Morningstar Ratings Scorecard (Y shares)

Morningstar ratings

Class Y shares as of 10/31/22

Putnam funds that have received a four- or five-star overall rating for class Y shares in their Morningstar category based on risk-adjusted returns

Taxable Income Funds Global Income Trust

Short Duration Bond Fund Ultra Short Duration Income Fund Tax-Free Income Funds Strategic Intermediate Municipal Fund Intermediate-Term Municipal Income Fund Short-Term Municipal Income Fund Tax-Free High Yield Fund CA Tax Exempt Income Fund MA Tax Exempt Income Fund NJ Tax Exempt Income Fund OH Tax Exempt Income Fund Value Funds International Value Fund Large Cap Value Fund Blend Funds Emerging Markets Equity Fund Focused International Equity Fund Multi-Cap Core Fund Research Fund Growth Funds Growth Opportunities Fund Small Cap Growth Fund Sustainable Leaders Fund Global Sector Funds Global Health Care Fund Global Technology Fund Asset Allocation Funds George Putnam Balanced Fund Dynamic Asset Alloc. Growth Fund Putnam RetirementReady Funds RetirementReady 2040 Fund RetirementReady 2045 Fund RetirementReady 2050 Fund RetirementReady 2055 Fund RetirementReady 2060 Fund

Category

Fund symbol

Number Overall of funds rating rated

3-year rating

Number of funds

rated

5-year rating

Number

Number

of funds 10-year of funds

rated rating rated

Global Bond Short-Term Bond Ultrashort Bond

PGGYX HHHH 192 HHH 192 HHH 170 HHHH 135 PARYX HHHHH 547 HHHH 547 HHHH 483 HHHHH 341 PSDYX HHHH 215 HHHH 215 HHHH 180 HHHH 95

Muni National Interm

Muni National Interm

Muni National Short High Yield Muni Muni California Long Muni Massachusetts Muni New Jersey Muni Ohio

PAMYX HHHHH 280 HHHH 280 HHHHH 245 HHHHH 183

PIMYX HHHH 280 HHHH 280 HHHH 245

--

--

PSMYX HHHH 206 HHHH 206 HHHH 182

--

--

PTFYX HHHH 186 HHH 186 HHH 164 HHHH 102

PCIYX HHHH 102 HHHH 102 HHH 96 HHHH 69

PMAYX HHHH 45 HHHH 45 HHHH 43 HHHH 34

PNJYX HHHH 49 HHHH 49 HHHH 45 HHHH 38

POTYX HHHH 23 HHHH 23 HHHH 21 HHH 19

Foreign Large Value Large Value

PNGYX HHHH 317 HHHH 317 HHHH 296 HHHH 177 PEIYX HHHHH 1139 HHHHH 1139 HHHHH 1082 HHHHH 802

Diversified Emerging Mkts Foreign Large Blend Large Blend Large Blend

PEMYX HHHH 732 HHHH 732 HHHH 648 HHHH 379

PEQYX HHHH 700

HH

700 HHH 608 HHHHH 419

PMYYX HHHHH 1221 HHHHH 1221 HHHH 1111 HHHHH 807

PURYX HHHHH 1221 HHHH 1221 HHHH 1111 HHHHH 807

Large Growth Small Growth Large Growth

PGOYX HHHH 1129 HHH 1129 HHHH 1050 HHHHH 784 PSYGX HHHHH 576 HHHH 576 HHHHH 521 HHHHH 393 PNOYX HHHHH 1129 HHHH 1129 HHHH 1050 HHHHH 784

Health Technology

PHSYX HHHH 150 HHHHH 150 HHHH 131 HHH 109 PGTYX HHHH 217 HHHH 217 HHHH 188 HHHH 155

Allocation--50% to 70% Equity PGEYX HHHH 694 HHHH 694 HHHH 647 HHHH 481 Allocation--70% to 85% Equity PAGYX HHHH 302 HHH 302 HHH 283 HHHH 223

Target-Date 2040 Target-Date 2045 Target-Date 2050 Target-Date 2055 Target-Date 2060

PRZZX HHHH 194 HHHHH 194 HHH 170 HHHH 96

PRVYX HHHH 193 HHHHH 193 HHH 167 HHHH 89

PRRUX HHHH 194 HHHHH 194 HHH 170 HHHH 95

PRTLX HHHH 193 HHHHH 193 HHH 167 HHHH 71

PRTYX HHHH 185 HHHHH 185 HHH 151

--

--

Morningstar rating

HHHHH HHHH HHH HH H

Ranking within category

top 10% next 22.5% next 35% next 22.5% bottom 10%

The Morningstar RatingTM for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity, and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a 3-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36?59 months of total returns, 60% 5-year rating/40% 3-year rating for 60?119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads.

All funds involve risk, including the loss of principal. You can lose money by investing. For informational purposes only. Not an investment recommendation.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail Management

Putnam Investments | 100 Federal Street | Boston, MA 02110 |

PF200_Y33183011/22

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