July 1, 2021 The Putnam Funds 100 Federal Street Boston, Massachusetts 02110 Ladies and Gentlemen:

July 1, 2021

The Xxxxxx Funds
000 Xxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000

Ladies and Gentlemen:

Xxxxxx Investment Management, LLC (“PIM”) hereby contractually agrees, as of the date hereof, with

respect to the funds specified below or in Schedule A, Schedule B, or Schedule C, to waive fees and

reimburse certain expenses in the manner provided below:


1.	Other expenses.
	a.	XXX agrees to waive fees and/or reimburse expenses of each open-end fund listed on
		Schedule A and each variable trust fund listed on Schedule B to the extent necessary to
		limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes,
		investment-related expenses (including borrowing costs, i.e., short selling and lines of
		credit costs), extraordinary expenses, acquired fund fees and expenses, and payments under
		the fund’s investor servicing contract, the fund’s investment management contract
		(including any applicable performance-based upward or downward adjustment to a fund’s
		base management fee), and the fund’s distribution plans, to an annual (measured on a fiscal
		year basis) rate of 0.20% of the fund’s average net assets. This contractual waiver will
		remain in effect for a fund through the expiration of one year following the effective date
		of the next annual update of the fund’s registration statement.
	b.	XXX agrees to waive fees and/or reimburse expenses of Xxxxxx Dynamic Asset Allocation
		Equity Fund to the extent necessary to limit the cumulative expenses of the fund, exclusive
		of brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e.,
		short selling and lines of credit costs), extraordinary expenses, acquired fund fees and
		expenses, and payments under the fund’s investor servicing contract, the fund’s investment
		management contract, and the fund’s distribution plans, to an annual (measured on a fiscal
		year basis) rate of 0.02% of the fund’s average net assets. This contractual waiver will
		remain in effect through the expiration of the one-year period following the effective date
		of the next annual update of the fund’s registration statement.

2.	Fund-specific expense limitations.
	a.	As set forth in the table below, XXX agrees to waive fees and/or reimburse expenses of
		each fund set forth below to the extent that the total annual fund operating expenses for the
		fund -- exclusive of payments under the fund’s distribution plans, any applicable
		performance-based upward or downward adjustment to the fund’s base management fee,
		brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e.,
		short selling and lines of credit costs), extraordinary expenses, and acquired fund fees and


			expenses – would exceed the specified rate through the specified date, which is the
			expiration of the one-year period following the effective date of the next annual update of
			each fund’s registration statement:



Fund	Proposed Contractual	Expiration
	Limitation on Total
	Fund Operating
	Expenses
Xxxxxx VT Emerging Markets Equity Fund	1.09%	April 30, 2023
Xxxxxx VT Multi-Asset Absolute Return Fund	0.90%	April 30, 2023
Xxxxxx VT Mortgage Securities Fund	0.50%	April 30, 2023


		b.	As set forth in the table below, XXX agrees to waive fees and/or reimburse expenses of
			each fund set forth below to the extent that the total annual fund operating expenses for the
			fund – exclusive of payments under the fund’s distribution plans, payments under the
			fund’s investor servicing contract, any applicable performance-based upward or downward
			adjustment to the fund’s base management fee, brokerage, interest, taxes, investment-
			related expenses (including borrowing costs, i.e., short selling and lines of credit costs),
			extraordinary expenses, and acquired fund fees and expenses – would exceed the specified
			rate through the specified date, which is the expiration of the one-year period following the
			effective date of the next post-effective amendment of each fund’s registration statement:



Fund	Proposed Contractual	Expiration
	Limitation on Total
	Fund Operating
	Expenses
Xxxxxx Dynamic Risk Allocation Fund	0.70%	Sept. 30, 2022
Xxxxxx Emerging Markets Equity Fund	0.78%	December 30,
		2022
Xxxxxx Global Income Trust	0.43%	February 28,
		2023
Xxxxxx Income Fund	0.33%	Feb. 28, 2023
Xxxxxx Intermediate-Term Municipal Income	0.52%	March 30, 2023
Fund
Xxxxxx Mortgage Opportunities Fund	0.46%	September 30,
		2022
Xxxxxx Ultra Short Duration Income Fund	0.24%	Nov. 30, 2022
Xxxxxx Short-Term Municipal Income Fund	0.28%	March 30, 2023


	3.	Xxxxxx Short Term Investment Fund. XXX agrees to waive the contractual management fee of
		0.25% for Xxxxxx Short Term Investment Fund through November 30, 2022, the expiration of the
		one-year period following the effective date of the next update of the fund’s registration statement.

	4.	Xxxxxx VT Focused International Equity Fund. XXX agrees to waive 5 basis points of the
		contractual management fee payable by Xxxxxx VT Focused International Equity Fund through


		April 30, 2023, the expiration of the one-year period following the effective date of the next annual
		update of the fund’s registration statement.


	5.	Target Date Funds.


		a.	RetirementReady Funds: XXX agrees to (1) waive fees and/or reimburse expenses of each
			Xxxxxx RetirementReady Fund, in an amount equal to the fund’s “acquired fund fees and
			expenses” and (2) waive fees and/or reimburse expenses of each class of shares specified below
			of each Xxxxxx RetirementReady Fund in an amount sufficient to result in total annual fund
			operating expenses for each share class of the fund – exclusive of payments under the fund’s
			distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing
			costs, i.e., short selling and lines of credit costs), and extraordinary expenses – that equal the
			amount specified in the table below of the fund’s average net assets attributable to each such
			class. Each of these contractual waivers will remain in effect through the date that is three
			years after the effective date of the next annual update of each fund’s registration statement
			(except for Xxxxxx RetirementReady® 2060 Fund, which will remain in effect through the date
			that is ten years after the effective date of the next annual update of the fund’s registration
			statement).



	*Share Class*	*Net Total* *Expense*
		*Ratio Cap*
	Class A	0.65%
	Class B	0.65%
	Class C	0.65%
	Class R	0.80%
	Class R3	0.80%
	Class R4	0.80%
	Class R5	0.65%
	Class R6	0.55%
	Class Y	0.65%


		b.	Retirement Advantage Funds: XXX agrees to (1) waive fees and/or reimburse expenses of
			each Xxxxxx Retirement Advantage Fund in an amount equal to each fund’s “acquired
			fund fees and expenses” and (2) waive fees and/or reimburse expenses of each class of
			shares specified below of each Xxxxxx Retirement Advantage Fund in an amount sufficient
			to result in total annual fund operating expenses for each class of each fund – exclusive of
			payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related
			expenses (including borrowing costs, i.e., short selling and lines of credit costs), and
			extraordinary expenses – that equal the amount specified in the table below of the fund’s
			average net assets attributable to each such class. Each of these contractual waivers will
			remain in effect through the date that is three years after the effective date of the next annual
			update of each fund’s registration statement.



	*Share Class*	*Net Total* *Expense*
		*Ratio Cap*
	Class A	0.55%
	Class C	0.55%
	Class R	0.70%
	Class R3	0.70%



	Class R4	0.70%
	Class R5	0.55%
	Class R6	0.45%
	Class Y	0.55%

Effective July 1, 2021, this contractual undertaking supersedes any prior contractual expense limitation

provisions between PIM and the funds. This undertaking shall be binding upon any successors and

assignees of PIM.

A copy of the Declaration of Trust (including any amendments thereto) of each of The Xxxxxx Funds is on

file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this

instrument is executed on behalf of the Trustees of each Xxxxxx Fund as trustees and not individually and

that the obligations of or arising out of this instrument are not binding upon any of the Trustees or officers

or shareholders individually, but binding only upon the assets and property of each Xxxxxx Fund with

respect to its obligations under this instrument. Furthermore, notice is given that the assets and liabilities

of each series of each Xxxxxx Fund that is a series company are separate and distinct and that the obligations

of or arising out of this instrument are several and not joint or joint and several and are binding only on the

assets of each series with respect to its obligations under this instrument. Each fund is acting on its own

behalf separately from all of the other investment companies and not jointly or jointly and severally with

any of the other investment companies.


	Very truly yours,

	XXXXXX INVESTMENT MANAGEMENT, LLC

	By:	/s/ Xxxxxxx X. Xxxx__________
		Xxxxxxx X. Xxxx
		Vice President and Chief Legal Officer


Agreed and accepted by each Xxxxxx fund listed on Schedule A,
Schedule B and Schedule C

By:	/s/ Xxxxxxxx X. Xxxxxxx_______________

	Xxxxxxxx X. Xxxxxxx
	Executive Vice President, Principal
	Executive Officer, and Compliance Liaison

Schedule A


Xxxxxx California Tax Exempt Income Fund
Xxxxxx Convertible Securities Fund
Xxxxxx Diversified Income Trust
Xxxxxx Asset Allocation Funds
	- Xxxxxx Dynamic Asset Allocation Balanced Fund
	- Xxxxxx Dynamic Asset Allocation Conservative Fund
	- Xxxxxx Dynamic Asset Allocation Growth Fund
	- Xxxxxx Income Strategies Portfolio
Xxxxxx Focused International Equity Fund
Xxxxxx Funds Trust
	- Xxxxxx Dynamic Risk Allocation Fund
	- Xxxxxx Emerging Markets Equity Fund
	- Xxxxxx Fixed Income Absolute Return Fund
	- Xxxxxx Floating Rate Income Fund
	- Xxxxxx Focused Equity Fund
	- Xxxxxx Global Technology Fund
	- Xxxxxx Intermediate-Term Municipal Income Fund
	- Xxxxxx International Value Fund
	- Xxxxxx Mortgage Opportunities Fund
	- Xxxxxx Multi-Asset Absolute Return Fund
	- Xxxxxx Multi-Cap Core Fund
	- Xxxxxx Short Duration Bond Fund
	- Xxxxxx Short-Term Municipal Income Fund
	- Xxxxxx Small Cap Growth Fund
	- Xxxxxx Ultra Short Duration Income Fund
Xxxxxx Xxxxxx Balanced Fund
Xxxxxx Global Health Care Fund
Xxxxxx Global Income Trust
Xxxxxx High Yield Fund
Xxxxxx Income Fund
Xxxxxx International Equity Fund
Xxxxxx Investment Funds
	-Xxxxxx Government Money Market Fund
	-Xxxxxx Growth Opportunities Fund
	-Xxxxxx International Capital Opportunities Fund
	-Xxxxxx PanAgora Risk Parity Fund
	-Xxxxxx Research Fund
	-Xxxxxx Small Cap Value Fund
	-Xxxxxx Sustainable Future Fund
Xxxxxx Large Cap Value Fund
Xxxxxx Massachusetts Tax Exempt Income Fund
Xxxxxx Minnesota Tax Exempt Income Fund
Xxxxxx Money Market Fund
Xxxxxx Mortgage Securities Fund
Xxxxxx New Jersey Tax Exempt Income Fund
Xxxxxx New York Tax Exempt Income Fund


Xxxxxx Ohio Tax Exempt Income Fund
Xxxxxx Pennsylvania Tax Exempt Income Fund
Xxxxxx Sustainable Leaders Fund
Xxxxxx Tax Exempt Income Fund
Xxxxxx Tax-Free Income Trust
	-Xxxxxx Strategic Intermediate Municipal Fund
	-Xxxxxx Tax-Free High Yield Fund

Schedule B


Xxxxxx Variable Trust

	- Xxxxxx VT Diversified Income Fund
	- Xxxxxx VT Emerging Markets Equity Fund
	- Xxxxxx VT Focused International Equity Fund
	- Xxxxxx VT Xxxxxx Xxxxxx Balanced Fund
	- Xxxxxx VT Global Asset Allocation Fund
	- Xxxxxx VT Global Health Care Fund
	- Xxxxxx VT Government Money Market Fund
	- Xxxxxx VT Growth Opportunities Fund
	- Xxxxxx VT High Yield Fund
	- Xxxxxx VT Income Fund
	- Xxxxxx VT International Equity Fund
	- Xxxxxx VT International Value Fund
	- Xxxxxx VT Large Cap Value Fund
	- Xxxxxx VT Mortgage Securities Fund
	- Xxxxxx VT Multi-Asset Absolute Return Fund
	- Xxxxxx VT Multi-Cap Core Fund
	- Xxxxxx VT Research Fund
	- Xxxxxx VT Small Cap Growth Fund
	- Xxxxxx VT Small Cap Value Fund
	- Xxxxxx VT Sustainable Future Fund
	- Xxxxxx VT Sustainable Leaders Fund

Schedule C

Other Funds Subject to Expense Limitations


Xxxxxx Funds Trust
	- Xxxxxx Dynamic Asset Allocation Equity Fund
	- Xxxxxx Short Term Investment Fund
Xxxxxx Target Date Funds
	- Xxxxxx RetirementReady Maturity Fund
	- Xxxxxx RetirementReady 2065 Fund
	- Xxxxxx RetirementReady 2060 Fund
	- Xxxxxx RetirementReady 2055 Fund
	- Xxxxxx RetirementReady 2050 Fund
	- Xxxxxx RetirementReady 2045 Fund
	- Xxxxxx RetirementReady 2040 Fund
	- Xxxxxx RetirementReady 2035 Fund
	- Xxxxxx RetirementReady 2030 Fund
	- Xxxxxx RetirementReady 2025 Fund
	- Xxxxxx Retirement Advantage Maturity Fund
	- Xxxxxx Retirement Advantage 2065 Fund
	- Xxxxxx Retirement Advantage 2060 Fund
	- Xxxxxx Retirement Advantage 2055 Fund
	- Xxxxxx Retirement Advantage 2050 Fund
	- Xxxxxx Retirement Advantage 2045 Fund
	- Xxxxxx Retirement Advantage 2040 Fund
	- Xxxxxx Retirement Advantage 2035 Fund
	- Xxxxxx Retirement Advantage 2030 Fund
	- Xxxxxx Retirement Advantage 2025 Fund

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July 1, 2021 The Putnam Funds 100 Federal Street Boston, Massachusetts 02110 Ladies and Gentlemen:

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