Total Open-End Mutual Fund Average Net Assets definition

Total Open-End Mutual Fund Average Net Assets means the average of all of the determinations of the aggregate net assets of all open-end funds sponsored by ▇▇▇▇▇▇ Management (excluding the net assets of such funds investing in, or invested in by, other such funds, such as ▇▇▇▇▇▇ RetirementReady® Funds and ▇▇▇▇▇▇ Money Market Liquidity Fund, to the extent necessary to avoid "double-counting" of such net assets) at the close of business on each business day during each month while the Management Contract is in effect. Commencing with the thirteenth whole calendar month after the later of January 1, 2010 and the date of execution of this Contract, the Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

Total Open-End Mutual Fund Average Net Assets means the average of all of the determinations of the aggregate net assets of all open-end funds sponsored by ▇▇▇▇▇▇ Management (excluding the net assets of such funds investing in, or invested in by, other such funds, such as ▇▇▇▇▇▇ RetirementReady® Funds and ▇▇▇▇▇▇ Money Market Liquidity Fund, to the extent necessary to avoid "double-counting" of such net assets) at the close of business on each business day during each month while the Management Contract is in effect. The Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

Total Open-End Mutual Fund Average Net Assets means the average of all of the determinations of the aggregate net assets of all open-end funds sponsored by ▇▇▇▇▇▇ Management (excluding the net assets of such funds investing in, or invested in by, other such funds, such as ▇▇▇▇▇▇ RetirementReady® Funds and ▇▇▇▇▇▇ Money Market Liquidity Fund, to the extent necessary to avoid "double-counting" of such net assets) at the close of business on each business day during each month while the Management Contract is in effect. 41453000_2 The Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve. Effective upon the closing of the merger of ▇▇▇▇▇▇ Global Consumer Fund, ▇▇▇▇▇▇ Global Financials Fund, ▇▇▇▇▇▇ Global Sector Fund and ▇▇▇▇▇▇ Global Utilities Fund (collectively, the “Target Funds”) into the Fund (the “Merger Closing Date”), the Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Combined Average Net Assets of the Fund for the Performance Period and dividing the result by twelve (such adjusted fee, the “Current Management Fee”); provided, however, that if the use of the Combined Average Net Assets in calculating the Current Management Fee results in the Fund paying a higher management fee than would have been paid using the Average Net Assets of the Fund for periods prior to the Merger Closing Date, Average Net Assets shall be used for purposes of this calculation.

Total Open-End Mutual Fund Average Net Assets means the average of all of the determinations of the aggregate net assets of all open-end funds sponsored by Putnam Management (excluding the net assets of such funds investing in, or invested in by, other such funds, such as Putnam RetirementReady® Funds and Putnam Money Market Liquidity Fund, to the extent necessary to avoid "double-counting" of such net assets) at the close of business on each business day during each month while the Management Contract is in effect.

Total Open-End Mutual Fund Average Net Assets means the average of all of the determinations of the aggregate net assets of all open-end funds sponsored by ▇▇▇▇▇▇ Management (excluding the net assets of such funds investing in, or invested in by, other such funds, such as ▇▇▇▇▇▇ RetirementReady® Funds and ▇▇▇▇▇▇ Money Market Liquidity Fund, to the extent necessary to avoid "double-counting" of such net assets) at the close of business on each business day during each month while the Management Contract is in effect. Commencing with the thirteenth whole calendar month of the Fund’s operations, the Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

Total Open-End Mutual Fund Average Net Assets means the average of all of the determinations of the aggregate net assets of all open-end funds sponsored by ▇▇▇▇▇▇ Management (excluding the net assets of such funds investing in, or invested in by, other such funds, such as ▇▇▇▇▇▇ RetirementReady® Funds and ▇▇▇▇▇▇ Money Market Liquidity Fund, to the extent necessary to avoid "double-counting" of such net assets) at the close of business on each business day during each month while the Management Contract is in effect. The Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve. Effective upon the closing of the merger of ▇▇▇▇▇▇ Europe Equity Fund (the “Europe Equity Fund”) into the Fund (the “Merger Closing Date”), the Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Combined Average Net Assets of the Fund for the Performance Period and dividing the result by twelve (such adjusted fee, the “Current Management Fee”); provided, however, that if the use of the Combined Average Net Assets in calculating the Current Management Fee results in the Fund paying a higher management fee than would have been paid using the Average Net Assets of the Fund for periods prior to the Merger Closing Date, Average Net Assets shall be used for purposes of this calculation.

Total Open-End Mutual Fund Average Net Assets means the average of all of the determinations of the aggregate net assets of all open-end funds sponsored by ▇▇▇▇▇▇ Management (excluding the net assets of such funds investing in, or invested in by, other such funds, such as ▇▇▇▇▇▇ RetirementReady® Funds and ▇▇▇▇▇▇ Money Market Liquidity Fund, to the extent necessary to avoid "double-counting" of such net assets) at the close of business on each business day during each month while the Management Contract is in effect. 39312598_3 The Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

Total Open-End Mutual Fund Average Net Assets means the average of all of the determinations of the aggregate net assets of all open-end funds sponsored by ▇▇▇▇▇▇ Management (excluding the net assets of such funds investing in, or invested in by, other such funds, such as ▇▇▇▇▇▇ RetirementReady® Funds and ▇▇▇▇▇▇ Money Market Liquidity Fund, to the extent necessary to avoid "double-counting" of such net assets) at the close of business on each business day during each month while the Management Contract is in effect. (as amended October 24, 2016) Except for ▇▇▇▇▇▇ Growth Opportunities Fund (“Growth Opportunities Fund”), the Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

Total Open-End Mutual Fund Average Net Assets means the average of all of the determinations of the aggregate net assets of all open-end funds sponsored by ▇▇▇▇▇▇ Management (excluding the net assets of such funds investing in, or invested in by, other such funds, such as ▇▇▇▇▇▇ RetirementReady® Funds and ▇▇▇▇▇▇ Money Market Liquidity Fund, to the extent necessary to avoid "double-counting" of such net assets) at the close of business on each business day during each month while the Management Contract is in effect. Commencing with the thirteenth whole calendar month after January 1, 2010, the Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.