of, or be otherwise interested in, the Sub-
Manager, and in any person controlled by or under common control
with the Sub-Manager, and that the Sub-Manager and any person
controlled by or under common control with the Sub-Manager may
have an interest in such Fund. It is also understood that the
Sub-Manager and any person controlled by or under common control
with the Sub-Manager have and may have advisory, management,
service or other contracts with other organizations and persons,
and may have other interests and business.
3. COMPENSATION.
Except as provided below, the Manager will pay to the Sub-
Manager as compensation for the Sub-Managers services rendered, a
fee, computed and paid quarterly at the annual rate of 0.35% per
annum of average aggregate net asset value of the assets in
equity and asset allocation Allocated Sleeves and 0.40% per annum
of average aggregate net asset value of the assets in fixed
income Allocated Sleeves, except for fixed income Allocated
Sleeves in certain fixed income Funds enumerated as follows (with
the per annum fee provided in parentheses): Putnam Money Market
Liquidity Fund (0.20%), Putnam Government Money Market Fund
(0.20%), Putnam Short Term Investment Fund (0.20%), Putnam Money
Market Fund (0.25%), Putnam VT Government Money Market Fund
(0.25%), Putnam Short Duration Income Fund (0.25%), Putnam Short-
Term Municipal Income Fund (0.25%), Putnam American Government
Income Fund (0.25%), Putnam Income Fund (0.25%), Putnam U.S.
Government Income Trust (0.25%), Putnam VT American Government
Income Fund (0.25%), and Putnam VT Income Fund (0.25%).
Such average net asset value shall be determined by taking
an average of all of the determinations of such net asset value
during a quarter at the close of business on each business day
during such quarter while this Contract is in effect. Such fee
shall be payable for each quarter within 30 days after the close
of such quarter. The Sub-Manager shall look only to the Manager
for payment of its fees. No Fund shall have any responsibility
for paying any fees due the Sub-Manager.
With respect to each of Putnam High Income Securities Fund,
Putnam Master Intermediate Income Trust and Putnam Premier Income
Trust, the Manager will pay to the Sub-Manager as compensation
for the Sub-Managers services rendered, a fee, computed and paid
quarterly at the annual rate of 0.40% of Average Weekly Assets in
Allocated Sleeves. Average Weekly Assets means the average of the
weekly determinations of the difference between the total assets
of the Fund (including any assets attributable to leverage for
investment purposes) attributable to an Allocated Sleeve and the
total liabilities of the Fund (excluding liabilities incurred in
connection with leverage for investment purposes) attributable to
such Allocated Sleeve, determined at the close of the last
business day of each week, for each week which ends during the
quarter. Such fee shall be payable for each quarter within 30
days after the close of such quarter. As used in this Section 3,
leverage for investment purposes means any incurrence of
indebtedness the proceeds of which are to be invested in
accordance with the Funds investment objective. For purposes of
calculating Average Weekly Assets, liabilities associated with
any instruments or transactions used to leverage the Funds
portfolio for investment purposes (whether or not such
instruments or transactions are covered within the meaning of the
Investment Company Act of 1940 and the rules and regulations
thereunder, giving effect to any interpretations of the
Securities and Exchange Commission and its staff) are not
considered liabilities. For purposes of calculating Average
Weekly Assets, the total assets of the Fund will be deemed to
include (a) any proceeds from the sale or transfer of an asset
(the Underlying Asset) of the Fund to a counterparty in a reverse
repurchase or dollar roll transaction and (b) the value of such
Underlying Asset as of the relevant measuring date.
In the event that the Managers management fee from any of
Putnam High Income Securities Fund, Putnam Master Intermediate
Income Trust or Putnam Premier Income Trust is reduced pursuant
to the investment management contract between such Fund and the
Manager because during any Measurement Period (as defined below)
the amount of interest payments and fees with respect to
indebtedness or other obligation of the Fund incurred for
investment leverage purposes, plus additional expenses
attributable to any such leverage for investment purposes,
exceeds the portion of the Funds net income and net short-term
capital gains (but not long-term capital gains) accruing during
such Measurement Period as a result of the fact that such
indebtedness or other obligation was outstanding during the
Measurement Period, the fee payable to the Sub-Manager with
respect to such Fund shall be reduced in the same proportion as
the fee paid to the Manager with respect to such Fund is so
reduced. Measurement Period shall be any period for which
payments of interest or fees (whether designated as such or
implied) are payable in connection with any indebtedness or other
obligation of the Fund incurred for investment purposes.
If the Sub-Manager shall serve for less than the whole of a
quarter, the foregoing compensation shall be prorated.
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS
CONTRACT.
This Contract shall automatically terminate without the
payment of any penalty, in the event of its assignment; and this
Contract shall not be amended with respect to any Allocated
Sleeve unless such amendment be approved at a meeting by the
vote, cast in person at a meeting called for the purpose of
voting on such approval, of a majority of the Trustees of the
related Fund who are not interested persons of such Fund or of
the Manager.
5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.
This Contract shall become effective upon its execution, and
shall remain in full force and effect continuously thereafter
(unless terminated automatically as set forth in Section 4) until
terminated as follows:
(a) Either party hereto or, with respect to any Allocated
Sleeve, the related Fund may at any time terminate this Contract
by not more than sixty days nor less than thirty days written
notice delivered or mailed by registered mail, postage prepaid,
to the other party, or
(b) With respect to any Allocated Sleeve, if (i) the
Trustees of the related Fund or the shareholders by the
affirmative vote of a majority of the outstanding shares of such
Fund, and (ii) a majority of the Trustees of such Fund who are
not interested persons of such Fund or of the Manager, by vote
cast in person at a meeting called for the purpose of voting on
such approval, do not specifically approve at least annually the
continuance of this Contract, then this Contract shall
automatically terminate at the close of business on the
anniversary of its execution, or upon the expiration of one year
from the effective date of the last such continuance, whichever
is later, or
(c) With respect to any Allocated Sleeve, automatically
upon termination of the Managers investment management contract
with the related Fund.
Action by a Fund under (a) above may be taken either (i) by
vote of a majority of its Trustees, or (ii) by the affirmative
vote of a majority of the outstanding shares of such Fund.
Termination of this Contract pursuant to this Section 5 will
be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the affirmative vote of a
majority of the outstanding shares of a Fund means the
affirmative vote, at a duly called and held meeting of
shareholders of such Fund, (a) of the holders of 67% or more of
the shares of such Fund present (in person or by proxy) and
entitled to vote at such meeting, if the holders of more than 50%
of the outstanding shares of such Fund entitled to vote at such
meeting are present in person or by proxy, or (b) of the holders
of more than 50% of the outstanding shares of such Fund entitled
to vote at such meeting, whichever is less.
For the purposes of this Contract, the terms affiliated
person, control, interested person and assignment shall have
their respective meanings defined in the United States Investment
Company Act of 1940 and the Rules and Regulations thereunder (the
1940 Act), subject, however, to such exemptions as may be granted
by the Securities and Exchange Commission under said Act; the
term specifically approve at least annually shall be construed in
a manner consistent with the 1940 Act, and the Rules and
Regulations thereunder; and the term brokerage and research
services shall have the meaning given in the United States
Securities Exchange Act of 1934 and the Rules and Regulations
thereunder.
7. NON-LIABILITY OF SUB-MANAGER.
In the absence of willful misfeasance, bad faith or gross
negligence on the part of the Sub-Manager, or reckless disregard
of its obligations and duties hereunder, the Sub-Manager shall
not be subject to any liability to the Manager, any Fund or to
any shareholder of any Fund, for any act or omission in the
course of, or connected with, rendering services hereunder.
8. ADDITIONAL PROVISIONS.
(a) The Sub-Manager represents that it is regulated by the
FCA in the conduct of its investment business. The Sub-Manager
has in operation a written procedure in accordance with FCA rules
for the effective consideration and proper handling of complaints
from customers. Any complaint by the Manager or any Fund should
be sent to the Compliance Officer of the Sub-Manager. The Manager
and any Fund is also entitled to make any complaints about the
Sub-Manager to the Financial Ombudsman Service established by the
FCA. The Manager and any Fund may also request a statement
describing its rights to compensation in the event of the Sub-
Managers inability to meet its liabilities.
(b) The Manager represents that it and each Fund are
Professional Customers in the meaning of the FCAs rules.
(c) Although each Fund is not a party hereto and shall have
no responsibility for the Managers or the Sub-Managers
obligations hereunder, each Fund is named as explicit third party
beneficiary of the parties agreements hereunder.
IN WITNESS WHEREOF, PUTNAM INVESTMENTS LIMITED and PUTNAM
INVESTMENT MANAGEMENT, LLC have each caused this instrument to be
signed in duplicate on its behalf by an officer duly authorized,
all as of the day and year first above written.
PUTNAM INVESTMENTS LIMITED
By:
/s/ Simon Davis
Simon Davis
PUTNAM INVESTMENT MANAGEMENT, LLC
By:
/s/ James. P. Pappas
James P. Pappas
Director of Trustee Relations and
Authorized Person
Schedule A
Effective as of October 27, 2016 unless otherwise noted
Putnam Absolute Return 100 Fund
Putnam Absolute Return 300 Fund
Putnam Absolute Return 500 Fund
Putnam Absolute Return 700 Fund
Putnam American Government Income Fund
Putnam AMT-Free Municipal Fund
Putnam Arizona Tax Exempt Income Fund
Putnam Asia Pacific Equity Fund
Putnam California Tax Exempt Income Fund
Putnam Capital Spectrum Fund
Putnam Capital Opportunities Fund
Putnam Convertible Securities Fund
Putnam Diversified Income Trust
Putnam Dynamic Asset Allocation Balanced Fund
Putnam Dynamic Asset Allocation Conservative Fund
Putnam Dynamic Asset Allocation Equity Fund
Putnam Dynamic Asset Allocation Growth Fund
Putnam Dynamic Risk Allocation Fund
Putnam Equity Income Fund
Putnam Emerging Markets Equity Fund
Putnam Emerging Markets Income Fund
Putnam Europe Equity Fund
Putnam Equity Spectrum Fund
Putnam Floating Rate Income Fund
George Putnam Balanced Fund
Putnam Global Consumer Fund
Putnam Global Dividend Fund
Putnam Global Energy Fund
Putnam Global Equity Fund
Putnam Global Financials Fund
Putnam Global Health Care Fund
Putnam Global Income Trust
Putnam Global Industrials Fund
Putnam Global Natural Resources Fund
Putnam Global Sector Fund
Putnam Global Technology Fund
Putnam Global Telecommunications Fund
Putnam Global Utilities Fund
Putnam Government Money Market Fund (effective October 16, 2015)
The Putnam Fund for Growth and Income
Putnam Growth Opportunities Fund
Putnam High Income Securities Fund
Putnam High Yield Advantage Fund
Putnam High Yield Trust
Putnam Income Fund
Putnam Intermediate-Term Municipal Income Fund
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam International Value Fund
Putnam International Growth Fund
Putnam Investors Fund
Putnam Low Volatility Equity Fund
Putnam Managed Municipal Income Trust
Putnam Massachusetts Tax Exempt Income Fund
Putnam Master Intermediate Income Trust
Putnam Michigan Tax Exempt Income Fund
Putnam Minnesota Tax Exempt Income Fund
Putnam Money Market Fund
Putnam Mortgage Opportunities Fund
Putnam Mortgage Recovery Fund
Putnam Multi-Cap Core Fund
Putnam Multi-Cap Growth Fund
Putnam Multi-Cap Value Fund
Putnam Municipal Opportunities Trust
Putnam New Jersey Tax Exempt Income Fund
Putnam New York Tax Exempt Income Fund
Putnam Ohio Tax Exempt Income Fund
Putnam Pennsylvania Tax Exempt Income Fund
Putnam Premier Income Trust
Putnam Research Fund
Putnam Retirement Income Fund Lifestyle 1
Putnam Retirement Income Fund Lifestyle 2
Putnam Retirement Income Fund Lifestyle 3
Putnam RetirementReady 2060 Fund
Putnam RetirementReady 2055 Fund
Putnam RetirementReady 2050 Fund
Putnam RetirementReady 2045 Fund
Putnam RetirementReady 2040 Fund
Putnam RetirementReady 2035 Fund
Putnam RetirementReady 2030 Fund
Putnam RetirementReady 2025 Fund
Putnam RetirementReady 2020 Fund
Putnam Short Duration Income Fund (effective March 7, 2014)
Putnam Short Term Investment Fund
Putnam Short-Term Municipal Income Fund
Putnam Small Cap Growth Fund
Putnam Small Cap Value Fund
Putnam Strategic Volatility Equity Fund
Putnam Tax Exempt Income Fund
Putnam Tax-Free High Yield Fund
Putnam U.S. Government Income Trust
Putnam Voyager Fund
Putnam VT Absolute Return 500 Fund
Putnam VT American Government Income Fund
Putnam VT Capital Opportunities Fund
Putnam VT Diversified Income Fund
Putnam VT Equity Income Fund
Putnam VT George Putnam Balanced Fund
Putnam VT Global Asset Allocation Fund
Putnam VT Global Equity Fund
Putnam VT Global Health Care Fund
Putnam VT Global Utilities Fund
Putnam VT Government Money Market Fund
Putnam VT Growth and Income Fund
Putnam VT Growth Opportunities Fund
Putnam VT High Yield Fund
Putnam VT Income Fund
Putnam VT International Equity Fund
Putnam VT International Value Fund
Putnam VT International Growth Fund
Putnam VT Investors Fund
Putnam VT Multi-Cap Growth Fund
Putnam VT Multi-Cap Value Fund
Putnam VT Research Fund
Putnam VT Small Cap Value Fund
Putnam VT Voyager Fund
PUTNAM INVESTMENTS LIMITED
By: /s/ Simon Davis
Simon Davis
PUTNAM INVESTMENT MANAGEMENT, LLC
By: /s/ James P Pappas
James P. Pappas
Director of Trustee Relations and
Authorized Person
-6-
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-7-
Schedule A
(continued)
A-3
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A-1
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