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| PUTNAM ASSET ALLOCATION: BALANCED PORTFOLIO | ||||
| PUTNAM ASSET ALLOCATION: CONSERVATIVE PORTFOLIO and | ||||
| PUTNAM ASSET ALLOCATION: GROWTH PORTFOLIO, each a series of | ||||
| Putnam Asset Allocations Funds | ||||
| PUTNAM VT GLOBAL ASSET ALLOCATION FUND, a series of Putnam | ||||
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PUTNAM AMERICAN GOVERNMENT INCOME FUNDPUTNAM ARIZONA TAX EXEMPT INCOME FUNDPUTNAM ASSET ALLOCATION FUNDSPUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUSTPUTNAM CALIFORNIA TAX EXEMPT INCOME FUNDPUTNAM CAPITAL APPRECIATION FUNDPUTNAM CLASSIC EQUITY FUNDPUTNAM CONVERTIBLE INCOME-GROWTH TRUSTPUTNAM DISCOVERY GROWTH FUNDPUTNAM DIVERSIFIED INCOME TRUSTPUTNAM EQUITY INCOME FUNDPUTNAM EUROPE EQUITY FUNDTHE PUTNAM FUND FOR GROWTH AND INCOMEPUTNAM FUNDS TRUSTTHE GEORGE PUTNAM FUND OF BOSTONPUTNAM GLOBAL EQUITY FUNDPUTNAM GLOBAL INCOME TRUSTPUTNAM GLOBAL NATURAL RESOURCES FUNDPUTNAM HEALTH SCIENCES TRUSTPUTNAM HIGH INCOME SECURITIES FUNDPUTNAM HIGH YIELD ADVANTAGE FUNDPUTNAM HIGH YIELD MUNICIPAL TRUSTPUTNAM HIGH YIELD TRUSTPUTNAM INCOME FUNDPUTNAM INTERNATIONAL EQUITY FUNDPUTNAM INVESTMENT FUNDSPUTNAM INVESTMENT GRADE MUNICIPAL TRUSTPUTNAM INVESTORS FUNDPUTNAM LIMITED DURATION GOVERNMENT INCOME FUND
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Proxy statement
March 9, 200724, 2008
A Message from the Chairman of the Putnam Funds
Dear Fellow Shareholder:
I am writing to ask for your vote on an important matter affecting your investment in the Putnam funds. While you as a shareholderare, of course, welcome to join us at your Putnam fund, tofund’s meeting, most shareholders cast their vote by filling out and signing the enclosed proxy card(s), by calling or by voting via the Internet. We are asking for your vote on the sale of Putnam Investmentsfollowing matter:
► Approving an amendment to Great-West Lifeco Inc., a subsidiary of Power Financial Corporation, by approving new management contracts. This proposal will be considered at a special meeting of shareholders called for May 15, 2007. Great-West Lifeco has agreed to acquire Putnam Investments Trust, which owns your fund’s fundamental investment adviser, Putnam Investment Management, LLC (“Putnam Management”).restriction with respect to investments in commodities.
The Putnam funds’ Board of Trustees has been actively involved in the sale process, and will continue in its role of overseeing the Putnam funds on your behalf. We are asking you to approve a new management contract with Putnam Management that will become effective when the transaction with Great-West Lifeco is completed, so that there will not be any disruption in theFederal law requires registered investment management or in the services thatcompanies like your fund receives. Theto have “fundamental” investment restrictions governing certain of its investment practices, including investments in commodities. “Fundamental” investment restrictions can be changed only by a shareholder vote. Your fund’s Trustees of the Putnam funds unanimously recommend that you vote FOR the approvalin favor of a new management contract.
It is important for you,approving an amendment to your fund’s fundamental investment restriction with respect to investments in commodities to permit your fund to invest in commodity-linked investments, such as a Putnam fund shareholder,commodity-linked notes with respect to know that no changesindividual indices or commodities and commodity-based exchange-traded funds or notes (ETFs or ETNs), to the Putnam funds, to the way Putnam manages money, or to the funds’ management teams are expected as a result of this transaction. Putnam will continue to operate as a separate company headquartered in Boston, and will retain its name. There will be no change inextent consistent with your fund’s fee rates or in the services thatinvestment objectives and policies. The amended fundamental investment restriction would increase your fund’s investment flexibility, which could assist your fund receives as a result of the transaction. In addition, the funds will not bear any of the costs associated with this proxy solicitation.in achieving its investment objective.
________________
Please vote promptly. When shareholders do not returnvote their proxies, in sufficient numbers,their fund may have to incur the expense of follow-up solicitations are required. You can vote by returning your proxy ballot insolicitations. All shareholders benefit from the envelope provided. Or you can call the toll-free number or visit the Web site address indicated on the ballot.speedy return of proxies.
Your vote is important to us. We appreciate the time and consideration I am sure you will give these important matters. You can vote by returning your proxy ballots in the envelope provided, you can call our toll-free number, or visit the web site address indicated on the ballot. If you have questions about thethis proposal, please call our proxy information linea Putnam customer services representative at 1-866-905-23961-866-615-7869 or contact your financial representative.
Sincerely yours,
John A. Hill, Chairman
The proxy statement
Putnam Asset Allocation: Balanced PortfolioChairmanPutnam Asset Allocation: Conservative Portfolio and
Putnam Asset Allocation: Growth Portfolio, each a series of
Putnam Asset Allocation Funds
Putnam Income Strategies Fund, a series of Putnam Funds Trust
Putnam VT Global Asset Allocation Fund, a series of
Putnam Variable Trust
This proxy statement can help you decide how you want to vote on important issues relating to your Putnam fund. When you complete and sign your proxy ballot, the Trustees of the Trusteesfunds will vote on your behalf exactly as you have indicated. If you simply sign the proxy ballot, it will be voted in accordance with the Trustees’ recommendations on page 3 of the proxy statement.
Please take a few moments and decide how you want to vote. When shareholders don’t return their proxies in sufficient numbers, follow-up solicitations are required, which cost your fund money.
You can vote by returning your proxy ballots in the envelope provided. Or you can call our toll-free number, or go to the Internet. See your proxy ballot for the phone number and Internet address. If you have proxy related questions, please call 1-866-615-7869 or contact your financial representative.
Table of contents
| Notice of a Special Meeting | ||
| of Shareholders | 1 | |
| Trustees’ | ||
| The Proposal | 4 | |
| Further Information About Voting | ||
| and the Special Meeting | ||
| Fund Information | ||
PROXY CARD(S) ENCLOSED
If you have any questions, please call our proxy information linecontact us at 1-866-905-23961-866-615-7869 or call your financial advisor.representative.
Notice of a Special Meeting of Shareholders
To the Shareholders of:
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*PUTNAM ASSET ALLOCATION: BALANCED PORTFOLIO
PUTNAM ASSET ALLOCATION:
CONSERVATIVE PORTFOLIO and
PUTNAM ASSET ALLOCATION: GROWTH PORTFOLIO,
each a series of Putnam Asset Allocation Funds
PUTNAM INCOME STRATEGIES FUND, a series of
Putnam Funds Trust
PUTNAM VT GLOBAL ASSET ALLOCATION FUND,
a series of Putnam Variable Trust
► This is the formal noticeagenda for your fund’s shareholder meeting. It tells you what proposalproposals will be voted on and the time and place of the meeting, in casethe event you wish to attend in person.
A Special Meeting of Shareholders of your fund will be held on Tuesday, May 15, 200722, 2008 at 11:00 a.m., Boston time, at the principal offices of the fund on the 8th12th floor of One Post Office Square, Boston, Massachusetts 02109, to consider the following:
1. Approving a new management contract foran amendment to your fund.fund’s fundamental investment restriction with respect to investments in commodities.
By Judith Cohen, Clerk, and byon behalf of the Trustees
of Putnam Asset Allocation Funds, Putnam Funds Trust and Putnam Variable Trust:
John A. Hill, Chairman
Jameson A. Baxter, Vice ChairmanGeorge Putnam, III,Charles E. Haldeman, Jr., President
Charles B. Curtis
Robert J. Darretta
Myra R. DruckerCharles E. Haldeman, Jr.
Paul L. Joskow
Elizabeth T. Kennan
Kenneth R. Leibler
Robert E. Patterson
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W. Thomas StephensGeorge Putnam, III
Richard B. Worley
We urge you to mark, sign, date, and mail the enclosed proxy in the postage-paid envelope provided or to record your voting instructions by telephone or via the Internet so that you will be represented at the meeting.
March 9, 200724, 2008
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Proxy Statement
This document gives you the information you need to vote on the proposal. Much of the information is required under rules of the Securities and Exchange Commission (“SEC”); some of it is technical. If there is anything you don’t understand, please callcontact us at our proxy information line at 1-866-905-2396toll-free number, 1-866-615-7869, or call your financial representative.
When you complete and sign your proxy ballot, the Trustees of the funds will vote on your behalf exactly as you have indicated. If you simply sign the proxy ballot, it will be voted in accordance with the Trustees’ recommendation on page 3 of the proxy statement.
* Why has a special meeting of shareholders been called?
On January 31, 2007, Marsh & McLennan Companies, Inc. (“Marsh & McLennan”), the ultimate parent company of Putnam Investment Management, LLC (“Putnam Management”), your fund’s investment adviser, entered into a Stock Purchase Agreement with Great-West Lifeco Inc. (“Lifeco”). Lifeco is a financial services holding company with operations in Canada, the United States and Europe and is a member of the Power Financial Corporation group of companies. Under the Stock Purchase Agreement, Lifeco will, through a direct or indirect wholly owned subsidiary (“Great-West”), acquire 100% of Putnam Investments Trust, which owns Putnam, LLC (Putnam Investments), the parent company of Putnam Management and the other Putnam companies.
As a result of this transaction, your fund’s management contract with Putnam Management will terminate. This is because the Investment Company Act of 1940, as amended (the “1940 Act”), which regulates investment companies such as your fund, requires management contracts to terminate automatically when there is a “change of control” of a fund’s investment adviser. The transaction with Lifeco will result in a “change of control” of Putnam Management, your fund’s investment adviser. Thus, your fund’s management contract with Putnam Management will automatically terminate when the transaction closes, and your fund’s shareholders must approve a new management contract. We are recommending that you approve a new management contract with Putnam Management so that Putnam Management can continue as your fund’s investment adviser after the transaction. This proxy statement describes Lifeco, the transaction, and the new ma nagement contract proposed for your fund.
*How will the change of control affect Putnam Management?
The change of control is not expected to have a material effect on Putnam Management. Putnam Management will operate as a stand-alone subsidiary of Lifeco and is expected to retain its brand and its existing management, investment and other service teams.
*How does the proposed new management contract differ from your fund’s current management contract?
The proposed new management contract is substantially identical to the current contract. Although there are some differences between your fund’s current management contract and the proposed new management contract, which are described in this proxy statement, there will be no change in the services that your fund will receive.
*Will your fund’s total fees for advisory and administrative services change?
No, there will be no change in your fund’s total fees for investment management and administrative services. For the two funds mentioned above that currently have separate management and administrative services contracts, both sets of services are proposed to be covered by a single management contract with a single fee that will not exceed the sum of the current investment management and administrative services fee.
*► Who is asking for your vote?
The enclosed proxyYour vote is being solicited by the Trustees of the Putnam fundsAsset Allocation Funds, Putnam Variable Trust and Putnam Funds Trust for use at the special meetingSpecial Meeting of shareholdersShareholders of each fundPutnam Asset Allocation: Balanced Portfolio, Putnam Asset Allocation: Conservative Portfolio, Putnam Asset Allocation: Growth Portfolio, Putnam VT Global Asset Allocation Fund and Putnam Income Strategies Fund to be held on Tuesday, May 15, 200722, 2008 and, if your fund’s meeting is adjourned, at any later meetings, for the purposes stated in the Notice of a Special Meeting of Shareholders (see previous pages)page 1). The Notice of a Special Meeting of Shareholders, the proxy card and thethis Proxy Statement are being mailed beginning on or about March 14, 2007.24, 2008.
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*► How do your fund’s Trustees recommend that shareholders vote on thethis proposal?
The Trustees unanimously recommend that you vote FOR the proposal.approving an amendment to your fund’s fundamental investment restriction with respect to investments in commodities.
*► Who is eligible to vote?
Shareholders of record of each fund at the close of business on Thursday, February 15, 200725, 2008 (the “Record Date”) are entitled to be present and to vote at the special meeting or any adjourned meeting.
The number of shares of each fund outstanding on the Record Date is shown inAppendix A. Each share is entitled to one vote, with fractional shares voting proportionately.vote. Shares represented by your duly executed proxy will be voted in accordance with your instructions. If you sign the proxy card but don’t fill in a vote, your shares will be voted in accordance with the Trustees’ recommendation. If any other business is brought before your fund’s special meeting, your shares will be voted at the discretion of the persons designated on the proxy card.
Shareholders of each fund vote separately with respect to the proposal. The outcome of a vote affecting one fund does not affect any other fund.3
The Proposal
1. APPROVING A NEW MANAGEMENTCONTRACT FORAMENDING YOUR FUNDFUND’S FUNDAMENTAL INVESTMENT RESTRICTION WITH RESPECT TO INVESTMENTS IN COMMODITIES
*►Background Information about the TransactionWhat is this proposal?
On January 31, 2007, Marsh & McLennan, the ultimate parent companyBackground. The Investment Company Act of Putnam Management, your fund’s1940, as amended (the “1940 Act”) requires registered investment adviser, entered into a Stock Purchase Agreement with Lifeco. Under the Stock Purchase Agreement, Lifeco will, through Great-West, its direct or indirect wholly owned subsidiary, acquire 100% of Putnam Investments Trust, a holding company that, except for a minority stake owned by employees, is owned by Marsh & McLennan. Putnam Investments Trust owns Putnam, LLC (Putnam Investments), which in turn owns Putnam Management and the other Putnam companies.
After the transaction, Putnam Management will continue to be a wholly owned subsidiary of Putnam Investments. Putnam Investments will continue to be a wholly owned subsidiary of Putnam Investments Trust. Putnam Investments Trust will become a wholly owned subsidiary of Great-West, which will be a wholly owned holding company subsidiary of Lifeco. Lifeco is a Canadian financial services holding company with interests in the life insurance, health insurance, retirement, savings, and reinsurance businesses. Its businesses have operations in Canada, the United States and Europe. Power Financial Corporation (“Power Financial”), an international management and holding company of financial services businesses, owns approximately 70.6% of the voting shares of Lifeco. Power Corporation of Canada, a diversified international management and holding company, owns approximately 66.4% of the voting securities of Power Financial. The Honorable Paul Desmarais, Sr., through a g roup of private holding companies which he controls, has voting control of Power Corporation of Canada.
The address of Mr. Desmarais, Power Corporation of Canada, and Power Financial is 751 Victoria Square, Montreal, Quebec H2Y 2J3. The address of Lifeco is 100 Osborne Street North, Winnipeg, Manitoba, R3C 3A5. The address of Great-West will be 8515 East Orchard Road, Greenwood Village, Colorado 80111.The funds have been informed that Lifeco’s strategic purpose for acquiring Putnam Investments is to establish a strong presence in the United States asset management business. Lifeco values Putnam
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Investments’ focus on the advice segment of the U.S. market, its significant investment management capabilities and diversified range of investment products, its high quality wholesaling organization with strong relationships with financial advisers, its distribution capabilities in Japan and Europe, and its experienced management team. Lifeco has said that it intends to operate Putnam Investments as a separate business unit, retaining Putnam Investments’ and Putnam Management’s existing management team and other key professionals. Although Lifeco may pursue sub-advisory and other synergistic opportunities for Putnam Investments within the Power Financial group of companies, it does not anticipate significant integration issues or other disruption, in light of its intent to continue to operate Putnam Investments, Putnam Management and the other Putnam companies on a stand-alone basis and its experience in operating other companies that it has acquired as s tand-alone businesses. Lifeco has advisedlike the funds that it has no current plans to make any changes to the operationshave “fundamental” investment restrictions governing certain of the funds. In particular, it has advised that it has no current plans to make changes with respect to existing management fees, expense limitations, distribution arrangements, or quality of services provided to shareholders. In addition, Lifeco has advised that it intends to retain the Putnam brand and to support Putnam Investments’ current business strategy and Putnam Management’stheir investment management philosophy so as to minimize disruption and change for fund shareholders and the Putnam organization. Lifeco does not plan to consolidate any Putnam fund with any other company in the Power Financial group of companies. Putnam Management has been advised that, following the transaction, it is contemplated that its organizational form willpractices. “Fundamental” investment restrictions can be converted fromchanged only by a Delaware limited liability company to a Delaware limited partnership. The General Partner will be Putnam Investments LP. Th is will not have any effect on Putnam Management’s operations or the services provided to your fund.Although the transaction is not expected to result in significant change in the operations of Putnam Management or its management of the funds, as a result of this transaction, which is expected to close in the middle of 2007, your fund’s management contract with Putnam Management will terminate. This is becauseshareholder vote. Under the 1940 Act, which regulates investment companies such as your fund, requires management contracts to terminate automatically when there is a “change of control” of the investment adviser. The transaction with Lifeco will result in a “change ofcontrol” of Putnam Management, your fund’s investment adviser. Thus, your fund’s shareholders must approve a new management contract. The Trustees are recommending that you approve a new management contract with Putnam Management so that Putnam Management can continue as your fund’s investment adviser.
*The Stock Purchase Agreement
Under the Stock Purchase Agreement, Lifeco will acquire 100% of the ownership interests of Putnam Investments Trust, which owns Putnam Investments, the owner of Putnam Management, your fund’s current investment adviser. These Putnam Investments Trust ownership interests are in the form of class A shares, all of which are owned by Marsh & McLennan, and class B shares and options to purchase class B shares, all of which are held by Putnam employees. The estimated total value of the transaction is approximately $3.9 billion (based on the estimated value of Putnam Investments Trust’s equity interests on September 30, 2006). The final price is subject to certain adjustments at closing.
The Stock Purchase Agreement requires Lifeco, or its permitted assignee, at the closing of the transaction, to purchase all of the issued and outstanding class A common shares of Putnam Investments Trust currently held by Marsh & McLennan. Lifeco will assign its right to purchase the class A shares of Putnam Investments Trust to Great-West. Lifeco remains fully liable for its obligations under the Stock Purchase Agreement. Also at the closing, all of the issued and outstanding class B common shares and options currently held by Putnam employees under Putnam Investments Trust’s Equity Partnership Plan will be cancelled according to the terms of the Equity Partnership Plan, and each Putnam employee will receive cash payments for these shares and options, a portion of which will be paid at the closing and the remainder of which will, subject to the satisfaction of certain conditions, be paid over a three-year period, provided generally that the employee is still em ployed by Putnam on the date of payment. These deferred payments to employees may increase or decrease based upon, among other things, the performance of the Putnam funds. The transaction structure is subject to modification by Marsh & McLennan and Lifeco before closing to improve the tax efficiency of the transaction for Lifeco and to limit the extent to which the transaction consideration is subject to withholding requirements. It is not expected that any modification would result in any significant change in
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Putnam Management’s operations or its management of the funds.
Consummation of the transaction is subject to customary terms and conditions, including, among others, Marsh & McLennan and Lifeco obtaining certain regulatory approvals and the approval of new management contracts by shareholders of a substantial number of the Putnam funds. Although there is no assurance that the transaction will be completed, if each of the terms and conditions is satisfied or waived, the parties to the transaction anticipate that the closing will take place in the middle of 2007. If the transaction is not completed, your fund’s current management contract with Putnam Management will not terminate because there will be no change of control. Putnam Management would continue to serve as your fund’s investment adviser under the current management contract or, if approved at the shareholder meeting, under the proposed new management contract described in this proxy statement, effective as of January 1, 2008 or such other date as the Trustees may establish.
*Section 15(f) of the 1940 Act
Lifeco has agreed to comply with Section 15(f) of the 1940 Act. Section 15(f) provides a non-exclusive “safe harbor” for an investment company’s adviser or any affiliated persons of the adviser to receive any amount or benefit in connection with a change of control of the investment adviser as long as two conditions are met. First, for a period of three years after the change of control, at least 75% of the directors of the investment company must not be interested persons of the adviser or the predecessor adviser. Second, there must not be any “unfair burden” imposed on the investment company as a result of the transaction or any express or implied terms, conditions or understandingspolicy relating to the transaction. Section 15(f) defines “unfair burden” to include any arrangement during the two-year period after the transaction in which the adviser or predecessor adviser, or any interested person of the adviser or predecessor adviser, rece ives or is entitled to receive any compensation, directly or indirectly, from the investment company or its security holders (other than fees forbona fideinvestment advisory or other services) or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other thanbona fideordinary compensation as principal underwriter for the investment company). Putnam Management has advised the funds that neither it, Marsh & McLennan nor Lifeco, after reasonableinquiry, is aware of any express or implied term, condition, arrangement or understanding that would impose an “unfair burden” on the funds as a result of the transaction. Marsh & McLennan and Lifeco have agreed to pay all costs incurred by the funds in connection with this transaction, including all costs of this proxy solicitation.
*The Proposed New Management Contract; Comparison with the Funds’ Current Management Contracts
The Trustees have unanimously approved, and recommend to the shareholders of each fund that they approve, a new management contract between each fund and Putnam Management. The form of the proposed new management contract is attached atAppendix B. You should refer toAppendix Bfor the complete terms of your fund’s proposed management contract.
On being presented with the need to approve new management contracts, the Trustees decided to take the opportunity to standardize, clarify and modernize various provisions of the current contracts. Because they were implemented at different times, the funds’ current management contracts differ in some cases from fund to fund, and some contain outdated provisions. The Trustees believe that this standardization will benefit shareholders by making the administration of the funds’ management contracts more efficient. In addition, Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund, which currently have both a management contract and an administrative services contract, will each combine those two contracts into a single management contract. All of the other Putnam funds receive investment management and administrative services under their current management contracts.
Except as described below, the terms of the proposed new management contracts are substantially identical to those of the current contracts. The terms of the proposed new management contracts, and certain differences between the proposed new management contracts and the current contracts, are described generally below. A more detailed description of certain differences between the proposed and current management (and administrative services, as applicable) contracts is attached atAppendix C. The date of each fund’s current management contract, the date on which it was last approved by shareholders, and the date on which its continuance was last approved by the Board of Trustees is set forth inAppendix D.
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Fees.There is no change in the rate of the fees that the funds will pay Putnam Management under the proposed new management contract, except in the case of Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund (see below). The current fee schedule for investment management services and, if applicable, administrative services, for each fund is set forth inAppendix E.The actual fees paid by some funds are subject to expense limitations to which Putnam Management has agreed. It is not anticipated that any existing expense limitation commitment will change as a result of the transaction.
Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund currently have separate investment management and administrative services contracts with Putnam Management. However, the proposed new management contract for each fund, including Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund, addresses the provision of both investment management and administrative services and includes a single fee for both of these services. There is no change in the aggregate rate that Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund will pay to Putnam Management for investment management and administrative services.
Investment Management Services.The proposed new management contract for your fund provides that Putnam Management will furnish continuously an investment program for the fund, determining what investments to purchase, hold, sell or exchange and what portion of the fund’s assets will be held uninvested, in compliance with the fund’s governing documents, investment objectives, policies and restrictions, and subject to the oversight and control of the Trustees. Putnam Management has assured the funds and the Trustees that after the transaction it will continue to provide the same level of services to each fund and that the transaction will not have an adverse impact on the scope or nature of the services that each fund receives.
Putnam Management is authorized under the proposed new management contract to place orders for the purchase and sale of portfoliocommodities must be fundamental. Commodities include physical commodities, such as agricultural products, metals and oil. Under the federal securities and commodities laws, certain financial instruments, such as futures contracts and related options, may also be considered commodities. The funds’ current fundamental investment restriction with respect to commodities states that each fund may not:
“Purchase or sell commodities or commodity contracts, except that the fund may purchase and sell financial futures contracts and options and may enter into foreign exchange contracts and other financial transactions not involving physical commodities.”
Since the adoption of your fund’s current restriction, the financial markets have evolved and new types of financial instruments have become available as potential investment opportunities. In addition, the Internal Revenue Service (the “IRS”) has recently issued guidance clarifying its position with regard to investments in commodity-linked investments. Specifically, the IRS has indicated that while a regulated investment company, as defined under the Internal Revenue Code of 1986, as amended (the “Code”), is limited in its ability to invest in certain commodity-linked investments, it is permitted to invest in certain commodity-linked notes without jeopardizing its status as a regulated investment company under the Code. Although your fund’s current restriction expressly permits investments in financial instruments that could be deemed to be commodities under the federal securities and commodities laws, it could be read to prohibit a fund
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from investing in financial instruments whose values are determined by reference to physical commodities, but which do not involve the delivery of physical commodities to or by the fund. Accordingly, the Trustees are recommending that each fund’s fundamental investment restriction with respect to investments in commodities be revised to increase each fund’s investment flexibility by permitting each fund to invest in financial instruments representing interests in commodities, or the values of which are determined by reference to commodities, but which do not involve the delivery of physical commodities to or by the fund. The restriction as proposed to be amended would state that each fund may not:
“Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. This restriction shall not prevent the fund from purchasing or selling financial instruments representing interests in commodities (or the values of which are determined by reference to commodities), but which do not involve the delivery of physical commodities to or by the fund, or from entering into financial futures contracts, options, foreign exchange contracts and other financial transactions.”
►What effect will amending the current commodities restriction have on the funds?
Under the proposed fundamental investment restriction, each fund will be able to engage in a variety of transactions involving the use of commodity-linked investments, including commodity ETFs or ETNs and commodity-linked notes with respect to individual indices or commodities, to the extent consistent with each fund’s investment objectives and policies.
Putnam Investment Management, LLC (“Putnam Management”) believes that this investment flexibility could assist each fund in achieving its investment objective, both because commodity-linked investments may offer the opportunity for yourattractive investment returns and because economic exposure to another asset class through these investments may enhance the ability of the fund to diversify risks, particularly to the extent that the returns of commodities are not correlated with brokers or dealers thatthe returns of other asset classes in which the fund invests. Putnam Management selects. Putnam Management must select brokers and dealers, and place orders, using its best effortscurrently expects that up to obtain for10% of a fund’s total assets may be allocated to commodity-linked investments. Under the proposed fundamental investment restriction, as under the current fundamental investment restriction, the funds will not be permitted to
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engage in the most favorable pricedirect purchase and execution available, except that Putnam Management may pay higher brokerage commissions if it determines ingood faith thatsale of physical commodities. Each fund intends to limit its investment in commodity-linked investments to the commission is reasonableextent necessary to qualify as a regulated investment company under the Code.
The values of commodity-linked notes and other commodity-linked investments will typically rise and fall in relationresponse to changes in the value of brokerage and research services provided by the brokerunderlying commodity or dealer (a practice commonly known as “soft dollars”). Putnam Management may make this determination in terms of either the particular transactionrelated index or Putnam Management’s overall responsibilities with respect to a fund and to other clients of Putnam Management as to which Putnam Management exercises investment discretion. Putnam Management 6;s use of soft dollars is subject to policies established by the SEC and by the Trustees from time to time.
Each of the funds’ current management contracts contains similar provisions relating to the provision of investment management services.
Delegation of Responsibilities.The proposed new management contract for your fund expressly provides that Putnam Management may, in its discretion and with the approval of the Trustees (including a majority of the Trustees who are not “interested persons”) and, if required, the approval of shareholders, delegate responsibilities under the contract to one or more sub-advisers or sub-administrators. The separate costs of employing any sub-adviser or sub-administrator must be borne by Putnam Management or the sub-adviser or sub-administrator, not by the fund. Putnam Management is responsible for overseeing the performance of any sub-adviser or sub-administrator and remains fully responsible to the fund under the proposed new management contract regardless of whether it delegates any responsibilities.
None of the current management contracts addresses delegation of responsibilities. Putnam Management has no plans to delegate services except as described below.At present, Putnam Management has delegated certain responsibilities to sub-advisers, as described below under the heading “Sub-Adviser Arrangements.” The sub-management contracts governing these arrangements will terminate at the same time as the current management contracts of these funds. Pursuant to the proposed new management contract (and as otherwise permitted by law), Putnam Management will enter into equivalent sub-management contracts with these sub-advisers, effective at the time the proposed new management contracts become effective, with respect to these funds. See “Sub-Adviser Arrangements” below for a description of the sub-advisers, and seeAppendix Ffor copies of the current sub-management contracts. The new sub-management contracts will be identical to the
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current sub-management contracts except for the effective dates. Shareholders should be aware that a vote to approve your fund’s new contract will have the effect of voting for the continuation of these arrangements.
In addition, Putnam Management has delegated certain administrative, pricing and bookkeeping services to State Street Bank and Trust Company. This delegation will not be affected by the transaction.
Administrative Services.The proposed new management contracts, and all of the current management contracts with the exception of those applying to Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund, provide that Putnam Management will manage, supervise and conduct the other (i.e., non-investment) affairs and business of the fund and incidental matters. These administrative services include providing suitable office space for the fund and administrative facilities, such as bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the fund’s affairs, including determination of the net asset value of the fund, but excluding shareholder accounting services.Expenses.The proposed new management contracts require Putnam Management to bear the expenses associated with (i) furnishing all necessary investment, and management facilities, including salaries of personnel, requiredmay result in losses for it to execute its duties faithfully, (ii) providing suitable office space for the fund and (iii) providing administrative services. The proposed new management contracts also provide that the fund will pay the fees of its Trustees and will reimburse Putnam Management for compensation paid to officers and persons assisting officers of the fund, and all or part of the cost of suitable office space, utilities, support services and equipment used by such officers and persons, as the Trustees may determine. Under this provision, the fund will bear the costs of the Trustees’ independent staff, which assists the Trustees in overseeing each of the funds.
The current management contracts contain similar expense and reimbursement provisions.
Term and Termination.If approved by shareholders of your fund, the proposed new management contract will become effective upon its execution and will remain in effect continuously, unless terminated under the termination provisions of the contract. The proposed new management contract provides that the management contract may be terminated at any time, without the payment of any penalty by the fund, by either Putnam Management or the fund by not less than 60 days’written notice to the other party. A fund may effect termination by vote of a majority of its Trustees or by the affirmative vote of a “majority of the outstanding shares” of the fund, as defined in the 1940 Act. The proposed new management contracts will also terminate automatically in the event of their “assignment.”The proposed new management contract will, unless terminated as described above, continue until June 30, 2008 and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees of the fund or the shareholders by the affirmative vote of a majority of the outstanding shares of the fund and (ii) a majority of the Trustees who are not “interested persons” of the fund or of Putnam Management, by vote cast in person at a meeting called for the purpose of voting on such approval.
All of the current management contracts have similar provisions for their term and termination, except that the initial terms of the contracts differ and the current management contracts require that written notice be given not more than 60 nor less than 30 days before termination.
Limitation of Liability.Under the proposed new management contract, Putnam Management is not liable to a fund or to any shareholder of the fund for any act or omission in the course of, or connected with, rendering services under the proposed management contract, unless there is willful misfeasance, bad faith or gross negligence on the part of Putnam Management or reckless disregard of its obligations and duties under the proposed management contract. Each current management contract contains substantially identical provisions.
As required under each fund’s Declaration of Trust, the proposed management contract contains a notice provision stating that the fund’s Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts and that the proposed management contract is executed on behalf of the Trustees as Trustees of the fund and not individually. Also, the obligations arising out of the proposed management contract are limited only to the assets and property of the fund and are not binding on any of the Trustees, officers or shareholders individually. Each current management contract contains a substantially identical notice.
Amendments; Defined Terms.The proposed new management contract may only be amended in writing, and any amendments must be approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or
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interpretations of the SEC or its staff. Similarly, certain terms used in the proposed management contract are used as defined in the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the SEC or its staff. The current management contracts contain similar terms, except that they generally do not make reference to guidance or interpretation of the SEC or its staff. Thus, the proposed new management contracts explicitly permit the funds and Manager to operate in a manner consistent with regulatory guidance and interpretations, which may provide advantages and operational flexibility from time to time.
*Sub-Adviser Arrangements
For certain funds listed below, Putnam Management has retained an affiliate to provide sub-management services. Putnam Management has retained Putnam Investments Limited (“PIL”), a wholly owned subsidiary of The Putnam Advisory Company, LLC (“PAC,” which is itself a subsidiary of Putnam Investments) and an affiliate of Putnam Management, as the sub-adviser for a portion of certain funds’ assets as determined by Putnam Management from time to time. PIL is currently authorized to serve as the sub-adviser, to the extent determined by Putnam Management from time to time, for the following funds: Putnam Diversified Income Trust, Putnam VT Diversified Income Fund, Putnam Europe Equity Fund, Putnam Global Equity Fund, Putnam VT Global Equity Fund, Putnam Global Income Trust, Putnam Global Natural Resources Fund, Putnam High Income Securities Fund, Putnam High Yield Advantage Fund, Putnam High Yield Trust, Putnam VT High Yield Fund, Putnam International Capital Opportunities Fund, Putnam International Equity Fund, Putnam VT International Equity Fund, Putnam International Growth and Income Fund, Putnam VT International Growth and Income Fund, Putnam International New Opportunities Fund, Putnam VT International New Opportunities Fund, Putnam Master Intermediate Income Trust, Putnam Premier Income Trust, Putnam Research Fund, Putnam VT Research Fund, Putnam Utilities Growth and Income Fund, and Putnam VT Utilities Growth and Income Fund.
PIL serves as sub-adviser for those funds under a sub-management agreement between Putnam Management and PIL. Pursuant to the terms of the sub-management agreement, Putnam Management (and not the fund) pays a quarterly sub-management fee to PIL for its services at the annual rate of 0.35% of the average aggregate net asset value of the portion of a fund’sassets invested in equity securities and 0.40% of the portion of a fund’s assets invested in fixed-income securities, if any, that PIL manages from time to time except that, in the case of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, Putnam Management (and not the fund) pays PIL a quarterly sub-management fee for its services at the annual rate of 0.40% of the funds’ average weekly assets, if any, that PIL manages from time to time.
Under the terms of the sub-management contract, PIL, at its own expense, furnishes continuously an investment program for the portion of each fund that Putnam Management allocates to PIL from time to time and makes investment decisions on behalf of these portions of the fund, subject to Putnam Management’s supervision. Putnam Management may also, at its discretion, request PIL to provide assistance with purchasing and selling securities for the fund, including order placement with certain broker-dealers. PIL, at its expense, furnishes all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties.
The sub-management contract provides that PIL is not subject to any liability to Putnam Management, the fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of PIL’s willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.
The sub-management contract may be terminated with respect to a fund without penalty by vote of the Trustees or the shareholders of the fund, or by PIL or Putnam Management, on 30 days’ written notice. The sub-management contract also terminates without payment of any penalty in the event of its assignment. Subject to applicable law, it may be amended by a majority of the Trustees who are not “interested persons” of Putnam Management or the fund. The sub-management contract provides that it will continue in effect only so longvalues of commodity-linked investments may be highly volatile, and may be subject to a wide variety of risks relevant to particular physical commodities (such as such continuance is approved at least annually by votethe risks of eitherdrought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments) to which the Trustees or the shareholders and, in either case, by a majority of the Trustees whomarkets for other securities are not “interested persons”typically subject. Commodity-linked investments may involve the risk of Putnam Management or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a “majority of the outstanding voting securities” as defined in the 1940 Act.
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PAC has been retained as a sub-adviser for a portion of the assets of Putnam International Equity Fund as determined from time to time by Putnam Management or, with respect to portions of that fund’s assets for which PIL acts as sub-adviser as described above, by PIL. PAC serves as sub-adviser under a sub-advisory agreement among Putnam Management, PIL and PAC.Pursuantexposure to the termseffects of leverage, which could increase the sub-advisory agreement, Putnam Management or, with respect to portions of Putnam International Equity Fund’s assets for which PIL acts as sub-adviser, PIL (and not the fund) pays a quarterly sub-advisory fee to PAC for its services at the annual rate of 0.10% of the average aggregate net asset value of the portion of the fund with respect to which PAC acts as sub-adviser.
Under the terms of the sub-advisory contract, PAC, at its own expense, furnishes recommendations to purchase, hold, sell or exchangefund’s market exposure and potential losses. Commodity-linked investments securities and assets for that portion of Putnam International Equity Fund that is allocated to PAC from time to time by Putnam Management or PIL. Putnam Management or PIL, as applicable, determines whether to execute each such recommendation by PAC, whose activities as sub-adviser are subject to the supervisionrisk that their prices may correlate with changes in the value of other investments in ways that Putnam Management and PIL, as applicable. PAC, at its expense, furnishes all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties.
The sub-advisory contract provides that PAC isdid not anticipate. Commodity-linked i nvestments are also subject to any liabilitythe risk that a counterparty will be unwilling or unable to Putnam Management, PIL, Putnam International Equity Fund or any shareholder of the fund for any act or omission in the course of or connected with rendering servicesmeet its obligations to the fund in the absence of PAC’s willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.
The sub-advisory contract may be terminated without penalty by vote of the Trustees or the shareholders of Putnam International Equity Fund, or by PAC, PIL or Putnam Management, on 30 days’ written notice. The sub-advisory contract also terminates without payment of any penalty in the event of its assignment. Subject to applicable law, it may be amended by a majority of the Trustees who are not “interested persons” of Putnam Management or the fund. The sub-advisory contract provides that it will continue in effect only so long as its continuance is approved at least annually by vote of either the Trustees or the shareholders and, in either case, by a majority of the Trustees who are not “interested persons” of Putnam Management or the fund. In each of the foregoing cases, the vote of the shareholdersis the affirmative vote of a “majority of the outstanding voting securities” as defined in the 1940 Act.
A “change of control” that constitutes an assignment terminating automatically the funds’ management contracts will also terminate automatically the sub-management contract with PIL and the sub-advisory contract with PIL and PAC. So that your fund will not lose the benefit of PIL’s or PAC’s services, Putnam Management intends to enter into a new sub-management contract with PIL and a new sub-advisory contract with PIL and PAC, each identical to the current contract except for the effective date. The Trustees have unanimously approved these new contracts. SeeAppendix Ffor copies of the current contracts.
*What did the Trustees consider in evaluating the proposal?
The Trustees met in person on October 12 and 13, 2006 to discuss the implications of a possible sale of Putnam Investments in light of a decision made by its parent company, Marsh & McLennan, to explore the possibility of a sale. At this meeting, the Trustees considered information relating to the operations, competitive position in the mutual fund industry and recent history of a number of firms that had indicated to Marsh & McLennan a preliminary interest in acquiring Putnam Investments. During the course of this meeting, the Trustees received presentations on these matters from two consultants with recognized expertise in the mutual fund industry.funds. In addition, the Trustees reviewed information about recent significant acquisitions in the mutual fund industry and considered the possible effects of a sale transaction onmay be unable to sell its commodity-linked investments when Putnam Management andbelieves it is desirable to do so.
►What are the rest of the Putnam organization. Trustees recommending?
The Trustees received a report from the chief executive officer of Marsh & McLennunanimously recommend that shareholders approve an and considered analyst reports relatingamendment to Marsh & McLennan and its ownership of Putnam Investments. The Trustees also received advice from their independent legal counsel regarding their responsibilities in evaluating a possible sale transaction.
The Trustees actively monitored the sale process throughout the period leading up to the public announcement of a final sale agreement on February 1, 2007. The Trustees discussed developments at telephone meetings on October 18, October 25, November 1, November 29, December 20, January 12, January 18, and February 5, and at their regular in-person meetings on November 9-10, December 14-15, January 11-12, February 8-9, and March 8-9. The Trustees who are not affiliated with Putnam Investments met separately to discuss these matters during most of these meetings.
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Mr. Haldeman, the only Trustee affiliated with Putnam Investments, participated in portions of these meetings to provide the perspective of the Putnam organization, but did not otherwise participate in the deliberations of the Trustees regarding a possible sale.
Over the course of these meetings, the Trustees discussed and developed general principles to guide their evaluation of a possible sale transaction. Following the emergence of a number of interested bidders by early November 2006, the Trustees conducted due diligence on these bidders with the assistance of their independent legal counsel. The Trustees communicated their perspectives on these bidders to Marsh & McLennan and also submitted specific requests for information to be provided by bidders. After learning in December 2006 that Marsh & McLennan was negotiating exclusively with Power Financial and Lifeco, the Trustees focused their diligence efforts on Power Financial and Lifeco.On January 2, 2007, a committee of the Trustees, together with their independent legal counsel, met with representatives of Power Financial and Lifeco to discuss the proposal to acquire Putnam Investments and responses to the Trustees’ diligence requests. The Trustees were advised in this meeting that Power Financial and Lifeco intended to maintain Putnam Investments as a separate, stand-alone organization under the Putnam brand and to retain Putnam Investments’ current management team. Power Financial and Lifeco expressed their intention to maintain the quality of services that the Putnam organization currently provides to the funds and the funds’ current cost structure. At the same time, they indicated their intention, consistent with this commitment, to pursue opportunities for improving the profitability of the Putnam organization. Power Financial and Lifeco indicated interest in pursuing the possibility of making the Putnam funds and other Putnam Investments products available through cer tain of their distribution channels, but indicated that no significant operational changes were envisioned. Power Financial and Lifeco also raised the possibility of using Putnam Investments’ distribution network to distribute certain of the products of one or more of the Power Financial or Lifeco companies. The Trustees noted that these proposals may benefit Lifeco and may also enable Putnam Investments to allocate the costs of its distribution network across a greater number of products. At this meeting, the Trustees reviewed with Power Financial and Lifeco the role and operation of the Board of Trustees, emphasizing its historical independence and activism in such areas as fees andexpenses, regulatory issues, quality of service provided by Putnam to the funds, soft dollars and proxy voting. On January 10, 2007, Ms. Baxter, Vice Chairman of the Trustees and the Chairman of the Contract Committee, also met with a representative of Power Financial and Lifeco for further d iscussion of these matters. At a telephonic meeting on January 18, 2007, the Trustees received a presentation on the terms of the proposed sale and unanimously expressed their support for the proposed sale, subject to their review of final agreements.Mr. Hill, Chairman of the Board of Trustees, met with the Chairman and Co-Chief Executive Officer and the President and Co-Chief Executive Officer of Power Corporation of Canada and the Chairman of the Board and the President and Chief Executive Officer of Power Financial on January 28, 2007 to further discuss the role of the Board of Trustees in overseeing the funds and Power Financial’s and Lifeco’s commitment to the Putnam brand, to Putnam Investments’ management team, and to support Putnam Investments’ management team and the team’s strategy following the transaction with the aim of minimizing disruption and change for the Putnam shareholders. Following the public announcement of the transaction on February 1, 2007, the Trustees received a report from Putnam Investments on the final terms of the transaction at a telephonic meeting on February 5, 2007.
At an in-person meeting on February 8-9, 2007, the Trustees received further presentations regarding the final terms of the transaction. At this meeting, the Trustees considered the approval of new management contracts for each fund proposed to become effective upon the closing of the sale, and the filing of a preliminary proxy statement. At an in-person meeting on March 8-9, 2007, the Trustees considered the approval of the final forms of the proposed new management contracts for each fund and the proxy statement. They reviewed the terms of the proposed new management contracts and the differences between the proposed new management contracts and the current management contracts (and administrative services contracts, in the case of Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund). They noted that the terms of the proposed new management contracts were substantially identical to the current management contracts, except for certain changes develop ed at the initiative of the Trustees and designed largely to address inconsistencies among various of the existing contracts, which had been developed and implemented at different times in the past. (These differences are described elsewhere in this proxy statement.)
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In considering the approval of the proposed new management contracts, the Trustees also considered the following matters:(i) their belief that the transaction will not adversely affect the Putnam funds, and by addressing uncertainty regarding the ownership of Putnam Investments, should enhance the ability of Putnam Management and its affiliates to continue to provide high qualityyour fund’s fundamental investment advisory and other services to the funds;(ii) the intention expressed by representatives of Power Financial and Lifeco to retain the existing Putnam Investments’ management team and other key professionals and that Putnam Investments would be operated as a separate business unit;(iii) Power Financial’s and Lifeco’s commitment to support the continued effort of Putnam Management’s current management team to rebuild Putnam’s reputation and enhance the investment process;(iv) that representatives of Power Financial, Lifeco and Putnam Management advised that they have no current plans to make changesrestriction with respect to existing management fees, expense limitations, distribution arrangements or quality of services provided to fund shareholders and committed to maintain the current program of fund expense limitations, at least through June 30, 2009, which ensures that all Putnam funds will have expense levels at or below competitive industry averages;(v) the financial condition and reputation of Power Financial and Lifeco, their record of operating acquired companies with minimal disruption to their businesses, their high level of respect for the mutual fund governance process and the independence of the Trustees and their decisions, and their commitment to maintain the high level of cooperation and support that the Putnam organization has historically provided;(vi) the possible benefits that the funds may receive as a result of Putnam Management joining the Power Financial group of companies, which is expected to promote stability of the Putnam organization and eliminate the previous uncertainty with respect to the future ownership of Putnam Investments;(vii) Power Financial’s and Lifeco’s commitment to maintaining competitive compensation arrangements to allow the Putnam organization to attract and retain highly qualified personnel;(viii) that the current senior management team at Putnam Investments has indicated its strong support of the transaction; and(ix) the commitments of Marsh & McLennan and Lifeco to bear all expenses incurred by the Putnam fundsinvestments in connection with the transaction, including all costs associated with this proxy solicitation.Finally, in considering the proposed new management contracts, the Trustees also took into account their deliberations and conclusions in connection with their most recent annual approval of the continuance of the funds’ management contracts effective July 1, 2006, and the extensive materials that they had reviewed in connection with that approval process. Appendix Gcontains a summary description of the matters considered by the Trustees in connection with that approval.
Based upon the foregoing considerations, on March 9, 2007, the Trustees, including all of the Trustees present who are not “interested persons” of the funds or Putnam Investments, unanimously approved the proposed new management contracts and determined to recommend their approval to the shareholders of the Putnam funds.
*Additional Information Regarding Potential Interests of Certain Trustees in the Transactioncommodities.
Charles E. Haldeman, Jr., a Trustee of the funds, serves as the President and Chief Executive Officer of Putnam Investments. Mr. Haldeman is also a stockholder of Putnam Investments Trust as a result of various equity compensation grants made to him in recent years. On March 15, 2005, Putnam Investments Trust granted Mr. Haldeman 210,635 shares of class B common stock pursuant to the Putnam Investments Trust Equity Partnership Plan. With respect to this grant, Mr. Haldeman’s shares vest over a four-year period, with 25% of the shares vesting on each anniversary of the grant, although vesting may be accelerated under certain circumstances if Mr. Haldeman’s employment with Putnam terminates. On September 29, 2005, Mr. Haldeman participated in the Putnam Option Exchange Program, in which holders of eligible options to purchase class B common stock were permitted to elect to exchange their options for restricted shares of class B common stock with a value equal to the value of the exchanged options. Mr. Haldeman was granted 14,226 restricted shares of class B common stock in exchange for an option to purchase 99,200 shares of
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class B common stock. On March 15, 2006, Putnam Investments Trust granted Mr. Haldeman 111,693 restricted shares of class B common stock for his performance in 2005. With respect to such grant, Mr. Haldeman’s shares vest over a four-year period, with 25% of the shares vesting on each anniversary of the grant. On March 15, 2006, Mr. Haldeman received an additional grant of 314,136 restricted shares of class B common stock and an option to purchase 510,638 shares as a special grant as a result of his employment contract with Marsh & McLennan. With respect to each such grant, Mr. Haldeman’s shares vest 10%, 20%, 30% and 40% over the next four years, subject to acceleration provisions based on investment performance. Mr. Haldeman also holds other restricted shares of class B common stock from grants in years prior to 2005, and it is expected that an additional grant of such restricted shares will be made in March 2007.As a result of his interests in the stock of Putnam Investments Trust as described above, Mr. Haldeman will benefit directly from the sale of your fund’s investment adviser to Lifeco in an estimated amount of approximately $54 million, which is the value of his holdings in Putnam Investments Trust stock and stock options. Approximately 37% of this amount will be paid at the closing of the transaction and the remainder will be paid, subject to the satisfaction of certain conditions, over a three-year period. In addition, Mr. Haldeman has agreed to amend his employment agreement with Putnam Investments, which will remain in effect following the transaction with Lifeco, among other things, to defer his right to terminate his employment as a result of the transaction and receive severance payments (equal to two times his 2006 total compensation, or approximately $26 million), and Putnam Investments Trust has agreed to pay Mr. Haldeman additional incentive compensation of $8.5 million in the future, continge nt upon the achievement of certain specified business objectives.
In addition to the interests described above, Mr. Haldeman currently owns 33,334 vested shares and 42,554 unvested shares, which will vest when the transaction with Lifeco closes, of stock and options to purchase 89,350 shares of stock of Marsh & McLennan and may benefit indirectly from the sale of your fund’s investment adviser to Lifeco to the extent of his interests in Marsh & McLennan.
George Putnam, III, is the President of your fund as well as a Trustee. Mr. Putnam is also a stockholder of Marsh & McLennan. As of December 31, 2006, he and his children own in the aggregate 12,110 shares of Marsh & McLennan. In addition, Mr. Putnam serves as a trustee of trusts holding in the aggregate 102,317 shares of Marsh & McLennan; Mr. Putnam is a likely beneficiary of these trusts. Mr. Putnam is also a director of a charitable organization that owns 12,000 shares of Marsh & McLennan in which Mr. Putnam has no economic interest. In addition, certain other members of Mr. Putnam’s family own in the aggregate 518,846 shares of Marsh & McLennan in which Mr. Putnam has no current economic interest. Mr. Putnam may benefit indirectly from the sale of your fund’s investment adviser to Lifeco to the extent of his interests in shares of Marsh & McLennan.
*►What is the voting requirement for approving the proposal?
Approval of the proposed amendment to your fund’s proposed new management contractfundamental investment restriction requires the affirmative vote of the lesser of (a) more than 50% of the outstanding shares of the fund, or (b) 67% or more of the shares of the fund present (in person or by proxy) at the meeting if more than 50% of the outstanding shares of the fund are present at the meeting in person or by proxy.
Shareholders of each fund vote separately on the proposal. The Trustees, includingoutcome of a majority of the Trustees who arevote for one fund does not “interested persons” of Putnam Management or the funds, recommend that shareholders approve the proposed new management contracts.affect any other fund.
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Further Information About Voting and the Special Meeting
Quorum and Methods of Tabulation.The shareholders of each fund vote separately with respect to the proposal. In the case of all closed-end funds, a majorityThirty percent of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the meeting. In the case of each other fund, 30% of the shares entitled to vote constitutes a quorum. Shares of all classes of eachthe fund vote together as a single class. Votes cast by proxy or in person at the meeting will be counted by persons appointed by your fund as tellers for the meeting. The tellers will count the total number of votes cast “for” approval of the proposal for purposes of determining whether sufficient affirmative votes have been cast. Shares represented by proxies that reflect abstentions and “broker non-votes” (i.e., shares(shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or the persons entitled to vote and (ii) the broker or nominee does not have the discretionary voting power on a particular matter) will be counted as shares that are present and entitled to vote ono n the matter for purposes of determining the presence of a quorum.
The documents that authorize Putnam Fiduciary Trust Company to act as Trustee for certain individual retirement accounts (including traditional, Roth and SEP IRAs, 403(b)(7) accounts and Coverdell Education Savings Accounts) provide that if an account owner does not submit voting instructions for his or her shares, Putnam Fiduciary Trust Company will vote such shares in the same proportions as other shareholders with similar accounts have submitted voting instructions for their shares. Shareholders should be aware that this practice, known as “echo-voting,” may have the effect of increasing the number of shares voted in favor of the proposal (possibly increasing the likelihood that the proposal will be approved) and that Putnam Fiduciary Trust Company, which is an affiliate of Putnam Management, may benefit indirectly from the approval of the proposed new management contracts.
Abstentions and broker non-votes have the effect of a negative vote on the proposal. Treating broker non-votes as negative votes may result in a proposal not being approved, even though the votes cast in favor would have been sufficient to approve the proposal if some or all of the broker non-votes had been withheld. In certain circumstances in which athe fund has receivedsufficient votes to approve a matter being recommended for approval by the fund’s Trustees, the fund may request that brokers and nominees, in their discretion, withhold submission of broker non-votes in order to avoid the need for solicitation of additional votes in favor of the proposal. AThe fund may also request that selected brokers and nominees, in their discretion, submit broker non-votes, if doing so is necessary to obtain a quorum.
Shareholders who object to any proposal in this Proxy Statement will not be entitled under Massachusetts law or the Agreement and Declaration of Trust of the particular Putnam fund to demand payment for, or an appraisal of, their shares.
Special Rule for Proportional Voting(for Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund and Putnam Municipal Opportunities Trust).For funds listed on the New York Stock Exchange that have outstanding preferred shares, in accordance with the rules of the New York Stock Exchange, brokerage firms may vote for or against a proposal, on behalf of their clients who beneficially own the remarketed or auction rate preferred shares and from whom they have not received voting instructions, in the same proportion as votes for and against such proposal have been received from holders of preferred shares if (i) a minimum of 30% of the outstanding preferred shares have been voted by the holders of preferred shares, (ii) holders of less than 10% of the outstanding preferred shar es have voted against the proposal and (iii) the holders of the common shares have approved the proposal.
Other business.The Trustees know of no matters other than those described in this proxy statementset forth herein to be brought before the meeting. If, however, any other matters properly come before the meeting, proxies will be voted on such matters in accordance with the judgment of the persons named in the enclosed form of proxy.
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Simultaneous meetings.The meeting of shareholders of your fund is called to be held at the same time as the meetingsmeeting of shareholders of certain of the other Putnam funds. It is anticipated that all meetings will be held simultaneously.
If any shareholder at the meeting objects to the holding of a simultaneous meeting and moves for an adjournment of the meeting to a time promptly after the simultaneous meetings,meeting, the persons named as proxies will vote in favor of such adjournment.
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Information for all Putnam fundsexceptfunds that arePutnam VT Global Asset Allocation, which is a series of Putnam Variable Trust
Solicitation of proxies.In addition to soliciting proxies by mail, Trustees of your fund and employees of Putnam Management, Putnam Fiduciary Trust Company and Putnam Retail Management may solicit proxies in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for voting proxies by telephone are designed to authenticate shareholders’ identities, to allow them to authorize the voting of their shares in accordance with their instructions and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be counted at the meeting. Your fund is unaware of any such challenge at this time. Shareholders would be called at the phone numb er Putnam Management has in its records for their accounts, and would be asked for their Social Security number or otherto confirm certain identifying information. The shareholdersShareholders would then be given an opportunity to authorize the proxies to vote their shares at the meeting in accordance with their instructions. To ensure that the shareholders’ instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case the information contained in the confirmation is incorrect.
Common shareholdersShareholders have the opportunity to submit their voting instructions via the Internet by usingutilizing a program provided by a third-partythird party vendor hired by Putnam Management or by automated telephone service. The giving of a proxy will not affect your right to vote in person should you decide to attend the meeting. To use the Internet, please access the Internet address listed on your proxy card and follow the instructions
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on the Internet site. To record your voting instructions via automated telephone service, usecall the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions, and to confirm that shareholders’ instructions have been recorded properly. Shareholders voting via the Internet should understand that there may be costs associated with electronic access, such as usage charges from Internet access providers and telephone companies that must be borne by the shareholders.
Your fund’s Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies. Consistent with this policy, your fund may solicit proxies from shareholders who have not voted their shares or who have abstained from voting, including brokers and nominees.
Revocation of proxies.Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, (iv) in the case of brokers and nominees, by submitting written instructions to your fund’s solicitation agent or the applicable record shareholders,shareholder or (v) by attending the meeting and voting in person.
Information for funds that arePutnam VT Global Asset Allocation Fund, a series of Putnam Variable Trust
Voting Process.process.With respect to funds that are series of Putnam Variable TrustVT Global Asset Allocation Fund only, as of the Record Date, certain insurance companies (each, an “Insurance Company”) were shareholders of record of each fund that is a series of Putnam Variable Trust.the fund. Each Insurance Company will vote shares of the fund or funds held by it in accordance with voting instructions received from variable annuity contract and variable life insurance policy owners (collectively, the “Contract Owners”) for whose accounts the shares are held. Accordingly, with respect to funds that are series of Putnam Variable Trust,the fund, this proxy statement is also intended to be used by each Insurance Company in obtaining these voting instructions from Contract Owners. In the event that a Contract Owner gives no instructions, the relevant Insurance Company will vote the shares of the appropriate fund attributable to the Contract Owner in the same proportion as shares of thatthe fund for which it has received instructions. One effect of this system of proportional voting is that, if only a small number of Contract Owners provide voting instructions, this small
9
number of Contract Owners may determine the outcome of a vote for athe fund.
Solicitation of proxies.In addition to soliciting proxies and voting instructions by mail, the Trustees of your fund and employees of Putnam Management, Putnam Fiduciary Trust Company, Putnam Retail Management and the Insurance Companies may solicit voting instructions from Contract Owners in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for solicitation of proxies and voting
15
instructions by telephone are designed to authenticate Contract Owners’ identities, to allow them to authorize the voting of their units in accordance with their instructions and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be countedcounte d at the meeting. Your fund is unaware of any such challenge at this time. Contract Owners would be called at the phone number Putnam Management has in its records for their accounts (or that Putnam Management obtains from the Insurance Companies), and would be asked for their Social Security number or otherto confirm certain identifying information. The Contract Owners would then be given an opportunity to give their instructions. To ensure that the Contract Owners’ instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case the information contained in the confirmation is incorrect.
Contract Owner Instructions.Each Contract Owner is entitled to instruct his or her insurance company as to how to vote its shares and can do so by marking voting instructions on the ballot enclosed with this proxy statement and then signing, dating and mailing the ballot in the envelope provided. If a ballot is not marked to indicate voting instructions, but is signed, dated and returned, it will be treated as an instruction to vote the shares in favor of the proposal. Each Insurance Company will vote the shares for which it receives timely voting instructions from Contract Owners in accordance with those instructions and will vote those shares for which it receives no timely voting instructions for and against approval of a proposal, and as an abstention, in the same proportion as the shares for which it receives voting instructions. Shares attributable to accounts retained by each Insurance Company
10
will be voted in the same propor tionproportion as votes cast by Contract Owners. Accordingly, there are not expected to be any “broker non-votes.”
Contract Owners have the opportunity to submit their voting instructions via the Internet by utilizing a program provided by a third party vendor hired by Putnam Management or by automated telephone service. The giving of such voting instructions will not affect your right to vote in person should you decide to attend the meeting. To use the Internet, please access the Internet address listed on your proxy card, and follow the instructions on the Internet site. The Internet voting procedures are designed to authenticate ContractOwners’ identities, to allow Contract Owners to give their voting instructions and to confirm that their instructions have been recorded properly. Contract Owners voting via the Internet should understand that there may be costs associated with electronic access, such as usage charges from Internet access providers and telephone companies, that must be borne by the Contract Owners.
Your fund’s Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies and the giving of voting instructions. Consistent with this policy, your fund may solicit proxies from Contract Owners who have not voted their shares or who have abstained from voting.
Revocation of instructions.Any Contract Owner giving instructions to an Insurance Company has the power to revoke such instructions by mail by providing superseding instructions. All properly executed instructions received in time for the meeting will be voted as specified in the instructions.
Revocation of proxies.Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, or (iv) by attending the meeting and voting in person.
Information for all Putnam funds other than the closed-end funds
Date for receipt of shareholders’ proposals for subsequent meetings of shareholders.Your fund does not regularly hold annual shareholder meetings, but may from time to time schedule special meetings. In addition, your fund has voluntarily undertaken to hold shareholder meetings at least every five years for the purpose of electing
11
your fund’s Trustees; the last such meeting was held in 2004. In accordance with the regulations of the SEC, in order to be eligible for inclusion in the fund’s proxy statement for such a meeting, a shareholder or Contract Owner proposal must be received a reasonable time before the fund prints and mails its proxy statement.
The Board Policy and Nominating Committee of the Board of Trustees, which consists of Independent Trustees only, will also consider nominees recommended by shareholders of the fund to serve as Trustees. A shareholder or Contract Owner must submit the names of any such nominees in writing to
16
the fund, to the attention of the Clerk, at the address of the principal offices of the fund.
If a shareholder who wishes to present a proposal at a special shareholder meeting fails to notify the fund within a reasonable time before the fund mails its proxy statement, the persons named as proxies will have discretionary authority to vote on the shareholder’s proposal if it is properly brought before the meeting. If a shareholder makes a timely notification, the proxies may still exercise discretionary voting authority under circumstances consistent with the SEC’s proxy rules. All shareholder proposals must also comply with other requirements of the SEC’s rules and the fund’s Agreement and Declaration of Trust.
Information for all Putnam closed-end funds
Date for receiptExpense of shareholders’ proposals for the next annual meeting.It is currently anticipated that your fund’s next annual meeting of shareholders will be held in the month/year indicated below:
The Trustees of your fund reserve the right to set an earlier or later date for the next meeting. Shareholder proposals to be included in the proxy statement for that meeting must be received by your fund on or before July 23, 2007 for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust and May 18, 2007 for the other closed-end funds identified above. In order for a shareholder proposal to be included in the proxy statement, both the submitting shareholder and the proposal itself must satisfy the requirements set forth in Rule 14a-8 under the Securities Exchange Act of 1934, as amended. Shareholders who wish to make a proposal at the next annual meeting — other than one that will be included in the fund’s proxy materials —should notify the fund no later than October 6, 2007 for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust and August 1, 200 7 for the other closed-end funds identified above. Shareholders whowish to propose one or more nominees for election as Trustees, or to make a proposal fixing the number of Trustees, at the next annual meeting must provide written notice to the fund (including all required information) so that such notice is received in good order by the fund no earlier than October 13, 2007 and no later than November 12, 2007 for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust and no earlier than August 1, 2007 and no later than August 31, 2007 for the other closed-end funds identified above.
The Board Policy and Nominating Committee will also consider nominees recommended by shareholders of each fund to serve as Trustees. A shareholder must submit the names of any such nominees in writing to the fund, to the attention of the Clerk, at the address of the principal offices of the fund.
If a shareholder who wishes to present a proposal fails to notify the fund by the dates specified above, the proxies solicited for the meeting will have discretionary authority to vote on the shareholder’s proposal if it is properly brought before the meeting. If a shareholder makes a timely notification, the proxies may still exercise discretionary voting authority under circumstances consistent with the SEC’s proxy rules. All shareholder proposals must also comply with other requirements of the SEC’s rules and the fund’s Agreement and Declaration of Trust.
Information for all Putnam funds
Expenses of Solicitation.Persons holding shares as nominees will, upon request, be reimbursed for their reasonable expenses in soliciting instructions from their principals. The Putnam funds haveYour fund has retained Computershare Fund Servicesat its own expense Broadridge Financial Solutions, 60 Research Road, Hingham, MA 02043, to aid in the solicitation of instructions for registered and nominee accounts. Computershare Fund Services’accounts, for a management fee (estimatednot to be approximately $3 million), as well as the otherexceed $2,000 plus out of pocket expenses per fund. The expenses of the preparation of proxy statements and related materials, including printing and delivery costs, and the proxy solicitation expenses, are borne by Marsh & McLennan and Lifeco.your fund.
Adjournment.If sufficient votes in favor of the proposal set forth in the Notice of a Special Meeting of Shareholders are not received by the time scheduled for the meeting or if the quorum required for the proposal has not been met, the persons named as proxies may propose adjournments of the special meeting for a period or periods of not more than 60 days in the aggregate to permit further solicitation of proxies. Any
17
adjournment will require the affirmative vote of a majority of the votes cast on the question in person or by proxy at the session of the meeting to be adjourned. The persons named as proxies will vote in favor of adjournment those proxies that they are entitled to vote in favor of the proposal.proposals. They will vote against any such adjournment those proxies required to be voted against the proposal.proposals. Your fund pays the costs of any additional solicitation and of any adjourned session. Any proposal for which sufficient favorable votes haveha ve been received by the time of the meeting may be acted upon and considered final regardless of whether the meeting is adjourned to permit additional solicitation with respect to any other proposal.
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Duplicate mailings.As permitted by SEC rules, Putnam’s policy is to send a single copy of the proxy statement to shareholders who share the same last name and address, unless a shareholder previously has requested otherwise. Separate proxy ballots will be included with the proxy statement for each account registered at that address. If you would prefer to receive your own copy of the proxy statement, or any annual or semi-annual shareholder report, please call our proxy information linecontact Putnam Investor Services by phone at 1-866-905-2396.1-800-225-1581 or by mail at P.O. Box 8383, Boston, Massachusetts 02266-8383.
Financial information. Your fund’s Clerkfund will furnish to you, upon request and without charge, a copy of the fund’s annual report for its most recent fiscal year, and a copy of its semiannual report for any subsequent semiannual period. You may direct such requests to Putnam Investor Services, P.O. Box 41203, Providence, RI 02940-12038383, Boston, Massachusetts 02266-8383 or 1-800-225-1581.
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Fund Information
Putnam Investments.Putnam Investment Management, LLC, your fund’s investment manager, and administrator, is a subsidiary of Putnam, LLC (Putnam Investments). Putnam Investments is a wholly ownedwholly-owned indirect subsidiary of Putnam Investments, Trust,LLC (“Putnam Investments”). Putnam Investments is a holding company that, except for a minority stake owned by employees, is owned (through a series of wholly-owned subsidiaries) by Great-West Lifeco Inc., which is a financial services holding company with operations in turn owned by Marsh & McLennan,Canada, the United States and Europe and is a leading professionalmember of the Power Financial Corporation group of companies. Power Financial Corporation, a global company with interests in the financial services firm that includes risk and insurance services, investment management and consulting businesses. Following the transaction described in this Proxy Statement, Putnam Investments Trust will beindustry, is a wholly owned subsidiary of Great-West, as described above, and Power Corporation of Canada, will be the ultimate parenta financial, industrial, and communications holding company, of Putnam Investment Management, LLC. Effective January 1, 2007, Putnam Managementwhich the Honorable Paul Desmarais, Sr., through a group of private holding companies which he controls, has delegated responsibility for providing certain administrative, pricing and bookkeeping services for the funds to State Street Bank and Trust Company.voting control.
The address of each of Putnam Investments Trust, Putnam Investments and Putnam Investment Management, LLC, is One Post Office Square, Boston, Massachusetts 02109. The address of the executive offices of Marsh & McLennanPower Financial Corporation is 1166 Avenue of the Americas, New York, New York 10036.751 Victoria Square, Montreal, Quebec H2Y 2J3, Canada. Charles E. Haldeman, Jr. is the President and Chief Executive Officer of Putnam Investments. His address is One Post Office Square, Boston, MassachusettsMA 02109. The addresses of the Putnam companies and Mr. Haldeman are not expected to change following the completion of the transaction.
Putnam Management provides investment advisory services to other funds that may have investment objectives and policies similar to those of your fund. The table inAppendix Hidentifies these other funds and states their net assets and the management fees that they paid to Putnam Management during the fiscal years noted.
Putnam Investments Limited and The Putnam Advisory Company, LLC.Putnam Investments Limited, which has been retained by Putnam Investment Management, LLC as investment sub-adviser with respect to a portion of the assets of certain funds, is a subsidiary of The Putnam Advisory Company, LLC, which is owned by Putnam Advisory Company LP, a subsidiary of Putnam Investments. Simon Davis, Co-Chief Investment Officer of Putnam’s
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International Core Equity investment team, is a director and the Chief Executive Officer of Putnam Investments Limited. The other directors of Putnam Investments Limited, listed with their principal business occupations at Putnam Investments, are David Puddle (Senior International Account Manager), Joseph T. Phoenix (Head of European Distribution), Jeffrey R. Peters (Head of International Business), and Anton Simon (Team Leader, European High Yield investment team). Putnam Advisory Company LP’s general partner is Putnam Advisory Company GP, Inc. Putnam Advisory Company GP, Inc. is a wholly owned subsidiary of Putnam Investments, which is also the sole limited partner of Putnam Advisory Company LP. The Putnam Advisory Company, LLC has also been retained to serve as a sub-adviser for a portion of the assets of Putnam International Equity Fund.
The address of Putnam Investments Limited, Mr. Davis, and each director of Putnam Investments Limited is Cassini House, 57-59 St. James’s Street, London, England, SW1A 1LD. The address of each of The Putnam Advisory Company, LLC, Putnam Advisory Company LP, and Putnam Advisory Company GP, Inc. is One Post Office Square, Boston, Massachusetts 02109.
Putnam Fiduciary Trust Company.Putnam Fiduciary Trust Company, the fund’s investor servicing agent and custodian, is a subsidiary of Putnam Investments. Its address is One Post Office Square, Boston, Massachusetts 02109. The funds have retained State Street Bank and Trust Company as custodian, and it is expected that Putnam Fiduciary Trust Company’s service as custodian will terminate during the first half of 2007 when all of the funds’ assets in its custody or the custody of its sub-custodians have been transferred into State Street Bank and Trust Company’s safekeeping.
Putnam Retail Management.Putnam Retail Management Limited Partnership, the fund’s principal underwriter (“PRM”), is a subsidiary of Putnam Investments. Putnam Retail Management GP, Inc. is the general partner of PRM, and also owns a minority stake in PRM. Putnam Retail Management GP, Inc. is a wholly ownedwholly-owned indirect subsidiary of Putnam Investments. The address of PRM and Putnam Retail Management GP, Inc. is One Post Office Square, Boston, Massachusetts 02109.
Payments to Putnam Management or its affiliates. Appendix Ishows amounts paid to Putnam Management or its affiliates during each fund’s most recent fiscal year for the services noted. The funds made no other material payments to Putnam Management or its affiliates during the periods shown.
Limitation of Trustee liability.Your fund’s Agreement and Declaration of Trust provides that the fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the fund, except if it is determined in the manner specified inby the Agreement and Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the fund or that such indemnification would relieve any officer or Trustee of any liability to the fund or its shareholders arising by reason
14
of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties. Your fund, at its expense, provides liability insurance for the benefit of its Trustees and officers.
Officers and other information.All of the officers of your fund with the exception of George Putnam, III, the fund’s President, are employees of Putnam Management or its affiliates or serve on the staff of the Office of the Trustees. Because of their positionshis position with Putnam Management or its affiliates, or their ownership of stock of Marsh & McLennan, the parent corporation of Putnam Investments Trust and indirectly of Putnam Investments, Messrs.Mr. Haldeman, and Putnam, as well as the other officers of your fund, except those who serve on the staff of the Office of the Trustees, will benefit from the management fees, distribution fees,underwriting commissions, custodian fees, and investor servicing fees paid or allowed by yourthe fund. In addition to Mr. Haldeman, certain of your fund’s executive officers (other than Mr. Putnam and those officers who are members of the Trustees’ independent administrative staff) own class B shares of Putnam Inves tments Trust or options to purchase class B shares and, accordingly, will benefit, pro rata with other holders of class B shares and options, from the payments to be made with respect to class B shares and options in connection with the transaction, as described above under “The Stock Purchase Agreement.” In addition to Mr. Putnam, the other officers of your fund are as follows:
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| Year first | ||
| Name | Business experience | |
| Office with the fund | ||
| Charles E. Porter (Born 1938)* | 1989 | Executive Vice President, |
| Executive Vice President, | Principal Executive Officer, | |
| Executive Officer, Associate | Associate Treasurer and | |
| Treasurer and Compliance Liaison | Compliance Liaison, | |
| The Putnam Funds | ||
| Jonathan S. Horwitz (Born 1955)* | 2004 | Senior Vice President and |
| Senior Vice President and Treasurer | Treasurer, The Putnam | |
| Funds. Prior to 2004, | ||
| Mr. Horwitz was a | ||
| Managing Director at | ||
| Putnam Investments | ||
| Steven D. Krichmar (Born 1958) | 2002 | Senior Managing Director, |
| Vice President and Principal | Putnam Investments | |
| Financial Officer | ||
| Janet C. Smith (Born 1965) | 2006 | Managing Director, |
| Vice President, Assistant Treasurer | Putnam Investments | |
| and Principal Accounting Officer | ||
| Susan G. Malloy (Born 1957) | 2007 | Managing Director, |
| Vice President and Assistant Treasurer | Putnam Investments | |
| Beth Mazor (Born 1958) | 2002 | Managing Director, |
| Vice President | Putnam Investments | |
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| Year first | ||
| Name (year of birth), | elected to | Business experience |
| Office with the fund | office | during past 5 years |
| Robert R. Leveille (Born 1969) | 2007 | Managing Director, |
| Vice President and Chief | Putnam Investments. | |
| Prior to | ||
| was a member of Bell Boyd | ||
| & Lloyd LLC, and prior to | ||
| 2003 he was Vice President | ||
| and Senior Counsel of | ||
| Liberty Funds Group LLC | ||
| Mark C. Trenchard (Born 1962) | 2002 | Managing Director, |
| Vice President and | Putnam Investments | |
| BSA Compliance Officer | ||
| Francis J. McNamara, III (Born 1955) | 2004 | Senior Managing Director, |
| Vice President and Chief Legal Officer | ||
| Putnam Management and | ||
| Putnam Retail Management. | ||
| Prior to 2004, Mr. | ||
| McNamara was General | ||
| Counsel of State Street | ||
| Research & Management | ||
| James P. Pappas (Born 1953) | 2004 | Managing Director, Putnam |
| Vice President | ||
| Management. During 2002, | ||
| Mr. Pappas was Chief | ||
| Operating Officer of | ||
| Atalanta/Sosnoff | ||
| Management Corporation | ||
| Richard S. Robie III (Born 1960) | 2004 | Senior Managing Director, |
| Vice President | ||
| Putnam Management and | ||
| Putnam Retail Management. | ||
| Prior to 2003, Mr. Robie | ||
| was Senior Vice President | ||
| of United Asset | ||
| Management Corporation | ||
| Judith Cohen (Born 1945)* | 1993 | Vice President, Clerk and |
| Vice President, | Assistant Treasurer, The | |
| Assistant Treasurer | Putnam Funds | |
| Wanda M. McManus (Born 1947)* | 1993 | Vice President, Senior |
| Vice President, Senior Associate | Associate Treasurer and | |
| Treasurer and Assistant Clerk | Assistant Clerk, | |
| The Putnam Funds | ||
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| Year first | ||
| Name (year of birth), | elected to | Business experience |
| Office with the fund | office | during past 5 years |
| Nancy E. Florek (Born 1957)* | 2000 | Vice President, Assistant |
| Vice President, Assistant Clerk, | Clerk, Assistant Treasurer | |
| Assistant Treasurer and | and Proxy Manager, The | |
| Putnam Funds | ||
* Officers of eachthe fund who are members of the Trustees’ independent administrative staff. Compensation for these individuals is fixed by the Trustees and reimbursed to Putnam Management.
5% Beneficial Ownership.AsShares outstanding of your fund as of February 9, 2007, to the knowledge of the funds, no person other than those listed onAppendix J25, 2008owned beneficially or of record 5% or more of any class of shares of any Putnam fund.
Security Ownership.As of February 9, 2007, the Trustees, and the officers and Trustees of each fund as a group, owned less than 1% of the outstanding shares of each class of each fund except as listed onAppendix K.
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| APPENDIX A | ||||||||||
| Number of Shares Outstanding as of the Record Date | ||||||||||
| Putnam Asset | ||||||||||
| Putnam American | Putnam Asset | Allocation: | Putnam Asset | |||||||
| Government Income | Allocation: | Conservative | Allocation: Growth | Putnam Capital | ||||||
| Fund | Balanced Portfolio | Portfolio | Portfolio | Appreciation Fund | ||||||
| Class A | 72,865,917.27 | 122,021,755.62 | 47,747,383.07 | 100,864,116.97 | 23,291,938.06 | |||||
| Class B | 4,095,758.65 | 27,095,823.41 | 8,791,276.89 | 29,394,656.54 | 3,940,639.05 | |||||
| Class C | 362,334.96 | 11,729,075.16 | 5,120,056.82 | 13,646,674.87 | 179,529.90 | |||||
| Class M | 236,179.16 | 3,007,196.12 | 1,235,844.52 | 3,232,356.68 | 609,599.30 | |||||
| Class R | 6,441.77 | 853,748.29 | 119,787.08 | 557,535.69 | 4,600.00 | |||||
| Class Y | 1,063,530.67 | 15,411,460.24 | 42,115,185.82 | 13,223,656.09 | 315,127.63 | |||||
| Putnam Convertible | ||||||||||
| Putnam Capital | Putnam Classic | Income-Growth | Putnam Discovery | Putnam Diversified | ||||||
| Opportunities Fund | Equity Fund | Trust | Growth Fund | Income Trust | ||||||
| Class A | 41,144,555.26 | 40,595,267.65 | 31,968,799.11 | 25,551,820.26 | 139,369,157.64 | |||||
| Class B | 16,110,795.73 | 6,418,041.89 | 2,367,171.39 | 12,721,621.79 | 24,961,695.71 | |||||
| Class C | 2,973,737.56 | 958,815.98 | 1,299,400.49 | 1,681,471.19 | 11,650,294.58 | |||||
| Class M | 1,398,979.57 | 1,797,409.53 | 299,922.75 | 1,033,939.84 | 92,776,999.34 | |||||
| Class R | 168,102.38 | 2,505.14 | 60,139.09 | 4,130.84 | 88,080.49 | |||||
| Class Y | 35,099,403.26 | 363,824.44 | 1,250,837.29 | 503,794.69 | 1,672,006.89 | |||||
| The Putnam Fund | The George | |||||||||
| Putnam Equity | Putnam Europe | Putnam Floating | for Growth and | Putnam Fund | ||||||
| Income Fund | Equity Fund | Rate Income Fund | Income | of Boston | ||||||
| Class A | 157,072,443.43 | 14,295,888.85 | 34,069,160.51 | 590,338,882.88 | 179,832,180.65 | |||||
| Class B | 33,001,131.13 | 3,350,256.99 | 2,824,206.00 | 76,125,642.11 | 29,622,989.85 | |||||
| Class C | 5,571,878.88 | 207,893.51 | 11,254,351.86 | 4,697,759.79 | 3,994,179.41 | |||||
| Class M | 3,213,892.88 | 455,266.90 | 738,028.33 | 5,300,544.50 | 10,393,510.94 | |||||
| Class R | 303,161.43 | 1,904.31 | 34,919.15 | 73,707.25 | 103,827.17 | |||||
| Class Y | 16,061,796.95 | 319,432.06 | 340,886.00 | 66,351,947.61 | 21,384,284.28 | |||||
| Putnam Global | ||||||||||
| Putnam Global | Putnam Global | Natural Resources | Putnam Growth | Putnam Health | ||||||
| Equity Fund | Income Trust | Fund | Opportunities Fund | Sciences Trust | ||||||
| Class A | 154,095,635.81 | 7,060,947.13 | 15,653,346.61 | 24,472,157.80 | 28,927,487.92 | |||||
| Class B | 28,419,243.30 | 1,108,506.86 | 3,780,138.75 | 17,073,607.94 | 8,272,662.98 | |||||
| Class C | 3,074,350.64 | 245,341.53 | 772,968.28 | 1,824,836.37 | 657,779.60 | |||||
| Class M | 2,926,058.67 | 1,690,461.95 | 262,426.52 | 647,345.53 | 443,866.41 | |||||
| Class R | 119,295.63 | 12,140.40 | 92,955.50 | 7,262.60 | 13,921.65 | |||||
| Class Y | 2,448,854.15 | 223,906.67 | 478,806.42 | 538,692.91 | 342,128.20 | |||||
A-1
| Putnam High | Putnam International | |||||||||
| Putnam High | Yield Advantage | Putnam | Putnam Income | Capital | ||||||
| Yield Trust | Fund | Income Fund | Strategies Fund | Opportunities Fund | ||||||
| Class A | 214,263,626.27 | 69,047,167.80 | 115,132,837.04 | 1,128,943.13 | 30,841,820.87 | |||||
| Class B | 35,526,881.29 | 2,410,648.64 | 20,851,564.20 | 90,473.73 | 12,129,431.30 | |||||
| Class C | 8,003,654.20 | — | 3,145,332.50 | 96,387.62 | 2,546,743.45 | |||||
| Class M | 2,458,597.49 | 53,420,283.75 | 45,251,242.49 | 14,762.21 | 714,683.60 | |||||
| Class R | 102,530.40 | — | 125,183.77 | 100.16 | 75,238.94 | |||||
| Class Y | 27,378,744.87 | 1,706,106.72 | 177,258,302.83 | 9,840.89 | 2,206,407.37 | |||||
| Putnam Limited | ||||||||||
| Putnam International | Putnam International | Duration | ||||||||
| Putnam International | Growth and Income | New Opportunities | Putnam Investors | Government | ||||||
| Equity Fund | Fund | Fund | Fund | Income Fund | ||||||
| Class A | 123,963,180.92 | 50,293,708.97 | 36,675,349.61 | 161,312,146.48 | 38,927,862.63 | |||||
| Class B | 35,642,093.03 | 11,670,009.22 | 7,681,747.98 | 52,883,910.68 | 12,128,138.57 | |||||
| Class C | 9,131,139.27 | 2,768,235.99 | 1,062,278.46 | 4,820,801.43 | 2,175,900.36 | |||||
| Class M | 3,010,273.49 | 1,315,109.74 | 1,170,698.61 | 3,005,098.49 | 1,132,429.82 | |||||
| Class R | 160,950.77 | 90,049.40 | 23,974.60 | 92,867.49 | 43,311.30 | |||||
| Class Y | 45,254,449.85 | 1,076,267.48 | 1,072,479.47 | 44,422,070.60 | 31,983,627.46 | |||||
| Putnam OTC & | ||||||||||
| Putnam Mid Cap | Putnam Money | Putnam New | Putnam New Value | Emerging Growth | ||||||
| Value Fund | Market Fund | Opportunities Fund | Fund | Fund | ||||||
| Class A | 42,398,349.46 | 2,920,948,710.35 | 70,262,928.78 | 73,155,533.01 | 54,395,541.91 | |||||
| Class B | 15,750,043.79 | 142,836,931.51 | 11,901,149.73 | 21,337,273.64 | 15,771,750.32 | |||||
| Class C | 2,856,353.83 | 12,307,784.09 | 783,189.79 | 3,730,447.21 | 1,502,590.14 | |||||
| Class M | 950,669.79 | 39,596,481.71 | 1,559,344.08 | 1,769,378.85 | 1,711,144.83 | |||||
| Class R | 358,284.53 | 150,481,386.65 | 33,000.80 | 132,420.91 | 18,653.35 | |||||
| Class Y | 3,179,712.07 | — | 8,117,183.90 | 6,731,154.03 | 5,087,917.45 | |||||
| Class T | — | 12,617,909.46 | — | — | — | |||||
| Putnam | Putnam | Putnam | Putnam | |||||||
| Putnam Research | RetirementReady | RetirementReady | RetirementReady | RetirementReady | ||||||
| Fund | 2010 Fund | 2015 Fund | 2020 Fund | 2025 Fund | ||||||
| Class A | 29,333,675.54 | 772,059.93 | 1,379,501.57 | 1,448,305.47 | 994,647.77 | |||||
| Class B | 12,711,374.91 | 4,850.05 | 10,873.85 | 10,633.05 | 13,267.72 | |||||
| Class C | 1,885,836.25 | 1,102.42 | 3,558.28 | 2,146.66 | 1,941.72 | |||||
| Class M | 791,134.38 | 2,420.50 | 2,423.71 | 8,512.45 | 4,131.13 | |||||
| Class R | 14,534.57 | 3,875.65 | 314.02 | 2,350.70 | 2,078.75 | |||||
| Class Y | 4,634,275.19 | 513,407.69 | 820,883.78 | 818,743.23 | 749,421.25 | |||||
| Putnam | Putnam | Putnam | Putnam | Putnam | ||||||
| RetirementReady | RetirementReady | RetirementReady | RetirementReady | RetirementReady | ||||||
| 2030 Fund | 2035 Fund | 2040 Fund | 2045 Fund | 2050 Fund | ||||||
| Class A | 809,425.85 | 566,560.46 | 391,380.39 | 287,756.96 | 116,641.82 | |||||
| Class B | 7,977.02 | 5,877.96 | 2,850.44 | 1,639.00 | 1,972.60 | |||||
| Class C | 573.73 | 742.94 | 46.78 | 157.30 | 21.00 | |||||
| Class M | 10,372.28 | 754.72 | 555.24 | 86.18 | 35.43 | |||||
| Class R | 1,983.89 | 1,915.49 | 1,081.03 | 1,046.90 | 426.49 | |||||
| Class Y | 511,624.43 | 338,614.85 | 178,952.65 | 160,734.47 | 39,744.66 | |||||
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| Putnam | Putnam U.S. | Putnam Utilities | ||||||||
| RetirementReady | Putnam Small Cap | Putnam Small Cap | Government Income | Growth and Income | ||||||
| Maturity Fund | Growth Fund | Value Fund | Trust | Fund | ||||||
| Class A | 550,439.44 | 16,375,506.50 | 31,283,523.74 | 78,006,578.08 | 39,927,098.75 | |||||
| Class B | 2,724.81 | 2,656,018.65 | 10,093,908.96 | 8,655,212.62 | 4,317,531.32 | |||||
| Class C | 474.19 | 959,519.89 | 2,554,124.15 | 1,130,838.12 | 341,742.96 | |||||
| Class M | 1,627.45 | 245,623.25 | 459,286.92 | 2,267,956.64 | 252,063.21 | |||||
| Class R | 1,238.44 | 466,903.37 | — | 43,309.22 | 27,999.29 | |||||
| Class Y | 169,708.41 | 1,459,510.41 | 2,766,584.83 | 338,769.86 | 311,707.26 | |||||
| Putnam AMT-Free | Putnam Arizona Tax | Putnam California | ||||||||
| Putnam | Putnam Voyager | Insured Municipal | Exempt Income | Tax Exempt | ||||||
| Vista Fund | Fund | Fund | Fund | Income Fund | ||||||
| Class A | 151,064,499.09 | 291,430,571.94 | 18,164,565.16 | 8,358,332.18 | 235,644,823.67 | |||||
| Class B | 32,381,052.41 | 58,735,359.33 | 3,055,201.22 | 1,010,192.63 | 12,778,779.68 | |||||
| Class C | 3,525,231.81 | 3,878,871.97 | 568,917.59 | 1,098.02 | 2,652,011.94 | |||||
| Class M | 2,619,218.03 | 3,275,589.42 | 72,405.24 | 147,218.49 | 699,584.22 | |||||
| Class R | 173,844.08 | 112,440.10 | — | — | — | |||||
| Class Y | 16,103,511.27 | 76,680,967.17 | — | — | — | |||||
| Putnam | ||||||||||
| Massachusetts Tax | Putnam Michigan | Putnam Minnesota | Putnam New Jersey | Putnam New York | ||||||
| Exempt Income | Tax Exempt Income | Tax Exempt Income | Tax Exempt Income | Tax Exempt Income | ||||||
| Fund | Fund | Fund | Fund | Fund | ||||||
| Class A | 26,215,513.73 | 11,101,453.78 | 10,283,132.58 | 17,161,743.73 | 124,340,641.84 | |||||
| Class B | 4,497,397.65 | 1,707,679.47 | 1,736,026.54 | 4,416,716.50 | 6,751,493.68 | |||||
| Class C | 463,345.14 | 3,761.57 | 1,125.02 | 6,527.34 | 1,277,948.82 | |||||
| Class M | 493,447.04 | 140,497.62 | 75,805.52 | 167,636.44 | 268,803.79 | |||||
| Putnam | ||||||||||
| Putnam Ohio Tax | Pennsylvania Tax | |||||||||
| Exempt Income | Exempt Income | Putnam Tax Exempt | Putnam Tax-Free | Putnam Tax Smart | ||||||
| Fund | Fund | Income Fund | High Yield Fund | Equity Fund® | ||||||
| Class A | 15,904,859.33 | 15,390,981.58 | 128,599,352.45 | 97,257,670.60 | 11,859,823.99 | |||||
| Class B | 1,681,836.61 | 2,742,974.10 | 4,412,867.57 | 10,465,862.02 | 8,024,033.79 | |||||
| Class C | 4,251.19 | 34,127.68 | 1,008,936.24 | 1,567,885.51 | 2,822,106.04 | |||||
| Class M | 145,110.14 | 253,222.15 | 569,148.43 | 879,537.00 | 329,185.89 | |||||
| Putnam Prime | Putnam Tax Exempt | |||||||||
| Money Market Fund | Money Market Fund | |||||||||
| Class A | 1,091.28 | Class A | 80,627,090.07 | |||||||
| Class I | 2,136,089,094.67 | |||||||||
| Class P | 2,455,425,894.00 | |||||||||
| Class R | 1,084.04 | |||||||||
| Class S | 1,095.41 | |||||||||
| Putnam California | Putnam Investment | |||||||||
| Investment Grade | Putnam High Income | Putnam High Yield | Grade Municipal | |||||||
| Municipal Trust | Securities Fund | Municipal Trust | Trust | |||||||
| Common | 4,517,546.20 | 21,546,985.27 | 21,131,981.15 | 20,235,386.57 | ||||||
| Preferred | 320.00 | — | 900.00 | 1,400.00 | ||||||
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| Putnam Master | Putnam New York | |||||||||
| Intermediate Income | Investment Grade | Putnam Premier | Putnam Tax-Free | |||||||
| Trust | Municipal Trust | Income Trust | Health Care Fund | |||||||
| Common | 91,389,179.63 | 2,775,583.20 | 178,799,200.45 | 13,435,771.46 | ||||||
| Preferred | — | 200.00 | — | — | ||||||
| Putnam Managed | ||||||||||
| Municipal Income | Putnam Municipal | Putnam Municipal | ||||||||
| Trust | Bond Fund | Opportunities Trust | ||||||||
| Common | 44,658,877.70 | 16,784,709.41 | 15,172,510.20 | |||||||
| Series A Preferred | 550.00 | 2,920.00 | 800.00 | |||||||
| Series B Preferred | 550.00 | 2,400.00 | 1,620.00 | |||||||
| Series C Preferred | 650.00 | — | 1,620.00 | |||||||
| Putnam VT | ||||||||||
| American | Putnam VT | Putnam VT | ||||||||
| Government | Putnam VT Capital | Putnam VT Capital | Discovery Growth | Diversified Income | ||||||
| Income Fund | Appreciation Fund | Opportunities Fund | Fund | Fund | ||||||
| Class IA | 7,067,352.30 | 2,922,895.64 | 1,571,121.84 | 1,860,663.81 | 32,042,509.43 | |||||
| Class IB | 5,643,928.66 | 2,343,331.93 | 1,303,057.65 | 4,177,181.16 | 21,961,115.93 | |||||
| Putnam VT The | Putnam VT Global | |||||||||
| Putnam VT Equity | George Putnam Fund | Asset Allocation | Putnam VT Global | Putnam VT Growth | ||||||
| Income Fund | of Boston | Fund | Equity Fund | and Income Fund | ||||||
| Class IA | 8,276,290.10 | 24,852,762.65 | 18,531,543.55 | 37,648,893.62 | 108,760,571.76 | |||||
| Class IB | 7,151,770.71 | 22,860,556.96 | 5,449,017.93 | 5,641,156.26 | 26,283,390.89 | |||||
| Putnam VT | ||||||||||
| Putnam VT Growth | Putnam VT Health | Putnam VT | Putnam VT | International Equity | ||||||
| Opportunities Fund | Sciences Fund | High Yield Fund | Income Fund | Fund | ||||||
| Class IA | 3,933,806.14 | 8,113,723.80 | 52,822,019.32 | 33,494,430.97 | 19,428,381.26 | |||||
| Class IB | 5,444,573.65 | 11,040,152.95 | 21,393,548.76 | 23,725,014.48 | 41,720,259.80 | |||||
| Putnam VT | Putnam VT | |||||||||
| International Growth | International New | Putnam VT | Putnam VT Mid Cap | Putnam VT Money | ||||||
| and Income Fund | Opportunities Fund | Investors Fund | Value Fund | Market Fund | ||||||
| Class IA | 16,477,887.45 | 6,289,256.68 | 20,363,311.31 | 3,598,840.41 | 199,471,422.59 | |||||
| Class IB | 7,020,219.95 | 9,079,615.87 | 19,002,910.36 | 1,762,566.50 | 192,517,577.58 | |||||
| Putnam VT OTC & | ||||||||||
| Putnam VT New | Putnam VT New | Emerging Growth | Putnam VT Research | Putnam VT Small | ||||||
| Opportunities Fund | Value Fund | Fund | Fund | Cap Value Fund | ||||||
| Class IA | 54,242,526.61 | 20,229,842.20 | 5,758,192.19 | 5,328,590.92 | 9,913,500.45 | |||||
| Class IB | 7,086,946.71 | 16,084,839.46 | 4,822,512.27 | 7,780,017.61 | 30,338,512.99 | |||||
| Putnam VT Utilities | ||||||||||
| Growth and Income | Putnam VT | Putnam VT | ||||||||
| Fund | Vista Fund | Voyager Fund | ||||||||
| Class IA | 17,556,287.34 | 11,847,214.18 | 45,658,943.22 | |||||||
| Class IB | 3,446,135.67 | 15,577,482.04 | 13,591,095.47 | |||||||
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APPENDIX B
Form of New Management Contract
This Management Contract is dated as of ____________, 2007 between [NAME OF FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).In consideration of the mutual covenants herein contained, it is agreed as follows:
1. SERVICES TO BE RENDERED BY MANAGERTO FUND.
(a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f)(2) of the Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund identified from time to time on Schedule A to this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and co nduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.
(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct ofthe affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.
(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stab ility of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investme nt discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.
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(d) The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space, utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund.
(e) The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.
(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with otherorganizations and persons and may have other interests and business.
3. COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER.
The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a fee, based on the Fund’s Average Net Assets, computed and paid [monthly/quarterly]1at the annual rates set forth on Schedule B attached to this Contract, as from time to time amended.
[This paragraph included for all funds except closed-end funds] “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each [month/quarter] while this Contract is in effect. The fee is payable for each [month/quarter] within [15/30]2days after the close of the [month/quarter].
[This paragraph included for Putnam California Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities Trust, and Putnam New York Investment Grade Municipal Trust only] “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value during each quarter at the close of business on the last business day of each week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter.
[This paragraph included for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust, and Putnam Premier Income Trust only] “Average Net Assets” means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes), determined at the close of the last business day of each
1Fees are computed and paidmonthlyfor Putnam AMT-Free Insured Municipal Fund, Putnam Floating Rate Income Fund, Putnam Global Equity Fund, Putnam Income Strategies Fund, Putnam OTC & Emerging Growth Fund, Putnam Prime Money Market Fund, Putnam RetirementReady 2050 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2035 Fund, Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2025 Fund, Putnam RetirementReady 2020 Fund, Putnam RetirementReady 2015 Fund, Putnam RetirementReady 2010 Fund, Putnam RetirementReady Maturity Fund, Putnam Tax-Free High Yield Fund, Putnam VT Capital Appreciation Fund, Putnam VT Capital Opportunities Fund, Putnam VT Discovery Growth Fund, Putnam VT Equity Income Fund, and Putnam VT Mid Cap Value Fund. For all other Putnam funds, fees are computed and paidquarterly.2Fees are payable within15days after the close of the month for Putnam AMT-Free Insured Municipal Fund, Putnam Income Strategies Fund, Putnam Prime Money Market Fund, and Putnam Tax-Free High Yield Fund. Fees are payable within30days after the close of the month or quarter, as applicable, for all other Putnam funds.
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week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter. As used in this Section 3, “leverage for investment purposes” means any incurrence of indebtedness the proceeds of which are to be invested in accordance with the Fund’s investment objective. For purposes of calculating Average Net Assets, liabilities associated with any instruments or transactions used to leverage the Fund’s portfolio for investment purposes (whether or not such instruments or transactions are “covered” within the meaning of the 1940 Act and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff) are not considered liabilities. For purposes of calculating Average Net Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the “Underlying Asset”) of the Fund to a counterparty in a reverse repurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.
[This paragraph included for Putnam Tax-Free Health Care Fund only] “Average Net Assets” means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes), determined at the close of the last business day of each week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter. As used in this Section 3, “leverage for investment purposes” means any incurrence of indebtedness or issuance of Preferred Shares (as defined below), the proceeds of which are to be invested in accordance with the Fund’s investment objective. For purposes of calculating Average Net Assets, neither the liquidati on preference of any Preferred Shares nor any liabilities associated with any instruments or transactions used to leverage the Fund’s portfolio for investment purposes (whether or not such instruments or transactions are “covered” within the meaning of the 1940 Act and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff), is considered a liability. For purposes of calculating Average Net Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the “Underlying Asset”) of the Fund to a counterparty in a reverserepurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.
[This paragraph included for Putnam California Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities Trust, and Putnam New York Investment Grade Municipal Trust only] In the event that the amount of dividends payable with respect to any outstanding shares of beneficial interest of the Fund with preference rights (“Preferred Shares”) during any period for which regular payments of dividends or other distributions on such Preferred Shares are payable (each, a “Dividend Period”) plus expenses attributable to such Preferred Shares for such Dividend Period exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Dividend Period as a result of the fact that s uch Preferred Shares were outstanding during such Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i) the aggregate liquidation preference of the average number of Preferred Shares outstanding during the Period by (ii) the percentage of the aggregate net asset value of the Fund which the fee payable to the Manager during such Period pursuant to this Section 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Dividend Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Dividend Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to the Preferred Shares and the portion of the Fund’s net income and net short-term cap ital gains accruing during any Dividend Period as a result of the fact that Preferred Shares were outstanding during such Period shall be determined by the Trustees of the Fund.
[For Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust, and Putnam Premier Income Trust only] In the event that, during any period for which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes
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(a “Measurement Period”), the amount of interest payments and fees with respect to such indebtedness or other obligation, plus additional expenses attributable to any such leverage for investment purposes for such Measurement Period, exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such indebtedness or other obligation was outstanding during the Measurement Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i) the aggregate value of all assets representing leverage for investment purposes by (ii) the percentage of the Average Net Assets of the Fund which the fee payable to the Manager during such Measurement Period pursuant to this Sec tion 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Measurement Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Measurement Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to leverage for investment purposes and the portion of the Fund’s net income and net short-term capital gains accruing during any Measurement Period as a result of the fact that leverage for investment purposes was outstanding during such Measurement Period shall be determined by the Trustees of the Fund.
[For Putnam Tax-Free Health Care Fund only] In the event that, during any period for which payments of dividends or other distributions on any outstanding shares of beneficial interest of the Fund having a preference as to dividends and/or in liquidation over the Fund’s common shares of beneficial interest (“Preferred Shares”) are payable or during which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes (a “Measurement Period”), the amount of dividends or other distributions payable with respect to such Preferred Shares, plus the amount of interest payments and fees with respect to such indebtedness or other obligation, plus additional expenses attributable to any such leverage for investment purposes for such Measurement Period, exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such Preferred Shares and/or such indebtedness or other obligation was outstanding during the Measurement Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i)(A) the aggregate liquidation preference of the average number of Preferred Shares outstanding during the Period plus (B) the aggregate value of all other assets representing leverage for investment purposes by (ii) the percentage of the Average Net Assets of the Fund which the fee payable to the Manager during such Measurement Period pursuant to this Section 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Measurement Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Measurement Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to leverage for investment purposes and the portion of the Fund’s net income and net short-term capital gains accruing during any Measurement Period as a result of the fact that Preferred Shares and/or other leverage for investment purposes were outstanding during such Measurement Period shall be determined by the Trustees of the Fund.
The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.
In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due
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the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.
If the Manager serves for less than the whole of a [month/quarter], the foregoing compensation will be prorated.
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.
This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities Exchange Commission or its staff.
5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.
This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) through June 30, 2008, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.
Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.
Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.
For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities Exchange Commission or its staff.
7. NON-LIABILITY OF MANAGER.
In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.
8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.
A copy of the Agreement and Declaration of Trust of the Fund 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 the 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, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.
B-5
IN WITNESS WHEREOF, [NAME OF FUND] andPUTNAM INVESTMENT MANAGEMENT, LLC haveeach caused this instrument to be signed on its behalfby its President or a Vice President thereunto dulyauthorized, all as of the day and year first above written.[NAME OF FUND]By:___________________________PUTNAM INVESTMENTMANAGEMENT, LLCBy:___________________________
B-6
B-7
APPENDIX C
Comparison of Terms ofManagement Contracts
As noted above, the Trustees have taken the opportunity presented by the need to approve new management contracts to standardize, clarify and modernize various provisions of your fund’s management contract. ThisAppendix Cdescribes certain differences between the proposed new management contract and the current management contracts. Except as noted, the proposed new management contract for a fund does not differ in any substantive respects from a fund’s current management contract. Minor clarifications of language, corrections of obvious typographical errors and elimination of outdated provisions with no current or future application that do not change a reasonable substantive interpretation of a contract are not separately described. The complete text of the form of the proposed new management contract is included inAppendix Band you should refer to that Appendix for the complete terms of the contract. For each fund’s particular fee schedule, please refer toAppendix E. Note that defined terms reflected here are defined in the proposed management contract atAppendix B(i.e., Manager).
Names
The current management contracts for some funds have not been updated to reflect the current name and jurisdiction of organization of the funds’ investment adviser, Putnam Investment Management, LLC, a Delaware limited liability company. In addition, for a number of funds, the current management contracts have not been updated to reflect new fund names (as a result of the creation of a new fund) or the termination of a prior fund (e.g., in the case of a fund merger). The proposed management contracts reflect the current name and jurisdiction of organization of the funds’ investment adviser, Putnam Investment Management, LLC, as well as the current names of the funds.
Services
These funds are currently party to separate investment management and administrative services contracts with the Manager. Each fund’s current investment management contract, in comparison with its proposed new management contract, does not include provisions relating to administrative services. If the proposed new management contracts for these funds are approved, these funds’ administrative services contracts will be terminated and the funds will receive administrative (and investment management) services under the proposed new management contract.
Sub-Advisers and Sub-Administrators
None of the funds’ current management contracts specifically address the Manager’s ability to delegate responsibilities to sub-advisers or sub-administrators. A provision is included in the proposed new management contracts for all of the funds that explicitly recognizes the Manager’s ability to delegate responsibilities, in accordance with current interpretations and guidance of the SEC’s staff. In addition, the proposed new management contract provides that a delegation of the Manager’s responsibilities permitted under the contract is not deemed to constitute an “assignment” that would automatically cause the contract to terminate. The funds do not anticipate any change in the Manager’s delegation of responsibilities as a result of these changes.
C-1
Fees
The current management contracts and the proposed new management contracts for these funds provide that the fund will pay the Manager compensation for the Manager’s investment management services rendered, for the facilities furnished to the fund, and for the expenses borne by the Manager in connection with providing such services and facilities, including placing orders with brokers or dealers for the purchase and sale of portfolio investments for the fund. As mentioned above, the proposed new management contracts for these funds also address the provision of administrative services. Thus, the proposed new management contracts for these funds include the fees for both investment and administrative services. There is no change in the aggregate fees that each of these funds will pay to the Manager for investment management and administrative services. Please refer toAppendix Efor information about the applicable fee rates.
The current management contracts for these funds do not address a reduction of management fees through an expense limitation voluntarily agreed to in writing by the Manager in the event that the expenses of the fund exceed any expense limitation which the Manager may have declared to be effective. The proposed new management contracts include a provision addressing the possibility that management fees may be reduced where expenses of the fund exceed any voluntary expense limitations assumed by the Manager.
Term and Termination
The current management contracts provide that either party may terminate the contract as to a fund by not more than 60 days’ nor less than 30 days’ written notice. Each proposed new management contract provides that either party to it may terminate the contract as to a fund at any time by not less than 60 days’ written notice, which, from the funds’ perspective, provides a more reasonable period of time during which to seek a new investment adviser if the Manager terminates the contract.
Each proposed new management contract provides that it is effective upon execution and will remain in full force and effect as to a fund continuously thereafter, unless terminated automatically in the event of assignment or by either party to the contract by written notice (as described above), through June 30, 2008, and that after June 30, 2008 it will continue from year to year so long as its continuance is approved at least annually in a specified manner. The current management contracts’ provisions addressing effective period and termination do not contain any reference to June 30, 2008 but are otherwise substantively the same as the provisions in the proposed new management contract.
C-2
APPENDIX D
Management Contracts: Dates and Approvals
The following table contains information regarding the date of each fund’s current management contract, the date on which it was last approved by shareholders and the purpose for that submission. Except as noted, for each fund listed below, the date on which the continuance of its management contract was last approved by the Board of Trustees was June 9, 2006.
| Putnam Asset Allocation: Balanced Portfolio | ||||||
| Class A shares | 124,416,711.61 shares | |||||
| Class B shares | 22,701,840.24 shares | |||||
| Class C shares | 13,000,895.98 shares | |||||
| Class M shares | ||||||
| Class R shares | 427,898.12 shares | |||||
| Class Y shares | 21,532,343.70 shares | |||||
| Putnam Asset Allocation: Conservative Portfolio | ||||||
| Class A shares | 53,479,397.05 shares | |||||
| Class B shares | 7,176,057.16 shares | |||||
| Class C shares | 6,069,165.27 shares | |||||
| Class M shares | ||||||
| Class R shares | 136,295.94 shares | |||||
| Class Y shares | 50,537,695.68 shares | |||||
| Putnam Asset Allocation: Growth Portfolio | ||||||
| Class A shares | ||||||
Class B shares | 27,009,759.38 shares | |||||
| Class M shares | ||||||
Class R shares | 642,758.36 shares | |||||
D-1
| Putnam Income Strategies Fund | ||||||
| Class A shares | ||||||
Class B shares | 159,800.81 shares | |||||
| Class M shares | ||||||
Class R shares | 104.54 shares | |||||
D-2
D-3
D-4
| Putnam VT Global Asset Allocation Fund | ||||||
| Class IA shares | ||||||
D-5
* At a meeting held on January 13, 2006, the Board of Trustees formally approved revised management contracts for these funds reflecting management fee reductions.
** At a meeting held on October 13, 2006, the Board of Trustees formally approved a revised management contract for this fund, amending the management contract to remove the incentive fee component from the management fee.
*** At a meeting held on July 15, 2005, the Board of Trustees formally approved a revised management contract for this fund, reflecting a management fee reduction and changing the fee base under the contract to “average weekly assets,” which includes assets representing leverage for investment purposes.
^ At a meeting held on February 9, 2007, the Board of Trustees amended the management contract of Putnam Investment Funds, the Trust of which Putnam Capital Opportunities Fund, Putnam Growth Opportunities Fund, Putnam International Capital Opportunities Fund, Putnam International New Opportunities Fund, Putnam Mid Cap Value Fund, Putnam New Value Fund, Putnam Research Fund, and Putnam Small Cap Value Fund are series, to eliminate references to funds no longer in existence or which have separate management contracts with Putnam Management.
D-617
APPENDIX E5% beneficial ownership:
| Management Contracts: Fees | ||||
| The following table sets forth the management fee schedule, the amount of management fees paid in the most recent fiscal year for each fund, and the annual rate at which fees were paid. | ||||
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam American | First $500 million | 0.65% | 4,373,306 | 0.55% of average |
| Government Income Fund | Next $500 million | 0.55% | net assets | |
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam AMT-Free | The lesser of 0.50%, or | 1,790,563 | 0.50% of average | |
| Insured Municipal Fund | First $500 million | 0.60% | net assets | |
| Next $500 million | 0.50% | |||
| Next $500 million | 0.45% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.375% | |||
| Next $5 billion | 0.355% | |||
| Next $5 billion | 0.34% | |||
| Any excess thereafter | 0.33% | |||
| Putnam Arizona Tax | The lesser of 0.50%, or | 396,902 | 0.41% of average | |
| Exempt Income Fund | First $500 million | 0.60% | net assets | |
| Next $500 million | 0.50% | |||
| Next $500 million | 0.45% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.375% | |||
| Next $5 billion | 0.355% | |||
| Next $5 billion | 0.34% | |||
| Any excess over $21.5 billion | 0.33% | |||
| Putnam Asset Allocation: | First $500 million | 0.70% | 10,841,716 | 0.58% of average |
| Balanced Portfolio | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess over $21.5 billion | 0.43% | |||
| Putnam Asset Allocation: | First $500 million | 0.70% | 5,759,923 | 0.63% of average |
| Conservative Portfolio | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess over $21.5 billion | 0.43% | |||
| Putnam Asset Allocation: | First $500 million | 0.70% | 9,639,295 | 0.60% of average |
| Growth Portfolio | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess over $21.5 billion | 0.43% | |||
E-1
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam California Investment | The lesser of 0.55%, or | 531,472 | 0.77% of average | |
| Grade Municipal Trust | First $500 million | 0.65% | weekly net assets | |
| Next $500 million | 0.55% | attributable to | ||
| Next $500 million | 0.50% | common shares* | ||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam California Tax | The lesser of 0.50%, or | 10,368,635 | 0.48% of average | |
| Exempt Income Fund | First $500 million | 0.60% | net assets | |
| Next $500 million | 0.50% | |||
| Next $500 million | 0.45% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.375% | |||
| Next $5 billion | 0.355% | |||
| Next $5 billion | 0.34% | |||
| Any excess thereafter | 0.33% | |||
| Putnam Capital | First $500 million | 0.65% | 4,388,833 | 0.62% of average |
| Appreciation Fund | Next $500 million | 0.55% | net assets | |
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess over $21.5 billion | 0.38% | |||
| Putnam Capital | First $500 million | 0.65% | 6,363,713 | 0.59% of average |
| Opportunities Fund | Next $500 million | 0.55% | net assets | |
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam Classic Equity Fund | First $500 million | 0.65% | 4,836,159 | 0.61% of average |
| Next $500 million | 0.55% | net assets | ||
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam Convertible | First $500 million | 0.65% | 4,231,616 | 0.62% of average |
| Income-Growth Trust | Next $500 million | 0.55% | net assets | |
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam Discovery | First $500 million | 0.70% | 5,497,942 | 0.60% of average |
| Growth Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
E-2
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam Diversified | First $500 million | 0.70% | 17,403,729 | 0.55% of average |
| Income Trust | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam Equity Income Fund | First $500 million | 0.65% | 18,067,258 | 0.50% of average |
| Next $500 million | 0.55% | net assets | ||
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam Europe Equity Fund | First $500 million | 0.80% | 4,213,337 | 0.79% of average |
| Next $500 million | 0.70% | net assets | ||
| Next $500 million | 0.65% | |||
| Next $5 billion | 0.60% | |||
| Next $5 billion | 0.575% | |||
| Next $5 billion | 0.555% | |||
| Next $5 billion | 0.54% | |||
| Any excess thereafter | 0.53% | |||
| Putnam Floating Rate | First $500 million | 0.65% | 1,719,001** | 0.62% of average |
| Income Fund | Next $500 million | 0.55% | net assets | |
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Next $5 billion | 0.38% | |||
| Next $5 billion | 0.37% | |||
| Next $5 billion | 0.36% | |||
| Next $5 billion | 0.35% | |||
| Next $5 billion | 0.34% | |||
| Next $8.5 billion | 0.33% | |||
| Any excess thereafter | 0.32% | |||
| The Putnam Fund for | First $500 million | 0.65% | 67,376,969 | 0.44% of average |
| Growth and Income | Next $500 million | 0.55% | net assets | |
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Next $5 billion | 0.38% | |||
| Next $5 billion | 0.37% | |||
| Next $5 billion | 0.36% | |||
| Next $5 billion | 0.35% | |||
| Next $5 billion | 0.34% | |||
| Next $8.5 billion | 0.33% | |||
| Any excess over $55 billion | 0.32% | |||
| The George Putnam Fund | First $500 million | 0.65% | 23,520,227 | 0.48% of average |
| of Boston | Next $500 million | 0.55% | net assets | |
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
E-3
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam Global Equity Fund | First $500 million | 0.80% | 15,165,340 | 0.68% of average |
| Next $500 million | 0.70% | net assets | ||
| Next $500 million | 0.65% | |||
| Next $5 billion | 0.60% | |||
| Next $5 billion | 0.575% | |||
| Next $5 billion | 0.555% | |||
| Next $5 billion | 0.54% | |||
| Next $5 billion | 0.53% | |||
| Next $5 billion | 0.52% | |||
| Next $5 billion | 0.51% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.49% | |||
| Next $8.5 billion | 0.48% | |||
| Any excess over $55 billion | 0.47% | |||
| Putnam Global Income Trust | First $500 million | 0.70% | 528,321 | 0.39% of average |
| Next $500 million | 0.60% | net assets | ||
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam Global Natural | First $500 million | 0.70% | 4,126,921 | 0.68% of average |
| Resources Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam Growth | First $500 million | 0.70% | 2,913,736 | 0.36% of average |
| Opportunities Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam Health Sciences Trust | First $500 million | 0.70% | 14,802,805 | 0.57% of average |
| Next $500 million | 0.60% | net assets | ||
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess over $21.5 billion | 0.43% | |||
| Putnam High Income | First $500 million | 0.70% | 1,372,004 | 0.71% of average |
| Securities Fund | Next $500 million | 0.60% | weekly net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Next $5 billion | 0.43% | |||
| Next $5 billion | 0.42% | |||
| Next $5 billion | 0.41% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.39% | |||
| Next $8.5 billion | 0.38% | |||
| Any excess thereafter | 0.37% | |||
E-4
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam High Yield | First $500 million | 0.70% | 5,676,755 | 0.66% of average |
| Advantage Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam High Yield | The lesser of 0.55%, or | 1,448,462 | 0.83% of average | |
| Municipal Trust | First $500 million | 0.65% | weekly net assets | |
| Next $500 million | 0.55% | attributable to | ||
| Next $500 million | 0.50% | common shares* | ||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam High Yield Trust | First $500 million | 0.70% | 13,784,128 | 0.57% of average |
| Next $500 million | 0.60% | net assets | ||
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam Income Fund | First $500 million | 0.65% | 11,940,410 | 0.47% of average |
| Next $500 million | 0.55% | net assets | ||
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam Income | First $500 million | 0.65% | 0*** | 0.00%*** |
| Strategies Fund | Next $500 million | 0.55% | ||
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Next $5 billion | 0.38% | |||
| Next $5 billion | 0.37% | |||
| Next $5 billion | 0.36% | |||
| Next $5 billion | 0.35% | |||
| Next $5 billion | 0.34% | |||
| Next $8.5 billion | 0.33% | |||
| Any excess thereafter | 0.32% | |||
| Putnam International | First $500 million | 1.00% | 13,345,775 | 0.92% of average |
| Capital Opportunities Fund | Next $500 million | 0.90% | net assets | |
| Next $500 million | 0.85% | |||
| Next $5 billion | 0.80% | |||
| Next $5 billion | 0.775% | |||
| Next $5 billion | 0.755% | |||
| Next $5 billion | 0.74% | |||
| Any excess thereafter | 0.73% | |||
E-5
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam International | First $500 million | 0.80% | 39,425,440 | 0.63% of average |
| Equity Fund | Next $500 million | 0.70% | net assets | |
| Next $500 million | 0.65% | |||
| Next $5 billion | 0.60% | |||
| Next $5 billion | 0.575% | |||
| Next $5 billion | 0.555% | |||
| Next $5 billion | 0.54% | |||
| Any excess over $21.5 billion | 0.53% | |||
| Putnam International | First $500 million | 0.80% | 5,732,946 | 0.72% of average |
| Growth and Income Fund | Next $500 million | 0.70% | net assets | |
| Next $500 million | 0.65% | |||
| Next $5 billion | 0.60% | |||
| Next $5 billion | 0.575% | |||
| Next $5 billion | 0.555% | |||
| Next $5 billion | 0.54% | |||
| Any excess thereafter | 0.53% | |||
| Putnam International New | First $500 million | 1.00% | 6,580,631 | 0.87% of average |
| Opportunities Fund | Next $500 million | 0.90% | net assets | |
| Next $500 million | 0.85% | |||
| Next $5 billion | 0.80% | |||
| Next $5 billion | 0.775% | |||
| Next $5 billion | 0.755% | |||
| Next $5 billion | 0.74% | |||
| Any excess thereafter | 0.73% | |||
| Putnam Investment Grade | The lesser of 0.55%, or | 2,059,634 | 0.91% of average | |
| Municipal Trust | First $500 million | 0.65% | weekly net assets | |
| Next $500 million | 0.55% | attributable to | ||
| Next $500 million | 0.50% | common shares* | ||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam Investors Fund | First $500 million | 0.65% | 19,513,803 | 0.49% of average |
| Next $500 million | 0.55% | net assets | ||
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess over $21.5 billion | 0.38% | |||
| Putnam Limited Duration | The lesser of 0.50%, or | 2,392,584 | 0.48% of average | |
| Government Income Fund | First $500 million | 0.60% | net assets | |
| Next $500 million | 0.50% | |||
| Next $500 million | 0.45% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.375% | |||
| Next $5 billion | 0.355% | |||
| Next $5 billion | 0.34% | |||
| Any excess over $21.5 billion | 0.33% | |||
| Putnam Managed | The lesser of 0.55%, or | 3,167,820 | 0.84% of average | |
| Municipal Income Trust | First $500 million | 0.65% | weekly net assets | |
| Next $500 million | 0.55% | attributable to | ||
| Next $500 million | 0.50% | common shares* | ||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
E-6
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam Massachusetts | The lesser of 0.50%, or | 1,675,201 | 0.50% of average | |
| Tax Exempt Income Fund | First $500 million | 0.60% | net assets | |
| Next $500 million | 0.50% | |||
| Next $500 million | 0.45% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.375% | |||
| Next $5 billion | 0.355% | |||
| Next $5 billion | 0.34% | |||
| Any excess over $21.5 billion | 0.33% | |||
| Putnam Master | First $500 million | 0.75% | 4,797,486 | 0.70% of average |
| Intermediate Income Trust | Next $500 million | 0.65% | weekly net assets | |
| Next $500 million | 0.60% | |||
| Next $5 billion | 0.55% | |||
| Next $5 billion | 0.525% | |||
| Next $5 billion | 0.505% | |||
| Next $5 billion | 0.49% | |||
| Next $5 billion | 0.48% | |||
| Next $5 billion | 0.47% | |||
| Next $5 billion | 0.46% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.44% | |||
| Next $8.5 billion | 0.43% | |||
| Any excess thereafter | 0.42% | |||
| Putnam Michigan Tax | The lesser of 0.50%, or | 648,238 | 0.50% of average | |
| Exempt Income Fund | First $500 million | 0.60% | net assets | |
| Next $500 million | 0.50% | |||
| Next $500 million | 0.45% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.375% | |||
| Next $5 billion | 0.355% | |||
| Next $5 billion | 0.34% | |||
| Any excess over $21.5 billion | 0.33% | |||
| Putnam Mid Cap Value Fund | First $500 million | 0.70% | 5,871,795 | 0.66% of average |
| Next $500 million | 0.60% | net assets | ||
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam Minnesota Tax | The lesser of 0.50%, or | 538,350 | 0.45% of average | |
| Exempt Income Fund | First $500 million | 0.60% | net assets | |
| Next $500 million | 0.50% | |||
| Next $500 million | 0.45% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.375% | |||
| Next $5 billion | 0.355% | |||
| Next $5 billion | 0.34% | |||
| Any excess over $21.5 billion | 0.33% | |||
| Putnam Money Market Fund | First $100 million | 0.50% | 10,390,443 | 0.30% of average |
| Next $100 million | 0.40% | net assets | ||
| Next $300 million | 0.35% | |||
| Next $500 million | 0.325% | |||
| Next $500 million | 0.30% | |||
| Next $2.5 billion | 0.275% | |||
| Next $2.5 billion | 0.25% | |||
| Next $5 billion | 0.225% | |||
| Next $5 billion | 0.205% | |||
| Next $5 billion | 0.19% | |||
| Any excess thereafter | 0.18% | |||
E-7
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam Municipal Bond Fund | The lesser of 0.55%, or | 2,290,901 | 0.97% of average | |
| First $500 million | 0.65% | weekly net assets | ||
| Next $500 million | 0.55% | attributable to | ||
| Next $500 million | 0.50% | common shares* | ||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam Municipal | The lesser of 0.35%, or | 1,394,604 | 0.66% of average | |
| Opportunities Trust^ | First $500 million | 0.45% | weekly net assets | |
| Next $500 million | 0.35% | attributable to | ||
| Next $500 million | 0.30% | common shares* | ||
| Next $5 billion | 0.25% | |||
| Next $5 billion | 0.225% | |||
| Next $5 billion | 0.205% | |||
| Next $5 billion | 0.19% | |||
| Any excess thereafter | 0.18% | |||
| Putnam New Jersey | The lesser of 0.50%, or | 1,101,027 | 0.50% of average | |
| Tax Exempt Income Fund | First $500 million | 0.60% | net assets | |
| Next $500 million | 0.50% | |||
| Next $500 million | 0.45% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.375% | |||
| Next $5 billion | 0.355% | |||
| Next $5 billion | 0.34% | |||
| Any excess over $21.5 billion | 0.33% | |||
| Putnam New | First $500 million | 0.70% | 30,814,799 | 0.53% of average |
| Opportunities Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Next $5 billion | 0.43% | |||
| Next $5 billion | 0.42% | |||
| Next $5 billion | 0.41% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.39% | |||
| Next $8.5 billion | 0.38% | |||
| Any excess above $55 billion | 0.37% | |||
| Putnam New Value Fund | First $500 million | 0.70% | 11,478,217 | 0.59% of average |
| Next $500 million | 0.60% | net assets | ||
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam New York | The lesser of 0.55%, or | 302,665 | 0.78% of average | |
| Investment Grade | First $500 million | 0.65% | weekly net assets | |
| Municipal Trust | Next $500 million | 0.55% | attributable to | |
| Next $500 million | 0.50% | common shares* | ||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
E-8
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam New York | The lesser of 0.50%, or | 5,972,705 | 0.50% of average | |
| Tax Exempt Income Fund | First $500 million | 0.60% | net assets | |
| Next $500 million | 0.50% | |||
| Next $500 million | 0.45% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.375% | |||
| Next $5 billion | 0.355% | |||
| Next $5 billion | 0.34% | |||
| Any excess over $21.5 billion | 0.33% | |||
| Putnam Ohio Tax Exempt | The lesser of 0.50%, or | 849,434 | 0.49% of average | |
| Income Fund | First $500 million | 0.60% | ||
| Next $500 million | 0.50% | |||
| Next $500 million | 0.45% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.375% | |||
| Next $5 billion | 0.355% | |||
| Next $5 billion | 0.34% | |||
| Any excess over $21.5 billion | 0.33% | |||
| Putnam OTC & Emerging | First $500 million | 0.70% | 6,255,747 | 0.60% of average |
| Growth Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam Pennsylvania Tax | The lesser of 0.50%, or | 926,507 | 0.50% of average | |
| Exempt Income Fund | First $500 million | 0.60% | net assets | |
| Next $500 million | 0.50% | |||
| Next $500 million | 0.45% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.375% | |||
| Next $5 billion | 0.355% | |||
| Next $5 billion | 0.34% | |||
| Any excess over $21.5 billion | 0.33% | |||
| Putnam Premier | First $500 million | 0.75% | 8,927,294 | 0.66% of average |
| Income Trust | Next $500 million | 0.65% | weekly net assets | |
| Next $500 million | 0.60% | |||
| Next $5 billion | 0.55% | |||
| Next $5 billion | 0.525% | |||
| Next $5 billion | 0.505% | |||
| Next $5 billion | 0.49% | |||
| Next $5 billion | 0.48% | |||
| Next $5 billion | 0.47% | |||
| Next $5 billion | 0.46% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.44% | |||
| Next $8.5 billion | 0.43% | |||
| Any excess thereafter | 0.42% | |||
| Putnam Prime Money | 0.20% | 2,183,172 | 0.07% of average | |
| Market Fund√ | net assets | |||
| Putnam Research Fund† | First $500 million | 0.65% | 5,269,897 | 0.53% of average |
| Next $500 million | 0.55% | net assets | ||
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
E-9
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam RetirementReady | 0.05% | 29,736 | 0.05% of average | |
| 2010 Fund | net assets | |||
| Putnam RetirementReady | 0.05% | 58,932 | 0.05% of average | |
| 2015 Fund | net assets | |||
| Putnam RetirementReady | 0.05% | 64,225 | 0.05% of average | |
| 2020 Fund | net assets | |||
| Putnam RetirementReady | 0.05% | 49,571 | 0.05% of average | |
| 2025 Fund | net assets | |||
| Putnam RetirementReady | 0.05% | 25,310 | 0.05% of average | |
| 2030 Fund | net assets | |||
| Putnam RetirementReady | 0.05% | 6,096 | 0.05% of average | |
| 2035 Fund | net assets | |||
| Putnam RetirementReady | 0.05% | 0†† | 0.00% of average | |
| 2040 Fund | net assets†† | |||
| Putnam RetirementReady | 0.05% | 0†† | 0.00% of average | |
| 2045 Fund | net assets†† | |||
| Putnam RetirementReady | 0.05% | 0†† | 0.00% of average | |
| 2050 Fund | net assets†† | |||
| Putnam RetirementReady | 0.05% | 0†† | 0.00% of average | |
| Maturity Fund | net assets†† | |||
| Putnam Small Cap | First $500 million | 1.00% | 3,840,676 | 0.88% of average |
| Growth Fund | Next $500 million | 0.90% | net assets | |
| Next $500 million | 0.85% | |||
| Next $5 billion | 0.80% | |||
| Next $5 billion | 0.775% | |||
| Next $5 billion | 0.755% | |||
| Next $5 billion | 0.74% | |||
| Any excess thereafter | 0.73% | |||
| Putnam Small Cap | First $500 million | 0.80% | 6,409,797** | 0.76% of average |
| Value Fund | Next $500 million | 0.70% | net assets | |
| Next $500 million | 0.65% | |||
| Next $5 billion | 0.60% | |||
| Next $5 billion | 0.575% | |||
| Next $5 billion | 0.555% | |||
| Next $5 billion | 0.54% | |||
| Any excess thereafter | 0.53% | |||
| Putnam Tax Exempt | The lesser of 0.50%, or | 6,301,826 | 0.50% of average | |
| Income Fund | First $500 million | 0.60% | net assets | |
| Next $500 million | 0.50% | |||
| Next $500 million | 0.45% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.375% | |||
| Next $5 billion | 0.355% | |||
| Next $5 billion | 0.34% | |||
| Any excess thereafter | 0.33% | |||
| Putnam Tax Exempt | First $500 million | 0.45% | 390,524 | 0.33% of average |
| Money Market Fund | Next $500 million | 0.35% | net assets | |
| Next $500 million | 0.30% | |||
| Next $5 billion | 0.25% | |||
| Next $5 billion | 0.225% | |||
| Next $5 billion | 0.205% | |||
| Next $5 billion | 0.19% | |||
| Any excess thereafter | 0.18% | |||
E-10
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam Tax-Free | The lesser of 0.55%, or | 1,177,515 | 0.61% of average | |
| Health Care Fund | First $500 million | 0.65% | weekly net assets | |
| Next $500 million | 0.55% | |||
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess over $21.5 billion | 0.38% | |||
| Putnam Tax-Free | The lesser of 0.50%, or | 7,815,394 | 0.50% of average | |
| High Yield Fund | First $500 million | 0.60% | net assets | |
| Next $500 million | 0.50% | |||
| Next $500 million | 0.45% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.375% | |||
| Next $5 billion | 0.355% | |||
| Next $5 billion | 0.34% | |||
| Any excess thereafter | 0.33% | |||
| Putnam Tax Smart | First $500 million | 0.70% | 1,914,939 | 0.70% of average |
| Equity Fund® | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam U.S. Government | First $500 million | 0.57% | 6,820,873 | 0.50% of average |
| Income Trust | Next $500 million | 0.475% | net assets | |
| Next $500 million | 0.4275% | |||
| Any excess over $1.5 billion | 0.38% | |||
| Putnam Utilities Growth | First $500 million | 0.70% | 3,727,421 | 0.68% of average |
| and Income Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam Vista Fund | First $500 million | 0.65% | 14,101,874 | 0.51% of average |
| Next $500 million | 0.55% | net assets | ||
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess over $21.5 billion | 0.38% | |||
| Putnam Voyager Fund | First $500 million | 0.70% | 51,035,233 | 0.51% of average |
| Next $500 million | 0.60% | net assets | ||
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Next $5 billion | 0.43% | |||
| Next $5 billion | 0.42% | |||
| Next $5 billion | 0.41% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.39% | |||
| Next $8.5 billion | 0.38% | |||
| Above $55 billion | 0.37% | |||
E-11
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam VT American | First $500 million | 0.65% | 693,021 | 0.43% of average |
| Government Income Fund | Next $500 million | 0.55% | net assets | |
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Next $5 billion | 0.38% | |||
| Next $5 billion | 0.37% | |||
| Next $5 billion | 0.36% | |||
| Next $5 billion | 0.35% | |||
| Any excess thereafter | 0.34% | |||
| Putnam VT Capital | First $500 million | 0.65% | 225,344 | 0.44% of average |
| Appreciation Fund | Next $500 million | 0.55% | net assets | |
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Next $5 billion | 0.38% | |||
| Next $5 billion | 0.37% | |||
| Next $5 billion | 0.36% | |||
| Next $5 billion | 0.35% | |||
| Next $5 billion | 0.34% | |||
| Next $8.5 billion | 0.33% | |||
| Any excess thereafter | 0.32% | |||
| Putnam VT Capital | First $500 million | 0.65% | 222,790 | 0.54% of average |
| Opportunities Fund | Next $500 million | 0.55% | net assets | |
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam VT Discovery | First $500 million | 0.70% | 105,127 | 0.27% of average |
| Growth Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Next $5 billion | 0.43% | |||
| Next $5 billion | 0.42% | |||
| Next $5 billion | 0.41% | |||
| Next $5 billion | 0.40% | |||
| Next $5 billion | 0.39% | |||
| Next $8.5 billion | 0.38% | |||
| Any excess thereafter | 0.37% | |||
| Putnam VT Diversified | First $500 million | 0.70% | 2,933,530 | 0.61% of average |
| Income Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
E-12
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam VT Equity | First $500 million | 0.65% | 1,326,897 | 0.64% of average |
| Income Fund | Next $500 million | 0.55% | net assets | |
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam VT The George | First $500 million | 0.65% | 3,969,447 | 0.62% of average |
| Putnam Fund of Boston | Next $500 million | 0.55% | net assets | |
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam VT Global Asset | First $500 million | 0.70% | 2,392,952 | 0.60% of average |
| Allocation Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam VT Global | First $500 million | 0.80% | 4,692,325 | 0.78% of average |
| Equity Fund | Next $500 million | 0.70% | net assets | |
| Next $500 million | 0.65% | |||
| Next $5 billion | 0.60% | |||
| Next $5 billion | 0.575% | |||
| Next $5 billion | 0.555% | |||
| Next $5 billion | 0.54% | |||
| Any excess thereafter | 0.53% | |||
| Putnam VT Growth | First $500 million | 0.65% | 20,729,712 | 0.49% of average |
| and Income Fund | Next $500 million | 0.55% | net assets | |
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam VT Growth | First $500 million | 0.70% | 243,122 | 0.46% of average |
| Opportunities Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Next $5 billion | 0.43% | |||
| Any excess thereafter | 0.42% | |||
| Putnam VT Health | First $500 million | 0.70% | 2,204,609 | 0.70% of average |
| Sciences Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
E-13
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam VT High Yield Fund | First $500 million | 0.70% | 3,720,493 | 0.62% of average |
| Next $500 million | 0.60% | net assets | ||
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam VT Income Fund | First $500 million | 0.65% | 3,498,163 | 0.45% of average |
| Next $500 million | 0.55% | net assets | ||
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam VT International | First $500 million | 0.80% | 8,271,996 | 0.74% of average |
| Equity Fund | Next $500 million | 0.70% | net assets | |
| Next $500 million | 0.65% | |||
| Next $5 billion | 0.60% | |||
| Next $5 billion | 0.575% | |||
| Next $5 billion | 0.555% | |||
| Next $5 billion | 0.54% | |||
| Any excess thereafter | 0.53% | |||
| Putnam VT International | First $500 million | 0.80% | 2,838,706 | 0.70% of average |
| Growth and Income Fund | Next $500 million | 0.70% | net assets | |
| Next $500 million | 0.65% | |||
| Next $5 billion | 0.60% | |||
| Next $5 billion | 0.575% | |||
| Next $5 billion | 0.555% | |||
| Next $5 billion | 0.54% | |||
| Any excess thereafter | 0.53% | |||
| Putnam VT International | First $500 million | 1.00% | 2,485,049 | 0.91% of average |
| New Opportunities Fund | Next $500 million | 0.90% | net assets | |
| Next $500 million | 0.85% | |||
| Next $5 billion | 0.80% | |||
| Next $5 billion | 0.775% | |||
| Next $5 billion | 0.755% | |||
| Next $5 billion | 0.74% | |||
| Any excess thereafter | 0.73% | |||
| Putnam VT Investors Fund | First $500 million | 0.65% | 3,216,355 | 0.65% of average |
| Next $500 million | 0.55% | net assets | ||
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam VT Mid Cap | First $500 million | 0.70% | 634,565 | 0.69% of average |
| Value Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
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| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam VT Money | First $500 million | 0.45% | 1,529,264 | 0.40% of average |
| Market Fund | Next $500 million | 0.35% | net assets | |
| Next $500 million | 0.30% | |||
| Next $5 billion | 0.25% | |||
| Next $5 billion | 0.225% | |||
| Next $5 billion | 0.205% | |||
| Next $5 billion | 0.19% | |||
| Any excess thereafter | 0.18% | |||
| Putnam VT New | First $500 million | 0.70% | 8,663,759 | 0.62% of average |
| Opportunities Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam VT New Value Fund | First $500 million | 0.70% | 4,475,605 | 0.67% of average |
| Next $500 million | 0.60% | net assets | ||
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam VT OTC & | First $500 million | 0.70% | 575,537 | 0.67% of average |
| Emerging Growth Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
| Putnam VT Research Fund | First $500 million | 0.65% | 1,213,099 | 0.65% of average |
| Next $500 million | 0.55% | net assets | ||
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam VT Small Cap | First $500 million | 0.80% | 6,827,461 | 0.75% of average |
| Value Fund | Next $500 million | 0.70% | net assets | |
| Next $500 million | 0.65% | |||
| Next $5 billion | 0.60% | |||
| Next $5 billion | 0.575% | |||
| Next $5 billion | 0.555% | |||
| Next $5 billion | 0.54% | |||
| Any excess thereafter | 0.53% | |||
| Putnam VT Utilities | First $500 million | 0.70% | 2,437,187 | 0.67% of average |
| Growth and Income Fund | Next $500 million | 0.60% | net assets | |
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
E-15
| Amount of Management Fee | ||||
| Paid in the Most Recent | ||||
| Fiscal Year | Annual Rate at | |||
| (after applicable waivers and | which Fees | |||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | were Paid | |
| Putnam VT Vista Fund | First $500 million | 0.65% | 3,006,605 | 0.65% of average |
| Next $500 million | 0.55% | net assets | ||
| Next $500 million | 0.50% | |||
| Next $5 billion | 0.45% | |||
| Next $5 billion | 0.425% | |||
| Next $5 billion | 0.405% | |||
| Next $5 billion | 0.39% | |||
| Any excess thereafter | 0.38% | |||
| Putnam VT Voyager Fund | First $500 million | 0.70% | 11,832,070 | 0.59% of average |
| Next $500 million | 0.60% | net assets | ||
| Next $500 million | 0.55% | |||
| Next $5 billion | 0.50% | |||
| Next $5 billion | 0.475% | |||
| Next $5 billion | 0.455% | |||
| Next $5 billion | 0.44% | |||
| Any excess thereafter | 0.43% | |||
* Putnam California Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities Trust, and Putnam New York Investment Grade Municipal Trust are closed-end funds that have issued preferred shares. Management fees for these funds are calculated based on the average net assets of the fund, which includes assets attributable to both common and preferred shares. However, the annual rate stated in this column is determined by attributing the entire amount of the management fee to the common shares, which may cause the stated annual rate in this column to exceed the management fee schedule.
** Amounts for fiscal year ended 02/28/06. Figures for the fund’s most recent fiscal year are not yet available.
*** Due to expense limitations in effect during the fund’s fiscal year ended 02/28/06, Putnam Income Strategies Fund did not pay a management fee to Putnam Management. Figures for the fund’s most recent fiscal year are not yet available.
^ The management fee rate for Putnam Municipal Opportunities Trust represents fees paid only for investment advisory services. As described in this proxy statement, the fund paid Putnam Management separately for administrative services. For the most recent fiscal year, the fund paid an administrative services fee of $662,851 to Putnam Management, totaling 0.32% of the average weekly net assets attributable to common shares. Under the proposed new management contract, the fund will pay a single fee of the lesser of 0.55% of average net assets or, for the first $500 million, 0.65%; next $500 million, 0.55%; next $500 million, 0.50%; next $5 billion, 0.45%; next $5 billion, 0.425%; next $5 billion, 0.405%; next $5 billion, 0.39%; and 0.38% for any excess thereafter.
√ The management fee rate for Putnam Prime Money Market Fund represents fees paid only for investment advisory services. As described in this proxy statement, the fund paid Putnam Management separately for administrative services. For the most recent fiscal year, the fund paid $1,549,992 in administrative services fees to Putnam Management, based on an annual rate of 0.05% of the average net assets of the fund. Under the proposed new management contract, the fund will pay a single fee of 0.25% of average net assets.
† A revised management contract for Putnam Research Fund was approved by shareholders on December 14, 2006 to remove the incentive fee component from the management fee. Under the fund’s previous management contract, the fund paid Putnam Management a quarterly fee consisting of an asset-based component and an incentive component. The asset-based fee was subject to a performance adjustment based on the investment performance of the fund compared to the Standard & Poor’s 500 (S&P 500) composite Stock Price Index. Performance was calculated for these purposes at the beginning of each calendar quarter, for the thirty-six month period immediately preceding such quarter or the life of the fund, if shorter. The applicable asset-based fee was increased or decreased for each calendar quarter by an incentive payment or penalty at the annual rate of 0.01% of the fund’s average net assets for each 1.00% increment by which the fund outperformed or und erper-formed the S&P 500 in excess of 3.00%, subject to a maximum increase or decrease of 0.07% of average net assets. The revised management contract provides for an eighteen-month transition period during which the fund’s fee will be the lesser of (i) the asset-based fee and (ii) the performance-adjusted fee that would have been calculated under the previous contract. The fund is currently in this transition period, which will end on June 30, 2008, after which the asset-based management fee will apply without performance-based adjustments.
†† Due to expense limitations in effect during the most recent fiscal year, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2050 Fund and Putnam RetirementReady Maturity Fund did not pay management fees to Putnam Management.
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APPENDIX F
Current Sub-Management Contractand Sub-Advisory Contract
PUTNAM FUNDSAMENDED AND RESTATED SUB-MANAGEMENT CONTRACT
Amended and Restated Sub-Management Contract dated as of December 30, 2006 between PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”) and PUTNAM INVESTMENTS LIMITED, a company organized under the laws of England and Wales (the “Sub-Manager”), amending and restating in its entirety that certain Sub-Management Contract dated as of January 1, 2006, as amended (the “Prior Agreement”), between the Manager and the Sub-Manager.
WHEREAS, the Manager is the investment manager of each of the investment companies registered under the United States Investment Company Act of 1940, as amended, that are identified on Schedule A hereto, as it may from time to time be amended by the Manager (the “Funds”), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended;WHEREAS, the Sub-Manager is licensed as an investment manager by the Financial Services Authority of the United Kingdom (the “FSA”);WHEREAS, the Manager and the Sub-Manager previously entered into, and now wish to amend and restate, the Prior Agreement; andWHEREAS, the Manager continues to desire to engage the Sub-Manager from time to time to manage a portion of certain of the Funds:NOW THEREFORE, in consideration of the mutual covenants herein contained, it is agreed as follows:
1. SERVICES TO BE RENDERED BY SUB-MANAGER(a) The Sub-Manager, at its expense, will furnish continuously an investment program for that portion of any Fund the management of which is allocated from time to time by the Manager to the Sub-Manager (an “Allocated Sleeve”). The Manager shall, in its sole discretion, determine which Funds will have an Allocated Sleeve and the amount of assets allocated from time to time to each suchAllocated Sleeve; provided that, with respect to any Fund, the Trustees of such Fund must have approved the use of the Sub-Manager prior to the creation of an Allocated Sleeve for such Fund. The Sub-Manager will determine what investments shall be purchased, held, sold or exchanged by any Allocated Sleeve and what portion, if any, of the assets of the Allocated Sleeve shall be held uninvested and shall, on behalf of the Fund, make changes in the Fund’s investments held in such Allocated Sleeve.
(b) The Manager may also, at its discretion, request the Sub-Manager to provide assistance with purchasing and selling securities for any Fund, including the placement of orders with broker-dealers selected in accordance with Section 1(d), even if the Manager has not established an Allocated Sleeve for such Fund.
(c) The Sub-Manager at its expense will furnish all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.
(d) The Sub-Manager shall place all orders for the purchase and sale of portfolio investments for any Allocated Sleeve with brokers or dealers selected by the Sub-Manager. In the selection of such brokers or dealers and the placing of such orders, the Sub-Manager shall use its best efforts to obtain for the related Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Sub-Manager, bearing in mind the Fund’s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financi al stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Funds may determine, the Sub-Manager shall not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused a Fund to pay a broker or dealer that provides brokerage and research services to the Manager or the Sub-Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that
F-1
transaction, if the Sub-Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Fund and to other clients of the Manager or the Sub-Manager as to which the Manager or the Sub-Manager exercises investment discretion. The Sub-Manager agrees that in connection with purchases or sales of portfolio investments for any Fund, neither the Sub-Manager nor any officer, director, employee or agent of the Sub-Manager shall act as a principal or receive any commission other than as provided in Section 3.
(e) The Sub-Manager shall not be obligated to pay any expenses of or for the Manager or any Fund not expressly assumed by the Sub-Manager pursuant to this Section 1.
(f) In the performance of its duties, the Sub-Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of each applicable Fund and such Fund’s stated investment objectives, policies and restrictions, and will use its best efforts to safeguard and promote the welfare of such Fund and to comply with other policies which the Manager or the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Manager.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and employees of a Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Sub-Manager, and in any person controlled by or under common control with the Sub-Manager, and that the Sub-Manager and any person controlled by or under common control with the Sub-Manager may have an interest in such Fund. It is also understood that the Sub-Manager and any person controlled by or under common control with the Sub-Manager have and may have advisory, management, service or other contracts with other organizations and persons, and may have other interests and business.
3. COMPENSATION.
Except as provided below, the Manager will pay to the Sub-Manager as compensation for the Sub-Manager’s services rendered, a fee, computed and paid quarterly at the annual rate of 0.35% per annum of average aggregate net asset value of the assets in equity Allocated Sleeves and 0.40% per annum of average aggregate net asset value of the assets in fixed-income Allocated Sleeves. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during a quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each quarter within 30 days after the close of such quarter. The Sub-Manager shall look only to the Manager for payment of its fees. No Fund shall have any responsibility for paying any fees due the Sub-Manager.
With respect to each of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, the Manager will pay to the Sub-Manager as compensation for the Sub-Manager’s services rendered, a fee, computed and paid quarterly at the annual rate of 0.40% of Average Weekly Assets in Allocated Sleeves. “Average Weekly Assets” means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) attributable to an Allocated Sleeve and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes) attributable to such Allocated Sleeve, determined at the close of the last business day of each week, for each week which ends during the quarter. Such fee shall be payable for each quarter within 30 days after the close of such quarter. As used in this Section 3, “le verage for investment purposes” means any incurrence of indebtedness the proceeds of which are to be invested in accordance with the Fund’s investment objective. For purposes of calculating Average Weekly Assets, liabilities associated with any instruments or transactions used to leverage the Fund’s portfolio for investment purposes (whether or not such instruments or transactions are “covered” within the meaning of the Investment Company Act of 1940 and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff) are not considered liabilities. For purposes of calculating Average Weekly Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the “Underlying Asset”) of the Fund to a counterparty in a reverse repurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.
In the event that the Manager’s management fee from any of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust or Putnam Premier Income Trust is reduced pursuant to the Amended and Restated Management Contract between such Fund and the Manager because during any Measurement Period (as defined below) the amount of interest payments and fees with respect to indebtedness or other obligation of the Fund incurred for investment leverage purposes, plus
F-2
additional expenses attributable to any such leverage for investment purposes, exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such indebtedness or other obligation was outstanding during the Measurement Period, the fee payable to the Sub-Manager with respect to such Fund shall be reduced in the same proportion as the fee paid to the Manager with respect to such Fund is so reduced. “Measurement Period” shall be any period for which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes.
If the Sub-Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.
This Contract shall automatically terminate without the payment of any penalty, in the event of its assignment; and this Contract shall not be amended with respect to any Allocated Sleeve unless such amendment be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Trustees of the related Fund who are not interested persons of such Fund or of the Manager.5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.
This Contract shall become effective upon its execution, and shall remain in full force and effect continuously thereafter (unless terminated automatically as set forth in Section 4) until terminated as follows:(a) Either party hereto or, with respect to any Allocated Sleeve, the related Fund may at any time terminate this Contract by not more than sixty days’ nor less than thirty days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party, or(b) With respect to any Allocated Sleeve, if (i) the Trustees of the related Fund or the shareholders by the affirmative vote of a majority of the outstanding shares of such Fund, and (ii) a majority of the Trustees of such Fund who are not interested persons of such Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval, do not specifically approve at least annually the continuance of this Contract, then this Contract shall automatically terminate at the close of business on the anniversary of its execution, or upon the expiration of one year from the effective date of the last such continuance, whichever is later, or
(c) With respect to any Allocated Sleeve, automatically upon termination of the Manager’s investment management contract with the related Fund.
Action by a Fund under (a) above may be taken either (i) by vote of a majority of its Trustees, or (ii) by the affirmative vote of a majority of the outstanding shares of such Fund.
Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares of a Fund” means the affirmative vote, at a duly called and held meeting of shareholders of such Fund, (a) of the holders of 67% or more of the shares of such Fund present (in person or by proxy) and entitled to vote at such meeting, if the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting are present in person or by proxy, or (b) of the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting, whichever is less.
For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” shall have their respective meanings defined in the United States Investment Company Act of 1940 and the Rules and Regulations thereunder (the “1940 Act”), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under said Act; the term “specifically approve at least annually” shall be construed in a manner consistent with the 1940 Act, and the Rules and Regulations thereunder; and the term “brokerage and research services” shall have the meaning given in the United States Securities Exchange Act of 1934 and the Rules and Regulations thereunder.
7. NON-LIABILITY OF SUB-MANAGER.
In the absence of willful misfeasance, bad faith or gross negligence on the part of the Sub-Manager, or reckless disregard of its obligations and duties hereunder, the Sub-Manager shall not be subject to any liability to the Manager, any Fund or to any shareholder of any Fund, for any act or omission in the course of, or connected with, rendering services hereunder.
8. ADDITIONAL PROVISIONS
(a) The Sub-Manager represents that it is regulated by the FSA in the conduct of its investment business. The Sub-Manager has in operation a written procedure in accordance with FSA rules for the effective consideration and proper handling of complaints from customers. Any
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complaint by the Manager or any Fund should be sent to the Compliance Officer of the Sub-Manager. The Manager and any Fund is also entitled to make any complaints about the Sub-Manager to the Financial Ombudsman Service established by the FSA. The Manager and any Fund may also request a statement describing its rights to compensation in the event of the Sub-Manager’s inability to meet its liabilities.
(b) The Manager represents that it and each Fund are “Intermediate Customers” in the meaning of FSA rules. (c) Although each Fund is not a party hereto and shall have no responsibility for the Manager’s or the Sub-Manager’s obligations hereunder, each Fund is named as explicit third party beneficiary of the parties’ agreements hereunder.
IN WITNESS WHEREOF, PUTNAM INVESTMENTS LIMITED and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed in duplicate on its behalf by an officer duly authorized, all as of the day and year first above written.
PUTNAM INVESTMENTS LIMITEDBy: /s/ Jeffrey F. PetersName: Jeffrey F. PetersPUTNAM INVESTMENTMANAGEMENT, LLCBy: /s/ James P. PappasName: James P. Pappas
Schedule A(Updated through December 30, 2006)Putnam Diversified Income TrustPutnam VT Diversified Income FundPutnam Europe Equity FundPutnam Global Equity FundPutnam VT Global Equity FundPutnam Global Income TrustPutnam Global Natural Resources FundPutnam High Yield Advantage FundPutnam High Yield TrustPutnam VT High Yield FundPutnam International Capital Opportunities FundPutnam International Equity FundPutnam VT International Equity FundPutnam International New Opportunities FundPutnam VT International New Opportunities FundPutnam International Growth and Income FundPutnam VT International Growth and Income FundPutnam Research FundPutnam VT Research FundPutnam Utilities Growth and Income FundPutnam VT Utilities Growth and Income FundPutnam High Income Securities FundPutnam Master Intermediate Income TrustPutnam Premier Income Trust
F-4
PUTNAM FUNDSSUB-ADVISORY CONTRACT
Sub-Advisory Contract dated as of July 14, 2006 between and among PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”), PUTNAM INVESTMENTS LIMITED, a company organized under the laws of England and Wales (“PIL”), and THE PUTNAM ADVISORY COMPANY, LLC, a Delaware limited liability company (the “Sub-Advisor”).
WHEREAS, the Manager is the investment manager of each of the investment companies registered under the United States Investment Company Act of 1940, as amended, that are identified on Schedule A hereto, as it may from time to time be amended by the Manager (the “Funds”), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended;WHEREAS, PIL is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended, is licensed as an investment manager by the Financial Services Authority of the United Kingdom (the “FSA”) and is a sub-manager of each of the Funds pursuant to that certain Amended and Restated Sub-Management Contract dated as of January 1, 2006 (the “PIL Sub-Management Contract”), between the Manager and PIL;WHEREAS, the Manager has contracted with PIL for the management of certain portions of each of the Funds (each, a “PIL-Advised Sleeve”);WHEREAS, the Sub-Advisor is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended, and is an investment adviser registered with the Kanto Local Finance Bureau to provide non-discretionary investment advice in Japan;WHEREAS, the Manager and PIL desire to engage the Sub-Advisor from time to time to provide non-discretionary investment advice with respect to a portion of certain of the Funds:NOW THEREFORE, in consideration of the mutual covenants herein contained, it is agreed as follows:
1. SERVICES TO BE RENDERED BY SUB-ADVISOR (a) The Sub-Advisor, at its expense, will from time to time furnish to either PIL or the Manager recommendations to purchase, hold, sell or exchange investments, securities and assets (the “Assets”) in that portion of any Fund for which the Manager or PIL contracts for such services to be provided by the Sub-Advisor (an “Allocated Sleeve”). The Manager or PIL, as the case may be, shalldetermine whether to execute each recommendation of the Sub-Advisor provided hereunder. The Manager shall determine which Funds will have an Allocated Sleeve; provided that, with respect to any Fund, the Trustees of such Fund must have approved the use of the Sub-Advisor prior to the creation of an Allocated Sleeve for such Fund. The Manager, and in the case of a PIL-Advised Sleeve, PIL shall (at all times in the case of PIL subject to the oversight and supervision of the Manager), determine the am ount of assets allocated from time to time to each such Allocated Sleeve.
(b) The Sub-Advisor at its expense will furnish all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.
(c) The Sub-Advisor shall not be obligated to pay any expenses of or for the Manager, PIL or any Fund not expressly assumed by the Sub-Advisor pursuant to this Section 1.
(d) The Manager may, and in the case of a PIL-Advised Sleeve, PIL may, each at its discretion, also request the Sub-Advisor to perform certain services set forth in Section 1(a) with respect to any portion of a Fund, even if the Manager or PIL, as the case may be, has not established an Allocated Sleeve with respect to that portion of the Fund.
(e) In the performance of its duties, the Sub-Advisor will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of each applicable Fund and such Fund’s stated investment objectives, policies and restrictions, and will use its best efforts to safeguard and promote the welfare of such Fund and to comply with other policies which the Manager, PIL or the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Manager and PIL.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and employees of a Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Sub-Advisor, and in any person controlled by or under common control with the Sub-Advisor, and that the Sub-Advisor and any person controlled by or under common control with the Sub-Advisor may have an interest in such Fund. It is also understood that the Sub-Advisor and any person controlled by or under common control with the Sub-Advisor have and may have advisory, management, service or other contracts with other organizations and persons, and may have other interests and business.
F-5
3. COMPENSATION.
Except as provided below, the Manager or PIL, as the case may be, will pay to the Sub-Advisor as compensation for the Sub-Advisor’s services rendered a fee, computed and paid quarterly at the annual rate of 0.10% per annum of average net asset value of the assets in each Allocated Sleeve. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during a quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each quarter within 30 days after the close of such quarter. The Sub-Advisor shall look only to the Manager or PIL, as the case may be, for payment of its fees. No Fund shall have any responsibility for paying any fees due the Sub-Advisor.
If the Sub-Advisor shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.
This Contract shall automatically terminate, without the payment of any penalty, in the event of its assignment; and this Contract shall not be amended with respect to any Allocated Sleeve unless such amendment be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Trustees of the related Fund who are not interested persons of such Fund or of the Manager.5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.
This Contract shall become effective upon its execution, and shall remain in full force and effect continuously thereafter (unless terminated automatically as set forth in Section 4) until terminated as follows:(a) Any party hereto or, with respect to any Allocated Sleeve, the related Fund may at any time terminate this Contract by not more than sixty days’ nor less than thirty days’ written notice delivered or mailed by registered mail, postage prepaid, to the other parties, or(b) With respect to any Allocated Sleeve, if (i) the Trustees of the related Fund or the shareholders by the affirmative vote of a majority of the outstanding shares of such Fund, and (ii) a majority of the Trustees of such Fund who are not interested persons of such Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval, do not specifically approve at least annually the continuance of this Contract, then this Contract shall automatically terminate at theclose of business on the anniversary of its execution, or upon the expiration of one year from the effective date of the last such continuance, whichever is later, or(c) With respect to any Allocated Sleeve, automatically upon termination of the Manager’s investment management contract with the related Fund, or with respect to any Allocated Sleeve for which PIL has contracted with the Sub-Advisor to provide services under this Contract, automatically upon termination of the PIL Sub-Management Contract.
Action by a Fund under (a) above may be taken either (i) by vote of a majority of its Trustees, or (ii) by the affirmative vote of a majority of the outstanding shares of such Fund.
Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares of a Fund” means the affirmative vote, at a duly called and held meeting of shareholders of such Fund, (a) of the holders of 67% or more of the shares of such Fund present (in person or by proxy) and entitled to vote at such meeting, if the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting are present in person or by proxy, or (b) of the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting, whichever is less.
For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” shall have their respective meanings defined in the United States Investment Company Act of 1940 and the Rules and Regulations thereunder (the “1940 Act”), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under said Act; and the term “specifically approve at least annually” shall be construed in a manner consistent with the 1940 Act, and the Rules and Regulations thereunder.
7. NON-LIABILITY OF SUB-ADVISOR.
In the absence of willful misfeasance, bad faith or gross negligence on the part of the Sub-Advisor, or reckless disregard of its obligations and duties hereunder, the Sub-Advisor shall not be subject to any liability to the Manager, PIL, any Fund or to any shareholder of any Fund, for any act or omission in the course of, or connected with, rendering services hereunder.
F-6
8. ADDITIONAL PROVISIONS
(a) PIL represents that it is regulated by the FSA in the conduct of its investment business. PIL has in operation a written procedure in accordance with FSA rules for the effective consideration and proper handling of complaints from customers. Any complaint by the Manager or any Fund should be sent to the Compliance Officer of PIL. The Manager and any Fund is also entitled to make any complaints about PIL to the Financial Ombudsman Service established by the FSA. The Manager and any Fund may also request a statement describing its rights to compensation in the event of PIL’s inability to meet its liabilities.
(b) The Manager represents that it and each Fund are “Intermediate Customers” in the meaning of FSA rules.
(c) Although each Fund is not a party hereto and shall have no responsibility for the Manager’s, PIL’s or the Sub-Advisor’s obligations hereunder, each Fund is named as explicit third party beneficiary of the parties’ agreements hereunder.
In witness whereof, PUTNAM INVESTMENT MANAGEMENT, LLC, PUTNAM INVESTMENTS LIMITED and THE PUTNAM ADVISORY COMPANY, LLC have each caused this instrument to be signed on its behalf by an officer duly authorized, all as of the day and year first above written.
PUTNAM INVESTMENTMANAGEMENT, LLCBy: /s/ James P. PappasName: James P. PappasPUTNAM INVESTMENTS LIMITEDBy: /s/ Simon L. DavisName: Simon L. DavisTHE PUTNAM ADVISORYCOMPANY, LLCBy: /s/ Robert R. LeveilleName: Robert R. Leveille
Putnam International Equity Fund
F-7
APPENDIX G
Description of ContractApproval Process
General conclusions
The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of the funds’ management contracts with Putnam Management, and with respect to certain funds, the administrative services contracts with Putnam Management or the sub-management contracts between Putnam Management’s affiliate, Putnam Investments Limited (“PIL”), and Putnam Management. In this regard, the Board of Trustees, with the assistance of its Contract Committee consisting solely of Trustees who are not “interested persons” (as such term is defined in the Investment Company Act of 1940, as amended) of the Putnam funds (the “Independent Trustees”), requests and evaluates all information it deems reasonably necessary under the circumstances. Over the course of several months ending in June 2006, the Contract Committee met four times to consider the information provided by Putnam Management and other information developed with the assistance of the Board’s independent counsel and independent staff. The Contract Committee reviewed and discussed key aspects of this information with all of the Independent Trustees. Upon completion of this review, the Contract Committee recommended, and the Independent Trustees approved, the continuance of the funds’ management contracts — and with respect to certain funds, the administrative services contracts or the sub-management contracts — effective July 1, 2006. (With respect to certain funds that may be sub-managed from time to time by PIL, because PIL is an affiliate of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL, the Trustees have not evaluated PIL as a separate entity, and all subsequent references to Putnam Management below include reference to PIL as necessary or appropriate in the context.)This approval was based on the following conclusions:
*That the fee schedules in effect for the funds (which, for those funds with administrative services contracts, included fees paid under such contracts) represented reasonable compensation in light of the nature and quality of the services being provided to the funds, the fees paid by competitive funds and the costs incurred by Putnam Management in providing such services, and
*That such fee schedules represented an appropriate sharing between the funds’ shareholders and Putnam Management of such economies of scale as may exist in the management of the funds at current asset levels.
These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the fee arrangements for the funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that certain aspects of the arrangements may receive greater scrutiny in some years than others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements in prior years.
Management fee schedules and categories; total expenses
The Trustees reviewed the management (and administrative services, if applicable) fee schedules in effect for all Putnam funds, including fee levels and breakpoints, and the assignment of funds to particular fee categories. In reviewing fees and expenses, the Trustees generally focused their attention on material changes in circumstances — for example, changes in a fund’s size or investment style, changes in Putnam Management’s operating costs, or changes in competitive practices in the mutual fund industry — that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management (and administrative services, if applicable) fee structures of the funds, which had been carefully developed over the years, re-examined on many occasions and adjusted where appropriate. The Trustees focused on two areas of particular interest, as discussed further below:
*Competitiveness.The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom peer group of competitive funds selected by Lipper Inc., each Putnam fund ranked in particular percentiles in management fees and in total expenses (less any applicable 12b-1 fees for open-end funds, and excluding charges and expenses at the insurance company separate account level for the funds of Putnam Variable Trust) as of December 31, 2005 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds). (The comparative fee and expense information for each
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Putnam RetirementReady Fund excluded the fees and expenses of the underlying Putnam funds in which a Putnam RetirementReady Fund invested, as well as the fees and expenses of the underlying funds in which other funds in the Lipper peer group invested.) With respect to the open-end funds, the Trustees noted that expense ratios for a number of Putnam funds, which show the percentage of fund assets used to pay for management and administrative services, distribution (12b-1) fees and other expenses, had been increasing recently as a result of declining net assets and the natural operation of fee breakpoints. With respect to all funds, the Trustees expressed their intention to monitor the funds’ percentile rankings in management fees and in total expenses to ensure that fees and expenses of the funds continue to meet evolving competitive standards.
With respect to the open-end funds, the Trustees noted that the expense ratio increases described above were currently being controlled by expense limitations implemented in January 2004 and which Putnam Management, in consultation with the Contract Committee, has committed to maintain at least through 2007. These expense limitations give effect to a commitment by Putnam Management that the expense ratio of each fund would be no higher than the average expense ratio of the competitive funds included in the fund’s relevant Lipper universe (exclusive of any applicable 12b-1 charges in each case). The Trustees observed that this commitment to limit fund expenses has served shareholders well since its inception. In order to ensure that the expenses of the Putnam funds continue to meet evolving competitive standards, the Trustees requested, and Putnam Management agreed, to implement an additional expense limitation for certain open-end funds for the twelve months beginni ng January 1, 2007 equal to the average expense ratio (exclusive of 12b-1 charges) of a custom peer group of competitive funds selected by Lipper based on the size of the fund. This additional expense limitation will be applied to those open-end funds that had above-average expense ratios (exclusive of 12b-1 charges) based on the Lipper custom peer group data for the period ended December 31, 2005.
*Economies of scale.Most funds currently have the benefit of breakpoints in their management fees that provide shareholders with significant economies of scale, which means that the effective management fee rate of a fund (as a percentage of fund assets) declines as a fund grows in size and crosses specified asset thresholds. Conversely, as a fund shrinks in size — as has been the case for many Putnam open-end funds in recent years — these breakpoints result in increasing fee levels.
In recent years, the Trustees have examined the operation of the existing breakpoint structure during periods of both growth and decline in asset levels. The Trustees concluded that the fee schedules in effect for the funds represented an appropriate sharing of economies of scale at current asset levels. In reaching this conclusion, the Trustees considered the Contract Committee’s stated intent to continue to work with Putnam Management to plan for an eventual resumption in the growth of assets, including a study of potential economies that might be produced under various growth assumptions.
In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services to be provided and profits to be realized by Putnam Management and its affiliates from the relationship with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management’s revenues, expenses and profitability with respect to the funds’ management contracts, allocated on a fund-by-fund basis. Because many of the costs incurred by Putnam Management in managing the funds are not readily identifiable to particular funds, the Trustees observed that the methodology for allocating costs is an important factor in evaluating Putnam Management’s costs and profitability, both as to the Putnam funds i n the aggregate and as to individual funds. The Trustees reviewed Putnam Management’s cost allocation methodology with the assistance of independent consultants and concluded that this methodology was reasonable and well-considered.
Investment performance
The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ evaluation of the quality of services provided by Putnam Management under the funds’ management contracts. The Trustees were assisted in their review of the Putnam funds’ investment process and performance by the work of the Investment Process Committee of the Trustees and the Investment Oversight Committees of the Trustees, which meet on a regular monthly basis with the funds’ portfolio teams throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — as measured by the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to such personnel, and in general the ability of Putnam Management to attract and retain high-quality personnel — but also recognize that this does not guarantee favorable investment resul ts for every fund in every time period. The Trustees considered the investment performance of each fund over multiple time periods and considered information
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comparing each fund’s performance with various benchmarks and with the performance of competitive funds.
The Trustees noted the satisfactory investment performance of many Putnam funds. They also noted the disappointing investment performance of certain funds in recent years and discussed with senior management of Putnam Management the factors contributing to this underperformance and actions being taken to improve performance. The Trustees recognized that, in recent years, Putnam Management has made significant changes in its investment personnel and processes and in the fund product line to address areas of underperfor-mance. In particular, they noted the important contributions of Putnam Management’s leadership in attracting, retaining and supporting high-quality investment professionals and in systematically implementing an investment process that seeks to merge the best features of fundamental and quantitative analysis. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these changes and to evaluate whet her additional changes to address areas of underperformance are warranted.
In the case of each open-end fund, the Trustees considered that each fund’s class A (class I, in the case of Putnam Prime Money Market Fund, and class IA in the case of Putnam Variable Trust) share cumulative total return performance at net asset value was in particular percentiles of its Lipper Inc. peer group for the one-, three- and five-year periods ended March 31, 2006 (the first percentile being the best performing funds and the 100th percentile being the worst performing funds). In the case of each closed-end fund, the Trustees considered the same Lipper peer group information for the fund’s common share cumulative total return performance at net asset value. In the case of tax-exempt open-end and closed-end funds, the funds’ total return performance was compared against the Lipper peer group performance information using tax-adjusted performance to recognize the different federal income tax treatment for capital gains distributions and exempt-inter est distributions.
As a general matter, the Trustees concluded that cooperative efforts between the Trustees and Putnam Management represent the most effective way to address investment performance problems. The Trustees noted that investors in the Putnam funds have, in effect, placed their trust in the Putnam organization, under the oversight of the funds’ Trustees, to make appropriate decisions regarding the management of the funds. Based on the responsiveness of Putnam Management in the recent past to Trustee concerns about investment performance, the Trustees concluded that it is preferable to seek change within Putnam Management to address performance shortcomings. In the Trustees’ view, the alternative of terminating a management contract and engaging a new investment adviser for an underperforming fund would entail significant disruptionsand would not provide any greater assurance of improved investment performance.
Brokerage and soft-dollar allocations; other benefits
The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contracts with the funds. These include benefits related to brokerage and soft-dollar allocations, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that may be useful to Putnam Management in managing the assets of the fund and of other clients. The Trustees indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage to ensure that the principle of seeking “best price and execution” remains paramount in the portfolio trading process.
The Trustees’ annual review of the funds’ management contracts also included the review of the custodian and investor servicing agreements with Putnam Fiduciary Trust Company, which agreements provide benefits to an affiliate of Putnam Management. In the case of the open-end funds, the Trustees’ annual review of the funds’ management contracts also included the review of the funds’ distributor’s contracts and distribution plans with Putnam Retail Management Limited Partnership, which contracts and plans also provide benefits to an affiliate of Putnam Management.
Comparison of retail and institutional fee schedules
The information examined by the Trustees as part of their annual contract review has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, etc. This information included comparison of such fees with fees charged to the funds, as well as a detailed assessment of the differences in the services provided to these two types of clients. The Trustees observed, in this regard, that the differences in fee rates between institutional clients and the funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients reflect to a substantial degree historical competitive forces operating in separate market places. The Trustees considered the fact that fee rates across all asset sectors are higher on average for funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to institutional clients of the firm, but did not rely on these comparisons to any significant extent in concluding that the management fees paid by the funds are reasonable.
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Approval of the Sub-Advisory Contract among PutnamManagement, Putnam Investments Limited and ThePutnam Advisory Company, LLC for PutnamInternational Equity Fund
In July 2006, the Trustees approved a sub-advisory contract among Putnam Management, PIL and The Putnam Advisory Company, LLC (“PAC”) for Putnam International Equity Fund. The Contract Committee reviewed information provided by Putnam Management and, upon completion of this review, recommended, and the Independent Trustees approved, Putnam International Equity Fund’s sub-advisory contract with PAC, effective July 14, 2006.
The Trustees considered numerous factors they believe relevant in approving Putnam International Equity Fund’s sub-advisory contract with PAC, including Putnam Management’s belief that the interest of shareholders would be best served by using Putnam’s Tokyo investment professionals who are employed by PAC to provide investment recommendations for certain equity sleeves of Putnam International Equity Fund that are currently managed by Putnam Management or PIL, and PAC’s expertise with respect to Asian markets. The Trustees also considered that Japanese securities laws require a sub-advisory relationship among Putnam Management, PIL and PAC in order for Putnam’s Tokyo investment professionals to provide investment recommendations for Putnam International Equity Fund. The Trustees noted that Putnam Management or PIL, and not Putnam International Equity Fund, would pay the sub-management fee to PAC for its services and that the sub-management contra ct with PAC will not reduce the nature, quality or overall level of service provided to Putnam International Equity Fund.
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APPENDIX H
Other Similar Funds Advised by Putnam Management
The following table contains certain information regarding funds for which Putnam Management provides investment advisory services and that may have similar investment objectives and policies to your fund.
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam American | 707,703,667 | First $500 million | 0.65% | 4,373,306 | Yes | High current income |
| Government | Next $500 million | 0.55% | with preservation of | |||
| Income Fund | Next $500 million | 0.50% | capital as its | |||
| Next $5 billion | 0.45% | secondary objective. | ||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
| Putnam AMT-Free | 327,849,054 | The lesser of 0.50%, or | 1,790,563 | Yes | High current income | |
| Insured Municipal | First $500 million | 0.60% | exempt from federal | |||
| Fund | Next $500 million | 0.50% | income tax. | |||
| Next $500 million | 0.45% | |||||
| Next $5 billion | 0.40% | |||||
| Next $5 billion | 0.375% | |||||
| Next $5 billion | 0.355% | |||||
| Next $5 billion | 0.34% | |||||
| Any excess thereafter | 0.33% | |||||
| Putnam Arizona | 89,150,402 | The lesser of 0.50%, or | 396,902 | Yes | To provide as high a | |
| Tax Exempt | First $500 million | 0.60% | level of current | |||
| Income Fund | Next $500 million | 0.50% | income exempt | |||
| Next $500 million | 0.45% | from federal income | ||||
| Next $5 billion | 0.40% | tax and personal | ||||
| Next $5 billion | 0.375% | income tax (if any) | ||||
| Next $5 billion | 0.355% | of the state of | ||||
| Next $5 billion | 0.34% | Arizona as Putnam | ||||
| Any excess over $21.5 billion | 0.33% | Management | ||||
| believes is consistent | ||||||
| with preservation | ||||||
| of capital. | ||||||
| Putnam Asset | 2,109,899,934 | First $500 million | 0.70% | 10,841,716 | Yes | Total return. |
| Allocation: | Next $500 million | 0.60% | ||||
| Balanced Portfolio | Next $500 million | 0.55% | ||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess over $21.5 billion | 0.43% | |||||
| Putnam Asset | 985,940,217 | First $500 million | 0.70% | 5,759,923 | Yes | Total return |
| Allocation: | Next $500 million | 0.60% | consistent with | |||
| Conservative | Next $500 million | 0.55% | preservation | |||
| Portfolio | Next $5 billion | 0.50% | of capital. | |||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess over $21.5 billion | 0.43% | |||||
H-1
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam Asset | 2,156,488,751 | First $500 million | 0.70% | 9,639,295 | Yes | Capital appreciation. |
| Allocation: | Next $500 million | 0.60% | ||||
| Growth Portfolio | Next $500 million | 0.55% | ||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess over $21.5 billion | 0.43% | |||||
| Putnam California | 83,373,293 | The lesser of 0.55%, or | 531,472 | Yes | To provide as high a | |
| Investment Grade | First $500 million | 0.65% | level of current | |||
| Municipal Trust | Next $500 million | 0.55% | income free from | |||
| Next $500 million | 0.50% | federal income tax | ||||
| Next $5 billion | 0.45% | and California | ||||
| Next $5 billion | 0.425% | personal income | ||||
| Next $5 billion | 0.405% | taxes as Putnam | ||||
| Next $5 billion | 0.39% | Management believes | ||||
| Any excess thereafter | 0.38% | is consistent with | ||||
| the preservation | ||||||
| of capital. | ||||||
| Putnam California | 2,076,820,792 | The lesser of 0.50%, or | 10,368,635 | Yes | To provide as high a | |
| Tax Exempt | First $500 million | 0.60% | level of current | |||
| Income Fund | Next $500 million | 0.50% | income exempt | |||
| Next $500 million | 0.45% | from federal income | ||||
| Next $5 billion | 0.40% | tax and California | ||||
| Next $5 billion | 0.375% | personal income | ||||
| Next $5 billion | 0.355% | tax as Putnam | ||||
| Next $5 billion | 0.34% | Management believes | ||||
| Any excess thereafter | 0.33% | to be consistent | ||||
| with the | ||||||
| preservation | ||||||
| of capital. | ||||||
| Putnam Capital | 649,313,138 | First $500 million | 0.65% | 4,388,833 | Yes | Capital appreciation. |
| Appreciation Fund | Next $500 million | 0.55% | ||||
| Next $500 million | 0.50% | |||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess over $21.5 billion | 0.38% | |||||
| Putnam Capital | 1,125,906,050 | First $500 million | 0.65% | 6,363,713 | Yes | Long-term growth |
| Opportunities Fund | Next $500 million | 0.55% | of capital. | |||
| Next $500 million | 0.50% | |||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
| Putnam Classic | 766,747,810 | First $500 million | 0.65% | 4,836,159 | Yes | Capital growth. |
| Equity Fund | Next $500 million | 0.55% | Current income is a | |||
| Next $500 million | 0.50% | secondary goal. | ||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
H-2
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam Convertible | 724,297,978 | First $500 million | 0.65% | 4,231,616 | Yes | Current income and |
| Income-Growth Trust | Next $500 million | 0.55% | capital appreciation. | |||
| Next $500 million | 0.50% | Conservation of | ||||
| Next $5 billion | 0.45% | capital is a | ||||
| Next $5 billion | 0.425% | secondary objective. | ||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
| Putnam Discovery | 850,247,984 | First $500 million | 0.70% | 5,497,942 | Yes | Long-term growth |
| Growth Fund | Next $500 million | 0.60% | of capital. | |||
| Next $500 million | 0.55% | |||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
| Putnam Diversified | 2,770,991,703 | First $500 million | 0.70% | 17,403,729 | Yes | To provide as high a |
| Income Trust | Next $500 million | 0.60% | level of current | |||
| Next $500 million | 0.55% | income as Putnam | ||||
| Next $5 billion | 0.50% | Management believes | ||||
| Next $5 billion | 0.475% | is consistent with | ||||
| Next $5 billion | 0.455% | preservation | ||||
| Next $5 billion | 0.44% | of capital. | ||||
| Any excess thereafter | 0.43% | |||||
| Putnam Equity | 3,842,617,273 | First $500 million | 0.65% | 18,067,258 | Yes | Capital growth and |
| Income Fund | Next $500 million | 0.55% | current income. | |||
| Next $500 million | 0.50% | |||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
| Putnam Europe | 560,853,928 | First $500 million | 0.80% | 4,213,337 | Yes | Capital appreciation. |
| Equity Fund | Next $500 million | 0.70% | ||||
| Next $500 million | 0.65% | |||||
| Next $5 billion | 0.60% | |||||
| Next $5 billion | 0.575% | |||||
| Next $5 billion | 0.555% | |||||
| Next $5 billion | 0.54% | |||||
| Any excess thereafter | 0.53% | |||||
| Putnam Floating | 494,289,793 | First $500 million | 0.65% | 1,719,001^ | Yes | High current income. |
| Rate Income Fund | Next $500 million | 0.55% | Preservation of | |||
| Next $500 million | 0.50% | capital is a | ||||
| Next $5 billion | 0.45% | secondary goal. | ||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Next $5 billion | 0.38% | |||||
| Next $5 billion | 0.37% | |||||
| Next $5 billion | 0.36% | |||||
| Next $5 billion | 0.35% | |||||
| Next $5 billion | 0.34% | |||||
| Next $8.5 billion | 0.33% | |||||
| Any excess thereafter | 0.32% | |||||
H-3
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| The Putnam Fund | 15,172,174,430 | First $500 million | 0.65% | 67,376,969 | Yes | Capital growth and |
| for Growth | Next $500 million | 0.55% | current income. | |||
| and Income | Next $500 million | 0.50% | ||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Next $5 billion | 0.38% | |||||
| Next $5 billion | 0.37% | |||||
| Next $5 billion | 0.36% | |||||
| Next $5 billion | 0.35% | |||||
| Next $5 billion | 0.34% | |||||
| Next $8.5 billion | 0.33% | |||||
| Any excess over $55 billion | 0.32% | |||||
| The George Putnam | 4,654,483,340 | First $500 million | 0.65% | 23,520,227 | Yes | To provide a |
| Fund of Boston | Next $500 million | 0.55% | balanced investment | |||
| Next $500 million | 0.50% | composed of a | ||||
| Next $5 billion | 0.45% | well-diversified | ||||
| Next $5 billion | 0.425% | portfolio of stocks | ||||
| Next $5 billion | 0.405% | and bonds which | ||||
| Next $5 billion | 0.39% | produce both capital | ||||
| Any excess thereafter | 0.38% | growth and | ||||
| current income. | ||||||
| Putnam Global | 2,116,008,457 | First $500 million | 0.80% | 15,165,340 | Yes | Capital appreciation. |
| Equity Fund | Next $500 million | 0.70% | ||||
| Next $500 million | 0.65% | |||||
| Next $5 billion | 0.60% | |||||
| Next $5 billion | 0.575% | |||||
| Next $5 billion | 0.555% | |||||
| Next $5 billion | 0.54% | |||||
| Next $5 billion | 0.53% | |||||
| Next $5 billion | 0.52% | |||||
| Next $5 billion | 0.51% | |||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.49% | |||||
| Next $8.5 billion | 0.48% | |||||
| Any excess over $55 billion | 0.47% | |||||
| Putnam Global | 128,502,186 | First $500 million | 0.70% | 528,321 | Yes | High current income |
| Income Trust | Next $500 million | 0.60% | by investing | |||
| Next $500 million�� | 0.55% | principally in debt | ||||
| Next $5 billion | 0.50% | securities of | ||||
| Next $5 billion | 0.475% | sovereign and | ||||
| Next $5 billion | 0.455% | private issuers | ||||
| Next $5 billion | 0.44% | worldwide, including | ||||
| Any excess thereafter | 0.43% | supranational issuers. | ||||
| Putnam Global | 627,944,661 | First $500 million | 0.70% | 4,126,921 | Yes | Capital appreciation. |
| Natural Resources | Next $500 million | 0.60% | ||||
| Fund | Next $500 million | 0.55% | ||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
H-4
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam Growth | 659,146,436 | First $500 million | 0.70% | 2,913,736 | Yes | Capital appreciation. |
| Opportunities Fund | Next $500 million | 0.60% | ||||
| Next $500 million | 0.55% | |||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
| Putnam Health | 2,267,488,061 | First $500 million | 0.70% | 14,802,805 | Yes | Capital appreciation. |
| Sciences Trust | Next $500 million | 0.60% | ||||
| Next $500 million | 0.55% | |||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess over $21.5 billion | 0.43% | |||||
| Putnam High Income | 198,149,622 | First $500 million | 0.70% | 1,372,004 | Yes | To provide high |
| Securities Fund | Next $500 million | 0.60% | current income as a | |||
| Next $500 million | 0.55% | primary objective | ||||
| Next $5 billion | 0.50% | and capital | ||||
| Next $5 billion | 0.475% | appreciation as a | ||||
| Next $5 billion | 0.455% | secondary objective. | ||||
| Next $5 billion | 0.44% | |||||
| Next $5 billion | 0.43% | |||||
| Next $5 billion | 0.42% | |||||
| Next $5 billion | 0.41% | |||||
| Next $5 billion | 0.40% | |||||
| Next $5 billion | 0.39% | |||||
| Next $8.5 billion | 0.38% | |||||
| Any excess thereafter | 0.37% | |||||
| Putnam High Yield | 801,711,721 | First $500 million | 0.70% | 5,676,755 | Yes | High current |
| Advantage Fund | Next $500 million | 0.60% | income. Capital | |||
| Next $500 million | 0.55% | growth is a | ||||
| Next $5 billion | 0.50% | secondary goal | ||||
| Next $5 billion | 0.475% | when consistent | ||||
| Next $5 billion | 0.455% | with achieving high | ||||
| Next $5 billion | 0.44% | current income. | ||||
| Any excess thereafter | 0.43% | |||||
| Putnam High Yield | 213,917,148 | The lesser of 0.55%, or | 1,448,462 | Yes | To provide high | |
| Municipal Trust | First $500 million | 0.65% | current income | |||
| Next $500 million | 0.55% | exempt from federal | ||||
| Next $500 million | 0.50% | income tax. | ||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
| Putnam High | 2,357,157,321 | First $500 million | 0.70% | 13,784,128 | Yes | High current |
| Yield Trust | Next $500 million | 0.60% | income. Capital | |||
| Next $500 million | 0.55% | growth is a | ||||
| Next $5 billion | 0.50% | secondary goal. | ||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
H-5
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam Income | 2,447,632,260 | First $500 million | 0.65% | 11,940,410 | Yes | High current income |
| Fund | Next $500 million | 0.55% | consistent with | |||
| Next $500 million | 0.50% | what Putnam | ||||
| Next $5 billion | 0.45% | management | ||||
| Next $5 billion | 0.425% | believes to be | ||||
| Next $5 billion | 0.405% | prudent risk. | ||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
| Putnam Income | 13,002,265 | First $500 million | 0.65% | 0* | Yes | Current income |
| Strategies Fund | Next $500 million | 0.55% | consistent with | |||
| Next $500 million | 0.50% | what Putnam | ||||
| Next $5 billion | 0.45% | Management believes | ||||
| Next $5 billion | 0.425% | to be prudent risk. | ||||
| Next $5 billion | 0.405% | Its secondary | ||||
| Next $5 billion | 0.39% | objective is | ||||
| Next $5 billion | 0.38% | capital appreciation. | ||||
| Next $5 billion | 0.37% | |||||
| Next $5 billion | 0.36% | |||||
| Next $5 billion | 0.35% | |||||
| Next $5 billion | 0.34% | |||||
| Next $8.5 billion | 0.33% | |||||
| Any excess thereafter | 0.32% | |||||
| Putnam International | 1,783,630,400 | First $500 million | 1.00% | 13,345,775 | Yes | Long-term |
| Capital | Next $500 million | 0.90% | capital appreciation. | |||
| Opportunities Fund | Next $500 million | 0.85% | ||||
| Next $5 billion | 0.80% | |||||
| Next $5 billion | 0.775% | |||||
| Next $5 billion | 0.755% | |||||
| Next $5 billion | 0.74% | |||||
| Any excess thereafter | 0.73% | |||||
| Putnam International | 7,003,286,336 | First $500 million | 0.80% | 39,425,440 | Yes | Capital appreciation. |
| Equity Fund | Next $500 million | 0.70% | ||||
| Next $500 million | 0.65% | |||||
| Next $5 billion | 0.60% | |||||
| Next $5 billion | 0.575% | |||||
| Next $5 billion | 0.555% | |||||
| Next $5 billion | 0.54% | |||||
| Any excess over $21.5 billion | 0.53% | |||||
| Putnam International | 1,037,228,946 | First $500 million | 0.80% | 5,732,946 | Yes | Capital growth. |
| Growth and | Next $500 million | 0.70% | Current income is a | |||
| Income Fund | Next $500 million | 0.65% | secondary objective. | |||
| Next $5 billion | 0.60% | |||||
| Next $5 billion | 0.575% | |||||
| Next $5 billion | 0.555% | |||||
| Next $5 billion | 0.54% | |||||
| Any excess thereafter | 0.53% | |||||
| Putnam International | 811,831,094 | First $500 million | 1.00% | 6,580,631 | Yes | Long-term |
| New Opportunities | Next $500 million | 0.90% | capital appreciation. | |||
| Fund | Next $500 million | 0.85% | ||||
| Next $5 billion | 0.80% | |||||
| Next $5 billion | 0.775% | |||||
| Next $5 billion | 0.755% | |||||
| Next $5 billion | 0.74% | |||||
| Any excess thereafter | 0.73% | |||||
H-6
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam Investment | 363,338,832 | The lesser of 0.55%, or | 2,059,634 | Yes | To provide as high a | |
| Grade Municipal | First $500 million | 0.65% | level of current | |||
| Trust | Next $500 million | 0.55% | income exempt | |||
| Next $500 million | 0.50% | from federal income | ||||
| Next $5 billion | 0.45% | tax as Putnam | ||||
| Next $5 billion | 0.425% | Management believes | ||||
| Next $5 billion | 0.405% | to be consistent | ||||
| Next $5 billion | 0.39% | with the preservation | ||||
| Any excess thereafter | 0.38% | of capital. | ||||
| Putnam Investors | 4,107,665,166 | First $500 million | 0.65% | 19,513,803 | Yes | Long-term growth |
| Fund | Next $500 million | 0.55% | of capital and any | |||
| Next $500 million | 0.50% | increased income | ||||
| Next $5 billion | 0.45% | that results from | ||||
| Next $5 billion | 0.425% | this growth. | ||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess over $21.5 billion | 0.38% | |||||
| Putnam Limited | 439,936,540 | The lesser of 0.50%, or | 2,392,584 | Yes | As high a level of | |
| Duration | First $500 million | 0.60% | current income as | |||
| Government | Next $500 million | 0.50% | Putnam Management | |||
| Income Fund | Next $500 million | 0.45% | believes is consistent | |||
| Next $5 billion | 0.40% | with preservation | ||||
| Next $5 billion | 0.375% | of capital. | ||||
| Next $5 billion | 0.355% | |||||
| Next $5 billion | 0.34% | |||||
| Any excess over $21.5 billion | 0.33% | |||||
| Putnam Managed | 548,638,387 | The lesser of 0.55%, or | 3,167,820 | Yes | To provide high | |
| Municipal Income | First $500 million | 0.65% | current income free | |||
| Trust | Next $500 million | 0.55% | from federal | |||
| Next $500 million | 0.50% | income tax. | ||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
| Putnam | 309,261,461 | The lesser of 0.50%, or | 1,675,201 | Yes | As high a level of | |
| Massachusetts Tax | First $500 million | 0.60% | current income | |||
| Exempt Income | Next $500 million | 0.50% | exempt from federal | |||
| Fund | Next $500 million | 0.45% | income tax and | |||
| Next $5 billion | 0.40% | personal income tax | ||||
| Next $5 billion | 0.375% | (if any) of the | ||||
| Next $5 billion | 0.355% | Commonwealth of | ||||
| Next $5 billion | 0.34% | Massachusetts as | ||||
| Any excess over $21.5 billion | 0.33% | Putnam Management | ||||
| believes is consistent | ||||||
| with preservation | ||||||
| of capital. | ||||||
H-7
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam Master | 654,273,418 | First $500 million | 0.75% | 4,797,486 | Yes | With equal |
| Intermediate Income | Next $500 million | 0.65% | emphasis, to | |||
| Trust | Next $500 million | 0.60% | provide high current | |||
| Next $5 billion | 0.55% | income and relative | ||||
| Next $5 billion | 0.525% | stability of net | ||||
| Next $5 billion | 0.505% | asset value. | ||||
| Next $5 billion | 0.49% | |||||
| Next $5 billion | 0.48% | |||||
| Next $5 billion | 0.47% | |||||
| Next $5 billion | 0.46% | |||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.44% | |||||
| Next $8.5 billion | 0.43% | |||||
| Any excess thereafter | 0.42% | |||||
| Putnam Michigan Tax | 117,691,883 | The lesser of 0.50%, or | 648,238 | Yes | As high a level of | |
| Exempt Income Fund | First $500 million | 0.60% | current income | |||
| Next $500 million | 0.50% | exempt from federal | ||||
| Next $500 million | 0.45% | income tax and | ||||
| Next $5 billion | 0.40% | personal income tax | ||||
| Next $5 billion | 0.375% | (if any) of the state | ||||
| Next $5 billion | 0.355% | of Michigan as | ||||
| Next $5 billion | 0.34% | Putnam Management | ||||
| Any excess over $21.5 billion | 0.33% | believes is consistent | ||||
| with preservation | ||||||
| of capital. | ||||||
| Putnam Mid Cap | 973,670,094 | First $500 million | 0.70% | 5,871,795 | Yes | Capital appreciation |
| Value Fund | Next $500 million | 0.60% | and, as a secondary | |||
| Next $500 million | 0.55% | objective, current | ||||
| Next $5 billion | 0.50% | income. | ||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
| Putnam Minnesota | 108,716,812 | The lesser of 0.50%, or | 538,350 | Yes | As high a level of | |
| Tax Exempt | First $500 million | 0.60% | current income | |||
| Income Fund | Next $500 million | 0.50% | exempt from federal | |||
| Next $500 million | 0.45% | income tax and | ||||
| Next $5 billion | 0.40% | personal income tax | ||||
| Next $5 billion | 0.375% | (if any) of the state | ||||
| Next $5 billion | 0.355% | of Minnesota as | ||||
| Next $5 billion | 0.34% | Putnam Management | ||||
| Any excess over $21.5 billion | 0.33% | believes is consistent | ||||
| with preservation | ||||||
| of capital. | ||||||
| Putnam Money | 3,278,464,902 | First $100 million | 0.50% | 10,390,443 | Yes | As high a rate of |
| Market Fund | Next $100 million | 0.40% | current income as | |||
| Next $300 million | 0.35% | Putnam Management | ||||
| Next $500 million | 0.325% | believes is consistent | ||||
| Next $500 million | 0.30% | with preservation of | ||||
| Next $2.5 billion | 0.275% | capital and | ||||
| Next $2.5 billion | 0.25% | maintenance | ||||
| Next $5 billion | 0.225% | of liquidity. | ||||
| Next $5 billion | 0.205% | |||||
| Next $5 billion | 0.19% | |||||
| Any excess thereafter | 0.18% | |||||
H-8
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam Municipal | 363,454,277 | The lesser of 0.55%, or | 2,290,901 | Yes | To provide as high a | |
| Bond Fund | First $500 million | 0.65% | level of current | |||
| Next $500 million | 0.55% | income exempt | ||||
| Next $500 million | 0.50% | from federal income | ||||
| Next $5 billion | 0.45% | tax as Putnam | ||||
| Next $5 billion | 0.425% | Management | ||||
| Next $5 billion | 0.405% | believes is consistent | ||||
| Next $5 billion | 0.39% | with preservation | ||||
| Any excess thereafter | 0.38% | of capital. | ||||
| Putnam Municipal | 322,775,012 | The lesser of 0.35%, or | 1,394,604 | Yes | The fund seeks to | |
| Opportunities Trust** | First $500 million | 0.45% | provide as high a | |||
| Next $500 million | 0.35% | level of current | ||||
| Next $500 million | 0.30% | income free from | ||||
| Next $5 billion | 0.25% | federal income tax | ||||
| Next $5 billion | 0.225% | as Putnam | ||||
| Next $5 billion | 0.205% | Management believes | ||||
| Next $5 billion | 0.19% | is consistent with | ||||
| Any excess thereafter | 0.18% | the preservation | ||||
| of capital. | ||||||
| Putnam New Jersey | 204,244,200 | The lesser of 0.50%, or | 1,101,027 | Yes | As high a level of | |
| Tax Exempt | First $500 million | 0.60% | current income | |||
| Income Fund | Next $500 million | 0.50% | exempt from federal | |||
| Next $500 million | 0.45% | income tax and | ||||
| Next $5 billion | 0.40% | personal income tax | ||||
| Next $5 billion | 0.375% | (if any) of the state | ||||
| Next $5 billion | 0.355% | of New Jersey as | ||||
| Next $5 billion | 0.34% | Putnam Management | ||||
| Any excess over $21.5 billion | 0.33% | believes is | ||||
| consistent with | ||||||
| preservation | ||||||
| of capital. | ||||||
| Putnam New | 4,697,260,397 | First $500 million | 0.70% | 30,814,799 | Yes | Long-term |
| Opportunities Fund | Next $500 million | 0.60% | capital appreciation. | |||
| Next $500 million | 0.55% | |||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Next $5 billion | 0.43% | |||||
| Next $5 billion | 0.42% | |||||
| Next $5 billion | 0.41% | |||||
| Next $5 billion | 0.40% | |||||
| Next $5 billion | 0.39% | |||||
| Next $8.5 billion | 0.38% | |||||
| Any excess above $55 billion | 0.37% | |||||
| Putnam New | 2,074,162,525 | First $500 million | 0.70% | 11,478,217 | Yes | Long-term |
| Value Fund | Next $500 million | 0.60% | capital appreciation. | |||
| Next $500 million | 0.55% | |||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
H-9
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam New York | 48,297,644 | The lesser of 0.55%, or | 302,665 | Yes | To provide as high a | |
| Investment Grade | First $500 million | 0.65% | level of current | |||
| Municipal Trust | Next $500 million | 0.55% | income free from | |||
| Next $500 million | 0.50% | federal income tax | ||||
| Next $5 billion | 0.45% | and New York state | ||||
| Next $5 billion | 0.425% | and city personal | ||||
| Next $5 billion | 0.405% | income taxes as | ||||
| Next $5 billion | 0.39% | Putnam Management | ||||
| Any excess thereafter | 0.38% | believes is consistent | ||||
| with the preservation | ||||||
| of capital. | ||||||
| Putnam New York | 1,158,329,137 | The lesser of 0.50%, or | 5,972,705 | Yes | As high a level of | |
| Tax Exempt | First $500 million | 0.60% | current income | |||
| Income Fund | Next $500 million | 0.50% | exempt from federal | |||
| Next $500 million | 0.45% | income tax and | ||||
| Next $5 billion | 0.40% | New York State and | ||||
| Next $5 billion | 0.375% | City personal income | ||||
| Next $5 billion | 0.355% | taxes as Putnam | ||||
| Next $5 billion | 0.34% | Management believes | ||||
| Any excess over $21.5 billion | 0.33% | to be consistent | ||||
| with preservation | ||||||
| of capital. | ||||||
| Putnam Ohio Tax | 162,665,349 | The lesser of 0.50%, or | 849,434 | Yes | As high a level of | |
| Exempt Income Fund | First $500 million | 0.60% | current income | |||
| Next $500 million | 0.50% | exempt from federal | ||||
| Next $500 million | 0.45% | income tax and | ||||
| Next $5 billion | 0.40% | personal income tax | ||||
| Next $5 billion | 0.375% | (if any) of the state | ||||
| Next $5 billion | 0.355% | of Ohio as Putnam | ||||
| Next $5 billion | 0.34% | Management believes | ||||
| Any excess over $21.5 billion | 0.33% | is consistent with | ||||
| preservation | ||||||
| of capital. | ||||||
| Putnam OTC & | 707,529,454 | First $500 million | 0.70% | 6,255,747 | Yes | Capital appreciation. |
| Emerging Growth | Next $500 million | 0.60% | ||||
| Fund | Next $500 million | 0.55% | ||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
| Putnam Pennsylvania | 170,561,420 | The lesser of 0.50%, or | 926,507 | Yes | As high a level of | |
| Tax Exempt | First $500 million | 0.60% | current income | |||
| Income Fund | Next $500 million | 0.50% | exempt from federal | |||
| Next $500 million | 0.45% | income tax and | ||||
| Next $5 billion | 0.40% | personal income tax | ||||
| Next $5 billion | 0.375% | (if any) of the | ||||
| Next $5 billion | 0.355% | Commonwealth of | ||||
| Next $5 billion | 0.34% | Pennsylvania as | ||||
| Any excess over $21.5 billion | 0.33% | Putnam Management | ||||
| believes is consistent | ||||||
| with preservation | ||||||
| of capital. | ||||||
H-10
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam Premier | 1,290,918,588 | First $500 million | 0.75% | 8,927,294 | Yes | To provide high |
| Income Trust | Next $500 million | 0.65% | current income. | |||
| Next $500 million | 0.60% | |||||
| Next $5 billion | 0.55% | |||||
| Next $5 billion | 0.525% | |||||
| Next $5 billion | 0.505% | |||||
| Next $5 billion | 0.49% | |||||
| Next $5 billion | 0.48% | |||||
| Next $5 billion | 0.47% | |||||
| Next $5 billion | 0.46% | |||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.44% | |||||
| Next $8.5 billion | 0.43% | |||||
| Any excess thereafter | 0.42% | |||||
| Putnam Prime | 6,828,544,083 | 0.20% | 2,183,172 | Yes | As high a rate of | |
| Money Market | current income as | |||||
| Fund*** | Putnam Management | |||||
| believes is consistent | ||||||
| with preservation | ||||||
| of capital and | ||||||
| maintenance | ||||||
| of liquidity. | ||||||
| Putnam Research | 825,539,509 | First $500 million | 0.65% | 5,269,897 | Yes | Capital appreciation. |
| Fund**** | Next $500 million | 0.55% | ||||
| Next $500 million | 0.50% | |||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
| Putnam | 82,508,709 | 0.05% | 29,736 | Yes | Capital appreciation | |
| RetirementReady | and current income | |||||
| 2010 Fund | consistent with a | |||||
| decreasing emphasis | ||||||
| on capital | ||||||
| appreciation and an | ||||||
| increasing emphasis | ||||||
| on current income | ||||||
| as it approaches its | ||||||
| target date. | ||||||
| Putnam | 150,347,628 | 0.05% | 58,932 | Yes | Capital appreciation | |
| RetirementReady | and current income | |||||
| 2015 Fund | consistent with a | |||||
| decreasing emphasis | ||||||
| on capital | ||||||
| appreciation and an | ||||||
| increasing emphasis | ||||||
| on current income | ||||||
| as it approaches its | ||||||
| target date. | ||||||
H-11
| Has | ||||||||
| Amount of | compensation | |||||||
| Management | been waived, | |||||||
| Fee Paid in the | reduced or | |||||||
| Most Recent | otherwise | |||||||
| Fiscal Year | agreed to be | |||||||
| Net Assets | (after applicable | reduced | ||||||
| as of | waivers and | under any | Current | |||||
| December 31, | reimbursements, | applicable | Investment | |||||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |||
| Putnam | 162,096,359 | 0.05% | 64,225 | Yes | Capital appreciation | |||
| RetirementReady | and current income | |||||||
| 2020 Fund | consistent with a | |||||||
| decreasing emphasis | ||||||||
| on capital | ||||||||
| appreciation and an | ||||||||
| increasing emphasis | ||||||||
| on current income | ||||||||
| as it approaches its | ||||||||
| target date. | ||||||||
| Putnam | 133,811,161 | 0.05% | 49,571 | Yes | Capital appreciation | |||
| RetirementReady | and current income | |||||||
| 2025 Fund | consistent with a | |||||||
| decreasing emphasis | ||||||||
| on capital | ||||||||
| appreciation and an | ||||||||
| increasing emphasis | ||||||||
| on current income | ||||||||
| as it approaches its | ||||||||
| target date. | ||||||||
| Putnam | 101,690,671 | 0.05% | 25,310 | Yes | Capital appreciation | |||
| RetirementReady | and current income | |||||||
| 2030 Fund | consistent with a | |||||||
| decreasing emphasis | ||||||||
| on capital | ||||||||
| appreciation and an | ||||||||
| increasing emphasis | ||||||||
| on current income | ||||||||
| as it approaches its | ||||||||
| target date. | ||||||||
| Putnam | 68,748,550 | 0.05% | 6,096 | Yes | Capital appreciation | |||
| RetirementReady | and current income | |||||||
| 2035 Fund | consistent with a | |||||||
| decreasing emphasis | ||||||||
| on capital | ||||||||
| appreciation and an | ||||||||
| increasing emphasis | ||||||||
| on current income | ||||||||
| as it approaches its | ||||||||
| target date. | ||||||||
| Putnam | 44,524,474 | 0.05% | 0† | Yes | Capital appreciation | |||
| RetirementReady | and current income | |||||||
| 2040 Fund | consistent with a | |||||||
| decreasing emphasis | ||||||||
| on capital | ||||||||
| appreciation and an | ||||||||
| increasing emphasis | ||||||||
| on current income | ||||||||
| as it approaches its | ||||||||
| target date. | ||||||||
H-12
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam | 34,373,111 | 0.05% | 0† | Yes | Capital appreciation | |
| RetirementReady | and current income | |||||
| 2045 Fund | consistent with a | |||||
| decreasing emphasis | ||||||
| on capital | ||||||
| appreciation and an | ||||||
| increasing emphasis | ||||||
| on current income | ||||||
| as it approaches its | ||||||
| target date. | ||||||
| Putnam | 8,214,863 | 0.05% | 0† | Yes | Capital appreciation | |
| RetirementReady | and current income | |||||
| 2050 Fund | consistent with a | |||||
| decreasing emphasis | ||||||
| on capital | ||||||
| appreciation and an | ||||||
| increasing emphasis | ||||||
| on current income | ||||||
| as it approaches its | ||||||
| target date. | ||||||
| Putnam | 48,280,916 | 0.05% | 0† | Yes | As high a rate of | |
| RetirementReady | current income as | |||||
| Maturity Fund | Putnam Management | |||||
| believes is | ||||||
| consistent with | ||||||
| preservation | ||||||
| of capital. | ||||||
| Putnam Small Cap | 499,218,523 | First $500 million | 1.00% | 3,840,676 | Yes | Capital appreciation. |
| Growth Fund | Next $500 million | 0.90% | ||||
| Next $500 million | 0.85% | |||||
| Next $5 billion | 0.80% | |||||
| Next $5 billion | 0.775% | |||||
| Next $5 billion | 0.755% | |||||
| Next $5 billion | 0.74% | |||||
| Any excess thereafter | 0.73% | |||||
| Putnam Small Cap | 774,255,867 | First $500 million | 0.80% | 6,409,797^ | Yes | Capital appreciation. |
| Value Fund | Next $500 million | 0.70% | ||||
| Next $500 million | 0.65% | |||||
| Next $5 billion | 0.60% | |||||
| Next $5 billion | 0.575% | |||||
| Next $5 billion | 0.555% | |||||
| Next $5 billion | 0.54% | |||||
| Any excess thereafter | 0.53% | |||||
| Putnam Tax | 1,200,407,523 | The lesser of 0.50%, or | 6,301,826 | Yes | As high a level of | |
| Exempt Income | First $500 million | 0.60% | current income | |||
| Fund | Next $500 million | 0.50% | exempt from federal | |||
| Next $500 million | 0.45% | income tax as | ||||
| Next $5 billion | 0.40% | Putnam Management | ||||
| Next $5 billion | 0.375% | believes to be | ||||
| Next $5 billion | 0.355% | consistent with | ||||
| Next $5 billion | 0.34% | preservation | ||||
| Any excess thereafter | 0.33% | of capital. | ||||
H-13
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam Tax Exempt | 130,101,465 | First $500 million | 0.45% | 390,524 | Yes | As high a level of |
| Money Market Fund | Next $500 million | 0.35% | current income | |||
| Next $500 million | 0.30% | exempt from federal | ||||
| Next $5 billion | 0.25% | income tax as | ||||
| Next $5 billion | 0.225% | Putnam Management | ||||
| Next $5 billion | 0.205% | believes is | ||||
| Next $5 billion | 0.19% | consistent with | ||||
| Any excess thereafter | 0.18% | preservation of | ||||
| capital, maintenance | ||||||
| of liquidity and | ||||||
| stability of principal. | ||||||
| Putnam Tax-Free | 192,025,045 | The lesser of 0.55%, or | 1,177,515 | Yes | The fund seeks to | |
| Health Care Fund | First $500 million | 0.65% | provide as high a | |||
| Next $500 million | 0.55% | level of current | ||||
| Next $500 million | 0.50% | income free from | ||||
| Next $5 billion | 0.45% | federal income tax | ||||
| Next $5 billion | 0.425% | as Putnam | ||||
| Next $5 billion | 0.405% | Management | ||||
| Next $5 billion | 0.39% | believes is | ||||
| Any excess over $21.5 billion | 0.38% | consistent with the | ||||
| preservation | ||||||
| of capital. | ||||||
| Putnam Tax-Free | 1,463,606,993 | The lesser of 0.50%, or | 7,815,394 | Yes | High current income | |
| High Yield Fund | First $500 million | 0.60% | exempt from federal | |||
| Next $500 million | 0.50% | income tax. | ||||
| Next $500 million | 0.45% | |||||
| Next $5 billion | 0.40% | |||||
| Next $5 billion | 0.375% | |||||
| Next $5 billion | 0.355% | |||||
| Next $5 billion | 0.34% | |||||
| Any excess thereafter | 0.33% | |||||
| Putnam Tax Smart | 282,128,891 | First $500 million | 0.70% | 1,914,939 | Yes | Long-term growth |
| Equity Fund® | Next $500 million | 0.60% | of capital on an | |||
| Next $500 million | 0.55% | after-tax basis. | ||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
| Putnam U.S. | 1,209,378,791 | First $500 million | 0.57% | 6,820,873 | Yes | As high a level of |
| Government | Next $500 million | 0.475% | current income as | |||
| Income Trust | Next $500 million | 0.4275% | Putnam Management | |||
| Any excess over $1.5 billion | 0.38% | believes is | ||||
| consistent with | ||||||
| preservation | ||||||
| of capital. | ||||||
| Putnam Utilities | 622,775,796 | First $500 million | 0.70% | 3,727,421 | Yes | Capital growth and |
| Growth and | Next $500 million | 0.60% | current income. | |||
| Income Fund | Next $500 million | 0.55% | ||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
H-14
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam Vista Fund | 2,389,026,658 | First $500 million | 0.65% | 14,101,874 | Yes | Capital appreciation. |
| Next $500 million | 0.55% | |||||
| Next $500 million | 0.50% | |||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess over $21.5 billion | 0.38% | |||||
| Putnam Voyager Fund | 8,241,571,476 | First $500 million | 0.70% | 51,035,233 | Yes | Capital appreciation. |
| Next $500 million | 0.60% | |||||
| Next $500 million | 0.55% | |||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Next $5 billion | 0.43% | |||||
| Next $5 billion | 0.42% | |||||
| Next $5 billion | 0.41% | |||||
| Next $5 billion | 0.40% | |||||
| Next $5 billion | 0.39% | |||||
| Next $8.5 billion | 0.38% | |||||
| Above $55 billion | 0.37% | |||||
| Putnam VT | 149,012,146 | First $500 million | 0.65% | 693,021 | Yes | High current income |
| American | Next $500 million | 0.55% | with preservation of | |||
| Government | Next $500 million | 0.50% | capital as a | |||
| Income Fund | Next $5 billion | 0.45% | secondary objective. | |||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Next $5 billion | 0.38% | |||||
| Next $5 billion | 0.37% | |||||
| Next $5 billion | 0.36% | |||||
| Next $5 billion | 0.35% | |||||
| Any excess thereafter | 0.34% | |||||
| Putnam VT Capital | 50,843,215 | First $500 million | 0.65% | 225,344 | Yes | Capital appreciation. |
| Appreciation Fund | Next $500 million | 0.55% | ||||
| Next $500 million | 0.50% | |||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Next $5 billion | 0.38% | |||||
| Next $5 billion | 0.37% | |||||
| Next $5 billion | 0.36% | |||||
| Next $5 billion | 0.35% | |||||
| Next $5 billion | 0.34% | |||||
| Next $8.5 billion | 0.33% | |||||
| Any excess thereafter | 0.32% | |||||
H-15
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam VT Capital | 46,989,019 | First $500 million | 0.65% | 222,790 | Yes | Long-term growth |
| Opportunities Fund | Next $500 million | 0.55% | of capital. | |||
| Next $500 million | 0.50% | |||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
| Putnam VT Discovery | 36,740,778 | First $500 million | 0.70% | 105,127 | Yes | Long-term growth |
| Growth Fund | Next $500 million | 0.60% | of capital. | |||
| Next $500 million | 0.55% | |||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Next $5 billion | 0.43% | |||||
| Next $5 billion | 0.42% | |||||
| Next $5 billion | 0.41% | |||||
| Next $5 billion | 0.40% | |||||
| Next $5 billion | 0.39% | |||||
| Next $8.5 billion | 0.38% | |||||
| Any excess thereafter | 0.37% | |||||
| Putnam VT | 479,813,483 | First $500 million | 0.70% | 2,933,530 | Yes | As high a level of |
| Diversified | Next $500 million | 0.60% | current income as | |||
| Income Fund | Next $500 million | 0.55% | Putnam Management | |||
| Next $5 billion | 0.50% | believes is consistent | ||||
| Next $5 billion | 0.475% | with preservation | ||||
| Next $5 billion | 0.455% | of capital. | ||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
| Putnam VT Equity | 241,424,798 | First $500 million | 0.65% | 1,326,897 | Yes | Capital growth and |
| Income Fund | Next $500 million | 0.55% | current income. | |||
| Next $500 million | 0.50% | |||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
| Putnam VT The | 608,279,822 | First $500 million | 0.65% | 3,969,447 | Yes | To provide a balanced |
| George Putnam | Next $500 million | 0.55% | investment composed | |||
| Fund of Boston | Next $500 million | 0.50% | of a well diversified | |||
| Next $5 billion | 0.45% | portfolio of stocks | ||||
| Next $5 billion | 0.425% | and bonds which | ||||
| Next $5 billion | 0.405% | produce both capital | ||||
| Next $5 billion | 0.39% | growth and | ||||
| Any excess thereafter | 0.38% | current income. | ||||
| Putnam VT Global | 400,137,286 | First $500 million | 0.70% | 2,392,952 | Yes | A high level of |
| Asset Allocation | Next $500 million | 0.60% | long-term total | |||
| Fund | Next $500 million | 0.55% | return consistent | |||
| Next $5 billion | 0.50% | with preservation | ||||
| Next $5 billion | 0.475% | of capital. | ||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
H-16
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam VT Global | 608,067,124 | First $500 million | 0.80% | 4,692,325 | Yes | Capital appreciation. |
| Equity Fund | Next $500 million | 0.70% | ||||
| Next $500 million | 0.65% | |||||
| Next $5 billion | 0.60% | |||||
| Next $5 billion | 0.575% | |||||
| Next $5 billion | 0.555% | |||||
| Next $5 billion | 0.54% | |||||
| Any excess thereafter | 0.53% | |||||
| Putnam VT Growth | 4,101,216,725 | First $500 million | 0.65% | 20,729,712 | Yes | Capital growth and |
| and Income Fund | Next $500 million | 0.55% | current income. | |||
| Next $500 million | 0.50% | |||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
| Putnam VT Growth | 50,923,698 | First $500 million | 0.70% | 243,122 | Yes | Capital appreciation. |
| Opportunities Fund | Next $500 million | 0.60% | ||||
| Next $500 million | 0.55% | |||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Next $5 billion | 0.43% | |||||
| Any excess thereafter | 0.42% | |||||
| Putnam VT Health | 270,659,925 | First $500 million | 0.70% | 2,204,609 | Yes | Capital appreciation. |
| Sciences Fund | Next $500 million | 0.60% | ||||
| Next $500 million | 0.55% | |||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
| Putnam VT High | 599,035,287 | First $500 million | 0.70% | 3,720,493 | Yes | High current income. |
| Yield Fund | Next $500 million | 0.60% | Capital growth is a | |||
| Next $500 million | 0.55% | secondary goal | ||||
| Next $5 billion | 0.50% | when consistent | ||||
| Next $5 billion | 0.475% | with achieving high | ||||
| Next $5 billion | 0.455% | current income. | ||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
| Putnam VT | 737,543,099 | First $500 million | 0.65% | 3,498,163 | Yes | High current income |
| Income Fund | Next $500 million | 0.55% | consistent with what | |||
| Next $500 million | 0.50% | Putnam Management | ||||
| Next $5 billion | 0.45% | believes to be | ||||
| Next $5 billion | 0.425% | prudent risk. | ||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
H-17
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam VT | 1,267,657,390 | First $500 million | 0.80% | 8,271,996 | Yes | Capital appreciation. |
| International | Next $500 million | 0.70% | ||||
| Equity Fund | Next $500 million | 0.65% | ||||
| Next $5 billion | 0.60% | |||||
| Next $5 billion | 0.575% | |||||
| Next $5 billion | 0.555% | |||||
| Next $5 billion | 0.54% | |||||
| Any excess thereafter | 0.53% | |||||
| Putnam VT | 460,469,163 | First $500 million | 0.80% | 2,838,706 | Yes | Capital growth. |
| International Growth | Next $500 million | 0.70% | Current income is a | |||
| and Income Fund | Next $500 million | 0.65% | secondary objective. | |||
| Next $5 billion | 0.60% | |||||
| Next $5 billion | 0.575% | |||||
| Next $5 billion | 0.555% | |||||
| Next $5 billion | 0.54% | |||||
| Any excess thereafter | 0.53% | |||||
| Putnam VT | 287,674,855 | First $500 million | 1.00% | 2,485,049 | Yes | Long-term |
| International New | Next $500 million | 0.90% | capital appreciation. | |||
| Opportunities Fund | Next $500 million | 0.85% | ||||
| Next $5 billion | 0.80% | |||||
| Next $5 billion | 0.775% | |||||
| Next $5 billion | 0.755% | |||||
| Next $5 billion | 0.74% | |||||
| Any excess thereafter | 0.73% | |||||
| Putnam VT | 494,282,635 | First $500 million | 0.65% | 3,216,355 | Yes | Long-term growth |
| Investors Fund | Next $500 million | 0.55% | of capital and any | |||
| Next $500 million | 0.50% | increased income | ||||
| Next $5 billion | 0.45% | that results from | ||||
| Next $5 billion | 0.425% | this growth. | ||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
| Putnam VT Mid | 95,124,663 | First $500 million | 0.70% | 634,565 | Yes | Capital appreciation |
| Cap Value Fund | Next $500 million | 0.60% | and, as a secondary | |||
| Next $500 million | 0.55% | objective, current | ||||
| Next $5 billion | 0.50% | income. | ||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
| Putnam VT Money | 399,752,655 | First $500 million | 0.45% | 1,529,264 | Yes | As high a rate of |
| Market Fund | Next $500 million | 0.35% | current income as | |||
| Next $500 million | 0.30% | Putnam Management | ||||
| Next $5 billion | 0.25% | believes is consistent | ||||
| Next $5 billion | 0.225% | with preservation of | ||||
| Next $5 billion | 0.205% | capital and | ||||
| Next $5 billion | 0.19% | maintenance | ||||
| Any excess thereafter | 0.18% | of liquidity. | ||||
| Putnam VT New | 1,291,099,249 | First $500 million | 0.70% | 8,663,759 | Yes | Long-term |
| Opportunities Fund | Next $500 million | 0.60% | capital appreciation. | |||
| Next $500 million | 0.55% | |||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
H-18
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam VT New | 679,407,446 | First $500 million | 0.70% | 4,475,605 | Yes | Long-term |
| Value Fund | Next $500 million | 0.60% | capital appreciation. | |||
| Next $500 million | 0.55% | |||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
| Putnam VT OTC & | 79,065,231 | First $500 million | 0.70% | 575,537 | Yes | Capital appreciation. |
| Emerging Growth | Next $500 million | 0.60% | ||||
| Fund | Next $500 million | 0.55% | ||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
| Putnam VT | 177,820,555 | First $500 million | 0.65% | 1,213,099 | Yes | Capital appreciation. |
| Research Fund | Next $500 million | 0.55% | ||||
| Next $500 million | 0.50% | |||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
| Putnam VT Small | 978,000,195 | First $500 million | 0.80% | 6,827,461 | Yes | Capital appreciation. |
| Cap Value Fund | Next $500 million | 0.70% | ||||
| Next $500 million | 0.65% | |||||
| Next $5 billion | 0.60% | |||||
| Next $5 billion | 0.575% | |||||
| Next $5 billion | 0.555% | |||||
| Next $5 billion | 0.54% | |||||
| Any excess thereafter | 0.53% | |||||
| Putnam VT Utilities | 382,902,568 | First $500 million | 0.70% | 2,437,187 | Yes | Capital growth and |
| Growth and Income | Next $500 million | 0.60% | current income. | |||
| Fund | Next $500 million | 0.55% | ||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
| Putnam VT | 420,426,636 | First $500 million | 0.65% | 3,006,605 | Yes | Capital appreciation. |
| Vista Fund | Next $500 million | 0.55% | ||||
| Next $500 million | 0.50% | |||||
| Next $5 billion | 0.45% | |||||
| Next $5 billion | 0.425% | |||||
| Next $5 billion | 0.405% | |||||
| Next $5 billion | 0.39% | |||||
| Any excess thereafter | 0.38% | |||||
H-19
| Has | ||||||
| Amount of | compensation | |||||
| Management | been waived, | |||||
| Fee Paid in the | reduced or | |||||
| Most Recent | otherwise | |||||
| Fiscal Year | agreed to be | |||||
| Net Assets | (after applicable | reduced | ||||
| as of | waivers and | under any | Current | |||
| December 31, | reimbursements, | applicable | Investment | |||
| Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | |
| Putnam VT | 1,860,346,341 | First $500 million | 0.70% | 11,832,070 | Yes | Capital appreciation. |
| Voyager Fund | Next $500 million | 0.60% | ||||
| Next $500 million | 0.55% | |||||
| Next $5 billion | 0.50% | |||||
| Next $5 billion | 0.475% | |||||
| Next $5 billion | 0.455% | |||||
| Next $5 billion | 0.44% | |||||
| Any excess thereafter | 0.43% | |||||
* Due to expense limitations in effect during the fund’s fiscal year ended 02/28/06, Putnam Income Strategies Fund did not pay a management fee to Putnam Management. Figures for the fund’s most recent fiscal year are not yet available.
** The management fee schedule for Putnam Municipal Opportunities Trust represents fees paid only for investment advisory services. As described in this proxy statement, the fund also paid administrative fees to Putnam Management for administrative services.
*** The management fee schedule for Putnam Prime Money Market Fund represents fees paid only for investment advisory services. As described in this proxy statement, the fund also pays administrative fees to Putnam Management for administrative services.
****A revised management contract for Putnam Research Fund was approved by shareholders on December 14, 2006 to remove the incentive fee component from the management fee. Under the fund’s previous management contract, the fund paid Putnam Management a quarterly fee consisting of an asset-based component and an incentive component. The asset-based fee was subject to a performance adjustment based on the investment performance of the fund compared to the Standard & Poor’s 500 (S&P 500) composite Stock Price Index. Performance was calculated for these purposes at the beginning of each calendar quarter, for the thirty-six month period immediately preceding such quarter or the life of the fund, if shorter. The applicable asset-based fee was increased or decreased for each calendar quarter by an incentive payment or penalty at the annual rate of 0.01% of the fund’s average net assets for each 1.00% increment by which the fund outperformed or underp erformed the S&P 500 in excess of 3.00%, subject to a maximum increase or decrease of 0.07% of average net assets. The revised management contract provides for an eighteen-month transition period during which the fund’s fee will be the lesser of (i) the asset-based fee and (ii) the performance-adjusted fee that would have been calculated under the previous contract. The fund is currently in this transition period, which will end on June 30, 2008, after which the asset-based management fee will apply without performance-based adjustments.
† Due to expense limitations in effect during the most recent fiscal year, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2050 Fund and Putnam RetirementReady Maturity Fund did not pay management fees to Putnam Management.
^ Amounts for fiscal year ended 02/28/06. Figures for the fund’s most recent fiscal year are not yet available.
H-20
The following table contains certain information regarding other funds for which Putnam Management provides investment advisory services as a sub-adviser. Unlike the other funds addressed in this proxy statement, Putnam Management does not provide administrative or other services to these funds.
| Has | |||||||||
| compensation | |||||||||
| been waived, | |||||||||
| reduced or | |||||||||
| otherwise | |||||||||
| Amount of | agreed to be | ||||||||
| Net Assets | Sub-Advisory | reduced | |||||||
| as of | Fee Paid in the | under any | Current | ||||||
| December 31, | Most Recent | applicable | Investment | Fiscal | |||||
| Fund | 2006 ($) | Sub-Advisory Fee Rate | Fiscal Year ($) | contract? | Objective | Year | |||
| Met Investors | 44,828,654 | 0.54% of average daily net assets†† | 244,961 | No | Long-term | Dec. 31, 2006 | |||
| Series Trust: | growth of capital. | ||||||||
| Met/Putnam | |||||||||
| Capital | |||||||||
| Opportunities | |||||||||
| Portfolio | |||||||||
| Valic Company I: | 432,979,141 | 0.50% of average daily net assets†† | 17,697√ | No | Capital | May 31,2006 | |||
| Global Equity Fund | appreciation. | ||||||||
| Valic Company I: | 185,427,002 | 0.63% of average daily net assets†† | 14,918√ | No | To produce | May 31, 2006 | |||
| Small Cap Special | growth of capital | ||||||||
| Values Fund√√ | by investing | ||||||||
| primarily in | |||||||||
| common stocks. | |||||||||
| Seasons Series Trust | 393,715,244 | 0.45% of average daily net assets†† | 1,728,770 �� | Yes | Capital | May 31, 2006 | |||
| — Asset Allocation: | appreciation. | ||||||||
| Diversified Growth | |||||||||
| Portfolio | |||||||||
| JNL/Putnam | 141,960,660 | First $150 million | 0.45% | 694,815 | No | Long-term | May 31, 2006 | ||
| Equity Fund | Next $150 million | 0.35% | capital growth. | ||||||
| Excess thereafter | 0.30% | ||||||||
| JNL/Putnam Midcap | 31,233,273 | First $250 million | 0.475% | 188,472 | No | Capital | May 31, 2006 | ||
| Growth Fund | Excess thereafter | 0.40% | appreciation. | ||||||
| SunAmerica Series | 234,230,726 | First $100 million | 0.85% | 1,891,099 | No | Long-term capital | Jan. 31, 2007 | ||
| Trust Emerging | Next $100 million | 0.80% | appreciation. | ||||||
| Markets Portfolio | Excess thereafter | 0.75% | |||||||
| SunAmerica Series | 455,306,042 | First $150 million | 0.65% | 2,227,733 | No | Growth of capital, | Jan. 31, 2007 | ||
| Trust: International | Next $150 million | 0.55% | and secondarily, | ||||||
| Growth & Income | Excess thereafter | 0.45% | current income. | ||||||
| Portfolio | |||||||||
| SunAmerica Series | 170,785,085 | First $150 million | 0.50% | 709,398 | Yes | Capital | Jan. 31, 2007 | ||
| Trust: Putnam Growth: | Next $150 million | 0.45% | appreciation. | ||||||
| Voyager Portfolio | Excess thereafter | 0.35% | |||||||
†† The effective annual management fee rate is provided for these funds as the management fee schedule for each fund is not publicly disclosed.
√These amounts represent fees paid by each fund for a partial fiscal year, since each fund’s inception was December 5, 2005.
√√Putnam Management currently sub-advises approximately 50% of the fund’s assets, with the remainder being advised by another investment adviser. The net assets provided here represent only those assets of the fund sub-advised by Putnam Management.
H-21
APPENDIX I
Payments to Putnam Managementand its Affiliates
The following fees were paid by the funds to Putnam Management and its affiliates during each fund’s most recent fiscal year (other than under a management contract). These services will continue to be provided after the proposed management contract is approved; however, the funds have retained State Street Bank and Trust Company as custodian, and it is expected that Putnam Fiduciary Trust Company’s service as custodian will terminate during the first half of 2007 when all of the funds’ assets in its custody or the custody of its sub-custodians have been transferred into State Street Bank and Trust Company’s safekeeping.
Also, as described in this proxy statement, Putnam Prime Money Market Fund and Putnam Municipal Opportunities Trust paid administrative services fees to Putnam Management. Please refer to the footnotes to these particular funds inAppendix Efor information about the administrative services fees paid to Putnam Management during the most recent fiscal year.
| Fees paid to | |||||
| Fees paid to | Fees paid to | Putnam Retail | |||
| Putnam Fiduciary | Putnam | Management | |||
| Trust Company | Fiduciary | Limited | |||
| for serving as | Trust Company | Partnership | |||
| investor servicing | for serving as | pursuant to | |||
| Fund | agent ($)* | custodian ($)* | distribution plans ($) | Fiscal Year End | |
| Putnam American Government Income Fund | 1,306,503 | 236,148 | 2,407,457 | September 30, 2006 | |
| Putnam AMT-Free Insured Municipal Fund | 168,922 | 116,080 | 1,281,572 | July 31, 2006 | |
| Putnam Arizona Tax Exempt Income Fund | 38,915 | 46,131 | 283,374 | May 31, 2006 | |
| Putnam Asset Allocation: Balanced Portfolio | 3,197,418 | 722,008 | 7,690,831 | September 30, 2006 | |
| Putnam Asset Allocation: Conservative Portfolio | 1,751,830 | 450,008 | 2,498,757 | September 30, 2006 | |
| Putnam Asset Allocation: Growth Portfolio | 3,385,542 | 1,560,157 | 7,209,776 | September 30, 2006 | |
| Putnam California Investment Grade Municipal Trust | 34,777 | 41,090 | Not Applicable | April 30, 2006 | |
| Putnam California Tax Exempt Income Fund | 687,684 | 169,424 | 5,547,728 | September 30, 2006 | |
| Putnam Capital Appreciation Fund | 2,448,787 | 219,444 | 3,461,183 | May 31, 2006 | |
| Putnam Capital Opportunities Fund | 3,432,751 | 347,870 | 3,827,544 | April 30, 2006 | |
| Putnam Classic Equity Fund | 1,952,796 | 175,325 | 3,180,135 | November 30, 2006 | |
| Putnam Convertible Income-Growth Trust | 781,757 | 137,389 | 2,235,945 | October 31, 2006 | |
| Putnam Discovery Growth Fund | 5,314,129 | 180,530 | 4,788,597 | December 31, 2006 | |
| Putnam Diversified Income Trust | 3,299,040 | 581,814 | 14,908,977 | September 30, 2006 | |
| Putnam Equity Income Fund | 6,951,658 | 245,063 | 14,113,121 | November 30, 2006 | |
| Putnam Europe Equity Fund | 1,372,486 | 573,492 | 2,634,957 | June 30, 2006 | |
| Putnam Floating Rate Income Fund** | 175,806 | 129,462 | 1,244,466 | February 28, 2006 | |
| The Putnam Fund for Growth and Income | 26,869,135 | 599,513 | 51,322,232 | October 31, 2006 | |
| The George Putnam Fund of Boston | 9,125,947 | 480,131 | 18,216,870 | July 31, 2006 | |
| Putnam Global Equity Fund | 5,695,273 | 1,368,894 | 8,397,834 | October 31, 2006 | |
| Putnam Global Income Trust | 254,473 | 130,104 | 546,850 | October 31, 2006 | |
| Putnam Global Natural Resources Fund | 1,043,084 | 301,780 | 2,729,494 | August 31, 2006 | |
| Putnam Growth Opportunities Fund | 5,034,903 | 170,468 | 4,889,338 | July 31, 2006 | |
| Putnam Health Sciences Trust | 6,313,802 | 507,220 | 12,527,764 | August 31, 2006 | |
| Putnam High Income Securities Fund | 96,278 | 137,361 | Not Applicable | August 31, 2006 | |
| Putnam High Yield Advantage Fund | 701,060 | 188,244 | 3,305,078 | November 30, 2006 | |
| Putnam High Yield Municipal Trust | 86,711 | 104,108 | Not Applicable | March 31, 2006 | |
| Putnam High Yield Trust | 3,593,375 | 247,504 | 9,404,607 | August 31, 2006 | |
I- 1
| Fees paid to | |||||||
| Fees paid to | Fees paid to | Putnam Retail | |||||
| Putnam Fiduciary | Putnam | Management | |||||
| Trust Company | Fiduciary | Limited | |||||
| for serving as | Trust Company | Partnership | |||||
| investor servicing | for serving as | pursuant to | |||||
| Fund | agent ($)* | custodian ($)* | distribution plans ($) | Fiscal Year End | |||
| Putnam Income Fund | 5,188,989 | 406,144 | 6,057,170 | October 31, 2006 | |||
| Putnam Income Strategies Fund** | 1,014 | 6,428 | 9,348 | February 28, 2006 | |||
| Putnam International Capital Opportunities Fund | 3,486,799 | 1,655,998 | 7,485,283 | August 31, 2006 | |||
| Putnam International Equity Fund | 15,299,530 | 6,653,687 | 24,900,584 | June 30, 2006 | |||
| Putnam International Growth and Income Fund | 2,170,028 | 851,927 | 3,774,490 | June 30, 2006 | |||
| Putnam International New Opportunities Fund | 2,552,793 | 777,569 | 3,072,562 | September 30, 2006 | |||
| Putnam Investment Grade Municipal Trust | 112,961 | 124,251 | Not Applicable | November 30, 2006 | |||
| Putnam Investors Fund | 11,541,559 | 295,418 | 16,725,612 | July 31, 2006 | |||
| Putnam Limited Duration Government Income Fund | 1,035,304 | 174,392 | 1,485,486 | November 30, 2006 | |||
| Putnam Managed Municipal Income Trust | 188,595 | 145,207 | Not Applicable | October 31, 2006 | |||
| Putnam Massachusetts Tax Exempt Income Fund | 141,481 | 110,395 | 1,112,889 | May 31, 2006 | |||
| Putnam Master Intermediate Income Trust | 340,900 | 289,863 | Not Applicable | September 30, 2006 | |||
| Putnam Michigan Tax Exempt Income Fund | 75,770 | 56,902 | 411,398 | May 31, 2006 | |||
| Putnam Mid Cap Value Fund | 2,439,108 | 144,668 | 4,523,402 | April 30, 2006 | |||
| Putnam Minnesota Tax Exempt Income Fund | 78,884 | 54,736 | 405,217 | May 31, 2006 | |||
| Putnam Money Market Fund | 7,108,735 | 26,396 | 1,813,923 | September 30, 2006 | |||
| Putnam Municipal Bond Fund | 118,092 | 126,202 | Not Applicable | April 30, 2006 | |||
| Putnam Municipal Opportunities Trust | 105,176 | 117,534 | Not Applicable | April 30, 2006 | |||
| Putnam New Jersey Tax Exempt Income Fund | 109,963 | 87,009 | 815,048 | May 31, 2006 | |||
| Putnam New Opportunities Fund | 18,449,214 | 284,869 | 19,722,612 | June 30, 2006 | |||
| Putnam New Value Fund | 4,874,321 | 175,324 | 8,846,785 | August 31, 2006 | |||
| Putnam New York Investment Grade Municipal Trust | 19,398 | 26,438 | Not Applicable | April 30, 2006 | |||
| Putnam New York Tax Exempt Income Fund | 572,969 | 147,793 | 2,977,860 | November 30, 2006 | |||
| Putnam Ohio Tax Exempt Income Fund | 96,299 | 91,003 | 504,029 | May 31, 2006 | |||
| Putnam OTC & Emerging Growth Fund | 5,529,799 | 169,354 | 4,424,411 | July 31, 2006 | |||
| Putnam Pennsylvania Tax Exempt Income Fund | 107,359 | 78,985 | 613,022 | May 31, 2006 | |||
| Putnam Premier Income Trust | 677,416 | 366,332 | Not Applicable | July 31, 2006 | |||
| Putnam Prime Money Market Fund | 320,694 | 49,161 | 10,226 | September 30, 2006 | |||
| Putnam Research Fund | 3,274,639 | 168,708 | 4,752,048 | July 31, 2006 | |||
| Putnam RetirementReady 2010 Fund | Not Applicable | Not Applicable | 108,176 | July 31, 2006 | |||
| Putnam RetirementReady 2015 Fund | Not Applicable | Not Applicable | 153,376 | July 31, 2006 | |||
| Putnam RetirementReady 2020 Fund | Not Applicable | Not Applicable | 175,406 | July 31, 2006 | |||
| Putnam RetirementReady 2025 Fund | Not Applicable | Not Applicable | 143,679 | July 31, 2006 | |||
| Putnam RetirementReady 2030 Fund | Not Applicable | Not Applicable | 100,250 | July 31, 2006 | |||
| Putnam RetirementReady 2035 Fund | Not Applicable | Not Applicable | 67,617 | July 31, 2006 | |||
| Putnam RetirementReady 2040 Fund | Not Applicable | Not Applicable | 42,154 | July 31, 2006 | |||
| Putnam RetirementReady 2045 Fund | Not Applicable | Not Applicable | 29,079 | July 31, 2006 | |||
| Putnam RetirementReady 2050 Fund | Not Applicable | Not Applicable | 3,856 | July 31, 2006 | |||
| Putnam RetirementReady Maturity Fund | Not Applicable | Not Applicable | 74,474 | July 31, 2006 | |||
| Putnam Small Cap Growth Fund | 1,303,853 | 172,809 | 1,727,604 | June 30, 2006 | |||
I- 2
| Fees paid to | ||||||
| Fees paid to | Fees paid to | Putnam Retail | ||||
| Putnam Fiduciary | Putnam | Management | ||||
| Trust Company | Fiduciary | Limited | ||||
| for serving as | Trust Company | Partnership | ||||
| investor servicing | for serving as | pursuant to | ||||
| Fund | agent ($)* | custodian ($)* | distribution plans ($) | Fiscal Year End | ||
| Putnam Small Cap Value Fund** | 1,721,218 | 189,821 | 4,206,106 | February 28, 2006 | ||
| Putnam Tax Exempt Income Fund | 619,569 | 157,244 | 2,965,084 | September 30, 2006 | ||
| Putnam Tax Exempt Money Market Fund | 92,314 | 7,225 | Not Applicable | September 30, 2006 | ||
| Putnam Tax-Free Health Care Fund | 96,730 | 89,104 | Not Applicable | May 31, 2006 | ||
| Putnam Tax-Free High Yield Fund | 876,144 | 181,530 | 4,924,806 | July 31, 2006 | ||
| Putnam Tax Smart Equity Fund® | 308,021 | 136,425 | 1,725,253 | October 31, 2006 | ||
| Putnam U.S. Government Income Trust | 1,912,986 | 524,492 | 4,893,122 | September 30, 2006 | ||
| Putnam Utilities Growth and Income Fund | 969,213 | 343,106 | 1,921,475 | October 31, 2006 | ||
| Putnam Vista Fund | 7,285,460 | 292,982 | 10,325,341 | July 31, 2006 | ||
| Putnam Voyager Fund | 30,585,086 | 398,461 | 32,965,281 | July 31, 2006 | ||
| Putnam VT American Government Income Fund | 48,941 | 114,013 | 173,639 | December 31, 2006 | ||
| Putnam VT Capital Appreciation Fund | 15,725 | 65,351 | 57,034 | December 31, 2006 | ||
| Putnam VT Capital Opportunities Fund | 12,527 | 54,559 | 46,005 | December 31, 2006 | ||
| Putnam VT Discovery Growth Fund | 11,659 | 63,423 | 65,208 | December 31, 2006 | ||
| Putnam VT Diversified Income Fund | 145,032 | 268,013 | 425,943 | December 31, 2006 | ||
| Putnam VT Equity Income Fund | 61,671 | 104,545 | 236,721 | December 31, 2006 | ||
| Putnam VT The George Putnam Fund of Boston | 194,190 | 268,645 | 744,815 | December 31, 2006 | ||
| Putnam VT Global Asset Allocation Fund | 118,715 | 433,160 | 193,024 | December 31, 2006 | ||
| Putnam VT Global Equity Fund | 178,611 | 512,462 | 184,854 | December 31, 2006 | ||
| Putnam VT Growth and Income Fund | 1,270,937 | 311,396 | 1,981,707 | December 31, 2006 | ||
| Putnam VT Growth Opportunities Fund | 15,810 | 48,399 | 75,526 | December 31, 2006 | ||
| Putnam VT Health Sciences Fund | 95,118 | 155,996 | 444,903 | December 31, 2006 | ||
| Putnam VT High Yield Fund | 181,736 | 189,665 | 413,089 | December 31, 2006 | ||
| Putnam VT Income Fund | 231,988 | 265,541 | 738,885 | December 31, 2006 | ||
| Putnam VT International Equity Fund | 338,452 | 1,358,361 | 1,823,795 | December 31, 2006 | ||
| Putnam VT International Growth and Income Fund | 121,377 | 546,929 | 291,287 | December 31, 2006 | ||
| Putnam VT International New Opportunities Fund | 82,490 | 369,808 | 400,747 | December 31, 2006 | ||
| Putnam VT Investors Fund | 148,076 | 182,489 | 563,681 | December 31, 2006 | ||
| Putnam VT Mid Cap Value Fund | 27,834 | 51,386 | 73,775 | December 31, 2006 | ||
| Putnam VT Money Market Fund | 110,530 | 135,076 | 411,984 | December 31, 2006 | ||
| Putnam VT New Opportunities Fund | 415,595 | 187,781 | 381,899 | December 31, 2006 | ||
| Putnam VT New Value Fund | 200,902 | 140,816 | 676,015 | December 31, 2006 | ||
| Putnam VT OTC & Emerging Growth Fund | 25,507 | 60,623 | 91,357 | December 31, 2006 | ||
| Putnam VT Research Fund | 56,664 | 91,120 | 272,176 | December 31, 2006 | ||
| Putnam VT Small Cap Value Fund | 276,850 | 215,429 | 1,582,848 | December 31, 2006 | ||
| Putnam VT Utilities Growth and Income Fund | 113,131 | 278,585 | 146,590 | December 31, 2006 | ||
| Putnam VT Vista Fund | 167,571 | 190,972 | 628,075 | December 31, 2006 | ||
| Putnam VT Voyager Fund | 569,884 | 211,176 | 1,114,380 | December 31, 2006 | ||
* Excludes custody credits and investor servicing credits.
** Amounts for fiscal year ended 02/28/06. Figures for the fund’s most recent fiscal year are not yet available.
I- 3
APPENDIX J
5% Beneficial Ownership
As of February 9, 2007,January 31, 2008, to the knowledge of the Putnam funds, no person owned beneficially or of record 5% or more of any class of shares of any Putnameach fund, except as shown in the tables below. Additional ownership informationfollows:
Putnam Asset Allocation: Balanced Portfolio
| Class | Shareholder name and address | Percentage owned |
| A | Edward D. Jones & Co. | 12.55% |
| 201 Progress Parkway | ||
| Maryland Heights, MO 63043-3003 | ||
| B | Edward D. Jones & Co. | 5.78% |
| 201 Progress Parkway | ||
| Maryland Heights, MO 63043-3003 | ||
| C | Merrill, Lynch, Pierce, Fenner & Smith | 11.33% |
| 4800 Dear Lake Dr. East | ||
| Jacksonville, FL 32246-6484 | ||
| M | Edward D. Jones & Co. | 6.76% |
| 201 Progress Parkway | ||
| Maryland Heights, MO 63043-3003 | ||
| R | MG Trust Company as Agent for Hartwell | 5.36% |
| Environmental / Frontier Trust Company TTEE | ||
| PO Box 10699 | ||
| Fargo, ND 58106-0699 | ||
| R | MG Trust Company as Agent for Youngs | 5.26% |
| Manufactured Homes Inc. | ||
| 700 17th St. STE 300 | ||
| Denver, CO 80202-3531 | ||
| Y* | IBEW Local 3 | 16.07% |
| Y* | Cenveo Corporation 401(K) Plan | 14.07% |
| Y* | Genlyte Thomas Group Retirement | |
| Savings and Investment Plan | 13.81% | |
| Y** | Local Union No. 126 Retirement Plan | 10.28% |
| Y* | Arch Coal, Inc. Employee Thrift Plan | 6.16% |
| Y* | Ironworkers St. Louis District Council | |
| Annuity Trust Fund | 5.28% | |
* The address for the Putnam closed-end funds is shown separately at the end of this Appendix J.name listed is: c/o Mercer Trust Company, as trustee or agent, Investors Way, Norwood, MA 02062.
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam American Government Income Fund | ||
| CLASS C | ||
| Bickley Printing SEP IRA Plan | ||
| 1225 Norton Ave | ||
| Glendale, CA 91202-2030 | 32,166.81 | 8.90% |
| CLASS M | ||
| Harold Azmelian, Philip Arpiarian & | ||
| Armen Kalbian As TTEE | ||
| Holy Cross Church Endowment Trst | ||
| 770 Anderson Ave Apt 15K | ||
| Cliffside Pk, NJ 07010-2169 | 22,881.20 | 9.70% |
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 52,560.96 | 22.30% |
| Travel Store, Inc.** | 18,454.00 | 7.84% |
| American Broadcast EFCU 401(K) & | ||
| Profit Sharing Plan* | 16,565.00 | 7.04% |
| CLASS R | ||
| MCB Trust Services As Agent For | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 6,299.05 | 97.80% |
| CLASS Y | ||
| Building Service Local 32b-J | ||
| Supplemental Retirement Savings Plan** | 605,464.00 | 57.29% |
| Putnam Investments Profit Sharing Plan* | 188,566.00 | 17.84% |
| Putnam AMT-Free Insured Municipal Fund | ||
| CLASS A | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 937,040.19 | 5.10% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 2,570,441.82 | 14.10% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 178,615.89 | 5.80% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 212,789.69 | 6.90% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 258,300.36 | 8.40% |
| CLASS C | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 98,771.20 | 17.20% |
| J.J.B. Hilliard, W.L. Lyons, Inc | ||
| 501 S.4th Street | ||
| Louisville, KY 40202 | 41,802.53 | 7.30% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS C | ||
| NFS LLC FEBO | ||
| its Customers | ||
| 5769 Pray St | ||
| Bonita, CA 91902 | 31,698.04 | 5.50% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 32,385.59 | 44.70% |
| Pershing LLC | ||
| P. O. Box 2052 | ||
| Jersey City, NJ 07303 | 13,828.44 | 19.00% |
| Joan M Novak & Eugene S. Novak | ||
| 2091 E Parkview Cir | ||
| Hoffman Est, IL 60169-2644 | 4,915.46 | 6.70% |
| Putnam Arizona Tax Exempt Income Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 1,635,301.84 | 19.50% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 67,236.23 | 6.60% |
| CLASS C | ||
| Putnam LLC | ||
| The Putnam Companies, Inc. | ||
| One Post Office Square | ||
| Boston, MA 02109-2106 | 1,098.02 | 100.00% |
| CLASS M | ||
| LPL Financial Services | ||
| 9785 Towne Centre Drive | ||
| San Diego, CA 92121-1968 | 28,739.25 | 19.40% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 31,196.03 | 21.10% |
| Pershing LLC | ||
| P.O. Box 2052 | ||
| Jersey City, NJ 07303-9998 | 19,602.04 | 13.20% |
| L & F Investments Ltd Partnership | ||
| 4121 N 64th Pl | ||
| Scottsdale, AZ 85251-3109 | 33,437.68 | 22.70% |
| Putnam Asset Allocation: Balanced Portfolio | ||
| CLASS A | ||
| Mercer Trust Company | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 9,371,204.58 | 7.60% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 12,828,440.93 | 10.50% |
J-1
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Asset Allocation: Balanced Portfolio, continued | ||
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 596,561.87 | 5.10% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 1,121,584.97 | 9.60% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 264,326.80 | 8.80% |
| CLASS R | ||
| Counsel Trust Co | ||
| Corporate Benefit Services Of | ||
| American And Affiliates Retirement Plan | ||
| 336 4th Ave Ste 5 | ||
| PIttsburgh, PA 15222-2004 | 558,406.74 | 66.50% |
| CLASS Y | ||
| IBEW Local 3** | 3,682,426.00 | 23.87% |
| Kinder Morgan Savings Plan** | 2,708,037.00 | 17.56% |
| Ironworkers St. Louis District | ||
| Council Annuity Trust Fund** | 1,146,805.00 | 7.43% |
| Cenveo Corporation 401(K) Plan** | 897,297.00 | 5.82% |
| Arch Coal, Inc. Employee Thrift Plan** | 854,655.00 | 5.54% |
| Putnam Investments | ||
| Profit Sharing Plan* | 824,774.00 | 5.35% |
| Genlyte Thomas Group Retirement | ||
| Savings And Investment Plan** | 791,025.00 | 5.13% |
| United Way Of Massachusetts | ||
| 51 Sleeper St. | ||
| Boston, MA 02210-1208 | 779,157.00 | 5.00% |
| Putnam Asset Allocation: Conservative Portfolio | ||
| CLASS A | ||
| Ironworkers St. Louis District | ||
| Council Annuity Trust Fund** | 3,367,899.00 | 7.08% |
| Edward D. Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 3,156,069.00 | 6.60% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 485,679.63 | 5.50% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 383,578.45 | 7.50% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 320,521.96 | 6.30% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 408,205.01 | 8.00% |
| CLASS M | ||
| Mercer Trust Company | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 85,547.78 | 6.80% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 74,227.36 | 6.00% |
| National City Bank | ||
| P.O. Box 94984 | ||
| Cleveland, OH 44101-4984 | 228,185.22 | 18.40% |
| CLASS R | ||
| MG Trust Company As Agent For | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 8,218.71 | 6.80% |
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 20,601.75 | 17.10% |
| MG Trust Company FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 7,249.71 | 6.00% |
| Counsel Trust Co | ||
| Corporate Benefit Services | ||
| Of America And Affiliates | ||
| Retirement Plan | ||
| 336 4th Ave Ste 5 | ||
| PIttsburgh, PA 15222-2004 | 31,902.23 | 26.80% |
| CLASS Y | ||
| Building Service Local 32b-J | ||
| Supplemental Retirement | ||
| Savings Plan** | 37,485,779.00 | 89.47% |
| Putnam Asset Allocation: Growth Portfolio | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 12,325,377.19 | 12.20% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 1,505,905.82 | 5.10% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 1,112,482.10 | 8.20% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 1,919,512.93 | 14.20% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 186,629.23 | 5.70% |
| CLASS R | ||
| Counsel Trust Co | ||
| Corporate Benefit Services | ||
| Of American And Affiliates | ||
| Retirement Plan | ||
| 336 4th Ave Ste 5 | ||
| PIttsburgh, PA 15222-2004 | 192,346.35 | 36.90% |
J-2
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS Y | ||
| IBEW Local 3** | 4,835,022.00 | 36.67% |
| Kinder Morgan Savings Plan** | 2,109,804.00 | 16.00% |
| Putnam Investments | ||
| Profit Sharing Plan* | 1,854,414.00 | 14.07% |
| Ironworkers St. Louis District | ||
| Council Annuity Trust Fund** | 1,599,228.00 | 12.13% |
| Cenveo Corporation 401(K) Plan** | 879,500.00 | 6.67% |
| Putnam California Investment Grade Municipal Trust | ||
| COMMON SHARES | ||
| Cede & Co Fast | ||
| 20 Bowling Green | ||
| New York, NY 10004-1408 | 4,293,448.79 | 95.00% |
| Putnam California Tax Exempt Income Fund | ||
| CLASS A | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 21,321,710.75 | 9.00% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 17,371,696.27 | 7.30% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 1,354,535.44 | 10.50% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 1,130,699.39 | 8.80% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 268,293.77 | 9.90% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 346,116.45 | 12.80% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 191,262.38 | 27.20% |
| Kathleen L Bernath, as Trustee | ||
| Of The Edward & Kathleen Bernath | ||
| Revocable Trust | ||
| 650 Harrison Ave | ||
| Claremont, CA 91711-4538 | 37,496.86 | 5.30% |
| William L Rosenberg, as Trustee | ||
| Rosenberg Family Trust | ||
| 4754 La Villa Marina | ||
| Marina Dl Rey, CA 90292-7049 | 63,519.47 | 9.00% |
| Dawn Brenner, as Trustee | ||
| Simms Survivor Trust | ||
| Grant Bennett Associates | ||
| 425 River Park Dr Ste 250 | ||
| Sacramento, CA 95815 | 42,034.28 | 5.90% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Capital Appreciation Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 2,092,848.38 | 8.90% |
| CLASS C | ||
| UBS Financial Services Inc. FBO | ||
| its Customers | ||
| Montgomery Pulmonary Consultants PA | ||
| 1440 Narrow Lane Pkwy | ||
| Montgomery, AL 36111-2654 | 9,353.40 | 5.40% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 31,300.47 | 5.10% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 1,509.68 | 32.60% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 2,312.41 | 49.90% |
| Julianna R Kinstler | ||
| 223 E Wisconsin Ave | ||
| Monticello, WI 53570-9632 | 286.71 | 6.20% |
| CLASS Y | ||
| Putnam Investments Profit | ||
| Sharing Plan* | 236,920.00 | 75.10% |
| Putnam Investments** | 31,040.00 | 9.84% |
| Putnam Capital Opportunities Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 4,519,578.42 | 10.90% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 825,313.08 | 5.00% |
| CLASS C | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 148,509.35 | 5.00% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 87,590.84 | 6.20% |
| CLASS R | ||
| MCB Trust Services As Agent For | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 11,955.82 | 7.10% |
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 19,019.52 | 11.30% |
J-3
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Capital Opportunities Fund, continued | ||
| CLASS R | ||
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 30,455.20 | 18.00% |
| CLASS Y | ||
| Ohio Tuition Trust Authority/ | ||
| College Advantage Program*** | 11,242,432.00 | 31.70% |
| Putnam Classic Equity Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 9,127,506.06 | 22.40% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 730,619.77 | 11.30% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 367,860.58 | 20.40% |
| CLASS R | ||
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 833.71 | 33.60% |
| Trustlynx & Co | ||
| P.O. Box 173736 | ||
| Denver, CO 80217-3736 | 1,449.18 | 58.50% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 284,837.00 | 78.28% |
| Putnam Convertible Income-Growth Trust | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 3,915,801.31 | 12.20% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 121,822.36 | 5.10% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 144,529.65 | 6.10% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 170,971.62 | 7.20% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 79,363.54 | 6.10% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 439,968.63 | 34.10% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 25,671.50 | 8.50% |
| Nationwide Trust Co | ||
| C/O IPO Portfolio Accounting | ||
| P.O. Box 182029 | ||
| Columbus, OH 43218-2029 | 16,486.10 | 5.40% |
| CLASS R | ||
| MG Trust Company Cust | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 32,926.36 | 55.50% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 3,309.08 | 5.50% |
| Reliance Trust Company | ||
| P.O. Box 48529 | ||
| Atlanta, GA 30362-1529 | 17,849.27 | 30.10% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 222,631.00 | 17.76% |
| Madison Paper Industries Savings & | ||
| Investment Plan** | 95,412.00 | 7.61% |
| Putnam Discovery Growth Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 2,460,000.57 | 9.50% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 731,207.18 | 5.70% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 135,360.24 | 8.00% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 71,537.95 | 6.80% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 600.62 | 14.50% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 3,244.52 | 78.40% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 386,717.00 | 76.51% |
| Putnam Investments** | 36,581.00 | 7.24% |
J-4
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Diversified Income Trust | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 13,538,140.81 | 9.70% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 1,556,245.16 | 6.20% |
| CLASS C | ||
| SMBC Friend Securities Co., Ltd | ||
| Foreign Securities Dept | ||
| 7-12 Kabuto-Cho Nihonbashi, | ||
| CHUO-KU | ||
| Tokyo 103 Japan | 5,782,900.00 | 49.70% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 798,898.53 | 6.80% |
| CLASS M | ||
| SMBC Friend Securities Co., Ltd | ||
| Foreign Securities Dept | ||
| 7-12 Kabuto-Cho Nihonbashi, | ||
| CHUO-KU | ||
| Tokyo 103 Japan | 91,082,520.00 | 97.30% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 19,962.07 | 23.00% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 37,020.27 | 42.50% |
| CLASS Y | ||
| Marsh & McLennan Deferred | ||
| Compensation Plans | ||
| 1166 Avenue Of The Americas | ||
| New York, NY 10036-2774 | 758,765.00 | 47.37% |
| Putnam Investments Profit Sharing Plan* | 518,652.00 | 31.15% |
| Putnam Equity Income Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 37,931,042.36 | 24.10% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 4,408,083.78 | 13.30% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 307,531.42 | 5.50% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 417,653.61 | 7.40% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 667,002.28 | 20.70% |
| CLASS R | ||
| Martin Prakken & Tom O’Connell, | ||
| Blueprint Automation Ret Pln | ||
| 16037 Innovation Dr | ||
| Colonial Hgts, VA 23834-5951 | 13,936.94 | 5.10% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 29,226.65 | 10.70% |
| Hartford Life Insurance | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 31,936.51 | 11.70% |
| CLASS Y | ||
| IBEW Local 3** | 3,545,775.00 | 22.13% |
| Marsh & McLennan Supplemental | ||
| Retirement Plan** | 3,393,455.00 | 21.18% |
| Emerson Electric Co. Employee | ||
| Savings Investment Plan** | 1,876,013.00 | 11.71% |
| Putnam Europe Equity Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 817,402.34 | 5.70% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 19,014.05 | 9.10% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 23,756.63 | 11.40% |
| CLASS M | ||
| SMBC Friend Securities Co., Ltd | ||
| Foreign Securities Dept | ||
| 7-12 Kabuto-Cho Nihonbashi, | ||
| CHUO-KU | ||
| Tokyo 103 Japan | 130,450.00 | 28.60% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 1,489.38 | 78.20% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 224,234.00 | 69.79% |
| Putnam Investments** | 37,594.00 | 11.70% |
| Putnam Floating Rate Income Fund | ||
| CLASS A | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 2,192,572.81 | 6.40% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 5,710,932.18 | 16.80% |
J-5
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Floating Rate Income Fund, continued | ||
| CLASS A | ||
| Charles Schwab & Co Inc | ||
| 101 Montgomery St | ||
| San Francisco, CA 94022-3120 | 1,947,843.94 | 5.70% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 1,207,960.68 | 10.80% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 3,502,943.68 | 31.30% |
| CLASS M | ||
| McDonald Investments Inc | ||
| (FBO its Customers) | ||
| 4900 Tiedeman Rd | ||
| Brooklyn, OH 44144 | 100,359.63 | 13.60% |
| NFS LLC FEBO | ||
| its Customers | ||
| 5769 Pray St | ||
| Bonita, CA 91902 | 72,558.72 | 9.90% |
| Pershing LLC | ||
| P. O. Box 2052 | ||
| Jersey City, NJ 07303 | 50,049.45 | 6.80% |
| Morgan Stanley DW Inc. FBO | ||
| its Customers | ||
| P.O. Box 250 Church Street Station | ||
| New York, NY 10008-0250 | 78,133.63 | 10.60% |
| CLASS R | ||
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 22,857.71 | 69.30% |
| Pershing LLC | ||
| P. O. Box 2052 | ||
| Jersey City, NJ 07303 | 3,299.00 | 10.00% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 188,627.00 | 54.54% |
| Putnam Investments** | 139,302.00 | 40.27% |
| The Putnam Fund for Growth and Income | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 73,509,660.93 | 12.40% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 6,362,082.59 | 8.30% |
| CLASS C | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 249,475.66 | 5.20% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 286,637.16 | 6.00% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 849,730.86 | 16.00% |
| CLASS R | ||
| MG Trust Company As Agent For | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 4,372.41 | 6.10% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 22,061.49 | 30.60% |
| CLASS Y | ||
| Electrical Contractors Association And | ||
| Local Union 134, IBEW Joint | ||
| Pension Trust Of Chicago** | 9,728,228.00 | 14.67% |
| Abbott Laboratories Stock | ||
| Retirement Programs** | 7,393,069.00 | 11.15% |
| The George Putnam Fund of Boston | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 31,807,107.59 | 17.60% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy, | ||
| Maryland Hts, MO 63043-3003 | 3,469,674.47 | 11.60% |
| CLASS C | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 279,122.58 | 6.90% |
| CLASS M | ||
| Carwash & Co | ||
| ADP/State St Collective Trust | ||
| 200 Newport Avenue Ext, | ||
| Quincy, MA 02171-2102 | 7,083,002.28 | 68.00% |
| CLASS R | ||
| MG Trust Company Cust | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 5,231.18 | 5.00% |
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 11,740.95 | 11.30% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 13,190.13 | 12.50% |
| MG Trust Company As Agent For | ||
| its Customers | ||
| P.O. Box 10699 | ||
| Fargo, ND 58106-0699 | 25,414.78 | 24.50% |
| CLASS Y | ||
| Abbott Laboratories Stock | ||
| Retirement Programs** | 3,887,847.00 | 18.16% |
| IBEW Local 3** | 2,614,706.00 | 12.22% |
| Marsh & McLennan Supplemental | ||
| Retirement Plan** | 2,107,279.00 | 9.85% |
J-6
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| The George Putnam Fund of Boston, continued | ||
| CLASS Y | ||
| Electrical Contractors Association And | ||
| Local Union 134, IBEW Joint Pension | ||
| Trust Of Chicago** | 1,323,838.00 | 6.19% |
| Cenveo Corporation 401(K) Plan** | 1,211,292.00 | 5.66% |
| The Canadaigua Brands, Inc. 401(K) | ||
| And Profit Sharing Plan** | 1,163,239.00 | 5.43% |
| Putnam Global Equity Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 13,205,302.77 | 8.50% |
| CLASS C | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 186,523.37 | 6.00% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 217,202.27 | 7.40% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 47,942.22 | 40.10% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 8,829.14 | 7.30% |
| MG Trust Company As Agent For | ||
| its Customers | ||
| P.O. Box 10699 | ||
| Fargo, ND 58106-0699 | 28,305.74 | 23.70% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 1,023,118.00 | 41.74% |
| Marsh & McLennan Deferred | ||
| Compensation Plans | ||
| 1166 Avenue Of The Americas | ||
| New York, NY 10036-2774 | 581,636.00 | 23.73% |
| Putnam Investments** | 323,948.00 | 13.22% |
| Putnam Global Income Trust | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 558,663.42 | 7.80% |
| CLASS C | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 37,112.90 | 15.00% |
| CLASS M | ||
| Mitsubishi UFJ Securities Co Ltd | ||
| Marunouchi Building 2-4-1 | ||
| Marunouchi Chiyoda-Ku | ||
| Tokyo 100-6317 Japan 104 | 1,417,900.00 | 83.60% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 3,765.04 | 36.40% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 4,724.50 | 45.60% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 162,556.00 | 72.28% |
| Putnam Investments** | 45,470.00 | 20.22% |
| Putnam Global Natural Resources Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 1,142,000.65 | 7.20% |
| CLASS B | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 194,271.03 | 5.10% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 40,437.09 | 5.20% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 54,105.86 | 7.00% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 18,409.47 | 7.00% |
| CLASS R | ||
| MG Trust Company Cust | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 5,779.84 | 6.20% |
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 8,945.36 | 9.50% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 8,924.01 | 9.40% |
| Capital Bank & Trust Co | ||
| Hillerich & Bradsby | ||
| 8515 E Orchard Rd # 2T2 | ||
| Greenwood Vlg, CO 80111-5002 | 13,217.59 | 14.10% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers, | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 4,740.14 | 5.00% |
| Reliance Trust Company | ||
| P.O. Box 48529 | ||
| Atlanta, GA 30362-1529 | 5,991.19 | 6.40% |
| Wachovia Bank Various Retirement Plans | ||
| 1525 West Wt Harris Blvd | ||
| Charlotte, NC 28288-1151 | 6,433.38 | 6.90% |
J-7
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Global Natural Resources Fund, continued | ||
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 293,572.00 | 60.98% |
| Putnam Investments** | 73,269.00 | 15.22% |
| Putnam Growth Opportunities Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 2,112,021.68 | 8.50% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 918,723.11 | 5.30% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 131,431.00 | 7.10% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 138,270.20 | 7.50% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 32,837.85 | 5.00% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 408.91 | 5.60% |
| MG Trust Company Trustee | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 490.82 | 6.80% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 5,008.79 | 69.50% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 446,666.00 | 81.87% |
| Putnam Investments** | 27,438.00 | 5.03% |
| Putnam Health Sciences Trust | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 3,029,024.60 | 10.40% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 2,269,683.05 | 7.80% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 473,264.44 | 5.60% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 572,007.59 | 6.80% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 79,260.65 | 12.00% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 81,335.73 | 12.30% |
| CLASS M | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 33,563.70 | 7.50% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 30,231.28 | 6.70% |
| CLASS R | ||
| Wachovia Bank | ||
| 1525 West Wt Harris Blvd | ||
| Charlotte, NC 28288 | 775.47 | 5.70% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 1,900.40 | 13.90% |
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 739.48 | 5.40% |
| Capital Bank & Trust Co Hancock | ||
| Concrete Products Inc | ||
| 8515 E Orchard Rd # 2T2 | ||
| Greenwood Vlg, CO 80111-5002 | 2,033.30 | 14.90% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 188,688.00 | 54.71% |
| Putnam Investments** | 55,513.00 | 16.18% |
| Putnam High Income Securities Fund | ||
| COMMON SHARES | ||
| Cede & Co Fast | ||
| 20 Bowling Green | ||
| New York, NY 10004-1408 | 20,309,109.29 | 94.20% |
| Putnam High Yield Advantage Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 8,501,964.89 | 12.30% |
| Hartford Life Insurance | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 5,584,317.22 | 8.10% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 188,490.57 | 7.80% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 212,054.56 | 8.80% |
J-8
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam High Yield Advantage Fund, continued | ||
| CLASS M | ||
| Mitsubishi UFJ Securities Co Ltd | ||
| Marunouchi Building 2-4-1 | ||
| Marunouchi Chiyoda-Ku | ||
| Tokyo 100-6317 Japan | 52,087,286.00 | 97.10% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 682,831.00 | 40.27% |
| Marsh & McLennan Deferred | ||
| Compensation Plans | ||
| 1166 Avenue Of The Americas | ||
| New York, NY 10036-2774 | 602,851.00 | 35.56% |
| Spectraserv Inc 401k and | ||
| Profit Sharing Plan** | 159,363.00 | 9.40% |
| Putnam High Yield Municipal Trust | ||
| COMMON SHARES | ||
| Cede & Co Fast | ||
| 20 Bowling Green | ||
| New York, NY 10004-1408 | 19,082,078.58 | 90.20% |
| Putnam High Yield Trust | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 41,735,991.99 | 19.40% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 3,921,329.56 | 11.00% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 426,605.74 | 5.30% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 569,240.08 | 7.00% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 269,115.22 | 10.90% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 24,539.09 | 25.00% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 23,129.08 | 23.50% |
| Orchard Trust Co c/o Great West Life | ||
| & Annuity | ||
| 8515 E Orchard Rd # 2T2 | ||
| Greenwood Vlg, CO 80111-5002 | 5,765.30 | 5.80% |
| CLASS Y | ||
| Ohio Tuition Trust Authority/ | ||
| College Advantage Program*** | 12,180,258.00 | 44.50% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Income Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 15,803,891.84 | 13.70% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 1,511,310.10 | 7.20% |
| CLASS C | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 256,487.72 | 8.10% |
| CLASS M | ||
| Mizuho Investors Securities | ||
| Investment Trust Division | ||
| Shibusawa City Place | ||
| 1-13-16 Kayaba-Cho Nihonbashi | ||
| CHUO-KU Tokyo Japan | 43,631,300.00 | 95.90% |
| CLASS R | ||
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 54,922.00 | 43.90% |
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 18,470.58 | 14.70% |
| CLASS Y | ||
| Ohio Tuition Trust Authority/ | ||
| College Advantage Program*** | 9,112,237.00 | 5.10% |
| Putnam Income Strategies Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 81,742.80 | 7.30% |
| Putnam LLC | ||
| One Post Office Square | ||
| Boston, MA 02109-2106 | 549,326.00 | 49.40% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 8,980.49 | 9.90% |
| Pershing LLC | ||
| P. O. Box 2052 | ||
| Jersey City, NJ 07303 | 23,334.49 | 25.60% |
| American Enterprise Investment Svcs | ||
| P.O Box 9446 | ||
| Minneapolis, MN 55440 | 11,447.61 | 12.50% |
| CLASS C | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 35,084.00 | 38.50% |
| Pershing LLC | ||
| P. O. Box 2052 | ||
| Jersey City, NJ 07303 | 9,871.96 | 10.70% |
J-9
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Income Strategies Fund, continued | ||
| CLASS M | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 1,020.62 | 6.90% |
| AG Edwards & Sons Inc | ||
| 1 N Jefferson Ave | ||
| Saint Louis, MO 63103 | 2,977.56 | 20.20% |
| Gloria J Callihan | ||
| 3469 Elmhurst Cir | ||
| Uniontown, OH 44685-8143 | 1,983.14 | 13.40% |
| Robert F Klingensmith | ||
| 3370 Bristol Ln | ||
| Cuyahoga Fls, OH 44223-3348 | 3,726.71 | 25.30% |
| Thomas A Romes & Anne E. Romes | ||
| 615 Slingerland Dr | ||
| Schaumburg, IL 60193-2362 | 3,100.56 | 21.00% |
| Walter Callihan | ||
| 3469 Elmhurst Cir | ||
| Uniontown, OH 44685-8143 | 991.57 | 6.70% |
| CLASS R | ||
| Putnam LLC | ||
| One Post Office Square | ||
| Boston, MA 02109-2106 | 100.00 | 100.00% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 9,397.00 | 95.81% |
| Putnam International Capital Opportunities Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 2,625,157.19 | 8.50% |
| Charles Schwab & Co Inc | ||
| 101 Montgomery St | ||
| San Francisco, CA 94022-3120 | 1,786,905.55 | 5.80% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 720,441.83 | 5.90% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 681,086.34 | 5.60% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 346,447.25 | 13.60% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, Fl 32246-6484 | 295,698.46 | 11.60% |
| CLASS R | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 9,323.32 | 12.80% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS R | ||
| MG Trust Company As Agent For | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 8,563.97 | 11.70% |
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 4,737.45 | 6.40% |
| GPC As Agent For Comms Web Systems | ||
| 401k Plan | ||
| P.O. Box 79377 | ||
| Atlanta, GA 30357-7377 | 6,388.96 | 8.80% |
| CLASS Y | ||
| Ohio Tuition Trust Authority/ | ||
| College Advantage Program*** | 787,271.00 | 35.50% |
| Putnam Investments Profit Sharing Plan* | 614,703.00 | 27.88% |
| Putnam Investments** | 120,581.00 | 5.47% |
| Putnam International Equity Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 9,873,131.41 | 7.80% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 2,374,202.80 | 6.60% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 2,639,722.68 | 7.30% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 985,872.69 | 10.70% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 1,671,268.85 | 18.20% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 172,758.96 | 5.70% |
| CLASS R | ||
| MG Trust Company | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 17,181.88 | 10.80% |
| GPC As Agent For Chinburg | ||
| Builders Inc 401k Plan | ||
| P.O. Box 79377 | ||
| Atlanta, GA 30357-7377 | 8,020.00 | 5.00% |
| Emjay Corporation Plans Of | ||
| RPSA Customers C/O Great-West | ||
| 8515 E Orchard Rd # 2T2 | ||
| Greenwood Vlg, CO 80111-5002 | 25,081.36 | 15.80% |
| Hartford Life Insurance | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 31,298.28 | 19.70% |
J-10
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam International Equity Fund, continued | ||
| CLASS Y | ||
| Abbott Laboratories Stock | ||
| Retirement Programs** | 13.55% | |
| Ohio Tuition Trust Authority/ | ||
| College Advantage Program*** | 9.40% | |
| Marsh & McLennan Supplemental | ||
| Retirement Plan** | 5.62% | |
| Putnam International Growth and Income Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 15,733,147.52 | 31.30% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 670,212.38 | 5.70% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 1,649,042.06 | 14.10% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 632,507.82 | 5.40% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 284,676.91 | 10.20% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 430,994.81 | 15.50% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 282,721.54 | 21.40% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 28,312.22 | 33.50% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 13,500.47 | 15.90% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 479,940.00 | 44.67% |
| Putnam Investments** | 409,371.00 | 38.10% |
| Putnam Investment Grade Municipal Trust | ||
| COMMON SHARES | ||
| Cede & Co Fast | ||
| 20 Bowling Green | ||
| New York, NY 10004-1408 | 18,578,261.76 | 91.80% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam International New Opportunities Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 3,499,239.87 | 9.50% |
| CLASS B | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 427,723.80 | 5.50% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 85,460.10 | 8.00% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 90,428.48 | 8.50% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 107,988.85 | 9.20% |
| CLASS R | ||
| MLPF&S For The Sole Benefit Of | ||
| its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 1,460.47 | 6.10% |
| MG Trust Company Cust | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 7,770.05 | 32.40% |
| MG Trust Company | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 2,783.15 | 11.60% |
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 5,890.25 | 24.50% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 1,284.24 | 5.30% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 925,841.00 | 86.50% |
| Putnam Investments** | 68,370.00 | 6.39% |
| Putnam Investors Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 17,414,401.79 | 10.70% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 2,682,090.33 | 5.00% |
| CLASS C | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 681,853.00 | 14.10% |
J-11
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Investors Fund, continued | ||
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 331,759.87 | 6.80% |
| CLASS M | ||
| Mercer Trust Company | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 164,883.21 | 5.40% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 191,279.33 | 6.30% |
| CLASS R | ||
| MG Trust Company Cust | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 7,211.60 | 9.10% |
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 28,598.84 | 36.00% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 13,754.48 | 17.30% |
| CLASS Y | ||
| Ohio Tuition Trust Authority/ | ||
| College Advantage Program*** | 10,085,385.00 | 22.50% |
| IBEW Local 3** | 6,767,272.00 | 15.23% |
| Putnam Limited Duration Government Income Fund | ||
| CLASS A | ||
| Boston Safe Deposit & Tr Co TTEE | ||
| Marsh & McLennan Employer | ||
| 1166 Avenue Of The Americas | ||
| New York, NY 10036-2708 | 2,774,735.24 | 7.00% |
| Marsh & McLennan Co Inc. | ||
| 1166 Avenue Of The Americas | ||
| New York, NY 10036-2708 | 2,560,430.16 | 6.50% |
| CLASS B | ||
| MLPF&S For The Sole Benefit Of | ||
| its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 704,423.70 | 5.70% |
| CLASS M | ||
| Janney Montgomery Scott LLC | ||
| 1801 Market Street | ||
| Philadelphia, PA 19103 | 67,680.89 | 5.90% |
| Concetta Lacorte, Joann Ambrosio & | ||
| Ann Marie Derario | ||
| 9005 165th Ave | ||
| Howard Beach, NY 11414-3737 | 71,687.65 | 6.30% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 14,062.71 | 36.10% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 19,206.69 | 49.30% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS Y | ||
| Electrical Contractors Association And | ||
| Local Union 134, IBEW Joint Pension | ||
| Trust Of Chicago** | 30,476,187.00 | 95.66% |
| Putnam Managed Municipal Income Trust | ||
| COMMON SHARES | ||
| Cede & Co Fast | ||
| 20 Bowling Green | ||
| New York, NY 10004-1408 | 40,310,303.64 | 90.20% |
| Putnam Massachusetts Tax Exempt Income Fund | ||
| CLASS A | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 1,403,572.48 | 5.30% |
| CLASS B | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 396,892.57 | 8.70% |
| CLASS C | ||
| Jeanne Craig | ||
| 28 Tower Hill Rd | ||
| Braintree, MA 02184-5315 | 27,844.61 | 6.10% |
| Joan A Fitzgerald, Elaine Greene | ||
| JTWROS TOD, Walter D Fitzgerald, III | ||
| 40 Rockingham Ave Apt 214 | ||
| West Roxbury, MA 02132-4523 | 30,132.02 | 6.60% |
| NFS LLC FEBO, Joe G Naylor, Maile Naylor | ||
| 1083 Beacon St Apt 4 | ||
| Brookline, MA 02446 | 131,022.12 | 28.60% |
| Elizabeth F Oshea TOD | ||
| Multiple Beneficiaries | ||
| P.O. Box 719 | ||
| Dennis, MA 02638-0719 | 26,489.03 | 5.80% |
| CLASS M | ||
| NFS LLC FEBO, Andrea Matoes | ||
| 238 Plymouth Ave | ||
| E Wareham, MA 02538 | 59,043.96 | 11.80% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 29,314.38 | 5.90% |
| UBS Financial Services Inc. FBO, | ||
| John M. Whittier Jr GST, | ||
| Bancroft R Wheeler TTEE | ||
| 155 Seaport Blvd 7th Floor | ||
| Boston, MA 02210-2698 | 72,016.00 | 14.50% |
| Leonard Joiner & Leigh A Joiner JTWROS | ||
| 150 Hampshire Rd | ||
| Methuen, MA 01844-1117 | 33,481.00 | 6.70% |
| Putnam Master Intermediate Income Trust | ||
| COMMON SHARES | ||
| Cede & Co Fast | ||
| 20 Bowling Green | ||
| New York, NY 10004-1408 | 87,198,558.59 | 95.40% |
J-12
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Michigan Tax Exempt Income Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 2,292,562.25 | 20.60% |
| Putnam Michigan Tax Exempt Income Fund, continued | ||
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 113,485.59 | 6.60% |
| CLASS C | ||
| Raymond James & Assoc Inc | ||
| 880 Carillon Pkwy | ||
| St Petersburg, FL 33716 | 2,639.35 | 70.10% |
| Putnam LLC | ||
| The Putnam Companies, Inc. | ||
| One Post Office Square | ||
| Boston, MA 02109-2106 | 1,122.21 | 29.80% |
| CLASS M | ||
| Frank R Farkas | ||
| 840 Ducey Ave | ||
| Muskegon, MI 49442-2102 | 23,432.95 | 16.60% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 9,353.41 | 6.60% |
| Pauline B Pickford Trust | ||
| 64 Pleasant St | ||
| Oxford, MI 48371-4648 | 14,317.89 | 10.10% |
| UBS Financial Services Inc. FBO, | ||
| Robert E. Hunter Trust | ||
| 5470 Waterfield Ct | ||
| Ann Arbor, MI 48108-2749 | 10,032.16 | 7.10% |
| AG Edwards & Sons Inc | ||
| 1 N Jefferson Ave | ||
| Saint Louis, MO 63103 | 16,603.41 | 11.80% |
| AG Edwards & Sons Inc FBO | ||
| its Customers | ||
| 1 N Jefferson Ave | ||
| Saint Louis, MO 63103 | 46,004.92 | 32.60% |
| Putnam Mid Cap Value Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 4,563,143.89 | 10.70% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 876,811.77 | 5.50% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 49,902.02 | 5.20% |
| CLASS R | ||
| AST Trust Company Cust | ||
| Anderson Zurmuehlen & Co 401k | ||
| P.O. Box 52129 | ||
| Phoenix, AZ 85072-2129 | 25,381.29 | 7.00% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS R | ||
| MFS Heritage Trust Co FBO, Certain | ||
| Company Benefit Plans | ||
| P.O. Box 55824 | ||
| Boston, MA 02205-5824 | 18,557.60 | 5.10% |
| GPC As Agent For DMG Inc. | ||
| 401k Plan & Trust | ||
| P.O. Box 79377 | ||
| Atlanta, GA 30357-7377 | 45,642.71 | 12.70% |
| CLASS R | ||
| Capital Bank & Trust Co | ||
| Hillerich & Bradsby | ||
| 8515 E Orchard Rd # 2T2 | ||
| Greenwood Vlg, CO 80111-5002 | 24,121.68 | 6.70% |
| CLASS Y | ||
| Marsh & McLennan Supplemental | ||
| Retirement Plan** | 2,075,797.00 | 65.23% |
| Putnam Investments Profit Sharing Plan* | 638,891.00 | 20.08% |
| Marsh & McLennan Deferred | ||
| Compensation Plans | ||
| 1166 Avenue Of The Americas | ||
| New York, NY 10036-2774 | 246,603.00 | 7.76% |
| Putnam Minnesota Tax Exempt Income Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 2,550,777.62 | 24.70% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 130,657.17 | 7.50% |
| CLASS C | ||
| Putnam LLC | ||
| The Putnam Companies, Inc. | ||
| One Post Office Square | ||
| Boston, MA 02109-2106 | 1,125.02 | 100.00% |
| CLASS M | ||
| LPL Financial Services | ||
| 9785 Towne Centre Dr | ||
| San Diego, CA 92121 | 9,793.50 | 12.90% |
| Stifel Nicolaus & Co Inc, Richard E & | ||
| Charlotte A Wuttke | ||
| 501 North Broadway | ||
| St Louis, MO 63102 | 8,402.97 | 11.00% |
| Barbara A Aune | ||
| 2510 Oregon Ave S | ||
| St Loius Park, MN 55426-2608 | 4,511.77 | 5.90% |
| Barbara J Greenhalgh | ||
| 2224 E 36th St | ||
| Minneapolis, MN 55407-3015 | 3,974.23 | 5.20% |
| Gertrude L Palubicki | ||
| 576 E 2nd St | ||
| Winona, MN 55987-4217 | 10,788.38 | 14.20% |
| James T Biesanz Jr | ||
| 270 W Broadway St | ||
| Winona, MN 55987-5224 | 4,593.98 | 6.00% |
| Mernab & Company | ||
| P.O. Box 248 | ||
| Winona, MN 55987-0248 | 4,593.51 | 6.00% |
J-13
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Minnesota Tax Exempt Income Fund | ||
| CLASS M | ||
| Scott K Biesanz | ||
| 724 Washington St | ||
| Winona, MN 55987-3350 | 4,593.99 | 6.00% |
| Steven T Biesanz | ||
| 11 Knollwood Ln | ||
| Winona, MN 55987-9303 | 4,593.98 | 6.00% |
| Putnam Money Market Fund | ||
| CLASS M | ||
| Mercer Trust Company | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 5,374,937.35 | 13.50% |
| CLASS R | ||
| Pershing LLC | ||
| P. O. Box 2052 | ||
| Jersey City, NJ 07303 | 145,910,080.14 | 96.80% |
| CLASS T | ||
| Mercer Trust Company | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 4,165,894.21 | 33.00% |
| MG Trust Company | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 2,759,727.09 | 21.90% |
| Putnam Municipal Bond Fund | ||
| COMMON SHARES | ||
| Cede & Co Fast | ||
| 20 Bowling Green | ||
| New York, NY 10004-1408 | 15,797,882.01 | 94.10% |
| Putnam Municipal Opportunities Trust | ||
| COMMON SHARES | ||
| Cede & Co Fast | ||
| 20 Bowling Green | ||
| New York, NY 10004-1408 | 14,524,380.40 | 95.70% |
| Putnam New Jersey Tax Exempt Income Fund | ||
| CLASS A | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 1,539,482.67 | 8.90% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 1,360,352.20 | 7.90% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 382,219.59 | 8.50% |
| CLASS C | ||
| Putnam LLC | ||
| The Putnam Companies, Inc. | ||
| One Post Office Square | ||
| Boston, Ma 02109-2106 | 1,091.55 | 16.70% |
| UBS Financial Services Inc. FBO | ||
| its Customers | ||
| P.O. Box 3321 | ||
| Weehawken, NJ 07086-8154 | 5,434.78 | 83.20% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS M | ||
| Shaila Y Karandikar | ||
| 203 Sherwood Ct | ||
| Somerset, NJ 08873-6029 | 21,367.52 | 12.70% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 19,576.32 | 11.60% |
| CLASS M | ||
| Leonard Cavaliere & | ||
| Joseph Cavaliere JTWROS | ||
| 21 King George Rd | ||
| Warren, NJ 07059-7014 | 13,688.77 | 8.10% |
| Marie Franklin Marsh Exec | ||
| 683 Rt 579 | ||
| Pittstown, NJ 08867 | 66,842.56 | 39.80% |
| Putnam New Opportunities Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 4,292,680.74 | 6.00% |
| CLASS C | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 52,182.88 | 6.60% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 82,978.87 | 5.30% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 8,353.65 | 25.10% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 4,364.54 | 13.20% |
| GPC As Agent For Chinburg | ||
| Builders Inc 401k Plan | ||
| P.O. Box 79377 | ||
| Atlanta, GA 30357-7377 | 5,747.85 | 17.40% |
| CLASS Y | ||
| IBEW Local 3** | 3,896,791.00 | 47.92% |
| United Technology Carriers** | 1,438,457.00 | 17.69% |
| Marsh & McLennan Supplemental | ||
| Retirement Plan** | 574,225.00 | 7.06% |
| Putnam Investments Profit Sharing Plan* | 461,519.00 | 5.67% |
| Putnam New Value Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 20,686,008.05 | 28.10% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 2,610,553.58 | 12.10% |
J-14
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam New Value Fund, continued | ||
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 336,850.66 | 9.00% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 569,822.38 | 15.30% |
| CLASS M | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 128,220.60 | 7.20% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 377,251.33 | 21.20% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 22,730.23 | 17.10% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 32,097.08 | 24.30% |
| Union Bank Of California N.A., | ||
| C Ceronix Inc PSP | ||
| P.O. Box 85484 | ||
| San Diego, CA 92186-5484 | 13,372.75 | 10.10% |
| CLASS Y | ||
| Ohio Tuition Trust Authority/ | ||
| College Advantage Program*** | 5,231,927.00 | 77.40% |
| Putnam Investments Profit Sharing Plan* | 825,301.00 | 12.27% |
| Putnam New York Investment Grade Municipal Trust | ||
| COMMON SHARES | ||
| Cede & Co Fast | ||
| 20 Bowling Green | ||
| New York, NY 10004-1408 | 2,606,021.83 | 93.80% |
| Putnam New York Tax Exempt Income Fund | ||
| CLASS A | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 9,090,340.21 | 7.30% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 11,326,818.45 | 9.00% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 471,385.07 | 6.90% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 483,768.19 | 7.10% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 120,582.81 | 9.50% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS C | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 257,484.93 | 20.30% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 32,386.37 | 12.00% |
| CLASS M | ||
| NFS LLC FEBO | ||
| its Customers | ||
| Joan Gramolini | ||
| 208 West Street | ||
| Mamaroneck, NY 10543 | 28,166.17 | 10.40% |
| Albert Detiberiis, Louise Detiberiis, | ||
| Paul Detiberiis & Louis Detiberiis JTWROS | ||
| 8905 103rd Ave | ||
| Ozone Park, NY 11417-1358 | 29,656.43 | 11.00% |
| Pershing LLC | ||
| P.O. Box 2052 | ||
| Jersey City, NY 07303-9998 | 84,485.70 | 31.30% |
| Putnam Ohio Tax Exempt Income Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 3,045,736.47 | 19.10% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 124,627.35 | 7.30% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, Fl 32246-6484 | 176,952.21 | 10.40% |
| CLASS C | ||
| LPL Financial Services | ||
| 9785 Towne Centre Dr | ||
| San Diego, CA 92121 | 929.20 | 21.80% |
| Putnam LLC | ||
| The Putnam Companies, Inc. | ||
| One Post Office Square | ||
| Boston, MA 02109-2106 | 1,111.73 | 26.10% |
| Dean Witter For The Benefit Of | ||
| its Customers | ||
| P.O. Box 250 Church Street Station | ||
| New York, NY 10008-0250 | 2,209.25 | 51.90% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 29,555.79 | 19.30% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 17,687.58 | 11.50% |
| UBS Financial Services Inc. FBO | ||
| Pine Hills Golf Club Inc | ||
| 433 West 130th Street | ||
| Hinckley, OH 44233-9566 | 56,763.50 | 37.10% |
J-15
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam OTC & Emerging Growth Fund | ||
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 88,721.40 | 5.90% |
| CLASS M | ||
| Mercer Trust Company | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 119,356.83 | 6.80% |
| Carwash & Co ADP/State St Collective Trust | ||
| 200 Newport Avenue Ext | ||
| Quincy, MA 02171-2102 | 133,715.89 | 7.80% |
| CLASS R | ||
| MLPF&S For The Sole Benefit Of | ||
| its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 3,573.67 | 19.20% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 10,936.63 | 58.70% |
| D Nederveld & J Mckelvey TTEES | ||
| 5925 Imperial Pkwy Ste 226 | ||
| Mulberry, FL 33860-8690 | 1,289.94 | 6.90% |
| Trustlynx & Co | ||
| P.O. Box 173736 | ||
| Denver, CO 80217-3736 | 969.74 | 5.20% |
| CLASS Y | ||
| Chicago District Council Of Carpenters | ||
| Pension Fund Supplemental Annuity Plan* | 2,325,671.00 | 45.36% |
| Putnam Investments Profit Sharing Plan* | 1,218,509.00 | 23.77% |
| The Idaho Power Company | ||
| Employee Savings Plan** | 638,153.00 | 12.45% |
| Putnam Pennsylvania Tax Exempt Income Fund | ||
| CLASS A | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 815,461.02 | 5.20% |
| CLASS C | ||
| NFS LLC FEBO David W Stracener, | ||
| Tod Myrna F Stracener | ||
| 1566 Carousel Dr | ||
| Warminster, PA 18974 | 11,049.21 | 32.30% |
| J.J.B. Hilliard, W.L. Lyons, Inc | ||
| George P Fertenbaugh | ||
| 500 West Jefferson Street | ||
| Louisville, KY 40202 | 10,893.24 | 31.90% |
| Kim L Szoke | ||
| 4827 N Cypress Rd | ||
| Walnutport, PA 18088-9117 | 5,538.28 | 16.20% |
| Randal L Szoke | ||
| 4827 N Cypress Rd | ||
| Walnutport, PA 18088-9117 | 5,538.28 | 16.20% |
| CLASS M | ||
| Lawrence A Dangelo & | ||
| Elizabeth B Dangelo JTWROS | ||
| 906 General Howe Dr | ||
| West Chester, PA 19382-7106 | 28,034.17 | 11.00% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS M | ||
| J.J.B. Hilliard, W.L. Lyons, Inc | ||
| Jill F Willcox | ||
| 501 S.4th Street | ||
| Louisville, KY 40202 | 16,718.21 | 6.60% |
| John J Handley & Joyce A Handley | ||
| Ten In Comm | ||
| RR 3 Box 294-4 | ||
| Dallas, PA 18612-9454 | 102,150.68 | 40.30% |
| UBS Financial Services Inc. | ||
| FBO Mary N Stewart | ||
| Light House Point-Apt 316 | ||
| 500 Chapel Harbor Drive | ||
| Pittsburgh, PA 15238-3144 | 32,422.63 | 12.70% |
| Putnam Premier Income Trust | ||
| COMMON SHARES | ||
| Cede & Co Fast | ||
| 20 Bowling Green | ||
| New York, NY 10004-1408 | 167,609,373.23 | 93.70% |
| Putnam Prime Money Market Fund | ||
| CLASS A | ||
| The Putnam Companies, Inc. | ||
| One Post Office Square | ||
| Boston, MA 02108-2106 | 1,091.28 | 100.00% |
| CLASS I | ||
| Band & Co C/O US Bank | ||
| P.O. Box 1787 | ||
| Milwaukee, WI 53201-1787 | 140,843,767.48 | 5.60% |
| Bear Stearns Securities Corp | ||
| 1 Metrotech Ctr | ||
| Brooklyn, NY 11201-3831 | 276,317,506.89 | 11.10% |
| Goldman Sachs Global Cash Svcs | ||
| 71 S Wacker Dr Ste 500 | ||
| Chicago, IL 60606-4673 | 508,853,807.57 | 20.50% |
| Hare & Co | ||
| C/O Bank Of New York | ||
| 1 Wall St Fl 3 | ||
| New York, NY 10005 | 448,653,089.53 | 18.10% |
| Mellon Bank | ||
| One Freedom Valley Drive | ||
| Oaks, PA 19456 | 644,200,818.59 | 26.00% |
| CLASS P | ||
| The George Putnam Fund of Boston | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 213,232,130.00 | 9.00% |
| Putnam Income Fund | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 210,012,399.00 | 8.90% |
| Putnam Premier Income Trust | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 180,912,188.00 | 7.70% |
| Putnam Master Intermediate | ||
| Income Trust | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 134,746,325.00 | 5.70% |
| Putnam Asset Allocation: | ||
| Growth Portfolio | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 122,418,253.00 | 5.20% |
J-16
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Prime Money Market Fund, continued | ||
| CLASS P | ||
| Putnam Asset Allocation: | ||
| Balanced Portfolio | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 296,067,637.00 | 12.60% |
| Putnam Asset Allocation: | ||
| Conservative Portfolio | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 117,488,972.00 | 5.00% |
| PYXIS ABS | ||
| c/o Maples Finance Limited | ||
| P.O. Box 1039GT | ||
| Queensgate House, South Church St. | ||
| George Town, Grand Cayman | ||
| Cayman Islands | 130,000,000.00 | 5.50% |
| CLASS R | ||
| Putnam LLC | ||
| One Post Office Square | ||
| Boston, MA 02109-2106 | 1,084.00 | 100.00% |
| CLASS S | ||
| Putnam LLC | ||
| One Post Office Square | ||
| Boston , MA 02109-2106 | 1,095.00 | 100.00% |
| Putnam Research Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 3,421,284.12 | 11.60% |
| CLASS B | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 686,594.71 | 5.30% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 97,808.65 | 5.10% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 112,741.37 | 5.90% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 66,473.96 | 8.30% |
| CLASS R | ||
| Transamerica Life Insurance Company | ||
| 1150 S Olive St | ||
| Los Angeles, CA 90015-2209 | 11,311.54 | 78.40% |
| CLASS Y | ||
| Marsh & McLennan Supplemental | ||
| Retirement Plan** | 2,394,507.00 | 51.61% |
| Ardent Health Services** | 1,313,185.00 | 28.30% |
| Putnam Investments Profit Sharing Plan* | 415,217.00 | 8.95% |
| Lovelace Pension Plan** | 283,713.00 | 6.11% |
| Putnam RetirementReady 2010 Fund | ||
| CLASS A | ||
| The TXI Inc. Retirement Plan** | 133,899.00 | 17.38% |
| Radio Shack 401(K) Plan** | 111,288.00 | 14.45% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS B | ||
| First Baptist Church Of West | ||
| 13350 Maxella Ave Unit 3 | ||
| Marina Dl Rey, CA 90292 | 608.17 | 13.10% |
| USD LLC | ||
| 1415 Franklin Ave | ||
| River Forest, IL 60305 | 342.16 | 7.40% |
| Unified School District 409 | ||
| 17727 286th Rd | ||
| Atchison, KS 66002 | 1,206.78 | 26.10% |
| Cheryl S. Smith | ||
| 435 E Shoreline Dr | ||
| North Augusta, SC 29841 | 245.67 | 5.30% |
| Hua Hsing Wei | ||
| 9146 Emperor Ave | ||
| San Gabriel, CA 91775 | 281.20 | 6.10% |
| LPL Financial Services | ||
| 9785 Towne Centre Dr | ||
| San Diego, CA 92121 | 465.12 | 10.00% |
| CLASS C | ||
| Mark J Ruthenberg | ||
| 1001 N Stockton Hill Rd Apt B | ||
| Kingman, AZ 86401 | 124.17 | 11.20% |
| Shin Nan Ho | ||
| 14321 Don Julian Rd | ||
| City Industry, CA 91746 | 123.48 | 11.20% |
| Nancy A. Smith | ||
| 49 E 27th Cir | ||
| Fayetteville, AR 72701 | 65.41 | 5.90% |
| City Of Taunton | ||
| 75 Bayview Ave | ||
| Berkley, MA 02779 | 389.62 | 35.30% |
| Peggy J. Ward | ||
| 8609 Jenner Ln S | ||
| Cottage Grove, MN 55016 | 75.13 | 6.80% |
| Midland Schools | ||
| 913 Country Club Dr | ||
| Maquoketa, IA 52060 | 59.84 | 5.40% |
| CLASS M | ||
| California State University | ||
| 1205 Riverside Dr | ||
| Fullerton, CA 92831 | 130.56 | 5.30% |
| Dora G. Cota | ||
| 2109 Hillcrest St | ||
| Carlsbad, NM 88220 | 177.50 | 7.30% |
| Midland Schools | ||
| 913 Country Club Dr | ||
| Maquoketa, IA 52060 | 738.41 | 30.50% |
| Sarah A. Dobroth | ||
| P.O. Box 368 | ||
| Grover Beach, CA 93483 | 187.25 | 7.70% |
| CLASS R | ||
| MG Trust Company Cust | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 930.79 | 24.10% |
| MG Trust Company Trustee | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 1,211.73 | 31.40% |
| Wachovia Bank Various Retirement Plans | ||
| 1525 West Wt Harris Blvd | ||
| Charlotte, NC 28288-1151 | 359.25 | 9.30% |
J-17
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam RetirementReady 2010 Fund, continued | ||
| CLASS A | ||
| Union Bank Tr Nominee FBO | ||
| its Customers | ||
| P.O. Box 85484 | ||
| San Diego, CA 92186-5484 | 1,282.29 | 33.30% |
| CLASS Y | ||
| Quebecor World (USA) Inc. 401(K) Plan** | 114,297.00 | 22.30% |
| First Hawaiian Future Plan** | 104,803.00 | 20.45% |
| Ardent Health Services** | 55,186.00 | 10.77% |
| Genlyte Thomas Group Retirement | ||
| Savings And Investment Plan** | 44,503.00 | 8.68% |
| Briggs & Stratton Corporation Employee | ||
| Savings And Investment Plan** | 40,291.00 | 7.86% |
| National Waterworks, Inc. | ||
| Retirement Savings Plan** | 30,781.00 | 6.01% |
| The Canadaigua Brands, Inc. 401(K) | ||
| And Profit Sharing Plan** | 28,787.00 | 5.62% |
| Church & Dwight Co., Inc.** | 33,110.00 | 6.46% |
| Putnam RetirementReady 2015 Fund | ||
| CLASS A | ||
| Asbestos Workers Local No. 6* | 247,961.00 | 18.01% |
| Radio Shack 401(K) Plan** | 195,899.00 | 14.23% |
| The TXI Inc. Retirement Plan** | 106,907.00 | 7.76% |
| CLASS B | ||
| Dean C. Holmquist | ||
| 1255 Brighton Sq | ||
| Saint Paul, MN 55112 | 608.81 | 5.50% |
| HSBC Securities (USA) Inc. | ||
| 452 Fifth Avenue | ||
| New York, NY 10018 | 890.86 | 8.10% |
| NFS LLC FEBO | ||
| its Customers | ||
| 77 Rocky Rd E | ||
| Harwinton, CT 06791 | 763.62 | 7.00% |
| Pershing LLC | ||
| P.O. Box 2052 | ||
| Jersey City, NJ 07303-9998 | 2,545.03 | 23.30% |
| CLASS C | ||
| Kathy W. Rodgers | ||
| 127 Township Road 1266 | ||
| Proctorville, OH 45669 | 1,119.34 | 31.40% |
| James Schall | ||
| 9396 Jonathan Rd | ||
| Woodbury, MN 55125 | 235.27 | 6.60% |
| Judy A. Schall | ||
| 9396 Jonathan Rd | ||
| Woodbury, MN 55125 | 235.27 | 6.60% |
| Ann Dobroth | ||
| P.O. Box 368 | ||
| Grover Beach, CA 93483 | 1,122.56 | 31.50% |
| CLASS M | ||
| Mercer Trust Company | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 176.68 | 7.20% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS M | ||
| Jackie L. Hallack | ||
| 10120 Arrowhead Dr Apt 7 | ||
| Jacksonville, FL 32257 | 219.46 | 9.00% |
| Doris M. Foster | ||
| 1827 Miami Ave | ||
| Kingman, AZ 86401 | 791.00 | 32.60% |
| Terry A. Stewart | ||
| 215 Ridge Rock Rd | ||
| Sedona, AZ 86351 | 353.45 | 14.50% |
| Sarah A. Dobroth | ||
| P.O. Box 368 | ||
| Grover Beach, CA 93483 | 166.98 | 6.80% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 231.53 | 77.20% |
| Wachovia Bank Various Retirement Plans | ||
| 1525 West Wt Harris Blvd | ||
| Charlotte, NC 28288-1151 | 22.33 | 7.40% |
| CLASS Y | ||
| First Hawaiian Future Plan** | 163,575.00 | 19.95% |
| Quebecor World (USA) Inc. 401(K) Plan** | 150,493.00 | 18.35% |
| Church & Dwight Co., Inc.** | 104,823.00 | 12.78% |
| The Canadaigua Brands, Inc. 401(K) | ||
| And Profit Sharing Plan** | 96,333.00 | 11.75% |
| Ardent Health Services** | 92,087.00 | 11.23% |
| Briggs & Stratton Corporation Employee | ||
| Savings And Investment Plan** | 53,135.00 | 6.47% |
| Putnam RetirementReady 2020 Fund | ||
| CLASS A | ||
| Radio Shack 401(K) Plan** | 233,578.00 | 16.12% |
| The TXI Inc. Retirement Plan** | 103,808.00 | 7.17% |
| CLASS B | ||
| Patricia A. Eaton | ||
| 14 Woods Ln | ||
| Lancaster, MA 01523 | 869.70 | 8.10% |
| NFS LLC FEBO | ||
| its Customers | ||
| 5769 Pray St | ||
| Bonita, CA 91902 | 586.82 | 5.50% |
| Paul H. Batchelder Ira | ||
| P.O. Box 438 | ||
| Drexel, MO 64742 | 555.90 | 5.20% |
| CLASS C | ||
| George A. Ozuna | ||
| 405 Happy Trl | ||
| Shavano Park, TX 78231 | 582.33 | 27.10% |
| Nancy A. Smith | ||
| 49 E 27th Cir | ||
| Fayetville, AR 72701 | 141.21 | 6.50% |
| Mark E. Hall | ||
| 5121 N Bank Rd | ||
| Crescent City, CA 95531 | 331.25 | 15.40% |
| Victoria A. Skajewski | ||
| 6176 Gettysburg Ave N | ||
| New Hope, MN 55428 | 123.69 | 5.70% |
J-18
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam RetirementReady 2020 Fund, continued | ||
| CLASS C | ||
| Kristine Dierks | ||
| 697 Blue Jay Ln | ||
| Hudson, WI 54016 | 156.90 | 7.30% |
| Todd Dierks | ||
| 697 Blue Jay Ln | ||
| Hudson, WI 54016 | 156.90 | 7.30% |
| CLASS M | ||
| John J. McClary | ||
| 205 E 26th St | ||
| Yuma, AZ 85364 | 509.35 | 5.90% |
| Margaret C. Smith | ||
| 4425 Saddleback St | ||
| Cocoa, FL 32927 | 620.04 | 7.20% |
| Barstow Unified School District | ||
| 481 McBroom Ave | ||
| Barstow, CA 92311 | 569.17 | 6.60% |
| Beverly R Mracek | ||
| 6505 E Crumb Rd | ||
| Kingman, AZ 86401-6565 | 1,110.77 | 13.00% |
| Sarah A Dobroth | ||
| P.O. Box 368 | ||
| Grover Beach, CA 93483 | 555.06 | 6.50% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 761.14 | 34.40% |
| Wachovia Bank | ||
| Various Retirement Plans | ||
| 1525 West Wt Harris Blvd | ||
| Charlotte, NC 28288-1151 | 1,298.78 | 59.30% |
| CLASS Y | ||
| Quebecor World (USA) Inc. 401(K) Plan** | 199,833.00 | 24.47% |
| First Hawaiian Future Plan** | 127,167.00 | 15.57% |
| Ardent Health Services** | 107,728.00 | 13.19% |
| The Canadaigua Brands, Inc. 401(K) | ||
| And Profit Sharing Plan** | 80,310.00 | 9.83% |
| Church & Dwight Co., Inc.** | 84,010.00 | 10.29% |
| Briggs & Stratton Corporation Employee | ||
| Savings And Investment Plan** | 77,745.00 | 9.52% |
| Putnam RetirementReady 2025 Fund | ||
| CLASS A | ||
| Radio Shack 401(K) Plan** | 208,704.00 | 20.84% |
| DS Waters Of America LP** | 83,399.00 | 8.33% |
| The TXI Inc. Retirement Plan** | 75,616.00 | 7.55% |
| CLASS B | ||
| Daniel L Kiskis | ||
| 4968 S Ridgeside Cir | ||
| Ann Arbor, MI 48105-9447 | 1,156.91 | 8.70% |
| LPL Financial Services | ||
| 9785 Towne Centre Drive | ||
| San Diego, CA 92121-1968 | 1,031.58 | 7.70% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS B | ||
| Memorial Medical Center (IL) | ||
| 2500 E Lake Shore Dr | ||
| Springfield, IL 62712-5500 | 1,094.45 | 8.20% |
| NFS LLC FEBO | ||
| its Customers | ||
| 2653 Sawmill Rd | ||
| Hickory Grove, SC 29717 | 1,570.12 | 11.70% |
| James E Rembert | ||
| P.O. Box 101 | ||
| Greenwood, IL 60425 | 698.24 | 5.20% |
| CLASS C | ||
| Debra F Parsons | ||
| 19 Webster Ave | ||
| Wheeling, WV 26003 | 171.05 | 8.80% |
| George A Ozuna | ||
| 405 Happy Trl | ||
| Shavano Park, TX 78231 | 543.46 | 28.00% |
| Muriel B Quesenberry | ||
| 5105 E Camelback Loop | ||
| Kingman, AZ 86409 | 226.62 | 11.60% |
| Otto Eachus | ||
| 805 Mason Dr | ||
| Roswell, NM 88201 | 331.43 | 17.00% |
| CLASS M | ||
| Barbara M Toth | ||
| 2151 Chinook Dr | ||
| Kingman, AZ 86401 | 227.11 | 5.40% |
| Joan S Walker | ||
| 2490 Avalon Ln | ||
| Lk Havasu City, AZ 86404 | 226.03 | 5.40% |
| Susan M Stalhut | ||
| 3089 W Carmichael Rd | ||
| Kingman, AZ 86413 | 389.39 | 9.40% |
| Corinne C Kovacsics | ||
| 3620 S Pima Dr | ||
| Flagstaff, AZ 86001 | 338.01 | 8.10% |
| Robyn S Allen | ||
| 3815 N Melody St | ||
| Kingman, AZ 86409 | 229.23 | 5.50% |
| Sarah A Dobroth | ||
| P.O. Box 368 | ||
| Grover Beach, CA 93483 | 388.44 | 9.40% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 1,832.06 | 88.90% |
| CLASS Y | ||
| Quebecor World (USA) Inc. 401(K) Plan** | 170,363.00 | 22.83% |
| Ardent Health Services** | 107,363.00 | 14.39% |
| First Hawaiian Future Plan** | 100,349.00 | 13.45% |
| The Canadaigua Brands, Inc. 401(K) | ||
| And Profit Sharing Plan** | 78,835.00 | 10.57% |
| Church & Dwight Co., Inc.** | 60,280.00 | 8.08% |
| Kohl’s Department Stores, Inc.** | 43,362.00 | 5.81% |
| Briggs & Stratton Corporation Employee | ||
| Savings And Investment Plan** | 47,435.00 | 6.36% |
J-19
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam RetirementReady 2030 Fund | ||
| CLASS A | ||
| Radio Shack 401(K) Plan** | 125,612.00 | 15.49% |
| DS Waters Of America LP** | 68,040.00 | 8.39% |
| DR Horton, Inc. Profit Sharing Plan** | 53,930.00 | 6.65% |
| CLASS B | ||
| Hamilton Southeastern Schools | ||
| 1371 Bentley Way | ||
| Carmel, IN 46032 | 745.73 | 9.30% |
| John B Adams | ||
| 40 Northeast St | ||
| New Columbia, PA 17856 | 495.38 | 6.10% |
| Elliot Popper | ||
| 4275 Congressional Dr | ||
| Myrtle Beach, SC 29579 | 601.67 | 7.50% |
| Matthew Finn | ||
| 4647 Hannover Ave | ||
| Saint Louis, MO 63123 | 410.19 | 5.10% |
| Cuzin G Inc | ||
| 584 Fieldstone Ln | ||
| Ballwin, MO 63011 | 661.07 | 8.20% |
| John F Keating | ||
| 7330 Darien Ln | ||
| Darien, IL 60561 | 777.05 | 9.70% |
| CLASS C | ||
| Karla J Stein | ||
| 1026 Atkins St | ||
| Porterville, CA 93257 | 123.79 | 21.50% |
| Amy Disbury | ||
| 108 Miller Dr | ||
| East Syracuse, NY 13057 | 142.60 | 24.80% |
| Randall L Case | ||
| 11194 Thornberry Dr | ||
| Freeland, MI 48623 | 43.81 | 7.60% |
| Noah R Ring | ||
| 27 Kirkwood Dr | ||
| Newton, PA 18940 | 74.61 | 13.00% |
| Michelle L Kvernmo | ||
| 503 Grindstone Ln | ||
| Dundas, MN 55019 | 64.42 | 11.20% |
| Steve Kvernmo | ||
| 503 Grindstone Ln | ||
| Dundas, MN 55019 | 75.56 | 13.10% |
| CLASS M | ||
| Mercer Trust Company | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 9,259.38 | 89.20% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 696.77 | 36.20% |
| Wachovia Bank Various Retirement Plans | ||
| 1525 West Wt Harris Blvd | ||
| Charlotte, NC 28288-1151 | 942.41 | 49.30% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS Y | ||
| Quebecor World (USA) Inc. 401(K) Plan** | 108,781.00 | 21.36% |
| First Hawaiian Future Plan** | 91,181.00 | 17.91% |
| Ardent Health Services** | 54,862.00 | 10.77% |
| The Canadaigua Brands, Inc. 401(K) | ||
| And Profit Sharing Plan** | 44,176.00 | 8.67% |
| Church & Dwight Co., Inc.** | 43,473.00 | 8.54% |
| Kohl’s Department Stores, Inc.** | 38,383.00 | 7.54% |
| National Waterworks, Inc. | ||
| Retirement Savings Plan** | 25,958.00 | 5.10% |
| Briggs & Stratton Corporation Employee | ||
| Savings And Investment Plan** | 33,259.00 | 6.41% |
| Putnam RetirementReady 2035 Fund | ||
| CLASS A | ||
| Radio Shack 401(K) Plan** | 80,724.00 | 14.24% |
| DR Horton, Inc. Profit Sharing Plan** | 60,399.00 | 10.65% |
| DS Waters Of America LP** | 58,875.00 | 10.38% |
| ASML US Employees Savings** | 33,638.00 | 5.94% |
| CLASS B | ||
| USD LLC | ||
| 1415 Franklin Ave | ||
| River Forest, IL 60305 | 796.34 | 13.50% |
| Primevest Financial Services (FB) | ||
| 400 First Street So Suite 300 | ||
| St Cloud, MN 56302 | 314.95 | 5.30% |
| HSBC Securities (USA) Inc. | ||
| 452 Fifth Avenue | ||
| New York, NY 10018 | 751.00 | 12.70% |
| Michelle M Presby | ||
| 77 Arnold Rd | ||
| South China, ME 04358 | 359.82 | 6.10% |
| Pershing LLC | ||
| P. O. Box 2052 | ||
| Jersey City, NJ 07303 | 301.13 | 5.10% |
| CLASS C | ||
| Laura L Weber | ||
| 118 Atglen St | ||
| Lyndora, PA 16045 | 322.56 | 43.30% |
| Brian J McVay | ||
| 2748 Bradfordt Dr # 316 | ||
| W Melbourne, FL 32904 | 63.28 | 8.50% |
| Joy P Olson-McVay | ||
| 2748 Bradfordt Dr # 316 | ||
| W Melbourne, FL 32904 | 63.28 | 8.50% |
| San Diego Unified School Dist | ||
| 7445 Charmant Dr Unit 1714 | ||
| San Diego, CA 92122 | 207.29 | 27.90% |
| Karen Nixon | ||
| 993 Mount View Rd | ||
| Wheeling, WV 26003 | 64.85 | 8.70% |
| CLASS M | ||
| Mercer Trust Company | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 52.20 | 6.90% |
J-20
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam RetirementReady 2035 Fund, continued | ||
| CLASS M | ||
| Mark J Ruthenberg | ||
| 1001 N Stockton Hill Rd Apt B | ||
| Kingman, AZ 86401 | 81.66 | 10.80% |
| Daryl M Eason | ||
| 12415 Pathos Ln | ||
| San Diego, CA 92129 | 307.77 | 40.60% |
| Otto G Eachus | ||
| 805 Mason Dr | ||
| Roswell, NM 88201 | 77.35 | 10.20% |
| Sarah A Dobroth | ||
| P.O. Box 368 | ||
| Grover Beach, CA 93483 | 124.99 | 16.50% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 1,133.16 | 59.70% |
| Wachovia Bank Various Retirement Plans | ||
| 1525 West Wt Harris Blvd | ||
| Charlotte, NC 28288-1151 | 509.23 | 26.90% |
| CLASS Y | ||
| The Canadaigua Brands, Inc. 401(K) | ||
| And Profit Sharing Plan** | 61,117.00 | 18.04% |
| Quebecor World (USA) Inc. 401(K) Plan** | 57,305.00 | 16.92% |
| Ardent Health Services** | 43,585.00 | 12.87% |
| Kohl’s Department Stores, Inc.** | 38,206.00 | 11.28% |
| First Hawaiian Future Plan** | 33,960.00 | 10.03% |
| Church & Dwight Co., Inc.** | 29,147.00 | 8.61% |
| Briggs & Stratton Corporation Employee | ||
| Savings And Investment Plan** | 19,190.00 | 5.67% |
| Putnam RetirementReady 2040 Fund | ||
| CLASS A | ||
| Radio Shack 401(K) Plan** | 51,303.00 | 13.10% |
| DR Horton, Inc. Profit Sharing Plan** | 49,462.00 | 12.63% |
| DS Waters Of America LP** | 46,559.00 | 11.89% |
| CLASS B | ||
| Jacob Hoida | ||
| 1006 Hillside Cir | ||
| Verona, WI 53593 | 203.23 | 6.90% |
| Lauren M Hall | ||
| 11941 Havermale Rd | ||
| New Lebanon, OH 45345 | 246.52 | 8.40% |
| Ryan Hall | ||
| 11941 Havermale Rd | ||
| New Lebanon, OH 45345 | 251.21 | 8.60% |
| Heather M Prondzinski | ||
| 19685 Near Mountain Blvd | ||
| Excelsior, MN 55331 | 147.94 | 5.00% |
| Joel J Klein | ||
| 22102 Stonehedge St | ||
| Boyds, MD 20841 | 209.92 | 7.20% |
| Mark J Funk | ||
| 36022 Rimcrest Rd | ||
| Freeport, MN 56331 | 352.29 | 12.00% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS B | ||
| David J Walters | ||
| 583 Halverson Ct | ||
| Jacksonville, FL 32225 | 332.50 | 11.40% |
| Deborah L Gruneberg | ||
| 825 Foxland Dr | ||
| Pittsburgh, PA 15243 | 188.78 | 6.40% |
| Pershing LLC | ||
| P. O. Box 2052 | ||
| Jersey City, NJ 07303 | 227.17 | 7.70% |
| CLASS C | ||
| John P Dold | ||
| 14536 55th St NE | ||
| Saint Michael, MN 55376 | 8.21 | 17.50% |
| Victoria D Dold | ||
| 14536 55th St NE | ||
| Saint Michael, MN 55376 | 8.21 | 17.50% |
| Heather M Preston | ||
| 17486 308th St | ||
| Shafer, MN 55074 | 4.23 | 9.00% |
| John R Preston | ||
| 17486 308th St | ||
| Shafer, MN 55074 | 4.23 | 9.00% |
| Putnam LLC | ||
| The Putnam Companies, Inc. | ||
| One Post Office Square | ||
| Boston, MA 02109-2106 | 18.08 | 38.60% |
| CLASS M | ||
| Mercer Trust Company | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 362.42 | 65.20% |
| Mark J Ruthenberg | ||
| 1001 N Stockton Hill Rd Apt B | ||
| Kingman, AZ 86401 | 106.14 | 19.00% |
| Tatyana T Ruthenberg | ||
| 1001 N Stockton Hill Rd Apt B | ||
| Kingman, AZ 86401 | 33.24 | 5.90% |
| California State Univ Fullerton | ||
| 1548 E Brookdale Pl | ||
| Fullerton, CA 92831 | 34.48 | 6.20% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 832.42 | 69.70% |
| Wachovia Bank Various Retirement Plans | ||
| 1525 West Wt Harris Blvd | ||
| Charlotte, NC 28288-1151 | 204.61 | 17.10% |
| CLASS Y | ||
| The Canadaigua Brands, Inc. 401(K) | ||
| And Profit Sharing Plan** | 27,941.00 | 15.63% |
| Quebecor World (USA) Inc. 401(K) Plan** | 27,926.00 | 15.62% |
| First Hawaiian Future Plan** | 24,743.00 | 13.84% |
| Church & Dwight Co., Inc.** | 21,180.00 | 11.85% |
| Kohl’s Department Stores, Inc.** | 18,665.00 | 10.44% |
| Ardent Health Services** | 13,323.00 | 7.45% |
| Putnam Investments Profit Sharing Plan* | 11,933.00 | 6.68% |
| Briggs & Stratton Corporation Employee | ||
| Savings And Investment Plan** | 12,972.00 | 7.26% |
J-21
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam RetirementReady 2045 Fund | ||
| CLASS A | ||
| Radio Shack 401(K) Plan** | 46,758.00 | 16.26% |
| DR Horton, Inc. Profit Sharing Plan** | 32,299.00 | 11.23% |
| DS Waters Of America LP** | 25,895.00 | 9.00% |
| ASML US Employees Savings** | 16,850.00 | 5.86% |
| CLASS A | ||
| Angela L Bragg | ||
| 18811 Arrowhead Ave | ||
| Cleveland, OH 44119 | 158.74 | 9.60% |
| Suzann K Benge | ||
| 21417 Naples St NW | ||
| Elk River, MN 55330 | 111.22 | 6.70% |
| Jason J Pidgeon | ||
| 35 Bilodeau Pkwy | ||
| Burlington, VT 05401 | 109.71 | 6.60% |
| J.J.B. Hilliard, W.L. Lyons, Inc | ||
| 501 S.4th Street | ||
| Louisville, KY 40202 | 181.26 | 11.00% |
| NFS LLC FEBO | ||
| its Customers | ||
| 5769 Pray St | ||
| Bonita, CA 91902 | 236.30 | 14.40% |
| Carmen R Grair | ||
| 7905 Via Stefano | ||
| Burbank, CA 91504 | 238.09 | 14.50% |
| George Grair | ||
| 7905 Via Stefano | ||
| Burbank, CA 91504 | 234.59 | 14.30% |
| CLASS C | ||
| Julie F Wilson | ||
| 1014 W Orangewood Ave | ||
| Phoenix, AZ 85021 | 30.18 | 19.10% |
| Lyrics HQ | ||
| 611 S Port St | ||
| Baltimore, MD 21224 | 106.09 | 67.40% |
| Precision Inc | ||
| 7118 E 30th St | ||
| Tucson, AZ 85710 | 11.54 | 7.30% |
| CLASS M | ||
| Mercer Trust Company | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 84.77 | 98.30% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 356.87 | 35.20% |
| Wachovia Bank Various Retirement Plans | ||
| 1525 West Wt Harris Blvd | ||
| Charlotte, NC 28288-1151 | 562.11 | 55.50% |
| CLASS Y | ||
| First Hawaiian Future Plan** | 52,299.00 | 32.79% |
| Quebecor World (USA) Inc. 401(K) Plan** | 22,785.00 | 14.28% |
| Kohl’s Department Stores, Inc.** | 17,143.00 | 10.75% |
| The Canadaigua Brands, Inc. 401(K) | ||
| And Profit Sharing Plan** | 17,071.00 | 10.70% |
| Ardent Health Services** | 10,221.00 | 6.41% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS Y | ||
| Church & Dwight Co., Inc.** | 10,194.00 | 6.39% |
| Briggs & Stratton Corporation Employee | ||
| Savings And Investment Plan** | 9,566.00 | 6.00% |
| Putnam RetirementReady 2050 Fund | ||
| CLASS A | ||
| Radio Shack 401(K) Plan** | 12,465.00 | 10.70% |
| DR Horton, Inc. Profit Sharing Plan** | 9,448.00 | 8.11% |
| Western States Asbestos Workers’ | ||
| Individual Account Plan* | 7,435.00 | 6.38% |
| ASML US Employees Savings** | 7,399.00 | 6.35% |
| IBEW Local 150 Supplemental Pension Fund** | 7,283.00 | 6.25% |
| IBEW Local 38 401k Retirement Plan** | 6,209.00 | 5.33% |
| CLASS B | ||
| Arlington Storage Corp | ||
| 15 Bennett St | ||
| Canisteo, NY 14823 | 282.67 | 14.30% |
| Derek C Kulwicki | ||
| 1709 Mead Ln | ||
| Moore, OK 73170 | 121.05 | 6.10% |
| Jia Tzong Kou | ||
| 19158 Shakespeare Dr | ||
| Walnut, CA 91789 | 221.12 | 11.20% |
| Hsuen-Ting Ho | ||
| 2944 Castle Rock Rd | ||
| Diamond Bar, CA 91765 | 240.12 | 12.20% |
| Stephen J Hoffman | ||
| 3450 N Lake Shore Dr Apt 2910 | ||
| Chicago, IL 60657 | 139.20 | 7.00% |
| NFS LLC FEBO | ||
| its Customers | ||
| 5769 Pray St | ||
| Bonita, CA 91902 | 189.35 | 9.60% |
| Brett A Beal | ||
| 6800 W Fortuna St | ||
| Wichita, KS 67215 | 183.62 | 9.30% |
| CLASS C | ||
| Putnam LLC | ||
| The Putnam Companies, Inc. | ||
| One Post Office Square | ||
| Boston, MA 02109-2106 | 20.99 | 100.00% |
| CLASS M | ||
| Mercer Trust Company | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 15.89 | 42.90% |
| Putnam LLC | ||
| The Putnam Companies, Inc. | ||
| One Post Office Square | ||
| Boston, MA 02109-2106 | 21.10 | 57.00% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 286.11 | 71.70% |
| MG Trust Company Trustee | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 58.52 | 14.60% |
J-22
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam RetirementReady 2050 Fund | ||
| CLASS R | ||
| Putnam LLC | ||
| The Putnam Companies, Inc. | ||
| One Post Office Square | ||
| Boston, MA 02109-2106 | 21.22 | 5.30% |
| CLASS Y | ||
| Quebecor World (USA) Inc. 401(K) Plan** | 8,335.00 | 21.76% |
| Kohl’s Department Stores, Inc.** | 7,324.00 | 19.11% |
| Briggs & Stratton Corporation Employee | ||
| Savings And Investment Plan** | 4,372.00 | 11.31% |
| Church & Dwight Co., Inc.** | 4,023.00 | 10.50% |
| The Canadaigua Brands, Inc. 401(K) | ||
| And Profit Sharing Plan** | 3,528.00 | 9.21% |
| Genlyte Thomas Group Retirement | ||
| Savings & Investment Plan** | 2,466.00 | 6.44% |
| Mechanical Union Savings Trust 401(K) Plan** | 2,031.00 | 5.30% |
| Putnam RetirementReady Maturity Fund | ||
| CLASS A | ||
| IBEW Local 150 Supplemental Pension Plan** | 115,715.00 | 20.90% |
| The TXI Inc. Retirement Plan** | 82,847.00 | 14.97% |
| Radio Shack 401(K) Plan** | 44,196.00 | 7.98% |
| Roofers Local Union 33 Thrift Fund** | 28,424.00 | 5.13% |
| CLASS B | ||
| Donna E Mansell | ||
| 4907 Cassia St | ||
| Boise, ID 83705-1907 | 200.63 | 7.30% |
| Mabel R Adams | ||
| 2012 N 24th St | ||
| Boise, ID 83702-0205 | 330.09 | 12.10% |
| Putnam LLC | ||
| One Post Office Square | ||
| Boston, MA 02109-2106 | 1,831.00 | 67.10% |
| CLASS C | ||
| Donna J Fritz | ||
| 336 Brook Dr | ||
| Romeo, MI 48065 | 454.91 | 95.90% |
| CLASS M | ||
| Mercer Trust Company | ||
| 1 Investors Way | ||
| Norwood, MA 02062-1599 | 1,371.66 | 84.80% |
| James T Brewer Jr | ||
| RR 1 Box 275 | ||
| Williamstown, WV 26187 | 226.22 | 13.90% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 1,139.17 | 92.30% |
| CLASS Y | ||
| Quebecor World (USA) Inc. 401(K) Plan** | 40,631.00 | 23.97% |
| Ardent Health Services** | 29,098.00 | 17.17% |
| First Hawaiian Future Plan** | 27,732.00 | 16.36% |
| Kohl’s Department Stores, Inc.** | 12,236.00 | 7.22% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS Y | ||
| National Waterworks, Inc. | ||
| Retirement Savings Plan** | 11,810.00 | 6.97% |
| The Canadaigua Brands, Inc. 401(K) | ||
| And Profit Sharing Plan** | 10,809.00 | 6.38% |
| Church & Dwight Co., Inc.** | 9,170.00 | 5.41% |
| Briggs & Stratton Corporation Employee | ||
| Savings And Investment Plan** | 8,625.00 | 5.09% |
| Putnam Small Cap Growth Fund | ||
| CLASS A | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 907,310.35 | 5.50% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 53,444.05 | 5.50% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 195,992.98 | 20.40% |
| CLASS M | ||
| Counsel Trust Co Beneco, Inc Polaris | ||
| Plus Master#2 DBA Mid Atlantic Trust | ||
| The Times Building | ||
| 336 4th Ave St 5 | ||
| PIttsburgh, PA 15222-2004 | 50,783.63 | 20.60% |
| CLASS R | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 36,077.96 | 7.70% |
| NFS LLC FEBO | ||
| its Customers | ||
| P.O. Box 1467 | ||
| Muncie, IN 47308-1467 | 197,084.00 | 42.20% |
| Hartford Life Insurance | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 30,053.46 | 6.40% |
| CLASS Y | ||
| Rio Tinto America Inc.** | 712,571.00 | 48.69% |
| Putnam Investments Profit Sharing Plan* | 409,830.00 | 28.01% |
| The Idaho Power Company | ||
| Employee Savings Plan** | 143,622.00 | 9.81% |
| Putnam Investments** | 78,108.00 | 5.34% |
| Madison Paper Industries Savings & | ||
| Investment Plan** | 74,684.00 | 5.10% |
| Putnam Small Cap Value Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 2,169,386.96 | 6.90% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 2,690,997.11 | 8.60% |
J-23
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Small Cap Value Fund, continued | ||
| CLASS B | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 623,509.92 | 6.10% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 141,060.40 | 5.50% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 256,953.59 | 10.00% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 31,478.21 | 6.80% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 1,281,537.00 | 46.22% |
| Building Service Local 32b-J Supplemental | ||
| Retirement Savings Plan** | 693,249.00 | 25.00% |
| Wells Fargo — Retirement Plan Services | ||
| P.O. Box 1533 | ||
| Minneapolis, MN 55480-1533 | 278,034.00 | 10.03% |
| National Waterworks, Inc. | ||
| Retirement Savings Plan* | 151,927.00 | 5.48% |
| Putnam Investments** | 151,076.00 | 5.45% |
| Putnam Tax Exempt Income Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 30,876,638.29 | 23.90% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 277,981.50 | 6.20% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 372,009.70 | 8.30% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 300,193.65 | 6.70% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 71,982.36 | 7.20% |
| Primevest Financial Services | ||
| (FBO its Customers) | ||
| D Emil Mihelich | ||
| 400 First Street So | ||
| Suite 300, P.O. Box 283 | ||
| St Cloud, MN 56302 | 101,479.59 | 10.10% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 64,025.57 | 6.40% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 173,190.65 | 30.40% |
| L & F Investments Ltd Partnership | ||
| 4121 N 64th Pl | ||
| Scottsdale, AZ 85251-3109 | 35,682.27 | 6.20% |
| Putnam Tax-Free Health Care Fund | ||
| COMMON SHARES | ||
| Cede & Co Fast | ||
| 20 Bowling Green | ||
| New York, NY 10004-1408 | 12,555,870.01 | 93.40% |
| Putnam Tax-Free High Yield Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 16,753,981.04 | 17.10% |
| CLASS B | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 549,009.80 | 5.20% |
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 1,080,532.92 | 10.20% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 852,599.63 | 8.10% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 92,928.50 | 5.90% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 257,601.66 | 16.30% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 184,128.53 | 20.90% |
| Pershing LLC | ||
| P.O. Box 2052 | ||
| Jersey City, NJ 07303-9998 | 46,702.74 | 5.30% |
| Putnam Tax Smart Equity Fund® | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 907,628.06 | 7.60% |
| CLASS B | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 651,291.80 | 8.00% |
J-24
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Tax Smart Equity Fund®, continued | ||
| CLASS C | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 375,163.05 | 13.20% |
| CLASS M | ||
| Pershing LLC | ||
| P.O. Box 2052 | ||
| Jersey City, NJ 07303-9998 | 18,250.27 | 5.40% |
| Stephen M Schwartz & | ||
| Valerie B Schwartz JTWROS | ||
| 5922 New England Woods Dr | ||
| Burke, VA 22015-2910 | 24,917.95 | 7.40% |
| Putnam U.S. Government Income Trust | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 3,956,317.55 | 5.00% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 110,884.74 | 9.70% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 136,312.66 | 12.00% |
| CLASS M | ||
| Mitsubishi UFJ Securities Co Ltd | ||
| Marunouchi Building 2-4-1 | ||
| Marunouchi Chiyoda-Ku | ||
| Tokyo 100-6317 Japan | 1,866,450.00 | 82.00% |
| CLASS R | ||
| MG Trust Company Cust | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 13,417.41 | 31.20% |
| MG Trust Company As Agent For | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 7,611.00 | 17.60% |
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 4,797.29 | 11.00% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 5,988.60 | 13.90% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 137,549.00 | 40.55% |
| Ann M. Gray | ||
| 6031 Dundee Dr. | ||
| Huntington Beach, CA 92647-2408 | 18,245.00 | 5.30% |
| Putnam Utilities Growth and Income Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 5,155,422.56 | 12.90% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 32,483.05 | 12.80% |
| CLASS R | ||
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 14,029.30 | 52.00% |
| MG Trust Company As Agent For | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 1,681.50 | 6.20% |
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 6,442.95 | 23.60% |
| CLASS Y | ||
| Putnam Investments Profit Sharing Plan* | 197,634.00 | 66.22% |
| Putnam Vista Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 8,023,595.74 | 5.20% |
| CLASS M | ||
| Fleet Bank | ||
| Automotive Supply Assn PSP | ||
| P.O. Box 105779 | ||
| Atlanta, GA 30348-5779 | 132,469.58 | 5.00% |
| CLASS R | ||
| MG Trust Company Cust. FBO | ||
| its Customers | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 43,154.41 | 24.60% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 14,403.07 | 8.30% |
| Reliance Trust Company | ||
| P.O. Box 48529 | ||
| Atlanta, GA 30362-1529 | 37,940.50 | 21.90% |
| CLASS Y | ||
| Emerson Electric Co. Employee | ||
| Savings Investment Plan** | 5,169,331.00 | 32.05% |
| First Hawaiian Future Plan** | 2,445,542.00 | 15.16% |
| Putnam Investments Profit Sharing Plan* | 1,481,125.00 | 9.18% |
| Briggs & Stratton Corporation Employee | ||
| Savings And Investment Plan** | 1,323,347.00 | 8.21% |
| Arch Coal, Inc. Employee Thrift Plan** | 887,439.00 | 5.50% |
| Putnam Voyager Fund | ||
| CLASS A | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 22,243,919.17 | 7.50% |
| CLASS C | ||
| Citigroup Global Markets Inc | ||
| 333 W 34th St | ||
| New York, NY 10001-2402 | 204,537.43 | 5.20% |
J-25
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam Voyager Fund, continued | ||
| CLASS C | ||
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 204,628.07 | 5.20% |
| CLASS M | ||
| Edward D Jones & Co | ||
| 201 Progress Pkwy | ||
| Maryland Hts, MO 63043-3003 | 256,465.11 | 7.80% |
| CLASS R | ||
| MG Trust Company | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 20,045.72 | 17.70% |
| MG Trust Custodian | ||
| 700 17th St Ste 300 | ||
| Denver, CO 80202-3531 | 6,993.56 | 6.10% |
| Transamerica Life Insurance Company | ||
| 1150 S Olive St #T-04-05 | ||
| Los Angeles, CA 90015-2209 | 14,093.23 | 12.40% |
| MLPF&S For The Sole Benefit | ||
| Of Its Customers | ||
| 4800 Deer Lake Dr E Fl 3 | ||
| Jacksonville, FL 32246-6484 | 6,503.48 | 5.70% |
| Hartford Life Insurance | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 18,469.20 | 16.30% |
| CLASS Y | ||
| Abbott Laboratories Stock | ||
| Retirement Programs** | 10,842,670.00 | 14.13% |
| Putnam VT American Government Income Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 7,095,432.48 | 100.00% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 4,281,106.32 | 75.70% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 499,514.31 | 8.80% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 868,585.45 | 15.30% |
| Putnam VT Capital Appreciation Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 2,930,173.61 | 100.00% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 1,726,037.05 | 73.40% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS IB | ||
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 118,800.72 | 5.00% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 504,295.33 | 21.40% |
| Putnam VT Capital Opportunities Fund | ||
| CLASS IA | ||
| Hartford Life & Annuity | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 929,191.01 | 59.20% |
| Hartford Life Ins Co | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 633,586.46 | 40.40% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 523,752.08 | 40.80% |
| Hartford Life & Annuity | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 604,728.32 | 47.10% |
| Hartford Life Ins Co | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 112,199.39 | 8.70% |
| Putnam VT Discovery Growth Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 1,866,144.84 | 100.00% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 2,709,136.37 | 64.70% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 565,328.43 | 13.50% |
| Putnam VT Diversified Income Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 31,786,088.62 | 98.90% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 9,252,018.14 | 42.30% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 9,728,774.18 | 44.50% |
| Putnam VT Equity Income Fund | ||
| CLASS IA | ||
| Hartford Life & Annuity | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 5,568,157.55 | 67.40% |
J-26
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam VT Equity Income Fund, continued | ||
| CLASS IA | ||
| Hartford Life Ins Co | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 2,655,979.74 | 32.10% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 2,347,623.60 | 32.80% |
| Metlife Investors VA | ||
| 501 Boylston St | ||
| Boston MA 02116-3769 | 2,546,924.91 | 35.60% |
| Hartford Life & Annuity | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 1,406,503.15 | 19.60% |
| Hartford Life Ins Co | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 442,979.99 | 6.20% |
| Putnam VT The George Putnam Fund of Boston | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 24,806,333.40 | 99.40% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 16,668,306.31 | 72.70% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 1,315,271.52 | 5.70% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 4,599,069.08 | 20.00% |
| Putnam VT Global Asset Allocation Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 18,225,157.29 | 98.00% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 3,173,145.26 | 58.30% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 569,536.83 | 10.40% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 1,693,534.83 | 31.10% |
| Putnam VT Global Equity Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 37,660,012.16 | 99.60% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 4,301,492.52 | 76.10% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| CLASS IB | ||
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 481,250.24 | 8.50% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 542,610.58 | 9.60% |
| Putnam VT Growth and Income Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 107,637,933.52 | 98.60% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 17,407,811.89 | 66.00% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 1,585,431.39 | 6.00% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 3,328,817.82 | 12.60% |
| Putnam VT Growth Opportunities Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 3,952,666.76 | 100.00% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 3,878,869.41 | 70.90% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 357,054.31 | 6.50% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 949,158.01 | 17.30% |
| Putnam VT Health Sciences Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 8,181,821.52 | 100.00% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 4,828,255.40 | 43.40% |
| AXP IDS Life | ||
| 1497 AXP Financial Ctr | ||
| Minneapolis, MN 55474-0014 | 3,929,863.12 | 35.30% |
| Lincoln National Variable | ||
| 1300 S Clinton St | ||
| Fort Wayne, IN 46802-3506 | 786,419.64 | 7.00% |
| Putnam VT High Yield Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 43,456,956.56 | 82.00% |
J-27
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam VT High Yield Fund, continued | ||
| CLASS IA | ||
| CUNA Mutual Life Insurance Co | ||
| 2000 Heritage Way | ||
| Waverly, IA 50677-9208 | 8,691,424.97 | 16.40% |
| CLASS IB | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 3,627,322.55 | 16.90% |
| AXP IDS Life | ||
| 1497 AXP Financial Ctr | ||
| Minneapolis, MN 55474-0014 | 2,491,401.07 | 11.60% |
| Lincoln Benefit Life Co | ||
| C/O Allstate Financial | ||
| 544 Lakeview Pkwy | ||
| Vernon Hills IL 60061-1826 | 1,357,559.62 | 6.30% |
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 12,322,599.94 | 57.50% |
| Putnam VT High Yield Fund, continued | ||
| CLASS IB | ||
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 1,312,486.28 | 6.10% |
| Putnam VT Income Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 32,773,774.96 | 97.50% |
| CLASS IB | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 4,530,096.55 | 19.00% |
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 16,894,536.26 | 71.10% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 2,241,264.54 | 9.40% |
| Putnam VT International Equity Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 19,447,896.83 | 99.80% |
| CLASS IB | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 11,402,974.62 | 27.30% |
| AXP IDS Life | ||
| 1497 AXP Financial Ctr | ||
| Minneapolis, MN 55474-0014 | 5,231,867.88 | 12.50% |
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 11,886,913.92 | 28.50% |
| Allstate Northbrook Life | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 4,105,117.21 | 9.80% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam VT International Growth and Income Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 15,814,893.10 | 95.60% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 3,808,317.76 | 54.20% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 1,314,029.50 | 18.70% |
| Lincoln Benefit Life Co | ||
| C/O Allstate Financial | ||
| 544 Lakeview Pkwy | ||
| Vernon Hills, IL 60061-1826 | 729,606.45 | 10.30% |
| Putnam VT International New Opportunities Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 6,285,900.99 | 99.80% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 2,165,990.45 | 23.80% |
| AXP IDS Life | ||
| 1497 AXP Financial Ctr | ||
| Minneapolis, MN 55474-0014 | 6,191,223.39 | 68.00% |
| Putnam VT Investors Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 20,456,346.18 | 99.90% |
| CLASS IB | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 3,745,382.96 | 19.60% |
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 13,883,552.60 | 72.90% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 1,376,807.94 | 7.20% |
| Putnam VT Mid Cap Value Fund | ||
| CLASS IA | ||
| Hartford Life & Annuity | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 2,024,253.98 | 56.60% |
| Hartford Life Ins Co | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 1,547,171.85 | 43.30% |
| CLASS IB | ||
| Hartford Life & Annuity | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 348,537.24 | 19.80% |
| Hartford Life Ins Co | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 207,352.73 | 11.70% |
J-28
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam VT Mid Cap Value Fund, continued | ||
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 1,122,580.12 | 63.80% |
| Putnam VT Money Market Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 194,520,160.61 | 97.50% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 150,296,267.08 | 77.70% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 24,911,354.44 | 12.80% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 10,698,882.56 | 5.50% |
| Putnam VT New Opportunities Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 32,765,721.51 | 60.10% |
| AXP IDS Life | ||
| 1497 AXP Financial Ctr | ||
| Minneapolis, MN 55474-0014 | 19,772,338.10 | 36.20% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 5,310,476.30 | 74.70% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 521,107.21 | 7.30% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 1,221,581.28 | 17.10% |
| Putnam VT New Value Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 20,164,202.43 | 99.20% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 10,883,868.73 | 67.60% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 898,100.01 | 5.50% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 3,365,490.29 | 20.90% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam VT OTC & Emerging Growth Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 5,314,658.57 | 92.10% |
| Hartford Life Ins Co | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 453,137.81 | 7.80% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 4,036,520.76 | 83.60% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 302,544.67 | 6.20% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 489,219.28 | 10.10% |
| Putnam VT Research Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 5,354,857.10 | 100.00% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 6,291,983.53 | 80.60% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 481,755.55 | 6.10% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 975,410.91 | 12.50% |
| Putnam VT Small Cap Value Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 9,951,766.86 | 100.00% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 4,634,579.30 | 15.30% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 7,784,427.24 | 25.70% |
| AXP American Enterprise Life | ||
| 1497 AXP Financial Ctr | ||
| Minneapolis, MN 55474-0014 | 1,725,242.87 | 5.70% |
| Metlife Insurance Company | ||
| 1 City Pl | ||
| Hartford, CT 06103-3432 | 9,228,161.40 | 30.50% |
| Metlife Life And Annuity Company | ||
| 1 City Pl | ||
| Hartford, CT 06103-3432 | 2,995,260.97 | 9.90% |
J-29
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam VT Small Cap Value Fund, continued | ||
| CLASS IB | ||
| Northbrook Life Insurance Co | ||
| 3100 Sanders Rd Ste K4A | ||
| Northbrook, IL 60062-7155 | 1,945,337.16 | 6.40% |
| Putnam VT Utilities Growth and Income Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 17,603,657.85 | 99.90% |
| CLASS IB | ||
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 2,808,555.23 | 81.30% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 303,108.69 | 8.70% |
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 340,853.63 | 9.80% |
| Putnam VT Vista Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 11,572,456.79 | 97.10% |
| CLASS IB | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 1,216,012.88 | 7.70% |
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 5,791,881.79 | 37.00% |
| AXP American Enterprise Life | ||
| 1497 AXP Financial Ctr | ||
| Minneapolis, MN 55474-0014 | 822,661.46 | 5.20% |
| AXP IDS Life | ||
| 1497 AXP Financial Ctr | ||
| Minneapolis, MN 55474-0014 | 6,491,044.81 | 41.50% |
| Shareholder Name | Percentage | |
| and Address | Holdings | Owned |
| Putnam VT Voyager Fund | ||
| CLASS IA | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 45,527,624.87 | 99.20% |
| CLASS IB | ||
| Hartford Life | ||
| P.O. Box 2999 | ||
| Hartford, CT 06104-2999 | 1,785,382.20 | 13.00% |
| Allstate Life Insurance Co | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 8,977,114.04 | 65.80% |
| Allstate Life Of NY | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 703,036.17 | 5.10% |
| Allstate Northbrook Life | ||
| 3100 Sanders Rd | ||
| Northbrook, IL 60062-7155 | 832,192.61 | 6.10% |
| Principal Financial Group PFLX | ||
| 711 High St | ||
| Des Moines, IA 50392-0001 | 840,714.88 | 6.10% |
** The address for the name listed is: c/o Putnam Fiduciary Trust Company, as trustee or agent, One Post Office Square, Boston, MA 02109.
*18
Putnam Asset Allocation: Conservative Portfolio
| Class | Shareholder name and address | Percentage owned |
| A | Edward D. Jones & Co. | 7.27% |
| 201 Progress Parkway | ||
| Maryland Heights, MO 63043-3003 | ||
| A* | Mercer Trust Company | 6.28% |
| C | Merrill, Lynch, Pierce, Fenner & Smith | 9.84% |
| 4800 Dear Lake Dr. East | ||
| Jacksonville, FL 32246-6484 | ||
| C | Citigroup Global Markets Inc. | 6.20% |
| 333 West 34th Street, 3rd floor | ||
| New York, NY 10001 | ||
| C | Edward D. Jones & Co. | 5.33% |
| 201 Progress Parkway | ||
| Maryland Heights, MO 63043-3003 | ||
| M | National City Bank | 18.23% |
| PO Box 94984 | ||
| Cleveland, OH 44101-4984 | ||
| M | Edward D. Jones & Co. | 6.03% |
| 201 Progress Parkway | ||
| Maryland Heights, MO 63043-3003 | ||
| R | MG Trust Company / Midnight Ceilings Inc. | 12.45% |
| 700 17th St. STE 300 | ||
| Denver, CO 80202-3531 | ||
| R | MG Trust Company / Southern Cross Aviation LLC | 6.98% |
| 700 17th St. STE 300 | ||
| Denver, CO 80202-3531 | ||
| R | MG Trust Company as Custodian for | 5.62% |
| Telecommunications Asset Management | ||
| 700 17th St. STE 300 | ||
| Denver, CO 80202-3531 | ||
| R | MG Trust Company as Agent for Hartwell | 5.41% |
| Environmental / Frontier Trust Company TTEE | ||
| 700 17th St. STE 300 | ||
| Denver, CO 80202-3531 | ||
| Y* | Building Service Local 32B-J Supplemental | 83.28% |
| Retirement Savings Plan | ||
* The address for the name listed is: c/o Mercer Trust Company, as trustee or agent, Investor’sInvestors Way, Norwood, MA 02062.
19
Putnam Asset Allocation: Growth Portfolio
| Class | Shareholder name and address | Percentage owned |
| A | Edward D. Jones & Co. | 13.93% |
| 201 Progress Parkway | ||
| Maryland Heights, MO 63043-3003 | ||
| B | Edward D. Jones & Co. | 5.45% |
| 201 Progress Parkway | ||
| Maryland Heights, MO 63043-3003 | ||
| C | Merrill, Lynch, Pierce, Fenner & Smith | 15.71% |
| 4800 Dear Lake Dr. East | ||
| Jacksonville, FL 32246-6484 | ||
| C | Citigroup Global Markets Inc. | 9.05% |
| 333 West 34th Street, 3rd floor | ||
| New York, NY 10001 | ||
| M | Edward D. Jones & Co. | 5.86% |
| 201 Progress Parkway | ||
| Maryland Heights, MO 63043-3003 | ||
| R | MG Trust Company / Dutch Heating | 10.10% |
| and Air Conditioning | ||
| 700 17th St. STE 300 | ||
| Denver, CO 80202-3531 | ||
| Y* | IBEW Local 3 | 32.57% |
| Y** | Putnam Investments Profit Sharing Plan | 13.22% |
| Y* | Cenveo Corporation 401(K) Plan | 12.89% |
| Y* | Ironworkers St. Louis District Council | |
| Annuity Trust Fund | 10.99% | |
| Y** | Local Union No. 126 Retirement Plan | 7.68% |
| Y* | Putnam Investments | 5.24% |
* The address for the name listed is: c/o Mercer Trust Company, as trustee or agent, Investors Way, Norwood, MA 02062.
** The address for the name listed is: c/o Putnam Fiduciary Trust Company, as service provider,trustee or agent, One Post Office Square, Boston, MA 02109.
J-3020
Additional ownership information for Putnam closed-end fundsIncome Strategies Fund
In addition to the holdings information listed above for the Putnam closed-end funds, as of February 9, 2007, to the knowledge of the funds, the following additional persons owned beneficially or of record more than 5% of the common shares of certain Putnam closed-end funds.
| Shareholder name and address | |||||
| A | Putnam | ||||
| One | Post Office Square | ||||
| Boston, MA 02109 | |||||
| Edward D. Jones & Co. | |||||
| 201 Progress Parkway | |||||
| Maryland Heights, MO 63043-3003 | |||||
| Edward D. Jones & Co. | |||||
| 201 Progress Parkway | |||||
| Maryland Heights, MO 63043-3003 | |||||
| Pershing LLC | |||||
| P.O. Box 2052 | |||||
| Jersey City, NJ 07303-2052 | |||||
1Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on February 6, 2007.2Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on February 9, 2006.
3Based on information oabtained from a Schedule 13D filed with the Securities and Exchange Commission on December 29, 2006. The 1,281,699 shares are deemed to be owned beneficially by Roumell Asset Management, LLC solely as a result of its discretionary power over such shares as investment adviser. In addition, James C. Roumell and Deborah Billet-Roumell have beneficial ownership of 4,700 shares of common stock, representing less than 1% of outstanding shares.
4Based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on February 9, 2007. Shares reported may include shares owned by certain affiliates of Karpus Investment Management.
5Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on February 6, 2007.6Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on January 26, 2007.
7Based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on February 9, 2007. As of March 6, 2007, Karpus Investment Management owned 326,615 common shares of the fund, representing 11.77% of outstanding common shares (based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on March 6, 2007). Shares reported may include shares owned by certain affiliates of Karpus Investment Management.
8Based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on November 21, 2006; includes beneficial ownership of shares owned by Opportunity Income Plus L.P., Andrew Dakos, and Phillip Goldstein.
J-31
APPENDIX K
Security Ownership
The following tables set forth for each Trustee, and for the Trustees and officers as a group, the amount of equity securities owned in each Putnam fund as of February 9, 2007 (except as otherwise indicated). Where the number of shares beneficially owned exceeds 1% of the class owned, the percentage is included in parentheses below. None of the Trustees or officers owned shares of Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2035 Fund, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2050 Fund, Putnam RetirementReady Maturity Fund, Putnam VT Health Sciences Fund, Putnam VT Money Market Fund, or Putnam VT Utilities Growth and Income Fund as of that date. Additional ownership information for the funds that are series of Putnam Variable Trust is shown separately at the end of this Appendix J.
| Shares | Shares | Shares | Shares | |||||||
| Beneficially | Beneficially | Beneficially | Beneficially | |||||||
| Trustees | Owned | Owned | Owned | Owned | ||||||
| Putnam American | Putnam AMT-Free | Putnam Arizona | Putnam Asset | |||||||
| Government | Insured | Tax Exempt | Allocation: | |||||||
| Income Fund | Municipal Fund | Income Fund | Balanced Portfolio | |||||||
| Class A | Class Y | Class A | Class A | Class A | Class Y | |||||
| John A. Hill | 13,823.002 | — | 187.630 | 215.206 | 373,492.363 | — | ||||
| Jameson Adkins Baxter | 404.423 | — | 532.513 | 178.937 | 13,578.820 | — | ||||
| Charles B. Curtis | 122.983 | — | 131.409 | 127.887 | 117.321 | — | ||||
| Myra R. Drucker | 107.777 | — | 110.796 | 110.369 | 103.753 | — | ||||
| Charles E. Haldeman, Jr. | 1,277.084 | — | 786.056 | 1,274.400 | 1.519.211 | — | ||||
| Paul L. Joskow | 1,460.590 | — | 150.413 | 159.633 | 21,997.748 | — | ||||
| Elizabeth T. Kennan | 132.454 | — | 111.710 | 111.880 | 349.248 | — | ||||
| Kenneth R. Leibler | 100.951 | — | 101.337 | 101.154 | 100.455 | — | ||||
| Robert E. Patterson | 2,058.733 | — | 111.804 | 111.597 | 1.170.508 | — | ||||
| George Putnam, III | 3,074.922 | — | 808.167 | 1,245.684 | 2.954.054 | — | ||||
| W. Thomas Stephens | 318.728 | — | 158.418 | 152.442 | 43,361.340 | — | ||||
| Richard B. Worley | 107.777 | — | 110.601 | 110.121 | 103.753 | — | ||||
| Trustees and Officers | 22,989.424 | 10,630.749 | 3,300.854 | 3,899.310 | 458,848.574 | 13,129.392 | ||||
| as a group | (1.01%) | |||||||||
K-1
| Shares | Shares | Shares | Shares | |||||||||
| Beneficially | Beneficially | Beneficially | Beneficially | |||||||||
| Trustees | Owned | Owned | Owned | Owned | ||||||||
| Putnam | ||||||||||||
| Putnam Asset | Putnam Asset | Putnam California | California | |||||||||
| Allocation: | Allocation: | Investment Grade | Tax Exempt | |||||||||
| Conservative Portfolio | Growth Portfolio | Municipal Trust | Income Fund | |||||||||
| Class A | Class Y | Class A | Class Y | Common | Class A | |||||||
| John A. Hill | 111,994.998 | — | 6,209.773 | — | 224.592 | 187.514 | ||||||
| Jameson Adkins Baxter | 1,228.577 | — | 21,262.989 | — | 188.704 | 235.702 | ||||||
| Charles B. Curtis | 14,097.461 | — | 116.151 | — | 117.774 | 136.190 | ||||||
| Myra R. Drucker | 106.957 | — | 5,278.448 | — | 109.068 | 114.668 | ||||||
| Charles E. Haldeman, Jr. | 537,246.818 | — | 1,045.575 | — | 243.000 | 1,444.841 | ||||||
| (1.13%) | ||||||||||||
| Paul L. Joskow | 248.471 | — | 1,080.277 | — | 100.000 | 182.342 | ||||||
| Elizabeth T. Kennan | 346.043 | — | 2,060.923 | — | 201.338 | 134.329 | ||||||
| Kenneth R. Leibler | 100.772 | — | 100.570 | — | 100.000 | 101.437 | ||||||
| Robert E. Patterson | 1,234.123 | — | 2,246.213 | — | 100.000 | 116.075 | ||||||
| George Putnam, III | 4,537.829 | — | 25,641.662 | — | 1,100.000 | 1,479.584 | ||||||
| W. Thomas Stephens | 5,056.591 | — | 102.567 | — | 100.000 | 164.812 | ||||||
| Richard B. Worley | 106.957 | — | 102.567 | — | 102.960 | 114.444 | ||||||
| Trustees and Officers | 676,305.597 | 323.931 | 71,164.731 | 54,970.239 | 2,687.436 | 4,411.938 | ||||||
| as a group | (1.42%) | |||||||||||
| Shares | Shares | Shares | ||||||||||
| Beneficially | Beneficially | Beneficially | ||||||||||
| Trustees | Owned | Owned | Owned | |||||||||
| Putnam Capital | Putnam Capital | Putnam Classic | ||||||||||
| Appreciation Fund | Opportunities Fund | Equity Fund | ||||||||||
| Class A | Class Y | Class A | Class Y | Class A | Class Y | |||||||
| John A. Hill | 8,246.533 | — | 18,783.858 | — | 14,469.495 | — | ||||||
| Jameson Adkins Baxter | 313.753 | — | — | — | 4,895.534 | — | ||||||
| Charles B. Curtis | 103.245 | — | 140.848 | — | 110.584 | — | ||||||
| Myra R. Drucker | 100.414 | — | 132.315 | — | 102.809 | — | ||||||
| Charles E. Haldeman, Jr. | 654.057 | — | 1,318.134 | — | — | 1,050.623 | ||||||
| Paul L. Joskow | 605.292 | — | 242.941 | — | 2,410.818 | — | ||||||
| Elizabeth T. Kennan | 252.970 | — | 1,461.152 | — | 197.645 | — | ||||||
| Kenneth R. Leibler | 100.000 | — | 112.703 | — | 100.598 | — | ||||||
| Robert E. Patterson | 484.635 | — | 2,010.019 | — | 708.459 | — | ||||||
| George Putnam, III | 1,243.373 | — | 1,577.716 | — | 6,509.541 | — | ||||||
| W. Thomas Stephens | 137.950 | — | 132.315 | — | 148.112 | — | ||||||
| Richard B. Worley | 100.414 | — | 132.315 | — | 102.809 | — | ||||||
| Trustees and Officers | 12,442.123 | 7,753.123 | 35,109.626 | 10,238.954 | 29,756.404 | 8,648.264 | ||||||
| as a group | (2.46%) | (2.38%) | ||||||||||
K-2
| Shares | Shares | Shares | ||||||||||
| Beneficially | Beneficially | Beneficially | ||||||||||
| Trustees | Owned | Owned | Owned | |||||||||
| Putnam Convertible | Putnam Discovery | Putnam Diversified | ||||||||||
| Income-Growth Trust | Growth Fund | Income Trust | ||||||||||
| Class A | Class Y | Class A | Class Y | Class A | Class Y | |||||||
| John A. Hill | 32,061.700 | — | 2,303.388 | — | 1,953.567 | — | ||||||
| Jameson Adkins Baxter | 7,969.065 | — | 7,048.603 | — | 1,128.750 | — | ||||||
| Charles B. Curtis | 124.126 | — | 199.733 | — | 248.125 | — | ||||||
| Myra R. Drucker | 107.759 | — | 100.000 | — | 115.849 | — | ||||||
| Charles E. Haldeman, Jr. | 904.871 | — | 696.286 | — | — | 32,019.160 | ||||||
| Paul L. Joskow | 686.473 | — | 360.285 | — | 387.474 | — | ||||||
| Elizabeth T. Kennan | 1,071.157 | — | 113.856 | — | 750.000 | — | ||||||
| Kenneth R. Leibler | 100.678 | — | 100.000 | — | 101.360 | — | ||||||
| Robert E. Patterson | 3,485.678 | — | 799.281 | — | 1,404.333 | — | ||||||
| George Putnam, III | 13,051.715 | — | 2,101.545 | — | 5,434.823 | — | ||||||
| W. Thomas Stephens | 208.558 | — | 208.686 | — | 349.475 | — | ||||||
| Richard B. Worley | 106.899 | — | 100.000 | — | 115.849 | — | ||||||
| Trustees and Officers | 61,086.152 | 19,890.021 | 14,837.343 | 3,384.176 | 11,989.605 | 40,204.574 | ||||||
| as a group | (1.59%) | (2.42%) | ||||||||||
| Shares | Shares | Shares | ||||||||||
| Beneficially | Beneficially | Beneficially | ||||||||||
| Trustees | Owned | Owned | Owned | |||||||||
| Putnam Equity | Putnam Europe | Putnam Floating Rate | ||||||||||
| Income Fund | Equity Fund | Income Fund | ||||||||||
| Class A | Class Y | Class A | Class Y | Class A | Class Y | |||||||
| John A. Hill | 13,569.172 | — | 523.756 | — | 549,196.252 | — | ||||||
| (1.62%) | ||||||||||||
| Jameson Adkins Baxter | 3,390.567 | — | 2,290.402 | — | 2,200.690 | — | ||||||
| Charles B. Curtis | 136.833 | — | 109.809 | — | 107.284 | — | ||||||
| Myra R. Drucker | 125.419 | — | 104.751 | — | 112.041 | — | ||||||
| Charles E. Haldeman, Jr. | 1,049.823 | 3,551.283 | 743.434 | — | 1,150.494 | — | ||||||
| Paul L. Joskow | 8,180.125 | — | 489.440 | — | 9,503.469 | — | ||||||
| Elizabeth T. Kennan | 359.837 | — | 542.203 | — | 105.439 | — | ||||||
| Kenneth R. Leibler | 112.173 | — | 102.172 | — | 101.707 | — | ||||||
| Robert E. Patterson | 1,650.075 | — | 2,033.819 | — | 1,069.397 | — | ||||||
| George Putnam, III | 8,415.606 | — | 977.920 | — | 3,849.695 | — | ||||||
| W. Thomas Stephens | 191.040 | — | 140.795 | — | 134,975.747 | — | ||||||
| Richard B. Worley | 125.002 | — | 104.751 | — | 111.850 | — | ||||||
| Trustees and Officers | 46,071.331 | 12,890.841 | 8,623.288 | 280.283 | 702,484.065 | 66,837.482 | ||||||
| as a group | (2.07%) | (19.32%) | ||||||||||
K-3
| Shares | Shares | Shares | |||||||||||||
| Beneficially | Beneficially | Beneficially | |||||||||||||
| Trustees | Owned | Owned | Owned | ||||||||||||
| The Putnam Fund for | The George Putnam Fund | Putnam Global | |||||||||||||
| Growth and Income | of Boston | Equity Fund | |||||||||||||
| Class A | Class Y | Class A | Class Y | Class A | Class Y | ||||||||||
| John A. Hill | 11,786.523 | — | 25,757.193 | — | 51,073.375 | — | |||||||||
| Jameson Adkins Baxter | 16,850.506 | — | 11,742.687 | — | 9,945.299 | — | |||||||||
| Charles B. Curtis | 130.983 | — | 293.279 | — | 438.950 | — | |||||||||
| Myra R. Drucker | 118.625 | — | 117.435 | — | 102.668 | — | |||||||||
| Charles E. Haldeman, Jr. | 972.775 | — | 738.172 | — | 1,478.755 | — | |||||||||
| Paul L. Joskow | 8,802.201 | — | 1,994.013 | — | 633.784 | — | |||||||||
| Elizabeth T. Kennan | 285.325 | — | 1,442.227 | — | 4,987.810 | — | |||||||||
| Kenneth R. Leibler | 113.330 | — | 109.686 | — | 101.588 | — | |||||||||
| Robert E. Patterson | 602.556 | — | 1,254.030 | — | 14,611.566 | — | |||||||||
| George Putnam, III | 36,058.016 | — | 12,879.370 | — | 31,866.947 | — | |||||||||
| W. Thomas Stephens | 188.904 | — | 301.759 | — | 641.484 | — | |||||||||
| Richard B. Worley | 118.625 | — | 117.435 | — | 102.668 | — | |||||||||
| Trustees and Officers | 76,065.887 | 19,172.389 | 58,169.654 | 4,583.433 | 117,081.043 | 2,301.460 | |||||||||
| as a group | |||||||||||||||
| Shares | Shares | Shares | Shares | ||||||||||||
| Beneficially | Beneficially | Beneficially | Beneficially | ||||||||||||
| Trustees | Owned | Owned | Owned | Owned | |||||||||||
| Putnam Global | Putnam Global Natural | Putnam Growth | Putnam Health | ||||||||||||
| Income Trust | Resources Fund | Opportunities Fund | Sciences Trust | ||||||||||||
| Class A | Class A | Class Y | Class A | Class Y | Class A | Class Y | |||||||||
| John A. Hill | 154.607 | 8,768.918 | — | 2,538.040 | — | 4,656.855 | — | ||||||||
| Jameson Adkins Baxter | 159.620 | 1,008.625 | — | 479.604 | — | 178.569 | — | ||||||||
| Charles B. Curtis | 134.289 | 160.312 | — | 105.939 | — | 126.934 | — | ||||||||
| Myra R. Drucker | 111.402 | 141.232 | — | 100.867 | — | 126.934 | — | ||||||||
| Charles E. Haldeman, Jr. | 967.131 | 661.434 | — | 890.000 | 3,977.847 | 237.662 | — | ||||||||
| Paul L. Joskow | 184.791 | 174.550 | — | 840.579 | — | 555.030 | — | ||||||||
| Elizabeth T. Kennan | 350.369 | 1,137.652 | — | 100.867 | — | 126.934 | — | ||||||||
| Kenneth R. Leibler | 100.969 | 112.147 | — | 100.000 | — | 110.546 | — | ||||||||
| Robert E. Patterson | 810.440 | 390.728 | — | 2,146.569 | — | 292.114 | — | ||||||||
| George Putnam, III | 3,871.242 | 1,714.971 | — | 2,785.949 | — | 2,897.889 | — | ||||||||
| W. Thomas Stephens | 168.477 | 211.480 | — | 101.894 | — | 175.468 | — | ||||||||
| Richard B. Worley | 111.170 | 141.232 | — | 100.867 | — | 126.934 | — | ||||||||
| Trustees and Officers | 7,124.507 | 14,623.281 | 5,054.012 | 10,373.246 | 3,977.847 | 9,631.325 | 9,051.754 | ||||||||
| as a group | (1.05%) | (2.63%) | |||||||||||||
K-4
| Shares | Shares | Shares | Shares | ||||||||||||||
| Beneficially | Beneficially | Beneficially | Beneficially | ||||||||||||||
| Trustees | Owned | Owned | Owned | Owned | |||||||||||||
| Putnam High Income | Putnam High Yield | Putnam High Yield | Putnam High | ||||||||||||||
| Securities Fund | Advantage Fund | Municipal Trust | Yield Trust | ||||||||||||||
| Common | Class A | Class Y | Common | Class A | Class Y | ||||||||||||
| John A. Hill | 86,341.603 | 448.064 | — | 223.227 | 3,247.157 | — | |||||||||||
| Jameson Adkins Baxter | 1,619.792 | 2,625.395 | — | 203.997 | 21,036.989 | — | |||||||||||
| Charles B. Curtis | 395.447 | 163.381 | — | 115.649 | 450.564 | — | |||||||||||
| Myra R. Drucker | 361.503 | 117.953 | — | 106.505 | 242.777 | — | |||||||||||
| Charles E. Haldeman, Jr. | 841.000 | 364.706 | — | 500.000 | 2,059.289 | — | |||||||||||
| Paul L. Joskow | 334.178 | 3,766.751 | — | 100.000 | 7,105.469 | — | |||||||||||
| Elizabeth T. Kennan | 451.380 | 519.984 | — | 201.315 | 931.284 | — | |||||||||||
| Kenneth R. Leibler | 100.000 | 102.258 | — | 100.000 | 101.832 | — | |||||||||||
| Robert E. Patterson | 1,084.356 | 9,231.793 | — | 300.000 | 7,182.140 | — | |||||||||||
| George Putnam, III | 1,670.000 | 3,550.811 | — | 2,100.000 | 24,842.086 | — | |||||||||||
| W. Thomas Stephens | 334.178 | 240.281 | — | 100.000 | 663.835 | — | |||||||||||
| Richard B. Worley | 337.591 | 117.953 | — | 100.889 | 235.868 | — | |||||||||||
| Trustees and Officers | 93,871.028 | 21,249.330 | 358.933 | 4,151.582 | 68,515.481 | 15,976.865 | |||||||||||
| as a group | |||||||||||||||||
| Shares | Shares | Shares | Shares | ||||||||||||||
| Beneficially | Beneficially | Beneficially | Beneficially | ||||||||||||||
| Trustees | Owned | Owned | Owned | Owned | |||||||||||||
| Putnam Income | Putnam International | Putnam International | |||||||||||||||
| Putnam Income Fund | Strategies Fund | Capital Opportunities Fund | Equity Fund | ||||||||||||||
| Class A | Class A | Class A | Class Y | Class A | Class Y | ||||||||||||
| John A. Hill | 19,337.397 | 25,142.622 | 9,678.404 | — | 23,622.060 | — | |||||||||||
| (2.26%) | |||||||||||||||||
| Jameson Adkins Baxter | 4,201.791 | 5,175.344 | 6,710.478 | — | 9,770.372 | — | |||||||||||
| Charles B. Curtis | 128.161 | 105.993 | 111.068 | — | 220.229 | — | |||||||||||
| Myra R. Drucker | 109.159 | 105.683 | 104.977 | — | 110.651 | — | |||||||||||
| Charles E. Haldeman, Jr. | 2,328.993 | 203.425 | 745.715 | — | 746.663 | — | |||||||||||
| Paul L. Joskow | 218.357 | 503.803 | 426.876 | — | 6,666.243 | — | |||||||||||
| Elizabeth T. Kennan | 369.677 | 546.217 | 1,652.780 | — | 2,409.760 | — | |||||||||||
| Kenneth R. Leibler | 101.164 | 101.568 | 102.024 | — | 106.953 | — | |||||||||||
| Robert E. Patterson | 1,538.650 | 1,010.337 | 1,829.646 | — | 4,032.718 | — | |||||||||||
| George Putnam, III | 6,272.696 | 3,022.820 | 1,168.739 | — | 3,320.198 | — | |||||||||||
| W. Thomas Stephens | 161.461 | 105.993 | 125.616 | — | 198.180 | — | |||||||||||
| Richard B. Worley | 109.159 | — | 104.977 | — | 110.651 | — | |||||||||||
| Trustees and Officers | 34,876.665 | 36,023.805 | 22,761.300 | 8,595.540 | 68,535.121 | 9,585.550 | |||||||||||
| as a group | (3.24%) | ||||||||||||||||
K-5
| Shares | Shares | Shares | Shares | |||||||||||
| Beneficially | Beneficially | Beneficially | Beneficially | |||||||||||
| Trustees | Owned | Owned | Owned | Owned | ||||||||||
| Putnam Investment | ||||||||||||||
| Putnam International | Putnam International | Grade | Putnam | |||||||||||
| Growth and Income Fund | New Opportunities Fund | Municipal Trust | Investors Fund | |||||||||||
| Class A | Class Y | Class A | Class Y | Common | Class A | Class Y | ||||||||
| John A. Hill | 5,702.890 | — | 1,279.259 | — | 225.245 | 29,699.767 | — | |||||||
| Jameson Adkins Baxter | 4,974.728 | — | 2,538.625 | — | 212.401 | 14,122.693 | — | |||||||
| Charles B. Curtis | 117.918 | — | 104.533 | — | 119.333 | 103.824 | — | |||||||
| Myra R. Drucker | 112.265 | — | 102.316 | — | 106.124 | 1,869.479 | — | |||||||
| Charles E. Haldeman, Jr. | 1,614.759 | — | 1,075.395 | — | 330.000 | 966.796 | — | |||||||
| Paul L. Joskow | 849.299 | — | 1,417.629 | — | 100.000 | 8,572.119 | — | |||||||
| Elizabeth T. Kennan | 728.007 | — | 202.289 | — | 109.015 | 4,203.469 | — | |||||||
| Kenneth R. Leibler | 110.097 | — | 100.444 | — | 100.000 | 100.216 | — | |||||||
| Robert E. Patterson | 6,209.416 | — | 3,957.003 | — | 300.000 | 4,784.644 | — | |||||||
| George Putnam, III | 2,490.577 | — | 7,173.199 | — | 1,500.000 | 7,939.431 | — | |||||||
| W. Thomas Stephens | 167.302 | — | 151.442 | — | 180.672 | 117.268 | — | |||||||
| Richard B. Worley | 112.265 | — | 102.316 | — | 100.822 | 101.376 | — | |||||||
| Trustees and Officers | 23,316.587 | 3,177.074 | 18,972.767 | 14,264.833 | 3,383.612 | 81,272.731 | 65,794.112 | |||||||
| as a group | (1.33%) | |||||||||||||
| Shares | Shares | Shares | Shares | Shares | Shares | |||||||||
| Beneficially | Beneficially | Beneficially | Beneficially | Beneficially | Beneficially | |||||||||
| Trustees | Owned | Owned | Owned | Owned | Owned | Owned | ||||||||
| Putnam Limited | Putnam | Putnam | Putnam | Putnam | ||||||||||
| Duration | Managed | Massachusetts | Master | Michigan | Putnam | |||||||||
| Government | Municipal | Tax Exempt | Intermediate | Tax Exempt | Mid Cap | |||||||||
| Income Fund | Income Trust | Income Fund | Income Trust | Income Fund | Value Fund | |||||||||
| Class A | Common | Class A | Common | Class A | Class A | Class Y | ||||||||
| John A. Hill | 1,564.506 | 225.663 | 171.456 | 442.687 | 164.230 | 138.524 | — | |||||||
| Jameson Adkins Baxter | 2,888.428 | 212.250 | 186.434 | 461.972 | 180.430 | 3,624.800 | — | |||||||
| Charles B. Curtis | 124.017 | 117.170 | 128.988 | 119.146 | 128.683 | 134.808 | — | |||||||
| Myra R. Drucker | 108.227 | 106.671 | 111.173 | 106.798 | 109.099 | 127.198 | — | |||||||
| Charles E. Haldeman, Jr. | 2,228.809 | 450.000 | 1,247.201 | 510.000 | 1,294.030 | 1,462.201 | — | |||||||
| Paul L. Joskow | 289.058 | 100.000 | 12,693.301 | 100.000 | 161.108 | 152.730 | — | |||||||
| Elizabeth T. Kennan | 771.156 | 108.920 | 112.331 | 270.436 | 110.378 | 623.395 | — | |||||||
| Kenneth R. Leibler | 101.061 | 100.000 | 101.118 | 100.000 | 101.049 | 112.193 | — | |||||||
| Robert E. Patterson | 873.531 | 300.000 | 101.496 | 587.000 | 110.334 | 1,593.851 | — | |||||||
| George Putnam, III | 4,813.954 | 1,800.000 | 5,967.938 | 2,178.000 | 1,284.848 | 2,721.327 | — | |||||||
| W. Thomas Stephens | 147.690 | 100.000 | 155.925 | 100.000 | 152.728 | 127.198 | — | |||||||
| Richard B. Worley | 108.139 | 100.891 | 110.948 | 100.931 | 108.900 | 127.198 | — | |||||||
| Trustees and Officers | 14,018.576 | 3,721.565 | 35,026.462 | 5,076.970 | 3,905.817 | 18,178.815 | 10,410.120 | |||||||
| as a group | ||||||||||||||
K-6
| Shares | Shares | Shares | Shares | Shares | |||||||||
| Beneficially | Beneficially | Beneficially | Beneficially | Beneficially | |||||||||
| Trustees | Owned | Owned | Owned | Owned | Owned | ||||||||
| Putnam | |||||||||||||
| Putnam | New Jersey | ||||||||||||
| Putnam Minnesota | Putnam | Municipal | Tax Exempt | ||||||||||
| Tax Exempt | Putnam | Municipal | Opportunities | Income | |||||||||
| Income Fund | Money Market Fund | Bond Fund | Trust | Fund | |||||||||
| Class A | Class A | Class R | Common | Common | Class A | ||||||||
| John A. Hill | 219.763 | 906,249.650 | 76,931.310 | 322.603 | 226.131 | 227.595 | |||||||
| Jameson Adkins Baxter | 179.111 | 121,091.870 | — | 3,570.000 | 207.003 | 183.577 | |||||||
| Charles B. Curtis | 127.254 | 399,904.680 | — | 121.003 | 121.225 | 126.582 | |||||||
| Myra R. Drucker | 109.477 | 107.980 | 12.880 | 106.735 | 106.349 | 109.346 | |||||||
| Charles E. Haldeman, Jr. | 1,294.671 | — | 8,385.310 | 250.000 | 270.000 | 1,277.404 | |||||||
| Paul L. Joskow | 162.518 | 294,174.600 | — | 196.000 | 100.000 | 158.564 | |||||||
| Elizabeth T. Kennan | 110.683 | 14,556.200 | — | 189.709 | 119.793 | 110.425 | |||||||
| Kenneth R. Leibler | 101.085 | 7,677.000 | — | 100.000 | 100.000 | 101.092 | |||||||
| Robert E. Patterson | 110.714 | 187,507.700 | — | 293.000 | 100.000 | 110.435 | |||||||
| George Putnam, III | 1,293.642 | 612,594.980 | — | 1,184.000 | 1,300.000 | 1,246.818 | |||||||
| W. Thomas Stephens | 152.042 | 2,468.300 | — | 196.000 | 100.000 | 150.959 | |||||||
| Richard B. Worley | 109.268 | 107.950 | 9,630.200 | 100.811 | 100.805 | 109.125 | |||||||
| Trustees and Officers | 3,970.228 | 3,439,303.440 | 94,959.700 | 6,629.861 | 2,851.306 | 3,911.922 | |||||||
| as a group | |||||||||||||
| Shares | Shares | Shares | Shares | ||||||||||
| Beneficially | Beneficially | Beneficially | Beneficially | ||||||||||
| Trustees | Owned | Owned | Owned | Owned | |||||||||
| Putnam | Putnam | ||||||||||||
| New York | New York | ||||||||||||
| Putnam New | Putnam New | Investment Grade | Tax Exempt | ||||||||||
| Opportunities Fund | Value Fund | Municipal Trust | Income Fund | ||||||||||
| Class A | Class Y | Class A | Class Y | Common | Class A | ||||||||
| John A. Hill | 6,660.309 | — | 5,971.716 | — | 71,595.182 | 5,190.748 | |||||||
| (2.58%) | |||||||||||||
| Jameson Adkins Baxter | 1,733.616 | — | 11,286.655 | — | 186.650 | 559.437 | |||||||
| Charles B. Curtis | 104.835 | — | 123.592 | — | 116.241 | 264.359 | |||||||
| Myra R. Drucker | 100.000 | — | 1,571.520 | — | 105.266 | 112.375 | |||||||
| Charles E. Haldeman, Jr. | 293.214 | — | 1,047.856 | 3,205.655 | 280.000 | 1,360.257 | |||||||
| Paul L. Joskow | 980.800 | — | 728.260 | — | 100.000 | 344.800 | |||||||
| Elizabeth T. Kennan | 100.000 | — | 2,473.418 | — | 189.263 | 243.453 | |||||||
| Kenneth R. Leibler | 100.000 | — | 108.289 | — | 100.000 | 101.325 | |||||||
| Robert E. Patterson | 1,038.444 | — | 1,528.107 | — | 100.000 | 113.637 | |||||||
| George Putnam, III | 763.162 | — | 12,017.915 | — | 1,200.000 | 1,403.735 | |||||||
| W. Thomas Stephens | 133.948 | — | 165.765 | — | 100.000 | 160.978 | |||||||
| Richard B. Worley | 100.000 | — | 115.245 | — | 100.714 | 112.142 | |||||||
| Trustees and Officers | 12,709.436 | 2,714.411 | 40,761.847 | 32,786.176 | 74,173.316 | 9,967.246 | |||||||
| as a group | (2.67%) | ||||||||||||
K-7
| Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||
| Beneficially | Beneficially | Beneficially | Beneficially | Beneficially | Beneficially | |||||||||||||
| Trustees | Owned | Owned | Owned | Owned | Owned | Owned | ||||||||||||
| Putnam | Putnam | |||||||||||||||||
| Putnam Ohio | Putnam OTC | Pennsylvania | Premier | Putnam Prime | ||||||||||||||
| Tax Exempt | & Emerging | Tax Exempt | Income | Money | Putnam | |||||||||||||
| Income Fund | Growth Fund | Income Fund | Trust | Market Fund | Research Fund | |||||||||||||
| Class A | Class A | Class Y | Class A | Common | Class I | Class A | Class Y | |||||||||||
| John A. Hill | 236.582 | 3,926.695 | — | 233.554 | 3,693.640 | 50,067,211.230^ | 5,636.398 | — | ||||||||||
| (2.03%) | ||||||||||||||||||
| Jameson Adkins Baxter | 179.752 | 3,818.078 | — | 186.671 | 496.412 | — | 418.083 | — | ||||||||||
| Charles B. Curtis | 125.685 | 105.121 | — | 126.936 | 242.603 | — | 105.882 | — | ||||||||||
| Myra R. Drucker | 109.498 | 100.000 | — | 109.345 | 215.100 | — | 100.873 | — | ||||||||||
| Charles E. Haldeman, Jr. | 1,286.975 | 1,664.025 | — | 1,302.086 | 1,005.000 | — | 856.937 | — | ||||||||||
| Paul L. Joskow | 162.056 | 129.574 | — | 163.644 | 201.176 | — | 5,546.414 | — | ||||||||||
| Elizabeth T. Kennan | 110.735 | 1,141.113 | — | 110.619 | 292.060 | — | 146.694 | — | ||||||||||
| Kenneth R. Leibler | 101.104 | 100.000 | — | 101.078 | 100.000 | — | 100.109 | — | ||||||||||
| Robert E. Patterson | 110.686 | 1,453.803 | — | 110.615 | 803.529 | — | 145.779 | — | ||||||||||
| George Putnam, III | 1,276.313 | 11,392.960 | — | 1,273.698 | 2,505.000 | — | 1,753.253 | — | ||||||||||
| W. Thomas Stephens | 152.421 | 144.331 | — | 156.187 | 201.176 | — | 100.873 | — | ||||||||||
| Richard B. Worley | 109.308 | 100.000 | — | 109.172 | 202.877 | — | 100.873 | — | ||||||||||
| Trustees and Officers | 3,961.115 | 24,138.024 | 10,857.414 | 3,983.605 | 9,958.573 | 50,067,211.230^ | 15,012.168 | 7,020.033 | ||||||||||
| as a group | (2.03%) | |||||||||||||||||
| Shares | Shares | Shares | Shares | Shares | ||||||||||||||
| Beneficially | Beneficially | Beneficially | Beneficially | Beneficially | ||||||||||||||
| Trustees | Owned | Owned | Owned | Owned | Owned | |||||||||||||
| Putnam | Putnam | Putnam | Putnam | Putnam | ||||||||||||||
| RetirementReady | RetirementReady | RetirementReady | RetirementReady | RetirementReady | ||||||||||||||
| 2010 Fund | 2015 Fund | 2020 Fund | 2025 Fund | 2045 Fund | ||||||||||||||
| Class A | Class A | Class A | Class A | Class A | ||||||||||||||
| John A. Hill | — | — | — | — | — | |||||||||||||
| Jameson Adkins Baxter | — | — | 360.422 | — | — | |||||||||||||
| Charles B. Curtis | — | — | 112.471 | — | — | |||||||||||||
| Myra R. Drucker | — | — | 1,194.810 | — | — | |||||||||||||
| Charles E. Haldeman, Jr. | 199.250 | — | — | — | — | |||||||||||||
| Paul L. Joskow | — | 173.076 | — | — | — | |||||||||||||
| Elizabeth T. Kennan | — | — | — | — | 106.147 | |||||||||||||
| Kenneth R. Leibler | — | 106.842 | — | — | — | |||||||||||||
| Robert E. Patterson | — | — | 163.521 | — | — | |||||||||||||
| George Putnam, III | — | — | — | 347.268 | — | |||||||||||||
| W. Thomas Stephens | — | 113.435 | — | — | — | |||||||||||||
| Richard B. Worley | — | — | — | — | — | |||||||||||||
| Trustees and Officers | 199.250 | 393.353 | 1,831.224 | 347.268 | 106.147 | |||||||||||||
| as a group | ||||||||||||||||||
| ^Reflects holdings as of 02/12/07. | ||||||||||||||||||
K-8
| Shares | Shares | Shares | Shares | |||||||||
| Beneficially | Beneficially | Beneficially | Beneficially | |||||||||
| Trustees | Owned | Owned | Owned | Owned | ||||||||
| Putnam | Putnam | |||||||||||
| Tax Exempt | Tax Exempt | |||||||||||
| Putnam Small Cap | Putnam Small Cap | Income | Money Market | |||||||||
| Growth Fund | Value Fund | Fund | Fund | |||||||||
| Class A | Class Y | Class A | Class Y | Class A | Class A | |||||||
| John A. Hill | 3,244.878 | — | 22,526.691 | — | 586.373 | 3,840,684.230 | ||||||
| (4.84%) | ||||||||||||
| Jameson Adkins Baxter | 801.254 | — | 3,643.596 | — | 1,597.921 | 2,167.660 | ||||||
| Charles B. Curtis | 609.294 | — | 175.356 | — | 129.943 | 1,615.540 | ||||||
| Myra R. Drucker | 113.645 | — | 162.329 | — | 110.621 | 148,756.870 | ||||||
| Charles E. Haldeman, Jr. | 848.486 | — | — | 1,110.407 | 1,345.180 | 10,778.420 | ||||||
| Paul L. Joskow | 4,883.960 | — | 4,591.973 | — | 168.716 | 3,335.600 | ||||||
| Elizabeth T. Kennan | 454.581 | — | 2,200.972 | — | 128.631 | 158.510 | ||||||
| Kenneth R. Leibler | 106.092 | — | 120.604 | — | 101.140 | 100.910 | ||||||
| Robert E. Patterson | 511.712 | — | 1,451.981 | — | 184.993 | 100.000 | ||||||
| George Putnam, III | 5,766.333 | — | 2,579.539 | — | 1,779.841 | 10,451.820 | ||||||
| W. Thomas Stephens | 113.645 | — | 162.329 | — | 158.390 | 181,638.740 | ||||||
| Richard B. Worley | 113.645 | — | 162.329 | — | 110.373 | 105.890 | ||||||
| Trustees and Officers | 21,502.617 | 9,742.964 | 37,777.699 | 19,951.538 | 6,402.122 | 4,502,847.100 | ||||||
| as a group | (5.68%) | |||||||||||
| Shares | Shares | Shares | Shares | Shares | ||||||||
| Beneficially | Beneficially | Beneficially | Beneficially | Beneficially | ||||||||
| Trustees | Owned | Owned | Owned | Owned | Owned | |||||||
| Putnam | Putnam | Putnam | Putnam | Putnam | ||||||||
| Tax-Free | Tax-Free | Tax Smart | U.S. Government | Utilities Growth | ||||||||
| Health Care Fund | High Yield Fund | Equity Fund® | Income Trust | and Income Fund | ||||||||
| Common | Class A | Class A | Class A | Class B | Class A | |||||||
| John A. Hill | 219.176 | 402.179 | 7,985.816 | 728.436 | — | 3,399.876 | ||||||
| Jameson Adkins Baxter | 582.481 | 1,276.060 | 1,239.863 | 197.129 | — | 649.544 | ||||||
| Charles B. Curtis | 115.789 | 224.331 | 102.377 | 1,228.561 | 2,539.689 | 118.186 | ||||||
| Myra R. Drucker | 105.244 | 187.262 | 100.163 | 108.946 | — | 104.935 | ||||||
| Charles E. Haldeman, Jr. | 270.000 | 1,888.364 | 1,185.698 | 881.754 | — | 1,266.451 | ||||||
| Paul L. Joskow | 100.000 | 279.554 | 5,400.929 | 173.315 | — | 997.481 | ||||||
| Elizabeth T. Kennan | 108.110 | 189.648 | 106.867 | 184.771 | — | 116.304 | ||||||
| Kenneth R. Leibler | 100.000 | 101.333 | 100.000 | 100.992 | — | 100.352 | ||||||
| Robert E. Patterson | 100.000 | 189.753 | 2,239.580 | 1,424.248 | — | 718.950 | ||||||
| George Putnam, III | 500.000 | 2,696.560 | 6,405.434 | 2,850.746 | — | 2,179.026 | ||||||
| W. Thomas Stephens | 100.000 | 276.236 | 100.163 | 156.023 | — | 170.019 | ||||||
| Richard B. Worley | 100.725 | 186.791 | 100.163 | 108.946 | — | 104.387 | ||||||
| Trustees and Officers | 2,401.525 | 7,898.071 | 25,067.053 | 8,143.867 | 2,539.689 | 9,925.511 | ||||||
| as a group | ||||||||||||
K-9
| Shares | Shares | |||||
| Beneficially | Beneficially | |||||
| Trustees | Owned | Owned | ||||
| Putnam Vista Fund | Putnam Voyager Fund | |||||
| Class A | Class Y | Class A | Class Y | |||
| John A. Hill | 48,265.800 | — | 23,528.436 | — | ||
| Jameson Adkins Baxter | 14,111.419 | — | 8,201.140 | — | ||
| Charles B. Curtis | 108.696 | — | 109.618 | — | ||
| Myra R. Drucker | 2,234.927 | — | 100.707 | — | ||
| Charles E. Haldeman, Jr. | 1,759.930 | — | 927.312 | — | ||
| Paul L. Joskow | 2,016.190 | — | 3,248.819 | — | ||
| Elizabeth T. Kennan | 5,005.941 | — | 299.547 | — | ||
| Kenneth R. Leibler | 100.000 | — | 100.000 | — | ||
| Robert E. Patterson | 1,479.233 | — | 5,000.471 | — | ||
| George Putnam, III | 5,233.274 | — | 2,198.233 | — | ||
| W. Thomas Stephens | 177.190 | — | 149.155 | — | ||
| Richard B. Worley | 100.000 | — | 100.707 | — | ||
| Trustees and Officers | 80,592.600 | 31,280.167 | 50,697.156 | 15,412.564 | ||
| as a group | ||||||
Additional ownership information for funds that are series of Putnam Variable Trust
As of February 9, 2007, except as shown below, the Trustees, and the Trustees and officers as a group, did not own variable annuity contracts or variable life insurance policies that invested in the funds that are series of Putnam Variable Trust.* This table shows the value of the Trustees’ indirect beneficial ownership interest in these funds.
| Merrill, Lynch, Pierce, Fenner & Smith | 13.07% | |||||
| 4800 Dear Lake Dr. East | ||||||
| Jacksonville, FL 32246-6484 | ||||||
| C | A G Edwards & Sons C/F Karen A. Tapovatz / | 8.13% | ||||
| Rollover IRA Account | ||||||
| 8480 Gateway Ct | ||||||
| C | ||||||
| MS&CO FBO / Richard Higgs MD Ltd | ||||||
| Profit Sharing Plan | ||||||
| M | A G Edwards & Sons Inc. | 32.95% | ||||
| for Charlene Stubbs IRA Plan | ||||||
| 1912 Darnell St | ||||||
| M | Thomas A. Romes & Anne E. Romes | 21.06% | ||||
| 615 Slingerland Dr. | ||||||
| Schaumburg, IL 60193-2362 | ||||||
| M | A G Edwards & Sons Inc. | 20.22% | ||||
| for William R. Hill IRA Plan | ||||||
| 475 Oak Dr. | ||||||
| M | Edward D. Jones & Co. | 15.36% | ||||
| 201 Progress Parkway | ||||||
| Maryland Heights, MO 63043-3003 | ||||||
| M | Merrill, Lynch, Pierce, Fenner & Smith | 6.93% | ||||
| 4800 Dear Lake Dr. East | ||||||
| Jacksonville, FL 32246-6484 | ||||||
21
Putnam Income Strategies Fund (cont.)
| Class | Shareholder name and address | |||||
| R | Putnam Investments LLC | 100.00% | ||||
| One Post Office Square | ||||||
| Boston, MA 02109 | ||||||
| Y* | ||||||
| Putnam | ||||||
| Y** | Putnam Investments Profit Sharing Plan | 21.08% | ||||
* The address for the name listed is: c/o Mercer Trust Company, as trustee or agent, Investors Way, Norwood, MA 02062.
** The address for the name listed is: c/o Putnam Fiduciary Trust Company, as trustee or agent, One Post Office Square, Boston, MA 02109.
22
Putnam VT Global Asset Allocation Fund
| Class | Shareholder name and address | |||||
| IA | Hartford Life | 98.28% | ||||
| 200 Hopmeadow St. #A3E | ||||||
| Weatogue, CT 06089-9793 | ||||||
| IB | Allstate Life Insurance Co. | |||||
| IB | Hartford Life / Capital Access | 39.78% | ||||
| 200 Hopmeadow St. #A3E | ||||||
| Weatogue, CT 06089-9793 | ||||||
| IB | Allstate Life of NY | 9.28% | ||||
| 3100 Sanders Rd | ||||||
| Northbrook, IL 60062-7154 | ||||||
*As reflected23
Securityownership.Thefollowing table sets forth for eachTrustee,and for theTrustees and officers as a group, theamount of equity securities owned in the tables above, Trustees own shareseach of the retail Putnamnamed funds that are counterparts toas ofFebruary 25, 2008. Where thenumber of sharesbeneficially ownedexceeds 1% of the Putnam Variable Trust’s various portfolios.class owned, thepercentage isincluded inparentheses below.
K-10
| Shares | Shares | Shares | Shares | Shares | Shares | |
| Beneficially | Beneficially | Beneficially | Beneficially | Beneficially | Beneficially | |
| Owned | Owned | Owned | Owned | Owned | Owned | |
| Putnam | Putnam Asset | Putnam Asset | Putnam Asset | Putnam VT | Putnam VT | |
| Income | Allocation: | Allocation: | Allocation: | Global Asset | Global Asset | |
| Strategies | Balanced | Conservative | Growth | Allocation | Allocation | |
| Fund | Portfolio | Portfolio | Portfolio | Fund | Fund | |
| Trustees | (Class A shares) | (Class A shares) | (Class A shares) | (Class A shares) | (Class IA shares) | (Class IB Shares) |
| Jameson A. Baxter | 5,432.941 | 13,823.653 | 1,270.157 | 22,347.061 | — | — |
| Charles B. Curtis | 111.270 | 119.437 | 14,102.332 | 12,494.414 | — | — |
| Robert J. Darretta | 102.907 | 101.067 | 101.932 | 102.279 | — | — |
| Myra R. Drucker | 110.944 | 105.625 | 110.574 | 3,987.128 | — | — |
| Charles E. Haldeman, Jr. | 213.551 | 1,546.604 | 555,429.647 | 1,067.215 | — | — |
| (1.04%) | ||||||
| John A. Hill | 26,394.073 | 361,421.527 | 115,785.626 | 462.818 | — | — |
| (1.89%) | ||||||
| Paul L. Joskow | 528.880 | 12,246.503 | 256.884 | 343.821 | 35.979 | — |
| Elizabeth T. Kennan | 109.167 | 355.545 | 357.754 | 2,302.091 | — | — |
| Kenneth R. Leibler | 106.624 | 102.267 | 104.184 | 102.651 | — | — |
| Robert E. Patterson | 1,060.624 | 1,191.613 | 1,275.894 | 2,292.702 | — | — |
| George Putnam, III | 3,173.276 | 3,007.317 | 4,691.415 | 26,171.033 | — | 36.482 |
| W. Thomas Stephens | 111.270 | 44,143.167 | 5,227.738 | 104.690 | — | — |
| Richard B. Worley | 104.631 | 105.625 | 110.574 | 104.690 | — | — |
| Trustees and Officers | 37,560.157 | 438,269.950 | 698,824.711 | 72,240.540 | — | — |
| as a group | (2.69%) | (1.31%) | ||||
K-11
| 24 | 25 |
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One Post Office SquareBoston, Massachusetts 021091-800-225-1581Putnam Retail Managementwww.putnam.com
242548 3/07
| The Putnam Funds | ||
| One Post Office Square | ||
| Boston, Massachusetts 02109 | ||
| Toll-free 1-800-225-1581 | 250523 3/08 |
The proxy ballot
| To vote by mail | To vote by telephone | To vote on the |
| Read the proxy statement. | Read the proxy statement and | Read the proxy statement and have the |
| have the proxy ballot at hand. | ||
| Check the appropriate boxes | Call | |
| on the reverse side. | Go to | |
| Follow the automated | https://www.proxyweb.com/Putnam | |
| Sign and date the proxy ballot. | telephone directions. | |
| Follow the instructions on the site. | ||
| Return the proxy ballot in the | There is no need for you to | |
| There is no need for you to return your | ||
| envelope provided. | return your proxy ballot. | |
proxy ballot. |
[PORTFOLIO/FUND NAME]
By signing below, you as a Putnam fund shareholder, appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at the meeting of the shareholders of the above-referencedreferenced fund. The meeting will take place on May 15, 200722, 2008 at 11:0011 a.m. Boston time, and may be adjourned to later times or dates.Your vote is being solicited on behalf of the Trustees.When you complete and sign the proxy ballot, your proxiesthe Trustees will vote exactly as you have indicated on the other side of this card.If you simply sign the proxy ballot, or don’tdon’t vote on thea specific proposal, your shares will be automatically voted as the Trustees recommend.Your proxiesThe Trustees are also authorized to vote at their discretiondis cretion on any other matter that arises at the meeting or any adjournment of the meeting.
Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer’s office. If you are a partner, sign in the partnership name. each owner should sign. When signing as executor, administrator, attorney, trustee,guardian, or as custodian for a minor, please give your full title as such. If you aresigning for a corporation, please sign the full corporate name and indicate thesigner’s office. If you are a partner, sign in the partnership name.
| Please place an X in the appropriate box using black or blue ink or | ||||
| Proposal | number 2 pencil. Please do not use a fine point pen. | |||
| If you do not mark the proposal, your shares will be voted as the Trustees recommend. | ||||
| THE TRUSTEES RECOMMEND A VOTEFORTHIS PROPOSAL | ||||
| FOR | AGAINST | ABSTAIN | ||
| 1. Approving a new management contract for your fund. | 0 | 0 | 0 | |
If you have any questions on the proposal, please call 1-866-905-2396. Please sign and date the other side of this card.
ezVoteSMConsolidated Proxy Ballot
The top half of this form is your EzVote Consolidated Proxy. It reflects all of your accounts registered to the same Social Security or Tax I.D. number at this address. By voting and signing the Consolidated Proxy Ballot, you are voting all of these accounts in the same manner as indicated on the reverse side of the form.
By signing below, you as a Putnam fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at a meeting of the shareholders of the Putnam funds. The meeting will take place on May 15, 2007 at 11:00 a.m. Boston time, and may be adjourned to later times or dates.Your vote is being solicited on behalf of the Trustees.When you complete and sign the proxy ballot, your proxies will vote exactly as you have indicated on the other side of this card.If you simply sign the proxy ballot, or don’t vote on the specific proposal, your shares will be automatically voted as the Trustees recommend.Your proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.
Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer’s office. If you are a partner, sign in the partnership name.
putnam 2007 EZ - dh
DETACH CONSOLIDATED PROXY BALLOT AT PERFORATION BELOW
Your vote is important. For your convenience, you can vote your proxy in any of these three ways:
| 1 | 2 | 3 | |||
| TELEPHONE | INTERNET | ||||
| Call us toll-free at | Go to | Mail in the proxy card. | |||
| 1-888-221-0697 | http://www.proxyweb.com/Putnam | • | Please sign and date your proxy ballot. | ||
| • | Follow the automated telephone direction. | • | Follow the instructions on the site. | • | Detach the ballot from this proxy form. |
| • | There is no need for you to return your | • | There is no need for you to return your | • | Return the ballot in the postage-paid |
| proxy ballot. | proxy ballot. | envelope provided. | |||
INDIVIDUAL PROXY BALLOTS
On the reverse side of this form (and on accompanying pages, if necessary) you will find individual proxy ballots, one for each of your accounts. If you would wish to vote each of these accounts separately, sign in the signature box below, mark each individual ballot to indicate your vote, detach the form at the perforation above and return the individual proxy ballots portion only.
N O T E : If you elect to vote each account separately,do not return the Consolidated Proxy Ballot above.
Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer’s office. If you are a partner, sign in the partnership name.
putnam 2007 IND - dh
| Please place an X in the appropriate box using black or blue ink or | ||||
| Proposal | number 2 pencil. Please do not use a fine point pen. | |||
| If you do not mark the proposal, your shares will be voted as the Trustees recommend. | ||||
| THE TRUSTEES RECOMMEND A VOTEFORTHIS PROPOSAL | ||||
| FOR | AGAINST | ABSTAIN | ||
| 1. Approving a new management contract for your fund. | 0 | 0 | 0 | |
| Proposals | Please vote by filling in the appropriate boxes below. | |||
| Please vote by filling in the appropriate box below.If you do not mark one or more proposals, your Proxy will be voted as the Trustees | ||||
| recommend. | ||||
| PLEASE MARK VOTES AS IN THIS EXAMPLE: ■ | ||||
| □ To vote on the Proposalas the Trustees recommend, mark this box. | (No other vote is necessary.) | |||
| THE TRUSTEES RECOMMEND A VOTEFORTHIS PROPOSAL. | ||||
| 1. Approving an amendment to your fund’s fundamental investment restriction with respect | FOR | AGAINST | ABSTAIN | |
| to investments in commodities, as described in the proxy statement. | □ | □ | □ | |
| If you have any questions on the | Please sign and date the other side of this card. |
putnam 2007 EZ - dh
DETACH CONSOLIDATED PROXY BALLOT AT PERFORATION BELOW
INDIVIDUAL BALLOTS
NOTE: IF YOU HAVE USED THE CONSOLIDATED BALLOT ABOVE, DO NOT VOTE THE INDIVIDUAL BALLOTS BELOW.
| JOHN Q. PUBLIC | JOHN Q. PUBLIC | ||||||||||
| 123 MAIN STREET | 123 MAIN STREET | ||||||||||
| ANYTOWN, MA 02030 | ANYTOWN, MA 02030 | ||||||||||
| FUNDNAME PRINTS HERE | FUNDNAME PRINTS HERE | ||||||||||
| FOR | AGAINST | ABSTAIN | FOR | AGAINST | ABSTAIN | ||||||
| 1. Approving a new management | 0 | 0 | 0 | 1. | Approving a new management | 0 | 0 | 0 | |||
| contract for your fund. | contract for your fund. | ||||||||||
| JOHN Q. PUBLIC | JOHN Q. PUBLIC | ||||||||||
| 123 MAIN STREET | 123 MAIN STREET | ||||||||||
| ANYTOWN, MA 02030 | ANYTOWN, MA 02030 | ||||||||||
| FUNDNAME PRINTS HERE | FUNDNAME PRINTS HERE | ||||||||||
| FOR | AGAINST | ABSTAIN | FOR | AGAINST | ABSTAIN | ||||||
| 1. Approving a new management | 0 | 0 | 0 | 1. | Approving a new management | 0 | 0 | 0 | |||
| contract for your fund. | contract for your fund. | ||||||||||
putnam 2007 IND - dh
| To vote by telephone | To vote on the Web | To vote by mail |
| Read the proxy statement and have | ||
| the voting instruction card at | Read the proxy statement and | Read the proxy statement. |
| hand. | have the voting instruction card at | Check the appropriate boxes |
| hand. | on the reverse side. | |
| Call 1-888-221-0697. | ||
| Follow the automated | Go tohttp://www.proxyweb.com | Sign and date the card. |
| telephone directions. | Follow the instructions on the | Return the voting instruction |
| site . | card in the postage-paid | |
| There is no need for you to return | envelope provided. | |
| your voting instruction card. | There is no need for you to return | |
| your voting instruction card. |
| VOTING INSTRUCTION CARD |
| FOR MEETING OF SHAREHOLDERS |
| MAY 22, 2008 - 11:00 A.M. EASTERN TIME |
March 14, 2007
Dear Putnam Fund Shareholder:
Please find enclosed proxy materials for aThe undersigned hereby instructs the above-referenced Insurance Company to vote at the Special Meeting of Shareholders of your fund to be held on Tuesday, May 15, 2007. The proxy cards for your accounts are enclosed along with a copy of the Notice of a Special Meeting of Shareholders and Proxy Statement dated March 9, 2007.
You may cast your votes in one of two ways:
Option 1. If you wish to vote all of your accounts (registered to the same Social Security or Tax I.D. number at your address) in the same manner, you may simply indicate that vote below in this letter, sign it in the space provided and (a) return it in the enclosed postage paid envelope provided, or (b) fax it, toll-free to our proxy agent at 1-877-226-7171.
Option 2. If you wish to vote each account individually, mark your votes on each account’s proxy card enclosed in this package, sign the cards and return the cards by using the enclosed postage paid envelope.
Your vote is important. Thank you for your prompt attention to this matter.
Consolidated Proxy BallotBy voting and signing the Consolidated Proxy Ballot,you are voting all of your accounts in the same manner.
By signing below, you as a Putnam fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at a meeting of the shareholders of the Putnam funds. The meeting will take place on May 15, 200722, 2008, at 11:00 a.m., Boston time,Time, and may be adjournedat any adjournments thereof, all shares of the Fund attributable to later timeshis or dates.her contract or interest therein as directed on the reverse side of this Voting Instruction Card. Your vote is being solicited on behalf of the Trustees.When IF THIS VOTING INSTRUCTION CARD IS SIGNED AND RETURNED WITH NO CHOICES INDICATED, YOUR SHARES WILL BE VOTED FOR THE PROPOSAL.
If you complete and signfail to return this Voting Instruction Card, the proxy ballot, your proxiesInsurance Company will vote exactly as you have indicated onall shares attributable to your account value in proportion to all voting instructions for the other side of this card.If you simply sign the proxy ballot, or don’t vote on the specific proposal, your shares will be automatically voted as the Trustees recommend.Your proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.
Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer’s office. If you are a partner, signFund actually received from contract owners in the partnership name.Separate Account.
| PLEASE VOTE, DATE AND SIGN, AND PROMPTLY | |||
| RETURN THIS VOTING INSTRUCTION CARD IN | |||
| THE ENCLOSED ENVELOPE PROVIDED. | |||
| Dated: _______________________________________ |
| Please place an X in the appropriate box using black or blue ink | |||||
| Proposal | or number 2 pencil. Please do not use a fine point pen. | ||||
| If you do not mark the proposal, your shares will be voted as the Trustees recommend. | |||||
| THE TRUSTEES RECOMMEND A VOTEFORTHIS PROPOSAL | |||||
| FOR | AGAINST | ABSTAIN | |||
| 1. Approving a new management contract for your fund. | 0 | 0 | 0 | ||
| Please place an X in the appropriate box using black or blue ink or | ||||
| Proposal | number 2 pencil. Please do not use a fine point pen. | |||
| Please vote by filling in the appropriate box below. If you do not mark the proposal, your Proxy will be voted as the Trustees recommend. | ||||
| THE TRUSTEES RECOMMEND A VOTEFORTHIS PROPOSAL. | ||||
| FOR | AGAINST | ABSTAIN | ||
| 1. Approving an amendment to your fund’s fundamental investment restriction with respect to | 0 | 0 | 0 | |
| investments in commodities, as described in the proxy statement. | ||||
| If you have any questions on the proposal, please call 1-866-615-7869. | Please sign and date the other side of this card. | |||
| Putnam VIC - (sc) | ||||