Jeffrey W. Heuer, CFA, is Managing Director and Fixed Income Portfolio Manager of Wellington Management. Mr. Heuer joined Wellington Management as an investment professional in 2001, and has covered high yield bonds in the retail and supermarket, gaming, lodging, tobacco, textiles, and restaurant sectors. Prior to joining Wellington Management, Mr. Heuer worked as a leveraged loan analyst at CypressTree Investment Management, where he analyzed credits in the consumer products, textiles, cyclicals, and telecommunications industries (1999 – 2001). Mr. Heuer also held several credit analysis and lending positions at the former Chase Manhattan Bank and its predecessor organizations (1989 – 1998). Mr. Heuer received his MBA, with distinction, from the University of Pennsylvania (Wharton, 1994) and his BA from Williams College (1989). Additionally, Mr. Heuer holds the Chartered Financial Analyst designation.

Ms. Shanks is a Portfolio Manager in the Fixed Income group, specializing in investment-grade strategies. She joined Putnam in 2012 and has been in the investment industry since 1999. Previously at Putnam, Ms. Shanks was an Analyst in the Global Credit Research group, conducting fundamental analysis of high-yield and investment-grade corporate-bond issuers in the retail and services sector, and making buy/sell recommendations. Prior to joining Putnam, Ms. Shanks was a Managing Director, High Yield Research Analyst, at Barclays Capital from 2008 to 2012. Prior to that, Ms. Shanks was a Vice President, High Yield Research Analyst, from 2004 to 2008, and an Associate, Liability Management Group, from 1999 to 2004, at Lehman Brothers. Ms. Shanks earned a B.A. in Mathematics from Williams College.

Brian M. Hough, CFA, Managing Director and Fixed Income Portfolio Manager/Credit Analyst of Wellington Management, has served as a portfolio manager for the Fund since February 2026 and has been involved in securities analysis for the Fund since 2012. Mr. Hough joined Wellington Management as an investment professional in 2012.