Kathleen Irish

Putnam Investment Management (PIM) generally charges management fees to its discretionary account clients in accordance with its standard fee schedules in effect when the management agreement is signed. Management fees are negotiated with some clients, so fees vary from the standard schedules. PIM's fund clients pay management fees to PIM out of fund assets. For separate account clients, fees are billed to the client and are payable quarterly. Fees, minimum account sizes, and fee breakpoints may be negotiated or modified in Putnam’s discretion based on factors such as asset class, pre-existing fee schedules, account size and overall size of the client relationship.