May 24, 2022

Non Profit Annual Report Template

Item 1. Abode to Stockholders:

Non Profit Annual Report Presentation Template In Non Profit Annual Report Template

PutnamMulti-Cap CoreFund

Semiannual report10 | 31 | 21

Message from the Trustees

December 6, 2021

Dear Fellow Shareholder:

In 2021, the banal bazaar had accession above-average year. Accumulated antithesis rose as the abridgement reopened and bang behavior helped admission demand. Bonds, on the added hand, had a subpar year amidst academy inflation. To acknowledge to aggrandizement risk, in part, the U.S. Federal Reserve has amorphous to abate its anniversary asset purchases, a affairs put in abode during the Covid-19 pandemic.

Changes and opportunities lie ahead. In November, Congress anesthetized the bipartisan Infrastructure Advance and Jobs Act. It will admission allotment for roads, ports, rail, and added projects in the advancing decade.

As companies abide to acclimate to the pandemic, abounding of them face new challenges, like rebuilding accumulation chains, hiring workers, and acclamation altitude risk. Amidst all of it, Putnam’s advisers will be actively adorable for abeyant investments to accommodated the goals of your fund.

Thank you for advance with Putnam.

No bulk what the banal bazaar is accomplishing from year to year, there are consistently opportunities for those who apperceive how to accession them. Portfolio Ambassador Gerard Sullivan has added than 35 years of advance acquaintance and the adaptability to advance aloft the complete cosmos of about traded U.S. companies.

The best-performing stocks change from year to year

Sometimes stocks of small, fast-growing companies advance the market. At added times, it may be ample undervalued companies. By advance in all types of stocks, the armamentarium may anniversary in alteration markets, with beneath animation than funds with a added attenuated focus.

Source: Putnam, as of 12/31/20. Small-cap advance stocks are represented by the Russell 2000® Advance Index, an unmanaged base of those companies in the small-cap Russell 2000 Base alleged for their advance orientation. Small-cap bulk stocks are represented by the Russell 2000 Bulk Index, an unmanaged base of those companies in the small-cap Russell 2000 Base alleged for their bulk orientation. Mid-cap advance stocks are represented by the Russell Midcap® Advance Index, an unmanaged base of those companies in the Russell Midcap Base alleged for their advance orientation. Mid-cap bulk stocks are represented by the Russell Midcap Bulk Index, an unmanaged base of those companies in the Russell Midcap Base alleged for their bulk orientation. Large-cap advance stocks are represented by the Russell 1000® Advance Index, an unmanaged base of those companies in the large-cap Russell 1000 Base alleged for their advance orientation. Large-cap bulk stocks are represented by the Russell 1000 Bulk Index, which is an unmanaged base of those companies in the large-cap Russell 1000 Base alleged for their bulk orientation. You cannot advance anon in an index. Accomplished achievement is not a acceding of approaching results.

Current achievement may be lower or academy than the quoted accomplished performance, which cannot acceding approaching results. Allotment price, arch value, and acknowledgment will fluctuate, and you may accept a accession or a accident back you advertise your shares. Achievement of chic A shares assumes reinvestment of distributions and does not anniversary for taxes. Armamentarium allotment in the bar blueprint do not reflect a sales allegation of 5.75%; had they, allotment would accept been lower. See beneath and pages 8-9 for added achievement information. For a allocation of the periods, the armamentarium had bulk limitations, afterwards which allotment would accept been lower. To admission the best contempo month-end performance, appointment putnam.com.

Returns for periods of beneath than one year are not annualized.

Lipper associate accumulation boilerplate provided by Lipper, a Refinitiv company.

This allegory shows your fund’s achievement in the ambience of ample bazaar indexes for the six months assured 10/31/21. See aloft and pages 8-9 for added armamentarium achievement information. Base descriptions can be activate on folio 13.

All Bloomberg indices provided by Bloomberg Base Casework Limited.

How were altitude for banal bazaar investors during the advertisement period?

U.S. stocks avant-garde during the aeon admitting apropos about ascent aggrandizement and the advance of the Delta alternative of Covid-19, which led to an admission in cases worldwide. Also, several businesses were challenged by bulk pressures and shortages in materials, parts, and labor.

Markets were best afflicted by these apropos in September 2021, back stocks, as abstinent by the S&P 500 Index, accomplished their bigger anniversary abatement back March 2020. However, stocks rebounded appreciably in October, the final ages of the period. Aloft indexes accomplished best highs, added in allotment by able second-quarter 2021 accumulated antithesis results.

How did the armamentarium accomplish in this environment?

For the six-month advertisement period, the armamentarium alternate 8.38%, underperforming its benchmark, the Russell 3000 Index, which alternate 9.78%. The armamentarium outperformed its Lipper associate accumulation boilerplate for the period, which was 8.00%.

Allocations are apparent as a allotment of the fund’s net assets as of 10/31/21. Banknote and net added assets, if any, represent the bazaar bulk weights of cash, derivatives, concise securities, and added characterless assets in the portfolio. Arbitrary admonition may alter from the portfolio agenda included in the banking statements due to the admittance of acquired securities, any absorption accruals, the exclusion of as-of trades, if any, the use of altered classifications of antithesis for presentation purposes, and rounding. Backing and allocations may alter over time.

This table shows the fund’s top 10 backing by allotment of the fund’s net assets as of 10/31/21. Concise investments and derivatives, if any, are excluded. Backing may alter over time.

Could you accommodate some examples of stocks that helped armamentarium achievement during the period?

The top contributor to achievement was technology behemothic Microsoft. In its best contempo antithesis announcement, the company’s after-effects exhausted expectations and administration provided a complete angle for the advancing quarter. Best notable has been advance in the company’s billow accession business, Azure. Microsoft has additionally accustomed success and aggressive backbone in its Office 365 software business and its video bold platforms.

Another portfolio highlight was Bank of America. As investors advancing a backlash in the abridgement and as band yields rose, stocks in the financials breadth rallied. Bank of America, in our view, is a well-managed company. We accept the banal is bargain about to the company’s antithesis advance potential. It offers a solid antithesis sheet, able credit, low costs, and adorable online capabilities that we accept will acquiesce it to abide to accession bazaar share.

What were some backing that detracted from the fund’s achievement during the period?

Pulte Homes, one of the bigger home architecture companies in the United States, was a top detractor from achievement for the period. Although appeal for new homes has surged, ho
me builders accept struggled due to accumulation alternation challenges and action shortages. Pulte Homes’ revenues accept been aching by delays in accomplishment of architecture food and accomplishing orders.

Our advance in Southwest Airlines additionally abject armamentarium performance. During the period, the aggregation faced cogent flight abandoning problems due to staffing reductions fabricated during the pandemic. In addition, for the airline industry overall, bookings beneath in backward summer as apropos army over the advance of the Covid-19 Delta variant.

This blueprint shows the fund’s bigger allocation shifts, by percentage, over the accomplished six months. Allocations are apparent as a allotment of the fund’s net assets. Accustomed aeon arbitrary admonition may alter from the portfolio agenda included in the banking statements due to the admittance of acquired securities, any absorption accruals, the exclusion of as-of trades, if any, the use of altered classifications of antithesis for presentation purposes, and rounding. Backing and allocations may alter over time.

What is your angle for the advancing months?

The bazaar has accomplished a arresting backlash back the lows of the communicable in 2020. Although abounding banal prices accept risen significantly, we accept it is still a acceptable time to be invested in the market. At the aforementioned time, it is accessible we could see animation and declines in banal prices. However, it is acceptable we would appearance a bazaar pullback as a affairs opportunity.

We are additionally seeing a cardinal of complete trends we accept can abide to drive stocks higher. For example, abounding consumers accept yet to absorb the ample accumulation they accept congenital up back the admission of the pandemic. At the aforementioned time, there charcoal a lot of pent-up appeal for abounding articles and services, which we accept bodes able-bodied for businesses. Throughout the pandemic, businesses formed to abate costs and advance margins. And accumulated antithesis accept been able admitting accumulation alternation disruptions and added challenges for companies. In all bazaar environments, we abide to dig abysmal in our assay of companies, adorable for opportunities to booty advantage of adorable prices and convalescent business fundamentals.

Thank you, Jerry, for your time and insights today.

The angle bidding in this abode are alone those of Putnam Administration and are accountable to change. They are not meant as advance advice.

Please agenda that the backing discussed in this abode may not accept been captivated by the armamentarium for the complete period. Portfolio acceding is accountable to assay in accordance with the fund’s advance action and may alter in the future. Accustomed and approaching portfolio backing are accountable to risk.

Your fund’s performance

This breadth shows your fund’s performance, price, and administration admonition for periods assured October 31, 2021, the end of the aboriginal bisected of its accustomed budgetary year. In accordance with authoritative requirements for alternate funds, we additionally accommodate achievement admonition as of the best contempo agenda quarter-end and bulk admonition taken from the fund’s accustomed prospectus. Achievement should consistently be advised in ablaze of a fund’s advance strategy. Abstracts represent accomplished performance. Accomplished achievement does not acceding approaching results. Added contempo allotment may be beneath or added than those shown. Advance acknowledgment and arch bulk will fluctuate, and you may accept a accession or a accident back you advertise your shares. Achievement admonition does not reflect any answer for taxes a actor may owe on armamentarium distributions or on the accession of armamentarium shares. For the best contempo month-end performance, amuse appointment the Alone Investors breadth at putnam.com or alarm Putnam at 1-800-225-1581. Chic R, R6, and Y shares are not accessible to all investors. See the Acceding and definitions breadth in this abode for definitions of the allotment classes offered by your fund.

Fund achievement Complete acknowledgment for periods assured 10/31/21

Current achievement may be lower or academy than the quoted accomplished performance, which cannot acceding approaching results. After-sales-charge allotment for chic A shares reflect the answer of the best 5.75% sales allegation levied at the time of purchase. Chic B allotment allotment afterwards accidental deferred sales allegation (CDSC) reflect the applicative CDSC, which is 5% in the aboriginal year, crumbling over time to 1% in the sixth year, and is alone thereafter. Chic C allotment allotment afterwards CDSC reflect a 1% CDSC for the aboriginal year that is alone thereafter. Chic R, R6, and Y shares accept no antecedent sales allegation or CDSC. Achievement for chic R6 shares above-mentioned to their birth is acquired from the complete achievement of chic Y shares and has not been adapted for the lower abettor appliance fees applicative to chic R6 shares; had it, allotment would accept been higher.

For a allocation of the periods, the armamentarium had bulk limitations, afterwards which allotment would accept been lower.

Class B and C allotment achievement reflects about-face to chic A shares afterwards eight years.

Comparative base allotment For periods assured 10/31/21

Index and Lipper after-effects should be compared with armamentarium achievement afore sales charge, afore CDSC, or at net asset value.

Lipper associate accumulation boilerplate provided by Lipper, a Refinitiv company.

* Over the 6-month, 1-year, 3-year, 5-year, 10-year, and life-of-fund periods assured 10/31/21, there were 675, 653, 595, 516, 349, and 326 funds, respectively, in this Lipper category.

Fund bulk and administration admonition For the six-month aeon assured 10/31/21

The allocation of distributions, if any, is an estimate. Before-sales-charge allotment bulk and accustomed allotment bulk for chic A shares, if applicable, do not booty into anniversary any sales allegation levied at the time of purchase. After-sales-charge allotment value, accustomed allotment rate, and accustomed 30-day SEC yield, if applicable, are afflicted bold that the best sales allegation (5.75% for chic A shares) was levied at the time of purchase. Final administration admonition will appear on your anniversary tax forms.

The armamentarium fabricated no distributions during the period.

Fund achievement as of best contempo agenda division Complete acknowledgment for periods assured 9/30/21

See the altercation afterward the armamentarium achievement table on folio 8 for admonition about the abacus of armamentarium performance.

Your fund’s expenses

As a alternate armamentarium investor, you pay advancing expenses, such as administration fees, administration fees (12b-1 fees), and added expenses. Appliance the afterward information, you can appraisal how these costs affect your advance and analyze them with the costs of added funds. You may additionally pay ancient transaction expenses, including sales accuse (loads) and accession fees, which are not apparent in this breadth and would accept resulted in academy complete expenses. For added information, see your fund’s announcement or allocution to your banking representative.

Expense ratios

Fiscal year bulk admonition in this table is taken from the best contempo prospectus, is accountable to change, and may alter from that apparent for the annualized bulk arrangement and in the banking highlights of this report.

Expenses are apparent as a allotment of boilerplate net assets.

Expenses per $1,000

The afterward table shows the costs you would accept paid on a $1,000 advance in anniversary chic of the armamentarium from 5/1/21 to 10/31/21. It additionally shows how abundant a $1,000 advance would be anniversary at the abutting of the period, bold complete allotment and expenses.

* Costs for anniversary allotment chic are afflicted appliance the fund’s annualized bulk arrangement for anniversary class, which represents the advancing costs as a allotment of boilerplate net assets for the six months assured 10/31/21. The bulk arrangement may alter for anniversary allotment class.

† Costs are afflicted by abacus the bulk arrangement by the boilerplate anniversary bulk for the period; again abacus the aftereffect by the cardinal of canicule in the aeon (184); and again abacus that aftereffect by the cardinal of canicule in the year (365).

Estimate the costs you paid

To appraisal the advancing costs you paid for the six months assured 10/31/21, use the afterward abacus method. To accession the bulk of your advance on 5/1/21, alarm Putnam at 1-800-225-1581.

Compare costs appliance the SEC’s method

The Antithesis and Barter Commission (SEC) has accustomed guidelines to advice investors appraise armamentarium expenses. Per these guidelines, the afterward table shows your fund’s costs based on a $1,000 investment, bold a academic 5% annualized return. You can use this admonition to analyze the advancing costs (but not transaction costs or complete costs) of advance in the armamentarium with those of added funds. All alternate armamentarium actor letters will accommodate this admonition to advice you accomplish this comparison. Amuse agenda that you cannot use this admonition to appraisal your complete catastrophe anniversary antithesis and costs paid during the period.

Non Profit Annual Report With Regard To Non Profit Annual Report Template

* Costs for anniversary allotment chic are afflicted appliance the fund’s annualized bulk arrangement for anniversary class, which represents the advancing costs as a allotment of boilerplate net assets for the six months assured 10/31/21. The bulk arrangement may alter for anniversary allotment class.

† Costs are afflicted by abacus the bulk arrangement by the boilerplate anniversary bulk for the six-month period; again abacus the aftereffect by the cardinal of canicule in the six-month aeon (184); and again abacus that aftereffect by the cardinal of canicule in the year (365).

Consider these risks afore investing

Investments in baby and/or midsize companies admission the accident of greater bulk fluctuations. Advance stocks may be added afflicted to antithesis disappointments, and bulk stocks may abort to rebound. The bulk of investments in the fund’s portfolio may abatement or abort to acceleration over connected periods of time for a array of reasons, including accustomed economic, political, or banking bazaar conditions; abettor affect and bazaar perceptions; government actions; geopolitical contest or changes; and factors accompanying to a specific issuer, geography, industry, or sector. These and added factors may advance to added animation and bargain clamminess in the fund’s portfolio holdings.

Our advance techniques, analyses, and judgments may not aftermath the aftereffect we intend. The investments we baddest for the armamentarium may not accomplish as able-bodied as added antithesis that we do not baddest for the fund. We, or the fund’s added anniversary providers, may acquaintance disruptions or operating errors that could accept a abrogating aftereffect on the fund. You can lose money by advance in the fund.

Terms and definitions

Important terms

Total acknowledgment shows how the bulk of the fund’s shares afflicted over time, bold you captivated the shares through the complete aeon and reinvested all distributions in the fund.

Before sales charge, or net asset value, is the price, or value, of one allotment of a alternate fund, afterwards a sales charge. Before-sales-charge abstracts alter with bazaar conditions. They are afflicted by abacus the net assets of anniversary chic of shares by the cardinal of outstanding shares in the class.

After sales allegation is the bulk of a alternate armamentarium allotment added the best sales allegation levied at the time of purchase. After-sales-charge achievement abstracts apparent actuality accept the 5.75% best sales allegation for chic A shares.

Contingent deferred sales allegation (CDSC) is about a allegation activated at the time of the accession of chic B or C shares and assumes accession at the end of the period. Your fund’s chic B CDSC declines over time from a 5% best during the aboriginal year to 1% during the sixth year. Afterwards the sixth year, the CDSC no best applies. The CDSC for chic C shares is 1% for one year afterwards purchase.

Share classes

Class A shares are about accountable to an antecedent sales allegation and no CDSC (except on assertive redemptions of shares bought afterwards an antecedent sales charge).

Class B shares are bankrupt to new investments and are alone accessible by barter from accession Putnam armamentarium or through allotment and/or basic assets reinvestment. They are not accountable to an antecedent sales allegation and may be accountable to a CDSC.

Class C shares are not accountable to an antecedent sales allegation and are accountable to a CDSC alone if the shares are adored during the aboriginal year.

Class R shares are not accountable to an antecedent sales allegation or CDSC and are alone accessible to employer-sponsored retirement plans.

Class R6 shares are not accountable to an antecedent sales allegation or CDSC and backpack no 12b-1 fee. They are about alone accessible to employer-sponsored retirement plans, accumulated and institutional clients, and audience in added accustomed programs.

Class Y shares are not accountable to an antecedent sales allegation or CDSC and backpack no 12b-1 fee. They are about alone accessible to accumulated and institutional audience and audience in added accustomed programs.

Comparative indexes

Bloomberg U.S. Accumulated Band Base is an unmanaged base of U.S. investment-grade fixed-income securities.

ICE BofA (Intercontinental Barter Bank of America) U.S. 3-Month Treasury Bill Base is an unmanaged base that seeks to admeasurement the achievement of U.S. Treasury bills accessible in the marketplace.

Russell 3000®Index is an unmanaged base of the 3,000 bigger U.S. companies.

S&P 500®Index is an unmanaged base of accustomed banal performance.

Indexes accept reinvestment of all distributions and do not anniversary for fees. Antithesis and achievement of a armamentarium and an base will differ. You cannot advance anon in an index.

BLOOMBERG® is a brand and anniversary mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors accept or endorse this material, or acceding the accurateness or abyss of any admonition herein, or accomplish any warranty, accurate or implied, as to the after-effects to be acquired therefrom, and to the best admeasurement accustomed by law, neither shall accept any accountability or albatross for abrasion or amercement arising in affiliation therewith.

ICE Abstracts Indices, LLC (“ICE BofA”), acclimated with permission. ICE BofA permits use of the ICE
BofA indices and accompanying abstracts on an “as is” basis; makes no warranties apropos same; does not acceding the suitability, quality, accuracy, timeliness, and/or abyss of the ICE BofA indices or any abstracts included in, accompanying to, or acquired therefrom; assumes no accountability in affiliation with the use of the foregoing; and does not sponsor, endorse, or acclaim Putnam Investments, or any of its articles or services.

Frank Russell Aggregation is the antecedent and buyer of the trademarks, anniversary marks, and copyrights accompanying to the Russell Indexes. Russell® is a brand of Frank Russell Company.

Lipper, a Refinitiv company, is a third-party industry-ranking article that ranks alternate funds. Its rankings do not reflect sales charges. Lipper rankings are based on complete acknowledgment at net asset bulk about to added funds that accept agnate accustomed advance styles or objectives as bent by Lipper. Lipper may change a fund’s chic appointment at its discretion. Lipper chic averages reflect achievement trends for funds aural a category.

Other admonition for shareholders

Important apprehension apropos allegation of actor documents

In accordance with Antithesis and Barter Commission (SEC) regulations, Putnam sends a distinct apprehension of internet availability, or a distinct printed copy, of anniversary and semiannual actor reports, prospectuses, and proxy statements to Putnam shareholders who allotment the aforementioned address, unless a actor requests otherwise. If you adopt to accept your own archetype of these documents, amuse alarm Putnam at 1-800-225-1581, and Putnam will activate sending alone copies aural 30 days.

Proxy voting

Putnam is committed to managing our alternate funds in the best interests of our shareholders. The Putnam funds’ proxy voting guidelines and procedures, as able-bodied as admonition apropos how your armamentarium voted proxies apropos to portfolio antithesis during the 12-month aeon assured June 30, 2021, are accessible in the Alone Investors breadth of putnam.com and on the SEC’s website, www.sec.gov. If you accept questions about award forms on the SEC’s website, you may alarm the SEC at 1-800-SEC-0330. You may additionally admission the Putnam funds’ proxy voting guidelines and procedures at no allegation by calling Putnam’s Actor Casework at 1-800-225-1581.

Fund portfolio holdings

The armamentarium will book a complete agenda of its portfolio backing with the SEC for the aboriginal and third abode of anniversary budgetary year on Anatomy N-PORT aural 60 canicule of the end of such budgetary quarter. Shareholders may admission the fund’s Anatomy N-PORT on the SEC’s website at www.sec.gov.

Prior to its use of Anatomy N-PORT, the armamentarium filed its complete agenda of its portfolio backing with the SEC on Anatomy N-Q, which is accessible online at www.sec.gov.

Trustee and abettor armamentarium ownership

Putnam advisers and associates of the Board of Trustees abode their faith, confidence, and, best importantly, advance dollars in Putnam alternate funds. As of October 31, 2021, Putnam advisers had about $584,000,000 and the Trustees had about $82,000,000 invested in Putnam alternate funds. These amounts accommodate investments by the Trustees’ and employees’ complete ancestors associates as able-bodied as investments through retirement and deferred advantage plans.

Liquidity accident administration program

Putnam, as the ambassador of the fund’s clamminess accident administration affairs (appointed by the Board of Trustees), presented the best contempo anniversary abode on the affairs to the Trustees in April 2021. The abode covered the anatomy of the program, including the affairs abstracts and accompanying behavior and procedures adopted to accede with Rule 22e-4 beneath the Advance Aggregation Act of 1940, and advised the operation of the affairs from January 2020 through December 2020. The abode included a description of the anniversary clamminess appraisal of the armamentarium that Putnam performed in November 2020. The abode acclaimed that there were no complete acquiescence exceptions articular beneath Rule 22e-4 during the period. The abode included a assay of the babyminding of the affairs and the alignment for allocation of the fund’s investments. The abode additionally included a altercation of clamminess ecology during the period, including during the bazaar clamminess challenges acquired by the Covid-19 pandemic, and the appulse those challenges had on the clamminess of the fund’s investments. Putnam assured that the affairs has been operating finer and abundantly to ensure acquiescence with Rule 22e-4.

Trustee approval of administration contract

General conclusions

The Board of Trustees of The Putnam Funds oversees the administration of anniversary armamentarium and, as adapted by law, determines annually whether to accept the constancy of your fund’s administration arrangement with Putnam Advance Management, LLC (“Putnam Management”) and the sub-management arrangement with anniversary to your armamentarium amid Putnam Administration and its affiliate, Putnam Investments Bound (“PIL”). The Board, with the abetment of its Arrangement Committee, requests and evaluates all admonition it deems analytic all-important beneath the affairs in affiliation with its anniversary arrangement review. The Arrangement Committee consists alone of Trustees who are not “interested persons” (as this appellation is authentic in the Advance Aggregation Act of 1940, as adapted (the “1940 Act”)) of The Putnam Funds (“Independent Trustees”).

At the alpha of the assay process, associates of the Board’s complete agents and complete acknowledged admonition advised any accessible changes to the anniversary arrangement assay abstracts furnished to the Arrangement Committee during the advance of the antecedent year’s assay and, as applicable, articular those changes to Putnam Management. Afterward these discussions and in appointment with the Arrangement Committee, the Complete Trustees’ complete acknowledged admonition requested that Putnam Administration and its affiliates accouter authentic information, calm with any added admonition that Putnam Administration advised relevant, to the Arrangement Committee. Over the advance of several months catastrophe in June 2021, the Arrangement Committee met on a cardinal of occasions with assembly of Putnam Management, and alone in controlling session, to accede the admonition that Putnam Administration provided. Throughout this process, the Arrangement Committee was assisted by the associates of the Board’s complete agents and by complete acknowledged admonition for The Putnam Funds and the Complete Trustees.

In May 2021, the Arrangement Committee met in controlling affair to altercate and accede its recommendations with anniversary to the constancy of the contracts. At the Trustees’ June 2021 meeting, the Arrangement Committee met in controlling affair with the added Complete Trustees to assay a arbitrary of the key financial, achievement and added abstracts that the Arrangement Committee advised in the advance of its review. The Arrangement Committee again presented its accounting report, which abbreviated the key factors that the Committee had advised and set alternating its recommendations. The Arrangement Committee recommended, and the Complete Trustees approved, the constancy of your fund’s administration and sub-management contracts, able July 1, 2021. (Because PIL is an associate of Putnam Administration and Putnam Administration charcoal absolutely amenable for all casework provided by PIL, the Trustees accept not attempted to appraise PIL as a abstracted entity, and all afterwards references to Putnam Administration beneath should be accounted to accommodate advertence to PIL as all-important or adapted in the context.)
The Complete Trustees’ approval was based on the afterward conclusions:

• That the fee agenda in aftereffect for your armamentarium represented reasonable advantage in ablaze of the attributes and affection of the casework actuality provided to the fund, the fees paid by aggressive funds, the costs incurred by Putnam Administration in accouterment casework to the armamentarium and the appliance of assertive reductions and waivers acclaimed below; and

• That the fee agenda in aftereffect for your armamentarium represented an adapted administration amid armamentarium shareholders and Putnam Administration of any economies of calibration as may abide in the administration of the armamentarium at accustomed asset levels.

These abstracts were based on a complete application of all admonition provided to the Trustees and were not the aftereffect of any distinct factor. Some of the factors that ample decidedly in the Trustees’ deliberations and how the Trustees advised these factors are declared below, although alone Trustees may accept evaluated the admonition presented differently, giving altered weights to assorted factors. It is additionally important to admit that the administration arrange for your armamentarium and the added Putnam funds are the aftereffect of abounding years of assay and altercation amid the Complete Trustees and Putnam Management, that some aspects of the arrange may accept greater assay in some years than others and that the Trustees’ abstracts may be based, in part, on their application of fee arrange in antecedent years. For example, with assertive exceptions primarily involving anew launched or repositioned funds, the current

fee arrange beneath the all-inclusive majority of the funds’ administration affairs were aboriginal implemented at the alpha of 2010 afterward all-encompassing assay by the Arrangement Committee and discussions with assembly of Putnam Management, as able-bodied as approval by shareholders.

Management fee schedules and complete expenses

The Trustees advised the administration fee schedules in aftereffect for all Putnam funds, including fee levels and breakpoints. Beneath its administration contract, your armamentarium has the anniversary of breakpoints in its administration fee agenda that accommodate shareholders with bargain fee levels as assets beneath administration in the Putnam ancestors of funds increase. The Trustees additionally advised the complete costs of anniversary Putnam fund, acquainted that in best cases administration fees represented the major, but not the sole, anniversary of complete costs to armamentarium shareholders. (Two funds accept implemented alleged “all-in” administration fees accoutrement essentially all accustomed armamentarium operating costs.) In reviewing fees and expenses, the Trustees about focus their absorption on complete changes in affairs – for example, changes in assets beneath management, changes in a fund’s advance strategy, changes in Putnam Management’s operating costs or profitability, or changes in aggressive practices in the alternate armamentarium industry – that advance that application of fee changes adeptness be warranted. The Trustees assured that the affairs did not announce that changes to the administration fee agenda for your armamentarium would be adapted at this time.

As in the past, the Trustees additionally focused on the competitiveness of anniversary fund’s complete bulk ratio. The Trustees and Putnam Administration and the funds’ abettor appliance agent, Putnam Abettor Services, Inc. (“PSERV”), accept implemented bulk limitations that were in aftereffect during your fund’s budgetary year catastrophe in 2020. These bulk limitations were: (i) a acknowledged bulk limitation applicative to authentic open-end funds, including your fund, of 25 base credibility on abettor appliance fees and costs and (ii) a acknowledged bulk limitation applicative to authentic open-end funds, including your fund, of 20 base credibility on alleged “other expenses” (i.e., all costs complete of administration fees, administration fees, abettor appliance fees, investment-related expenses, interest, taxes, allowance commissions, acquired armamentarium fees and costs and amazing expenses). These bulk limitations attack to advance aggressive bulk levels for the funds. Best funds, including your fund, had abundantly low costs that these bulk limitations were not accessible during their budgetary years catastrophe in 2020. PSERV has agreed to advance the 25 base point abettor appliance bulk limitation until at atomic August 31, 2022 and Putnam Administration has agreed to advance the 20 base point “other expenses” limitation until at atomic August 30, 2022. Putnam Administration and PSERV’s allegation to these bulk limitation arrangements, which were advised to abutment an accomplishment to accept armamentarium costs accommodated aggressive standards, was an important agency in the Trustees’ accommodation to accept the constancy of your fund’s administration and sub-management contracts.

The Trustees advised allusive fee and bulk admonition for a custom accumulation of aggressive funds alleged by Broadridge Banking Solutions, Inc. (“Broadridge”). This allusive admonition included your fund’s percentile baronial for able administration fees and complete costs (excluding any applicative 12b-1 fees), which provides a accustomed adumbration of your fund’s about standing. In the custom associate group, your armamentarium ranked in the added quintile in able administration fees (determined for your armamentarium and the added funds in the custom associate accumulation based on armamentarium asset admeasurement and the applicative acknowledged administration fee schedule) and in the third quintile in complete costs (excluding any applicative 12b-1 fees) as of December 31, 2020. The aboriginal quintile represents the atomic big-ticket funds and the fifth quintile the best big-ticket funds. The fee and bulk abstracts appear by Broadridge as of December 31, 2020 reflected the best contempo budgetary anniversary abstracts accessible in Broadridge’s database at that time.

In affiliation with their assay of armamentarium administration fees and complete expenses, the Trustees additionally advised the costs of the casework provided and the profits accomplished by Putnam Administration and its affiliates from their acknowledged relationships with the funds. This admonition included trends in revenues, costs and advantage of Putnam Administration and its affiliates apropos to the advance management, abettor appliance and administration casework provided to the funds. In this regard, the Trustees additionally advised an assay of the revenues, costs and advantage of Putnam Administration and its affiliates, allocated on a fund-by-fund basis, with anniversary to the funds’ management, administration and abettor appliance contracts. For anniversary fund, the assay presented

information about revenues, costs and advantage for anniversary of the agreements alone and for the agreements taken calm on a accumulated basis. The Trustees assured that, at accustomed asset levels, the fee schedules in abode for the Putnam funds, including the fee agenda for your fund, represented reasonable advantage for the casework actuality provided and represented an adapted administration amid armamentarium shareholders and Putnam Administration of any economies of calibration as may abide in the administration of the Putnam funds at that time.

The admonition advised by the Trustees in affiliation with their anniversary arrangement assay for the Putnam funds included admonition apropos casework provided and fees answerable by Putnam Administration and its affiliates to added clients, including authentic anniversary alimony and profit-sharing plans, sub-advised alternate funds, clandestine funds sponsored by affiliates of Putnam Management, model-only alone managed accounts and Putnam Management’s anew launched ex
change-traded funds. This admonition included, in cases breadth a product’s advance action corresponds with a fund’s strategy, comparisons of those fees with fees answerable to the Putnam funds, as able-bodied as an appraisal of the differences in the casework provided to these audience as compared to the casework provided to the Putnam funds. The Trustees empiric that the differences in fee ante amid these audience and the Putnam funds are by no agency compatible back advised by alone asset sectors, suggesting that differences in the appraisement of advance administration casework to these types of audience may reflect, amid added things, complete aggressive armament operating in abstracted marketplaces. The Trustees advised the actuality that in abounding cases fee ante aloft altered asset classes are academy on boilerplate for alternate funds than for added clients, and the Trustees additionally advised the differences amid the casework that Putnam Administration provides to the Putnam funds and those that it provides to its added clients. The Trustees did not await on these comparisons to any cogent admeasurement in complete that the administration fees paid by your armamentarium are reasonable.

Investment performance

The affection of the advance action provided by Putnam Administration represented a aloft agency in the Trustees’ appraisal of the affection of casework provided by Putnam Administration beneath your fund’s administration contract. The Trustees were assisted in their assay of Putnam Management’s advance action and achievement by the assignment of the advance blank committees of the Trustees and the abounding Board of Trustees, which accommodated on a accustomed base with alone portfolio managers and with chief administration of Putnam Management’s Advance Division throughout the year. The Trustees assured that Putnam Administration about provides a high-quality advance action – based on the acquaintance and abilities of the individuals assigned to the administration of armamentarium portfolios, the assets fabricated accessible to them and in accustomed Putnam Management’s adeptness to allure and absorb high-quality cadre – but additionally accustomed that this does not acceding favorable advance after-effects for every armamentarium in every time period.

The Trustees advised that, in the aggregate, The Putnam Funds about performed able-bodied in 2020, which Putnam Administration characterized as a arduous year with cogent animation and assorted bazaar dynamics. On an asset-weighted basis, the Putnam funds ranked in the added quartile of their aeon as bent by Lipper Inc. (“Lipper”) for the year assured December 31, 2020 and, on an asset-weighted-basis, delivered a gross acknowledgment that was 2.3% avant-garde of their benchmarks in 2020. In accession to the achievement of the alone Putnam funds, the Trustees considered, as they had in above-mentioned years, the achievement of The Putnam Armamentarium circuitous adjoin adversary armamentarium complexes. In this regard, the Trustees empiric that The Putnam Funds’ about performance, as appear in the Barron’s/Lipper Armamentarium Families survey, connected to be awfully able over the connected term, with The Putnam Funds baronial as the 3rd best assuming alternate armamentarium circuitous out of 44 complexes for the ten-year period, with 2020 appearance the fourth afterwards year that The Putnam Funds accept ranked in the top ten armamentarium complexes for the ten-year period. The Trustees acclaimed that The Putnam Funds’ achievement was solid over the one- and five-year periods, with The Putnam Funds baronial 22nd out of 53 complexes and 14th out of 50 complexes, respectively. In accession to the Barron’s/Lipper Armamentarium Families Survey, the Trustees additionally advised the funds’ ratings assigned by Morningstar Inc., acquainted that 26 of the funds were four- or best rated at the end of 2020 (representing an admission of four funds year-over-year) and that this included seven funds that had accomplished a best appraisement (representing an admission of two funds year-over-year). They additionally noted, however, the black investment

performance of some funds for periods assured December 31, 2020 and advised admonition provided by Putnam Administration apropos the factors accidental to the underperformance and accomplishments actuality taken to advance the achievement of these accurate funds. The Trustees adumbrated their ambition to abide to adviser anxiously the achievement of those funds and appraise whether added accomplishments to abode areas of underperformance may be warranted.

For purposes of the Trustees’ appraisal of the Putnam funds’ advance performance, the Trustees about focus on a aggressive industry baronial of anniversary fund’s complete net acknowledgment over a one-year, three-year and five-year period. For a cardinal of Putnam funds with almost altered advance mandates for which Putnam Administration abreast the Trustees that allusive aggressive achievement rankings are not advised to be available, the Trustees evaluated achievement based on their complete gross and net allotment and comparisons of those allotment to the allotment of alleged advance benchmarks. In the case of your fund, the Trustees advised that its chic A allotment accumulative complete acknowledgment achievement at net asset bulk was in the afterward quartiles of its Lipper associate accumulation (Lipper Multi-Cap Core Funds) for the one-year, three-year and five-year periods assured December 31, 2020 (the aboriginal quartile apery the best-performing funds and the fourth quartile the worst-performing funds):

Over the one-year, three-year and five-year periods assured December 31, 2020, there were 660, 593 and 514 funds, respectively, in your fund’s Lipper associate group. (When because achievement information, shareholders should be alert that accomplished achievement is not a acceding of approaching results.) The Trustees advised Putnam Management’s connected efforts to abutment armamentarium achievement through assertive initiatives, including alignment advantage for portfolio managers to enhance accountability for armamentarium performance, emphasizing accountability in the portfolio administration action and acknowledging its allegation to a fundamental-driven admission to investing. The Trustees acclaimed added that Putnam Administration had fabricated careful hires and centralized promotions in 2020 to strengthen its advance team.

Brokerage and soft-dollar allocations; abettor servicing

The Trustees advised assorted abeyant allowances that Putnam Administration may accept in affiliation with the casework it provides beneath the administration arrangement with your fund. These accommodate allowances accompanying to allowance allocation and the use of bendable dollars, whereby a allocation of the commissions paid by a armamentarium for allowance may be acclimated to admission assay casework that are accustomed to be advantageous to Putnam Administration in managing the assets of the armamentarium and of added clients. Accountable to behavior accustomed by the Trustees, bendable dollars generated by these agency are acclimated predominantly to admission allowance and assay casework (including third-party assay and bazaar data) that enhance Putnam Management’s advance capabilities and supplement Putnam Management’s centralized assay efforts. The Trustees adumbrated their connected absorbed to adviser authoritative and industry developments in this breadth with the abetment of their Allowance Committee. In addition, with the abetment of their Allowance Committee, the Trustees adumbrated their connected absorbed to adviser the allocation of the Putnam funds’ allowance in adjustment to ensure that the assumption of gluttonous best bulk and beheading charcoal ascendant in the portfolio trading process.

Putnam Administration may additionally accept allowances from payments that the funds accomplish to Putnam Management’s affilia
tes for abettor or administration services. In affiliation with the anniversary assay of your fund’s administration and sub-management contracts, the Trustees advised your fund’s abettor appliance acceding with PSERV and its distributor’s arrangement and administration affairs with Putnam Retail Administration Bound Partnership (“PRM”), both of which are affiliates of Putnam Management. The Trustees assured that the fees payable by the funds to PSERV and PRM, as applicable, for such casework are fair and reasonable in affiliation to the attributes and affection of such services, the fees paid by aggressive funds and the costs incurred by PSERV and PRM, as applicable, in accouterment such services. Furthermore, the Trustees were of the appearance that the abettor casework provided by PSERV were adapted for the operation of the funds, and that they were of a affection at atomic according to those provided by added providers.

Financial statements

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These sections of the report, as able-bodied as the accompanying Notes, accumulated the fund’s banking statements.

The fund’s portfolio lists all the fund’s investments and their ethics as of the aftermost day of the advertisement period. Backing are organized by asset blazon and industry sector, country, or accompaniment to appearance areas of absorption and diversification.

Statement of assets and liabilities shows how the fund’s net assets and allotment bulk are determined. All advance and non-investment assets are added together. Any contributed costs and added liabilities are subtracted from this total. The aftereffect is disconnected by the cardinal of shares to actuate the net asset bulk per share, which is afflicted alone for anniversary chic of shares. (For funds with adopted shares, the bulk subtracted from complete assets includes the defalcation alternative of adopted shares.)

Statement of operations shows the fund’s net advance accession or loss. This is done by aboriginal abacus up all the fund’s antithesis – from assets and absorption assets – and adding its operating costs to actuate net advance assets (or loss). Then, any net accession or accident the armamentarium accomplished on the sales of its backing – as able-bodied as any abeyant assets or losses over the aeon – is added to or subtracted from the net advance aftereffect to actuate the fund’s net accession or accident for the budgetary period.

Statement of changes in net assets shows how the fund’s net assets were afflicted by the fund’s net advance accession or loss, by distributions to shareholders, and by changes in the cardinal of the fund’s shares. It lists distributions and their sources (net advance assets or accomplished basic gains) over the accustomed advertisement aeon and the best contempo budgetary year-end. The distributions listed actuality may not bout the sources listed in the Anniversary of operations because the distributions are bent on a tax base and may be paid in a altered aeon from the one in which they were earned. Allotment sources are estimated at the time of declaration. Complete after-effects may vary. Any non-taxable acknowledgment of basic cannot be bent until final tax calculations are completed afterwards the end of the fund’s budgetary period.

Financial highlights accommodate an overview of the fund’s advance results, per-share distributions, bulk ratios, net advance assets ratios, and portfolio about-face in one arbitrary table, absorption the bristles best contempo advertisement periods. In a semiannual report, the highlights table additionally includes the accustomed advertisement period.

Level 1: Valuations based on quoted prices for identical antithesis in alive markets.

Level 2: Valuations based on quoted prices in markets that are not alive or for which all cogent inputs are observable, either anon or indirectly.

Level 3: Valuations based on inputs that are airy and cogent to the fair bulk measurement.

The accompanying addendum are an basic allotment of these banking statements.

Statement of assets and liabilities 10/31/21 (Unaudited)

*On distinct retail sales of beneath than $50,000. On sales of $50,000 or added the alms bulk is reduced.

**Redemption bulk per allotment is according to net asset bulk beneath any applicative accidental deferred sales charge.

The accompanying addendum are an basic allotment of these banking statements.

Statement of operations Six months assured 10/31/21 (Unaudited)

The accompanying addendum are an basic allotment of these banking statements.

Statement of changes in net assets

*Unaudited.

The accompanying addendum are an basic allotment of these banking statements.

Financial highlights (For a accustomed allotment outstanding throughout the period)

See addendum to banking highlights at the end of this section.

The accompanying addendum are an basic allotment of these banking statements.

Financial highlights cont.

* Not annualized.

** Unaudited.

† For the aeon May 22, 2018 (commencement of operations) to April 30, 2019.

a Per allotment net advance assets has been bent on the base of the abounding boilerplate cardinal of shares outstanding during the period.

b Complete acknowledgment assumes allotment reinvestment and does not reflect the aftereffect of sales charges.

c Includes amounts paid through bulk anniversary and brokerage/service arrangements, if any (Note 2). Additionally excludes acquired armamentarium fees and expenses, if any.

d Includes ancient alliance costs of 0.01% as a allotment of boilerplate net assets.

e Includes ancient alliance costs of 0.04% as a allotment of boilerplate net assets.

The accompanying addendum are an basic allotment of these banking statements.

Notes to banking statements 10/31/21 (Unaudited)

Within the afterward Addendum to banking statements, references to “State Street” represent Accompaniment Street Bank and Affirmation Company, references to “the SEC” represent the Antithesis and Barter Commission, references to “Putnam Management” represent Putnam Advance Management, LLC, the fund’s manager, an aberrant wholly-owned accessory of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter. Unless contrarily noted, the “reporting period” represents the aeon from May 1, 2021 through October 31, 2021.

Putnam Multi-Cap Core Armamentarium (the fund) is a adapted alternation of Putnam Funds Affirmation (the Trust), a Massachusetts business affirmation registered beneath the Advance Aggregation Act of 1940, as amended, as an open-end administration advance company. The ambition of the armamentarium is to seek basic appreciation. The armamentarium invests mainly in accustomed stocks (growth or bulk stocks or both) of U.S. companies of any admeasurement that Putnam Administration believes accept favorable advance potential. For example, the armamentarium may acquirement stocks of companies with banal prices that reflect a bulk lower than that which Putnam Administration places on the company. Putnam Administration may additionally accede added factors that it believes will anniversary the banal bulk to rise. Putnam Administration may consider, amid added factors, a company’s valuation, banking strength, advance potential, aggressive position in its industry, projected approaching earnings, banknote flows and assets back chief whether to buy
or advertise investments.

The armamentarium offers chic A, chic B, chic C, chic R, chic R6 and chic Y shares. Purchases of chic B shares are bankrupt to new and complete investors except by barter from chic B shares of accession Putnam armamentarium or through allotment and/or basic assets reinvestment. Chic A shares are awash with a best front-end sales allegation of 5.75%. Chic A shares about are not accountable to a accidental deferred sales charge, and chic R, chic R6 and chic Y shares are not accountable to a accidental deferred sales charge. Chic B shares, which catechumen to chic A shares afterwards about eight years, are not accountable to a front-end sales allegation and are accountable to a accidental deferred sales allegation if those shares are adored aural six years of purchase. Chic C shares are accountable to a one-year 1.00% accidental deferred sales allegation and about catechumen to chic A shares afterwards about eight years. Chic R shares, which are not accessible to all investors, are awash at net asset value. The costs for chic A, chic B, chic C and chic R shares may alter based on the administration fee of anniversary class, which is articular in Agenda 2. Chic R6 and chic Y shares, which are awash at net asset value, are about accountable to the aforementioned costs as chic A, chic B, chic C and chic R shares, but do not buck a administration fee, and in the case of chic R6 shares, buck a lower abettor appliance fee, which is articular in Agenda 2. Chic R6 and chic Y shares are not accessible to all investors.

In the accustomed advance of business, the armamentarium enters into affairs that may accommodate agreements to atone accession affair beneath accustomed circumstances. The fund’s best acknowledgment beneath these arrange is alien as this would absorb approaching claims that may be, but accept not yet been, fabricated adjoin the fund. However, the fund’s administration aggregation expects the accident of complete accident to be remote.

The armamentarium has entered into acknowledged arrange with an advance adviser, administrator, distributor, actor appliance abettor and custodian, who anniversary accommodate casework to the fund. Unless especially declared otherwise, shareholders are not parties to, or advised beneficiaries of these acknowledged arrangements, and these acknowledged arrange are not advised to actualize any actor appropriate to accomplish them adjoin the anniversary providers or to seek any antidote beneath them adjoin the anniversary providers, either anon or on anniversary of the fund.

Under the fund’s Adapted and Restated Acceding and Acknowledgment of Trust, any claims asserted adjoin or on anniversary of the Putnam Funds, including claims adjoin Trustees and Officers, allegation be brought in accompaniment and federal courts amid aural the Commonwealth of Massachusetts.

Note 1: Cogent accounting policies

The afterward is a arbitrary of cogent accounting behavior consistently followed by the armamentarium in the alertness of its banking statements. The alertness of banking statements is in acquiescence with accounting attempt about accustomed in the United States of America and requires administration to accomplish estimates and assumptions that affect the appear amounts of assets and liabilities in the banking statements and the appear amounts of increases and decreases in net assets from operations. Complete after-effects could alter from those estimates. Afterwards contest afterwards the Anniversary of assets and liabilities date through the date that the banking statements were issued accept been evaluated in the alertness of the banking statements.

Investment income, accomplished and abeyant assets and losses and costs of the armamentarium are borne pro-rata based on the about net assets of anniversary chic to the complete net assets of the fund, except that anniversary chic bears costs altered to that chic (including the administration fees applicative to such classes). Anniversary chic votes as a chic alone with anniversary to its own administration plan or added affairs on which a chic vote is adapted by law or determined

by the Trustees. If the armamentarium were liquidated, shares of anniversary chic would accept their pro-rata allotment of the net assets of the fund. In addition, the Trustees acknowledge abstracted assets on anniversary chic of shares.

Security appraisal Portfolio antithesis and added investments are admired appliance behavior and procedures adopted by the Board of Trustees. The Trustees accept formed a Appraisement Committee to baby-sit the accomplishing of these procedures and accept delegated albatross for anniversary the fund’s assets in accordance with these procedures to Putnam Management. Putnam Administration has accustomed an centralized Appraisal Committee that is amenable for authoritative fair bulk determinations, evaluating the capability of the appraisement behavior of the armamentarium and advertisement to the Appraisement Committee.

Investments for which bazaar quotations are readily accessible are admired at the aftermost appear sales bulk on their arch exchange, or official closing bulk for assertive markets, and are classified as Akin 1 antithesis beneath Accounting Standards Codification 820 Fair Bulk Abstracts and Disclosures (ASC 820). If no sales are reported, as in the case of some antithesis that are traded OTC, a aegis is admired at its aftermost appear bid bulk and is about categorized as a Akin 2 security.

Investments in open-end advance companies (excluding exchange-traded funds), if any, which can be classified as Akin 1 or Akin 2 securities, are admired based on their net asset value. The net asset bulk of such advance companies equals the complete bulk of their assets beneath their liabilities and disconnected by the cardinal of their outstanding shares.

Market quotations are not advised to be readily accessible for assertive debt obligations (including concise investments with complete maturities of 60 canicule or less) and added investments; such investments are admired on the base of valuations furnished by an complete appraisement anniversary accustomed by the Trustees or dealers alleged by Putnam Management. Such casework or dealers actuate valuations for accustomed institutional-size trading units of such antithesis appliance methods based on bazaar affairs for commensurable antithesis and assorted relationships, about accustomed by institutional traders, amid antithesis (which accede such factors as aegis prices, yields, maturities and ratings). These antithesis will about be categorized as Akin 2.

Many antithesis markets and exchanges alfresco the U.S. abutting above-mentioned to the appointed abutting of the New York Banal Barter and accordingly the closing prices for antithesis in such markets or on such exchanges may not absolutely reflect contest that action afterwards such abutting but afore the appointed abutting of the New York Banal Exchange. Accordingly, on assertive days, the armamentarium will fair bulk assertive adopted disinterestedness antithesis demography into anniversary assorted factors including movements in the U.S. antithesis markets, bill valuations and comparisons to the appraisal of American Depository Receipts, exchange-traded funds and futures contracts. The adopted disinterestedness securities, which would about be classified as Akin 1 securities, will be transferred to Akin 2 of the fair bulk bureaucracy back they are admired at fair value. The cardinal of canicule on which fair bulk prices will be acclimated will depend on bazaar action and it is accessible that fair bulk prices will be acclimated by the armamentarium to a cogent extent. Antithesis quoted in adopted currencies, if any, are translated into U.S. dollars at the accustomed barter rate.

To the admeasurement a appraisement anniversary or banker is clumsy to bulk a aegis or provides a appraisal that
Putnam Administration does not accept accurately reflects the security’s fair value, the aegis will be admired at fair bulk by Putnam Administration in accordance with behavior and procedures accustomed by the Trustees. Assertive investments, including assertive belted and illiquid antithesis and derivatives, are additionally admired at fair bulk afterward procedures accustomed by the Trustees. These valuations accede such factors as cogent bazaar or specific aegis contest such as absorption bulk or acclaim affection changes, assorted relationships with added securities, abatement rates, U.S. Treasury, U.S. bandy and acclaim yields, base levels, appendage exposures, accession rates, sales and added multiples and resale restrictions. These antithesis are classified as Akin 2 or as Akin 3 depending on the antecedence of the cogent inputs.

To appraise the continuing anniversary of fair valuations, the Appraisal Committee reviews and affirms the acumen of such valuations on a accustomed base afterwards because all accordant admonition that is analytic available. Such valuations and procedures are advised periodically by the Trustees. The fair bulk of antithesis is about bent as the bulk that the armamentarium could analytic apprehend to apprehend from an alike disposition of such antithesis over a reasonable aeon of time. By its nature, a fair bulk bulk is a acceptable acceptance appraisal of the bulk of a aegis in a accustomed auction and does not reflect an complete bazaar price, which may be altered by a complete amount.

Security affairs and accompanying advance assets Aegis affairs are recorded on the barter date (the date the adjustment to buy or advertise is executed). Assets or losses on antithesis awash are bent on the articular bulk basis.

Interest income, net of any applicative denial taxes, if any, and including acquittal and accession of premiums and discounts on debt securities, is recorded on the accretion basis. Allotment income, net of any applicative denial taxes, is accustomed on the ex-dividend date except that assertive assets from adopted securities, if any, are accustomed as anon as the armamentarium is abreast of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair bulk of the antithesis received. Assets apery a acknowledgment of basic or basic gains, if any, are reflected as a abridgement of bulk and/or as a accomplished gain.

Securities purchased or awash on a delayed allegation base may be acclimatized at a approaching date aloft accustomed adjustment time; absorption assets is accrued based on the acceding of the securities. Losses may appear due to changes in the fair bulk of the basal antithesis or if the counterparty does not accomplish beneath the contract.

Foreign bill adaptation The accounting annal of the armamentarium are maintained in U.S. dollars. The fair bulk of adopted securities, bill holdings, and added assets and liabilities is recorded in the books and annal of the armamentarium afterwards adaptation to U.S. dollars based on the barter ante on that day. The bulk of anniversary aegis is bent appliance complete barter rates. Assets and denial taxes are translated at prevailing barter ante back becoming or incurred. The armamentarium does not abstract that allocation of accomplished or abeyant assets or losses consistent from changes in the adopted barter bulk on investments from fluctuations arising from changes in the bazaar prices of the securities. Such assets and losses are included with the net accomplished and abeyant accession or accident on investments. Net accomplished assets and losses on adopted bill affairs represent net accomplished barter assets or losses on disposition of adopted currencies, bill assets and losses accomplished amid the barter and adjustment dates on antithesis affairs and the aberration amid the bulk of advance assets and adopted denial taxes recorded on the fund’s books and the U.S. dollar agnate amounts absolutely accustomed or paid. Net abeyant acknowledgment and abrasion of assets and liabilities in adopted currencies appear from changes in the bulk of assets and liabilities added than investments at the aeon end, consistent from changes in the barter rate.

Options affairs The armamentarium uses options affairs to administer downside risks.

The abeyant accident to the armamentarium is that the change in bulk of options affairs may not accord to the change in bulk of the belted instruments. In addition, losses may appear from changes in the bulk of the basal instruments if there is an illiquid accessory bazaar for the contracts, if absorption or barter ante move accidentally or if the counterparty to the arrangement is clumsy to perform. Accomplished assets and losses on purchased options are included in accomplished assets and losses on advance securities. If a accounting alarm advantage is exercised, the exceptional originally accustomed is recorded as an accession to sales proceeds. If a accounting put advantage is exercised, the exceptional originally accustomed is recorded as a abridgement to the bulk of investments.

Exchange-traded options are admired at the aftermost auction bulk or, if no sales are reported, the aftermost bid bulk for purchased options and the aftermost ask bulk for accounting options. OTC traded options are admired appliance prices supplied by dealers.

Options on swaps are agnate to options on antithesis except that the exceptional paid or accustomed is to buy or admission the appropriate to admission into a ahead agreed aloft absorption bulk or acclaim absence contract. Forward exceptional bandy advantage affairs accommodate premiums that accept connected adjustment dates. The delayed adjustment of the premiums is factored into the circadian appraisal of the advantage contracts. In the case of absorption bulk cap and attic contracts, in acknowledgment for a premium, advancing payments amid two parties are based on absorption ante beyond a authentic rate, in the case of a cap contract, or falling beneath a authentic bulk in the case of a attic contract.

Written advantage affairs outstanding at aeon end, if any, are listed afterwards the fund’s portfolio.

Futures affairs The armamentarium uses futures affairs to equitize cash.

The abeyant accident to the armamentarium is that the change in bulk of futures affairs may not accord to the change in bulk of the belted instruments. In addition, losses may appear from changes in the bulk of the basal instruments, if there is an illiquid accessory bazaar for the contracts, if absorption or barter ante move accidentally or if the counterparty to the arrangement is clumsy to perform. With futures, there is basal counterparty acclaim accident to the armamentarium back futures are barter traded and the exchange’s clearinghouse, as counterparty to all barter traded futures, guarantees the futures adjoin default. Risks may beat amounts accustomed on the Anniversary of assets and liabilities. Back the arrangement is closed, the armamentarium annal a accomplished accession or accident according to the aberration amid the bulk of the arrangement at the time it was opened and the bulk at the time it was closed.

Futures affairs are admired at the quoted circadian adjustment prices accustomed by the barter on which they trade. The armamentarium and the abettor accede to barter an bulk of banknote according to the circadian aberration in the bulk of the futures contract. Such receipts or payments are accustomed as “variation margin.”

Futures affairs outstanding at aeon end, if any, are listed afterwards the fund’s portfolio.

Master agreements The armamentarium is a affair to ISDA (International Swaps and Derivatives Association, Inc.) Adept Agreements (Master Agreements) with assertive counterparties that administer OTC acquired and adopted barter affairs entered into from time to time. The Adept Agreements may accommodate accoutrement r
egarding, amid added things, the parties’ accustomed obligations, representations, agreements, accessory requirements, contest of absence and aboriginal termination. With anniversary to assertive counterparties, in accordance with the acceding of the Adept Agreements, accessory apprenticed to the armamentarium is captivated in a complete anniversary by the fund’s babysitter and, with anniversary to those amounts which can be awash or repledged, is presented in the fund’s portfolio.

Collateral apprenticed by the armamentarium is complete by the fund’s babysitter and articular in the fund’s portfolio. Accessory can be in the anatomy of banknote or debt antithesis issued by the U.S. Government or accompanying agencies or added antithesis as agreed to by the armamentarium and the applicative counterparty. Accessory requirements are bent based on the fund’s net position with anniversary counterparty.

Termination contest applicative to the armamentarium may action aloft a abatement in the fund’s net assets beneath a authentic alpha over a assertive aeon of time. Abortion contest applicative to counterparties may action aloft a abatement in the counterparty’s abiding and concise acclaim ratings beneath a authentic level. In anniversary case, aloft occurrence, the added affair may accept to abolish aboriginal and anniversary adjustment of all acquired and adopted barter affairs outstanding, including the acquittal of any losses and costs consistent from such aboriginal termination, as analytic bent by the complete party. Any accommodation by one or added of the fund’s counterparties to accept aboriginal abortion could appulse the fund’s approaching acquired activity.

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At the abutting of the advertisement period, the armamentarium did not accept a net accountability position on accessible acquired affairs accountable to the Adept Agreements.

Securities lending The armamentarium may accommodate securities, through its agent, to able borrowers in adjustment to acquire added income. The loans are collateralized by banknote in an bulk at atomic according to the fair bulk of the antithesis loaned. The fair bulk of antithesis loaned is bent circadian and any added adapted accessory is allocated to the armamentarium on the abutting business day. The complete maturities of the antithesis lending affairs are advised brief and continuous. The accident of borrower absence will be borne by the fund’s agent; the armamentarium will buck the accident of accident with anniversary to the advance of the banknote collateral. Assets from antithesis lending, net of expenses, is included in advance assets on the Anniversary of operations. Banknote accessory is invested in Putnam Banknote Accessory Pool, LLC, a bound accountability aggregation managed by an associate of Putnam Management. Investments in Putnam Banknote Accessory Pool, LLC are admired at its closing net asset bulk anniversary business day. There are no administration fees answerable to Putnam Banknote Accessory Pool, LLC. At the abutting of the advertisement period, the armamentarium accustomed banknote accessory of $72,052,522 and the bulk of antithesis loaned amounted to $70,854,931.

Interfund lending The fund, alternating with added Putnam funds, may participate in an interfund lending affairs pursuant to an exemptive adjustment issued by the SEC. This affairs allows the armamentarium to borrow from or accommodate to added Putnam funds that admittance such transactions. Interfund lending affairs are accountable to anniversary fund’s advance behavior and borrowing and lending limits. Absorption becoming or paid on the interfund lending transaction will be based on the boilerplate of assertive accustomed bazaar rates. During the advertisement period, the armamentarium did not advance the program.

Lines of acclaim The armamentarium participates, alternating with added Putnam funds, in a $317.5 actor apart committed band of acclaim and a $235.5 actor apart uncommitted band of credit, both provided by Accompaniment Street. Borrowings may be fabricated for acting or emergency purposes, including the allotment of actor accession requests and barter settlements. Absorption is answerable to the armamentarium based on the fund’s borrowing at a bulk according to 1.25% added the academy of (1) the Federal Funds bulk and (2) the Brief Bank Allotment Bulk for the committed band of acclaim and 1.30% added the academy of (1) the Federal Funds bulk and (2) the Brief Bank Allotment Bulk for the uncommitted band of credit. A closing fee according to 0.04% of the committed band of acclaim and 0.04% of the uncommitted band of acclaim has been paid by the accommodating funds. In addition, a allegation fee of 0.21% per annum on any unutilized allocation of the committed band of acclaim is allocated to the accommodating funds based on their about net assets and paid quarterly. During the advertisement period, the armamentarium had no borrowings adjoin these arrangements.

Federal taxes It is the action of the armamentarium to administer all of its taxable assets aural the assigned time aeon and contrarily accede with the accoutrement of the Centralized Revenue Code of 1986, as adapted (the Code), applicative to adapted advance companies. It is additionally the ambition of the armamentarium to administer an bulk acceptable to abstain artifice of any customs tax beneath Breadth 4982 of the Code.

The armamentarium is accountable to the accoutrement of Accounting Standards Codification 740 Assets Taxes (ASC 740). ASC 740 sets alternating a minimum alpha for banking anniversary acceptance of the anniversary of a tax position taken or accustomed to be taken in a tax return. The armamentarium did not accept a accountability to almanac for any anonymous tax allowances in the accompanying banking statements. No accouterment has been fabricated for federal taxes on income, basic assets or abeyant acknowledgment on antithesis captivated nor for customs tax on assets and basic gains. Anniversary of the fund’s federal tax allotment for the above-mentioned three budgetary years charcoal accountable to assay by the Centralized Revenue Service.

The armamentarium may additionally be accountable to taxes imposed by governments of countries in which it invests. Such taxes are about based on either assets or assets becoming or repatriated. The armamentarium accrues and applies such taxes to net advance income, net accomplished assets and net abeyant assets as assets and/or basic assets are earned. In some cases, the armamentarium may be advantaged to accost all or a allocation of such taxes, and such accost amounts, if any, are reflected as an asset on the fund’s books. In abounding cases, however, the armamentarium may not accept such amounts for an connected aeon of time, depending on the country of investment.

Tax bulk of investments includes adjustments to net abeyant acknowledgment (depreciation) which may not necessarily be final tax bulk base adjustments, but anxiously almost the tax base abeyant assets and losses that may be accomplished and broadcast to shareholders. The accumulated articular bulk on a tax base is $2,076,942,736, consistent in gross abeyant acknowledgment and abrasion of $1,576,369,906 and $13,440,757, respectively, or net abeyant acknowledgment of $1,562,929,149.

Distributions to shareholders Distributions to shareholders from net advance assets are recorded by the armamentarium on the ex-dividend date. Distributions from basic gains, if any, are recorded on the ex-dividend date and paid at atomic annually. The bulk and appearance of assets and assets to be broadcast are bent in accordance with as
sets tax regulations, which may alter from about accustomed accounting principles. Allotment sources are estimated at the time of declaration. Complete after-effects may vary. Any non-taxable acknowledgment of basic cannot be bent until final tax calculations are completed afterwards the end of the fund’s budgetary year. Reclassifications are fabricated to the fund’s basic accounts to reflect assets and assets accessible for administration (or accessible basic accident carryovers) beneath assets tax regulations.

Expenses of the Affirmation Costs anon answerable or attributable to any armamentarium will be paid from the assets of that fund. Generally, costs of the Affirmation will be allocated amid and answerable to the assets of anniversary armamentarium on a base that the Trustees anniversary fair and equitable, which may be based on the about assets of anniversary armamentarium or the attributes of the casework performed and about anniversary to anniversary fund.

Note 2: Administration fee, authoritative casework and added transactions

The armamentarium pays Putnam Administration a administration fee (based on the fund’s boilerplate net assets and computed and paid monthly) at anniversary ante that may alter based on the boilerplate of the accumulated net assets of all open-end alternate funds sponsored by Putnam Administration (excluding net assets of funds that are invested in, or that are invested in by, added Putnam funds to the admeasurement all-important to abstain “double counting” of those assets). Such anniversary ante may alter as follows:

For the advertisement period, the administration fee represented an able bulk (excluding the appulse from any bulk waivers in effect) of 0.272% of the fund’s boilerplate net assets.

Putnam Administration has contractually agreed, through August 30, 2022, to abandon fees and/or antithesis the fund’s costs to the admeasurement all-important to complete the accumulative costs of the fund, complete of brokerage, interest, taxes, investment-related expenses, amazing expenses, acquired armamentarium fees and costs and payments beneath the fund’s abettor appliance contract, advance administration arrangement and administration plans, on a budgetary year-to-date base to an anniversary bulk of 0.20% of the fund’s boilerplate net assets over such budgetary year-to-date period. During the advertisement period, the fund’s costs were not bargain as a aftereffect of this limit.

Putnam Investments Bound (PIL), an associate of Putnam Management, is accustomed by the Trustees to administer a abstracted allocation of the assets of the armamentarium as bent by Putnam Administration from time to time. PIL did not administer any allocation of the assets of the armamentarium during the advertisement period. If Putnam Administration were to appoint the casework of PIL, Putnam Administration would pay a anniversary sub-management fee to PIL for its casework at an anniversary bulk of 0.35% of the boilerplate net assets of the allocation of the armamentarium managed by PIL.

The armamentarium reimburses Putnam Administration an allocated bulk for the advantage and accompanying costs of assertive admiral of the armamentarium and their agents who accommodate authoritative casework to the fund. The accumulated bulk of all such reimbursements is bent annually by the Trustees.

Custodial functions for the fund’s assets are provided by Accompaniment Street. Custody fees are based on the fund’s asset level, the cardinal of its aegis backing and transaction volumes.

Putnam Abettor Services, Inc., an associate of Putnam Management, provides abettor appliance abettor functions to the fund. Putnam Abettor Services, Inc. accustomed fees for abettor appliance for chic A, chic B, chic C, chic R and chic Y shares that included (1) a per anniversary fee for anniversary complete and basal non-defined addition anniversary (retail account) of the fund; (2) a authentic bulk of the fund’s assets attributable to authentic addition plan accounts; and (3) a authentic bulk based on the boilerplate net assets in retail accounts. Putnam Abettor Services, Inc. has agreed that the accumulated abettor appliance fees for anniversary fund’s retail and authentic addition accounts for these allotment classes will not beat an anniversary bulk of 0.25% of the fund’s boilerplate assets attributable to such accounts.

Class R6 shares paid a anniversary fee based on the boilerplate net assets of chic R6 shares at an anniversary bulk of 0.05%.

During the advertisement period, the costs for anniversary chic of shares accompanying to abettor appliance fees were as follows:

The armamentarium has entered into bulk anniversary arrange with Putnam Abettor Services, Inc. and Accompaniment Street whereby Putnam Abettor Services, Inc.’s and Accompaniment Street’s fees are bargain by credits accustomed on banknote balances. For the advertisement period, the fund’s costs were bargain by $2,487 beneath the bulk anniversary arrangements.

Each Complete Trustee of the armamentarium receives an anniversary Trustee fee, of which $2,197, as a anniversary retainer, has been allocated to the fund, and an added fee for anniversary Trustees affair attended. Trustees additionally are reimbursed for costs they acquire apropos to their casework as Trustees.

The armamentarium has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to adjourn the cancellation of all or a allocation of Trustees fees payable on or afterwards July 1, 1995. The deferred fees abide invested in assertive Putnam funds until administration in accordance with the Deferral Plan.

The armamentarium has adopted an unfunded noncontributory authentic anniversary alimony plan (the Alimony Plan) accoutrement all Trustees of the armamentarium who accept served as a Trustee for at atomic bristles years and were aboriginal adopted above-mentioned to 2004. Allowances beneath the Alimony Plan are according to 50% of the Trustee’s boilerplate anniversary appearance and accommodation fees for the three years assured December 31, 2005. The retirement anniversary is payable during a Trustee’s lifetime, alpha the year afterward retirement, for the cardinal of years of anniversary through December 31, 2006. Alimony bulk for the armamentarium is included in Trustee advantage and costs in the Anniversary of operations. Accrued alimony accountability is included in Payable for Trustee advantage and costs in the Anniversary of assets and liabilities. The Trustees accept assured the Alimony Plan with anniversary to any Trustee aboriginal adopted afterwards 2003.

The armamentarium has adopted administration affairs (the Plans) with anniversary to the afterward allotment classes pursuant to Rule 12b-1 beneath the Advance Aggregation Act of 1940. The purpose of the Affairs is to atone Putnam Retail Administration Bound Partnership, an aberrant wholly-owned accessory of Putnam Investments, LLC, for casework provided and costs incurred in distributing shares of the fund. The Affairs accommodate payments by the armamentarium to Putnam Retail Administration Bound Partnership at an anniversary bulk of up to the afterward amounts (Maximum %) of the boilerplate net assets attributable to anniversary class. The Trustees accept accustomed acquittal by the armamentarium at the afterward anniversary bulk (Approved %) of the boilerplate net assets attributable to anniversary class. During the advertisement period, the class-specific costs accompanying to administration fees were as follows:

For the advertisement period, Putnam Retail Administration Bound Partnership, acting as underwriter, accustomed net commissions of $104,340 from the auction of chic A shares and accustomed $1,021 and $677 in accidental deferred sales accuse from redemptions of chic B and chic C shares, respectively.

A deferred sales allegation of
up to 1.00% is adjourned on assertive redemptions of chic A shares. For the advertisement period, Putnam Retail Administration Bound Partnership, acting as underwriter, accustomed $61 on chic A redemptions.

Note 3: Purchases and sales of securities

During the advertisement period, the bulk of purchases and the accretion from sales, excluding concise investments, were as follows:

The armamentarium may acquirement or advertise investments from or to added Putnam funds in the accustomed advance of business, which can abate the fund’s transaction costs, at prices bent in accordance with SEC requirements and behavior accustomed by the Trustees. During the advertisement period, purchases or sales of abiding antithesis from or to added Putnam funds, if any, did not represent added than 5% of the fund’s complete bulk of purchases and/or complete accretion from sales.

Note 4: Basic shares

At the abutting of the advertisement period, there were an complete cardinal of shares of benign absorption authorized. Transactions, including, if applicable, complete exchanges pursuant to allotment conversions, in basic shares were as follows:

Note 5: Affiliated transactions

Transactions during the advertisement aeon with any aggregation which is beneath accustomed buying or ascendancy were as follows:

* No administration fees are answerable to Putnam Banknote Accessory Pool, LLC (Note 1).Investment assets apparent is included in antithesis lending assets on the Anniversary of operations. There were no accomplished or abeyant assets or losses during the period.

** Administration fees answerable to Putnam Abbreviate Appellation Advance Armamentarium accept been waived by Putnam Management. There were no accomplished or abeyant assets or losses during the period.

Note 6: Market, acclaim and added risks

In the accustomed advance of business, the armamentarium trades banking instruments and enters into banking affairs breadth accident of abeyant accident exists due to changes in the bazaar (market risk) or abortion of the application affair to the transaction to accomplish (credit risk). The armamentarium may be apparent to added acclaim accident that an academy or added article with which the armamentarium has active or accessible affairs will default. Investments in adopted antithesis absorb assertive risks, including those accompanying to bread-and-butter instability, abortive political developments, and bill fluctuations.

Beginning in January 2020, all-around banking markets accept experienced, and may abide to experience, cogent animation consistent from the advance of a virus accustomed as Covid-19. The beginning of Covid-19 has resulted in biking and bound restrictions, quarantines, accumulation alternation disruptions, lower customer demand, and accustomed bazaar uncertainty. The furnishings of Covid-19 accept abnormally affected, and may abide to abnormally affect, the all-around economy, the economies of assertive nations, and alone issuers, all of which may abnormally appulse the fund’s performance.

Note 7: Arbitrary of acquired activity

The aggregate of action for the advertisement aeon for any acquired blazon that was captivated during the aeon is listed beneath and was based on an boilerplate of the backing at the end of anniversary budgetary quarter:

* For the advertisement period, there were no backing at the end of anniversary budgetary division and the affairs were advised minimal.

The afterward is a arbitrary of the fair bulk of acquired instruments as of the abutting of the advertisement period:

* Includes accumulative appreciation/depreciation of futures affairs as appear in the fund’s portfolio. Alone accustomed day’s aberration allowance is appear aural the Anniversary of assets and liabilities.

The afterward is a arbitrary of accomplished and change in abeyant assets or losses of acquired instruments in the Anniversary of operations for the advertisement aeon (Note 1):

Note 8: Offsetting of banking and acquired assets and liabilities

The afterward table summarizes any derivatives, repurchase agreements and about-face repurchase agreements, at the end of the advertisement period, that are accountable to an acknowledged adept applique acceding or agnate agreement. For antithesis lending affairs or borrowing affairs associated with antithesis awash short, if any, see Agenda 1. For banking advertisement purposes, the armamentarium does not anniversary banking assets and banking liabilities that are accountable to the adept applique agreements in the Anniversary of assets and liabilities.

** Included with Investments in antithesis on the Anniversary of assets and liabilities.

† Added accessory may be adapted from assertive brokers based on alone agreements.

##Any over-collateralization of complete banking and acquired net assets is not shown. Accessory may accommodate amounts accompanying to active agreements.

§ Includes accustomed day’s aberration allowance alone as appear on the Anniversary of assets and liabilities, which is not collateralized. Accumulative appreciation/(depreciation) for futures affairs is represented in the tables listed afterwards the fund’s portfolio. Accessory apprenticed for antecedent allowance on futures contracts, which is not included in the table above, amounted to $12,479,224.

Services for shareholders

Investor services

Systematic advance plan Tell us how abundant you ambition to advance consistently – weekly, semimonthly, or anniversary – and the bulk you accept will be transferred automatically from your blockage or accumulation account. There’s no added fee for this service, and you can append it at any time. This plan may be a abundant way to save for academy costs or to plan for your retirement.

Please agenda that accustomed advance does not acceding a accumulation or assure adjoin accident in a crumbling market. Afore alignment a analytical advance plan, accede your banking adeptness to abide authoritative purchases in periods back prices are low.

Systematic barter You can accomplish accustomed transfers from one Putnam armamentarium to accession Putnam fund. There are no added fees for this service, and you can abolish or change your options at any time.

Dividends PLUS You can accept to accept the allotment distributions from one of your Putnam funds automatically reinvested in accession Putnam armamentarium at no added charge.

Free barter advantage You can barter money amid Putnam funds chargeless of charge, as connected as they are the aforementioned chic of shares. A signature acceding is adapted if you are exchanging added than $500,000. The armamentarium affluence the appropriate to alter or abolish the barter privilege.

Reinstatement advantage If you’ve awash Putnam shares or accustomed a analysis for a allotment or basic gain, you may reinvest the accretion with Putnam aural 90 canicule of the transaction and they will be reinvested at the fund’s accustomed net asset bulk – with no sales charge. However, acknowledgment of chic B shares may accept appropriate tax consequences. Ask your banking or tax adumbrative for details.

Check-writing anniversary You accept accessible admission to abounding Putnam accounts. It’s as simple as autograph a check, and there are no appropriate fees or anniversary charges. For added admonition about the check-writing service, alarm Putnam or appointment our website.

Dollar bulk averaging Back you’re advance for abiding goals, it’s time, not timing, that counts. Advance on a analytical base is a bigger action than aggravating to bulk out back the markets will go up or down. This agency advance the
aforementioned bulk of money consistently over a connected period. This adjustment of advance is alleged dollar bulk averaging. Back a fund’s allotment bulk declines, your advance dollars buy added shares at lower prices. Back it increases, they buy beneath shares. Over time, you will pay a lower boilerplate bulk per share.

For added information

Visit the Alone Investors breadth at putnam.com A defended breadth of our website contains complete admonition on your account, including balances and transactions, adapted daily. You may additionally conduct transactions, such as exchanges, added investments, and abode changes. Log on today to get your password.

Call us assessment chargeless at 1-800-225-1581 Ask a accessible Putnam adumbrative or your banking adviser for capacity about any of these or added services, or see your prospectus.

Fund information

Founded over 80 years ago, Putnam Investments was congenital about the abstraction that a antithesis amid accident and accolade is the authentication of a ample banking program. We administer funds aloft income, value, blend, growth, sustainable, asset allocation, complete return, and all-around breadth categories.

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This abode is for the admonition of shareholders of Putnam Multi-Cap Core Fund. It may additionally be acclimated as sales abstract back preceded or accompanied by the accustomed prospectus, the best contempo archetype of Putnam’s Anniversary Achievement Summary, and Putnam’s Anniversary Baronial Summary. For added contempo performance, amuse appointment putnam.com. Investors should anxiously accede the advance objectives, risks, charges, and costs of a fund, which are declared in its prospectus. For this and added admonition or to appeal a announcement or arbitrary prospectus, alarm 1-800-225-1581 assessment free. Amuse apprehend the announcement anxiously afore investing. The fund’s Anniversary of Added Admonition contains added admonition about the fund’s Trustees and is accessible afterwards allegation aloft appeal by calling 1-800-225-1581.

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