Form NSAR-B PUTNAM HIGH INCOME SECUR For: Aug 31
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E-mailPAGE 1 000 B000000 08/31/2016 000 C000000 0000810943 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 HIGH INCOME SECURITIES FUND 001 B000000 811-5133 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 10 007 C011100 11 007 C011200 12 007 C011300 13 007 C011400 14 007 C011500 15 007 C011600 16 007 C011700 17 007 C011800 18 007 C011900 19 007 C012000 20 007 C012100 21 007 C012200 22 007 C012300 23 007 C012400 24 007 C012500 25 007 C012600 26 007 C012700 27 007 C012800 28 007 C012900 29 PAGE 2 007 C013000 30 007 C013100 31 007 C013200 32 007 C013300 33 007 C013400 34 007 C013500 35 007 C013600 36 007 C013700 37 007 C013800 38 007 C013900 39 007 C014000 40 007 C014100 41 007 C014200 42 007 C014300 43 007 C014400 44 007 C014500 45 007 C014600 46 007 C014700 47 007 C014800 48 007 C014900 49 007 C015000 50 007 C015100 51 007 C015200 52 007 C015300 53 007 C015400 54 007 C015500 55 007 C015600 56 007 C015700 57 007 C015800 58 007 C015900 59 007 C016000 60 007 C016100 61 007 C016200 62 007 C016300 63 007 C016400 64 007 C016500 65 007 C016600 66 007 C016700 67 007 C016800 68 007 C016900 69 007 C017000 70 007 C017100 71 007 C017200 72 007 C017300 73 007 C017400 74 007 C017500 75 007 C017600 76 007 C017700 77 007 C017800 78 007 C017900 79 007 C018000 80 PAGE 3 007 C018100 81 007 C018200 82 007 C018300 83 007 C018400 84 007 C018500 85 007 C018600 86 007 C018700 87 007 C018800 88 007 C018900 89 007 C019000 90 008 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 012 A000001 PUTNAM INVESTOR SERVICES, INC. 012 B000001 84-06331 012 C010001 BOSTON 012 C020001 MA 012 C030001 02109 012 A000002 DELETE 013 A000001 PRICEWATERHOUSECOOPERS LLP 013 B010001 BOSTON 013 B020001 MA 013 B030001 02110 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 MORGAN STANLEY & CO., LLC 020 B000001 13-2655998 020 C000001 41 020 A000002 GOLDMAN SACHS & CO. 020 B000002 13-5108880 020 C000002 1 020 A000003 JEFFERIES & CO., INC. 020 B000003 95-2622900 020 C000003 1 PAGE 4 020 A000004 DEUTSCHE BANK SECURITIES, INC. 020 B000004 13-2730828 020 C000004 1 020 A000005 UBS SECURITIES, LLC 020 B000005 13-3873456 020 C000005 0 020 A000006 CITIBANK, N.A. 020 B000006 13-5266470 020 C000006 0 020 A000007 BANC OF AMERICA SECURITIES, LLC 020 B000007 56-2058405 020 C000007 0 020 A000008 FBR CAPITAL MARKETS & CO. 020 B000008 52-1630477 020 C000008 0 020 A000009 BARCLAYS CAPITAL, INC. 020 B000009 06-1031656 020 C000009 0 020 A000010 CREDIT SUISSE SECURITIES (USA), LLC 020 B000010 05-0546650 020 C000010 0 021 000000 45 022 A000001 BANC OF AMERICA SECURITIES, LLC 022 B000001 56-2058405 022 C000001 4659 022 D000001 3818 022 A000002 BARCLAYS CAPITAL, INC. 022 B000002 06-1031656 022 C000002 3138 022 D000002 2547 022 A000003 JPMORGAN SECURITIES, LLC 022 B000003 13-3299429 022 C000003 3605 022 D000003 1228 022 A000004 CITIBANK, N.A. 022 B000004 13-5266470 022 C000004 2700 022 D000004 2078 022 A000005 CREDIT SUISSE SECURITIES (USA), LLC 022 B000005 05-0546650 022 C000005 1553 022 D000005 2931 022 A000006 GOLDMAN SACHS & CO. 022 B000006 13-5108880 022 C000006 1701 022 D000006 2536 022 A000007 JEFFERIES & CO., INC. 022 B000007 95-2622900 022 C000007 1812 022 D000007 1569 022 A000008 DEUTSCHE BANK SECURITIES, INC. 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A000000 N 088 B000000 N 088 C000000 N 088 D000000 N SIGNATURE JANET C. SMITH TITLE PRINC. ACCT. OFFICER
Report of Independent Registered Public Accounting Firm To the Trustees and Shareholders of Putnam High Income Securities Fund: In planning and performing our audit of the financial statements of Putnam High Income Securities Fund (the Fund) as of and for the year ended August 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 NSAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds internal control over financial reporting. The 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 funds 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. A funds 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 fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a funds 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 the 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 over financial reporting 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 material weaknesses as defined above as of August 31, 2016. This report is intended solely for the information and use of management and the Board of Trustees of Putnam High Income Securities 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/ PricewaterhouseCoopers LLP Boston, Massachusetts October 12, 2016 2 of 2 1 of 2 PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Boston, MA 02110 T: (617) 530 5000, F:(617) 530 5001, www.pwc.com/us
Putnam High Income Securities Fund, August 31, 2016, annual report 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 Short Term Investment Fund (0.20%), Putnam
Money Market Fund (0.25%), Putnam Tax Exempt Money Market Fund
(0.25%), Putnam VT Money Market Fund (0.25%), Putnam Short
Duration Income Fund (0.25%), Putnam Short-Term Municipal Income
Fund (0.25%), Putnam American Government Income Fund (0.25%),
Putnam Income Fund (0.25%), Putnam U.S. Government Income Trust
(0.25%), Putnam VT American Government Income Fund (0.25%), and
Putnam VT Income Fund (0.25%).
Such average net asset value shall be determined by taking an
average of all of the determinations of such net asset value
during a quarter at the close of business on each business day
during such quarter while this Contract is in effect. Such fee
shall be payable for each quarter within 30 days after the close
of such quarter. The Sub-Manager shall look only to the Manager
for payment of its fees. No Fund shall have any responsibility for
paying any fees due the Sub-Manager.
With respect to each of Putnam High Income Securities Fund,
Putnam Master Intermediate Income Trust and Putnam Premier Income
Trust, the Manager will pay to the Sub-Manager as compensation for
the Sub-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 February 27, 2014, unless otherwise noted
As amended as of November 30, 2015
Putnam Absolute Return 100 Fund
Putnam Absolute Return 300 Fund
Putnam Absolute Return 500 Fund
Putnam Absolute Return 700 Fund
Putnam American Government Income Fund
Putnam AMT-Free Municipal Fund
Putnam Arizona Tax Exempt Income Fund
Putnam Asia Pacific Equity Fund
Putnam California Tax Exempt Income Fund
Putnam Capital Spectrum Fund
Putnam Capital Opportunities Fund
Putnam Convertible Securities Fund
Putnam Diversified Income Trust
Putnam Dynamic Asset Allocation Balanced Fund
Putnam Dynamic Asset Allocation Conservative Fund
Putnam Dynamic Asset Allocation Equity Fund
Putnam Dynamic Asset Allocation Growth Fund
Putnam Dynamic Risk Allocation Fund
Putnam Equity Income Fund
Putnam Emerging Markets Equity Fund
Putnam Emerging Markets Income Fund
Putnam Europe Equity Fund
Putnam Equity Spectrum Fund
Putnam Floating Rate Income Fund
George Putnam Balanced Fund
Putnam Global Consumer Fund
Putnam Global Dividend Fund
Putnam Global Energy Fund
Putnam Global Equity Fund
Putnam Global Financials Fund
Putnam Global Health Care Fund
Putnam Global Income Trust
Putnam Global Industrials Fund
Putnam Global Natural Resources Fund
Putnam Global Sector Fund
Putnam Global Technology Fund
Putnam Global Telecommunications Fund
Putnam Global Utilities Fund
The Putnam Fund for Growth and Income
Putnam Growth Opportunities Fund
Putnam High Income Securities Fund
Putnam High Yield Advantage Fund
Putnam High Yield Trust
Putnam Income Fund
Putnam Intermediate-Term Municipal Income Fund
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam International Value Fund
Putnam International Growth Fund
Putnam Investors Fund
Putnam Low Volatility Equity Fund
Putnam Managed Municipal Income Trust
Putnam Massachusetts Tax Exempt Income Fund
Putnam Master Intermediate Income Trust
Putnam Michigan Tax Exempt Income Fund
Putnam Minnesota Tax Exempt Income Fund
Putnam Money Market Fund
Putnam Money Market Liquidity Fund
Putnam Mortgage Opportunities Fund (effective November 20, 2014)
Putnam Mortgage Recovery Fund
Putnam Multi-Cap Core Fund
Putnam Multi-Cap Growth Fund
Putnam Multi-Cap Value Fund
Putnam Municipal Opportunities Trust
Putnam New Jersey Tax Exempt Income Fund
Putnam New York Tax Exempt Income Fund
Putnam Ohio Tax Exempt Income Fund
Putnam Pennsylvania Tax Exempt Income Fund
Putnam Premier Income Trust
Putnam Research Fund
Putnam Retirement Income Fund Lifestyle 1
Putnam Retirement Income Fund Lifestyle 2
Putnam Retirement Income Fund Lifestyle 3
Putnam RetirementReady 2060 Fund (effective November 30, 2015)
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 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 Exempt Money Market Fund
Putnam Tax-Free High Yield Fund
Putnam U.S. Government Income Trust
Putnam Voyager Fund
Putnam VT Absolute Return 500 Fund
Putnam VT American Government Income Fund
Putnam VT Capital Opportunities Fund
Putnam VT Diversified Income Fund
Putnam VT Equity Income Fund
Putnam VT George Putnam Balanced Fund
Putnam VT Global Asset Allocation Fund
Putnam VT Global Equity Fund
Putnam VT Global Health Care Fund
Putnam VT Global Utilities Fund
Putnam VT Growth and Income Fund
Putnam VT Growth Opportunities Fund
Putnam VT High Yield Fund
Putnam VT Income Fund
Putnam VT International Equity Fund
Putnam VT International Value Fund
Putnam VT International Growth Fund
Putnam VT Investors Fund
Putnam VT Money Market Fund
Putnam VT Multi-Cap Growth Fund
Putnam VT Multi-Cap Value Fund
Putnam VT Research Fund
Putnam VT Small Cap Value Fund
Putnam VT Voyager Fund
PUTNAM INVESTMENTS LIMITED
By: /s/ Simon Davis ______
Simon Davis_______________]
PUTNAM INVESTMENT MANAGEMENT, LLC
By: /s/ James P. Pappas
James P. Pappas
Director of Trustee Relations and
Authorized Person
-7-
50962199_1
50962199_1
-9-
-8-
Schedule A
(continued)
A-3
50962199_1
A-1
50962199_1
Shareholder meeting results (Unaudited) April 29, 2016 annual meeting At the meeting, a proposal to fix the number of Trustees at thirteen was approved, as follows: Votes for Votes against Abstentions 11,729,851 338,863 312,062 At the meeting, each of the nominees for Trustees was elected, as follows: Votes for Votes withheld Liaquat Ahamed 11,214,091 1,166,688 Ravi Akhoury 11,216,399 1,164,381 Barbara M. Baumann 11,293,223 1,087,557 Jameson A. Baxter 11,255,584 1,125,196 Robert J. Darretta 11,283,249 1,097,531 Katinka Domotorffy 11,224,031 1,156,748 John A. Hill 11,278,646 1,102,133 Paul L. Joskow 11,262,807 1,117,973 Kenneth R. Leibler 11,286,833 1,093,947 Robert E. Patterson 11,275,181 1,105,598 George Putnam, III 11,262,274 1,118,506 Robert L. Reynolds 11,295,478 1,085,302 W. Thomas Stephens 11,279,450 1,101,329 At the meeting, a proposal to convert the fund from closed-end to open-end status was not approved, as follows: Votes for Votes against Abstentions 1,308,148 5,328,391 244,385 All tabulations are rounded to the nearest whole number.
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