Putnam Diversified Income A (PDINX) PRE 14A Preliminary proxy

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 14A
(RULE 14a-101)
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(A)
of the Securities Exchange Act of 1934
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/   /	Definitive Proxy Statement.
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/    /	Soliciting Material Pursuant to § 240.14a-12.
PUTNAM AMERICAN GOVERNMENT INCOME FUND
PUTNAM ARIZONA TAX EXEMPT INCOME FUND
PUTNAM ASSET ALLOCATION FUNDS
PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
PUTNAM CONVERTIBLE INCOME-GROWTH TRUST
PUTNAM DIVERSIFIED INCOME TRUST
PUTNAM EQUITY INCOME FUND
PUTNAM EUROPE EQUITY FUND
THE PUTNAM FUND FOR GROWTH AND INCOME
PUTNAM FUNDS TRUST
THE GEORGE PUTNAM FUND OF BOSTON
PUTNAM GLOBAL EQUITY FUND
PUTNAM GLOBAL HEALTH CARE FUND
PUTNAM GLOBAL INCOME TRUST
PUTNAM GLOBAL NATURAL RESOURCES FUND
PUTNAM GLOBAL UTILITIES FUND
PUTNAM HIGH YIELD ADVANTAGE FUND
PUTNAM HIGH YIELD TRUST
PUTNAM INCOME FUND
PUTNAM INTERNATIONAL EQUITY FUND
PUTNAM INVESTMENT FUNDS
PUTNAM INVESTORS FUND

PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND
PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
PUTNAM MONEY MARKET FUND
PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
PUTNAM NEW OPPORTUNITIES FUND
PUTNAM NEW YORK TAX EXEMPT INCOME FUND
PUTNAM OHIO TAX EXEMPT INCOME FUND
PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
PUTNAM RETIREMENTREADY® FUNDS
PUTNAM TAX EXEMPT INCOME FUND
PUTNAM TAX EXEMPT MONEY MARKET FUND
PUTNAM TAX-FREE INCOME TRUST
PUTNAM U.S. GOVERNMENT INCOME TRUST
PUTNAM VARIABLE TRUST
PUTNAM VISTA FUND
PUTNAM VOYAGER FUND
(Name of Registrant as Specified in its Charter)
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if Other Than the Registrant)
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VOTE TODAY

Please vote on matters affecting

your investment in the Putnam funds.

Your prompt response to this

proxy statement is important.

How to vote 

Internet	Phone	Mail
proxyweb.com/Putnam	1-888-221-0697	Sign and return the
		enclosed voting form

A message from Putnam Investments and
the Board of Trustees of the Putnam Funds

Dear Fellow Shareholder:

We are writing to ask you for your vote on important matters affecting your investment in the Putnam funds. The Putnam Funds will hold a shareholder meeting on November 19, 2009, in Boston, Massachusetts, to decide several proposals. While you are welcome to attend in person, the vast majority of shareholders vote by “proxy,” which means they give instructions to persons designated by their fund’s Board of Trustees to vote on their behalf.

Please vote today on the following proposals:

·Election of TrusteesThe Putnam Funds’ Board of Trustees is responsible for overseeing the operation of the Putnam funds and for assuring that each fund is managed in the best interests of its shareholders. All but one of the Trustees are independent of Putnam Investments. All of the current Trustees work on your behalf and are up for re-election.We recommend you vote to elect all Trustees.

·Shareholder-friendly changes to Putnam fund management feesAs a Putnam fund shareholder, you typically pay a management fee that covers key services such as portfolio management, securities trading, and accounting. The management fee typically represents the single largest component of a fund’s total expenses. Key benefits of the proposal include:

·Lower management feesThe change will result in reduced management fees for virtually all Putnam funds, including significantly lower management fees for fixed income and asset allocation funds.

·Fund family breakpointsAsset-level discounts for management fees will be based on the growth of all Putnam mutual fund assets, rather than an individual Putnam fund’s assets. This change will allow shareholders to benefit from the growth of the Putnam fund family as a whole, even if their specific fund is not growing.

·Performance fees on U.S. growth funds, international funds, and Putnam Global Equity FundThese equity funds would have performance fees reflecting the strength or weakness of the investment performance of a given fund. Management fees for these funds would decline from their standard fee if the funds underperform their benchmarks and would rise if the funds outperform.

We recommend you vote for the proposed new management contracts that include these fee changes.

·Modernized investment restrictions of certain fundsSeveral different fund-specific proposals are included in this section. However, all involve modernizing and standardizing investment restrictions in certain areas to provide portfolio managers with added investment flexibility, as well as to reduce administrative and compliance burdens for the funds.We recommend you vote to modernize these investment restrictions.

·Modernized “trust” provisions of certain fundsTheorganizational, or “trust,” documents established many years ago for a small number of Putnam Funds differ from those of most Putnam funds today.We recommend you vote to modernize these trust provisions.

Shareholders of two funds will also be asked to vote on a shareholder-submitted proposal.

Please vote today

Delaying your vote will increase fund expenses if further mailings are required. If you complete your proxy card, your shares will be voted on your behalf exactly as you have instructed.If you simply sign the proxy card, your shares will be voted in accordance with the Trustees’ recommendations.

We appreciate your attention to these important matters. If you have questions about the proposals, please call a customer service representative at 1-866-451-3787 or contact your financial advisor.

Sincerely yours,

Robert L. Reynolds
President and Chief Executive Officer
Putnam Investments

John A. Hill
Chairman of the Trustees

Table of contents
Notice of a Special Meeting of Shareholders		1
Trustees’ Recommendations		[]
Proposal 1: Election of Trustees		[]
Proposal 2: Proposed New Management Contract		[]
Proposal 3.A.: Fundamental Investment Restriction Amendment – Commodities		[]
Proposal 3.B.: Fundamental Investment Restriction Amendment – Diversification		[]
Proposal 3.C.: Fundamental Investment Restriction Amendment – Acquisition of
Voting Securities		[]
Proposal 3.D.: Fundamental Investment Restriction Amendment – Borrowing		[]
Proposal 3.E.: Fundamental Investment Restriction Amendment – Making Loans		[]
Proposal 4.A.: Declaration of Trust Amendment – Duration of Trust		[]
Proposal 4.B.: Declaration of Trust Amendment – Redemption at Option of Trust		[]
Proposal 5: Shareholder Proposal		[]
Further Information About Voting and the
Special Meeting		[]
Fund Information		[]
Appendix A –	Number of Shares Outstanding
	as of the Record Date	A-1
Appendix B –	Dollar Range and Number of Shares
	Beneficially Owned	B-1
Appendix C –	Trustee Compensation Table	C-1
Appendix D –	Forms of Proposed Management
	Contract	D-1
Appendix E –	Current Fee Schedule	E-1
Appendix F –	Proposed Fee Schedules	F-1
Appendix G –	Proposed Benchmarks	G-1
Appendix H –	Funds Proposed to Change to Monthly
	Management Fees	H-1
Appendix I –	Description of Contract Approval
	Process	I-1

Appendix J –	Management Contracts: Terms, Dates,
	and Approvals	J-1
Appendix K –	Comparative Expense Tables	K-1
Appendix L –	Comparison of Management Fees	L-1
Appendix M –	Current Fundamental Investment
	Restrictions with Respect to Investments
	in Commodities	M-1
Appendix N –	Current Fundamental Investment
	Restrictions with Respect to
	Diversification of Investments	N-1
Appendix O –	Current Fundamental Investment
	Restrictions with Respect to Borrowing	O-1
Appendix P –	Current Declaration of Trust Provisions
	with Respect to the Duration of the Trust	P-1
Appendix Q –	Independent Public Accountants	Q-1
Appendix R –	Other Similar Funds Advised
	by Putnam Management	R-1
Appendix S –	Payments to Putnam Management
	and its Affiliates	S-1
Appendix T –	5% Beneficial Ownership	T-1

PROXY CARD(S) ENCLOSED

If you have any questions, please contact us at 1-866-451-3787 or call your financial advisor.

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be Held on November 19, 2009.

The proxy statement is available at https://www.proxyweb.com/Putnam.

Notice of a Special Meeting of Shareholders
To the Shareholders of:
PUTNAM AMERICAN GOVERNMENT INCOME	PUTNAM INTERNATIONAL EQUITY FUND
FUND	PUTNAM INVESTMENT FUNDS
PUTNAM ARIZONA TAX EXEMPT INCOME FUND	PUTNAM CAPITAL OPPORTUNITIES FUND
PUTNAM ASSET ALLOCATION FUNDS	PUTNAM GROWTH OPPORTUNITIES FUND
PUTNAM ASSET ALLOCATION: BALANCED	PUTNAM INTERNATIONAL CAPITAL
PORTFOLIO	OPPORTUNITIES FUND
PUTNAM ASSET ALLOCATION: CONSERVATIVE	PUTNAM INTERNATIONAL NEW OPPORTUNITIES
PORTFOLIO	FUND
PUTNAM ASSET ALLOCATION: GROWTH	PUTNAM MID CAP VALUE FUND
PORTFOLIO	PUTNAM RESEARCH FUND
PUTNAM CALIFORNIA TAX EXEMPT INCOME	PUTNAM SMALL CAP VALUE FUND
FUND	PUTNAM INVESTORS FUND
PUTNAM CONVERTIBLE INCOME-GROWTH	PUTNAM MASSACHUSETTS TAX EXEMPT
TRUST	INCOME FUND
PUTNAM DIVERSIFIED INCOME TRUST	PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
PUTNAM EQUITY INCOME FUND	PUTNAM MINNESOTA TAX EXEMPT INCOME
PUTNAM EUROPE EQUITY FUND	FUND
THE PUTNAM FUND FOR GROWTH AND INCOME	PUTNAM MONEY MARKET FUND
PUTNAM FUNDS TRUST	PUTNAM NEW JERSEY TAX EXEMPT INCOME
PUTNAM ABSOLUTE RETURN 100 FUND	FUND
PUTNAM ABSOLUTE RETURN 300 FUND	PUTNAM NEW OPPORTUNITIES FUND
PUTNAM ABSOLUTE RETURN 500 FUND	PUTNAM NEW YORK TAX EXEMPT INCOME
PUTNAM ABSOLUTE RETURN 700 FUND	FUND
PUTNAM ASIA PACIFIC EQUITY FUND	PUTNAM OHIO TAX EXEMPT INCOME FUND
PUTNAM ASSET ALLOCATION: EQUITY	PUTNAM PENNSYLVANIA TAX EXEMPT INCOME
PORTFOLIO	FUND
PUTNAM CAPITAL SPECTRUM FUND	PUTNAM RETIREMENTREADY® FUNDS
PUTNAM EMERGING MARKETS EQUITY FUND	PUTNAM RETIREMENTREADY 2010 FUND
PUTNAM EQUITY SPECTRUM FUND	PUTNAM RETIREMENTREADY 2015 FUND
PUTNAM FLOATING RATE INCOME FUND	PUTNAM RETIREMENTREADY 2020 FUND
PUTNAM GLOBAL CONSUMER FUND	PUTNAM RETIREMENTREADY 2025 FUND
PUTNAM GLOBAL ENERGY FUND	PUTNAM RETIREMENTREADY 2030 FUND
PUTNAM GLOBAL FINANCIALS FUND	PUTNAM RETIREMENTREADY 2035 FUND
PUTNAM GLOBAL INDUSTRIALS FUND	PUTNAM RETIREMENTREADY 2040 FUND
PUTNAM GLOBAL TECHNOLOGY FUND	PUTNAM RETIREMENTREADY 2045 FUND
PUTNAM GLOBAL TELECOMMUNICATIONS FUND	PUTNAM RETIREMENTREADY 2050 FUND
PUTNAM INCOME STRATEGIES FUND	PUTNAM RETIREMENTREADY MATURITY FUND
PUTNAM INTERNATIONAL GROWTH AND INCOME	PUTNAM TAX EXEMPT INCOME FUND
FUND	PUTNAM TAX EXEMPT MONEY MARKET FUND
PUTNAM MONEY MARKET LIQUIDITY FUND	PUTNAM TAX-FREE INCOME TRUST
PUTNAM SMALL CAP GROWTH FUND	PUTNAM AMT-FREE MUNICIPAL FUND
THE GEORGE PUTNAM FUND OF BOSTON	PUTNAM TAX-FREE HIGH YIELD FUND
PUTNAM GLOBAL EQUITY FUND	PUTNAM U.S. GOVERNMENT INCOME TRUST
PUTNAM GLOBAL HEALTH CARE FUND	PUTNAM VARIABLE TRUST
PUTNAM GLOBAL INCOME TRUST	PUTNAM VT AMERICAN GOVERNMENT INCOME
PUTNAM GLOBAL NATURAL RESOURCES FUND	FUND
PUTNAM GLOBAL UTILITIES FUND	PUTNAM VT CAPITAL OPPORTUNITIES FUND
PUTNAM HIGH YIELD ADVANTAGE FUND	PUTNAM VT DIVERSIFIED INCOME FUND
PUTNAM HIGH YIELD TRUST	PUTNAM VT EQUITY INCOME FUND
PUTNAM INCOME FUND

PUTNAM VT THE GEORGE PUTNAM FUND OF	PUTNAM VT INTERNATIONAL NEW
BOSTON	OPPORTUNITIES FUND
PUTNAM VT GLOBAL ASSET ALLOCATION FUND	PUTNAM VT INVESTORS FUND
PUTNAM VT GLOBAL EQUITY FUND	PUTNAM VT MID CAP VALUE FUND
PUTNAM VT GLOBAL HEALTH CARE FUND	PUTNAM VT MONEY MARKET FUND
PUTNAM VT GLOBAL UTILITIES FUND	PUTNAM VT NEW OPPORTUNITIES FUND
PUTNAM VT GROWTH AND INCOME FUND	PUTNAM VT RESEARCH FUND
PUTNAM VT GROWTH OPPORTUNITIES FUND	PUTNAM VT SMALL CAP VALUE FUND
PUTNAM VT HIGH YIELD FUND	PUTNAM VT VISTA FUND
PUTNAM VT INCOME FUND	PUTNAM VT VOYAGER FUND
PUTNAM VT INTERNATIONAL EQUITY FUND	PUTNAM VISTA FUND
PUTNAM VT INTERNATIONAL GROWTH AND	PUTNAM VOYAGER FUND
INCOME FUND

This is the formal agenda for your fund’s shareholder meeting. It tells you what proposals
will be voted on and the time and place of the meeting, in the event you attend in person.
A Special Meeting of Shareholders of your fund will be held on November 19, 2009 at 11:00
a.m., Boston time, at the principal offices of the funds on the 8th floor of One Post Office
Square, Boston, Massachusetts 02109, to consider the following proposals, in each case as
applicable to the particular funds listed in the table below:
1.	Electing your fund’s nominees for Trustees;
2.	Approving a proposed new management contract for your fund;
3.A.	Approving an amendment to certain funds’ fundamental investment restrictions
	with respect to investments in commodities;
3.B.	Approving an amendment to certain funds’ fundamental investment restrictions
	with respect to diversification of investments;
3.C.	Approving an amendment to certain funds’ fundamental investment restrictions
	with respect to the acquisition of voting securities;
3.D.	Approving an amendment to certain funds’ fundamental investment restrictions
	with respect to borrowing;
3.E.	Approving an amendment to certain funds’ fundamental investment restrictions
	with respect to making loans;
4.A.	Approving an amendment to certain funds’ agreements and declarations of trust
	with respect to the duration of the trust;
4.B.	Approving an amendment to certain funds’ agreements and declarations of trust
	with respect to redemption at the option of the trust; and
5.	Considering a shareholder proposal for two funds requesting that the Board
	institute procedures to prevent the funds from holding investments in companies
	that, in the judgment of the Board, substantially contribute to genocide or
	crimes against humanity.

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By Judith Cohen, Clerk, and by the Trustees
	John A. Hill, Chairman
	Jameson A. Baxter, Vice Chairman
	Ravi Akhoury	Kenneth R. Leibler
	Charles B. Curtis	Robert E. Patterson
	Robert J. Darretta	George Putnam, III
	Myra R. Drucker	Robert L. Reynolds
	Paul L. Joskow	W. Thomas Stephens
	Elizabeth T. Kennan	Richard B. Worley

In order for you to be represented at your fund’s shareholder meeting, we urge you to record your voting instructions via the Internet or by telephone or to mark, sign, date, and mail the enclosed proxy in the postage-paid envelope provided.

[    ], 2009

The following table indicates which proposals are being considered by shareholders of each fund.

Proposal	Proposal	Affected Funds	Page
	Description
1.	Election of	All funds	[ ]
	Trustees
2.	Approving a	All funds* except Putnam RetirementReady® Funds	[ ]
	proposed new	and Putnam Money Market Liquidity Fund
	management
	contract for	*As described in more detail in Proposal 2,
	your fund	shareholders of the following funds:
		Putnam Asia Pacific Equity Fund
		Putnam Emerging Markets Equity Fund
		Putnam Europe Equity Fund
		Putnam Global Equity Fund
		Putnam Growth Opportunities Fund
		Putnam International Capital Opportunities Fund
		Putnam International Equity Fund
		Putnam International Growth and Income Fund
		Putnam International New Opportunities Fund
		Putnam New Opportunities Fund
		Putnam Small Cap Growth Fund
		Putnam Vista Fund
		Putnam Voyager Fund
		are being asked to approve a proposed new
		management contract that includes both Fund Family
		breakpoints and performance fees. In addition,

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Proposal	Proposal	Affected Funds	Page
	Description
		shareholders of these 13 funds also are being asked to
		approve proposed new management contracts that have
		each, but not both, Fund Family breakpoints and
		performance fees separately. The Trustees recommend
		that shareholders of these funds vote FOR each of the
		three alternatives, but intend to implement a new
		management contract that includes both Fund Family
		breakpoints and performance fees if that alternative is
		approved by shareholders.
3.A.	Approving an	Putnam Absolute Return 100 Fund	[ ]
	amendment to	Putnam Absolute Return 300 Fund
	certain funds’	Putnam Absolute Return 500 Fund
	fundamental	Putnam Absolute Return 700 Fund
	investment	Putnam Asia Pacific Equity Fund
	restrictions	Putnam Asset Allocation: Balanced Portfolio
	with respect	Putnam Asset Allocation: Conservative Portfolio
	to investments	Putnam Asset Allocation: Equity Portfolio
	in	Putnam Asset Allocation: Growth Portfolio
	commodities	Putnam Capital Spectrum Fund
		Putnam Emerging Markets Equity Fund
		Putnam Equity Spectrum Fund
		Putnam Global Consumer Fund
		Putnam Global Energy Fund
		Putnam Global Financials Fund
		Putnam Global Health Care Fund
		Putnam Global Industrials Fund
		Putnam Global Natural Resources Fund
		Putnam Global Technology Fund
		Putnam Global Telecommunications Fund
		Putnam Global Utilities Fund
		Putnam Income Strategies Fund
		Putnam VT Global Asset Allocation Fund
		Putnam VT Global Health Care Fund
		Putnam VT Global Utilities Fund
3.B.	Approving an	Putnam Europe Equity Fund	[ ]
	amendment to	Putnam Global Utilities Fund
	certain funds’	Putnam Growth Opportunities Fund
	fundamental	Putnam International Capital Opportunities Fund
	investment	Putnam International Equity Fund
	restrictions	Putnam New Opportunities Fund
	with respect
	to
	diversification
	of
	investments

-4- 

Proposal	Proposal	Affected Funds	Page
	Description
3.C.	Approving an	Putnam Global Natural Resources Fund	[ ]
	amendment to	Putnam Global Utilities Fund
	certain funds’
	fundamental
	investment
	restrictions
	with respect
	to the
	acquisition of
	voting
	securities
3.D.	Approving an	Putnam Europe Equity Fund	[ ]
	amendment to	Putnam Global Natural Resources Fund
	certain funds’	Putnam Growth Opportunities Fund
	fundamental	Putnam International Capital Opportunities Fund
	investment	Putnam International Equity Fund
	restrictions	Putnam New Jersey Tax Exempt Income Fund
	with respect	Putnam New Opportunities Fund
	to borrowing	Putnam Vista Fund
3.E.	Approving an	Putnam Europe Equity Fund	[ ]
	amendment to	Putnam Global Natural Resources Fund
	certain funds’	Putnam Growth Opportunities Fund
	fundamental	Putnam International Capital Opportunities Fund
	investment	Putnam International Equity Fund
	restrictions	Putnam New Jersey Tax Exempt Income Fund
	with respect	Putnam New Opportunities Fund
	to making	Putnam Vista Fund
	loans
4.A.	Approving an	The Putnam Fund for Growth and Income	[ ]
	amendment to	The George Putnam Fund of Boston
	certain funds’	Putnam Money Market Fund
	agreements	Putnam Tax Exempt Income Fund
	and
	declarations
	of trust with
	respect to the
	duration of
	the trust
4.B.	Approving an	The Putnam Fund for Growth and Income	[ ]
	amendment to	The George Putnam Fund of Boston
	certain funds’
	agreements
	and

-5- 

Proposal	Proposal	Affected Funds	Page
	Description
	declarations
	of trust with
	respect to
	redemption at
	the option of
	the trust
5.	Considering a	Putnam Asset Allocation: Growth Portfolio	[ ]
	shareholder	Putnam Voyager Fund
	proposal for
	two funds
	requesting
	that the Board
	institute
	procedures to
	prevent the
	funds from
	holding
	investments in
	companies
	that, in the
	judgment of
	the Board,
	substantially
	contribute to
	genocide or
	crimes against
	humanity

-6- 

Proxy Statement

This document will give you the information you need to vote on the proposals. 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 contact us at our toll-free number, 1-866-451-3787, or call your financial advisor.

When you record your voting instructions via the Internet or telephone, or when you complete and sign your proxy card, your shares will be voted on your behalf exactly as you have instructed. If you simply sign the proxy card, your shares will be voted in accordance with the Trustees’ recommendations on page [ ] of the proxy statement.

► Who is asking for your proxy?

Your proxy is being solicited by the Trustees of the Putnam funds for use at the Special Meeting of Shareholders of each fund to be held on November 19, 2009 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). The Notice of a Special Meeting of Shareholders, the enclosed proxy card and this Proxy Statement are being mailed on or about[ ], 2009.

► How do your fund’s Trustees recommend that shareholders vote on the proposals?

The Trustees recommend that you vote:

1. FOR electing your fund’s nominees for Trustees;

2. FOR approving a new management contract for your fund with Fund Family breakpoints and, in the case of certain funds, performance fees;

3.A. FOR approving an amendment to certain funds’ fundamental investment restrictions with respect to investments in commodities;

3.B. FOR approving an amendment to certain funds’ fundamental investment restrictions with respect to diversification of investments;

3.C. FOR approving an amendment to certain funds’ fundamental investment restrictions with respect to the acquisition of voting securities;

3.D. FOR approving an amendment to certain funds’ fundamental investment restrictions with respect to borrowing;

3.E. FOR approving an amendment to certain funds’ fundamental investment restrictions with respect to making loans;

4.A. FOR approving an amendment to certain funds’ agreements and declarations of trust with respect to the duration of the trust;

-7- 

4.B. FOR approving an amendment to certain funds’ agreements and declarations of trust with respect to redemption at the option of the trust; and

5. AGAINST approving a shareholder proposal for two funds requesting that the Board institute procedures to prevent the funds from holding investments in companies that, in the judgment of the Board, substantially contribute to genocide or crimes against humanity.

Please see the table beginning on page [ ] for a list of the affected funds for each proposal.

Who is eligible to vote?

Shareholders of record of each fund at the close of business on August 24, 2009 (the “Record Date”) are entitled to be present and to vote at the 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. Shares represented by a duly executed proxy will be voted in accordance with your instructions. If a duly executed proxy is submitted without filling in a vote on a proposal, your shares will be voted in accordance with the Trustees’ recommendations. If any other business is brought before your fund’s 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 each proposal other than with respect to the election of Trustees, in which case shareholders of each series of a trust vote together as a single class. The name of each trust is indicated in bold on pages [ ] of this proxy statement, with the funds that are series of that trust appearing below its name. The outcome of a vote affecting one fund does not affect any other fund, except where series of a trust vote together as a single class. However, as described below under Proposal 2, if shareholders of a significant number of funds do not approve the proposed new management contracts, the Independent Trustees and Putnam Investment Management, LLC (“Putnam Management”) currently intend to leave the current management contracts in place for all funds and will consider such other actions as may be appropriate in the circumstances. The Independent Trustees and Putnam Management may also determine not to implement t he proposed new contract, even though approved by shareholders, under various circumstances described under Proposal 2. No proposal is contingent upon the outcome of any other proposal.

-8- 

The Proposals

1. ELECTING YOUR FUND’S NOMINEES FOR TRUSTEES

►Who are the nominees for Trustees?

The Board Policy and Nominating Committee of the Trustees of the fund makes recommendations concerning the nominees for Trustees of your fund. The Board Policy and Nominating Committee consists solely of Trustees who are not “interested persons” (as defined in the 1940 Act) of your fund or of Putnam Management. Those Trustees who are not “interested persons” of your fund or Putnam Management are referred to as “Independent Trustees” throughout this Proxy Statement.

The Board of Trustees, based on the recommendation of the Board Policy and Nominating Committee, has fixed the number of Trustees of your fund at 14 and recommends that you vote for the election of the nominees described in the following pages. Each nominee is currently a Trustee of your fund and of the other Putnam funds.

Your fund does not regularly hold an annual shareholder meeting, but may from time to time schedule a special meeting. In addition, your fund has voluntarily undertaken to hold a shareholder meeting at least every five years for the purpose of electing your fund’s Trustees. The last such meeting was held in 2004, and the next such meeting is expected to be held in 2014.

The nominees for Trustees and their backgrounds are shown in the following pages. This information includes each nominee’s name, year of birth, principal occupation(s) during the past 5 years, and other information about the nominee’s professional background, including other directorships the nominee holds. Each Trustee oversees all of the Putnam funds and serves until the election and qualification of his or her successor, or until he or she sooner dies, resigns, retires at age 72, or is removed. The address of all of the Trustees is One Post Office Square, Boston, Massachusetts 02109. At June 30, 2009, there were 104 Putnam funds.

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► Independent Trustees

[Photo]

Ravi Akhoury(Born 1947)

Trustee since 2009

Mr. Akhoury serves as Advisor to New York Life Insurance Company. He is also a Director of Jacob Ballas Capital India (a non-banking finance company focused on private equity advisory services). He also serves as a Trustee of American India Foundation and of the Rubin Museum.

Previously, Mr. Akhoury was a Director of MaxIndia/New York Life Insurance Company in India. He was also Vice President of Fischer, Francis, Trees and Watts (a fixed-income portfolio management firm). He has also served on the Board of Bharti Telecom (an Indian telecommunications company), and on the Board of Thompson Press (a publishing company). From 1992 to 2007, he was Chairman and CEO of MacKay Shields, a multi-product investment management firm with over $40 billion in assets under management.

Mr. Akhoury graduated from the Indian Institute of Technology with a B.S. in Engineering and obtained an M.S. in Quantitative Methods from SUNY at Stony Brook.

[Photo]

Jameson A. Baxter(Born 1943)

Trustee since 1994 and Vice Chairman since 2005

Ms. Baxter is the President of Baxter Associates, Inc., a private investment firm.

Ms. Baxter serves as a Director of ASHTA Chemicals, Inc., and the Mutual Fund Directors Forum. Until 2007, she was a Director of Banta Corporation (a printing and supply chain management company), Ryerson, Inc. (a metals service corporation), and Advocate Health Care. Until 2004, she was a Director of BoardSource (formerly the National Center for Nonprofit Boards), and until 2002, she was a Director of Intermatic Corporation (a manufacturer of energy control products). She is Chairman Emeritus of the Board of Trustees of Mount Holyoke College, having served as Chairman for five years.

Ms. Baxter has held various positions in investment banking and corporate finance, including Vice President of and Consultant to First Boston Corporation and Vice President and Principal of the Regency Group. She is a graduate of Mount Holyoke College.

[Photo]

Charles B. Curtis(Born 1940)

Trustee since 2001

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Mr. Curtis is President and Chief Operating Officer of the Nuclear Threat Initiative (a private foundation dealing with national security issues), and serves as Senior Advisor to the United Nations Foundation.

Mr. Curtis is a member of the Council on Foreign Relations and the National Petroleum Council. He also serves as Director of Edison International and Southern California Edison. Until 2006, Mr. Curtis served as a member of the Trustee Advisory Council of the Applied Physics Laboratory, Johns Hopkins University.

From August 1997 to December 1999, Mr. Curtis was a Partner at Hogan & Hartson LLP, an international law firm headquartered in Washington, D.C. Prior to May 1997, Mr. Curtis was Deputy Secretary of Energy and Under Secretary of the U.S. Department of Energy. He was a founding member of the law firm Van Ness Feldman. Mr. Curtis served as Chairman of the Federal Energy Regulatory Commission from 1977 to 1981 and has held positions on the staff of the U.S. House of Representatives, the U.S. Treasury Department, and the SEC.

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Robert J. Darretta(Born 1946)

Trustee since 2007

Mr. Darretta serves as Director of United-Health Group, a diversified health-care company.

Until April 2007, Mr. Darretta was Vice Chairman of the Board of Directors of Johnson & Johnson, one of the world’s largest and most broadly based health-care companies. Prior to 2007, he had responsibility for Johnson & Johnson’s finance, investor relations, information technology, and procurement function. He served as Johnson & Johnson Chief Financial Officer for a decade, prior to which he spent two years as Treasurer of the corporation and over ten years leading various Johnson & Johnson operating companies.

Mr. Darretta received a B.S. in Economics from Villanova University.

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Myra R. Drucker(Born 1948)

Trustee since 2004

Ms. Drucker is Chair of the Board of Trustees of Commonfund (a not-for-profit firm managing assets for educational endowments and foundations), Vice Chair of the Board of Trustees of Sarah Lawrence College, and a member of the Investment Committee of the Kresge Foundation (a charitable trust). She is also a director of Interactive Data Corporation (a provider of financial market data and analytics to financial institutions and investors).

Ms. Drucker is an ex-officio member of the New York Stock Exchange (NYSE) Pension Managers Advisory Committee, having served as Chair for seven years. She serves as an

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advisor to RCM Capital Management (an investment management firm) and to the Employee Benefits Investment Committee of The Boeing Company (an aerospace firm).

From November 2001 until August 2004, Ms. Drucker was Managing Director and a member of the Board of Directors of General Motors Asset Management and Chief Investment Officer of General Motors Trust Bank. From December 1992 to November 2001, Ms. Drucker served as Chief Investment Officer of Xerox Corporation (a document company). Prior to December 1992, Ms. Drucker was Staff Vice President and Director of Trust Investments for International Paper (a paper and packaging company).

Ms. Drucker received a B.A. degree in Literature and Psychology from Sarah Lawrence College and pursued graduate studies in economics, statistics, and portfolio theory at Temple University.

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John A. Hill(Born 1942)

Trustee since 1985 and Chairman since 2000

Mr. Hill is founder and Vice-Chairman of First Reserve Corporation, the leading private equity buyout firm specializing in the worldwide energy industry, with offices in Greenwich, Connecticut; Houston, Texas; London, England; and Shanghai, China. The firm’s investments on behalf of some of the nation’s largest pension and endowment funds are currently concentrated in 31 companies with annual revenues in excess of $15 billion, which employ over 100,000 people in 23 countries.

Mr. Hill is Chairman of the Board of Trustees of the Putnam Funds, a Director of Devon Energy Corporation and various private companies owned by First Reserve, and serves as a Trustee of Sarah Lawrence College where he serves as Chairman and also chairs the Investment Committee. He is also a member of the Advisory Board of the Millstein Center for Corporate Governance and Performance at the Yale School of Management.

Prior to forming First Reserve in 1983, Mr. Hill served as President of F. Eberstadt and Company, an investment banking and investment management firm. Between 1969 and 1976, Mr. Hill held various senior positions in Washington, D.C. with the federal government, including Deputy Associate Director of the Office of Management and Budget and Deputy Administrator of the Federal Energy Administration during the Ford Administration.

Born and raised in Midland, Texas, he received his B.A. in Economics from Southern Methodist University and pursued graduate studies as a Woodrow Wilson Fellow.

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Paul L. Joskow(Born 1947)

Trustee since 1997

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Dr. Joskow is an economist and President of the Alfred P. Sloan Foundation (a philanthropic institution focused primarily on research and education on issues related to science, technology, and economic performance). He is on leave from his position as the Elizabeth and James Killian Professor of Economics and Management at the Massachusetts Institute of Technology (MIT), where he has been on the faculty since 1972. Dr. Joskow was the Director of the Center for Energy and Environmental Policy Research at MIT from 1999 through 2007.

Dr. Joskow serves as a Trustee of Yale University, as a Director of TransCanada Corporation (an energy company focused on natural gas transmission and power services) and of Exelon Corporation (an energy company focused on power services), and as a member of the Board of Overseers of the Boston Symphony Orchestra. Prior to August 2007, he served as a Director of National Grid (a UK-based holding company with interests in electric and gas transmission and distribution and telecommunications infrastructure). Prior to July 2006, he served as President of the Yale University Council. Prior to February 2005, he served on the board of the Whitehead Institute for Biomedical Research (a non-profit research institution). Prior to February 2002, he was a Director of State Farm Indemnity Company (an automobile insurance company), and prior to March 2000, he was a Director of New England Electric System (a public utility holding company).

Dr. Joskow has published six books and numerous articles on industrial organization, government regulation of industry, and competition policy. He is active in industry restructuring, environmental, energy, competition, and privatization policies — serving as an advisor to governments and corporations worldwide. Dr. Joskow holds a Ph.D. and MPhil from Yale University and a B.A. from Cornell University.

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Elizabeth T. Kennan(Born 1938)

Trustee since 1992

Dr. Kennan is a Partner of Cambus-Kenneth Farm (thoroughbred horse and cattle breeding). She is President Emeritus of Mount Holyoke College.

Dr. Kennan served as Chairman and is now Lead Director of Northeast Utilities. She is a Trustee of the National Trust for Historic Preservation and of Centre College. Until 2006, she was a member of The Trustees of Reservations. Prior to 2001, Dr. Kennan served on the oversight committee of the Folger Shakespeare Library. Prior to June 2005, she was a Director of Talbots, Inc., and she has served as Director on a number of other boards, including Bell Atlantic, Chastain Real Estate, Shawmut Bank, Berkshire Life Insurance, and Kentucky Home Life Insurance. Dr. Kennan has also served as President of Five Colleges Incorporated and as a Trustee of Notre Dame University, and is active in various educational and civic associations.

As a member of the faculty of Catholic University for twelve years, until 1978, Dr. Kennan directed the post-doctoral program in Patristic and Medieval Studies, taught history, and published numerous articles and two books. Dr. Kennan holds a Ph.D. from the University of

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Washington in Seattle, an M.A. from Oxford University, and an A.B. from Mount Holyoke College. She holds several honorary doctorates.

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Kenneth R. Leibler(Born 1949)

Trustee since 2006

Mr. Leibler is a founder and former Chairman of the Boston Options Exchange, an electronic marketplace for the trading of derivative securities.

Mr. Leibler currently serves as a Trustee of Beth Israel Deaconess Hospital in Boston. He is also Lead Director of Ruder Finn Group, a global communications and advertising firm, and a Director of Northeast Utilities, which operates New England’s largest energy delivery system. Prior to December 2006, he served as a Director of the Optimum Funds group. Prior to October 2006, he served as a Director of ISO New England, the organization responsible for the operation of the electric generation system in the New England states. Prior to 2000, Mr. Leibler was a Director of the Investment Company Institute in Washington, D.C.

Prior to January 2005, Mr. Leibler served as Chairman and Chief Executive Officer of the Boston Stock Exchange. Prior to January 2000, he served as President and Chief Executive Officer of Liberty Financial Companies, a publicly traded diversified asset management organization. Prior to June 1990, Mr. Leibler served as President and Chief Operating Officer of the American Stock Exchange (AMEX), and at the time was the youngest person in AMEX history to hold the title of President. Prior to serving as AMEX President, he held the position of Chief Financial Officer, and headed its management and marketing operations. Mr. Leibler graduated magna cum laude with a degree in Economics from Syracuse University, where he was elected Phi Beta Kappa.

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Robert E. Patterson(Born 1945)

Trustee since 1984

Mr. Patterson is Senior Partner of Cabot Properties, LP and Chairman of Cabot Properties, Inc. (a private equity firm investing in commercial real estate).

Mr. Patterson serves as Chairman Emeritus and Trustee of the Joslin Diabetes Center. Prior to June 2003, he was a Trustee of Sea Education Association. Prior to December 2001, Mr. Patterson was President and Trustee of Cabot Industrial Trust (a publicly traded real estate investment trust). Prior to February 1998, he was Executive Vice President and Director of Acquisitions of Cabot Partners Limited Partnership (a registered investment adviser involved in institutional real estate investments). Prior to 1990, he served as Executive Vice President of Cabot, Cabot & Forbes Realty Advisors, Inc. (the predecessor company of Cabot Partners).

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Mr. Patterson practiced law and held various positions in state government, and was the founding Executive Director of the Massachusetts Industrial Finance Agency. Mr. Patterson is a graduate of Harvard College and Harvard Law School.

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George Putnam, III(Born 1951)

Trustee since 1984

Mr. Putnam is Chairman of New Generation Research, Inc. (a publisher of financial advisory and other research services), and President of New Generation Advisors, LLC (a registered investment adviser to private funds). Mr. Putnam founded the New Generation companies in 1986.

Mr. Putnam is a Director of The Boston Family Office, LLC (a registered investment adviser). He is a Trustee of St. Mark’s School, a Trustee of Epiphany School and a Trustee of the Marine Biological Laboratory in Woods Hole, Massachusetts. Until 2006, he was a Trustee of Shore Country Day School, and until 2002, was a Trustee of the Sea Education Association.

Mr. Putnam previously worked as an attorney with the law firm of Dechert LLP (formerly known as Dechert Price & Rhoads) in Philadelphia. He is a graduate of Harvard College, Harvard Business School, and Harvard Law School.

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W. Thomas Stephens(Born 1942)

Trustee since 2009

Mr. Stephens is aDirector of TransCanada Pipelines, Ltd. (an energy infrastructure company).

From 1997 to 2008, Mr. Stephens served as a Trustee on the Board of the Putnam Funds, which he rejoined as a Trustee in 2009. Until 2004, Mr. Stephens was a Director of Xcel Energy Incorporated (a public utility company), Qwest Communications and Norske Canada, Inc. (a paper manufacturer). Until 2003, Mr. Stephens was a Director of Mail-Well, Inc. (a diversified printing company). Prior to July 2001, Mr. Stephens was Chairman of Mail-Well.

Prior to 2009, Mr. Stephens was Chairman and Chief Executive Officer of Boise Cascade, L.L.C. (a paper, forest product and timberland assets company). He holds B.S. and M.S. degrees from the University of Arkansas.

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Richard B. Worley(Born 1945)

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Trustee since 2004

Mr. Worley is Managing Partner of Permit Capital LLC, an investment management firm.

Mr. Worley serves as a Trustee of the University of Pennsylvania Medical Center, The Robert Wood Johnson Foundation (a philanthropic organization devoted to health-care issues), and the National Constitution Center. He is also a Director of The Colonial Williamsburg Foundation (a historical preservation organization), and the Philadelphia Orchestra Association. Mr. Worley also serves on the investment committees of Mount Holyoke College and World Wildlife Fund (a wildlife conservation organization).

Prior to joining Permit Capital LLC in 2002, Mr. Worley served as President, Chief Executive Officer, and Chief Investment Officer of Morgan Stanley Dean Witter Investment Management and as a Managing Director of Morgan Stanley, a financial services firm. Mr. Worley also was the Chairman of Miller Anderson & Sherrerd, an investment management firm that was acquired by Morgan Stanley in 1996.

Mr. Worley holds a B.S. degree from the University of Tennessee and pursued graduate studies in economics at the University of Texas.

► Interested Trustee

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Robert L. Reynolds* (Born 1952)

Trustee since 2008 and President of the Putnam Funds since July 2009

Mr. Reynolds is President and Chief Executive Officer of Putnam Investments, a member of Putnam Investments’ Executive Board of Directors, and President of the Putnam Funds. He has more than 30 years of investment and financial services experience.

Prior to joining Putnam Investments in 2008, Mr. Reynolds was Vice Chairman and Chief Operating Officer of Fidelity Investments from 2000 to 2007. During this time, he served on the Board of Directors for FMR Corporation, Fidelity Investments Insurance Ltd., Fidelity Investments Canada Ltd., and Fidelity Management Trust Company. He was also a Trustee of the Fidelity Family of Funds. From 1984 to 2000, Mr. Reynolds served in a number of increasingly responsible leadership roles at Fidelity.

Mr. Reynolds serves on several not-for-profit boards, including those of the West Virginia University Foundation, Concord Museum, Dana-Farber Cancer Institute, Lahey Clinic, and Initiative for a Competitive Inner City in Boston. He is a member of the Chief Executives Club of Boston, the National Innovation Initiative, and the Council on Competitiveness.

Mr. Reynolds received a B.S. in Business Administration/Finance from West Virginia University.

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* Nominee who is an “interested person” of the fund and/or Putnam Management and/or Putnam Retail Management Limited Partnership (“Putnam Retail Management”). Mr. Reynolds is deemed an “interested person” by virtue of his position as an officer of the fund, Putnam Management and/or Putnam Retail Management. Mr. Reynolds is the President and Chief Executive Officer of Putnam Investments.

Each of the nominees has agreed to serve as a Trustee, if elected. If any of the nominees is unavailable for election at the time of the meeting, which is not anticipated, the Trustees may vote for other nominees at their discretion, or the Trustees may fix the number of Trustees at fewer than 14 for your fund.

►What are the Trustees’ responsibilities?

Your fund’s Trustees are responsible for the general oversight of your fund’s affairs and for assuring that your fund is managed in the best interests of its shareholders. The Trustees regularly review your fund’s investment performance as well as the quality of other services provided to your fund and its shareholders by Putnam Management and its affiliates, including administration, custody, and shareholder servicing. At least annually, the Trustees review and evaluate the fees and operating expenses paid by your fund for these services and negotiate changes that they deem appropriate. In carrying out these responsibilities, the Trustees are assisted by an independent administrative staff and by your fund’s auditors, independent counsel and other experts as appropriate, selected by and responsible to the Trustees.

At least 75% of the trustees of your fund are required to not be interested persons of your fund or your fund’s investment manager. These Independent Trustees must vote separately to approve all financial arrangements and other agreements with your fund’s investment manager and other affiliated parties. The role of independent trustees has been characterized as that of a “watchdog” charged with oversight to protect shareholders’ interests against overreaching and abuse by those who are in a position to control or influence a fund. Your fund’s Independent Trustees meet regularly as a group in executive session. Thirteen of the 14 nominees for election as Trustee are now, and would be, if elected, Independent Trustees.

Board committees.Your fund’s Trustees have determined that the efficient conduct of your fund’s affairs makes it desirable to delegate responsibility for certain specific matters to committees of the board. Certain committees (the Executive Committee, Distributions Committee, and Audit and Compliance Committee) are authorized to act for the Trustees as specified in their charters. The other committees review and evaluate matters specified in their charters and make recommendations to the Trustees as they deem appropriate. Each committee may utilize the resources of your fund’s independent staff, counsel and auditors as well as other experts. The committees meet as often as necessary, either in conjunction with regular meetings of the Trustees or otherwise. The membership and chairperson of each committee are appointed by the Trustees upon recommendation of the Board Policy and Nominating Committee.

Audit and Compliance Committee.The Audit and Compliance Committee provides oversight on matters relating to the preparation of the funds’ financial statements, compliance matters, internal audit functions, and Codes of Ethics issues. This oversight is discharged by regularly meeting with management and the funds’ independent auditors and keeping current

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on industry developments. Duties of this Committee also include the review and evaluation of all matters and relationships pertaining to the funds’ independent auditors, including their independence. The members of the Committee include only Independent Trustees. Each member of the Committee also is “independent”, as such term is interpreted for purposes of Rule 10A-3(b)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the listing standards of the New York Stock Exchange. The Board of Trustees has adopted a written charter for the Committee. The Committee currently consists of Messrs. Patterson (Chairperson), Darretta, Hill, Leibler, Stephens and Ms. Drucker.

Board Policy and Nominating Committee.The Board Policy and Nominating Committee reviews policy matters pertaining to the operations of the Board of Trustees and its committees, the compensation of the Trustees and their staff, and the conduct of legal affairs for the Putnam funds. The Committee also oversees the voting of proxies associated with portfolio investments of the Putnam funds, with the goal of ensuring that these proxies are voted in the best interest of the fund’s shareholders.

The Committee evaluates and recommends all candidates for election as Trustees and recommends the appointment of members and chairs of each board committee. The Committee also identifies prospective nominees for election as trustee by considering individuals that come to its attention through the recommendation of current Trustees, Putnam Management or shareholders. Candidates properly submitted by shareholders (as described below) will be considered and evaluated on the same basis as candidates recommended by other sources. The Committee may, but is not required to, engage a third-party professional search firm to assist it in identifying and evaluating potential nominees.

When evaluating a potential candidate for membership on the Board of Trustees, the Committee considers the skills and characteristics that it feels would most benefit the Putnam funds at the time the evaluation is made. The Committee may take into account a wide variety of attributes in considering potential trustee candidates, including, but not limited to: (i) availability and commitment of a candidate to attend meetings and perform his or her responsibilities to the Board of Trustees, (ii) other board experience, (iii) relevant industry and related experience, (iv) educational background, (v) financial expertise, (vi) an assessment of the candidate’s ability, judgment and expertise, (vii) an assessment of the perceived needs of the Board of Trustees and its committees at that point in time and (viii) overall Board of Trustees composition. In connection with this evaluation, the Committee will determine whether to interview prospective nominees, and, if warranted, one or more members of the Committee, and other Trustees and representatives of the funds, as appropriate, will interview prospective nominees in person or by telephone. Once this evaluation is completed, the Committee recommends such candidates as it determines appropriate to the Independent Trustees for nomination, and the Independent Trustees select the nominees after considering the recommendation of the Committee.

The Committee will consider nominees for trustee recommended by shareholders of a fund provided shareholders submit their recommendations by the date disclosed in the paragraph entitled “Date for receipt of shareholders’ proposals for subsequent meeting of shareholders” in the section “Further Information About Voting and the Special Meeting,” and provided the

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shareholders’ recommendations otherwise comply with applicable securities laws, including Rule 14a-8 under the Securities Exchange Act of 1934, as amended.

The Committee consists only of Independent Trustees. The Trustees have adopted a written charter for the Board Policy and Nominating Committee, a current copy of which is available at www.putnam.com/individual. The Board Policy and Nominating Committee currently consists of Dr. Kennan (Chairperson), Ms. Baxter and Messrs. Hill, Patterson and Putnam.

Brokerage Committee.The Brokerage Committee reviews the funds’ policies regarding the execution of portfolio trades and Putnam Management’s practices and procedures relating to the implementation of those policies. The Committee reviews periodic reports on the cost and quality of execution of portfolio transactions and the extent to which brokerage commissions have been used (i) by Putnam Management to obtain brokerage and research services generally useful to it in managing the portfolios of the funds and of its other clients, and (ii) by the funds to pay for certain fund expenses. The Committee reports to the Trustees and makes recommendations to Trustees regarding these matters. The Committee currently consists of Drs. Joskow (Chairperson) and Kennan, Ms. Baxter and Messrs. Akhoury, Curtis, Putnam and Worley.

Communications, Service and Marketing Committee.The Communications, Service and Marketing Committee reviews the quality of services provided to shareholders and oversees the marketing and sale of fund shares by Putnam Retail Management. The Committee also exercises general oversight of marketing and sales communications used by Putnam Retail Management, as well as other communications sent to fund shareholders. The Committee also reviews periodic summaries of any correspondence to the Trustees from shareholders. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Messrs. Putnam (Chairperson), Curtis, Patterson, Stephens and Drs. Joskow and Kennan.

Contract Committee.The Contract Committee reviews and evaluates at least annually all arrangements pertaining to (i) the engagement of Putnam Management and its affiliates to provide services to the funds, (ii) the expenditure of the funds’ assets for distribution purposes pursuant to Distribution Plans of the funds, and (iii) the engagement of other persons to provide material services to the funds, including in particular those instances where the cost of services is shared between the funds and Putnam Management and its affiliates or where Putnam Management or its affiliates have a material interest. The Committee also reviews the proposed organization of new fund products, proposed structural changes to existing funds and matters relating to closed-end funds. The Committee reports and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Ms. Baxter (Chairperson), Drs. Joskow and Kennan and Mes srs. Akhoury, Curtis, Putnam and Worley.

Distributions Committee.The Distributions Committee oversees all dividends and distributions by the funds. The Committee makes recommendations to the Trustees of the funds regarding the amount and timing of distributions paid by the funds, and determines such matters when the Trustees are not in session. The Committee also oversees the policies and procedures pursuant to which Putnam Management prepares recommendations for

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distributions, and meets regularly with representatives of Putnam Management to review the implementation of such policies and procedures. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Ms. Drucker (Chairperson) and Messrs. Darretta, Hill, Leibler, Patterson, and Stephens.

Executive Committee.The functions of the Executive Committee are twofold. The first is to ensure that the funds’ business may be conducted at times when it is not feasible to convene a meeting of the Trustees or for the Trustees to act by written consent. The Committee may exercise any or all of the power and authority of the Trustees when the Trustees are not in session. The second is to establish annual and ongoing goals, objectives and priorities for the Board of Trustees and to ensure coordination of all efforts between the Trustees and Putnam Management on behalf of the shareholders of the funds. The Committee currently consists of Messrs. Hill (Chairperson), Curtis, Patterson and Putnam, Dr. Joskow and Ms. Baxter.

Investment Oversight Committees.The Investment Oversight Committees regularly meet with investment personnel of Putnam Management to review the investment performance and strategies of the funds in light of their stated investment objectives and policies. The Committees seek to identify any compliance issues that are unique to the applicable categories of funds and work with the appropriate Board committees to ensure that any such issues are properly addressed. Investment Oversight Committee A currently consists of Messrs. Darretta (Chairperson) and Putnam and Ms. Baxter. Investment Oversight Committee B currently consists of Messrs. Akhoury (Chairperson) and Curtis. Investment Oversight Committee C currently consists of Messrs. Leibler (Chairperson) and Hill and Dr. Kennan. Investment Oversight Committee D currently consists of Messrs. Worley (Chairperson) and Stephens and Dr. Joskow. Investment Oversight Committee E currently consists of Ms. Dr ucker (Chairperson) and Messrs. Patterson and Reynolds.

Investment Oversight Coordinating Committee.The Investment Oversight Coordinating Committee coordinates the work of the Investment Oversight Committees and works with representatives of Putnam Management to coordinate the Board’s general oversight of the investment performance of the funds. From time to time, as determined by the Chairman of the Board, the Committee may also review particular matters relating to fund investments and Putnam Management’s investment process. The Committee currently consists of Ms. Drucker (Chairperson) and Messrs. Akhoury, Darretta, Leibler and Worley.

Pricing Committee.The Pricing Committee oversees the valuation of assets of the Putnam funds and reviews the funds’ policies and procedures for achieving accurate and timely pricing of fund shares. The Committee also oversees implementation of these policies, including fair value determinations of individual securities made by Putnam Management or other designated agents of the funds. The Committee also oversees compliance by money market funds with Rule 2a-7 and the correction of occasional pricing errors. The Committee also reviews matters related to the liquidity of portfolio holdings. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Messrs. Leibler (Chairperson), Darretta, Hill, Patterson, Stephens and Ms. Drucker.

►How large a stake do the Trustees have in the Putnam family of funds?

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The Trustees allocate their investments among the Putnam funds based on their own investment needs. The number of shares beneficially owned by each nominee for Trustee, as well as the value of each nominee’s holdings in each fund and across all Putnam funds, as of June 30, 2009 is included inAppendix B. As a group, the Trustees owned shares of the Putnam funds valued at approximately $31 million as of June 30, 2009.

As of June 30, 2009, to the knowledge of your fund, the Trustees, and the officers and Trustees of the fund as a group, owned less than 1% of the outstanding shares of each class of each fund, except as listed inAppendix B.

►What are some of the ways in which the Trustees represent shareholder interests?

Among other ways, the Trustees seek to represent shareholder interests:

• by carefully reviewing your fund’s investment performance on an individual basis with your fund’s investment personnel;

• by discussing with senior management of Putnam Management steps being taken to address any performance deficiencies;

• by carefully reviewing the quality of the various other services provided to your fund and its shareholders by Putnam Management and its affiliates;

• by reviewing in depth the fees paid by each fund and by negotiating with Putnam Management to ensure that such fees remain reasonable and competitive with those of comparable funds, while at the same time providing Putnam Management sufficient resources to continue to provide high quality services in the future;

• by reviewing brokerage costs and fees, allocations among brokers, soft dollar expenditures and similar expenses of your fund;

• by monitoring potential conflicts of interest between the funds and Putnam Management and its affiliates to ensure that the funds continue to be managed in the best interests of their shareholders; and

• by monitoring potential conflicts among funds managed by Putnam Management to ensure that shareholders continue to realize the benefits of participation in a large and diverse family of funds.

►How can shareholders communicate with the Trustees?

The Board of Trustees provides a process for shareholders to send communications to the Trustees. Shareholders may direct communications to the Board of Trustees as a whole or to specified individual Trustees by submitting them in writing to the following address:

The Putnam Funds

Attention: “Board of Trustees” or any specified Trustee(s) 

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One Post Office Square

Boston, Massachusetts 02109 

Written communications must include the shareholder’s name, be signed by the shareholder, refer to the Putnam fund(s) in which the shareholder holds shares and include the class and number of shares held by the shareholder as of a recent date.

Representatives of the Funds’ transfer agent responsible for investor servicing functions will cause all shareholder communications sent to Trustees to be responded to. However, due to the volume of correspondence, all shareholder communications will not be shared directly with the Trustees. A summary of the shareholder communications is presented to the Trustees on a periodic basis.

►How often do the Trustees meet?

The Trustees hold regular meetings each month (except August), usually over a two-day period, to review the operations of the Putnam funds. A portion of these meetings is devoted to meetings of various committees of the board that focus on particular matters. Each Trustee generally attends at least two formal committee meetings during each regular meeting of the Trustees. In addition, the Trustees meet in small groups with senior investment personnel and portfolio managers to review recent performance and the current investment climate for selected funds. These meetings ensure that fund performance is reviewed in detail at least twice a year. The committees of the board, including the Executive Committee, may also meet on special occasions as the need arises. During calendar year 2008, the average Trustee participated in approximately 68 committee and board meetings.

The number of times each committee met during calendar year 2008 is shown in the table below:

Audit and Compliance Committee	12
Board Policy and Nominating Committee	11
Brokerage Committee	7
Communications, Service and Marketing Committee	8
Contract Committee	13
Distributions Committee	11
Executive Committee	1
Investment Oversight Committees	27
Investment Oversight Coordinating Committee	14
Pricing Committee	8

►What are the Trustees paid for their services?

Each Independent Trustee of the fund receives an annual retainer fee and additional fees for each Trustees’ meeting attended, for attendance at industry seminars and for certain compliance-related services. Independent Trustees also are reimbursed for costs incurred in connection with their services, including costs of travel, seminars and educational materials.

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All of the current Independent Trustees of the fund are Trustees of all the Putnam funds and receive fees for their services.

The Trustees periodically review their fees to ensure that such fees continue to be appropriate in light of their responsibilities as well as in relation to fees paid to trustees of other mutual fund complexes. The Board Policy and Nominating Committee, which consists solely of Independent Trustees of the fund, estimates that committee and Trustee meeting time, together with the appropriate preparation, requires the equivalent of at least three business days per Trustee meeting. The table found inAppendix Cincludes the year each Trustee became a Trustee of the Putnam funds, the fees paid to each of those Trustees by each fund included in this proxy for its most recent fiscal year (ended between July 31, 2008 and June 30, 2009) and the fees paid to each of those Trustees by all of the Putnam funds during calendar year 2008.

Under a Retirement Plan for Trustees of the Putnam funds (the Plan), each Trustee who retires with at least five years of service as a Trustee of the funds is entitled to receive an annual retirement benefit equal to one-half of the average annual attendance and retainer fees paid to such Trustee for calendar years 2003, 2004 and 2005. This retirement benefit is payable during a Trustee’s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. A death benefit, also available under the Plan, ensures that the Trustee or his or her beneficiaries will receive benefit payments for the lesser of an aggregate period of (i) ten years or (ii) such Trustee’s total years of service.

The Plan Administrator (currently the Board Policy and Nominating Committee) may terminate or amend the Plan at any time, but no termination or amendment will result in a reduction in the amount of benefits (i) currently being paid to a Trustee at the time of such termination or amendment, or (ii) to which a current Trustee would have been entitled had he or she retired immediately prior to such termination or amendment. The Trustees have terminated the Plan with respect to any Trustee first elected to the board after 2003.

►What is the voting requirement for electing Trustees?

If a quorum for your trust is present at the Special Meeting, the fourteen nominees for election as Trustees who receive the greatest number of votes cast at the Special Meeting will be elected as Trustees of your fund.

2. APPROVING A PROPOSED NEW MANAGEMENT CONTRACT FOR YOUR FUND

►What is this proposal?

The Trustees are recommending approval of a new management contract for 88 Putnam Funds as part of shareholder-friendly changes proposed by Putnam Management to Putnam fund management fees. (The only funds for which a new management contract is not being proposed are the RetirementReady® Funds and the Money Market Liquidity Fund; Putnam Management currently does not collect any management fees for these funds.)

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As discussed in the “Message from Putnam Investments and the Board of Trustees of the Putnam Funds” at the beginning of this proxy statement, the key aspects of this proposal are as follows:

·Lower management fees: The proposal would result in lower contractual management fees for virtually all Putnam funds, including significantly lower management fees for fixed income and asset allocation funds.

·Fund Family breakpoints: Asset-level discounts for management fees would be based on the growth of all Putnam mutual fund assets, rather than an individual fund’s assets. (“Fund Family” for purposes of this proxy statement refers to all open-end mutual funds sponsored by Putnam Management, except for the Putnam RetirementReady® Funds and Putnam Money Market Liquidity Fund.) The proposal would allow shareholders to benefit from the growth of the Fund Family as a whole, even if their specific fund is not growing.

·Performance fees on U.S. growth funds, international equity funds, and Putnam Global Equity Fund: These equity funds would have performance fees reflecting the strength or weakness of the investment performance of a given fund. Management fees for these funds would decline from their standard fee if the funds underperform their benchmarks and would rise if the funds outperform their benchmarks.

►Why did Putnam Management propose a new management contract with Fund Family breakpoints and for certain funds only, performance fees?

The proposed new management contracts differ from the funds’ current management contracts principally by providing for Fund Family breakpoints for 88 funds and, for U.S. growth funds, international equity funds, and Putnam Global Equity Fund, performance fees as well.

Fund Family breakpoints.The implementation of Fund Family breakpoints would result in lower contractual management fees for virtually all Putnam funds. More generally, Putnam Management believes that the determination of your fund’s management fee through breakpoints based on the aggregate net assets of the Fund Family would be in the best interests of your fund’s shareholders for four reasons.

First, Putnam Management believes that Fund Family breakpoints would be more reflective than individual fund breakpoints of the underlying costs Putnam Management incurs in providing investment management-related services to the Fund Family. Putnam Management believes that, because investment management-related services are typically shared across a modern mutual fund family, the costs of these services tend to vary proportionately with the growth or decline of the size of the overall mutual fund family more than with the size of an individual fund. In Putnam Management’s opinion, investment management-related services are now shared broadly across the Fund Family, rather than being specific to any particular fund. Securities trading, some securities research, quantitative analysis, technology, fund administration, accounting services, and legal and compliance

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oversight are examples of investment management-related services that are shared across the Fund Family. All in all, Fund Family breakpoints would likely be more reflective than individual fund breakpoints of the manner in which “economies of scale” may be realized.

Currently, each Putnam fund (other than the RetirementReady® Funds) has an individual fund breakpoint schedule that results in a lower effective management fee as assets in that fund increase. As a result of this arrangement, shareholders benefit directly from growth of the fund they own, regardless of any changes in the size of other funds or in the overall level of assets of the Fund Family. While Putnam Management believes that this structure has served shareholders well historically, Putnam Management believes that the use of Fund Family breakpoints would represent an enhancement to each fund’s fee structure given the nature of economies of scale in the modern mutual fund family.

Second, shareholders would benefit under Fund Family breakpoints from “cost diversification,” which allows them to benefit from the growth of the Fund Family as a whole even if their specific fund is not growing. Putnam funds are likely to grow and/or shrink at different rates as market conditions change. Fund Family breakpoints assure that, in total, all shareholders benefit from the Fund Family’s overall growth, regardless of the specific funds driving such growth at any one time.

Third, because Fund Family breakpoints would allow each shareholder in the Fund Family to benefit proportionately from every dollar invested in any fund in the Fund Family, Fund Family breakpoints would give all shareholders an enhanced stake in the future growth of Putnam mutual fund assets.

Fourth, the proposed fee categories under Fund Family breakpoints presented inAppendix Fwould result in management fees that will not favor one fund over another in the same fee category solely on the basis of one fund having achieved greater size than another. Putnam Management believes that this feature of Fund Family breakpoints should enhance the value of the exchange privilege available to shareholders across the Fund Family of diversified products.

Performance fees.Putnam Management proposes to extend further its philosophy that strong investment performance should be rewarded with higher management fees, while poor performance should command lower management fees, for the funds listed below:

U.S. growth funds	International equity funds
Putnam Growth	Putnam Asia Pacific Equity	Putnam Global Equity Fund
Opportunities Fund	Fund
Putnam New Opportunities	Putnam Emerging Markets
Fund	Equity Fund
Putnam Small Cap Growth	Putnam Europe Equity Fund
Fund	Putnam International Capital
Putnam Vista Fund	Opportunities Fund

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Putnam Voyager Fund	Putnam International Equity
	Fund
	Putnam International Growth
	and Income Fund
	Putnam International New
	Opportunities Fund

By extending this philosophy, already employed by Putnam’s “Absolute Return” and “Spectrum” funds, to these 13 funds, Putnam Management would be providing significant numbers of additional shareholders with a management fee that adjusts based on the strength of the investment performance results that are obtained on their behalf. These 13 funds, along with the “Absolute Return” and “Spectrum” funds, together represent approximately 22% of Putnam mutual fund assets as of June 30, 2009.

By linking its pay to a fund’s performance, Putnam Management believes that the use of performance fees for these 13 funds would further align the firm’s economic interests with those of shareholders in funds for which Putnam Management believes this fee mechanism is most appropriate. Putnam Management will continue to monitor whether performance fees would be appropriate for shareholders in other funds.

What are the specific changes included in the proposed new management contract?

The proposed new management contract reflects a comprehensive restructuring of the management fees paid by the Putnam funds, which has been proposed by Putnam Management and approved by the Trustees as being in the best interest of shareholders of your fund. The proposed management contract changes the way in which the management fees paid by your fund are calculated in two important ways. For all 88 affected funds, the proposed management contract specifies a fee rate that varies based on the aggregate net assets of all funds in the Fund Family. In addition, for 13 funds, the new fee rate also varies based on the performance of the fund as compared with the performance of a specified investment benchmark. Finally, for a number of funds, the proposed management contract changes the timing of management fee computation and payment in order to standardize these terms for all Putnam funds. All other terms and conditions of the proposed management contract for each fund are substan tially identical to those of the fund’s current management contract. A form of the proposed management contract showing all of the proposed changes is included inAppendix D.

Proposed calculation of fee rates based on aggregate net assets of the Fund Family

Calculation of current management fee.The management contract currently in effect for each affected fund provides for payment of a management fee calculated as a percentage of the average net assets of the fund, with the applicable percentage declining as average net assets exceed certain specified “breakpoints.” As a result, the effective management fee paid by each fund declines as its average net assets increase beyond the level of the first breakpoint ($500 million for most funds). Conversely, in the case of funds with net assets above the level of the first breakpoint, the effective management fee increases as average net

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assets of the fund decrease. The current management fee schedule for each fund is listed inAppendix E.

Calculation of proposed management fee.The proposed management contract for each affected fund provides for payment of a management fee at a rate that is no longer based on the net assets of the individual fund. Instead, the proposed management fee rate for each affected fund is calculated based on a fee schedule that takes into account the aggregate net assets of the Fund Family. (The proposed fee schedule for each fund is listed inAppendix F.) The effective fee rate so calculated for each fund would be multiplied by the average net assets of the fund to determine the management fee payable for each payment period. (As discussed below, the management fee calculated under this formula would be subject to adjustment in the case of those funds for which a performance fee adjustment is proposed or is in place under the current management contract.)

Comparison of current and proposed management fee rates.The table below shows the proposed effective management fee rate for each affected fund, based on June 30, 2009 net assets of the Fund Family ($52.3 billion). This table also shows the effective management fee rate payable by each affected fund under its current management contract, based on the net assets of each individual fund as of June 30, 2009. Finally, this table shows the difference in the effective management fees, based on net assets as of June 30, 2009, between the proposed management contract and the current contract.

			EQUITY FUNDS
Name of	Proposed	Current	Difference	Name of Fund	Proposed	Current	Difference
Fund	Effective	Effective			Effective	Effective
	Contractual	Contractual			Contractual	Contractual
	Rate	Rate			Rate	Rate
Putnam	0.492%	0.518%	(0.026%)	Putnam VT Equity	0.492%	0.650%	(0.158%)
Equity				Income Fund
Income Fund
The Putnam	0.492%	0.487%	0.005%	Putnam VT Growth	0.492%	0.577%	(0.085%)
Fund for				and Income Fund
Growth and
Income
Putnam	0.572%	0.700%	(0.128%)	Putnam VT Growth	0.572%	0.700%	(0.128%)
Growth				Opportunities Fund
Opportunities
Fund
Putnam	0.572%	0.570%	0.002%	Putnam VT	0.572%	0.650%	(0.078%)
Investors				Investors Fund
Fund
Putnam New	0.572%	0.574%	(0.002%)	Putnam VT New	0.572%	0.697%	(0.125%)
Opportunities				Opportunities Fund
Fund
Putnam	0.572%	0.650%	(0.078%)	Putnam VT	0.572%	0.650%	(0.078%)
Research				Research Fund
Fund

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Name of	Proposed	Current	Difference	Name of Fund	Proposed	Current	Difference
Fund	Effective	Effective			Effective	Effective
	Contractual	Contractual			Contractual	Contractual
	Rate	Rate			Rate	Rate
Putnam	0.572%	0.561%	0.011%	Putnam VT Voyager	0.572%	0.659%	(0.086%)
Voyager				Fund
Fund
Putnam Mid	0.602%	0.700%	(0.098%)	Putnam VT Mid	0.602%	0.700%	(0.098%)
Cap Value				Cap Value Fund
Fund
Putnam Vista	0.602%	0.604%	(0.002%)	Putnam VT Vista	0.602%	0.650%	(0.048%)
Fund				Fund
Putnam	0.642%	0.650%	(0.008%)	Putnam VT Capital	0.642%	0.650%	(0.008%)
Capital				Opportunities Fund
Opportunities
Fund
Putnam	0.642%	0.640%	0.002%	Putnam Small Cap	0.642%	1.000%	(0.358%)
Convertible				Growth Fund
Income-
Growth Trust
Putnam	0.642%	0.800%	(0.158%)	Putnam VT Small	0.642%	0.800%	(0.158%)
Small Cap				Cap Value Fund
Value Fund
Putnam	0.712%	0.800%	(0.088%)
Europe
Equity Fund
Putnam	0.712%	0.758%	(0.046%)	Putnam VT Global	0.712%	0.800%	(0.088%)
Global				Equity Fund
Equity Fund
Putnam	0.712%	0.698%	0.014%	Putnam VT	0.712%	0.792%	(0.080%)
International				International Equity
Equity Fund				Fund
Putnam	0.712%	0.800%	(0.088%)	Putnam VT	0.712%	0.800%	(0.088%)
International				International
Growth and				Growth and Income
Income Fund				Fund
Putnam Asia	0.942%	1.000%	(0.058%)	Putnam Emerging	0.942%	1.000%	(0.058%)
Pacific				Markets Equity
Equity Fund				Fund
Putnam	0.942%	1.000%	(0.058%)	Putnam VT	0.942%	1.000%	(0.058%)
International				International New
New				Opportunities Fund
Opportunities
Fund
Putnam	0.942%	0.948%	(0.006%)
International
Capital
Opportunities
Fund

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Name of	Proposed	Current	Difference	Name of Fund	Proposed	Current	Difference
Fund	Effective	Effective			Effective	Effective
	Contractual	Contractual			Contractual	Contractual
	Rate	Rate			Rate	Rate
Putnam	0.642%	0.700%	(0.058%)	Putnam Global	0.642%	0.700%	(0.058%)
Global				Energy Fund
Consumer
Fund
Putnam	0.642%	0.700%	(0.058%)
Global
Financials
Fund
Putnam	0.642%	0.637%	0.005%	Putnam VT Global	0.642%	0.700%	(0.058%)
Global				Health Care Fund
Health Care
Fund
Putnam	0.642%	0.700%	(0.058%)	Putnam Global	0.642%	0.700%	(0.058%)
Global				Natural Resources
Industrials				Fund
Fund
Putnam	0.642%	0.700%	(0.058%)	Putnam Global	0.642%	0.700%	(0.058%)
Global				Telecommunications
Technology				Fund
Fund
Putnam	0.642%	0.700%	(0.058%)	Putnam VT Global	0.642%	0.700%	(0.058%)
Global				Utilities Fund
Utilities
Fund

FIXED INCOME FUNDS
Name of	Proposed	Current	Difference	Name of	Proposed	Current	Difference
Fund	Effective	Effective		Fund	Effective	Effective
	Contractual	Contractual			Contractual	Contractual
	Rate	Rate			Rate	Rate
Putnam	0.412%	0.622%	(0.210%)	Putnam VT	0.412%	0.650%	(0.238%)
American				American
Government				Government
Income				Income Fund
Fund
Putnam	0.412%	0.602%	(0.190%)	Putnam VT	0.412%	0.650%	(0.238%)
Income				Income Fund
Fund
Putnam	0.412%	0.504%	(0.092%)
U.S.
Government
Income
Trust
Putnam	0.492%	0.500%	(0.008%)
Tax-Free
High Yield
Fund

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Name of	Proposed	Current	Difference	Name of	Proposed	Current	Difference
Fund	Effective	Effective		Fund	Effective	Effective
	Contractual	Contractual			Contractual	Contractual
	Rate	Rate			Rate	Rate
Putnam	0.562%	0.599%	(0.036%)	Putnam VT	0.562%	0.700%	(0.138%)
Diversified				Diversified
Income				Income Fund
Trust
Putnam	0.562%	0.700%	(0.138%)
Global
Income
Trust
Putnam	0.582%	0.650%	(0.068%)
Floating
Rate
Income
Fund
Putnam	0.582%	0.636%	(0.053%)	Putnam VT	0.582%	0.700%	(0.118%)
High Yield				High Yield
Trust				Fund
Putnam	0.582%	0.679%	(0.097%)
High Yield
Advantage
Fund
Putnam	0.452%	0.500%	(0.048%)	Putnam	0.452%	0.500%	(0.048%)
AMT-Free				Arizona Tax
Municipal				Exempt
Fund				Income Fund
Putnam	0.452%	0.500%	(0.048%)	Putnam	0.452%	0.500%	(0.048%)
California				Massachusetts
Tax Exempt				Tax Exempt
Income				Income Fund
Fund
Putnam	0.452%	0.500%	(0.048%)	Putnam	0.452%	0.500%	(0.048%)
Michigan				Minnesota
Tax Exempt				Tax Exempt
Income				Income Fund
Fund
Putnam	0.452%	0.500%	(0.048%)	Putnam New	0.452%	0.500%	(0.048%)
New Jersey				York Tax
Tax Exempt				Exempt
Income				Income Fund
Fund
Putnam	0.452%	0.500%	(0.048%)	Putnam	0.452%	0.500%	(0.048%)
Ohio Tax				Pennsylvania
Exempt				Tax Exempt
Income				Income Fund
Fund
Putnam Tax	0.452%	0.500%	(0.048%)
Exempt
Income
Fund

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MONEY MARKET FUNDS
Name	Proposed	Current	Difference	Name of	Proposed	Current	Difference
of	Effective	Effective		Fund	Effective	Effective
Fund	Contractual	Contractual			Contractual	Contractual
	Rate	Rate			Rate	Rate
Putnam	0.302%	0.308%	(0.006%)	Putnam VT	0.302%	0.450%	(0.148%)
Money				Money
Market				Market
Fund				Fund
Putnam	0.302%	0.450%	(0.148%)
Tax
Exempt
Money
Market
Fund

ASSET ALLOCATION AND SPECIALTY FUNDS
Name of	Proposed	Current	Difference	Name of	Proposed	Current	Difference
Fund	Effective	Effective		Fund	Effective	Effective
	Contractual	Contractual			Contractual	Contractual
	Rate	Rate			Rate	Rate
Putnam	0.492%	0.550%	(0.058%)
Absolute
Return 100
Fund
Putnam	0.542%	0.654%	(0.112%)	Putnam	0.542%	0.650%	(0.108%)
Asset				Income
Allocation:				Strategies
Conservative				Fund
Portfolio
Putnam	0.542%	0.624%	(0.082%)
Asset
Allocation:
Balanced
Portfolio
The George	0.542%	0.570%	(0.028%)	Putnam	0.542%	0.650%	(0.108%)
Putnam				VT The
Fund of				George
Boston				Putnam
				Fund of
				Boston
Putnam	0.592%	0.650%	(0.058%)
Absolute
Return 300
Fund
Putnam	0.612%	0.700%	(0.088%)	Putnam	0.612%	0.611%	0.001%
Asset				Asset
Allocation:				Allocation:
Equity				Growth
Portfolio				Portfolio

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Name of	Proposed	Current	Difference	Name of	Proposed	Current	Difference
Fund	Effective	Effective		Fund	Effective	Effective
	Contractual	Contractual			Contractual	Contractual
	Rate	Rate			Rate	Rate
Putnam VT	0.612%	0.700%	(0.088%)
Global Asset
Allocation
Fund
Putnam	0.742%	0.800%	(0.058%)	Putnam	0.742%	0.800%	(0.058%)
Absolute				Capital
Return 500				Spectrum
Fund				Fund
Putnam	0.742%	0.800%	(0.058%)
Equity
Spectrum
Fund
Putnam	0.892%	0.950%	(0.058%)
Absolute
Return 700
Fund

As shown in the foregoing table, based on June 30, 2009 net asset levels, the proposed management contract would provide for payment of a management fee rate that is lower for almost all funds, and in many cases materially lower, than the management fee rate payable under the current management contract. For a small number of funds, the management fee rate would be slightly higher under the proposed contract at these asset levels, but by only immaterial amounts. In the aggregate, the financial impact on Putnam Management of implementing this proposed change for all funds at June 30, 2009 net asset levels is a reduction in annual management fee revenue of approximately $[ ]. (Putnam Management has already incurred a significant portion of this revenue reduction through the waiver of a portion of its current management fees for certain funds pending shareholder consideration of the proposed management contracts. Putnam is not obliged to continue such waivers beyond July 31, 2010 in the event that the proposed contracts are not approved by shareholders.)

The management fee rate payable under the proposed management contract for each affected fund is calculated on a fundamentally different basis than the fee rate under its current contract. As a result, the differences in effective fee rates between the current and the proposed contracts and the financial impact on Putnam Management’s fee revenues in the future will vary depending on future changes in the net assets of each fund (in the case of the current contract) and in the aggregate net assets of the Fund Family (in the case of the proposed contract). For further discussion of the potential impact of future changes in asset levels, see “What factors did the Independent Trustees consider in evaluating the proposed management contracts?” below.

Proposed addition of performance fees

Certain of the Putnam funds (the “Absolute Return” and “Spectrum” funds) already have management fee rates that vary based on the performance of the fund in relation to the

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performance of a specified investment benchmark. The performance adjustments included in the current management contracts for these funds would remain unchanged and continue in effect under the proposed management contracts. The proposed contracts would, however, add similar performance adjustments to the calculation of management fees for the following funds:

Putnam Asia Pacific Equity Fund	Putnam International Growth and Income Fund
Putnam Emerging Markets Equity Fund	Putnam International New Opportunities Fund
Putnam Europe Equity Fund	Putnam New Opportunities Fund
Putnam Global Equity Fund	Putnam Small Cap Growth Fund
Putnam Growth Opportunities Fund	Putnam Vista Fund
Putnam International Capital Opportunities Fund	Putnam Voyager Fund
Putnam International Equity Fund

For these funds, the proposed management contract between your fund and Putnam Management would include, in addition to the new Fund Family breakpoint fee structure discussed above, a performance adjustment that would increase or decrease the management fees paid by your fund based upon the performance of the fund relative to a benchmark index.

Calculation of the proposed performance adjustment.If the proposed management contract is approved, your fund would pay a monthly Fund Family breakpoint fee to Putnam Management for the first year of the new contract. Beginning with your fund’s thirteenth complete calendar month of operations under the proposed management contract, the monthly management fee would consist of the monthly Fund Family breakpoint fee plus or minus a performance adjustment for the month. The amount of the performance adjustment would be calculated monthly based on aperformance adjustment rateequal to 3% multiplied by the difference between the fund’s annualized performance measured by the fund’s class A shares and the annualized performance of the fund’s benchmark index, each measured as a percentage, over theperformance period. (The cla ss of shares used for purposes of this calculation could be changed in the future with the approval of the Trustees to the extent permitted by applicable law.) Theperformance adjustment ratewould be subject to amaximum annualized performance adjustment ratefor each affected fund.Appendix Glists the proposed benchmark index for each affected fund and the proposedmaximum annualized performance adjustment rates.

Theperformance periodwould be the thirty-six month period then ended (or, if the proposed management contract has not then been effective for thirty-six complete calendar months, the period from the date the proposed management contract became effective to the end of the month for which the fee adjustment is being computed). Each month, theperformance adjustment ratewould be multiplied by the fund’s average net assets over theperformance periodand the result would be divided by twelve. The resulting dollar amount would be added to, or subtracted from, the base management fee for that month.

Depending on how your fund performs relative to its benchmark, the performance adjustment may result in an increase or decrease in the management fees paid by your fund. Because the

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performance adjustment would be tied to the fund’s performance relative to its benchmark index (and not its absolute performance), the performance adjustment could increase Putnam Management’s fee even if the fund’s shares lose value during theperformance period, and could decrease Putnam Management’s fee even if the fund’s shares increase in value during theperformance period. Because the performance adjustment is based on the fund’s performance relative to the benchmark over theperformance period, rather than the monthly period in which the performance adjustment affects Putnam Management’s fee, the performance adjustment could increase Putnam Management’s fee during a month when the fund underperforms its benchmark (but had outperformed its benchmark during theperformance period), and could decrease Putnam Management’s fee during a month when the fund outperforms its benchmark (but had underperformed its benchmark during theperformance period). Performance of the fund would be calculated net of expenses, whereas the fund’s benchmark index does not include any fees or expenses. Reinvestment of dividends and distributions would be included in calculating the performance of both the fund and the fund’s benchmark index.

Changes affecting timing of management fee computation and payment

The proposed management contract for all funds provides that management fees will be computed and paid monthly within 15 days after the end of each month. The current contracts of the funds contain quarterly computation and payment terms in some cases, as listed inAppendix H. These differences largely reflect practices in place at earlier times when many of the funds were first organized. Under the proposed contract, certain funds would make payments to Putnam Management earlier than they do under their current contract. This would reduce a fund’s opportunity to earn income on accrued but unpaid management fees by a small amount, but would not have a material effect on a fund’s operating costs.

The proposed change in the frequency with which fees are calculated may also result in small changes in the amount of fees paid under the management contract when the “average net assets” on which the fees are based are changing. By changing the period over which the average net assets is determined, it is possible that, as net assets move from one breakpoint to another, the new breakpoint will take effect earlier or later than it would have under a quarterly calculation and payment frequency, depending on the magnitude of the change and when it occurs during the period. These differences are expected to be immaterial in all instances and should average out over time. The proposed changes would reduce administrative burdens for the funds and for Putnam Management and would result in all Putnam funds having the same computation and payment terms.

►What factors did the Independent Trustees consider in evaluating the proposed management contracts?

The Trustees of each fund, including all of the Independent Trustees, voted unanimously to approve the proposed management contract for each fund on July 10, 2009. In considering the proposed contracts, the Independent Trustees focused largely on the specific proposed changes described above relating to management fees. They also took into account the factors that they considered in connection with their most recent annual approval on June 12,

-34- 

2009 of the continuance of the funds’ current management contracts and the extensive materials that they had reviewed in connection with that approval process.Appendix Icontains a summary description of the factors considered by the Trustees in connection with their June 12, 2009 approval.

Considerations relating to Fund Family fee rate calculations

The Independent Trustees considered that the proposed management contracts would change the manner in which fund shareholders share in potential economies of scale associated with the management of the funds. Under the current management contracts, shareholders of a fund benefit from increased fund size through reductions in the effective management fee paid to Putnam Management once the fund’s net assets exceed the first breakpoint in the fund’s fee schedule ($500 million for most funds). These breakpoints are measured solely by the net assets of each individual fund and are not affected by possible growth (or decline) of net assets of other funds in the Fund Family. Under the proposed management contracts, potential economies of scale would be shared ratably among shareholders of all funds, regardless of their size. The management fees paid by a fund (and indirectly by shareholders) would no longer be affected by the growth (or decline) of assets of the particular f und, but rather would be affected solely by the growth (or decline) of the aggregate net assets of all funds in the Fund Family, regardless of whether the net assets of the particular fund are growing or declining.

The Independent Trustees carefully considered the implications of this proposed change under a variety of economic circumstances. They considered the fact that at current asset levels the management fees paid by the funds under the proposed contract would be lower for almost all funds, and would not be materially higher for any fund, as shown in the table above. They considered the possibility that under some circumstances, the current management contract could result in a lower fee for a particular fund than the proposed management contract. Such circumstances might occur, for example, (i) if the aggregate net assets of the Fund Family remain largely unchanged and the net assets of an individual fund grew substantially, or (ii) if the net assets of an individual fund remain largely unchanged and the aggregate net assets of the Fund Family declined substantially.

The Independent Trustees noted that future changes in the net assets of individual funds are inherently unpredictable and that experience has shown that funds often grow in size and decline in size over time depending on market conditions and the changing popularity of particular investment styles and asset classes. They noted that, while the aggregate net assets of the Fund Family have changed substantially over time, basing a management fee on the aggregate level of assets of the Fund Family would likely reduce fluctuations in costs paid by individual funds and lead to greater stability and predictability of fund operating costs over time.

The Independent Trustees considered that the proposed management contract would likely be advantageous for newly organized funds that have yet to attract significant assets and for funds in specialty asset classes that are unlikely to grow to a significant size. In each case, such funds would participate in the benefits of scale made possible by the aggregate size of the Fund Family to an extent that would not be possible based solely on their individual size.

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The Independent Trustees also considered that for funds that have achieved or are likely to achieve considerable scale on their own, the proposed management contract could result in sharing of economies which might lead to slightly higher costs under some circumstances, but they noted that any such increases are immaterial at current asset levels and that over time such funds are likely to realize offsetting benefits from their opportunity to participate, both through the exchange privilege and through the Fund Family breakpoint fee structure, in the improved growth prospects of a diversified Fund Family able to offer competitively priced products.

The Independent Trustees noted that the implementation of the proposed management contracts would result in a reduction in aggregate fee revenues for Putnam Management at current asset levels. They also noted that applying various projections of growth equally to the aggregate net assets of the Fund Family and to the net assets of individual funds also showed revenue reductions for Putnam Management. They recognized, however, the possibility that under some scenarios Putnam Management might realize greater future revenues, with respect to certain funds, under the proposed contracts than under the current contracts, but considered such circumstances to be both less likely and inherently unpredictable.

The Independent Trustees considered the extent to which Putnam Management may realize economies of scale in connection with the management of the funds. In this regard, they considered the possibility that such economies of scale as may exist in the management of mutual funds may be associated more closely with the size of the aggregate assets of the mutual fund complex than with the size of any individual fund. In this regard the Independent Trustees considered the financial information provided to them by Putnam Management over a period of many years regarding the allocation of costs involved in calculating the profitability of its mutual fund business as a whole and the profitability of individual funds. The Independent Trustees noted that the methodologies for such cost allocations had been reviewed on a number of occasions in the past by independent financial consultants engaged by the Independent Trustees. The Independent Trustees noted that these methodologies support Pu tnam Management’s assertion that many of its operating costs and any associated economies of scale are related more to the aggregate net assets under management in various sectors of its business than to the size of individual funds. They noted that on a number of occasions in the past the Independent Trustees had separately considered the possibility of calculating management fees in whole or in part based on aggregate net assets of the Putnam funds.

The Independent Trustees considered the fact that the proposed contracts would result in a sharing among the affected funds of economies of scale that for the most part are now enjoyed by the larger funds, without materially increasing the current costs of any of the larger funds. They concluded that this sharing of economies among funds was appropriate in light of the diverse investment opportunities available to shareholders of all funds through the existence of the exchange privilege. They also considered that the proposed change in management fee structure would allow Putnam Management to introduce new investment products at more attractive pricing levels than may be currently be the case.

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After considering all of the foregoing, the Independent Trustees concluded that the proposed calculation of management fees based on the aggregate net assets of the Fund Family represented a fair and reasonable means of sharing possible economies of scale among the shareholders of all funds.

Considerations relating to addition of fee rate adjustments based on investment performance for certain funds

The Independent Trustees considered that Putnam’s proposal to add fee rate adjustments based on investment performance to the management contracts of certain funds reflected a desire by Putnam Management to align its fee revenues more closely with investment performance in the case of certain funds. They noted that Putnam Management already has a significant financial interest in achieving good performance results for the funds it manages. Putnam Management’s fees are based on the assets under its management (whether calculated on an individual fund or complex-wide basis). Good performance results in higher asset levels and therefore higher revenues to Putnam Management. Moreover, good performance also tends to attract additional investors to particular funds or the complex generally, also resulting in higher revenues. Nevertheless, the Independent Trustees concluded that adjusting management fees based on performance for certain selected funds could provide additiona l benefits to shareholders.

The Independent Trustees noted that Putnam Management proposed the addition of performance adjustments only for certain of the funds and considered whether similar adjustments might be appropriate for other funds. In this regard, they considered Putnam Management’s belief that the addition of performance adjustments would be most appropriate for shareholders of U.S. growth funds, international equity funds and Putnam Global Equity Fund. They also considered Putnam Management’s view that it would continue to monitor whether performance fees would be appropriate for other funds. Accordingly, the Independent Trustees concluded that it would be desirable to gain further experience with the operation of performance adjustments for certain funds and the market’s receptivity to such fee structures before giving further consideration to whether similar performance adjustments would be appropriate for other funds as well.

Considerations relating to standardization of payment terms

The Independent Trustees considered the fact that standardizing the payment terms, as described above, for all funds would involve an acceleration in the timing of payments to Putnam Management for some funds and a corresponding loss of a potential opportunity for such funds to earn income on accrued but unpaid management fees. The Independent Trustees did not view this change as having a material impact on shareholders of any fund. In this regard, the Independent Trustees noted that the proposed contracts conform to the payment terms included in management contracts for all Putnam funds organized in recent years and that standardizing payment terms across all funds would reduce administrative burdens for both the funds and Putnam Management.

Considerations relating to comparisons with management fees and total expenses of competitive funds

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As part of their evaluation of the proposed management contracts, the Independent Trustees also reviewed the general approach taken by Putnam Management and the Independent Trustees in recent years in imposing appropriate limits on total fund expenses. As part of the annual contract review process in recent years, Putnam Management agreed to waive fees as needed to limit total fund expenses to a maximum level equal to the average total expenses of comparable competitive funds in the mutual fund industry. In connection with its proposal to implement new management contracts, Putnam Management also proposed, and the Independent Trustees approved, certain changes in this approach that shift the focus from controlling total expenses to imposing separate limits on certain categories of expenses, as required. As a general matter, Putnam Management and the Independent Trustees concluded that management fees for the Putnam funds are competitive with the fees charged by comparable funds in the industry. Nevertheless, the Independent Trustees considered specific management fee waivers proposed to be implemented as of August 1, 2009 by Putnam Management with respect to the current management fees of certain funds, as well as projected reductions in management fees for almost all funds that would result under the proposed contracts. Putnam Management and the Independent Trustees also agreed to impose separate expense limitations of 37.5 basis points on the general category of shareholder servicing expenses and 20 basis points on the general category of other ordinary operating expenses. These new expense limitations were implemented for all funds effective as of August 1, 2009. These changes resulted in lower total expenses for many funds, but in the case of some funds total expenses increased after application of the new waivers and expense limitations (as compared with the results obtained using the expense limitation method previously in place). In this regard, the Independent Trustees con sidered the likelihood that total expenses for most of these funds would have increased in any event in the normal course under the previous expense limitation arrangement, as the reported total expense levels of many competitive funds increased in response to the major decline in asset values that began in September 2008. These new waivers and expense limitations will continue in effect until at least July 31, 2010 and will be re-evaluated by the Independent Trustees as part of the annual contract review process prior to their scheduled expiration. However, the management fee waivers referred to above would largely become permanent reductions in fees as a result of the implementation of the proposed management contracts. Additional information regarding total fund expenses is included inAppendix K.

General conclusion

After considering the factors described above relating to the specific changes included in the proposed management contracts, and taking into account all of the factors considered by the Independent Trustees as part of their recent approval of the continuance of the management contracts of all funds on June 12, 2009, the Independent Trustees concluded that implementation of the proposed management contract for each fund would be in the best interests of shareholders of the fund and unanimously approved the proposed management contract.

►What are the Trustees recommending?

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The Trustees of your fund, including all of the Independent Trustees, unanimously recommend that shareholders approve the proposed management contract with Fund Family breakpoints and, in the case of certain funds, performance fees.

As noted below under “General Plan for Implementation of Proposed Management Contracts”, for the 13 funds for which performance fees are proposed, the Trustees also recommend that shareholders approve proposed management contracts providing for each, but not both, of Fund Family breakpoints and performance fees. The Trustees recommend that shareholders of these funds vote FOR each of the three alternatives, but intend to implement a new management contract that includes both Fund Family breakpoints and performance fees if that alternative is approved by shareholders.

►What is the voting requirement for approval of the proposed contracts?

Approval of the proposed management contract for each fund requires the affirmative vote of the lesser of (a) 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.

General Plan for Implementation of Proposed Management Contracts

If this proposal is approved by the shareholders of your fund, it is expected that the proposed management contract would be implemented for your fund on January 1, 2010 (or, if later, the first day of the first calendar month following shareholder approval). The Independent Trustees and Putnam Management currently intend to implement the new contracts only if they are approved by shareholders of substantially all the funds. If shareholders of a significant number of funds do not approve the new contracts, the Independent Trustees and Putnam Management currently intend to leave the current contract in place for all funds and will consider such other actions as may be appropriate in the circumstances. The Independent Trustees and Putnam Management may also determine not to implement the proposed new contract, even though approved by shareholders, under various circumstances including the following: for funds marketed together as a group of related funds, the proposed contracts a re not approved for all funds in such group; issues of fairness, such as disparate or unanticipated economic impacts or imbalances resulting from the implementation of a proposed contract; administrative and shareholder communication complexities resulting from the implementation of a proposed contract; and the possibility of obtaining a favorable shareholder vote at a subsequent shareholder meeting. In the event that the proposed contract is not implemented for a fund for any reason, the current management contract of such fund will continue in effect.

If implemented, the proposed management contract for each fund would remain in effect (unless terminated) through June 30, 2010, and would 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 your fund, and

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(ii) a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on such approval.

For funds with proposed performance adjustments

Shareholders of those 13 funds for which performance adjustments are being proposed as part of the proposed new management contracts will be asked to vote separately on three alternative new management contracts: (i) Proposal 2.A. – a contract containingboththe proposed new management fee schedule based on aggregate Fund Family assets and the proposed new performance adjustments, (ii) Proposal 2.B. – a contract containing the proposed new management fee schedule based on aggregate Fund Family assets only, and (iii) Proposal 2.C. – a contract containing the proposed new performance adjustments only. (All three alternatives would include the standardization of payment terms described above.) The Trustees recommend that shareholders of these funds vote FOR each of the three alternatives, but intend to implement Proposal 2.A. – that is, a new contract containing both new features – if that alternative is approved by shareholders.

Other Information

A brief description of the terms of the affected funds’ current management contracts, as well as the date of each fund’s current management contract, the date on which it was last approved by shareholders and the purpose of the submission to shareholders are set forth inAppendix J.

The tables included atAppendix Kshow [examples of two funds’] current total annual operating expenses (as a percentage of average net assets) under the current management contract and pro forma total annual operating expenses under the proposed management contract, in each case assuming fund assets and Fund Family assets as of June 30, 2009 throughout the period. Examples that translate each fund’s annual operating expenses into dollar amounts, showing the cumulative effect of these costs over time, are also presented.

The tables included atAppendix Lshow for each fund the dollar amount of the management fee that would have been paid under the current management contract, the amount Putnam Management would have received under the proposed management contract, and the difference between the two, assuming fund assets and Fund Family assets as of June 30, 2009 throughout the period.

3. ADOPTION OF MODERNIZED AND STANDARDIZED FUNDAMENTAL INVESTMENT RESTRICTIONS

As described in the following proposals, the Trustees recommend that shareholders of certain funds approve revisions to certain fundamental investment restrictions of such funds. Generally, the purpose of these proposed changes is to increase each fund’s investment flexibility to the extent permitted by applicable law and regulations, and to reduce administrative and compliance burdens by standardizing these fundamental investment restrictions across all similarly-situated Putnam funds.

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Background.The 1940 Act requires registered investment companies like the funds to have “fundamental” investment restrictions governing certain of their investment practices. Investment companies may also voluntarily designate restrictions relating to other investment practices as fundamental. “Fundamental” investment restrictions can be changed only by a shareholder vote.

Proposed revisions to certain of the fundamental investment restrictions of the funds are discussed below. By revising these fundamental investment restrictions, the Trustees believe that Putnam Management will be better able to manage the funds in a changing regulatory or investment environment. In addition, the Trustees believe that the process of monitoring the funds’ compliance with investment restrictions will be simplified as these restrictions are standardized across all similarly-situated Putnam funds, thereby reducing administrative and compliance burdens.

3.A.: APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO INVESTMENTS IN COMMODITIES

Affected funds:

Putnam Absolute Return 100 Fund	Putnam Global Consumer Fund
Putnam Absolute Return 300 Fund	Putnam Global Energy Fund
Putnam Absolute Return 500 Fund	Putnam Global Financials Fund
Putnam Absolute Return 700 Fund	Putnam Global Health Care Fund
Putnam Asia Pacific Equity Fund	Putnam Global Industrials Fund
Putnam Asset Allocation: Balanced	Putnam Global Natural Resources Fund
Portfolio	Putnam Global Technology Fund
Putnam Asset Allocation: Conservative	Putnam Global Telecommunications Fund
Portfolio	Putnam Global Utilities Fund
Putnam Asset Allocation: Equity Portfolio	Putnam Income Strategies Fund
Putnam Asset Allocation: Growth Portfolio	Putnam VT Global Asset Allocation Fund
Putnam Capital Spectrum Fund	Putnam VT Global Health Care Fund
Putnam Emerging Markets Equity Fund	Putnam VT Global Utilities Fund
Putnam Equity Spectrum Fund

►What is this proposal?

Under the 1940 Act, a fund’s investment policy relating to the purchase and sale of commodities must be fundamental. Commodities include physical commodities, such as gold and other metals, agricultural products, and oil, as well as certain financial instruments, such as futures contracts and related options.Appendix Mlists the current fundamental investment restrictions of each of the affected funds with respect to commodities.

Although the current restriction for all of the affected funds expressly permits investments in financial instruments that could be deemed to be commodities under the federal securities and commodities laws, and for many of the affected funds expressly permits investments in

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financial instruments whose values are determined by reference to physical commodities, it prohibits direct investment in physical commodities.

In order to afford Putnam Management the maximum investment flexibility in pursuing each fund’s investment objective, the Trustees recommend that each fund’s fundamental investment restriction with respect to investments in commodities be revised to permit the funds to invest in physical commodities, in addition to financial instruments, to the extent permitted by applicable law. Putnam Management believes that at times it may be advantageous for the funds to obtain exposure to gold and other commodities by investing directly in the physical commodities. This proposal would permit your fund to obtain exposure to commodities, whether through direct investment in physical commodities or through related financial instruments, in the manner Putnam Management deems most efficient from time to time, to the extent from time to time authorized by the Trustees. The proposed amended fundamental investment restriction would state that your fund may not:

“Purchase or sell commodities, except as permitted by applicable law.”

►What effect will amending the current restriction with respect to investments in commodities have on your fund?

Under the proposed fundamental investment restriction, each fund will be able to invest directly in gold and other physical commodities, as well as to engage in a variety of transactions involving the use of commodity-linked investments, including commodity-based exchange-traded funds or notes (ETFs or ETNs) and commodity-linked notes, to the extent consistent with the fund’s investment objectives and policies, as well as applicable law.

Putnam Management believes that this investment flexibility could assist your fund in achieving its investment objective, both because commodities and commodity-linked investments may offer the opportunity for attractive investment returns and because economic exposure to gold or other commodities 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 the returns of other asset classes in which the fund invests.

In order to maintain their special status as regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”), the funds must limit any “non-qualifying income” to a maximum of 10% of their annual gross income. Generally, a fund’s investments in commodity-linked derivatives or physical commodities will be limited by this requirement. However, the Internal Revenue Service has recently issued guidance clarifying its position that certain instruments that create commodity exposure (e.g., commodity-linked structured notes) can generate “qualifying income” for a regulated investment company, thus allowing a fund to invest in such instruments without jeopardizing its status under the Code. While Putnam Management presently has no specific intention to change any fund’s exposures to commodities or commodity-linked investments in response to the revision of the funds’ investment restrictions, this intention is s ubject to change based on Putnam Management’s assessment of both market conditions at any given time and those investments most likely to assist your fund in meeting its investment objective. More generally, your fund

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intends to limit its investment in commodities and commodity-linked investments to the extent necessary to qualify as a regulated investment company under the Code.

While commodities and commodity-linked investments offer significant potential benefits to the funds, investment in this asset class presents particular risks as well. The values of commodities and commodity-linked investments may be highly volatile, and may be subject to a wide variety of risks relevant to particular physical commodities (such as the risks of drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments) to which the markets for other investments are not typically subject. Investments in physical commodities may also involve different custody arrangements and greater custody risks than other types of investments. Commodity-linked investments may involve the risk of exposure to the effects of leverage, which could increase the fund’s market exposure and potential losses. Commodities and commodity-linked investments are subject to the risk that their prices may correlate with changes in the value of other investments in ways that Putnam Management did not anticipate. Commodities and commodity-linked investments are also subject to the risk that a counterparty will be unwilling or unable to meet its obligations to the funds. In addition, the fund may be unable to sell its commodities and commodity-linked investments when Putnam Management believes it is desirable to do so.

►What are the Trustees recommending?

The Trustees unanimously recommend that shareholders approve an amendment to each affected fund’s fundamental investment restriction with respect to investments in commodities.

► What is the voting requirement for approving the proposal?

Approval of the proposed amendment to each affected fund’s fundamental investment restriction requires the affirmative vote of the lesser of (a) more than 50% of the outstanding shares of the affected fund, or (b) 67% or more of the shares of the affected fund present (in person or by proxy) at the meeting if more than 50% of the outstanding shares of the affected fund are present at the meeting in person or by proxy.

3.B. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO DIVERSIFICATION OF INVESTMENTS

Affected funds:

Putnam Europe Equity Fund
Putnam Global Utilities Fund
Putnam Growth Opportunities Fund
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam New Opportunities Fund

► What is this proposal?

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The Trustees recommend that each affected fund’s fundamental investment restriction with respect to the diversification of its investments be revised.

·For Putnam Global Utilities Fund, the proposed revision would change the fund’s classification from a “diversified” fund to a “non-diversified” fund under the 1940 Act, thereby conforming the fund’s restriction to the standard restriction currently used by Putnam’s other global sector funds and providing additional flexibility to the fund to more closely track its benchmark in the event that the benchmark became more concentrated.

·For each of the other affected funds, the proposed revision would afford these funds greater flexibility to invest in securities issued by other investment companies, and would conform this restriction to the standard restriction currently used by Putnam’s other diversified funds.

Appendix Nlists the current fundamental investment restrictions of each of the affected funds with respect to diversification.

Background.Under the 1940 Act, a “diversified” fund generally may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of any one issuer (except U.S. government securities, cash, cash items or the securities of other investment companies). The remaining 25% of the fund’s total assets is not subject to this restriction.

A “non-diversified fund” is not subject to this 1940 Act restriction, but is subject to similar rules under the Code, which require that a fund diversify its holdings at the end of each fiscal quarter such that, with respect to 50% of the fund’s total assets, the fund does not have more than 5% of its total assets invested in any one issuer. The remaining 50% of the fund’s assets is not subject to this 5% limitation. Neither of these Code requirements applies to U.S. government securities, cash, cash items or the securities of other regulated investment companies. (Under the Code, neither a diversified nor a non-diversified fund may invest more than 25% of its total assets in any one issuer.)

The proposed amended fundamental restriction would state that your fund may not:

“With respect to [50% (Putnam Global Utilities Fund)]/[75% (All other affected funds)] of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies.”

► What effect will amending the current restriction with respect to diversification ofinvestments have on your fund?

For Putnam Global Utilities Fund, the proposed change would allow the fund to become a non-diversified fund, able to invest more of its assets in the securities of fewer issuers than a

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diversified fund. The fund would be exposed to non-diversification risk, as its ability to invest more of its assets in the securities of fewer issuers would increase its vulnerability to factors affecting a single investment; therefore the fund may be more exposed to the risks of loss and volatility than a fund that invests more broadly.

For each of the other affected funds, the proposed change would allow such diversified funds to exclude investments in other investment companies from the 1940 Act’s 5% and 25% limitation, as described above. While Putnam Management does not currently expect that any of these funds will invest in securities of other investment companies to a significant extent, other than investments in one or more money market funds, Putnam Management believes that this investment flexibility could, in the future, assist your fund in achieving its investment objective. In addition, the proposed changes would reduce administrative and compliance burdens by conforming this restriction to the standard restriction currently used by Putnam’s other diversified funds.

► What are the Trustees recommending?

The Trustees unanimously recommend that shareholders approve an amendment to each affected fund’s fundamental investment restriction with respect to diversification of investments.

► What is the voting requirement for approving the proposal?

Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected fund, or (2) 67% or more of the shares of the affected fund present at the meeting if more than 50% of the outstanding shares of the affected fund are present at the meeting in person or by proxy.

3.C. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL INVESTMENT RESTRICTIONS LIMITING THE PERCENTAGE OF THE VOTING SECURITIES OF ANY ISSUER THAT MAY BE ACQUIRED

Affected funds:

Putnam Global Natural Resources Fund
Putnam Global Utilities Fund

► What is this proposal?

The Trustees recommend that Global Natural Resources Fund’s and Global Utilities Fund’s fundamental investment restriction with respect to the acquisition of voting securities of any issuer be conformed to the standard restriction currently used by Putnam’s other global sector funds. The proposed change would afford your fund greater flexibility in acquiring the voting securities of a single issuer.

Your fund’s current fundamental investment restriction with respect to the acquisition of voting securities of any issuer states that your fund may not:

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“With respect to 75% of its total assets, acquire more than 10% of the outstanding voting securities of any issuer.”

The proposed amended fundamental restriction would state that your fund may not:

“With respect to 50% of its total assets, acquire more than 10% of the outstanding voting securities of any issuer.”

► What effect will amending the current restriction with respect to the acquisition ofvoting securities of any issuer have on your fund?

Putnam Management believes that the additional investment flexibility afforded by the proposed restriction could assist your fund in achieving its investment objective. In addition, the proposed change would also align your fund’s fundamental investment restriction with that of all other non-diversified Putnam funds. This would reduce administrative and compliance burdens for your fund.

► What are the Trustees recommending?

The Trustees unanimously recommend that shareholders approve an amendment to each affected fund’s fundamental investment restriction with respect to the acquisition of voting securities.

► What is the voting requirement for approving the proposal?

Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected fund, or (2) 67% or more of the shares of the affected fund present at the meeting if more than 50% of the outstanding shares of the affected fund are present at the meeting in person or by proxy.

3.D. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO BORROWING

Affected funds:

Putnam Europe Equity Fund
Putnam Global Natural Resources Fund
Putnam Growth Opportunities Fund
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam New Jersey Tax Exempt Income Fund
Putnam New Opportunities Fund
Putnam Vista Fund

► What is this proposal?

The Trustees recommend that each affected fund’s fundamental investment restriction with respect to borrowing be revised to reflect the standard restriction for other Putnam funds.

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Under the 1940 Act, a fund may borrow up to 33 1/3% of its total assets, subject to any more restrictive policy adopted by the fund. Each affected fund’s current restriction is more restrictive than the 1940 Act requires.Appendix Olists the current fundamental investment restriction with respect to borrowing of each of the affected funds. The proposed fundamental investment restriction would state that your fund may not:

“Borrow money in excess of 33 1/3% of the value of its total assets (not including the amount borrowed) at the time the borrowing is made.”

► What effect will amending the current restriction with respect to borrowing have on your fund?

If the proposed change is approved, each affected fund would be permitted to borrow for the purpose of making additional investments, although Putnam Management currently has no intention of borrowing for such purpose. Borrowing to make additional investments would allow a fund to profit if the return on such investments exceeds the interest on the borrowing, but would result in increased losses if the return on such investments is less than the interest on the borrowing. This is known as leverage risk. Generally, if a fund borrows money, its net assets tend to increase or decrease to a greater extent with market changes than if the fund had not borrowed money.

The proposed restriction would also allow the affected funds to borrow from lenders other than banks, to the extent permitted by the 1940 Act. In a separate proposal (see Proposal 3.E. below), shareholders of these affected funds are being asked to approve an amendment to each affected fund’s restriction on lending. The proposed revisions would, subject to the limitation discussed in Proposal 3.E., permit each affected fund to participate in an “interfund lending program” under an exemptive order granted to the Putnam funds by the SEC which would allow the fund, through a master loan agreement, to lend available cash to and borrow from other Putnam funds. Each affected fund would be able to borrow money under the interfund lending program only if the interest rate on the loan is more favorable to the fund than the interest rates otherwise available for short-term bank loans, as well as being more favorable to the lending fund than available repurchase agreement r ates.

Putnam Management believes that the ability to engage in interfund lending transactions may allow a fund to pay lower interest rates on its borrowings. An affected fund could, in certain circumstances, have its loan recalled by a lending fund on one day’s notice. Under these circumstances, the affected fund might have to borrow from a bank at a higher interest rate if loans were not available from other Putnam funds.

All in all, Putnam Management believes that the proposed restriction could assist your fund in achieving its investment objective. In addition, the proposed restriction would align your fund’s fundamental investment restriction with that of all other Putnam funds, which would reduce administrative and compliance burdens for your fund.

► What are the Trustees recommending?

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The Trustees unanimously recommend that shareholders approve an amendment to each affected fund’s fundamental investment restriction with respect to borrowing.

► What is the voting requirement for approving the proposal?

Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected fund, or (2) 67% or more of the shares of the affected fund present at the meeting if more than 50% of the outstanding shares of the affected fund are present at the meeting in person or by proxy.

3.E. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO MAKING LOANS

Affected funds:

Putnam Europe Equity Fund
Putnam Global Natural Resources Fund
Putnam Growth Opportunities Fund
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam New Jersey Tax Exempt Income Fund
Putnam New Opportunities Fund
Putnam Vista Fund

► What is this proposal?

The Trustees recommend that each affected fund’s fundamental investment restriction with respect to making loans be revised to reflect the standard restriction used by other Putnam funds. This change would remove any limitations on each affected fund’s ability to enter into repurchase agreements and securities loans and would clarify that each affected fund is permitted (subject to the limitation discussed in Proposal 3.D.) to participate in the proposed interfund lending program first described in Proposal 3.D. Each affected fund currently has one of the following fundamental investment restrictions which states that such affected fund may not:

“Make loans, except by purchase of debt obligations in which the fund may invest consistent with its investment policies, by entering into repurchase agreements, or by lending its portfolio securities.” (All affected funds except Putnam Growth Opportunities Fund and Putnam International Capital Opportunities Fund)

OR 

“Make loans, except by purchase of debt obligations in which the fund may invest consistent with its investment policies, by entering into repurchase agreements with respect to not more than 25% of its total assets (taken at current value) or through the lending of its portfolio securities with respect to not more than 25% of its total assets (taken at current value).” (Putnam Growth Opportunities Fund and International Capital Opportunities Fund)

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The proposed fundamental investment restriction would state that your fund may not:

“Make loans, except by purchase of debt obligations in which the fund may invest consistent with its investment policies (including without limitation debt obligations issued by other Putnam funds), by entering into repurchase agreements, or by lending its portfolio securities.”

► What effectwill amending the current restriction with respect to making loans have on your fund?

Following the amendment, each affected fund may, consistent with its investment objective and policies and applicable law, enter into repurchase agreements and securities loans without limit. Putnam Management believes that this increased investment flexibility could assist each affected fund in achieving its investment objective.

When a fund enters into a repurchase agreement, it typically purchases a security for a relatively short period (usually not more than one week), which the seller agrees to repurchase at a fixed time and price, representing the fund’s cost plus interest. When a fund enters into a securities loan, it lends certain of its portfolio securities to broker-dealers or other parties, typically in exchange for a portion of the interest earned on the collateral posted by the borrower. These transactions must be fully collateralized at all times, but involve some risk to the fund in the event of losses on the investment of the collateral posted by the borrower or if the borrower should default on its obligation. If the borrower in these transactions should become involved in bankruptcy or insolvency proceedings, it is possible that the fund may be treated as an unsecured creditor and be required to return the underlying collateral to the borrower’s estate.

If the proposal is approved, each affected fund also would be able to participate in an interfund lending program and make loans to other Putnam funds for short-term purposes. As discussed in Proposal 3.D., a fund would only make loans under the program if it could receive an interest rate higher than those available for repurchase agreements. There is a risk that a fund could experience a delay in obtaining prompt repayment of a loan and, unlike repurchase agreements, the fund would not necessarily have received collateral for its loan. A delay in obtaining prompt payment could cause a fund to miss an investment opportunity or to incur costs to borrow money to replace the delayed payment.

Finally, the proposed restriction would align your fund’s fundamental investment restriction with that of all other Putnam funds, which would reduce administrative and compliance burdens for your fund.

► What are the Trustees recommending?

The Trustees unanimously recommend that shareholders approve an amendment to each affected fund’s fundamental investment restriction with respect to making loans.

► What is the voting requirement for approving the proposal?

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Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected fund, or (2) 67% or more of the shares of the affected fund present at the meeting if more than 50% of the outstanding shares of the affected fund are present at the meeting in person or by proxy.

4. ADOPTION OF MODERNIZED AND STANDARDIZED AGREEMENT AND DECLARATION OF TRUST PROVISIONS

As described in the following proposals, the Trustees recommend that shareholders of certain funds, each the sole series of a trust, approve amendments to certain provisions of the funds’ agreements and declarations of trust (each a “Declaration of Trust”). Each fund’s Declaration of Trust provides that it may be amended by the Trustees when authorized by a fund’s shareholders.

The proposed amendments to the Declarations of Trust are discussed below. Generally, the purpose of these proposed changes is to modernize and standardize these provisions. The Trustees believe that the proposed amendments will facilitate the efficient administration of the funds’ operations.

4.A. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ AGREEMENTS AND DECLARATIONS OF TRUST WITH RESPECT TO THE DURATION OF THE TRUST

Affected funds:

The Putnam Fund for Growth and Income
The George Putnam Fund of Boston
Putnam Money Market Fund
Putnam Tax Exempt Income Fund

►What is this proposal?

The Declaration of Trust of each of the affected funds currently provides that the trust terminates automatically either twenty or twenty-one years after the death of the initial Trustees and their enumerated children.Appendix Psets forth the current termination provision of each affected fund’s Declaration of Trust. These provisions appear to have been included in order to ensure that the relevant Declarations of Trust would not violate the “rule against perpetuities,” a common-law principle that invalidates the grant of certain property interests for which the actual determination of ownership cannot be or will not be accomplished within a specified period of time. Because the Declarations of Trust do not operate to convey property interests, however, the Trustees have been advised by fund counsel that such provisions are not necessary in light of increased clarity in the law regarding Massachusetts busin ess trusts. The Trustees believe these provisions are likely contrary to the expectations of typical fund shareholders, who would not expect the trust to terminate automatically (absent approval by shareholders of an amendment to the Declaration of Trust of the type proposed) on a date that is entirely unrelated to the business of any fund. As set forth below, the proposed amendment to each Declaration of Trust

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provides for the perpetual life of the trust unless terminated by the Trustees,¹which would replace the current language contained inAppendix P:

Duration and Termination of Trust (Putnam Money Market Fund and Putnam Tax Exempt Income Fund)

Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be terminated at any time by the Trustees by written notice to the Shareholders.

Duration and Termination of Trust (The Putnam Fund for Growth and Income and The George Putnam Fund of Boston)

Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be terminated at any time by the Trustees by written notice to the beneficiaries. Upon termination of this Trust the Trustees shall make provision for the payment of the expenses and liabilities of the Trust and of the Trustees and distribute the remaining assets, or sell and dispose of all or any part thereof and distribute the net proceeds thereof in cash and/or securities among the holders of such shares in proportion to their holdings, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of shares of the Trust, provided that any distribution to the beneficiaries of a particular class of shares shall be made to such beneficiaries pro rata in proportion to the number of shares of such class held by each of them.

► What effect would the proposed Declaration of Trust amendment with respect to theduration of the trust have on your fund?

The proposed amendment would eliminate the risk that the affected funds would automatically terminate following the deaths of the initial Trustees and their enumerated children. The proposed amendment would also reduce administrative and compliance burdens for the funds by eliminating the need to monitor for the death of the initial Trustees and their enumerated children. In addition, the proposed amendment would also more closely align the affected funds’ termination provisions with those of the other Putnam funds.

► What are the Trustees recommending?

The Trustees unanimously recommend that shareholders approve an amendment to each fund’s Declaration of Trust with respect to the duration of the trust.

► What is the voting requirement for approving the proposal?

For each trust, all shares will vote together as a single class, and approval of this proposal requires the affirmative vote of shareholders holding a majority of shares entitled to vote.

^{__________________________________
1}AmendingArticle VI, Section 3in the Declarations of Trust of The Putnam Fund for Growth and Income and The George Putnam Fund of Boston, andArticle IX, Section 4in the Declarations of Trust of Putnam Money Market Fund and Putnam Tax Exempt Income Fund.

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4.B. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ AGREEMENTS AND DECLARATIONS OF TRUST WITH RESPECT TO REDEMPTION AT THE OPTION OF THE TRUST

Affected funds:

The Putnam Fund for Growth and Income
The George Putnam Fund of Boston

►What is this proposal?

The Trustees recommend that the Declarations of Trust of The Putnam Fund for Growth and Income and The George Putnam Fund of Boston be amended to expressly provide that the trust has the right to redeem shares at its option where shareholders do not meet a minimum threshold or exceed a maximum threshold of share ownership in the trust. Currently, the funds’ Declarations of Trust are silent as to the ability of the trust to redeem shares at its option. The proposed amendments would add the following provision to each fund’s Declaration of Trust:²

The Trust shall have the right at its option and at any time to redeem shares of any beneficiary at the net asset value thereof as determined in accordance with the Bylaws: (i) if at such time such beneficiary owns fewer shares than, or shares having an aggregate net asset value of less than, an amount determined from time to time by the Trustees; or (ii) to the extent that such beneficiary owns shares of a particular series of shares equal to or in excess of a percentage of the outstanding shares of that series determined from time to time by the Trustees; or (iii) to the extent that such beneficiary owns shares of the Trust representing a percentage equal to or in excess of such percentage of the aggregate number of outstanding shares of the Trust or the aggregate net asset value of the Trust determined from time to time by the Trustees.

► What effect would the proposed Declaration of Trust amendment with respect toredemption at the option of the trust have on your fund?

The addition of this provision to the funds’ Declarations of Trust would allow the funds to redeem small or large accounts (subject to applicable legal and regulatory requirements, such as notice) when the Trustees determine that it would be in the best interests of the funds to do so, and would align the funds’ Declarations of Trust with those of the other Putnam funds in this regard. This would reduce administrative and compliance burdens for the funds.

► What are the Trustees recommending?

The Trustees unanimously recommend that shareholders approve an amendment to each fund’s Agreement and Declaration of Trust with respect to redemption at the option of the trust.

^{__________________________________
2}AsArticle VI, Section 6in the Declaration of Trust of The Putnam Fund for Growth and Income and asArticle VI, Section 5in the Declaration of Trust of The George Putnam Fund of Boston.

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► What is the voting requirement for approving the proposal?

For each trust, all shares will vote together as a single class, and approval of this proposal requires the affirmative vote of shareholders holding a majority of shares entitled to vote.

5. CONSIDERING A SHAREHOLDER PROPOSAL FOR TWO FUNDS REQUESTING THAT THE BOARD INSTITUTE PROCEDURES TO PREVENT THE FUNDS FROM HOLDING INVESTMENTS IN COMPANIES THAT, IN THE JUDGMENT OF THE BOARD, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY

Affected funds:

Putnam Asset Allocation: Growth Portfolio
Putnam Voyager Fund

►What is this proposal?

Certain shareholders of Putnam Asset Allocation: Growth Portfolio and Putnam Voyager Fund have advised the funds that they intend to present the following shareholder proposal at the meeting. For the reasons set forth after the proposal, the Trustees recommend a vote “AGAINST” the proposal.

The text of the proposal submitted by the shareholders and their supporting statement are quoted in their entirety below:

WHEREAS:

Putnam portfolio managers make investment decisions based on financial and legal considerations while seeming to ignore other issues. Even in the face of the most egregious violations of human rights, such as genocide, Putnam has released no policy to prevent investments that help fund or support such human rights violations.

Ordinary individuals, through their investments in Putnam, may inadvertently invest in companies funding genocide because of investment decisions made on their behalf by Putnam. With no policy to prevent these problem investments, Putnam may at any time increase its holdings or involve new funds in such problem investments.

[For Putnam Voyager Fund:]

We believe that this problem is not merely theoretical, since many mutual funds are large holders of PetroChina, which, through its closely related parent, China National Petroleum Company, is providing funding that the Government of Sudan uses to conduct genocide in Darfur.

[For Putnam Asset Allocation: Growth Portfolio:]

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We believe that this problem is not merely theoretical, since Putnam was one of the largest holders of PetroChina, which, through its closely related parent, China National Petroleum Company, is providing funding that the Government of Sudan uses to conduct genocide in Darfur.

We believe that in the face of the most extreme human rights crises investors share responsibility to act, individually and collectively, in addition to the role and responsibility of governments.

We believe that investors do not want their pensions and family savings connected to genocide. In KRC Research’s 2007 study, 71% of respondents said companies should take extreme cases of human rights abuses, such as genocide, into account rather than base investment decisions solely on economic criteria. Further, over 150,000 people have objected to financial firms about such problem investments. Reasonable people may disagree about what constitutes socially responsible investing, but few people want their savings to be complicit in genocide.

We believe that negative publicity resulting from the many national press reports and widespread consumer protests can damage the company’s reputation, hurt employee morale, increase its cost to acquire customers, and reduce the shareholder base for distributing expenses, all of which can negatively impact Putnam shareholders.

We see no compelling reason to invest in companies that fund genocide. We believe there are ample competitive alternatives and flexibility of investment choices, even with index funds. As noted by Gary Brinson’s classic study, investment returns are affected much more by asset allocation than by individual security selections, so avoiding a small number of problem companies need not result in any significant effect on performance.

Investor pressure has proven effective in influencing foreign governments. The campaign against Talisman Energy contributed to the January 2005 Comprehensive Peace Agreement between Khartoum and South Sudan.

RESOLVED:

Shareholders request that the Board institute procedures to prevent holding investments in companies that, in the judgment of the Board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights.

DISCUSSION:

In addition to preventing future investments in problem companies, the proposal calls for corrective action to address existing investments in problem companies. If the fund can effectively influence the problem company’s management, then this may be an appropriate action. If not, the security should be sold.

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This concludes the text of the proponents’ proposal and supporting statement. No fund is responsible for the contents of the proposal or the supporting statements. A fund will provide the names, addresses, and shareholdings (to the fund’s knowledge) of the proponents of the shareholder proposal promptly upon written request sent to the Clerk of the fund, attention “Fund Shareholder Meetings,” One Post Office Square, Boston, Massachusetts 02109, or by calling 1-888-221-0697 (this is a phone line set up to handle these requests; if you have any requests regarding how to vote your shares, please call 1-866-451-3787).

The Trustees’ Response to the Shareholder Proposal and Recommendation

►Why are the Trustees recommending a vote against the proposals?

The Trustees naturally condemn genocide, crimes against humanity and similar egregious violations of basic human rights. However, for the reasons set forth below, the Trustees recommend a vote against the shareholder proposals.

The U.S. Government maintains a comprehensive set of laws and regulations governing business relationships with countries that are believed to be responsible for egregious violations of basic human rights. These laws and regulations reflect consideration by experienced foreign policy experts of the nature of the particular problems in each country and often involve complex judgments whether certain types of business relationships might contribute to the problems in a particular country or, alternatively, might contribute to improving the conduct of the political regimes involved and the living conditions of the local populations. Putnam Management is committed to complying fully with all such laws and regulations currently in effect or that the U.S. Government might enact in the future with respect to investments in companies doing business with or in particular countries.

The proposed shareholder resolution calls upon the Board of Trustees to establish procedures and exercise its own judgment on these matters. The Trustees believe that this proposal would involve the Board in making judgments on matters that are beyond the range of its expertise and would inappropriately involve the Board in the process of making investment judgments for your fund’s portfolio.

As a general matter, the Trustees also believe that imposing constraints on the range of investment opportunities legally available to your fund solely because of political or social considerations would not be in the best interests of shareholders. Under your fund’s management contract with Putnam Management, Putnam Management has a fiduciary duty to examine the entire universe of potential investments to identify attractive securities in its efforts to deliver superior long-term investment results for clients. The available investment universe for each fund is defined by its stated investment objective and policies, as limited by applicable laws as noted above. Putnam Management has advised the Trustees that the process of identifying attractive securities for a fund’s portfolio includes an assessment of all relevant factors that could impact a security’s future value, including, for example, the risks associated with doing business with or in countries that ar e accused of egregious human rights violations. The Trustees believe that shareholders have invested in a fund based on the expectation that a fund would pursue the broad range of investment opportunities described in its prospectus and that it would not be appropriate to begin imposing additional limitations

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at this time based solely on political and social considerations. The Trustees believe that such limitations would be contrary to the interests of shareholders who are relying on Putnam Management to exercise its best investment judgment to help them meet important personal investment goals such as financing education, retirement and other critical personal needs.

►What are the Trustees recommending?

The Trustees unanimously recommend that shareholders vote “AGAINST” this shareholder proposal.

► What is the voting requirement for approving the shareholder proposal?

Approval of the proposal requires an affirmative vote of a majority of the shares voted for each affected fund.

► What is the effect of a favorable vote on the shareholder proposal?

The shareholder proposal described above represents recommendations to the Board of Trustees and is not legally binding. In the event that such a proposal is approved by shareholders, the Board of Trustees would take any such approval into consideration in determining whether the course of action recommended by such proposal would be in the best interests of each fund and its shareholders.

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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 each proposal other than the election of Trustees (Proposal 1), in which case shareholders of each series of a trust vote together as a single class. Thirty percent of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the meeting. Shares of all classes of each 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 a 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 held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or the persons ent itled 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 on the matter for purposes of determining the presence of a quorum.

The documents that authorize Putnam Fiduciary Trust Company or Putnam Investor Services, Inc. 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 or Putnam Investor Services, Inc. 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 likelihood that a proposal will be acted upon (approved or disapproved) and that Putnam Fiduciary Trust Company or Putnam Investor Services, Inc., each of which is an affiliate of Putnam Management, may benefit indirectly from the approval of the proposed management contracts.

With respect to the election of Trustees, neither abstentions nor broker non-votes have an effect on the outcome of the proposal. With respect to other proposals, abstentions and broker non-votes have the effect of votes against such proposals. For Proposals 2-4, 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 a fund has received sufficient 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. A fund may also request that selected brokers and nominees, in their discretion, submit broker non-votes, if doing so is necessary to obtain a q uorum.

Other business.The Trustees know of no matters other than those set 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 meetings 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, the persons named as proxies will vote in favor of such adjournment.

Information for all Putnam fundsexceptfunds that 

are 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 Investor Services, Inc. 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 number Putnam Man agement has in its records for their accounts and would 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.

Shareholders have the opportunity to submit their voting instructions via the Internet by using a program provided by a third-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 the proxy card and follow the instructions on the Internet site. To record your voting instructions via automated telephone service, use 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.

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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, or (v) by attending the meeting and voting in person.

Information for funds that are series of 

Putnam Variable Trust

Voting Process.With respect to funds that are series of Putnam Variable Trust 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. 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, 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 th at 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 number of Contract Owners may determine the outcome of a vote for a 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 Investor Services Inc., 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 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 counted at the meeti ng. 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 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

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signed, dated and returned, it will be treated as an instruction to vote the shares in accordance with the Trustees’ recommendations. 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 will be voted in the same proportion 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 the proxy card, and follow the instructions on the Internet site. To record your voting instructions via automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate Contract Owners’ 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 a nd 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 

Date for receipt of shareholders’ proposals for subsequent meetings of shareholders.

Your fund does not regularly hold an annual shareholder meeting, but may from time to time schedule a special meeting. In addition, your fund has voluntarily undertaken to hold a shareholder meeting at least every five years for the purpose of electing your fund’s Trustees. As the last such meeting was held in 2004, the fund’s 2009 special meeting will satisfy this undertaking. The next such meeting is expected to be held in 2014. In accordance with the regulations of the SEC, in order to be eligible for inclusion in the fund’s proxy statement for

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a meeting, a shareholder or Contract Owner proposal must be received a reasonable time before the fund prints and mails its proxy statement.

As described in more detail earlier in this 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 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 and By-laws.

Expense of the solicitation.Persons holding shares as nominees will, upon request, be reimbursed for their reasonable expenses in soliciting instructions from their principals. The Putnam funds have retained [ ] to aid in the solicitation of instructions for registered and nominee accounts. [ ] fee (estimated to be approximately $[ ] million), as well as the other expenses of the preparation of proxy statements and related materials, including printing and delivery costs and the proxy solicitation expenses, are borne by the funds.

Adjournment. If sufficient votes in favor of one or more of Proposals 1-4, or sufficient votes against Proposal 5, 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 proposals has not been met, the persons named as proxies may propose adjournments of the meeting with respect to such proposal(s) for a period or periods of not more than 60 days in the aggregate to permit further solicitation of proxies. Any adjournment with respect to a proposal 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 such adjournment those proxies that they are entitled to vote in favor of Proposals 1-4 and those proxies they are entitled to vote against Proposal 5. They will vote against any such adjournment those proxies re quired to be voted against Proposals 1-4 and those proxies required to be voted for Proposal 5. Your fund pays the costs of any additional solicitation and of any adjourned session. Any proposal for which sufficient favorable votes have 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.

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 cards will be included with the proxy statement for each account registered at that address. If you would prefer to

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receive your own copy of the proxy statement, please contact Putnam Investor Services by phone at 1-800-225-1581 or by mail at P.O. Box 8383, Boston, MA 02266-8383.

Financial information. Your fund’s Clerk 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 8383, Boston, MA 02266-8383 or by phone at 1-800-225-1581. You may also access copies of these reports by visiting Putnam’s website at http://www.putnam.com/individual.

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Fund Information

Putnam Investments.Putnam Management, your fund’s investment manager and administrator, is owned through a series of holding companies by Putnam Investments, LLC (“Putnam Investments”). Putnam Investments is a holding company that, except for a minority stake owned by employees, is owned (through a series of holding companies) by Great-West Lifeco Inc., which is a financial services holding company with interests in the life insurance, retirement, savings, and reinsurance businesses. Its businesses have operations in Canada, the United States and Europe. Great-West Lifeco Inc. is a majority-owned subsidiary of Power Financial Corporation. Power Financial Corporation is a diversified management and holding company that has interests, directly or indirectly, in companies that are active in the financial services sector in Canada, the United States and Europe. It also has substantial holdings in a group of energy, water, waste service s, specialty minerals and cement and building materials companies in Europe. Power Corporation of Canada, a diversified international management and holding company, owns a majority of the voting securities of Power Financial Corporation. The Hon. Paul Desmarais, Sr., through a group of holding companies that he controls, has voting control of Power Corporation of Canada.

The address of each of Putnam Investments and Putnam Management is One Post Office Square, Boston, Massachusetts 02109. The address of Great-West Lifeco Inc. is 100 Osborne Street North, Winnipeg, Manitoba R3C 3A5. The address of Mr. Desmarais, Power Corporation of Canada and Power Financial Corporation is 751 Victoria Square, Montreal, Quebec H2Y 2J3, Canada. Robert L. Reynolds is the President and Chief Executive Officer of Putnam Investments. His address is One Post Office Square, Boston, MA 02109.

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 Ridentifies these other funds and states their net assets and their current management fee schedules.

Putnam Investments Limited.Putnam Investments Limited, which has been retained by Putnam Management as investment sub-adviser with respect to a portion of the assets of certain funds, is owned by Putnam International Holdings, LLC, which is a holding company owned by Putnam Investments. The directors of Putnam Investments Limited, listed along with their principal business occupations at Putnam Investments, are [ ]. The address of Putnam Investments Limited and of Mr. [ ] and each of the directors is Cassini House, 57-59 St. James’s Street, London, England SW1A 1LD. The address of Putnam International Holdings, LLC is One Post Office Square, Boston, Massachusetts 02109.

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The Putnam Advisory Company, LLC.The Putnam Advisory Company, LLC, which has also been retained by [Putnam Management] to serve as sub-adviser for a portion of the assets of certain funds, is owned by Putnam Advisory Company, Limited Partnership, a holding company whose general partner (and minority owner) is Putnam Advisory Company GP, Inc., a holding company that is owned by Putnam, LLC, a holding company subsidiary (through a series of other holding companies) of Putnam Investments that is also the majority owner of Putnam Advisory Company, Limited Partnership and the sole owner of Putnam Advisory Company GP, Inc. The address of each of The Putnam Advisory Company, LLC, Putnam Advisory Company, Limited Partnership, Putnam Advisory Company GP, Inc. and Putnam, LLC is One Post Office Square, Boston, Massachusetts 02109.

Putnam Retail Management.Putnam Retail Management, your fund’s principal underwriter, is a limited partnership whose general partner (and minority owner) is Putnam Retail Management GP, Inc. and whose limited partner and majority owner is Putnam, LLC, which is also the sole owner of Putnam Retail Management GP, Inc. The address of each of Putnam Retail Management and Putnam Retail Management GP, Inc. is One Post Office Square, Boston, Massachusetts 02109.

Putnam Investor Services, Inc.Putnam Investor Services, Inc. served as your fund’s investor servicing agent. Prior to January 1, 2009, your fund’s investor servicing agent was Putnam Fiduciary Trust Company (“PFTC”). Both Putnam Investor Services, Inc. and PFTC are subsidiaries of Putnam Investments. The address of Putnam Investor Services, Inc. and PFTC is One Post Office Square, Boston, Massachusetts 02109.

Payments to Putnam Management or its affiliates. Appendix Sshows amounts paid to Putnam Management or its affiliates during each fund’s most recent fiscal year (ended between July 31, 2008 and June 30, 2009) 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 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 in the 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 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 are employees of Putnam Management or its affiliates or serve on the staff of the Office of the Trustees. Because of his positions with Putnam Management or its affiliates, Mr. Reynolds, as well as the other affiliated officers of your fund, will benefit from the management fees and investor servicing fees paid or allowed by your fund. In addition to Mr. Reynolds, the other officers of your fund are as follows:

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	Year first
Name (year of birth),	elected to	Business experience
Office with the fund	office	during past 5 years
Charles E. Porter (Born 1938)*	1989	Executive Vice President,
Executive Vice President, Principal		Principal Executive Officer,
Executive Officer, Associate Treasurer and		Associate 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.
Steven D. Krichmar (Born 1958)	2002	Senior Managing Director,
Vice President and Principal Financial		Putnam Investments.
Officer
Janet C. Smith (Born 1965)	2006	Managing Director, Putnam
Vice President, Assistant Treasurer and		Investments.
Principal Accounting Officer
Susan G. Malloy (Born 1957)	2007	Managing Director, Putnam
Vice President and Assistant Treasurer		Investments.
Beth Mazor (Born 1958)	2002	Managing Director, Putnam
Vice President		Investments.
Robert R. Leveille (Born 1969)	2007	Managing Director, Putnam
Vice President and Chief Compliance		Investments.
Officer
Mark C. Trenchard (Born 1962)	2002	Managing Director, Putnam
Vice President and BSA Compliance		Investments.
Officer
Francis J. McNamara, III (Born 1955)	2004	Senior Managing Director,
Vice President and Chief Legal Officer		Putnam Investments, Putnam
		Management and Putnam
		Retail Management.
James P. Pappas (Born 1953)	2004	Managing Director, Putnam
Vice President		Investments and Putnam
		Management.
Judith Cohen (Born 1945)*	1993	Vice President, Clerk and
Vice President, Clerk and Assistant		Assistant Treasurer, The
Treasurer		Putnam Funds.

-65- 

	Year first
Name (year of birth),	elected to	Business experience
Office with the fund	office	during past 5 years
Wanda M. McManus (Born 1947)*	1993	Vice President, Senior
Vice President, Senior Associate Treasurer		Associate Treasurer and
and Assistant Clerk		Assistant Clerk, The Putnam
		Funds.
Nancy E. Florek (Born 1957)*	2000	Vice President, Assistant
Vice President, Assistant Clerk, Assistant		Clerk, Assistant Treasurer
Treasurer and Proxy Manager		and Proxy Manager, The
		Putnam Funds.

*Officers of each 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.As of June 30, 2009, to the knowledge of the funds, no person other than those listed onAppendix Towned beneficially or of record 5% or more of any class of shares of any Putnam fund.

-66- 

Below is the form of proxy card for all fundsexcept:

Putnam Asia Pacific Equity Fund	Putnam International Growth and Income Fund
Putnam Emerging Markets Equity Fund	Putnam International New Opportunities Fund
Putnam Europe Equity Fund	Putnam New Opportunities Fund
Putnam Global Equity Fund	Putnam Small Cap Growth Fund
Putnam Growth Opportunities Fund	Putnam Vista Fund
Putnam International Capital Opportunities Fund	Putnam Voyager Fund
Putnam International Equity Fund

The proxy card

To vote by mail	To vote by telephone	To vote on the web
Read the proxy statement.	Read the proxy statement and	Read the proxy statement and have the proxy
Check the appropriate boxes	have the proxy card at hand.	card at hand.
on the reverse side.	Call 1-866-451-3787.	Go tohttps://www.proxyweb.com/Putnam.
Sign and date the proxy card.	Follow the automated	Follow the instructions on the site.
	telephone directions.
Return the proxy card in the		There is no need for you to return your proxy
envelope provided.	There is no need for you to	card.
	return your proxy card.

[FUND NAME PRINTS HERE]
By signing below, you, as a shareholder of [FUND NAME PRINTS HERE], 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 all your shares on your behalf at the meeting of the shareholders of [FUND NAME PRINTS HERE] to be held on November 19, 2009 at 11:00 a.m., Boston time, and any adjournments to later times or dates.Your proxy is being solicited on behalf of the Trustees.When you complete and sign the proxy card, your shares will be voted on your behalf exactly as you have indicated on the other side of this card.If you simply sign the proxy card, or don’t vote on a specific proposal, your shares will be automatically voted as the Trustees recommend.The proxies are also authorized to vot e at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.

Proposals	Please vote by filling in the appropriate boxes below.
Please vote by filling in the appropriate boxes below.	If you do not mark the proposals, your proxy will be voted as the Trustees recommend.
PLEASE MARK VOTES AS IN THIS EXAMPLE: ■
□ To vote on all proposalsas the Trustees recommend, mark this box. (No other vote is necessary.)

	THE TRUSTEES RECOMMEND A VOTEFORPROPOSALS 1, 2, 3, AND 4.
							FOR	WITHHOLD	FOR ALL
1.	Electing your fund’s nominees for Trustees.						ALL	ALL	EXCEPT
							□	□	□
	01.	R. Akhoury	02.	J. A. Baxter	03.	C. B. Curtis
	04.	R. J. Darretta	05.	M.R. Drucker	06.	J. A. Hill
	07.	P. L. Joskow	08.	E. T. Kennan	09.	K. R. Leibler
	10.	R. E. Patterson	11.	G. Putnam, III	12.	R. L. Reynolds
	13.	W. T. Stephens	14.	R. B. Worley

	INSTRUCTIONS:To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL
	EXCEPT” and write the nominee’s number on the line provided below.	FOR	AGAINST	ABSTAIN
2.	Approving a proposed new management contract for your fund.	□	□	□
3.A.	Approving an amendment to your fund’s fundamental investment restriction with respect to	□	□	□
	investments in commodities.
3.B.	Approving an amendment to your fund’s fundamental investment restriction with respect to	□	□	□
	diversification of investments.
3.C.	Approving an amendment to your fund’s fundamental investment restriction with respect to	□	□	□
	the acquisition of voting securities.
3.D.	Approving an amendment to your fund’s fundamental investment restriction with respect to	□	□	□
	borrowing.
3.E.	Approving an amendment to your fund’s fundamental investment restriction with respect to	□	□	□
	making loans.
4.A.	Approving an amendment to your fund’s agreement and declaration of trust with respect to	□	□	□
	the duration of the trust.
4.B.	Approving an amendment to your fund’s agreement and declaration of trust with respect to	□	□	□
	redemption at the option of the trust.
	THE TRUSTEES RECOMMENDA VOTEAGAINST PROPOSAL 5.
5.	For Putnam Asset Allocation: Growth Portfolio: Shareholders request that the Board institute	□	□	□
	procedures to prevent holding investments in companies that, in the judgment of the Board,
	substantially contribute to genocide or crimes against humanity, the most egregious
	violations of human rights.
If you have any questions on these proposals, please call 1-888-221-0697.

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on November 19, 2009. 

The proxy statement for this meeting is available at https://www.proxyweb.com/Putnam.

Please sign and date the other side of this card 

Below is the form of proxy card for the following funds: 

Putnam Asia Pacific Equity Fund	Putnam International Growth and Income Fund
Putnam Emerging Markets Equity Fund	Putnam International New Opportunities Fund
Putnam Europe Equity Fund	Putnam New Opportunities Fund
Putnam Global Equity Fund	Putnam Small Cap Growth Fund
Putnam Growth Opportunities Fund	Putnam Vista Fund
Putnam International Capital Opportunities Fund	Putnam Voyager Fund
Putnam International Equity Fund

The proxy card

To vote by mail	To vote by telephone	To vote on the web
Read the proxy statement.	Read the proxy statement and	Read the proxy statement and have the proxy
	have the proxy card at hand.	card at hand.
Check the appropriate boxes
on the reverse side.	Call 1-866-451-3738.	Go tohttps://www.proxyweb.com/Putnam.
Sign and date the proxy card.	Follow the automated	Follow the instructions on the site.
	telephone directions.
Return the proxy card in the		There is no need for you to return your proxy
envelope provided.	There is no need for you to	card.
	return your proxy card.

[FUND NAME PRINTS HERE]

By signing below, you, as a shareholder of [FUND NAME PRINTS HERE], 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 all your shares on your behalf at the meeting of the shareholders of [FUND NAME PRINTS HERE] to be held on November 19, 2009 at 11:00 a.m., Boston time, and any adjournments to later times or dates.Your proxy is being solicited on behalf of the Trustees.When you complete and sign the proxy card, your shares will be voted on your behalf exactly as you have indicated on the other side of this card.If you simply sign the proxy card, or don’t vote on a specific proposal, your shares will be automatically voted as the Trustees recommend.The proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.

Proposals	Please vote by filling in the appropriate boxes below.
Please vote by filling in the appropriate boxes below.	If you do not mark the proposals, your proxy will be voted as the Trustees recommend.
PLEASE MARK VOTES AS IN THIS EXAMPLE: ■
□ To vote on all proposalsas the Trustees recommend, mark this box. (No other vote is necessary.)

	THE TRUSTEES RECOMMEND A VOTEFORPROPOSALS 1, 2, AND 3.
							FOR	WITHHOLD	FOR ALL
1.	Electing your fund’s nominees for Trustees.						ALL	ALL	EXCEPT
	01.	R. Akhoury	02.	J. A. Baxter	03.	C. B. Curtis	□	□	□
	04.	R. J. Darretta	05.	M.R. Drucker	06.	J. A. Hill
	07.	P. L. Joskow	08.	E. T. Kennan	09.	K. R. Leibler
	10.	R. E. Patterson	11.	G. Putnam, III	12.	R. L. Reynolds
	13.	W. T. Stephens	14.	R. B. Worley

	INSTRUCTIONS:To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL	FOR	AGAINST	ABSTAIN
	EXCEPT” and write the nominee’s number on the line provided below.
2.A.	Approving a proposed new management contract for your fund withbothFund Family	□	□	□
	breakpoints and performance fees.
2.B.	Approving a proposed new management contract for your fund with Fund Family breakpoints	□	□	□
	only.
2.C.	Approving a proposed new management contract for your fund with performance feesonly.	□	□	□
3.A.	Approving an amendment to your fund’s fundamental investment restriction with respect to	□	□	□
	investments in commodities.
3.B.	Approving an amendment to your fund’s fundamental investment restriction with respect to	□	□	□
	diversification of investments.
3.D.	Approving an amendment to your fund’s fundamental investment restriction with respect to	□	□	□
	borrowing.
3.E.	Approving an amendment to your fund’s fundamental investment restriction with respect to	□	□	□
	making loans.
	THE TRUSTEES RECOMMEND A VOTEAGAINST PROPOSAL 5.
5.	For Putnam Voyager Fund: Shareholders request that the Board institute procedures to	□	□	□
	prevent holding investments in companies that, in the judgment of the Board, substantially
	contribute to genocide or crimes against humanity, the most egregious violations of human
	rights.
If you have any questions on these proposals, please call 1-888-221-0697.

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on November 19, 2009. 

The proxy statement for this meeting is available at https://www.proxyweb.com/Putnam.

Please sign and date the other side of this card 

APPENDIX A – Number of Shares Outstanding as of the Record Date
	Putnam Absolute	Putnam Absolute	Putnam Absolute	Putnam Absolute	Putnam American
	Return 100 Fund	Return 300 Fund	Return 500 Fund	Return 700 Fund	Government Income
					Fund
Class A
Class B
Class C
Class M
Class R
Class Y
	Putnam AMT-Free	Putnam Arizona Tax	Putnam Asia Pacific	Putnam Asset	Putnam Asset
	Municipal Fund	Exempt Income	Equity Fund	Allocation:	Allocation:
		Fund		Balanced Portfolio	Conservative
					Portfolio
Class A
Class B
Class C
Class M
Class R	--	--
Class Y
	Putnam Asset	Putnam Asset	Putnam California	Putnam Capital	Putnam Capital
	Allocation: Equity	Allocation: Growth	Tax Exempt Income	Opportunities Fund	Spectrum Fund
	Portfolio	Portfolio	Fund
Class A
Class B	--
Class C	--
Class M	--
Class R	--		--
Class Y

A-1 

	Putnam Convertible	Putnam Diversified	Putnam Emerging	Putnam Equity	Putnam Equity
	Income-Growth	Income Trust	Markets Equity Fund	Income Fund	Spectrum Fund
	Trust
Class A
Class B
Class C
Class M
Class R
Class Y
	Putnam Europe	Putnam Floating	The Putnam Fund for	The George Putnam	Putnam Global
	Equity Fund	Rate Income Fund	Growth and Income	Fund of Boston	Consumer Fund
Class A
Class B
Class C
Class M
Class R
Class Y
	Putnam Global	Putnam Global	Putnam Global	Putnam Global	Putnam Global
	Energy Fund	Equity Fund	Financials Fund	Health Care Fund	Income Trust
Class A
Class B
Class C
Class M
Class R
Class Y
	Putnam Global	Putnam Global	Putnam Global	Putnam Global	Putnam Global
	Industrials Fund	Natural Resources	Technology Fund	Telecommunications	Utilities Fund
		Fund		Fund
Class A
Class B
Class C
Class M
Class R
Class Y

A-2 

	Putnam Growth	Putnam High Yield	Putnam High Yield	Putnam Income Fund	Putnam Income
	Opportunities Fund	Advantage Fund	Trust		Strategies Fund
Class A
Class B
Class C
Class M
Class R
Class Y
	Putnam International	Putnam International	Putnam International	Putnam International	Putnam Investors
	Capital	Equity Fund	Growth and Income	New Opportunities	Fund
	Opportunities Fund		Fund	Fund
Class A
Class B
Class C
Class M
Class R
Class Y
	Putnam	Putnam Michigan	Putnam Mid Cap	Putnam Minnesota	Putnam Money
	Massachusetts Tax	Tax Exempt Income	Value Fund	Tax Exempt Income	Market Fund
	Exempt Income	Fund		Fund
	Fund
Class A
Class B
Class C
Class M
Class R	--	--		--
Class T	--	--	--	--
Class Y					--

A-3 

	Putnam Money	Putnam New Jersey	Putnam New	Putnam New York	Putnam Ohio Tax
	Market Liquidity	Tax Exempt Income	Opportunities Fund	Tax Exempt Income	Exempt Income
	Fund	Fund		Fund	Fund
Class A
Class B	--
Class C	--
Class I		--	--	--	--
Class M	--
Class P		--	--	--	--
Class R		--		--	--
Class S		--	--	--	--
Class Y	--
	Putnam	Putnam Research	Putnam	Putnam	Putnam
	Pennsylvania Tax	Fund	RetirementReady	RetirementReady	RetirementReady
	Exempt Income		2010 Fund	2015 Fund	2020 Fund
	Fund
Class A
Class B
Class C
Class M
Class R	--
Class Y
	Putnam	Putnam	Putnam	Putnam	Putnam
	RetirementReady	RetirementReady	RetirementReady	RetirementReady	RetirementReady
	2025 Fund	2030 Fund	2035 Fund	2040 Fund	2045 Fund
Class A
Class B
Class C
Class M
Class R
Class Y

A-4 

	Putnam	Putnam	Putnam Small Cap	Putnam Small Cap	Putnam Tax Exempt
	RetirementReady	RetirementReady	Growth Fund	Value Fund	Income Fund
	2050 Fund	Maturity Fund
Class A
Class B
Class C
Class M
Class R					--
Class Y
	Putnam Tax Exempt	Putnam Tax-Free	Putnam U.S.	Putnam Vista Fund	Putnam Voyager
	Money Market Fund	High Yield Fund	Government Income		Fund
			Trust
Class A
Class B	--
Class C	--
Class M	--
Class R	--	--
Class Y	--
	Putnam VT	Putnam VT Capital	Putnam VT	Putnam VT Equity	Putnam VT The
	American	Opportunities Fund	Diversified Income	Income Fund	George Putnam Fund
	Government Income		Fund		of Boston
	Fund
Class IA
Class IB
	Putnam VT Global	Putnam VT Global	Putnam VT Global	Putnam VT Global	Putnam VT Growth
	Asset Allocation	Equity Fund	Health Care Fund	Utilities Fund	and Income Fund
	Fund
Class IA
Class IB
	Putnam VT Growth	Putnam VT High	Putnam VT Income	Putnam VT	Putnam VT
	Opportunities Fund	Yield Fund	Fund	International Equity	International Growth
				Fund	and Income Fund
Class IA
Class IB

A-5 

	Putnam VT	Putnam VT Investors	Putnam VT Mid Cap	Putnam VT Money	Putnam VT New
	International New	Fund	Value Fund	Market Fund	Opportunities Fund
	Opportunities Fund
Class IA
Class IB
	Putnam VT Research	Putnam VT Small	Putnam VT Vista	Putnam VT Voyager
	Fund	Cap Value Fund	Fund	Fund
Class IA
Class IB

A-6 

APPENDIX B -- Dollar Range and Number of Shares Beneficially Owned

The following tables show the number of shares beneficially owned by each Trustee in each fund, as well as the value of those holdings in each fund and across all funds, as of June 30, 2009. In addition, the tables show the number of shares beneficially owned in each fund for the Trustees and officers as a group. 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 Money Market Liquidity Fund, Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2035 Fund, Putnam VT Global Health Care Fund, Putnam VT Global Utilities Fund, or Putnam VT Money Market Fund as of June 30, 2009. All references in the tables are to Class A shares unless otherwise indicated.

B-1 

	Putnam Absolute Return		Putnam Absolute Return 300		Putnam Absolute Return 500		Putnam Absolute Return 700
	100 Fund		Fund		Fund		Fund
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Jameson A.
Baxter	$10,001-$50,000	999.001	$10,001-$50,000	3,772.453	$10,001-$50,000	3,804.183	$10,001-$50,000	994.036
Charles B.
Curtis	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Robert J.
Darretta	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Myra R.
Drucker	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
John A. Hill	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Paul L.
Joskow	$1-$10,000	150.000	$1-$10,000	150.000	$1-$10,000	149.105	$1-$10,000	149.105
Elizabeth T.
Kennan	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Kenneth R.
Leibler	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Robert E.
Patterson	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
George
Putnam, III	$10,001-$50,000	1,000.000	$10,001-$50,000	997.009	$10,001-$50,000	1,013.171	$1-$10,000	808.898
W. Thomas
Stephens	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Richard B.
Worley	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Robert L.
Reynolds	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Trustees and					$50,001-
Officers as a	$10,001-$50,000	3,249.001			$100,000	7,055.579
group	$1-$10,000 (Class	960.379			$10,000-$50,000	1,810.724
	Y Shares)	(Class Y Shares)	$50,001-$100,000	6,120.261	(Class Y Shares)	(Class Y Shares)	$10,001-$50,000	3,152.346

B-2 

	Putnam American		Putnam AMT-Free		Putnam Arizona Tax Exempt		Putnam Asia Pacific Equity
	Government Income Fund		Municipal Fund		Income Fund		Fund
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	101.451	$1-$10,000	100.915	$1-$10,000	101.016	$1-$10,000	100.000
Jameson A.
Baxter	$1-$10,000	451.813	$1-$10,000	585.375	$1-$10,000	199.613	$10,001-$50,000	2,569.373
Charles B.
Curtis	$1-$10,000	137.394	$1-$10,000	144.469	$1-$10,000	142.639	$1-$10,000	100.000
Robert J.
Darretta	$1-$10,000	109.389	$1-$10,000	107.850	$1-$10,000	109.177	$1-$10,000	100.000
Myra R.
Drucker	$1-$10,000	120.409	$1-$10,000	121.824	$1-$10,000	123.150	$1-$10,000	100.000
John A. Hill	Over $100,000	12,437.036	$1-$10,000	206.268	$1-$10,000	240.028	$1-$10,000	100.000
Paul L.
Joskow	$10,001-$50,000	1,617.272	$1-$10,000	165.356	$1-$10,000	178.072	$1-$10,000	259.875
Elizabeth T.
Kennan	$1-$10,000	147.975	$1-$10,000	122.832	$1-$10,000	119.683	$1-$10,000	512.295
Kenneth R.
Leibler	$1-$10,000	112.781	$1-$10,000	111.389	$1-$10,000	112.880	$1-$10,000	100.000
Robert E.
Patterson	$10,001-$50,000	2,299.974	$1-$10,000	122.930	$1-$10,000	124.497	$1-$10,000	100.000
George
Putnam, III	$10,001-$50,000	3,435.238	$10,001-$50,000	888.401	$10,001-$50,000	1,389.358	$10,001-$50,000	1,027.749
W. Thomas
Stephens	$1-$10,000	356.077	$1-$10,000	174.108	$1-$10,000	170.021	$1-$10,000	100.000
Richard B.
Worley	$1-$10,000	120.409	$1-$10,000	121.603	$1-$10,000	122.868	$1-$10,000	100.000
Robert L.
Reynolds	$1-$10,000	102.212	$1-$10,000	101.754	$1-$10,000	102.169	$1-$10,000	100.000
Trustees and	Over $100,000	22,506.692
Officers as a	Over $100,000	12,851.829					$50,001-
group	(Class Y Shares)	(Class Y Shares)	$10,001-$50,000	3,075.074	$10,001-$50,000	3,235.171	$100,000	5,369.292

B-3 

	Putnam Asset Allocation:		Putnam Asset Allocation:		Putnam Asset Allocation:		Putnam Asset Allocation:
	Balanced Portfolio		Conservative Portfolio		Equity Portfolio		Growth Portfolio
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	102.003	$1-$10,000	101.314	$1-$10,000	100.000	$1-$10,000	100.000
Jameson A.
Baxter	Over $100,000	25,710.917	$10,001-$50,000	1,344.237	None	0.000	Over $100,000	34,932.084
Charles B.
Curtis	$1-$10,000	128.059	Over $100,000	14,111.008	None	0.000	Over $100,000	13,095.372
Robert J.
Darretta	$1-$10,000	108.362	$1-$10,000	107.879	None	0.000	$1-$10,000	107.198
Myra R.							$50,001-
Drucker	$10,001-$50,000	4,143.598	$1-$10,000	117.024	None	0.000	$100,000	9,713.900
John A. Hill							$50,001-
	Over $100,000	402,575.918	Over $100,000	122,538.767	None	0.000	$100,000	6,619.158
Paul L.
Joskow	Over $100,000	28,499.751	$1-$10,000	271.864	None	0.000	$10,001-$50,000	1,149.293
Elizabeth T.							$50,001-
Kennan	$1-$10,000	381.207	$1-$10,000	378.620	None	0.000	$100,000	5,405.355
Kenneth R.
Leibler	$1-$10,000	109.647	$1-$10,000	110.258	None	0.000	$1-$10,000	107.588
Robert E.
Patterson	$10,001-$50,000	1,277.619	$10,001-$50,000	1,350.310	None	0.000	$10,001-$50,000	2,402.978
George
Putnam, III	$10,001-$50,000	3,224.376	$10,001-$50,000	4,965.041	None	0.000	Over $100,000	26,391.289
W. Thomas
Stephens	$1-$10,000	100.810	$10,001-$50,000	5,532.640	None	0.000	$1-$10,000	109.726
Richard B.
Worley	$1-$10,000	113.250	$1-$10,000	117.024	None	0.000	$1-$10,000	109.726
Robert L.							$1-$10,000	100.000
Reynolds							$10,001-$50,000	4,646.164 (Class
	$1-$10,000	102.003	$1-$10,000	102.183	$1-$10,000	100.000	(Class Y Shares)	Y Shares)
Trustees and	Over $100,000	466,577.521	Over $100,000	151,148.169			Over $100,000	106,671.544
Officers as a	Over $100,000	236,158.697	$10,001-$50,000	4,741.469			Over $100,000	62,288.841
group	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	$1-$10,000	200.000	(Class Y Shares)	(Class Y Shares)

B-4 

	Putnam California Tax		Putnam Capital		Putnam Capital Spectrum		Putnam Convertible Income-
	Exempt Income Fund		Opportunities Fund		Fund		Growth Trust
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	101.101	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	102.139
Jameson A.
Baxter	$1-$10,000	262.805	$10,001-$50,000	2,099.255	$10,001-$50,000	1,664.448	Over $100,000	7,482.259
Charles B.
Curtis	$1-$10,000	151.828	$1-$10,000	156.590	$1-$10,000	133.779	$1-$10,000	134.481
Robert J.
Darretta	$1-$10,000	109.158	$1-$10,000	111.177	$1-$10,000	100.000	$1-$10,000	106.954
Myra R.
Drucker	$1-$10,000	127.872	$1-$10,000	147.103	$1-$10,000	100.000	$1-$10,000	116.748
John A. Hill	$1-$10,000	209.054	Over $100,000	20,763.436	Over $100,000	6,752.194	Over $100,000	38,286.046
Paul L.
Joskow	$1-$10,000	203.342	$1-$10,000	270.093	$1-$10,000	167.224	$10,001-$50,000	2,135.670
Elizabeth T.
Kennan	$1-$10,000	143.242	$10,001-$50,000	1,624.457	$1-$10,000	330.688	$10,001-$50,000	1,603.346
Kenneth R.
Leibler	$1-$10,000	113.096	$1-$10,000	125.300	$1-$10,000	100.000	$1-$10,000	109.077
Robert E.							$50,001-
Patterson	$1-$10,000	129.406	$10,001-$50,000	2,234.669	$1-$10,000	100.000	$100,000	3,776.440
George
Putnam, III	$10,001-$50,000	1,649.763	$10,001-$50,000	1,754.049	$10,001-$50,000	1,003.344	Over $100,000	14,624.437
W. Thomas
Stephens	$1-$10,000	183.752	$1-$10,000	147.103	$1-$10,000	100.000	$1-$10,000	225.954
Richard B.
Worley	$1-$10,000	127.630	$1-$10,000	147.103	$1-$10,000	100.000	$1-$10,000	115.815
Robert L.
Reynolds	$1-$10,000	102.117	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	102.139
Trustees and			Over $100,000	29,780.335	Over $100,000	10,851.677	Over $100,000	70,169.718
Officers as a			$50,001-$100,000	9,801.682	Over $100,000	24,098.930	Over $100,000	33,049.404
group	$10,001-$50,000	3,614.166	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)

B-5 

	Putnam Diversified Income		Putnam Emerging Markets		Putnam Equity Income Fund		Putnam Equity Spectrum
	Trust		Equity Fund				Fund
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	103.732	$1-$10,000	100.000	$1-$10,000	100.996	$1-$10,000	100.000
Jameson A.	$50,001-
Baxter	$100,000	10,627.176	$10,001-$50,000	3,692.762	Over $100,000	13,607.496	$10,001-$50,000	1,668.892
Charles B.
Curtis	$1-$10,000	297.985	$1-$10,000	100.000	$1-$10,000	273.907	$1-$10,000	135.044
Robert J.
Darretta	$1-$10,000	116.897	$1-$10,000	100.000	$1-$10,000	208.222	$1-$10,000	100.000
Myra R.
Drucker	$1-$10,000	1,414.816	$1-$10,000	100.000	$10,001-$50,000	2,353.318	$1-$10,000	100.000
John A. Hill	Over $100,000	165,242.437	$1-$10,000	500.000	Over $100,000	21,175.440	Over $100,000	6,821.282
Paul L.
Joskow	$1-$10,000	465.336	$1-$10,000	158.983	Over $100,000	17,686.574	$1-$10,000	168.805
Elizabeth T.	$50,001-
Kennan	$100,000	9,253.229	$1-$10,000	571.431	$10,001-$50,000	1,593.759	$1-$10,000	198.807
Kenneth R.
Leibler	$1-$10,000	121.728	$1-$10,000	100.000	$1-$10,000	231.033	$1-$10,000	100.000
Robert E.
Patterson	$10,001-$50,000	1,686.528	$1-$10,000	100.000	$10,001-$50,000	3,338.147	$1-$10,000	100.000
George
Putnam, III	$10,001-$50,000	6,526.946	$10,001-$50,000	1,503.759	Over $100,000	57,154.871	$10,001-$50,000	1,005.362
W. Thomas
Stephens	$1-$10,000	419.702	$1-$10,000	100.000	$1-$10,000	376.099	$1-$10,000	100.000
Richard B.
Worley	$1-$10,000	139.123	$1-$10,000	100.000	$1-$10,000	252.400	$1-$10,000	100.000
Robert L.
Reynolds	$1-$10,000	105.729	$1-$10,000	100.000	$1-$10,000	100.996	$1-$10,000	100.000
Trustees and			$50,001-
Officers as a	Over $100,000	302,453.434	$100,000	7,326.935	Over $100,000	123,118.914
group	Over $100,000	77,521.530	Over $100,000	15,164.699	Over $100,000	35,235.215
	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	Over $100,000	10,798.192

B-6 

	Putnam Europe Equity Fund		Putnam Floating Rate		The Putnam Fund for		The George Putnam Fund of
			Income Fund		Growth and Income		Boston
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	100.000	$1-$10,000	100.919	$1-$10,000	100.941	$1-$10,000	101.043
Jameson A.
Baxter	$10,001-$50,000	2,789.669	$10,001-$50,000	2,524.656	Over $100,000	14,369.217	Over $100,000	14,452.830
Charles B.
Curtis	$1-$10,000	133.974	$1-$10,000	123.105	$1-$10,000	272.006	$1-$10,000	361.780
Robert J.
Darretta	$1-$10,000	122.007	$1-$10,000	111.153	$1-$10,000	222.649	$1-$10,000	121.972
Myra R.
Drucker	$1-$10,000	127.803	$1-$10,000	128.533	$1-$10,000	248.998	$1-$10,000	144.863
John A. Hill	$1-$10,000	639.019	$1-$10,000	102.156	Over $100,000	32,662.080	Over $100,000	25,013.813
Paul L.
Joskow	$1-$10,000	593.546	$1-$10,000	227.089	Over $100,000	13,163.607	$10,001-$50,000	2,448.268
Elizabeth T.
Kennan	$10,001-$50,000	936.112	$1-$10,000	121.004	$1-$10,000	549.345	$1-$10,000	797.507
Kenneth R.
Leibler	$1-$10,000	124.657	$1-$10,000	116.642	$1-$10,000	240.257	$1-$10,000	135.307
Robert E.
Patterson	$10,001-$50,000	2,473.942	$1-$10,000	1,226.814	$10,001-$50,000	1,416.221	$10,001-$50,000	1,479.845
George
Putnam, III	$10,001-$50,000	1,193.131	$10,001-$50,000	4,416.485	Over $100,000	14,093.755	Over $100,000	39,223.546
W. Thomas			$50,001-
Stephens	$1-$10,000	171.780	$100,000	8,142.333	$1-$10,000	380.935	$1-$10,000	372.239
Richard B.
Worley	$1-$10,000	127.803	$1-$10,000	128.296	$1-$10,000	248.998	$1-$10,000	144.863
Robert L.
Reynolds	$1-$10,000	100.000	$1-$10,000	101.976	$1-$10,000	100.941	$1-$10,000	102.604
Trustees and							Over $100,000
Officers as a			Over $100,000	18,276.508	Over $100,000	78,105.912	$50,001-	86,653.129
group			Over $100,000	55,754.996	Over $100,000	19,937.263	$100,000 (Class	7,906.376 (Class
	Over $100,000	10,194.720	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	Y Shares)	Y Shares)

B-7 

	Putnam Global Consumer		Putnam Global Energy Fund		Putnam Global Equity Fund		Putnam Global Financials
	Fund						Fund
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Jameson A.					$50,001-
Baxter	$1-$10,000	526.870	$1-$10,000	482.160	$100,000	11,227.448	$1-$10,000	574.053
Charles B.
Curtis	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	451.962	$1-$10,000	100.000
Robert J.
Darretta	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	102.965	$1-$10,000	100.000
Myra R.
Drucker	$1-$10,000	100.000	$1-$10,000	100.000	$10,001-$50,000	3,355.073	$1-$10,000	100.000
John A. Hill	$1-$10,000	100.000	$1-$10,000	100.000	Over $100,000	38,624.589	$1-$10,000	100.000
Paul L.
Joskow	$1-$10,000	146.056	$1-$10,000	138.376	$1-$10,000	652.572	$1-$10,000	144.788
Elizabeth T.
Kennan	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	1,194.835	$1-$10,000	100.000
Kenneth R.
Leibler	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	104.598	$1-$10,000	100.000
Robert E.					$50,001-
Patterson	$1-$10,000	100.000	$1-$10,000	100.000	$100,000	11,106.153	$1-$10,000	100.000
George
Putnam, III	$10,001-$50,000	1,126.126	$10,001-$50,000	1,111.111	Over $100,000	34,309.815	$10,001-$50,000	1,396.648
W. Thomas
Stephens	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	660.501	$1-$10,000	100.000
Richard B.
Worley	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	105.713	$1-$10,000	100.000
Robert L.
Reynolds	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Trustees and					Over $100,000
Officers as a					$50,001-	103,265.797	$10,001-$50,000	3,215.489
group					$100,000 (Class	8,361.135 (Class	Over $100,000	25,063.017
	$10,001-$50,000	2,899.052	$10,001-$50,000	2,831.647	Y Shares)	Y Shares)	(Class Y Shares)	(Class Y Shares)

B-8 

	Putnam Global Health Care		Putnam Global Income Trust		Putnam Global Industrials		Putnam Global Natural
	Fund				Fund		Resources Fund
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$50,001-
	$100,000	1,333.350	$1-$10,000	102.312	$1-$10,000	100.000	$1-$10,000	100.000
Jameson A.
Baxter	$1-$10,000	228.195	$10,001-$50,000	1,059.711	$1-$10,000	520.833	$10,001-$50,000	1,439.019
Charles B.
Curtis	$1-$10,000	162.208	$1-$10,000	152.934	$1-$10,000	100.000	$1-$10,000	228.718
Robert J.
Darretta	$1-$10,000	127.791	$1-$10,000	111.704	$1-$10,000	100.000	$1-$10,000	142.671
Myra R.
Drucker	$1-$10,000	162.208	$1-$10,000	126.874	$1-$10,000	100.000	$1-$10,000	201.496
John A. Hill	Over $100,000	4,588.034	$1-$10,000	176.079	$1-$10,000	100.000	Over $100,000	12,510.731
Paul L.
Joskow	$10,001-$50,000	705.778	$1-$10,000	210.448	$1-$10,000	140.845	$1-$10,000	249.031
Elizabeth T.
Kennan	$1-$10,000	162.208	$1-$10,000	399.023	$1-$10,000	100.000	$10,001-$50,000	2,103.902
Kenneth R.
Leibler	$1-$10,000	141.266	$1-$10,000	114.987	$1-$10,000	100.000	$1-$10,000	160.002
Robert E.
Patterson	$10,001-$50,000	371.480	$10,001-$50,000	922.979	$1-$10,000	100.000	$1-$10,000	556.234
George			$50,001-
Putnam, III	Over $100,000	4,448.910	$100,000	4,408.805	$10,001-$50,000	1,234.568	$10,001-$50,000	2,446.772
W. Thomas
Stephens	$1-$10,000	224.231	$1-$10,000	191.873	$1-$10,000	100.000	$1-$10,000	301.720
Richard B.
Worley	$1-$10,000	162.208	$1-$10,000	126.607	$1-$10,000	100.000	$1-$10,000	201.496
Robert L.
Reynolds	$1-$10,000	100.000	$1-$10,000	103.487	$1-$10,000	100.000	$1-$10,000	100.000
Trustees and			$50,001-
Officers as a	Over $100,000	12,942.730	$100,000	8,207.823			Over $100,000	20,741.792
group	Over $100,000	4,575.853 (Class	Over $100,000	13,406.264			Over $100,000	7,781.644 (Class
	(Class Y Shares)	Y Shares)	(Class Y Shares)	(Class Y Shares)	$10,001-$50,000	2,996.246	(Class Y Shares)	Y Shares)

B-9 

	Putnam Global Technology		Putnam Global Telecommunications		Putnam Global Utilities		Putnam Growth
	Fund		Fund		Fund		Opportunities Fund
Trustees/	Dollar Range	Shares	Dollar Range of	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	Shares Owned	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	(Class A)	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)		(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	101.451	$1-$10,000	100.000
Jameson A.
Baxter	$1-$10,000	478.011	$1-$10,000	531.915	$1-$10,000	686.316	$1-$10,000	479.604
Charles B.
Curtis	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	124.878	$1-$10,000	105.939
Robert J.
Darretta	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	104.968	$1-$10,000	100.000
Myra R.
Drucker	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	110.876	$1-$10,000	100.867
John A. Hill	$1-$10,000	100.000	$1-$10,000	100.000	$10,001-$50,000	3,577.554	$10,001-$50,000	2,532.828
Paul L.
Joskow	$1-$10,000	141.509	$1-$10,000	147.929	$10,001-$50,000	1,047.059	$1-$10,000	834.652
Elizabeth T.
Kennan	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	122.891	$1-$10,000	100.867
Kenneth R.
Leibler	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	106.034	$1-$10,000	100.000
Robert E.
Patterson	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	759.653	$10,001-$50,000	2,146.569
George
Putnam, III	$10,001-$50,000	1,084.599	$10,001-$50,000	1,173.709	$10,001-$50,000	2,302.391	$10,001-$50,000	2,785.949
W. Thomas
Stephens	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	179.645	$1-$10,000	101.894
Richard B.
Worley	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	110.298	$1-$10,000	100.867
Robert L.
Reynolds	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	101.451	$1-$10,000	100.000
Trustees and					$50,001-
Officers as a					$100,000	9,435.465	Over $100,000	9,772.107
group					$1-$10,000	548.835 (Class Y	$10,001-$50,000	1,117.922 (Class
	$10,001-$50,000	2,804.119	$10,001-$50,000	2,953.553	(Class Y Shares)	Shares)	(Class Y Shares)	Y Shares)

B-10 

	Putnam High Yield		Putnam High Yield Trust		Putnam Income Fund		Putnam Income Strategies
	Advantage Fund						Fund
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	103.082	$1-$10,000	103.139	$1-$10,000	102.907	$1-$10,000	102.134
Jameson A.
Baxter	$10,001-$50,000	3,180.238	Over $100,000	23,324.278	$10,001-$50,000	4,937.261	$10,001-$50,000	6,049.886
Charles B.
Curtis	$1-$10,000	199.006	$1-$10,000	539.814	$1-$10,000	151.476	$1-$10,000	123.903
Robert J.
Darretta	$1-$10,000	117.935	$1-$10,000	117.628	$1-$10,000	115.377	$1-$10,000	114.596
Myra R.
Drucker	$1-$10,000	143.673	$1-$10,000	296.035	$1-$10,000	129.018	$1-$10,000	123.540
John A. Hill	$50,001-
	$100,000	19,007.694	Over $100,000	17,431.120	Over $100,000	177,776.464	Over $100,000	29,391.280
Paul L.			$50,001-
Joskow	$10,001-$50,000	4,555.602	$100,000	8,601.853	$1-$10,000	258.071	$1-$10,000	588.939
Elizabeth T.
Kennan	$1-$10,000	633.369	$1-$10,000	853.422	$10,001-$50,000	4,277.182	$10,001-$50,000	2,263.790
Kenneth R.
Leibler	$1-$10,000	124.554	$1-$10,000	124.170	$1-$10,000	119.566	$1-$10,000	118.732
Robert E.	$50,001-		$50,001-
Patterson	$100,000	11,244.766	$100,000	8,706.869	$10,001-$50,000	1,810.768	$1-$10,000	1,181.065
George
Putnam, III	$10,001-$50,000	4,325.059	Over $100,000	25,640.666	$10,001-$50,000	7,413.692	$10,001-$50,000	3,533.617
W. Thomas
Stephens	$1-$10,000	292.670	$1-$10,000	500.037	$1-$10,000	190.829	$1-$10,000	123.903
Richard B.
Worley	$1-$10,000	143.673	$1-$10,000	287.614	$1-$10,000	129.018	$1-$10,000	116.510
Robert L.
Reynolds	$1-$10,000	104.753	$1-$10,000	104.862	$1-$10,000	104.464	$1-$10,000	103.301
Trustees and	Over $100,000	44,176.074	Over $100,000	88,486.291	Over $100,000	221,439.013
Officers as a	$10,001-$50,000	2,142.788	Over $100,000	45,682.860	Over $100,000	233,156.662
group	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	Over $100,000	43,935.196

B-11 

	Putnam International Capital		Putnam International Equity		Putnam International		Putnam International New
	Opportunities Fund		Fund		Growth and Income Fund		Opportunities Fund
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Jameson A.					$50,001-
Baxter	Over $100,000	9,436.596	Over $100,000	12,046.543	$100,000	8,756.289	$10,001-$50,000	3,588.827
Charles B.
Curtis	Over $100,000	4,681.229	Over $100,000	6,641.256	$1-$10,000	142.429	$1-$10,000	105.952
Robert J.
Darretta	$1-$10,000	107.496	$1-$10,000	123.413	$1-$10,000	120.787	$1-$10,000	101.357
Myra R.
Drucker	$1-$10,000	112.847	$1-$10,000	136.557	$1-$10,000	135.602	$1-$10,000	103.705
John A. Hill	$10,001-$50,000	858.114	Over $100,000	23,671.129	Over $100,000	18,043.415	$50,001-$100,000	5,031.033
Paul L.			$50,001-
Joskow	$10,001-$50,000	458.875	$100,000	3,436.552	$1-$10,000	1,019.160	$10,001-$50,000	1,426.685
Elizabeth T.
Kennan	$10,001-$50,000	1,659.332	$1-$10,000	561.098	$1-$10,000	879.333	$1-$10,000	205.034
Kenneth R.
Leibler	$1-$10,000	109.672	$1-$10,000	131.994	$1-$10,000	132.981	$1-$10,000	101.807
Robert E.			$50,001-		$50,001-
Patterson	$10,001-$50,000	1,966.800	$100,000	4,968.024	$100,000	7,500.133	$10,001-$50,000	4,010.708
George			$50,001-
Putnam, III	$10,001-$50,000	1,850.698	$100,000	5,509.071	$10,001-$50,000	3,008.279	$50,001-$100,000	7,270.555
W. Thomas
Stephens	$1-$10,000	135.033	$1-$10,000	244.579	$1-$10,000	202.078	$1-$10,000	153.497
Richard B.
Worley	$1-$10,000	112.847	$1-$10,000	136.557	$1-$10,000	135.602	$1-$10,000	103.705
Robert L.
Reynolds	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	100.000
Trustees and			Over $100,000
Officers as a	Over $100,000	22,738.588	$50,001-	63,064.443	Over $100,000	41,355.435	Over $100,000	23,822.031
group	Over $100,000	12,346.292	$100,000 (Class	3,486.918 (Class	$10,001-$50,000	5,274.831 (Class	Over $100,000	10,679.712
	(Class Y Shares)	(Class Y Shares)	Y Shares)	Y Shares)	(Class Y Shares)	Y Shares)	(Class Y Shares)	(Class Y Shares)

B-12 

	Putnam Investors Fund		Putnam Massachusetts Tax		Putnam Michigan Tax		Putnam Mid Cap Value
			Exempt Income Fund		Exempt Income Fund		Fund
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	100.000	$1-$10,000	100.942	$1-$10,000	100.944	$1-$10,000	100.000
Jameson A.
Baxter	Over $100,000	16,562.067	$1-$10,000	207.487	$1-$10,000	198.223	$10,001-$50,000	2,397.257
Charles B.
Curtis	$1-$10,000	339.611	$1-$10,000	143.568	$1-$10,000	141.360	$1-$10,000	161.508
Robert J.
Darretta	$1-$10,000	329.050	$1-$10,000	108.990	$1-$10,000	107.757	$1-$10,000	119.807
Myra R.
Drucker	$10,001-$50,000	3,020.863	$1-$10,000	123.764	$1-$10,000	119.852	$1-$10,000	152.392
John A. Hill	Over $100,000	48,193.893	$1-$10,000	190.802	$1-$10,000	180.460	$1-$10,000	165.961
Paul L.	$50,001-
Joskow	$100,000	9,840.702	$1-$10,000	171.960	$1-$10,000	176.980	$1-$10,000	182.980
Elizabeth T.
Kennan	$10,001-$50,000	3,384.795	$1-$10,000	125.063	$1-$10,000	116.606	$1-$10,000	469.860
Kenneth R.
Leibler	$1-$10,000	329.267	$1-$10,000	112.570	$1-$10,000	111.035	$1-$10,000	134.415
Robert E.	$50,001-
Patterson	$100,000	7,311.853	$1-$10,000	102.483	$1-$10,000	121.197	$10,001-$50,000	1,909.536
George	$50,001-
Putnam, III	$100,000	6,168.940	$50,001-$100,000	6,641.649	$10,001-$50,000	1,411.609	$10,001-$50,000	3,260.326
W. Thomas
Stephens	$1-$10,000	400.824	$1-$10,000	173.513	$1-$10,000	167.770	$1-$10,000	152.392
Richard B.
Worley	$1-$10,000	331.175	$1-$10,000	123.526	$1-$10,000	119.649	$1-$10,000	152.392
Robert L.
Reynolds	$1-$10,000	100.000	$1-$10,000	102.359	$1-$10,000	101.799	$1-$10,000	100.000
Trustees and							$50,001-
Officers as a	Over $100,000	98,924.856					$100,000	9,718.732
group	Over $100,000	36,678.952					Over $100,000	19,698.384
	(Class Y Shares)	(Class Y Shares)	Over $100,000	23,998.416	$10,001-$50,000	3,175.241	(Class Y Shares)	(Class Y Shares)

B-13 

	Putnam Minnesota Tax		Putnam Money Market Fund		Putnam New Jersey Tax		Putnam New Opportunities
	Exempt Income Fund				Exempt Income Fund		Fund
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury			$50,001-
	$1-$10,000	100.862	$100,000	75,337.280	$1-$10,000	100.933	$1-$10,000	100.000
Jameson A.			$50,001-
Baxter	$1-$10,000	196.300	$100,000	99,711.210	$1-$10,000	202.377	Over $100,000	4,514.129
Charles B.
Curtis	$1-$10,000	139.454	Over $100,000	141,570.540	$1-$10,000	139.535	$1-$10,000	184.036
Robert J.
Darretta	$1-$10,000	107.486	Over $100,000	507,962.080	$1-$10,000	107.966	$1-$10,000	139.653
Myra R.
Drucker	$1-$10,000	120.113	$1-$10,000	115.700	$1-$10,000	120.527	$1-$10,000	139.653
John A. Hill	$1-$10,000	240.878	Over $100,000	212,767.220	$1-$10,000	250.914	$10,001-$50,000	1,401.936
Paul L.
Joskow	$1-$10,000	178.223	Over $100,000	236,964.630	$1-$10,000	174.813	$10,001-$50,000	1,116.807
Elizabeth T.
Kennan	$1-$10,000	117.004	$1-$10,000	9,252.070	$1-$10,000	121.732	$1-$10,000	145.147
Kenneth R.
Leibler	$1-$10,000	110.840	$1-$10,000	3,659.470	$1-$10,000	111.440	$1-$10,000	139.653
Robert E.
Patterson	$1-$10,000	121.426	Over $100,000	106,747.040	$1-$10,000	121.743	$10,001-$50,000	626.801
George
Putnam, III	$10,001-$50,000	1,418.280	Over $100,000	397,841.990	$10,001-$50,000	1,374.548	$50,001-$100,000	1,596.493
W. Thomas
Stephens	$1-$10,000	166.739	Over $100,000	369,501.420	$1-$10,000	166.428	$1-$10,000	216.699
Richard B.
Worley	$1-$10,000	119.882	$1-$10,000	2,909.210	$1-$10,000	120.286	$1-$10,000	139.653
Robert L.			$50,001-
Reynolds	$1-$10,000	101.650	$100,000	53,904.380	$1-$10,000	101.758	$1-$10,000	100.000
Trustees and							Over $100,000	11,498.645
Officers as a							Over $100,000	4,588.332
group	$10,001-$50,000	3,239.137	Over $100,000	3,029,030.470	$10,001-$50,000	3,215.000	(Class Y Shares)	(ClassY Shares)

B-14 

	Putnam New York Tax		Putnam Ohio Tax Exempt		Putnam Pennsylvania Tax		Putnam Research Fund
	Exempt Income Fund		Income Fund		Exempt Income Fund
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	100.998	$1-$10,000	100.942	$1-$10,000	100.930	$1-$10,000	100.000
Jameson A.
Baxter	$1-$10,000	942.274	$1-$10,000	198.159	$1-$10,000	205.231	$1-$10,000	423.972
Charles B.
Curtis	$1-$10,000	489.182	$1-$10,000	138.557	$1-$10,000	139.567	$1-$10,000	107.374
Robert J.
Darretta	$1-$10,000	108.317	$1-$10,000	108.001	$1-$10,000	107.773	$1-$10,000	101.409
Myra R.
Drucker	$1-$10,000	308.202	$1-$10,000	120.704	$1-$10,000	120.283	$1-$10,000	102.294
John A. Hill							$50,001-
	Over $100,000	118,827.202	$1-$10,000	260.776	$1-$10,000	256.779	$100,000	5,687.307
Paul L.							$50,001-
Joskow	Over $100,000	15,812.553	$1-$10,000	178.636	$1-$10,000	179.888	$100,000	5,586.933
Elizabeth T.
Kennan	$1-$10,000	564.439	$1-$10,000	117.293	$1-$10,000	121.671	$1-$10,000	148.760
Kenneth R.
Leibler	$1-$10,000	270.390	$1-$10,000	111.434	$1-$10,000	111.178	$1-$10,000	101.519
Robert E.
Patterson	$1-$10,000	297.907	$1-$10,000	121.999	$1-$10,000	121.666	$1-$10,000	145.779
George
Putnam, III	$10,001-$50,000	3,612.024	$10,001-$50,000	1,406.875	$10,001-$50,000	1,400.350	$10,001-$50,000	1,777.948
W. Thomas
Stephens	$1-$10,000	178.271	$1-$10,000	168.022	$1-$10,000	171.705	$1-$10,000	102.294
Richard B.
Worley	$1-$10,000	300.011	$1-$10,000	120.488	$1-$10,000	120.095	$1-$10,000	102.294
Robert L.
Reynolds	$1-$10,000	101.909	$1-$10,000	101.801	$1-$10,000	101.798	$1-$10,000	100.000
Trustees and							Over $100,000	14,587.883
Officers as a							$10,001-$50,000	3,915.314
group	Over $100,000	141,913.679	$10,001-$50,000	3,253.687	$10,001-$50,000	3,258.914	(Class Y Shares)	(Class Y Shares)

B-15 

	Putnam RetirementReady 2010		Putnam RetirementReady 2015		Putnam RetirementReady 2020		Putnam RetirementReady 2025
	Fund		Fund		Fund		Fund
Trustees/	Dollar Range of	Shares	Dollar Range of	Shares	Dollar Range of	Shares	Dollar Range of	Shares
Officers	Shares Owned	Beneficially	Shares Owned	Beneficially	Shares Owned	Beneficially	Shares Owned	Beneficially
	(Class Y)	Owned	(Class A)	Owned	(Class A)	Owned	(Class A)	Owned
		(Class Y)		(Class A)		(Class A)		(Class A)
Ravi
Akhoury	None	0.000	None	0.000	None	0.000	None	0.000
Jameson A.
Baxter	None	0.000	None	0.000	$10,001-$50,000	1,376.352	None	0.000
Charles B.
Curtis	None	0.000	None	0.000	$1-$10,000	429.495	None	0.000
Robert J.
Darretta	None	0.000	None	0.000	None	0.000	$1-$10,000	403.896
Myra R.
Drucker	None	0.000	None	0.000	$50,001-$100,000	5,770.369	None	0.000
John A.
Hill	None	0.000	None	0.000	None	0.000	None	0.000
Paul L.
Joskow	None	0.000	$1-$10,000	636.384	None	0.000	None	0.000
Elizabeth
T. Kennan	None	0.000	None	0.000	None	0.000	None	0.000
Kenneth R.
Leibler	None	0.000	$1-$10,000	392.844	None	0.000	None	0.000
Robert E.
Patterson	None	0.000	None	0.000	$1-$10,000	624.441	None	0.000
George
Putnam, III	None	0.000	None	0.000	None	0.000	$10,001-$50,000	1,402.248
W. Thomas
Stephens	None	0.000	$1-$10,000	417.087	None	0.000	None	0.000
Richard B.
Worley	None	0.000	None	0.000	$1-$10,000	300.000	None	0.000
Robert L.
Reynolds	None	0.000	None	0.000	None	0.000	None	0.000
Trustees
and			$10,001-$50,000	1,446.315
Officers as			$10,001-$50,000	3,183.074 (Class Y
a group	$1-$10,000	275.545	(Class Y Shares)	Shares)	Over $100,000	8,500.657	$10,001-$50,000	1,806.144

B-16 

	Putnam RetirementReady		Putnam RetirementReady		Putnam RetirementReady		Putnam RetirementReady
	2040 Fund		2045 Fund		2050 Fund		Maturity Fund
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	None	0.000	None	0.000	None	0.000	$1-$10,000	305.566
Jameson A.
Baxter	None	0.000	None	0.000	None	0.000	None	0.000
Charles B.
Curtis	None	0.000	None	0.000	None	0.000	None	0.000
Robert J.
Darretta	None	0.000	None	0.000	None	0.000	None	0.000
Myra R.
Drucker	None	0.000	None	0.000	None	0.000	None	0.000
John A. Hill	None	0.000	None	0.000	$10,001-$50,000	1,567.470	None	0.000
Paul L.
Joskow	None	0.000	None	0.000	None	0.000	None	0.000
Elizabeth T.
Kennan	None	0.000	$1-$10,000	449.202	None	0.000	None	0.000
Kenneth R.
Leibler	None	0.000	None	0.000	None	0.000	None	0.000
Robert E.
Patterson	None	0.000	None	0.000	None	0.000	None	0.000
George
Putnam, III	None	0.000	None	0.000	None	0.000	None	0.000
W. Thomas
Stephens	None	0.000	None	0.000	None	0.000	None	0.000
Richard B.
Worley	None	0.000	None	0.000	None	0.000	None	0.000
Robert L.
Reynolds	$1-$10,000	300.000	None	0.000	None	0.000	None	0.000
Trustees and
Officers as a
group	$1-$10,000	300.000	$1-$10,000	449.202	$10,001-$50,000	1,567.470	$1-$10,000	305.566

B-17 

	Putnam Small Cap Growth		Putnam Small Cap Value		Putnam Tax Exempt Income		Putnam Tax Exempt Money
	Fund		Fund		Fund		Market Fund
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	101.072	$1-$10,000	100.000
Jameson A.
Baxter	$10,001-$50,000	924.796	$10,001-$50,000	4,927.330	$10,001-$50,000	3,031.339	$1-$10,000	2,269.450
Charles B.
Curtis	$1-$10,000	703.239	$1-$10,000	238.558	$1-$10,000	498.339	$1-$10,000	1,691.310
Robert J.
Darretta	$1-$10,000	115.419	$1-$10,000	136.042	$1-$10,000	108.746	$1-$10,000	102.880
Myra R.
Drucker	$1-$10,000	131.168	$1-$10,000	220.835	$1-$10,000	443.754	Over $100,000	127,877.190
John A. Hill	$50,001-
	$100,000	7,187.490	Over $100,000	30,510.193	$1-$10,000	1,132.478	Over $100,000	1,666,716.040
Paul L.
Joskow	$1-$10,000	136.997	$10,001-$50,000	3,010.159	$1-$10,000	537.406	$1-$10,000	3,492.030
Elizabeth T.
Kennan	$1-$10,000	524.672	$1-$10,000	838.497	$1-$10,000	451.195	$1-$10,000	165.450
Kenneth R.
Leibler	$1-$10,000	122.450	$1-$10,000	164.073	$1-$10,000	274.899	$1-$10,000	105.790
Robert E.
Patterson	$1-$10,000	590.611	$10,001-$50,000	1,975.309	$1-$10,000	513.207	$1-$10,000	100.000
George
Putnam, III	Over $100,000	9,590.839	$10,001-$50,000	3,509.266	$10,001-$50,000	5,196.480	$10,001-$50,000	10,942.710
W. Thomas
Stephens	$1-$10,000	131.168	$1-$10,000	220.835	$1-$10,000	357.511	Over $100,000	209,630.850
Richard B.
Worley	$1-$10,000	131.168	$1-$10,000	220.835	$1-$10,000	435.055	$1-$10,000	110.860
Robert L.
Reynolds	$1-$10,000	100.000	$1-$10,000	100.000	$1-$10,000	102.088	$1-$10,000	100.000
Trustees and	Over $100,000	20,574.150	Over $100,000	46,171.932
Officers as a	$10,001-$50,000	2,883.484	Over $100,000	19,796.557
group	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	Over $100,000	13,183.569	Over $100,000	2,236,076.350

B-18 

	Putnam Tax-Free High Yield		Putnam U.S. Government		Putnam Vista Fund		Putnam Voyager Fund
	Fund		Income Trust
Trustees/	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares	Dollar Range	Shares
Officers	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially	of Shares	Beneficially
	Owned	Owned	Owned	Owned	Owned	Owned	Owned	Owned
	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)	(Class A)
Ravi Akhoury	$1-$10,000	101.448	$1-$10,000	101.561	$1-$10,000	100.000	$1-$10,000	100.000
Jameson A.							$50,001-
Baxter	$10,001-$50,000	1,449.197	$10,001-$50,000	2,290.777	Over $100,000	16,568.336	$100,000	6,391.651
Charles B.			$50,001-
Curtis	$1-$10,000	254.773	$100,000	4,068.861	$1-$10,000	199.673	$1-$10,000	109.618
Robert J.
Darretta	$1-$10,000	110.947	$1-$10,000	109.089	$1-$10,000	186.546	$1-$10,000	100.000
Myra R.
Drucker	$1-$10,000	212.672	$1-$10,000	168.298	$10,001-$50,000	2,321.473	$1-$10,000	100.707
John A. Hill	$1-$10,000	456.734	Over $100,000	9,100.127	Over $100,000	14,987.079	Over $100,000	23,945.141
Paul L.							$50,001-
Joskow	$1-$10,000	317.479	$1-$10,000	318.241	$10,001-$50,000	2,113.340	$100,000	3,223.712
Elizabeth T.
Kennan	$1-$10,000	215.378	$1-$10,000	539.540	$10,001-$50,000	3,040.750	$1-$10,000	591.262
Kenneth R.
Leibler	$1-$10,000	115.058	$1-$10,000	156.288	$1-$10,000	186.546	$1-$10,000	100.000
Robert E.
Patterson	$1-$10,000	215.494	$10,001-$50,000	1,965.619	$10,001-$50,000	2,737.438	$10,001-$50,000	2,048.427
George
Putnam, III	$10,001-$50,000	3,062.465	$10,001-$50,000	3,067.300	Over $100,000	15,858.696	$10,001-$50,000	2,198.233
W. Thomas
Stephens	$1-$10,000	313.735	Over $100,000	80,444.418	$1-$10,000	302.102	$1-$10,000	149.155
Richard B.
Worley	$1-$10,000	212.144	$1-$10,000	168.257	$1-$10,000	186.546	$1-$10,000	100.707
Robert L.
Reynolds	$1-$10,000	102.796	$1-$10,000	102.369	$1-$10,000	100.000	$1-$10,000	100.000
Trustees and			Over $100,000	102,600.745	Over $100,000	62,294.019	Over $100,000	40,545.741
Officers as a			Over $100,000	93,191.139	Over $100,000	42,258.272	Over $100,000	18,332.787
group	$50,001-$100,000	7,140.320	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)	(Class Y Shares)

B-19 

	All Funds
Trustees/	Dollar Range of Shares Owned
Officers
Ravi Akhoury	Over $100,000
Jameson A. Baxter	Over $100,000
Charles B. Curtis	Over $100,000
Robert J. Darretta	Over $100,000
Myra R. Drucker	Over $100,000
John A. Hill	Over $100,000
Paul L. Joskow	Over $100,000
Elizabeth T. Kennan	Over $100,000
Kenneth R. Leibler	Over $100,000
Robert E. Patterson	Over $100,000
George Putnam, III	Over $100,000
W. Thomas Stephens	Over $100,000
Richard B. Worley	Over $100,000
Robert L. Reynolds	Over $100,000
Trustees and Officers as a group	Over $100,000

As of June 30, 2009, except as shown in the tables below, the Trustees, and the Trustees and officers as a group, did not own variable annual contracts or variable life insurance policies that invested in the funds that are series of Putnam Variable Trust.^*These tables show the value of the Trustees’ indirect beneficial ownership interest in these funds.

Putnam Variable Trust	Paul L. Joskow	Robert E. Patterson	George Putnam, III
Putnam VT American Government Income Fund	$1-$10,000	-	-
Class IB
Putnam VT Capital Opportunities Fund	$1-$10,000	-	-
Class IB
Putnam VT Diversified Income Fund	$1-$10,000	-	-
Class IB
Putnam VT Equity Income Fund	$1-$10,000	-	-
Class IB
Putnam VT The George Putnam Fund of Boston	$1-$10,000	-	-
Class IB
Putnam VT Global Asset Allocation Fund	-	-	$10,001-$50,000
Class IA
Putnam VT Global Asset Allocation Fund	$1-$10,000	-	-
Class IB
Putnam VT Global Equity Fund	$1-$10,000	-	-
Class IB

B-20 

Putnam Variable Trust	Paul L. Joskow	Robert E. Patterson	George Putnam, III
Putnam VT Growth and Income Fund	$1-$10,000	-	-
Class IB
Putnam VT Growth Opportunities Fund	$1-$10,000	-	-
Class IB
Putnam VT High Yield Fund	-	$10,001-$50,000	-
Class IA
Putnam VT High Yield Fund	$1-$10,000	-	-
Class IB
Putnam VT Income Fund	$1-$10,000	-	-
Class IB
Putnam VT International Equity Fund	$1-$10,000	-	-
Class IB
Putnam VT International Growth and Income Fund	$1-$10,000	-	-
Class IB
Putnam VT International New Opportunities Fund	$1-$10,000	-	-
Class IB
Putnam VT Investors Fund	$1-$10,000	-	-
Class IB
Putnam VT Mid Cap Value Fund	$1-$10,000	-	-
Class IB
Putnam VT New Opportunities Fund	$1-$10,000	-	-
Class IB
Putnam VT Research Fund	$1-$10,000	-	-
Class IB
Putnam VT Small Cap Value Fund	$1-$10,000	-	-
Class IB
Putnam VT Vista Fund	$1-$10,000	-	-
Class IB
Putnam VT Voyager Fund	$1-$10,000	-	-
Class IB

*As reflected in the tables above, Trustees own shares of the retail Putnam funds that are counterparts to the Putnam Variable Trust’s various portfolios.

B-21 

APPENDIX C – Trustee Compensation Table

The table below includes the year each Trustee became a Trustee of the Putnam funds, the fees paid to each of those Trustees by each fund for its most recent fiscal year (ended between July 31, 2008 and June 30, 2009) and the fees paid to each of those Trustees by all of the Putnam funds during calendar year 2008.

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Absolute Return 100 Fund		Putnam Absolute Return 300 Fund
Ravi Akhoury/2009(5)	1,644	N/A	1,757	N/A
Jameson A. Baxter/1994(3)	1,736	139	1,855	159
Charles B. Curtis/2001	1,736	102	1,855	117
Robert J. Darretta/2007	1,736	N/A	1,855	N/A
Myra R. Drucker/2004(3)	1,736	N/A	1,855	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,257	232	2,411	266
Paul L. Joskow/1997(3)	1,736	91	1,855	104
Elizabeth T. Kennan/1992(3)	1,736	194	1,855	222
Kenneth R. Leibler/2006	1,736	N/A	1,855	N/A
Robert E. Patterson/1984	1,736	127	1,855	145
George Putnam, III/1984	1,736	109	1,855	125
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,370	0	1,463	0
Richard B. Worley/2004	1,736	N/A	1,855	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Absolute Return 500 Fund		Putnam Absolute Return 700 Fund
Ravi Akhoury/2009(5)	1,785	N/A	1,689	N/A
Jameson A. Baxter/1994(3)	1,884	165	1,783	147
Charles B. Curtis/2001	1,884	122	1,783	109
Robert J. Darretta/2007	1,884	N/A	1,783	N/A
Myra R. Drucker/2004(3)	1,884	N/A	1,783	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,449	275	2,317	246
Paul L. Joskow/1997(3)	1,884	108	1,783	97
Elizabeth T. Kennan/1992(3)	1,884	230	1,783	206
Kenneth R. Leibler/2006	1,884	N/A	1,783	N/A
Robert E. Patterson/1984	1,884	151	1,783	135
George Putnam, III/1984	1,884	129	1,783	116
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,486	0	1,406	0
Richard B. Worley/2004	1,884	N/A	1,783	N/A

C-1 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam American Government Income		Putnam AMT-Free Municipal Fund
	Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	2,023	324	2,039	270
Charles B. Curtis/2001	2,023	234	1,974	194
Robert J. Darretta/2007	1,939	N/A	2,283	N/A
Myra R. Drucker/2004(3)	2,023	N/A	2,039	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,605	540	2,521	450
Paul L. Joskow/1997(3)	2,023	214	2,039	179
Elizabeth T. Kennan/1992(3)	2,023	445	2,039	369
Kenneth R. Leibler/2006	2,023	N/A	2,039	N/A
Robert E. Patterson/1984	2,023	299	2,039	250
George Putnam, III/1984	2,023	263	2,039	220
Robert L. Reynolds/2008(6)	0	N/A	0	0
W. Thomas Stephens/1997(7)	880	271	1,149	225
Richard B. Worley/2004	2,023	N/A	2,039	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Arizona Tax Exempt Income		Putnam Asia Pacific Equity Fund
	Fund
Ravi Akhoury/2009(5)	582	N/A	1,541	N/A
Jameson A. Baxter/1994(3)	1,823	238	1,627	4
Charles B. Curtis/2001	1,726	174	1,627	3
Robert J. Darretta/2007	1,823	N/A	1,627	N/A
Myra R. Drucker/2004(3)	1,823	N/A	1,627	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,099	397	2,115	7
Paul L. Joskow/1997(3)	1,789	156	1,627	3
Elizabeth T. Kennan/1992(3)	1,823	330	1,627	6
Kenneth R. Leibler/2006	1,823	N/A	1,627	N/A
Robert E. Patterson/1984	1,823	218	1,627	4
George Putnam, III/1984	1,823	189	1,627	3
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	N/A	259	1,283	0
Richard B. Worley/2004	1,823	N/A	1,627	N/A

C-2 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Asset Allocation: Balanced		Putnam Asset Allocation:
	Portfolio		Conservative Portfolio
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	3,573	579	2,461	394
Charles B. Curtis/2001	3,573	418	2,461	285
Robert J. Darretta/2007	3,418	N/A	2,358	N/A
Myra R. Drucker/2004(3)	3,573	N/A	2,461	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	4,621	965	3,168	657
Paul L. Joskow/1997(3)	3,573	383	2,461	261
Elizabeth T. Kennan/1992(3)	3,573	795	2,461	541
Kenneth R. Leibler/2006	3,573	N/A	2,461	N/A
Robert E. Patterson/1984	3,573	535	2,461	364
George Putnam, III/1984	3,573	470	2,461	320
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,593	484	1,079	330
Richard B. Worley/2004	3,573	N/A	2,461	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Asset Allocation: Equity		Putnam Asset Allocation: Growth
	Portfolio		Portfolio
Ravi Akhoury/2009(5)	1,627	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	1,717	86	3,961	638
Charles B. Curtis/2001	1,717	63	3,961	461
Robert J. Darretta/2007	1,717	N/A	3,788	N/A
Myra R. Drucker/2004(3)	1,717	N/A	3,961	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,232	143	5,105	1,064
Paul L. Joskow/1997(3)	1,717	56	3,961	422
Elizabeth T. Kennan/1992(3)	1,717	120	3,961	876
Kenneth R. Leibler/2006	1,717	N/A	3,961	N/A
Robert E. Patterson/1984	1,717	78	3,961	590
George Putnam, III/1984	1,717	67	3,961	519
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,355	0	1,769	534
Richard B. Worley/2004	1,717	N/A	3,961	N/A

C-3 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam California Tax Exempt Income		Putnam Capital Opportunities Fund
	Fund
Ravi Akhoury/2009(5)	N/A	N/A	357	N/A
Jameson A. Baxter/1994(3)	3,302	527	2,681	346
Charles B. Curtis/2001	3,302	380	2,546	252
Robert J. Darretta/2007	3,165	N/A	2,681	N/A
Myra R. Drucker/2004(3)	3,302	N/A	2,681	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	4,262	878	3,097	576
Paul L. Joskow/1997(3)	3,302	348	2,637	227
Elizabeth T. Kennan/1992(3)	3,302	723	2,681	478
Kenneth R. Leibler/2006	3,302	N/A	2,681	N/A
Robert E. Patterson/1984	3,302	486	2,681	317
George Putnam, III/1984	3,302	428	2,681	276
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,437	440	N/A	346
Richard B. Worley/2004	3,302	N/A	2,681	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Capital Spectrum Fund		Putnam Convertible Income-Growth
			Trust
Ravi Akhoury/2009(5)	1,582	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	1,671	17	2,756	342
Charles B. Curtis/2001	1,671	12	2,709	247
Robert J. Darretta/2007	1,671	N/A	2,668	N/A
Myra R. Drucker/2004(3)	1,671	N/A	2,756	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,172	28	3,285	570
Paul L. Joskow/1997(3)	1,671	11	2,756	226
Elizabeth T. Kennan/1992(3)	1,671	24	2,756	470
Kenneth R. Leibler/2006	1,671	N/A	2,756	N/A
Robert E. Patterson/1984	1,671	15	2,756	315
George Putnam, III/1984	1,671	13	2,756	277
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,318	0	914	286
Richard B. Worley/2004	1,671	N/A	2,756	N/A

C-4 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Diversified Income Trust		Putnam Emerging Markets Equity
			Fund
Ravi Akhoury/2009(5)	N/A	N/A	1,563	N/A
Jameson A. Baxter/1994(3)	3,826	619	1,650	124
Charles B. Curtis/2001	3,826	447	1,650	91
Robert J. Darretta/2007	3,660	N/A	1,650	N/A
Myra R. Drucker/2004(3)	3,825	N/A	1,650	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	4,950	1,031	2,145	207
Paul L. Joskow/1997(3)	3,826	409	1,650	81
Elizabeth T. Kennan/1992(3)	3,826	849	1,650	173
Kenneth R. Leibler/2006	3,826	N/A	1,650	N/A
Robert E. Patterson/1984	3,826	571	1,650	113
George Putnam, III/1984	3,826	503	1,650	97
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,713	517	1,302	0
Richard B. Worley/2004	3,826	N/A	1,650	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Equity Income Fund		Putnam Equity Spectrum Fund
Ravi Akhoury/2009(5)	N/A	N/A	1,547	N/A
Jameson A. Baxter/1994(3)	6,545	823	1,634	6
Charles B. Curtis/2001	6,437	596	1,634	5
Robert J. Darretta/2007	6,329	N/A	1,634	N/A
Myra R. Drucker/2004(3)	6,545	N/A	1,634	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	7,825	1,371	2,124	10
Paul L. Joskow/1997(3)	6,545	543	1,634	4
Elizabeth T. Kennan/1992(3)	6,545	1,132	1,634	9
Kenneth R. Leibler/2006	6,545	N/A	1,634	N/A
Robert E. Patterson/1984	6,545	758	1,634	6
George Putnam, III/1984	6,545	664	1,634	5
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	2,213	689	1,289	0
Richard B. Worley/2004	6,545	N/A	1,634	N/A

C-5 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Europe Equity Fund		Putnam Floating Rate Income Fund
Ravi Akhoury/2009(5)	677	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	2,217	291	2,233	286
Charles B. Curtis/2001	2,100	213	2,117	208
Robert J. Darretta/2007	2,217	N/A	2,233	N/A
Myra R. Drucker/2004(3)	2,217	N/A	2,233	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,554	485	2,639	476
Paul L. Joskow/1997(3)	2,177	191	2,194	188
Elizabeth T. Kennan/1992(3)	2,217	404	2,233	395
Kenneth R. Leibler/2006	2,217	N/A	2,233	N/A
Robert E. Patterson/1984	2,217	267	2,233	263
George Putnam, III/1984	2,217	231	2,233	229
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	N/A	325	185	265
Richard B. Worley/2004	2,217	N/A	2,233	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	The Putnam Fund for Growth and		The George Putnam Fund of Boston
	Income
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	15,272	1,969	6,531	887
Charles B. Curtis/2001	15,041	1,423	6,297	638
Robert J. Darretta/2007	14,709	N/A	7,408	N/A
Myra R. Drucker/2004(3)	15,272	N/A	6,531	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	18,450	3,281	8,116	1,477
Paul L. Joskow/1997(3)	15,272	1,301	6,531	587
Elizabeth T. Kennan/1992(3)	15,272	2,705	6,531	1,213
Kenneth R. Leibler/2006	15,272	N/A	6,531	N/A
Robert E. Patterson/1984	15,272	1,817	6,531	820
George Putnam, III/1984	15,272	1,596	6,531	725
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	5,642	1,647	3,881	740
Richard B. Worley/2004	15,272	N/A	6,531	N/A

C-6 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Global Consumer Fund		Putnam Global Energy Fund
Ravi Akhoury/2009(5)	1,537	N/A	1,541	N/A
Jameson A. Baxter/1994(3)	1,623	120	1,627	120
Charles B. Curtis/2001	1,623	88	1,627	89
Robert J. Darretta/2007	1,623	N/A	1,627	N/A
Myra R. Drucker/2004(3)	1,623	N/A	1,627	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,110	200	2,115	201
Paul L. Joskow/1997(3)	1,623	79	1,627	79
Elizabeth T. Kennan/1992(3)	1,623	167	1,627	168
Kenneth R. Leibler/2006	1,623	N/A	1,627	N/A
Robert E. Patterson/1984	1,623	110	1,627	110
George Putnam, III/1984	1,623	94	1,627	95
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,280	0	1,284	0
Richard B. Worley/2004	1,623	N/A	1,627	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Global Equity Fund		Putnam Global Financials Fund
Ravi Akhoury/2009(5)	N/A	N/A	1,544	N/A
Jameson A. Baxter/1994(3)	4,180	531	1,630	121
Charles B. Curtis/2001	4,113	384	1,630	89
Robert J. Darretta/2007	4,035	N/A	1,630	N/A
Myra R. Drucker/2004(3)	4,180	N/A	1,630	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	5,001	886	2,119	202
Paul L. Joskow/1997(3)	4,180	351	1,630	79
Elizabeth T. Kennan/1992(3)	4,180	730	1,630	169
Kenneth R. Leibler/2006	4,180	N/A	1,630	N/A
Robert E. Patterson/1984	4,180	490	1,630	111
George Putnam, III/1984	4,180	430	1,630	95
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,475	445	1,286	0
Richard B. Worley/2004	4,180	N/A	1,630	N/A

C-7 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Global Health Care Fund		Putnam Global Income Trust
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	3,917	527	1,873	233
Charles B. Curtis/2001	3,780	380	1,841	169
Robert J. Darretta/2007	3,786	N/A	1,813	N/A
Myra R. Drucker/2004(3)	3,917	N/A	1,873	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	4,866	878	2,233	389
Paul L. Joskow/1997(3)	3,917	349	1,873	154
Elizabeth T. Kennan/1992(3)	3,917	722	1,873	321
Kenneth R. Leibler/2006	3,917	N/A	1,873	N/A
Robert E. Patterson/1984	3,917	487	1,873	215
George Putnam, III/1984	3,917	429	1,873	189
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	2,275	440	626	195
Richard B. Worley/2004	3,917	N/A	1,873	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Global Industrials Fund		Putnam Global Natural Resources
			Fund
Ravi Akhoury/2009(5)	1,536	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	1,622	120	2,719	361
Charles B. Curtis/2001	1,622	88	2,635	260
Robert J. Darretta/2007	1,622	N/A	2,629	N/A
Myra R. Drucker/2004(3)	1,622	N/A	2,719	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,109	200	3,350	601
Paul L. Joskow/1997(3)	1,622	78	2,719	239
Elizabeth T. Kennan/1992(3)	1,622	167	2,719	495
Kenneth R. Leibler/2006	1,622	N/A	2,719	N/A
Robert E. Patterson/1984	1,622	109	2,719	333
George Putnam, III/1984	1,622	94	2,719	294
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,280	0	1,496	301
Richard B. Worley/2004	1,622	N/A	2,719	N/A

C-8 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Global Technology Fund		Putnam Global Telecommunications
			Fund
Ravi Akhoury/2009(5)	1,540	N/A	1,535	N/A
Jameson A. Baxter/1994(3)	1,626	120	1,621	120
Charles B. Curtis/2001	1,626	89	1,621	88
Robert J. Darretta/2007	1,626	N/A	1,621	N/A
Myra R. Drucker/2004(3)	1,626	N/A	1,621	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,114	201	2,107	200
Paul L. Joskow/1997(3)	1,626	79	1,621	78
Elizabeth T. Kennan/1992(3)	1,626	168	1,621	167
Kenneth R. Leibler/2006	1,626	N/A	1,621	N/A
Robert E. Patterson/1984	1,626	110	1,621	109
George Putnam, III/1984	1,626	95	1,621	94
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,283	0	1,279	0
Richard B. Worley/2004	1,626	N/A	1,621	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Global Utilities Fund		Putnam Growth Opportunities Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	2,522	316	2,296	307
Charles B. Curtis/2001	2,480	228	2,218	221
Robert J. Darretta/2007	2,438	N/A	2,584	N/A
Myra R. Drucker/2004(3)	2,522	N/A	2,296	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	3,010	526	2,845	511
Paul L. Joskow/1997(3)	2,522	209	2,296	203
Elizabeth T. Kennan/1992(3)	2,522	434	2,296	420
Kenneth R. Leibler/2006	2,522	N/A	2,296	N/A
Robert E. Patterson/1984	2,522	291	2,296	284
George Putnam, III/1984	2,522	256	2,296	251
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	858	264	1,323	256
Richard B. Worley/2004	2,522	N/A	2,296	N/A

C-9 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam High Yield Advantage Fund		Putnam High Yield Trust
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	2,676	336	4,219	564
Charles B. Curtis/2001	2,630	243	4,078	407
Robert J. Darretta/2007	2,591	N/A	4,079	N/A
Myra R. Drucker/2004(3)	2,676	N/A	4,219	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	3,194	559	5,232	940
Paul L. Joskow/1997(3)	2,676	222	4,219	373
Elizabeth T. Kennan/1992(3)	2,676	462	4,219	773
Kenneth R. Leibler/2006	2,676	N/A	4,219	N/A
Robert E. Patterson/1984	2,676	309	4,219	522
George Putnam, III/1984	2,676	271	4,219	460
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	877	281	2,399	471
Richard B. Worley/2004	2,676	N/A	4,219	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Income Fund		Putnam Income Strategies Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	4,772	595	1,756	224
Charles B. Curtis/2001	4,694	430	1,662	163
Robert J. Darretta/2007	4,618	N/A	1,756	N/A
Myra R. Drucker/2004(3)	4,772	N/A	1,756	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	5,705	992	2,070	373
Paul L. Joskow/1997(3)	4,772	393	1,724	147
Elizabeth T. Kennan/1992(3)	4,772	818	1,756	309
Kenneth R. Leibler/2006	4,772	N/A	1,756	N/A
Robert E. Patterson/1984	4,772	549	1,756	206
George Putnam, III/1984	4,772	482	1,756	179
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,593	498	147	209
Richard B. Worley/2004	4,772	N/A	1,756	N/A

C-10 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam International Capital		Putnam International Equity Fund
	Opportunities Fund
Ravi Akhoury/2009(5)	N/A	N/A	2,140	N/A
Jameson A. Baxter/1994(3)	4,388	585	8,245	1,070
Charles B. Curtis/2001	4,244	422	7,833	782
Robert J. Darretta/2007	4,240	N/A	8,245	N/A
Myra R. Drucker/2004(3)	4,388	N/A	8,245	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	5,418	975	9,502	1,783
Paul L. Joskow/1997(3)	4,388	387	8,112	703
Elizabeth T. Kennan/1992(3)	4,388	802	8,245	1,483
Kenneth R. Leibler/2006	4,388	N/A	8,245	N/A
Robert E. Patterson/1984	4,388	541	8,245	981
George Putnam, III/1984	4,388	476	8,245	851
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	2,493	489	N/A	1,112
Richard B. Worley/2004	4,388	N/A	8,245	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam International Growth and		Putnam International New
	Income Fund		Opportunities Fund
Ravi Akhoury/2009(5)	822	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	2,875	374	2,110	343
Charles B. Curtis/2001	2,724	274	2,110	248
Robert J. Darretta/2007	2,875	N/A	2,018	N/A
Myra R. Drucker/2004(3)	2,875	N/A	2,110	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	3,311	624	2,730	572
Paul L. Joskow/1997(3)	2,824	246	2,110	227
Elizabeth T. Kennan/1992(3)	2,875	519	2,110	471
Kenneth R. Leibler/2006	2,875	N/A	2,110	N/A
Robert E. Patterson/1984	2,875	343	2,110	317
George Putnam, III/1984	2,875	297	2,110	279
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	N/A	409	950	287
Richard B. Worley/2004	2,875	N/A	2,110	N/A

C-11 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Investors Fund		Putnam Massachusetts Tax Exempt
			Income Fund
Ravi Akhoury/2009(5)	N/A	N/A	771	N/A
Jameson A. Baxter/1994(3)	5,830	798	2,270	296
Charles B. Curtis/2001	5,618	574	2,150	217
Robert J. Darretta/2007	6,659	N/A	2,270	N/A
Myra R. Drucker/2004(3)	5,830	N/A	2,270	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	7,264	1,330	2,618	494
Paul L. Joskow/1997(3)	5,830	529	2,228	195
Elizabeth T. Kennan/1992(3)	5,830	1,092	2,270	411
Kenneth R. Leibler/2006	5,830	N/A	2,270	N/A
Robert E. Patterson/1984	5,830	739	2,270	272
George Putnam, III/1984	5,830	653	2,270	235
Robert L. Reynolds/2008(6)	0	0	0	N/A
W. Thomas Stephens/1997(7)	3,518	666	N/A	321
Richard B. Worley/2004	5,830	N/A	2,270	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Michigan Tax Exempt Income		Putnam Mid Cap Value Fund
	Fund
Ravi Akhoury/2009(5)	599	N/A	462	N/A
Jameson A. Baxter/1994(3)	1,865	243	2,984	386
Charles B. Curtis/2001	1,766	178	2,824	282
Robert J. Darretta/2007	1,865	N/A	2,984	N/A
Myra R. Drucker/2004(3)	1,865	N/A	2,984	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,148	406	3,435	643
Paul L. Joskow/1997(3)	1,831	160	2,929	254
Elizabeth T. Kennan/1992(3)	1,865	338	2,984	534
Kenneth R. Leibler/2006	1,865	N/A	2,984	N/A
Robert E. Patterson/1984	1,865	223	2,984	354
George Putnam, III/1984	1,865	194	2,984	308
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	N/A	265	N/A	392
Richard B. Worley/2004	1,865	N/A	2,984	N/A

C-12 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Minnesota Tax Exempt Income		Putnam Money Market Fund
	Fund
Ravi Akhoury/2009(5)	601	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	1,865	243	5,137	816
Charles B. Curtis/2001	1,766	178	5,137	589
Robert J. Darretta/2007	1,865	N/A	4,932	N/A
Myra R. Drucker/2004(3)	1,865	N/A	5,137	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,148	406	6,583	1,360
Paul L. Joskow/1997(3)	1,831	160	5,137	540
Elizabeth T. Kennan/1992(3)	1,865	337	5,137	1,120
Kenneth R. Leibler/2006	1,865	N/A	5,137	N/A
Robert E. Patterson/1984	1,865	223	5,137	754
George Putnam, III/1984	1,865	194	5,137	663
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	N/A	265	2,183	682
Richard B. Worley/2004	1,865	N/A	5,137	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Money Market Liquidity Fund		Putnam New Jersey Tax Exempt
			Income Fund
Ravi Akhoury/2009(5)	7,792	N/A	711	N/A
Jameson A. Baxter/1994(3)	8,227	1,911	2,116	276
Charles B. Curtis/2001	8,227	1,408	2,004	202
Robert J. Darretta/2007	8,227	N/A	2,116	N/A
Myra R. Drucker/2004(3)	8,227	N/A	2,116	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	10,695	3,187	2,439	460
Paul L. Joskow/1997(3)	8,227	1,251	2,076	181
Elizabeth T. Kennan/1992(3)	8,227	2,669	2,116	382
Kenneth R. Leibler/2006	8,227	N/A	2,116	N/A
Robert E. Patterson/1984	8,227	1,746	2,116	253
George Putnam, III/1984	8,227	1,500	2,116	219
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	6,490	0	N/A	300
Richard B. Worley/2004	8,227	N/A	2,116	N/A

C-13 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam New Opportunities Fund		Putnam New York Tax Exempt
			Income Fund
Ravi Akhoury/2009(5)	2,570	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	7,425	994	3,343	418
Charles B. Curtis/2001	7,037	728	3,285	303
Robert J. Darretta/2007	7,425	N/A	3,239	N/A
Myra R. Drucker/2004(3)	7,425	N/A	3,343	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	8,579	1,657	4,035	697
Paul L. Joskow/1997(3)	7,286	652	3,343	276
Elizabeth T. Kennan/1992(3)	7,425	1,380	3,343	575
Kenneth R. Leibler/2006	7,425	N/A	3,343	N/A
Robert E. Patterson/1984	7,425	911	3,343	385
George Putnam, III/1984	7,425	788	3,343	337
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	N/A	1,080	1,082	350
Richard B. Worley/2004	7,425	N/A	3,343	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Ohio Tax Exempt Income		Putnam Pennsylvania Tax Exempt
	Fund		Income Fund
Ravi Akhoury/2009(5)	661	N/A	670	N/A
Jameson A. Baxter/1994(3)	2,003	261	2,022	264
Charles B. Curtis/2001	1,897	191	1,915	193
Robert J. Darretta/2007	2,003	N/A	2,022	N/A
Myra R. Drucker/2004(3)	2,003	N/A	2,022	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,308	436	2,330	439
Paul L. Joskow/1997(3)	1,966	172	1,985	173
Elizabeth T. Kennan/1992(3)	2,003	362	2,022	366
Kenneth R. Leibler/2006	2,003	N/A	2,022	N/A
Robert E. Patterson/1984	2,003	240	2,022	242
George Putnam, III/1984	2,003	208	2,022	210
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	N/A	284	N/A	287
Richard B. Worley/2004	2,003	N/A	2,022	N/A

C-14 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Research Fund		Putnam RetirementReady 2010 Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	2,353	319	0	0
Charles B. Curtis/2001	2,270	230	0	0
Robert J. Darretta/2007	2,669	N/A	0	0
Myra R. Drucker/2004(3)	2,353	N/A	0	0
Charles E. Haldeman, Jr./2004(8)	0	0	0	0
John A. Hill/1985(3)(4)	2,925	532	0	0
Paul L. Joskow/1997(3)	2,353	212	0	0
Elizabeth T. Kennan/1992(3)	2,353	437	0	0
Kenneth R. Leibler/2006	2,353	N/A	0	0
Robert E. Patterson/1984	2,353	296	0	0
George Putnam, III/1984	2,353	261	0	0
Robert L. Reynolds/2008(6)	0	N/A	0	0
W. Thomas Stephens/1997(7)	1,389	267	0	0
Richard B. Worley/2004	2,353	N/A	0	0
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam RetirementReady 2015 Fund		Putnam Retirement Ready 2020 Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	0	0	0	0
Charles B. Curtis/2001	0	0	0	0
Robert J. Darretta/2007	0	0	0	0
Myra R. Drucker/2004(3)	0	0	0	0
Charles E. Haldeman, Jr./2004(8)	0	0	0	0
John A. Hill/1985(3)(4)	0	0	0	0
Paul L. Joskow/1997(3)	0	0	0	0
Elizabeth T. Kennan/1992(3)	0	0	0	0
Kenneth R. Leibler/2006	0	0	0	0
Robert E. Patterson/1984	0	0	0	0
George Putnam, III/1984	0	0	0	0
Robert L. Reynolds/2008(6)	0	0	0	0
W. Thomas Stephens/1997(7)	0	0	0	0
Richard B. Worley/2004	0	0	0	0

C-15 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam RetirementReady 2025 Fund		Putnam RetirementReady 2030 Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	0	0	0	0
Charles B. Curtis/2001	0	0	0	0
Robert J. Darretta/2007	0	0	0	0
Myra R. Drucker/2004(3)	0	0	0	0
Charles E. Haldeman, Jr./2004(8)	0	0	0	0
John A. Hill/1985(3)(4)	0	0	0	0
Paul L. Joskow/1997(3)	0	0	0	0
Elizabeth T. Kennan/1992(3)	0	0	0	0
Kenneth R. Leibler/2006	0	0	0	0
Robert E. Patterson/1984	0	0	0	0
George Putnam, III/1984	0	0	0	0
Robert L. Reynolds/2008(6)	0	0	0	0
W. Thomas Stephens/1997(7)	0	0	0	0
Richard B. Worley/2004	0	0	0	0
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam RetirementReady 2035 Fund		Putnam RetirementReady 2040 Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	0	0	0	0
Charles B. Curtis/2001	0	0	0	0
Robert J. Darretta/2007	0	0	0	0
Myra R. Drucker/2004(3)	0	0	0	0
Charles E. Haldeman, Jr./2004(8)	0	0	0	0
John A. Hill/1985(3)(4)	0	0	0	0
Paul L. Joskow/1997(3)	0	0	0	0
Elizabeth T. Kennan/1992(3)	0	0	0	0
Kenneth R. Leibler/2006	0	0	0	0
Robert E. Patterson/1984	0	0	0	0
George Putnam, III/1984	0	0	0	0
Robert L. Reynolds/2008(6)	0	0	0	0
W. Thomas Stephens/1997(7)	0	0	0	0
Richard B. Worley/2004	0	0	0	0

C-16 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam RetirementReady 2045 Fund		Putnam RetirementReady 2050 Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	0	0	0	0
Charles B. Curtis/2001	0	0	0	0
Robert J. Darretta/2007	0	0	0	0
Myra R. Drucker/2004(3)	0	0	0	0
Charles E. Haldeman, Jr./2004(8)	0	0	0	0
John A. Hill/1985(3)(4)	0	0	0	0
Paul L. Joskow/1997(3)	0	0	0	0
Elizabeth T. Kennan/1992(3)	0	0	0	0
Kenneth R. Leibler/2006	0	0	0	0
Robert E. Patterson/1984	0	0	0	0
George Putnam, III/1984	0	0	0	0
Robert L. Reynolds/2008(6)	0	0	0	0
W. Thomas Stephens/1997(7)	0	0	0	0
Richard B. Worley/2004	0	0	0	0
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam RetirementReady Maturity		Putnam Small Cap Growth Fund
	Fund
Ravi Akhoury/2009(5)	N/A	N/A	635	N/A
Jameson A. Baxter/1994(3)	0	0	2,118	277
Charles B. Curtis/2001	0	0	2,006	203
Robert J. Darretta/2007	0	0	2,118	N/A
Myra R. Drucker/2004(3)	0	0	2,118	N/A
Charles E. Haldeman, Jr./2004(8)	0	0	0	N/A
John A. Hill/1985(3)(4)	0	0	2,437	462
Paul L. Joskow/1997(3)	0	0	2,080	182
Elizabeth T. Kennan/1992(3)	0	0	2,118	385
Kenneth R. Leibler/2006	0	0	2,118	N/A
Robert E. Patterson/1984	0	0	2,118	254
George Putnam, III/1984	0	0	2,118	220
Robert L. Reynolds/2008(6)	0	0	0	N/A
W. Thomas Stephens/1997(7)	0	0	N/A	309
Richard B. Worley/2004	0	0	2,118	N/A

C-17 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Small Cap Value Fund		Putnam Tax Exempt Income Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	2,223	285	2,661	424
Charles B. Curtis/2001	2,107	208	2,661	306
Robert J. Darretta/2007	2,223	N/A	2,549	N/A
Myra R. Drucker/2004(3)	2,223	N/A	2,661	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,637	476	3,588	706
Paul L. Joskow/1997(3)	2,183	188	2,661	280
Elizabeth T. Kennan/1992(3)	2,223	394	2,661	581
Kenneth R. Leibler/2006	2,223	N/A	2,661	N/A
Robert E. Patterson/1984	2,223	262	2,661	391
George Putnam, III/1984	2,223	229	2,661	344
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	189	265	1,164	354
Richard B. Worley/2004	2,223	N/A	2,661	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Tax Exempt Money Market		Putnam Tax-Free High Yield Fund
	Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	1,344	218	3,311	439
Charles B. Curtis/2001	1,344	158	3,201	316
Robert J. Darretta/2007	1,287	N/A	3,718	N/A
Myra R. Drucker/2004(3)	1,344	N/A	3,311	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	1,738	364	4,098	732
Paul L. Joskow/1997(3)	1,344	144	3,311	291
Elizabeth T. Kennan/1992(3)	1,344	300	3,311	601
Kenneth R. Leibler/2006	1,344	N/A	3,311	N/A
Robert E. Patterson/1984	1,344	202	3,311	406
George Putnam, III/1984	1,344	177	3,311	359
Robert L. Reynolds/2008(6)	0	N/A	0	0
W. Thomas Stephens/1997(7)	596	183	1,874	367
Richard B. Worley/2004	1,344	N/A	3,311	N/A

C-18 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam U.S. Government Income Trust		Putnam Vista Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	2,708	443	3,939	532
Charles B. Curtis/2001	2,708	320	3,799	383
Robert J. Darretta/2007	2,595	N/A	4,475	N/A
Myra R. Drucker/2004(3)	2,708	N/A	3,939	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	3,528	739	4,902	887
Paul L. Joskow/1997(3)	2,708	293	3,939	353
Elizabeth T. Kennan/1992(3)	2,708	608	3,939	729
Kenneth R. Leibler/2006	2,708	N/A	3,939	N/A
Robert E. Patterson/1984	2,708	409	3,939	493
George Putnam, III/1984	2,708	360	3,939	435
Robert L. Reynolds/2008(6)	0	N/A	0	0
W. Thomas Stephens/1997(7)	1,185	370	2,330	444
Richard B. Worley/2004	2,708	N/A	3,939	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam Voyager Fund		Putnam VT American Government
			Income Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	9,379	1,276	1,878	240
Charles B. Curtis/2001	9,034	918	1,846	174
Robert J. Darretta/2007	10,734	N/A	1,818	N/A
Myra R. Drucker/2004(3)	9,379	N/A	1,878	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	11,692	2,127	2,240	401
Paul L. Joskow/1997(3)	9,379	846	1,878	159
Elizabeth T. Kennan/1992(3)	9,379	1,746	1,878	331
Kenneth R. Leibler/2006	9,379	N/A	1,878	N/A
Robert E. Patterson/1984	9,379	1,181	1,878	221
George Putnam, III/1984	9,379	1,044	1,878	193
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	5,610	1,065	629	201
Richard B. Worley/2004	9,379	N/A	1,878	N/A

C-19 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam VT Capital Opportunities Fund		Putnam VT Diversified Income Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	1,695	216	2,302	294
Charles B. Curtis/2001	1,666	157	2,263	214
Robert J. Darretta/2007	1,639	N/A	2,227	N/A
Myra R. Drucker/2004(3)	1,695	N/A	2,302	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,023	360	2,748	491
Paul L. Joskow/1997(3)	1,695	143	2,302	194
Elizabeth T. Kennan/1992(3)	1,695	298	2,302	406
Kenneth R. Leibler/2006	1,695	N/A	2,302	N/A
Robert E. Patterson/1984	1,695	199	2,302	271
George Putnam, III/1984	1,695	174	2,302	237
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	578	181	776	247
Richard B. Worley/2004	1,695	N/A	2,302	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam VT Equity Income Fund		Putnam VT The George Putnam Fund
			of Boston
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	1,965	251	2,258	288
Charles B. Curtis/2001	1,932	182	2,221	209
Robert J. Darretta/2007	1,900	N/A	2,182	N/A
Myra R. Drucker/2004(3)	1,965	N/A	2,258	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,345	418	2,701	481
Paul L. Joskow/1997(3)	1,965	166	2,258	190
Elizabeth T. Kennan/1992(3)	1,965	346	2,258	398
Kenneth R. Leibler/2006	1,965	N/A	2,258	N/A
Robert E. Patterson/1984	1,965	231	2,258	266
George Putnam, III/1984	1,965	202	2,258	232
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	670	210	783	242
Richard B. Worley/2004	1,965	N/A	2,258	N/A

C-20 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam VT Global Asset Allocation		Putnam VT Global Equity Fund
	Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	2,123	271	2,304	294
Charles B. Curtis/2001	2,087	197	2,266	213
Robert J. Darretta/2007	2,053	N/A	2,226	N/A
Myra R. Drucker/2004(3)	2,123	N/A	2,304	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,535	452	2,754	489
Paul L. Joskow/1997(3)	2,123	179	2,304	194
Elizabeth T. Kennan/1992(3)	2,123	374	2,304	405
Kenneth R. Leibler/2006	2,123	N/A	2,304	N/A
Robert E. Patterson/1984	2,123	250	2,304	270
George Putnam, III/1984	2,123	218	2,304	236
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	724	227	801	246
Richard B. Worley/2004	2,123	N/A	2,304	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam VT Global Health Care Fund		Putnam VT Global Utilities Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	1,193	244	2,133	272
Charles B. Curtis/2001	1,880	177	2,097	198
Robert J. Darretta/2007	1,850	N/A	2,062	N/A
Myra R. Drucker/2004(3)	1,193	N/A	2,133	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,284	407	2,547	454
Paul L. Joskow/1997(3)	1,193	161	2,133	179
Elizabeth T. Kennan/1992(3)	1,193	336	2,133	375
Kenneth R. Leibler/2006	1,193	N/A	2,133	N/A
Robert E. Patterson/1984	1,193	225	2,133	251
George Putnam, III/1984	1,193	197	2,133	219
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	651	205	731	228
Richard B. Worley/2004	1,193	N/A	2,133	N/A

C-21 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam VT Growth and Income Fund		Putnam VT Growth Opportunities
			Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	5,224	666	1,700	217
Charles B. Curtis/2001	5,142	484	1,671	157
Robert J. Darretta/2007	5,038	N/A	1,644	N/A
Myra R. Drucker/2004(3)	5,224	N/A	1,700	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	6,293	1,111	2,029	361
Paul L. Joskow/1997(3)	5,224	439	1,700	143
Elizabeth T. Kennan/1992(3)	5,224	918	1,700	299
Kenneth R. Leibler/2006	5,224	N/A	1,700	N/A
Robert E. Patterson/1984	5,224	614	1,700	200
George Putnam, III/1984	5,224	536	1,700	175
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,885	558	580	182
Richard B. Worley/2004	5,224	N/A	1,700	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam VT High Yield Fund		Putnam VT Income Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	2,342	299	2,547	326
Charles B. Curtis/2001	2,302	217	2,505	237
Robert J. Darretta/2007	2,265	N/A	2,464	N/A
Myra R. Drucker/2004(3)	2,342	N/A	2,547	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,797	499	3,044	544
Paul L. Joskow/1997(3)	2,342	197	2,547	215
Elizabeth T. Kennan/1992(3)	2,342	413	2,547	450
Kenneth R. Leibler/2006	2,342	N/A	2,547	N/A
Robert E. Patterson/1984	2,342	276	2,547	301
George Putnam, III/1984	2,342	241	2,547	263
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	793	251	865	273
Richard B. Worley/2004	2,342	N/A	2,547	N/A

C-22 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam VT International Equity Fund		Putnam VT International Growth and
			Income Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	3,138	400	2,161	276
Charles B. Curtis/2001	3,088	291	2,125	200
Robert J. Darretta/2007	3,031	N/A	2,088	N/A
Myra R. Drucker/2004(3)	3,138	N/A	2,161	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	3,755	667	2,582	460
Paul L. Joskow/1997(3)	3,138	264	2,161	182
Elizabeth T. Kennan/1992(3)	3,138	552	2,161	380
Kenneth R. Leibler/2006	3,138	N/A	2,161	N/A
Robert E. Patterson/1984	3,138	369	2,161	254
George Putnam, III/1984	3,138	322	2,161	222
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,098	335	749	231
Richard B. Worley/2004	3,138	N/A	2,161	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam VT International New		Putnam VT Investors Fund
	Opportunities Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	1,985	253	2,194	280
Charles B. Curtis/2001	1,952	184	2,157	203
Robert J. Darretta/2007	1,918	N/A	2,121	N/A
Myra R. Drucker/2004(3)	1,985	N/A	2,194	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,371	422	2,620	467
Paul L. Joskow/1997(3)	1,985	167	2,194	185
Elizabeth T. Kennan/1992(3)	1,985	349	2,194	386
Kenneth R. Leibler/2006	1,985	N/A	2,194	N/A
Robert E. Patterson/1984	1,985	233	2,194	258
George Putnam, III/1984	1,985	204	2,194	225
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	688	212	747	235
Richard B. Worley/2004	1,985	N/A	2,194	N/A

C-23 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam VT Mid Cap Value Fund		Putnam VT Money Market Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	1,741	222	2,341	301
Charles B. Curtis/2001	1,683	161	2,302	219
Robert J. Darretta/2007	1,711	N/A	2,268	N/A
Myra R. Drucker/2004(3)	1,683	N/A	2,341	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,078	370	2,790	502
Paul L. Joskow/1997(3)	1,741	146	2,341	199
Elizabeth T. Kennan/1992(3)	1,741	306	2,341	415
Kenneth R. Leibler/2006	1,741	N/A	2,341	N/A
Robert E. Patterson/1984	1,741	204	2,341	277
George Putnam, III/1984	1,741	179	2,341	243
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	596	186	766	252
Richard B. Worley/2004	1,741	N/A	2,341	N/A
	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam VT New Opportunities Fund		Putnam VT Research Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	2,942	375	1,813	231
Charles B. Curtis/2001	2,893	272	1,782	168
Robert J. Darretta/2007	2,842	N/A	1,752	N/A
Myra R. Drucker/2004(3)	2,942	N/A	1,813	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	3,522	624	2,165	385
Paul L. Joskow/1997(3)	2,942	247	1,813	153
Elizabeth T. Kennan/1992(3)	2,942	516	1,813	319
Kenneth R. Leibler/2006	2,942	N/A	1,813	N/A
Robert E. Patterson/1984	2,942	345	1,813	213
George Putnam, III/1984	2,942	301	1,813	186
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	1,022	314	622	194
Richard B. Worley/2004	2,942	N/A	1,813	N/A

C-24 

	Aggregate	Pension or	Aggregate	Pension or
	compensation	retirement	compensation	retirement
	from the fund ($)	benefits accrued	from the fund ($)	benefits accrued
		as part of fund		as part of fund
		expenses ($)		expenses ($)
Trustees/Year	Putnam VT Small Cap Value Fund		Putnam VT Vista Fund
Ravi Akhoury/2009(5)	N/A	N/A	N/A	N/A
Jameson A. Baxter/1994(3)	2,243	286	2,047	261
Charles B. Curtis/2001	2,206	208	2,013	189
Robert J. Darretta/2007	2,168	N/A	1,979	N/A
Myra R. Drucker/2004(3)	2,243	N/A	2,047	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A	0	N/A
John A. Hill/1985(3)(4)	2,699	477	2,447	435
Paul L. Joskow/1997(3)	2,243	189	2,047	172
Elizabeth T. Kennan/1992(3)	2,243	395	2,047	360
Kenneth R. Leibler/2006	2,243	N/A	2,047	N/A
Robert E. Patterson/1984	2,243	264	2,047	240
George Putnam, III/1984	2,243	231	2,047	210
Robert L. Reynolds/2008(6)	0	N/A	0	N/A
W. Thomas Stephens/1997(7)	772	240	706	219
Richard B. Worley/2004	2,243	N/A	2,047	N/A
	Aggregate	Pension or
	compensation	retirement
	from the fund ($)	benefits accrued
		as part of fund
		expenses ($)
Trustees/Year	Putnam VT Voyager Fund
Ravi Akhoury/2009(5)	N/A	N/A
Jameson A. Baxter/1994(3)	3,476	442
Charles B. Curtis/2001	3,419	321
Robert J. Darretta/2007	3,356	N/A
Myra R. Drucker/2004(3)	3,476	N/A
Charles E. Haldeman, Jr./2004(8)	0	N/A
John A. Hill/1985(3)(4)	4,164	737
Paul L. Joskow/1997(3)	3,476	292
Elizabeth T. Kennan/1992(3)	3,476	609
Kenneth R. Leibler/2006	3,476	N/A
Robert E. Patterson/1984	3,476	407
George Putnam, III/1984	3,476	356
Robert L. Reynolds/2008(6)	0	N/A
W. Thomas Stephens/1997(7)	1,217	370
Richard B. Worley/2004	3,476	N/A

C-25 

	Estimated annual
	benefits from all	Total compensation
	Putnam funds upon	from all Putnam
	retirement ($) (1)	funds ($) (2)
Trustees/Year	For All Funds
Ravi Akhoury/2009(5)	N/A	N/A
Jameson A. Baxter/1994(3)	110,500	295,000
Charles B. Curtis/2001	113,900	280,000
Robert J. Darretta/2007	N/A	295,000
Myra R. Drucker/2004(3)	N/A	295,500
Charles E. Haldeman, Jr./2004(8)	N/A	0
John A. Hill/1985(3)(4)	161,700	393,439
Paul L. Joskow/1997(3)	113,400	290,000
Elizabeth T. Kennan/1992(3)	108,000	295,000
Kenneth R. Leibler/2006	N/A	295,000
Robert E. Patterson/1984	106,500	295,000
George Putnam, III/1984	130,300	295,000
Robert L. Reynolds/2008(6)	N/A	0
W. Thomas Stephens/1997(7)	107,100	72,500
Richard B. Worley/2004	N/A	295,000

(1) Estimated benefits for each Trustee are based on Trustee fee rates for calendar years 2003, 2004 and 2005.

(2) As of December 31, 2008 there were 103 funds in the Putnam family. For Mr. Hill, amounts shown also include compensation for service through June 25, 2008 as Chairman of TH Lee, Putnam Emerging Opportunities Portfolio, a closed-end fund advised by an affiliate of Putnam Management.

(3) Certain Trustees are also owed compensation deferred pursuant to a Trustee Compensation Deferral Plan. As of each fund's fiscal year end (ended between July 31, 2008 and June 30, 2009), the total amounts of deferred compensation payable by each fund listed below, including income earned on such amounts, to these Trustees were (in dollars):

Fund	Ms. Baxter	Ms. Drucker	Mr. Hill	Dr. Joskow	Dr. Kennan
Putnam Absolute Return 100 Fund	0	0	0	0	0
Putnam Absolute Return 300 Fund	0	0	0	0	0
Putnam Absolute Return 500 Fund	0	0	0	0	0
Putnam Absolute Return 700 Fund	0	0	0	0	0
Putnam American Government Income	9,059	1,842	37,639	8,849	1,362
Fund
Putnam AMT-Free Municipal Fund	4,810	979	19,979	4,691	724
Putnam Arizona Tax Exempt Income Fund	1,832	441	6,432	1,661	254
Putnam Asia Pacific Equity Fund	0	0	0	0	0
Putnam Asset Allocation: Balanced	9,325	1,896	38,748	9,110	1,402
Portfolio
Putnam Asset Allocation: Conservative	3,661	744	15,210	3,576	551
Portfolio
Putnam Asset Allocation: Equity Portfolio	0	0	0	0	0
Putnam Asset Allocation: Growth Portfolio	8,342	1,696	34,660	8,149	1,254
Putnam California Tax Exempt Income	14,371	2,921	59,712	14,038	2,161
Fund
Putnam Capital Opportunities Fund	3,624	873	12,704	3,286	502
Putnam Capital Spectrum Fund	0	0	0	0	0
Putnam Convertible Income-Growth Trust	7,215	1,486	28,211	6,636	1,022

C-26 

Fund	Ms. Baxter	Ms. Drucker	Mr. Hill	Dr. Joskow	Dr. Kennan
Putnam Diversified Income Trust	20,695	4,207	85,991	20,216	3,112
Putnam Emerging Markets Equity Fund	0	0	0	0	0
Putnam Equity Income Fund	9,722	1,999	38,005	8,937	1,377
Putnam Equity Spectrum Fund	0	0	0	0	0
Putnam Europe Equity Fund	8,161	1,965	28,682	7,408	1,129
Putnam Floating Rate Income Fund	1,010	228	3,782	915	140
The Putnam Fund for Growth and Income	75,214	15,488	294,080	69,170	10,649
The George Putnam Fund of Boston	28,332	5,767	117,694	27,632	4,264
Putnam Global Consumer Fund	0	0	0	0	0
Putnam Global Energy Fund	0	0	0	0	0
Putnam Global Equity Fund	22,291	4,590	87,157	20,500	3,156
Putnam Global Financials Fund	0	0	0	0	0
Putnam Global Health Care Fund	21,774	4,428	90,428	21,230	3,278
Putnam Global Income Trust	3,901	803	15,252	3,587	552
Putnam Global Industrials Fund	0	0	0	0	0
Putnam Global Natural Resources Fund	2,764	562	11,478	2,695	416
Putnam Global Technology Fund	0	0	0	0	0
Putnam Global Telecommunications Fund	0	0	0	0	0
Putnam Global Utilities Fund	7,413	1,527	28,986	6,818	1,050
Putnam Growth Opportunities Fund	11,361	2,313	47,193	11,080	1,710
Putnam High Yield Advantage Fund	9,103	1,872	35,586	8,368	1,289
Putnam High Yield Trust	22,708	4,618	94,306	22,141	3,419
Putnam Income Fund	12,422	2,558	48,570	11,424	1,759
Putnam Income Strategies Fund	733	166	2,746	664	102
Putnam International Capital Opportunities	5,788	1,177	24,038	5,644	871
Fund
Putnam International Equity Fund	26,370	6,350	92,679	23,936	3,649
Putnam International Growth and Income	5,129	1,235	18,024	4,655	710
Fund
Putnam International New Opportunities	10,694	2,174	44,434	10,446	1,608
Fund
Putnam Investors Fund	25,812	5,254	107,224	25,174	3,885
Putnam Massachusetts Tax Exempt Fund	2,101	506	7,377	1,905	291
Putnam Michigan Tax Exempt Income	1,836	442	6,447	1,665	254
Fund
Putnam Mid Cap Value Fund	2,892	697	10,140	2,622	400
Putnam Minnesota Tax Exempt Income	1,825	439	6,406	1,654	253
Fund
Putnam Money Market Fund	14,941	3,037	62,080	14,595	2,247
Putnam Money Market Liquidity Fund	0	0	0	0	0
Putnam New Jersey Tax Exempt Income	1,948	469	6,841	1,767	270
Fund
Putnam New Opportunities Fund	68,300	16,446	240,044	61,994	9,451

C-27 

Fund	Ms. Baxter	Ms. Drucker	Mr. Hill	Dr. Joskow	Dr. Kennan
Putnam New York Tax Exempt Income	8,665	1,782	33,874	7,966	1,227
Fund
Putnam Ohio Tax Exempt Income Fund	1,886	454	6,622	1,710	261
Putnam Pennsylvania Tax Exempt Income	1,905	459	6,689	1,727	264
Fund
Putnam Research Fund	5,066	1,031	21,046	4,941	763
Putnam RetirementReady 2010 Fund	0	0	0	0	0
Putnam RetirementReady 2015 Fund	0	0	0	0	0
Putnam RetirementReady 2020 Fund	0	0	0	0	0
Putnam RetirementReady 2025 Fund	0	0	0	0	0
Putnam RetirementReady 2030 Fund	0	0	0	0	0
Putnam RetirementReady 2035 Fund	0	0	0	0	0
Putnam RetirementReady 2040 Fund	0	0	0	0	0
Putnam RetirementReady 2045 Fund	0	0	0	0	0
Putnam RetirementReady 2050 Fund	0	0	0	0	0
Putnam RetirementReady Maturity Fund	0	0	0	0	0
Putnam Small Cap Growth Fund	1,852	446	6,510	1,681	256
Putnam Small Cap Value Fund	2,580	583	9,658	2,336	357
Putnam Tax Exempt Income Fund	13,374	2,719	55,571	13,065	2,011
Putnam Tax Exempt Money Market Fund	1,722	350	7,155	1,682	259
Putnam Tax-Free High Yield Fund	17,356	3,533	72,097	16,927	2,612
Putnam U.S. Government Income Trust	17,626	3,583	73,237	17,218	2,651
Putnam Vista Fund	27,105	5,517	112,596	26,435	4,079
Putnam Voyager Fund	77,387	15,753	321,473	75,474	11,647
Putnam VT American Government Income	1,781.63	383.13	6,852.43	1,656.37	253.33
Fund
Putnam VT Capital Opportunities Fund	887.81	190.92	3,414.65	825.39	126.24
Putnam VT Diversified Income Fund	2,393.16	514.64	9,204.49	2,224.91	340.29
Putnam VT Equity Income Fund	1,210.09	260.22	4,654.20	1,125.01	172.06
Putnam VT The George Putnam Fund of	2,462.83	529.62	9,472.45	2,289.68	350.19
Boston
Putnam VT Global Asset Allocation Fund	4,191.66	901.39	16,121.82	3,896.96	596.02
Putnam VT Global Equity Fund	7,822.70	1,682.22	30,087.37	7,272.71	1,112.32
Putnam VT Global Health Care Fund	1,820.73	391.54	7,002.82	1,692.72	258.89
Putnam VT Global Utilities Fund	4,714.52	1,013.83	18,132.80	4,383.06	670.36
Putnam VT Growth and Income Fund	20,999.75	4,515.87	80,768.46	19,523.34	2,985.98
Putnam VT Growth Opportunities Fund	1,497.37	322.00	5,759.14	1,392.10	212.91
Putnam VT High Yield Fund	5,581.49	1,200.27	21,467.31	5,189.08	793.64
Putnam VT Income Fund	5,751.28	1,236.78	22,120.37	5,346.93	817.78
Putnam VT International Equity Fund	3,196.49	687.39	12,294.22	2,971.76	454.51
Putnam VT International Growth and	2,008.28	431.87	7,724.16	1,867.08	285.56
Income Fund

C-28 

Fund	Ms. Baxter	Ms. Drucker	Mr. Hill	Dr. Joskow	Dr. Kennan
Putnam VT International New	1,891.06	406.66	7,273.31	1,758.10	268.89
Opportunities Fund
Putnam VT Investors Fund	2,333.17	501.73	8,973.76	2,169.14	331.78
Putnam VT Mid Cap Value Fund	1,035.76	222.73	3,983.71	962.94	147.28
Putnam VT Money Market Fund	2,233.29	480.26	8,589.59	2,076.27	317.55
Putnam VT New Opportunities Fund	11,297.36	2,429.43	43,451.50	10,503.09	1,606.39
Putnam VT Research Fund	1,781.10	383.01	6,850.40	1,655.88	253.26
Putnam VT Small Cap Value Fund	2,307.47	496.21	8,874.92	2,145.42	328.10
Putnam VT Vista Fund	2,141.44	460.50	8,236.31	1,990.88	304.49
Putnam VT Voyager Fund	16,633.12	3,576.85	63,973.67	15,463.71	2,365.08

(4) Includes additional compensation to Mr. Hill for service as Chairman of the Trustees of the Funds.

(5) Mr. Akhoury was elected to the Board of Trustees of the Putnam funds on February 12, 2009.

(6) Mr. Reynolds was elected to the Board of Trustees of the Putnam funds on September 12, 2008.

(7) Mr. Stephens, who retired from the Board of Trustees of the Putnam funds on March 31, 2008, was re-elected to the Board of Trustees of the Putnam funds on May 14, 2009. Upon his retirement, Mr. Stephens became entitled to receive annual retirement benefit payments from the funds commencing on January 15, 2009. In connection with his re-election to the Board of Trustees, Mr. Stephens has agreed to suspend the balance of his retirement benefit payments for the duration of his service as a Trustee.

(8) Mr. Haldeman retired from the Board of Trustees of the Putnam funds on June 30, 2009.

C-29 

APPENDIX D –Forms of Proposed Management Contract
For the following funds only:
Putnam AMT-Free Municipal Fund	Putnam Global Financials Fund	Putnam Money Market Fund	Putnam VT Global Equity Fund
Putnam American Government Income Fund	Putnam Global Health Care Fund	Putnam New Jersey Tax Exempt Income Fund	Putnam VT Global Health Care Fund
Putnam Arizona Tax Exempt Income Fund	Putnam Global Industrials Fund	Putnam New York Tax Exempt Income Fund	Putnam VT Global Utilities Fund
Putnam Asset Allocation: Balanced Portfolio	Putnam Global Income Trust	Putnam Ohio Tax Exempt Income Fund	Putnam VT Growth and Income Fund
Putnam Asset Allocation: Conservative	Putnam Global Natural Resources Fund	Putnam Pennsylvania Tax Exempt Income	Putnam VT Growth Opportunities Fund
Portfolio	Putnam Global Technology Fund	Fund	Putnam VT High Yield Fund
Putnam Asset Allocation: Equity Portfolio	Putnam Global Telecommunications Fund	Putnam Research Fund	Putnam VT Income Fund
Putnam Asset Allocation: Growth Portfolio	Putnam Global Utilities Fund	Putnam Small Cap Value Fund	Putnam VT International Equity Fund
Putnam California Tax Exempt Income Fund	Putnam High Yield Advantage Fund	Putnam Tax Exempt Income Fund	Putnam VT International Growth and
Putnam Capital Opportunities Fund	Putnam High Yield Trust	Putnam Tax Exempt Money Market Fund	Income Fund
Putnam Convertible Income-Growth Trust	Putnam Income Fund	Putnam Tax-Free High Yield Fund	Putnam VT International New
Putnam Diversified Income Trust	Putnam Income Strategies Fund	Putnam U.S. Government Income Trust	Opportunities Fund
Putnam Equity Income Fund	Putnam Investors Fund	Putnam VT American Government Income	Putnam VT Investors Fund
Putnam Floating Rate Income Fund	Putnam Massachusetts Tax Exempt Income	Fund	Putnam VT Mid Cap Value Fund
The Putnam Fund for Growth and Income	Fund	Putnam VT Capital Opportunities Fund	Putnam VT Money Market Fund
The George Putnam Fund of Boston	Putnam Michigan Tax Exempt Income Fund	Putnam VT Diversified Income Fund	Putnam VT New Opportunities Fund
Putnam Global Consumer Fund	Putnam Mid Cap Value Fund	Putnam VT Equity Income Fund	Putnam VT Research Fund
Putnam Global Energy Fund	Putnam Minnesota Tax Exempt Income Fund	Putnam VT The George Putnam Fund of	Putnam VT Small Cap Value Fund
		Boston	Putnam VT Vista Fund
		Putnam VT Global Asset Allocation Fund	Putnam VT Voyager Fund

FORM OF PROPOSED

MANAGEMENT CONTRACT 

This Management Contract is dated as of January 1, 2010 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 MANAGER TO 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 onSchedule Ato 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 conduct 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

D-1 

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 of the 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 stability o f 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 investment disc retion. 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.

(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.

D-2 

(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 and 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 other organizations 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 at the annual rates set forth onSchedule Battached to this Contract, as from time to time amended. The Fund’s “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 while this Contract is in effect. The fee is payable for each month within 15 days after the close of the month.

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 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.

D-3 

If the Manager serves for less than the whole of a month, 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 and 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, 2010, 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 and Exchange Commission or its staff; the term “approve at least

D-4 

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 and 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 and 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.

D-5 

IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.

[NAME OF FUND] 

By: 

PUTNAM INVESTMENT MANAGEMENT, LLC 

By: 

D-6 

Schedule A 

[LIST OF FUNDS] 

D-7 

Schedule B 

[FEE SCHEDULE: SeeAppendix Fto this proxy statement for each fund’s detailed fee 

information.] 

D-8 

For the following funds only:

Putnam Absolute Return 100 Fund	Putnam Growth Opportunities Fund
Putnam Absolute Return 300 Fund	Putnam International Capital Opportunities Fund
Putnam Absolute Return 500 Fund	Putnam International Equity Fund
Putnam Absolute Return 700 Fund	Putnam International Growth and Income Fund
Putnam Asia Pacific Equity Fund	Putnam International New Opportunities Fund
Putnam Capital Spectrum Fund	Putnam New Opportunities Fund
Putnam Emerging Markets Equity Fund	Putnam Small Cap Growth Fund
Putnam Equity Spectrum Fund	Putnam Vista Fund
Putnam Europe Equity Fund	Putnam Voyager Fund
Putnam Global Equity Fund

FORM OF PROPOSED

MANAGEMENT CONTRACT 

This Management Contract is dated as of January 1, 2010 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 MANAGER TO 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 onSchedule Ato 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 conduct 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 of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services.

D-9 

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 stability o f 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 investment disc retion. 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.

(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 and 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-

D-10 

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 other organizations 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 Base Fee, computed and paid monthly on the Average Net Assets of the Fund at the annual rates set forth onSchedule Battached to this Contract, as from time to time amended, subject to adjustment as set forth onSchedule Cattached to this Contract, as from time to time amended. The Fund’s “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 period for which such computation is made. The Base Fee, as adjusted, is payable for each month within 15 days after the close of the month.

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 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, the foregoing compensation will be prorated.

D-11 

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 and 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, 2010, 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 and 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 and Exchange Commission or its staff; and the term “brokerage and research services” has the

D-12 

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 and 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.

D-13 

IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.

[NAME OF FUND] 

By: 

PUTNAM INVESTMENT MANAGEMENT, LLC 

By: 

D-14 

	Schedule A
[LIST OF FUNDS]

D-15 

	Schedule B
[FEE SCHEDULE:

Putnam Absolute Return 100 Fund	Putnam Absolute Return 500 Fund
Putnam Absolute Return 300 Fund	Putnam Absolute Return 700 Fund
Putnam Capital Spectrum Fund	Putnam Equity Spectrum Fund

For the funds listed above, seeAppendix F(Proposed Fee Schedules) to this proxy statement for each fund’s detailed fee information.

*         *         * 

Putnam Asia Pacific Equity Fund	Putnam International Growth and Income Fund
Putnam Emerging Markets Equity Fund	Putnam International New Opportunities Fund
Putnam Europe Equity Fund	Putnam New Opportunities Fund
Putnam Global Equity Fund	Putnam Small Cap Growth Fund
Putnam Growth Opportunities Fund	Putnam Vista Fund
Putnam International Capital Opportunities Fund	Putnam Voyager Fund
Putnam International Equity Fund

For the funds listed above, if Proposal 2A (a management contract containingbothFund Family breakpoints and performance fees) is approved and implemented for the fund, seeAppendix F(Proposed Fee Schedules) andAppendix G(Proposed Benchmarks) to this proxy statement for each fund’s detailed fee information.

If Proposal 2B (a management contract containing Fund Family breakpointsonly) is approved and implemented for the fund, seeAppendix F(Proposed Fee Schedules) to this proxy statement for each fund’s detailed fee information.

If Proposal 2C (a management contract containing performance feesonly) is approved and implemented for the fund, seeAppendix G(Proposed Benchmarks) andAppendix E(Current Fee Schedules) to this proxy statement for each fund’s detailed fee information.]

D-16 

	Schedule C
[This Schedule C is included for the following funds only:

Putnam Absolute Return 100 Fund	Putnam Absolute Return 500 Fund
Putnam Absolute Return 300 Fund	Putnam Absolute Return 700 Fund]

Commencing with the thirteenth whole calendar month of the Fund’s operations, the Fund’s Base Fee computed in accordance withSchedule Bwill be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

Performance Period.The Performance Period is equal to the shorter of (i) the period from the date the Fund commenced operations to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.

Performance Adjustment Rate.The Performance Adjustment Rate is equal to the product of 0.04 multiplied by the difference, positive or negative, obtained by subtracting (i) the sum of the Investment Record of the Benchmark for the Performance Period plus the Hurdle from (ii) the Investment Performance of the Measuring Class for the Performance Period;providedthat the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth onSchedule Bor be less than the Minimum Performance Adjustment Rate set forth onSchedule B.

Investment Performance and Investment Record.These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall each be computed on an annualized basis for any Performance Period greater than one year.

Hurdle.The Fund’s Hurdle is set forth inSchedule B.

Benchmark.The Fund’s initial Benchmark is set forth inSchedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of thisSchedule C(the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.

Measuring Class.The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in

D-17 

calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.

Notwithstanding any other provisions in thisSchedule C, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.

D-18 

	Schedule C
[This Schedule C is included for the following funds only:

Putnam Capital Spectrum Fund  Putnam Equity Spectrum Fund] 

Commencing with the thirteenth whole calendar month of the Fund’s operations, the Fund’s Base Fee computed in accordance withSchedule Bwill be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

Performance Period.The Performance Period is equal to the shorter of (i) the period from the date the Fund commenced operations to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.

Performance Adjustment Rate.The Performance Adjustment Rate is equal to the product of 0.04 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period;providedthat the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth onSchedule Bor be less than the Minimum Performance Adjustment Rate set forth onSchedule B.

Investment Performance and Investment Record.These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall each be computed on an annualized basis for any Performance Period greater than one year.

Benchmark.The Fund’s initial Benchmark is set forth inSchedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of thisSchedule C(the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.

Measuring Class.The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance

D-19 

Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.

Notwithstanding any other provisions in thisSchedule C, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.

D-20 

Schedule C 

[This Schedule C is included for each of the following funds for which Proposal 2A or Proposal 

2C is approved by shareholders and implemented: 

Putnam Asia Pacific Equity Fund	Putnam International Growth and Income Fund
Putnam Emerging Markets Equity Fund	Putnam International New Opportunities Fund
Putnam Europe Equity Fund	Putnam New Opportunities Fund
Putnam Global Equity Fund	Putnam Small Cap Growth Fund
Putnam Growth Opportunities Fund	Putnam Vista Fund
Putnam International Capital Opportunities Fund	Putnam Voyager Fund]
Putnam International Equity Fund

Commencing with the thirteenth whole calendar month after the later of January 1, 2010 and the date of execution of this Contract, the Fund’s Base Fee computed in accordance withSchedule Bwill be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

Performance Period.The Performance Period is equal to the shorter of (i) the period from the later of January 1, 2010 and the date of the execution of this Contract to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.

Performance Adjustment Rate.The Performance Adjustment Rate is equal to the product of 0.03 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period;providedthat the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth onSchedule Bor be less than the Minimum Performance Adjustment Rate set forth onSchedule B.

Investment Performance and Investment Record.These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall each be computed on an annualized basis for any Performance Period greater than one year.

Benchmark.The Fund’s initial Benchmark is set forth inSchedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of thisSchedule C(the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.

D-21 

Measuring Class.The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Per iod, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.

Notwithstanding any other provisions in thisSchedule C, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.

D-22 

APPENDIX E – Current Fee Schedule

The following table sets forth each fund’s current management fee schedule.

Fund	Management Fee Rate		Fund	Management Fee Rate
Putnam Absolute	First $500 million	0.55%	Putnam Absolute	First $500 million	0.65%
Return 100 Fund	Next $500 million	0.45%	Return 300 Fund	Next $500 million	0.55%
	Next $500 million	0.40%		Next $500 million	0.50%
	Next $5 billion	0.35%		Next $5 billion	0.45%
	Next $5 billion	0.325%		Next $5 billion	0.425%
	Next $5 billion	0.305%		Next $5 billion	0.405%
	Next $5 billion	0.29%		Next $5 billion	0.39%
	Any excess thereafter	0.28%		Any excess thereafter	0.38%
	Benchmark: Merrill Lynch US Treasury Bill Index			Benchmark: Merrill Lynch US Treasury Bill Index
	(G0BA)			(G0BA)
	Hurdle: 1.00%			Hurdle: 3.00%
	Maximum Performance Adjustment Rate: 0.04%			Maximum Performance Adjustment Rate: 0.12%
	Minimum Performance Adjustment Rate: -0.04%			Minimum Performance Adjustment Rate: -0.12%
Putnam Absolute	First $500 million	0.80%	Putnam Absolute	First $500 million	0.95%
Return 500 Fund	Next $500 million	0.70%	Return 700 Fund	Next $500 million	0.85%
	Next $500 million	0.65%		Next $500 million	0.80%
	Next $5 billion	0.60%		Next $5 billion	0.75%
	Next $5 billion	0.575%		Next $5 billion	0.725%
	Next $5 billion	0.555%		Next $5 billion	0.705%
	Next $5 billion	0.54%		Next $5 billion	0.69%
	Any excess thereafter	0.53%		Any excess thereafter	0.68%
	Benchmark: Merrill Lynch US Treasury Bill Index			Benchmark: Merrill Lynch US Treasury Bill Index
	(G0BA)			(G0BA)
	Hurdle: 5.00%			Hurdle: 7.00%
	Maximum Performance Adjustment Rate: 0.20%			Maximum Performance Adjustment Rate: 0.28%
	Minimum Performance Adjustment Rate: -0.20%			Minimum Performance Adjustment Rate: -0.28%
Putnam American	First $500 million	0.65%	Putnam AMT-Free	The lesser of 0.50%, or
Government Income	Next $500 million	0.55%	Municipal Fund	First $500 million	0.60%
Fund	Next $500 million	0.50%		Next $500 million	0.50%
	Next $5 billion	0.45%		Next $500 million	0.45%
	Next $5 billion	0.425%		Next $5 billion	0.40%
	Next $5 billion	0.405%		Next $5 billion	0.375%
	Next $5 billion	0.39%		Next $5 billion	0.355%
	Any excess thereafter	0.38%		Next $5 billion	0.34%
				Any excess thereafter	0.33%
Putnam Arizona Tax	The lesser of 0.50%, or		Putnam Asia Pacific	First $500 million	1.00%
Exempt Income Fund	First $500 million	0.60%	Equity Fund	Next $500 million	0.90%
	Next $500 million	0.50%		Next $500 million	0.85%
	Next $500 million	0.45%		Next $5 billion	0.80%
	Next $5 billion	0.40%		Next $5 billion	0.775%
	Next $5 billion	0.375%		Next $5 billion	0.755%
	Next $5 billion	0.355%		Next $5 billion	0.74%
	Next $5 billion	0.34%		Next $5 billion	0.73%
	Any excess over $21.5 billion	0.33%		Next $5 billion	0.72%
				Next $5 billion	0.71%
				Next $5 billion	0.70%
				Next $5 billion	0.69%
				Next $8.5 billion	0.68%
				Any excess thereafter	0.67%
Putnam Asset	First $500 million	0.70%	Putnam Asset	First $500 million	0.70%
Allocation: Balanced	Next $500 million	0.60%	Allocation:	Next $500 million	0.60%
Portfolio	Next $500 million	0.55%	Conservative	Next $500 million	0.55%
	Next $5 billion	0.50%	Portfolio	Next $5 billion	0.50%
	Next $5 billion	0.475%		Next $5 billion	0.475%
	Next $5 billion	0.455%		Next $5 billion	0.455%
	Next $5 billion	0.44%		Next $5 billion	0.44%
	Any excess over $21.5 billion	0.43%		Any excess over $21.5 billion	0.43%

E-1 

Fund	Management Fee Rate		Fund	Management Fee Rate
Putnam Asset	First $500 million	0.70%	Putnam Asset	First $500 million	0.70%
Allocation: Equity	Next $500 million	0.60%	Allocation: Growth	Next $500 million	0.60%
Portfolio	Next $500 million	0.55%	Portfolio	Next $500 million	0.55%
	Next $5 billion	0.50%		Next $5 billion	0.50%
	Next $5 billion	0.475%		Next $5 billion	0.475%
	Next $5 billion	0.455%		Next $5 billion	0.455%
	Next $5 billion	0.44%		Next $5 billion	0.44%
	Next $5 billion	0.43%		Any excess over $21.5 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 California	The lesser of 0.50%, or		Putnam Capital	First $500 million	0.65%
Tax Exempt Income	First $500 million	0.60%	Opportunities Fund	Next $500 million	0.55%
Fund	Next $500 million	0.50%		Next $500 million	0.50%
	Next $500 million	0.45%		Next $5 billion	0.45%
	Next $5 billion	0.40%		Next $5 billion	0.425%
	Next $5 billion	0.375%		Next $5 billion	0.405%
	Next $5 billion	0.355%		Next $5 billion	0.39%
	Next $5 billion	0.34%		Any excess over $21.5 billion	0.38%
	Any excess thereafter	0.33%
Putnam Capital	First $500 million	0.80%	Putnam Convertible	First $500 million	0.65%
Spectrum Fund	Next $500 million	0.70%	Income-Growth Trust	Next $500 million	0.55%
	Next $500 million	0.65%		Next $500 million	0.50%
	Next $5 billion	0.60%		Next $5 billion	0.45%
	Next $5 billion	0.575%		Next $5 billion	0.425%
	Next $5 billion	0.555%		Next $5 billion	0.405%
	Next $5 billion	0.54%		Next $5 billion	0.39%
	Next $5 billion	0.53%		Any excess thereafter	0.38%
	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 thereafter	0.47%
	Benchmark: 50/50 blend (balanced daily) of S&P 500
	Index and JP Morgan Developed High Yield Index
	Maximum Performance Adjustment Rate: 0.32%
	Minimum Performance Adjustment Rate: -0.32%
Putnam Diversified	First $500 million	0.70%	Putnam Emerging	First $500 million	1.00%
Income Trust	Next $500 million	0.60%	Markets Equity Fund	Next $500 million	0.90%
	Next $500 million	0.55%		Next $500 million	0.85%
	Next $5 billion	0.50%		Next $5 billion	0.80%
	Next $5 billion	0.475%		Next $5 billion	0.775%
	Next $5 billion	0.455%		Next $5 billion	0.755%
	Next $5 billion	0.44%		Next $5 billion	0.74%
	Any excess thereafter	0.43%		Next $5 billion	0.73%
				Next $5 billion	0.72%
				Next $5 billion	0.71%
				Next $5 billion	0.70%
				Next $5 billion	0.69%
				Next $8.5 billion	0.68%
				Any excess thereafter	0.67%
E-2

Fund	Management Fee Rate		Fund	Management Fee Rate
Putnam Equity	First $500 million	0.65%	Putnam Equity	First $500 million	0.80%
Income Fund	Next $500 million	0.55%	Spectrum Fund	Next $500 million	0.70%
	Next $500 million	0.50%		Next $500 million	0.65%
	Next $5 billion	0.45%		Next $5 billion	0.60%
	Next $5 billion	0.425%		Next $5 billion	0.575%
	Next $5 billion	0.405%		Next $5 billion	0.555%
	Next $5 billion	0.39%		Next $5 billion	0.54%
	Any excess thereafter	0.38%		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 thereafter	0.47%
				Benchmark: S&P 500 Index
				Maximum Performance Adjustment Rate: 0.40%
				Minimum Performance Adjustment Rate: -0.40%
Putnam Europe	First $500 million	0.80%	Putnam Floating Rate	First $500 million	0.65%
Equity Fund	Next $500 million	0.70%	Income Fund	Next $500 million	0.55%
	Next $500 million	0.65%		Next $500 million	0.50%
	Next $5 billion	0.60%		Next $5 billion	0.45%
	Next $5 billion	0.575%		Next $5 billion	0.425%
	Next $5 billion	0.555%		Next $5 billion	0.405%
	Next $5 billion	0.54%		Next $5 billion	0.39%
	Any excess thereafter	0.53%		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%	The George Putnam	First $500 million	0.65%
Growth and Income	Next $500 million	0.55%	Fund of Boston	Next $500 million	0.55%
	Next $500 million	0.50%		Next $500 million	0.50%
	Next $5 billion	0.45%		Next $5 billion	0.45%
	Next $5 billion	0.425%		Next $5 billion	0.425%
	Next $5 billion	0.405%		Next $5 billion	0.405%
	Next $5 billion	0.39%		Next $5 billion	0.39%
	Next $5 billion	0.38%		Any excess thereafter	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%
Putnam Global	First $500 million	0.70%	Putnam Global	First $500 million	0.70%
Consumer Fund	Next $500 million	0.60%	Energy Fund	Next $500 million	0.60%
	Next $500 million	0.55%		Next $500 million	0.55%
	Next $5 billion	0.50%		Next $5 billion	0.50%
	Next $5 billion	0.475%		Next $5 billion	0.475%
	Next $5 billion	0.455%		Next $5 billion	0.455%
	Next $5 billion	0.44%		Next $5 billion	0.44%
	Next $5 billion	0.43%		Next $5 billion	0.43%
	Next $5 billion	0.42%		Next $5 billion	0.42%
	Next $5 billion	0.41%		Next $5 billion	0.41%
	Next $5 billion	0.40%		Next $5 billion	0.40%
	Next $5 billion	0.39%		Next $5 billion	0.39%
	Next $8.5 billion	0.38%		Next $8.5 billion	0.38%
	Any excess thereafter	0.37%		Any excess thereafter	0.37%
E-3

Fund	Management Fee Rate		Fund	Management Fee Rate
Putnam Global	First $500 million	0.80%	Putnam Global	First $500 million	0.70%
Equity Fund	Next $500 million	0.70%	Financials Fund	Next $500 million	0.60%
	Next $500 million	0.65%		Next $500 million	0.55%
	Next $5 billion	0.60%		Next $5 billion	0.50%
	Next $5 billion	0.575%		Next $5 billion	0.475%
	Next $5 billion	0.555%		Next $5 billion	0.455%
	Next $5 billion	0.54%		Next $5 billion	0.44%
	Next $5 billion	0.53%		Next $5 billion	0.43%
	Next $5 billion	0.52%		Next $5 billion	0.42%
	Next $5 billion	0.51%		Next $5 billion	0.41%
	Next $5 billion	0.50%		Next $5 billion	0.40%
	Next $5 billion	0.49%		Next $5 billion	0.39%
	Next $8.5 billion	0.48%		Next $8.5 billion	0.38%
	Any excess over $55 billion	0.47%		Any excess thereafter	0.37%
Putnam Global	First $500 million	0.70%	Putnam Global	First $500 million	0.70%
Health Care Fund	Next $500 million	0.60%	Income Trust	Next $500 million	0.60%
	Next $500 million	0.55%		Next $500 million	0.55%
	Next $5 billion	0.50%		Next $5 billion	0.50%
	Next $5 billion	0.475%		Next $5 billion	0.475%
	Next $5 billion	0.455%		Next $5 billion	0.455%
	Next $5 billion	0.44%		Next $5 billion	0.44%
	Any excess over $21.5 billion	0.43%		Any excess thereafter	0.43%
Putnam Global	First $500 million	0.70%	Putnam Global	First $500 million	0.70%
Industrials Fund	Next $500 million	0.60%	Natural Resources	Next $500 million	0.60%
	Next $500 million	0.55%	Fund	Next $500 million	0.55%
	Next $5 billion	0.50%		Next $5 billion	0.50%
	Next $5 billion	0.475%		Next $5 billion	0.475%
	Next $5 billion	0.455%		Next $5 billion	0.455%
	Next $5 billion	0.44%		Next $5 billion	0.44%
	Next $5 billion	0.43%		Any excess thereafter	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 Global	First $500 million	0.70%	Putnam Global	First $500 million	0.70%
Technology Fund	Next $500 million	0.60%	Telecommunications	Next $500 million	0.60%
	Next $500 million	0.55%	Fund	Next $500 million	0.55%
	Next $5 billion	0.50%		Next $5 billion	0.50%
	Next $5 billion	0.475%		Next $5 billion	0.475%
	Next $5 billion	0.455%		Next $5 billion	0.455%
	Next $5 billion	0.44%		Next $5 billion	0.44%
	Next $5 billion	0.43%		Next $5 billion	0.43%
	Next $5 billion	0.42%		Next $5 billion	0.42%
	Next $5 billion	0.41%		Next $5 billion	0.41%
	Next $5 billion	0.40%		Next $5 billion	0.40%
	Next $5 billion	0.39%		Next $5 billion	0.39%
	Next $8.5 billion	0.38%		Next $8.5 billion	0.38%
	Any excess thereafter	0.37%		Any excess thereafter	0.37%
Putnam Global	First $500 million	0.70%	Putnam Growth	First $500 million	0.70%
Utilities Fund	Next $500 million	0.60%	Opportunities Fund	Next $500 million	0.60%
	Next $500 million	0.55%		Next $500 million	0.55%
	Next $5 billion	0.50%		Next $5 billion	0.50%
	Next $5 billion	0.475%		Next $5 billion	0.475%
	Next $5 billion	0.455%		Next $5 billion	0.455%
	Next $5 billion	0.44%		Next $5 billion	0.44%
	Any excess thereafter	0.43%		Any excess thereafter	0.43%
Putnam High Yield	First $500 million	0.70%	Putnam High Yield	First $500 million	0.70%
Advantage Fund	Next $500 million	0.60%	Trust	Next $500 million	0.60%
	Next $500 million	0.55%		Next $500 million	0.55%
	Next $5 billion	0.50%		Next $5 billion	0.50%
	Next $5 billion	0.475%		Next $5 billion	0.475%
	Next $5 billion	0.455%		Next $5 billion	0.455%
	Next $5 billion	0.44%		Next $5 billion	0.44%
	Any excess thereafter	0.43%		Any excess thereafter	0.43%
E-4

Fund	Management Fee Rate		Fund	Management Fee Rate
Putnam Income Fund	First $500 million	0.65%	Putnam Income	First $500 million	0.65%
	Next $500 million	0.55%	Strategies Fund	Next $500 million	0.55%
	Next $500 million	0.50%		Next $500 million	0.50%
	Next $5 billion	0.45%		Next $5 billion	0.45%
	Next $5 billion	0.425%		Next $5 billion	0.425%
	Next $5 billion	0.405%		Next $5 billion	0.405%
	Next $5 billion	0.39%		Next $5 billion	0.39%
	Any excess thereafter	0.38%		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%	Putnam International	First $500 million	0.80%
Capital Opportunities	Next $500 million	0.90%	Equity Fund	Next $500 million	0.70%
Fund	Next $500 million	0.85%		Next $500 million	0.65%
	Next $5 billion	0.80%		Next $5 billion	0.60%
	Next $5 billion	0.775%		Next $5 billion	0.575%
	Next $5 billion	0.755%		Next $5 billion	0.555%
	Next $5 billion	0.74%		Next $5 billion	0.54%
	Any excess thereafter	0.73%		Any excess over $21.5 billion	0.53%
Putnam International	First $500 million	0.80%	Putnam International	First $500 million	1.00%
Growth and Income	Next $500 million	0.70%	New Opportunities	Next $500 million	0.90%
Fund	Next $500 million	0.65%	Fund	Next $500 million	0.85%
	Next $5 billion	0.60%		Next $5 billion	0.80%
	Next $5 billion	0.575%		Next $5 billion	0.775%
	Next $5 billion	0.555%		Next $5 billion	0.755%
	Next $5 billion	0.54%		Next $5 billion	0.74%
	Any excess over $21.5 billion	0.53%		Any excess thereafter	0.73%
Putnam Investors	First $500 million	0.65%	Putnam	The lesser of 0.50%, or
Fund	Next $500 million	0.55%	Massachusetts Tax	First $500 million	0.60%
	Next $500 million	0.50%	Exempt Income Fund	Next $500 million	0.50%
	Next $5 billion	0.45%		Next $500 million	0.45%
	Next $5 billion	0.425%		Next $5 billion	0.40%
	Next $5 billion	0.405%		Next $5 billion	0.375%
	Next $5 billion	0.39%		Next $5 billion	0.355%
	Any excess over $21.5 billion	0.38%		Next $5 billion	0.34%
				Any excess over $21.5 billion	0.33%
Putnam Michigan	The lesser of 0.50%, or		Putnam Mid Cap	First $500 million	0.70%
Tax Exempt Income	First $500 million	0.60%	Value Fund	Next $500 million	0.60%
Fund	Next $500 million	0.50%		Next $500 million	0.55%
	Next $500 million	0.45%		Next $5 billion	0.50%
	Next $5 billion	0.40%		Next $5 billion	0.475%
	Next $5 billion	0.375%		Next $5 billion	0.455%
	Next $5 billion	0.355%		Next $5 billion	0.44%
	Next $5 billion	0.34%		Any excess thereafter	0.43%
	Any excess over $21.5 billion	0.33%
Putnam Minnesota	The lesser of 0.50%, or		Putnam Money	First $100 million	0.50%
Tax Exempt Income	First $500 million	0.60%	Market Fund	Next $100 million	0.40%
Fund	Next $500 million	0.50%		Next $300 million	0.35%
	Next $500 million	0.45%		Next $500 million	0.325%
	Next $5 billion	0.40%		Next $500 million	0.30%
	Next $5 billion	0.375%		Next $2.5 billion	0.275%
	Next $5 billion	0.355%		Next $2.5 billion	0.25%
	Next $5 billion	0.34%		Next $5 billion	0.225%
	Any excess over $21.5 billion	0.33%		Next $5 billion	0.205%
				Next $5 billion	0.19%
				Any excess thereafter	0.18%
E-5

Fund	Management Fee Rate		Fund	Management Fee Rate
Putnam New Jersey	The lesser of 0.50%, or		Putnam New	First $500 million	0.70%
Tax Exempt Income	First $500 million	0.60%	Opportunities Fund	Next $500 million	0.60%
Fund	Next $500 million	0.50%		Next $500 million	0.55%
	Next $500 million	0.45%		Next $5 billion	0.50%
	Next $5 billion	0.40%		Next $5 billion	0.475%
	Next $5 billion	0.375%		Next $5 billion	0.455%
	Next $5 billion	0.355%		Next $5 billion	0.44%
	Next $5 billion	0.34%		Next $5 billion	0.43%
	Any excess over $21.5 billion	0.33%		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 over $55 billion	0.37%
Putnam New York	The lesser of 0.50%, or		Putnam Ohio Tax	The lesser of 0.50%, or
Tax Exempt Income	First $500 million	0.60%	Exempt Income Fund	First $500 million	0.60%
Fund	Next $500 million	0.50%		Next $500 million	0.50%
	Next $500 million	0.45%		Next $500 million	0.45%
	Next $5 billion	0.40%		Next $5 billion	0.40%
	Next $5 billion	0.375%		Next $5 billion	0.375%
	Next $5 billion	0.355%		Next $5 billion	0.355%
	Next $5 billion	0.34%		Next $5 billion	0.34%
	Any excess over $21.5 billion	0.33%		Any excess over $21.5 billion	0.33%
Putnam Pennsylvania	The lesser of 0.50%, or		Putnam Research	First $500 million	0.65%
Tax Exempt Income	First $500 million	0.60%	Fund	Next $500 million	0.55%
Fund	Next $500 million	0.50%		Next $500 million	0.50%
	Next $500 million	0.45%		Next $5 billion	0.45%
	Next $5 billion	0.40%		Next $5 billion	0.425%
	Next $5 billion	0.375%		Next $5 billion	0.405%
	Next $5 billion	0.355%		Next $5 billion	0.39%
	Next $5 billion	0.34%		Any excess thereafter	0.38%
	Any excess over $21.5 billion	0.33%
Putnam Small Cap	First $500 million	1.00%	Putnam Small Cap	First $500 million	0.80%
Growth Fund	Next $500 million	0.90%	Value Fund	Next $500 million	0.70%
	Next $500 million	0.85%		Next $500 million	0.65%
	Next $5 billion	0.80%		Next $5 billion	0.60%
	Next $5 billion	0.775%		Next $5 billion	0.575%
	Next $5 billion	0.755%		Next $5 billion	0.555%
	Next $5 billion	0.74%		Next $5 billion	0.54%
	Any excess thereafter	0.73%		Any excess thereafter	0.53%
Putnam Tax Exempt	The lesser of 0.50%, or		Putnam Tax Exempt	First $500 million	0.45%
Income Fund	First $500 million	0.60%	Money Market Fund	Next $500 million	0.35%
	Next $500 million	0.50%		Next $500 million	0.30%
	Next $500 million	0.45%		Next $5 billion	0.25%
	Next $5 billion	0.40%		Next $5 billion	0.225%
	Next $5 billion	0.375%		Next $5 billion	0.205%
	Next $5 billion	0.355%		Next $5 billion	0.19%
	Next $5 billion	0.34%		Any excess thereafter	0.18%
	Any excess over $21.5 billion	0.33%
Putnam Tax-Free	The lesser of 0.50%, or		Putnam U.S.	First $500 million	0.57%
High Yield Fund	First $500 million	0.60%	Government Income	Next $500 million	0.475%
	Next $500 million	0.50%	Trust	Next $500 million	0.4275%
	Next $500 million	0.45%		Any excess over $1.5 billion	0.38%
	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%

E-6

Fund	Management Fee Rate		Fund	Management Fee Rate
Putnam Vista Fund	First $500 million	0.65%	Putnam Voyager	First $500 million	0.70%
	Next $500 million	0.55%	Fund	Next $500 million	0.60%
	Next $500 million	0.50%		Next $500 million	0.55%
	Next $5 billion	0.45%		Next $5 billion	0.50%
	Next $5 billion	0.425%		Next $5 billion	0.475%
	Next $5 billion	0.405%		Next $5 billion	0.455%
	Next $5 billion	0.39%		Next $5 billion	0.44%
	Any excess over $21.5 billion	0.38%		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 over $55 billion	0.37%
Putnam VT American	First $500 million	0.65%	Putnam VT Capital	First $500 million	0.65%
Government Income	Next $500 million	0.55%	Opportunities Fund	Next $500 million	0.55%
Fund	Next $500 million	0.50%		Next $500 million	0.50%
	Next $5 billion	0.45%		Next $5 billion	0.45%
	Next $5 billion	0.425%		Next $5 billion	0.425%
	Next $5 billion	0.405%		Next $5 billion	0.405%
	Next $5 billion	0.39%		Next $5 billion	0.39%
	Next $5 billion	0.38%		Any excess thereafter	0.38%
	Next $5 billion	0.37%
	Next $5 billion	0.36%
	Next $5 billion	0.35%
	Any excess thereafter	0.34%
Putnam VT	First $500 million	0.70%	Putnam VT Equity	First $500 million	0.65%
Diversified Income	Next $500 million	0.60%	Income Fund	Next $500 million	0.55%
Fund	Next $500 million	0.55%		Next $500 million	0.50%
	Next $5 billion	0.50%		Next $5 billion	0.45%
	Next $5 billion	0.475%		Next $5 billion	0.425%
	Next $5 billion	0.455%		Next $5 billion	0.405%
	Next $5 billion	0.44%		Next $5 billion	0.39%
	Any excess thereafter	0.43%		Any excess thereafter	0.38%
Putnam VT The	First $500 million	0.65%	Putnam VT Global	First $500 million	0.70%
George Putnam Fund	Next $500 million	0.55%	Asset Allocation	Next $500 million	0.60%
of Boston	Next $500 million	0.50%	Fund	Next $500 million	0.55%
	Next $5 billion	0.45%		Next $5 billion	0.50%
	Next $5 billion	0.425%		Next $5 billion	0.475%
	Next $5 billion	0.405%		Next $5 billion	0.455%
	Next $5 billion	0.39%		Next $5 billion	0.44%
	Any excess thereafter	0.38%		Any excess thereafter	0.43%
Putnam VT Global	First $500 million	0.80%	Putnam VT Global	First $500 million	0.70%
Equity Fund	Next $500 million	0.70%	Health Care Fund	Next $500 million	0.60%
	Next $500 million	0.65%		Next $500 million	0.55%
	Next $5 billion	0.60%		Next $5 billion	0.50%
	Next $5 billion	0.575%		Next $5 billion	0.475%
	Next $5 billion	0.555%		Next $5 billion	0.455%
	Next $5 billion	0.54%		Next $5 billion	0.44%
	Any excess thereafter	0.53%		Any excess thereafter	0.43%
Putnam VT Global	First $500 million	0.70%	Putnam VT Growth	First $500 million	0.65%
Utilities Fund	Next $500 million	0.60%	and Income Fund	Next $500 million	0.55%
	Next $500 million	0.55%		Next $500 million	0.50%
	Next $5 billion	0.50%		Next $5 billion	0.45%
	Next $5 billion	0.475%		Next $5 billion	0.425%
	Next $5 billion	0.455%		Next $5 billion	0.405%
	Next $5 billion	0.44%		Next $5 billion	0.39%
	Any excess thereafter	0.43%		Any excess thereafter	0.38%
Putnam VT Growth	First $500 million	0.70%	Putnam VT High	First $500 million	0.70%
Opportunities Fund	Next $500 million	0.60%	Yield Fund	Next $500 million	0.60%
	Next $500 million	0.55%		Next $500 million	0.55%
	Next $5 billion	0.50%		Next $5 billion	0.50%
	Next $5 billion	0.475%		Next $5 billion	0.475%
	Next $5 billion	0.455%		Next $5 billion	0.455%
	Next $5 billion	0.44%		Next $5 billion	0.44%
	Next $5 billion	0.43%		Any excess thereafter	0.43%
	Any excess thereafter	0.42%
E-7

Fund	Management Fee Rate		Fund	Management Fee Rate
Putnam VT Income	First $500 million	0.65%	Putnam VT	First $500 million	0.80%
Fund	Next $500 million	0.55%	International Equity	Next $500 million	0.70%
	Next $500 million	0.50%	Fund	Next $500 million	0.65%
	Next $5 billion	0.45%		Next $5 billion	0.60%
	Next $5 billion	0.425%		Next $5 billion	0.575%
	Next $5 billion	0.405%		Next $5 billion	0.555%
	Next $5 billion	0.39%		Next $5 billion	0.54%
	Any excess thereafter	0.38%		Any excess thereafter	0.53%
Putnam VT	First $500 million	0.80%	Putnam VT	First $500 million	1.00%
International Growth	Next $500 million	0.70%	International New	Next $500 million	0.90%
and Income Fund	Next $500 million	0.65%	Opportunities Fund	Next $500 million	0.85%
	Next $5 billion	0.60%		Next $5 billion	0.80%
	Next $5 billion	0.575%		Next $5 billion	0.775%
	Next $5 billion	0.555%		Next $5 billion	0.755%
	Next $5 billion	0.54%		Next $5 billion	0.74%
	Any excess thereafter	0.53%		Any excess thereafter	0.73%
Putnam VT Investors	First $500 million	0.65%	Putnam VT Mid Cap	First $500 million	0.70%
Fund	Next $500 million	0.55%	Value Fund	Next $500 million	0.60%
	Next $500 million	0.50%		Next $500 million	0.55%
	Next $5 billion	0.45%		Next $5 billion	0.50%
	Next $5 billion	0.425%		Next $5 billion	0.475%
	Next $5 billion	0.405%		Next $5 billion	0.455%
	Next $5 billion	0.39%		Next $5 billion	0.44%
	Any excess thereafter	0.38%		Any excess thereafter	0.43%
Putnam VT Money	First $500 million	0.45%	Putnam VT New	First $500 million	0.70%
Market Fund	Next $500 million	0.35%	Opportunities Fund	Next $500 million	0.60%
	Next $500 million	0.30%		Next $500 million	0.55%
	Next $5 billion	0.25%		Next $5 billion	0.50%
	Next $5 billion	0.225%		Next $5 billion	0.475%
	Next $5 billion	0.205%		Next $5 billion	0.455%
	Next $5 billion and	0.19%		Next $5 billion	0.44%
	Any excess thereafter	0.18%		Any excess thereafter	0.43%
Putnam VT Research	First $500 million	0.65%	Putnam VT Small	First $500 million	0.80%
Fund	Next $500 million	0.55%	Cap Value Fund	Next $500 million	0.70%
	Next $500 million	0.50%		Next $500 million	0.65%
	Next $5 billion	0.45%		Next $5 billion	0.60%
	Next $5 billion	0.425%		Next $5 billion	0.575%
	Next $5 billion	0.405%		Next $5 billion	0.555%
	Next $5 billion	0.39%		Next $5 billion	0.54%
	Any excess thereafter	0.38%		Any excess thereafter	0.53%
Putnam VT Vista	First $500 million	0.65%	Putnam VT Voyager	First $500 million	0.70%
Fund	Next $500 million	0.55%	Fund	Next $500 million	0.60%
	Next $500 million	0.50%		Next $500 million	0.55%
	Next $5 billion	0.45%		Next $5 billion	0.50%
	Next $5 billion	0.425%		Next $5 billion	0.475%
	Next $5 billion	0.405%		Next $5 billion	0.455%
	Next $5 billion	0.39%		Next $5 billion	0.44%
	Any excess thereafter	0.38%		Any excess thereafter	0.43%

E-8 

APPENDIX F – Proposed Fee Schedules

Fund Family Fee Schedules 

						Putnam Europe Equity
						Fund
						Putnam Global Equity	Putnam Capital
						Fund	Opportunities Fund
			Putnam Asia Pacific Equity			Putnam International	Putnam Convertible
			Fund			Equity Fund	Income-Growth Trust
			Putnam Emerging Markets			Putnam International	Putnam Small Cap
			Equity Fund			Growth and Income Fund	Growth Fund
			Putnam International		Putnam Absolute	Putnam VT Global Equity	Putnam Small Cap Value
			Capital Opportunities Fund		Return 500 Fund	Fund	Fund
			Putnam International New		Putnam Capital	Putnam VT International	Putnam VT Capital
Total Open-End			Opportunities Fund		Spectrum Fund	Equity Fund	Opportunities Fund
Mutual Fund Average			Putnam VT International	Putnam Absolute Return	Putnam Equity	Putnam VT International	Putnam VT Small Cap
Net Assets ($B)*			New Opportunities Fund	700 Fund	Spectrum Fund	Growth and Income Fund	Value Fund
1st	5	B	1.080%	1.030%	0.880%	0.850%	0.780%
Next	5	B	1.030%	0.980%	0.830%	0.800%	0.730%
Next	10	B	0.980%	0.930%	0.780%	0.750%	0.680%
Next	10	B	0.930%	0.880%	0.730%	0.700%	0.630%
Next	50	B	0.880%	0.830%	0.680%	0.650%	0.580%
Next	50	B	0.860%	0.810%	0.660%	0.630%	0.560%
Next	100	B	0.850%	0.800%	0.650%	0.620%	0.550%
Any excess thereafter			0.845%	0.795%	0.645%	0.615%	0.545%

F-1 

			Putnam Global Consumer
			Fund
			Putnam Global Energy Fund
			Putnam Global Financials
			Fund
			Putnam Global Health Care
			Fund
			Putnam Global Industrials
			Fund
			Putnam Global Natural
			Resources Fund
			Putnam Global Technology
			Fund
			Putnam Global
			Telecommunications Fund	Putnam Asset Allocation:	Putnam Mid Cap Value
			Putnam Global Utilities Fund	Equity Portfolio	Fund
			Putnam VT Global Health	Putnam Asset Allocation:	Putnam Vista Fund
Total Open-End			Care Fund	Growth Portfolio	Putnam VT Vista Fund
Mutual Fund Average			Putnam VT Global Utilities	Putnam VT Global Asset	Putnam VT Mid Cap	Putnam Absolute Return
Net Assets ($B)*			Fund	Allocation Fund	Value Fund	300 Fund
1st	5	B	0.780%	0.750%	0.740%	0.730%
Next	5	B	0.730%	0.700%	0.690%	0.680%
Next	10	B	0.680%	0.650%	0.640%	0.630%
Next	10	B	0.630%	0.600%	0.590%	0.580%
Next	50	B	0.580%	0.550%	0.540%	0.530%
Next	50	B	0.560%	0.530%	0.520%	0.510%
Next	100	B	0.550%	0.520%	0.510%	0.500%
Any excess thereafter			0.545%	0.515%	0.505%	0.495%

F-2 

				Putnam Growth
				Opportunities Fund
				Putnam Investors Fund
				Putnam New Opportunities
				Fund		Putnam Asset Allocation:
				Putnam Research Fund		Balanced Portfolio
				Putnam Voyager Fund		The George Putnam Fund
				Putnam VT Investors Fund		of Boston
			Putnam Floating Rate Income	Putnam VT New	Putnam Diversified	Putnam VT The George
			Fund	Opportunities Fund	Income Trust	Putnam Fund of Boston
			Putnam High Yield Trust	Putnam VT Research Fund	Putnam Global Income	Putnam Asset Allocation:
Total Open-End			Putnam High Yield Advantage	Putnam VT Growth	Trust	Conservative Portfolio
Mutual Fund Average			Fund	Opportunities Fund	Putnam VT Diversified	Putnam Income Strategies	Putnam Absolute Return
Net Assets ($B)*			Putnam VT High Yield Fund	Putnam VT Voyager Fund	Income Fund	Fund	100 Fund
1st	5	B	0.720%	0.710%	0.700%	0.680%	0.630%
Next	5	B	0.670%	0.660%	0.650%	0.630%	0.580%
Next	10	B	0.620%	0.610%	0.600%	0.580%	0.530%
Next	10	B	0.570%	0.560%	0.550%	0.530%	0.480%
Next	50	B	0.520%	0.510%	0.500%	0.480%	0.430%
Next	50	B	0.500%	0.490%	0.480%	0.460%	0.410%
Next	100	B	0.490%	0.480%	0.470%	0.450%	0.400%
Any excess thereafter			0.485%	0.475%	0.465%	0.445%	0.395%

F-3 

					Putnam AMT-Free
					Municipal Fund
					Putnam Arizona Tax
					Exempt Income Fund
					Putnam California Tax
					Exempt Income Fund
					Putnam Massachusetts
					Tax Exempt Income
					Fund
					Putnam Michigan Tax
					Exempt Income Fund
					Putnam Minnesota Tax
					Exempt Income Fund
					Putnam New Jersey Tax
					Exempt Income Fund
					Putnam New York Tax
				Putnam Equity Income	Exempt Income Fund	Putnam American
				Fund	Putnam Ohio Tax	Government Income Fund
				The Putnam Fund for	Exempt Income Fund	Putnam Income Fund	Putnam Money Market
				Growth and Income	Putnam Pennsylvania	Putnam U.S. Government	Fund
				Putnam VT Equity Income	Tax Exempt Income	Income Trust	Putnam Tax Exempt
Total Open-End				Fund	Fund	Putnam VT American	Money Market Fund
Mutual Fund Average			Putnam Tax-Free High Yield	Putnam VT Growth and	Putnam Tax Exempt	Government Income Fund	Putnam VT Money Market
Net Assets ($B)*			Fund	Income Fund	Income Fund	Putnam VT Income Fund	Fund
1st	5	B	0.630%	0.630%	0.590%	0.550%	0.440%
Next	5	B	0.580%	0.580%	0.540%	0.500%	0.390%
Next	10	B	0.530%	0.530%	0.490%	0.450%	0.340%
Next	10	B	0.480%	0.480%	0.440%	0.400%	0.290%
Next	50	B	0.430%	0.430%	0.390%	0.350%	0.240%
Next	50	B	0.410%	0.410%	0.370%	0.330%	0.220%
Next	100	B	0.400%	0.400%	0.360%	0.320%	0.210%
Any excess thereafter			0.395%	0.395%	0.355%	0.315%	0.205%

* "Total Open-End Mutual Fund Average Net Assets" means the average of all of the determinations of the aggregate net assets of all open-end funds sponsored by Putnam Management (excluding Putnam RetirementReady Funds and Putnam Money Market Liquidity Fund) at the close of business on each business day during each month while the Management Contract is in effect.

Putnam Absolute	Benchmark: Merrill Lynch US Treasury Bill Index (G0BA)	Putnam Absolute Return	Benchmark: Merrill Lynch US Treasury Bill Index (G0BA)
Return 100 Fund	Hurdle: 1.00%	300 Fund	Hurdle: 3.00%
	Maximum Performance Adjustment Rate: 0.04%		Maximum Performance Adjustment Rate: 0.12%
	Minimum Performance Adjustment Rate: -0.04%		Minimum Performance Adjustment Rate: -0.12%
Putnam Absolute	Benchmark: Merrill Lynch US Treasury Bill Index (G0BA)	Putnam Absolute Return	Benchmark: Merrill Lynch US Treasury Bill Index (G0BA)
Return 500 Fund	Hurdle: 5.00%	700 Fund	Hurdle: 7.00%
	Maximum Performance Adjustment Rate: 0.20%		Maximum Performance Adjustment Rate: 0.28%
	Minimum Performance Adjustment Rate: -0.20%		Minimum Performance Adjustment Rate: -0.28%
Putnam Capital	Benchmark: 50/50 blend (balanced daily) of S&P 500 Index	Putnam Equity	Benchmark: S&P 500 Index
Spectrum Fund	and JP Morgan Developed High Yield Index	Spectrum Fund	Maximum Performance Adjustment Rate: 0.40%
	Maximum Performance Adjustment Rate: 0.32%		Minimum Performance Adjustment Rate: -0.40%
	Minimum Performance Adjustment Rate: -0.32%

F-4 

APPENDIX G – Proposed Benchmarks

Fund Name	Proposed Benchmark	Proposed Maximum
		Annualized
		Performance
		Adjustment Rate
Putnam Asia Pacific Equity	Morgan Stanley Capital	0.21%
Fund	International (MSCI) All
	Country (AC) Asia Pacific
	Index (Net Dividends)*
Putnam Emerging Markets	Morgan Stanley Capital	0.21%
Equity Fund	International (MSCI)
	Emerging Markets (EM) Index
	(Net Dividends)*
Putnam Europe Equity Fund	Morgan Stanley Capital	0.15%
	International (MSCI) Europe
	Index (Net Dividends)*
Putnam Global Equity Fund	Morgan Stanley Capital	0.15%
	International (MSCI) World
Index (Net Dividends)*
Putnam Growth	Russell 1000 Growth Index	0.12%
Opportunities Fund
Putnam International	S&P Developed/Ex-U.S.	0.21%
Capital Opportunities Fund	SmallCap Index
Putnam International Equity	Morgan Stanley Capital	0.15%
Fund	International (MSCI) EAFE
Index (Net Dividends)*
Putnam International	S&P Developed/Ex-U.S.	0.15%
Growth and Income Fund	LargeMidCap Value Index
Putnam International New	Morgan Stanley Capital	0.21%
Opportunities Fund	International (MSCI) EAFE
	Growth Index (Net
	Dividends)*
Putnam New Opportunities	Russell 3000 Growth Index	0.12%
Fund
Putnam Small Cap Growth	Russell 2000 Growth Index	0.18%
Fund
Putnam Vista Fund	Russell Midcap Growth Index	0.12%
Putnam Voyager Fund	Russell 1000 Growth Index	0.12%

* Morgan Stanley Capital International (MSCI) publishes two versions of these indices reflecting the reinvestment of dividends using two different methodologies: gross dividends and net dividends. While both versions reflect reinvested dividends, they differ with respect to the manner in which taxes associated with dividends payments are treated. In calculating the net dividends version, MSCI incorporates reinvested dividends applying the withholding tax rate applicable to foreign non-resident institutional investors that do not benefit from double taxation treaties. Putnam Management believes that the net dividends version better reflects the returns U.S. investors might expect were they to invest directly in the component securities of each index.

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APPENDIX H – Funds Proposed to Change to Monthly Management Fees

Putnam American Government Income Fund	Putnam Tax Exempt Income Fund
Putnam Arizona Tax Exempt Income Fund	Putnam Tax Exempt Money Market Fund
Putnam Asset Allocation: Balanced Portfolio	Putnam U.S. Government Income Trust
Putnam Asset Allocation: Conservative	Putnam Vista Fund
Portfolio	Putnam Voyager Fund
Putnam Asset Allocation: Growth Portfolio	Putnam VT American Government Income
Putnam California Tax Exempt Income Fund	Fund
Putnam Capital Opportunities Fund	Putnam VT Diversified Income Trust
Putnam Convertible Income-Growth Trust	Putnam VT The George Putnam Fund of
Putnam Diversified Income Trust	Boston
Putnam Equity Income Fund	Putnam VT Global Asset Allocation Fund
Putnam Europe Equity Fund	Putnam VT Global Equity Fund
Putnam Fund for Growth and Income	Putnam VT Global Health Care Fund
Putnam The George Putnam Fund of Boston	Putnam VT Global Utilities Fund
Putnam Global Health Care Fund	Putnam VT Growth and Income Fund
Putnam Global Income Trust	Putnam VT Growth Opportunities Fund
Putnam Global Utilities Fund	Putnam VT High Yield Fund
Putnam Growth Opportunities Fund	Putnam VT Income Fund
Putnam High Yield Advantage Fund	Putnam VT International Equity Fund
Putnam High Yield Trust	Putnam VT International Growth and
Putnam Income Fund	Income Fund
Putnam International Capital Opportunities	Putnam VT International New Opportunities
Fund	Fund
Putnam International Equity Fund	Putnam VT Investors Fund
Putnam International Growth and Income	Putnam VT Money Market Fund
Fund	Putnam VT New Opportunities Fund
Putnam International New Opportunities Fund	Putnam VT Research Fund
Putnam Investors Fund	Putnam VT Small Cap Value Fund
Putnam Massachusetts Tax Exempt Income	Putnam VT Vista Fund
Fund	Putnam VT Voyager Fund
Putnam Michigan Tax Exempt Income Fund
Putnam Mid Cap Value Fund
Putnam Minnesota Tax Exempt Income Fund
Putnam Money Market Fund
Putnam New Jersey Tax Exempt Income Fund
Putnam New Opportunities Fund
Putnam New York Tax Exempt Income Fund
Putnam Ohio Tax Exempt Income Fund
Putnam Pennsylvania Tax Exempt Income
Fund
Putnam Research Fund
Putnam Small Cap Growth Fund
Putnam Small Cap Value Fund

H-1 

APPENDIX I – Description of Contract Approval Process

Previous approval of management contracts

The approval by the Trustees in July 2009 of the proposed management contracts for your funds was preceded in June 2009 by their approval of the continuance of the current management contracts. The discussion below summarizes the principal factors considered by the Trustees in approving the continuance of the current management contracts in June 2009.

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 Investment Management (“Putnam Management”), and with respect to certain funds, the sub-management contracts between Putnam Management and its affiliate, Putnam Investment Limited (“PIL”), and the sub-advisory contracts among Putnam Management, PIL and another affiliate, Putnam Advisory Company (“PAC”).

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 2009, the Contract Committee met several 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. The Contract Committee recommended, and the Independent Trustees approved, the continuance of each fund’s management contracts – and with respect to certain funds, sub-management contracts and sub-advisory con tracts – effective July 1, 2009. (Because PIL and PAC are affiliates of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL and PAC, the Trustees have not evaluated PIL and PAC as separate entities, except as otherwise indicated below, and all subsequent references to Putnam Management below should be deemed to include reference to PIL and PAC as necessary or appropriate in the context.)

The Independent Trustees’ approval was based on the following conclusions:

• That the fee schedules in effect for the funds 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 fund shareholders and Putnam Management of such economies of scale as may exist in the management of the funds at current asset levels.

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These conclusions were based on a comprehensive consideration of all information provided to the Trustees, were subject to the continued application of certain expense reductions and waivers pending other considerations noted below, 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 such 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.

Considerations of strategic pricing proposal

The Trustees considered that the Contract Committee had been engaged in a detailed review of Putnam Management’s strategic pricing proposal that was first presented to the Committee at its May 2009 meeting. The proposal included proposed changes to the basic structure of the management fees in place for all open-end funds (except the RetirementReady Funds and Money Market Liquidity Fund) including implementation of a breakpoint structure based on the aggregate net assets of all such funds in lieu of the individual breakpoint structures in place for each fund and implementation of performance fees for certain funds. In addition, the proposal recommended substituting separate expense limitations on investor servicing fees and on other expenses as a group in lieu of the total expense limitations in place for many funds.

While the Contract Committee noted the likelihood that the Trustees and Putnam Management would reach agreement on the strategic pricing matters in later months, the terms of the management contracts required that the Trustees approve the continuance of the contracts in order to prevent their expiration at June 30, 2009. The Contract Committee’s recommendations reflect its conclusion that the terms of the contractual arrangements for each fund continued to be appropriate for the upcoming term, absent any possible agreement with respect to the matters addressed in Putnam Management’s proposal.

The Trustees were mindful of the significant changes that had occurred at Putnam Management in the past two years, including a change of ownership, the installation of a new senior management team at Putnam Management, the substantial decline in assets under management resulting from extraordinary market forces as well as continued net redemptions in many funds, the introduction of new fund products representing novel investment strategies and the introduction of performance fees for certain new funds. The Trustees were also mindful that many other leading firms in the industry had also been experiencing significant challenges due to the changing financial and competitive environment. For these reasons, even though the Trustees believed that the current contractual arrangements in place between the funds and Putnam Management and its affiliates have served shareholders well and continued to be appropriate for the near term, the Trustees believed that it was an appropriate time to reconsider the current structure of the funds’ contractual arrangements with Putnam Management with a view to possible changes that might better serve the interests of shareholders in this new environment. It should be noted that at that time, the Trustees had not yet reached any

I-2 

conclusions with respect to Putnam Management’s strategic pricing proposal and accordingly their considerations discussed below address only their reasons for recommending the continuance of the current contractual arrangements.

Management fee schedules and categories; total expenses

The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints, and the assignment of funds to particular fee categories. The general fee structure has been carefully developed over the years and re-examined on many occasions and adjusted where appropriate. In this regard, the Trustees noted that shareholders of all funds voted by overwhelming majorities in 2007 to approve new management contracts containing identical fee schedules.

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 fee structure of the funds at that time but, as indicated above, based on their detailed review of the current fee structure, were prepared to consider possible changes to these arrangements that might better serve the interests of shareholders in the future. 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 fund ranked in particular percentiles in management fees and 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, 2008 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds), as indicated onSchedule A.

(Because the funds’ custom peer groups are smaller than the funds’ broad Lipper Inc. peer groups, this expense information may differ from the Lipper peer expense information found elsewhere.) 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 being controlled by expense limitations initially implemented in January 2004. These expense limitations give effect to a commitment by Putnam Management that the expense ratio of each open-end 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

I-3 

in each case). The Trustees observed that this commitment to limit fund expenses has served shareholders well since its inception and, while the Contract Committee was reviewing proposed alternative expense limitation arrangements as noted above, the Trustees received a commitment from Putnam Management and its parent company to continue this program through at least June 30, 2010, or such earlier time as the Trustees and Putnam Management reach agreement on alternative arrangements.

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 extend for the twelve months beginning July 1, 2009, or such earlier time as the Trustees and Putnam Management reach agreement on alternative expense limitation arrangements, an additional expense limitation for certain funds at an amount equal to the average expense ratio (exclusive of 12b-1 charges) of a custom peer group of competitive funds selected by Lipper to correspond to 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 custom peer group data for the period ended December 31, 2007.

•Economies of scale.Most funds currently have the benefit of breakpoints in their management fee 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 that time but, as noted above, were in the process of reviewing a proposal to eliminate individual fund breakpoints for all open-end funds (except th e RetirementReady Funds and Money Market Liquidity Fund) in favor of a breakpoint structure based on the aggregate net assets of all such funds.

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 provided and profits realized by Putnam Management and its affiliates from their contractual relationships 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.

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 contract. The Trustees were assisted in their review of the Putnam funds’ investment process and performance by the work of the Investment Oversight Coordinating Committee of the Trustees and the Investment Oversight Committees of the

I-4 

Trustees, which had met 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 recognized that this does not guarantee favorable investment results for every fund in every time period. The Trustees considered the investment performance of each fund over multiple time periods and considered information comparing each fund’s performance with various benchmarks and with the performance of competitive funds.

The Trustees noted the disappointing investment performance of many of the funds for periods ended December 31, 2008. They discussed with senior management of Putnam Management the factors contributing to such underperformance and actions being taken to improve performance. The Trustees recognized that, in recent years, Putnam Management has taken steps to strengthen its investment personnel and processes to address areas of underperformance, including Putnam Management’s continuing efforts to strengthen the equity research function, recent changes in portfolio managers and the recent arrival of a new chief investment officer. The Trustees also recognized the substantial improvement in performance of many funds since the implementation of those changes. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these efforts and to evaluate whether 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 (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-year, three-year and five-year periods ended December 31, 2008 (the first percentile being the best-performing funds and the 100th percentile being the worst-performing funds), as indicated onSchedule B.

As a general matter, the Trustees believe 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 engaging a new investment adviser for an underperforming fund would entail significant disruptions and 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

I-5 

`Trustees considered a change made, at Putnam Management’s request, to the Putnam funds’ brokerage allocation policy commencing in 2009, which increased the permitted soft dollar allocation to third-party services over what had been authorized in previous years. The Trustees noted that a portion of available soft dollars continue to be allocated to the payment of fund expenses, although the amount allocated for this purpose has declined in recent years. The Trustees indicated their continued intent to monitor regulatory developments in this area with the assistance of their Brokerage Committee and also indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage and trends in industry practice 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 investor servicing agreements with Putnam Investor Services, Inc. (“PI”) (in the case of the open-end funds) and Putnam Fiduciary Trust Company (“PFTC”) (in the case of the closed-end funds) which agreements provide benefits to affiliates of Putnam Management. The Trustees considered that effective January 1, 2009, the Trustees, PI and PFTC entered into a new fee schedule that includes for the open-end funds (other than funds of Putnam Variable Trust and Money Market Liquidity Fund) an expense limitation but, as noted above, also considered that this expense limitation is subject to review as part of the Trustees’ pending review of Putnam’s strategic pricing proposal.

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 comparisons 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 mutual 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 different asset classes are typically higher on average for mutual funds than for in stitutional 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 such comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.

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Schedule A 

The funds ranked in the following percentiles in management fees and 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, 2008 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds):

	Actual Management Fee	Total Expenses
	(percentile rank)	(percentile rank)
Putnam Absolute Return 100 Fund	N/A	N/A
Putnam Absolute Return 300 Fund	N/A	N/A
Putnam Absolute Return 500 Fund	N/A	N/A
Putnam Absolute Return 700 Fund	N/A	N/A
Putnam American Government Income Fund	46th	42nd
Putnam AMT-Free Municipal Fund	76th	52nd
Putnam Arizona Tax Exempt Income Fund	17th	67th
Putnam Asset Allocation: Balanced Portfolio	34th	31st
Putnam Asset Allocation: Conservative Portfolio	71st	59th
Putnam Asset Allocation: Growth Portfolio	35th	50th
Putnam California Tax Exempt Income Fund	58th	38th
Putnam Capital Opportunities Fund	7th	24th
Putnam Convertible Income-Growth Trust	50th	21st
Putnam Diversified Income Trust	56th	40th
Putnam Emerging Markets Equity Fund	N/A	N/A
Putnam Equity Income Fund	7th	21st
Putnam Europe Equity Fund	40th	40th
Putnam Floating Rate Income Fund	80th	33rd
The Putnam Fund for Growth and Income	14th	28th
The George Putnam Fund of Boston	38th	45th
Putnam Global Consumer Fund	N/A	N/A
Putnam Global Energy Fund	N/A	N/A
Putnam Global Equity Fund	19th	29th
Putnam Global Financials Fund	N/A	N/A
Putnam Global Health Care Fund	15th	22nd
Putnam Global Income Trust	10th	48th
Putnam Global Industrials Fund	N/A	N/A
Putnam Global Natural Resources Fund	28th	20th
Putnam Global Telecommunications Fund	N/A	N/A
Putnam Global Technology Fund	N/A	N/A
Putnam Global Utilities Fund	67th	40th
Putnam Growth Opportunities Fund	10th	52nd
Putnam High Income Securities Fund	1st	1st
Putnam High Yield Advantage Fund	90th	55th
Putnam High Yield Trust	66th	41st
Putnam Income Fund	31st	38th
Putnam Income Strategies Fund	1st	1st
Putnam International Capital Opportunities Fund	34th	21st
Putnam International Equity Fund	10th	3rd
Putnam International Growth and Income Fund	31st	28th
Putnam International New Opportunities Fund	24th	62nd
Putnam Investors Fund	28th	62nd
Putnam Managed Municipal Income Trust	33rd	50th
Putnam Massachusetts Tax Exempt Income Fund	58th	42nd
Putnam Master Intermediate Income Trust	67th	33rd
Putnam Michigan Tax Exempt Income Fund	43rd	57th
Putnam Mid Cap Value Fund	21st	45th
Putnam Minnesota Tax Exempt Income Fund	33rd	67th

I-7 

	Actual Management Fee	Total Expenses
	(percentile rank)	(percentile rank)
Putnam Money Market Fund	34th	59th
Putnam Municipal Opportunities Trust	50th	57th
Putnam New Jersey Tax Exempt Income Fund	58th	83rd
Putnam New Opportunities Fund	10th	34th
Putnam New York Tax Exempt Income Fund	65th	35th
Putnam Ohio Tax Exempt Income Fund	58th	50th
Putnam Pennsylvania Tax Exempt Income Fund	67th	53rd
Putnam Premier Income Trust	67th	1st
Putnam Research Fund	24th	62nd
Putnam RetirementReady Maturity Fund*	86th	36th
Putnam RetirementReady 2010 Fund*	88th	25th
Putnam RetirementReady 2015 Fund*	90th	30th
Putnam RetirementReady 2020 Fund*	92nd	62nd
Putnam RetirementReady 2025 Fund*	88th	63rd
Putnam RetirementReady 2030 Fund*	92nd	50th
Putnam RetirementReady 2035 Fund*	89th	44th
Putnam RetirementReady 2040 Fund*	89th	67th
Putnam RetirementReady 2045 Fund*	99th	83rd
Putnam RetirementReady 2050 Fund*	99th	67th
Putnam Small Cap Growth Fund	38th	45th
Putnam Small Cap Value Fund	34th	55th
Putnam Tax Exempt Income Fund	90th	72nd
Putnam Tax Exempt Money Market Fund	8th	63rd
Putnam Tax-Free High Yield Fund	38th	24th
Putnam U.S. Government Income Trust	69th	54th
Putnam Vista Fund	10th	14th
Putnam Voyager Fund	17th	55th
Putnam VT American Government Income Fund	19th	56th
Putnam VT Capital Opportunities Fund	3rd	52nd
Putnam VT Diversified Income Fund	21st	50th
Putnam VT Equity Income Fund	22nd	22nd
Putnam VT The George Putnam Fund of Boston	58th	46th
Putnam VT Global Asset Allocation Fund	48th	48th
Putnam VT Global Equity Fund	32nd	37th
Putnam VT Global Health Care Fund	25th	6th
Putnam VT Global Utilities Fund	50th	38th
Putnam VT Growth and Income Fund	7th	3rd
Putnam VT Growth Opportunities Fund	1st	21st
Putnam VT High Yield Fund	52nd	28th
Putnam VT Income Fund	39th	36th
Putnam VT International Equity Fund	41st	34th
Putnam VT International Growth and Income Fund	34th	17th
Putnam VT International New Opportunities Fund	72nd	66th
Putnam VT Investors Fund	38th	38th
Putnam VT Mid Cap Value Fund	11th	44th
Putnam VT Money Market Fund	38th	48th
Putnam VT New Opportunities Fund	33rd	25th
Putnam VT Research Fund	14th	45th
Putnam VT Small Cap Value Fund	48th	55th
Putnam VT Vista Fund	14th	24th
Putnam VT Voyager Fund	34th	41st

* For these funds, the Actual Management Fee percentile rankings are for the parent-level management fees only, while the Total Expenses percentile rankings include the expenses of the underlying funds.

I-8 

Schedule B 

Each fund’s class A (and class IA in the case of Putnam Variable Trust) share cumulative total return performance at net asset value was in the following percentiles of its Lipper Inc. peer group for the one-year, three-year and five-year periods ended December 31, 2008 (the first percentile being the best-performing funds and the 100th percentile being the worst-performing funds)¹:

	One-year period	Three-year period	Five-year period
	percentile rank	percentile rank	percentile rank
	(# of funds in	(# of funds in	(# of funds in
	category)	category)	category)
Putnam Absolute Return 100 Fund †	N/A	N/A	N/A
Putnam Absolute Return 300 Fund †	N/A	N/A	N/A
Putnam Absolute Return 500 Fund †	N/A	N/A	N/A
Putnam Absolute Return 700 Fund †	N/A	N/A	N/A
Putnam American Government Income Fund	82nd ( 157 )	79th ( 144 )	76th ( 123 )
Putnam AMT-Free Municipal Fund	24th ( 40 )	12th ( 38 )	15th ( 37 )
Putnam Arizona Tax Exempt Income Fund	31st ( 31 )	28th (27 )	40th ( 26 )
Putnam Asset Allocation: Balanced Portfolio	94th ( 513 )	91st ( 382 )	87th ( 273 )
Putnam Asset Allocation: Conservative Portfolio	90th ( 431 )	88th ( 321 )	90th ( 184 )
Putnam Asset Allocation: Growth Portfolio	92nd ( 689 )	90th ( 553 )	69th ( 443 )
Putnam California Tax Exempt Income Fund	58th ( 119 )	54th ( 106 )	46th ( 101 )
Putnam Capital Opportunities Fund	46th ( 775 )	72nd ( 616 )	63rd ( 487 )
Putnam Convertible Income-Growth Trust	75th ( 70 )	69th ( 62 )	70th ( 59 )
Putnam Diversified Income Trust	97th ( 151 )	96th ( 117 )	96th ( 99 )
Putnam Emerging Markets Equity Fund	N/A	N/A	N/A
Putnam Equity Income Fund	34th ( 286 )	37th ( 229 )	45th ( 177 )
Putnam Europe Equity Fund	37th ( 107 )	56th ( 96 )	74th ( 88 )
Putnam Floating Rate Income Fund	50th ( 81 )	42nd ( 47 )	N/A
The Putnam Fund for Growth and Income	69th ( 596 )	93rd ( 514 )	94th ( 429 )
The George Putnam Fund of Boston	99th ( 850 )	99th ( 677 )	96th ( 501 )
Putnam Global Consumer Fund †	N/A	N/A	N/A
Putnam Global Energy Fund †	N/A	N/A	N/A
Putnam Global Equity Fund	92nd ( 56 )	84th ( 55 )	74th ( 52 )
Putnam Global Financials Fund †	N/A	N/A	N/A
Putnam Global Health Care Fund	22nd (118)	61st (102)	44th (90)
Putnam Global Income Trust	85th ( 121 )	84th ( 97 )	84th ( 88 )
Putnam Global Industrials Fund †	N/A	N/A	N/A
Putnam Global Natural Resources Fund	54th (97)	60th (65)	67th (47)
Putnam Global Telecommunications Fund †	N/A	N/A	N/A
Putnam Global Technology Fund †	N/A	N/A	N/A
Putnam Global Utilities Fund	26th (101)	22nd (91)	50th (70)
Putnam Growth Opportunities Fund	11th ( 803 )	36th ( 679 )	66th ( 567 )
Putnam High Income Securities Fund	16th ( 12 )	37th ( 10 )	19th ( 10 )
Putnam High Yield Advantage Fund	44th ( 466 )	36th ( 396 )	22nd ( 334 )
Putnam High Yield Trust	60th ( 466 )	58th ( 396 )	45th ( 334 )
Putnam Income Fund	95th ( 171 )	95th ( 161 )	94th ( 146 )
Putnam Income Strategies Fund	96th ( 431 )	92nd ( 321 )	N/A
Putnam International Capital Opportunities Fund	48th ( 71 )	38th ( 50 )	32nd ( 47 )
Putnam International Equity Fund	51st ( 238 )	51st ( 199 )	58th ( 176 )
Putnam International Growth and Income Fund	74th ( 88 )	77th ( 55 )	72nd ( 49 )
Putnam International New Opportunities Fund	24th ( 103 )	22nd ( 86 )	18th ( 72 )

¹In 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 the tax-exempt 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-income distributions.

I-9 

	One-year period	Three-year period	Five-year period
	percentile rank	percentile rank	percentile rank
	(# of funds in	(# of funds in	(# of funds in
	category)	category)	category)
Putnam Investors Fund	79th ( 851 )	95th ( 720 )	81st ( 606 )
Putnam Managed Municipal Income Trust	50th ( 15 )	60th ( 14 )	73rd ( 14 )
Putnam Massachusetts Tax Exempt Income Fund	35th ( 41 )	31st ( 37 )	27th ( 36 )
Putnam Master Intermediate Income Trust	86th ( 6 )	86th ( 6 )	86th ( 6 )
Putnam Michigan Tax Exempt Income Fund	26th ( 22 )	33rd ( 17 )	38th ( 17 )
Putnam Mid Cap Value Fund	80th ( 353 )	76th ( 285 )	80th ( 212 )
Putnam Minnesota Tax Exempt Income Fund	40th ( 41 )	26th ( 37 )	27th ( 35 )
Putnam Money Market Fund	9th ( 328 )	8th ( 305 )	11th ( 286 )
Putnam Municipal Opportunities Trust	60th ( 60 )	60th ( 59 )	66th ( 59 )
Putnam New Jersey Tax Exempt Income Fund	17th ( 45 )	18th ( 37 )	32nd ( 36 )
Putnam New Opportunities Fund	23rd ( 506 )	59th ( 386 )	57th ( 320 )
Putnam New York Tax Exempt Income Fund	50th ( 98 )	36th ( 93 )	37th ( 93 )
Putnam Ohio Tax Exempt Income Fund	35th ( 36 )	31st ( 31 )	34th ( 31 )
Putnam Pennsylvania Tax Exempt Income Fund	19th ( 56 )	22nd ( 48 )	28th ( 48 )
Putnam Premier Income Trust	72nd ( 6 )	72nd ( 6 )	72nd ( 6 )
Putnam Research Fund	66th ( 851 )	84th ( 720 )	85th ( 606 )
Putnam RetirementReady Maturity Fund	92nd ( 431 )	92nd ( 321 )	N/A
Putnam RetirementReady 2010 Fund	53rd ( 170 )	83rd ( 93 )	N/A
Putnam RetirementReady 2015 Fund	53rd ( 110 )	68th ( 45 )	N/A
Putnam RetirementReady 2020 Fund	61st ( 153 )	83rd ( 77 )	N/A
Putnam RetirementReady 2025 Fund	50th ( 87 )	61st ( 32 )	N/A
Putnam RetirementReady 2030 Fund	48th ( 143 )	78th ( 74 )	N/A
Putnam RetirementReady 2035 Fund	56th ( 87 )	59th ( 28 )	N/A
Putnam RetirementReady 2040 Fund	47th ( 130 )	74th ( 66 )	N/A
Putnam RetirementReady 2045 Fund	52nd ( 77 )	60th ( 19 )	N/A
Putnam RetirementReady 2050 Fund	42nd ( 84 )	67th ( 14 )	N/A
Putnam Small Cap Growth Fund	60th ( 603 )	85th ( 507 )	66th ( 406 )
Putnam Small Cap Value Fund	79th ( 321 )	87th ( 264 )	79th ( 217 )
Putnam Tax Exempt Income Fund	62nd ( 228 )	54th ( 208 )	42nd ( 199 )
Putnam Tax Exempt Money Market Fund	47th ( 108 )	40th ( 93 )	38th ( 84 )
Putnam Tax-Free High Yield Fund	61st ( 106 )	45th ( 82 )	43rd ( 77 )
Putnam U.S. Government Income Trust	93rd ( 64 )	92nd ( 58 )	92nd ( 57 )
Putnam Vista Fund	53rd ( 602 )	91st ( 522 )	74th ( 419 )
Putnam Voyager Fund	19th ( 803 )	64th ( 679 )	74th ( 567 )
Putnam VT American Government Income Fund	60th ( 68 )	59th ( 59 )	77th ( 55 )
Putnam VT Capital Opportunities Fund	55th ( 130 )	76th ( 112 )	64th ( 95 )
Putnam VT Diversified Income Fund	99th ( 59 )	97th ( 52 )	96th ( 44 )
Putnam VT Equity Income Fund	20th ( 69 )	29th ( 63 )	38th ( 55 )
Putnam VT The George Putnam Fund of Boston	97th ( 191 )	96th ( 158 )	95th ( 92 )
Putnam VT Global Asset Allocation Fund	70th ( 197 )	80th ( 139 )	76th ( 90 )
Putnam VT Global Equity Fund	88th ( 38 )	57th ( 29 )	78th ( 26 )
Putnam VT Global Health Care Fund	12th (35)	71st (33)	56th (28)
Putnam VT Global Utilities Fund	7th (32)	17th (30)	49th (26)
Putnam VT Growth and Income Fund	72nd ( 119 )	96th ( 112 )	89th ( 96 )
Putnam VT Growth Opportunities Fund	17th ( 224 )	41st ( 203 )	82nd ( 189 )
Putnam VT High Yield Fund	67th ( 103 )	58th ( 95 )	44th ( 79 )
Putnam VT Income Fund	90th ( 39 )	90th ( 38 )	90th ( 37 )
Putnam VT International Equity Fund	57th ( 111 )	56th ( 97 )	77th ( 92 )
Putnam VT International Growth and Income Fund	69th ( 60 )	68th ( 54 )	63rd ( 52 )
Putnam VT International New Opportunities Fund	23rd ( 80 )	36th ( 66 )	50th ( 51 )
Putnam VT Investors Fund	69th ( 229 )	90th ( 211 )	83rd ( 185 )
Putnam VT Mid Cap Value Fund	81st ( 83 )	74th ( 74 )	70th ( 62 )
Putnam VT Money Market Fund	13th ( 106 )	14th ( 103 )	15th ( 99 )
Putnam VT New Opportunities Fund	18th ( 149 )	52nd ( 129 )	53rd ( 106 )
Putnam VT Research Fund	53rd ( 229 )	79th ( 211 )	88th ( 185 )
Putnam VT Small Cap Value Fund	93rd ( 53 )	92nd ( 47 )	88th ( 38 )
Putnam VT Vista Fund	50th ( 143 )	87th ( 132 )	73rd ( 118 )

I-10 

	One-year period	Three-year period	Five-year period
	percentile rank	percentile rank	percentile rank
	(# of funds in	(# of funds in	(# of funds in
	category)	category)	category)
Putnam VT Voyager Fund	9th ( 224 )	57th ( 203 )	75th ( 189 )

† Because these are new funds, performance information for the one-year period was not yet available.

I-11 

APPENDIX J – Management Contracts: Terms, Dates, and Approvals

Under the management contract between your fund and Putnam Management, subject to such policies as the Trustees may determine, Putnam Management, at its expense, furnishes continuously an investment program for the fund and makes investment decisions on behalf of the fund. Except for the funds included in the table below, the current management contract for your fund dated August 3, 2007 was last approved by shareholders on May 15, 2007. At that time, shareholders of the fund voted to approve a new management contract in connection with the sale of Putnam Investments to Great-West Lifeco Inc., a subsidiary of Power Financial Corporation, which constituted a “change of control” of the investment adviser under the 1940 Act and resulted in the automatic termination of the fund’s management contract. The management contract has not been submitted for approval by the shareholders of your fund since that date.

The following table contains information regarding the date of each remaining fund’s current management contract, the date on which it was last approved by shareholders and the purpose for that submission.

	Date of Current	Date Current Management	Purpose of Last Submission of Current
Fund	Management	Contract Last Submitted to	Management Contract to Shareholder
	Contract	Shareholder Vote	Vote
Putnam Absolute	December 22,	December 31, 2008	Organization of the fund
Return 100 Fund	2008
Putnam Absolute	December 22,	December 31, 2008	Organization of the fund
Return 300 Fund	2008
Putnam Absolute	December 22,	December 31, 2008	Organization of the fund
Return 500 Fund	2008
Putnam Absolute	December 22,	December 31, 2008	Organization of the fund
Return 700 Fund	2008
Putnam Asia Pacific	March 17, 2009	June 12, 2009	Organization of the fund
Equity Fund
Putnam Asset	October 17,	January 22, 2009	Organization of the fund
Allocation: Equity	2008
Portfolio
Putnam Capital	April 20, 2009	May 18, 2009	Organization of the fund
Spectrum Fund
Putnam Emerging	June 13, 2008	October 14, 2008	Organization of the fund
Markets Equity
Fund
Putnam Equity	April 20, 2009	May 18, 2009	Organization of the fund
Spectrum Fund
Putnam Global	October 17,	December 31, 2008	Organization of the fund
Consumer Fund	2008

J-1 

	Date of Current	Date Current Management	Purpose of Last Submission of Current
Fund	Management	Contract Last Submitted to	Management Contract to Shareholder
	Contract	Shareholder Vote	Vote
Putnam Global	October 17,	December 31, 2008	Organization of the fund
Energy Fund	2008
Putnam Global	October 17,	December 31, 2008	Organization of the fund
Financials Fund	2008
Putnam Global	October 17,	December 31, 2008	Organization of the fund
Industrials Fund	2008
Putnam Global	September 1,	May 28, 2009	Change in frequency of fee calculation
Natural Resources	2009		and payment
Fund
Putnam Global	October 17,	December 31, 2008	Organization of the fund
Technology Fund	2008
Putnam Global	October 17,	December 31, 2008	Organization of the fund
Telecommunications	2008
Fund

The following is a brief description of the terms of your fund’s current management contract. SeeAppendix Efor the current management fee rate(s).

Subject to the control of the Trustees and under your fund’s management contract, Putnam Management also manages, supervises and conducts the other affairs and business of the fund, furnishes office space and equipment, provides bookkeeping and clerical services (including determination of your fund’s net asset value, but excluding shareholder accounting services) and places all orders for the purchase and sale of your fund’s portfolio securities. Putnam Management may place fund portfolio transactions with broker-dealers that furnish Putnam Management, without cost to it, certain research, statistical and quotation services of value to Putnam Management and its affiliates in advising your fund and other clients. In so doing, Putnam Management may cause a fund to pay greater brokerage commissions than it might otherwise pay.

Putnam Management’s compensation under the management contract may be reduced in any year if your fund’s expenses exceed the limits 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 term “expenses” is defined in the statutes or regulations of such jurisdictions, and generally excludes brokerage commissions, taxes, interest, extraordinary expenses and payments made under the fund’s distribution plans.

Under the fund’s management contract, Putnam Management may reduce its compensation to the extent that your fund’s expenses exceed such lower expense limitation as Putnam Management may, by notice to the fund, declare to be effective. For the purpose of determining any such limitation on Putnam Management’s compensation, expenses of the fund shall not reflect the application of commissions or cash management credits that may reduce designated fund expenses.

J-2 

In addition to the fee paid to Putnam Management, your fund reimburses Putnam Management for the compensation and related expenses of certain officers of the fund and their assistants who provide certain services for the fund and the other Putnam funds, each of which bears an allocated share of the foregoing costs. The aggregate amount of all such payments and reimbursements is determined annually by the Trustees.

Putnam Management pays all other salaries of officers of the fund. The fund pays all expenses not assumed by Putnam Management including, without limitation, auditing, legal, custodial, investor servicing and shareholder reporting expenses. The fund pays the cost of typesetting for its prospectuses and the cost of printing and mailing any prospectuses sent to its shareholders.

The fund’s management contract provides that Putnam Management 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 to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties on the part of Putnam Management.

The fund’s management contract may be terminated without penalty by vote of the Trustees or the shareholders of your fund, or by Putnam Management, on 60 days’ written notice. It may be amended only by a vote of the shareholders of the fund. The fund’s management contract also terminates without payment of any penalty in the event of its assignment. The fund’s management contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders, and, in either case, by a majority of the Independent Trustees. 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 Investment Company Act of 1940.

J-3 

APPENDIX K – Comparative Expense Tables

All mutual funds pay ongoing fees for investment management and other services. These charges, expressed as a percentage of fund assets, are known as the total annual fund operating expenses. The following tables describe the total annual fund operating expenses that you may pay (1) if you buy and hold shares of Putnam Investors Fund under the current management contract and pro forma expenses that you would pay under the proposed management contract, or (2) if you buy and hold shares of Putnam International New Opportunities Fund under the current management contract and pro forma expenses that you would pay under the proposed management contract with (a) both Fund Family breakpoints and performance fees, (b) Fund Family breakpoints only, or (c) performance fees only. All tables reflect projected expenses based on the funds’ current expense limitations and assume fund assets and Fund Family assets as of June 30, 2009 throughout the period. In the case of Putnam International New Opportunities Fund, two of the three pro forma presentations assume a performance adjustment based on the fund’s performance relative to that of its benchmark index for the period beginning with the fund’s first fiscal year prior to its most recently completed fiscal year.

The examples below take the maximum up-front sales charge (or applicable contingent deferred sales charge) and the annual operating expenses shown in the table for each share class and translate them into dollar amounts, showing the cumulative effect of these costs over time. This is intended to help you more easily compare the cost of investing in the fund, under the current management contract and the proposed management contract, to the cost of investing in other mutual funds. The example makes certain assumptions. It assumes that you invest $10,000 in the fund for the time periods shown and then, except as shown for class B shares and class C shares, redeem all your shares at the end of those periods. It also assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. The example is hypothetical; your actual costs and returns may be higher or lower.

K-1 

PUTNAM INVESTORS FUND						How do these fees and expenses look in dollar terms?
Total Annual Fund Operating Expenses*(expenses that are deducted from fund						Example: Sales charge plus annual operating expenses on a $10,000 investment
assets)						over time
Class		Management	Distribution	Other	Total	Class		1 year	3 years	5 years	10 years
		Fees	and Service	Expenses^	Annual
			(12b-1) Fees		Fund	A	Current	$697	$955	$1,232	$2,021
					Operating
					Expenses		Pro Forma	$697	$955	$1,232	$2,021
A	Current	0.57%	0.25%	0.45%	1.27%	B	Current	$705	$934	$1,288	$2,155*
	Pro Forma	0.57%	0.25%	0.45%	1.27%		Pro Forma	$705	$934	$1,288	$2,155*
B	Current	0.57%	1.00%	0.45%	2.02%	B (no redemption)	Current	$205	$634	$1,088	$2,155*
	Pro Forma	0.57%	1.00%	0.45%	2.02%		Pro Forma	$205	$634	$1,088	$2,155*
C	Current	0.57%	1.00%	0.45%	2.02%	C	Current	$305	$634	$1,088	$2,348
	Pro Forma	0.57%	1.00%	0.45%	2.02%		Pro Forma	$305	$634	$1,088	$2,348
M	Current	0.57%	0.75%	0.45%	1.77%	C (no redemption)	Current	$205	$634	$1,088	$2,348
	Pro Forma	0.57%	0.75%	0.45%	1.77%		Pro Forma	$205	$634	$1,088	$2,348
R	Current	0.57%	0.50%	0.45%	1.52%	M	Current	$524	$888	$1,276	$2,361
	Pro Forma	0.57%	0.50%	0.45%	1.52%		Pro Forma	$524	$888	$1,276	$2,361
Y	Current	0.57%	N/A	0.45%	1.02%	R	Current	$155	$480	$829	$1,813
	Pro Forma	0.57%	N/A	0.45%	1.02%		Pro Forma	$155	$480	$829	$1,813
						Y	Current	$104	$325	$563	$1,248
							Pro Forma	$104	$325	$563	$1,248
	* Reflects Putnam Management’s contractual obligation, from August 1, 2009 through					* Reflects conversion of class B shares to class A shares, which pay lower 12b-1 fees.
	at least July 31, 2010, to limit the fund’s investor servicing fees to an annual rate of					Conversion occurs eight years after purchase.
	0.375% of the fund’s average net assets. Putnam Management has also contractually
	agreed, from August 1, 2009 through July 31, 2010, to limit the fund’s other
	expenses (not including brokerage, interest, taxes, investment-related expenses,
	extraordinary expenses and payments under the fund’s investor servicing contract,
	investment management contractand distribution plans) to an annual rate of 0.20%
	of the fund’s average net assets.
	^ Includes estimated expenses attributable to the fund’s investments in other
	investment companies that the fund bears indirectly.

K-2 

PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
Total Annual Fund Operating Expenses*(expenses that are deducted from fund assets)

Class		Management	Distribution and Service	Other	Total Annual Fund	Expense Reimbursement	Net Expenses
		Fees	(12b-1) Fees	Expenses^	Operating Expenses
A	Current	1.00%	0.25%	0.49%	1.74%	(0.06%)	1.68%
	Pro Forma (with both Fund Family breakpoints	0.86%	0.25%	0.49%	1.60%	0.00%	1.60%
	and performance fees)
	Pro Forma (with Fund Family breakpoints only)	0.94%	0.25%	0.49%	1.68%	0.00%	1.68%
	Pro Forma (with performance fees only)	0.92%	0.25%	0.49%	1.66%	(0.06% )	1.60%
B	Current	1.00%	1.00%	0.49%	2.49%	(0.06%)	2.43%
	Pro Forma (with both Fund Family breakpoints	0.86%	1.00%	0.49%	2.35%	0.00%	2.35%
	and performance fees)
	Pro Forma (with Fund Family breakpoints only)	0.94%	1.00%	0.49%	2.43%	0.00%	2.43%
	Pro Forma (with performance fees only)	0.92%	1.00%	0.49%	2.41%	(0.06%)	2.35%
C	Current	1.00%	1.00%	0.49%	2.49%	(0.06%)	2.43%
	Pro Forma (with both Fund Family breakpoints	0.86%	1.00%	0.49%	2.35%	0.00%	2.35%
	and performance fees)
	Pro Forma (with Fund Family breakpoints only)	0.94%	1.00%	0.49%	2.43%	0.00%	2.43%
	Pro Forma (with performance fees only)	0.92%	1.00%	0.49%	2.41%	(0.06%)	2.35%
M	Current	1.00%	0.75%	0.49%	2.24%	(0.06%)	2.18%
	Pro Forma (with both Fund Family breakpoints	0.86%	0.75%	0.49%	2.10%	0.00%	2.10%
	and performance fees)
	Pro Forma (with Fund Family breakpoints only)	0.94%	0.75%	0.49%	2.18%	0.00%	2.18%
	Pro Forma (with performance fees only)	0.92%	0.75%	0.49%	2.16%	(0.06%)	2.10%
R	Current	1.00%	0.50%	0.49%	1.99%	(0.06%)	1.93%
	Pro Forma (with both Fund Family breakpoints	0.86%	0.50%	0.49%	1.85%	0.00%	1.85%
	and performance fees)
	Pro Forma (with Fund Family breakpoints only)	0.94%	0.50%	0.49%	1.93%	0.00%	1.93%
	Pro Forma (with performance fees only)	0.92%	0.50%	0.49%	1.91%	(0.06%)	1.85%
Y	Current	1.00%	N/A	0.49%	1.49%	(0.06%)	1.43%
	Pro Forma (with both Fund Family breakpoints	0.86%	N/A	0.49%	1.35%	0.00%	1.35%
	and performance fees)
	Pro Forma (with Fund Family breakpoints only)	0.94%	N/A	0.49%	1.43%	0.00%	1.43%
	Pro Forma (with performance fees only)	0.92%	N/A	0.49%	1.41%	(0.06%)	1.35%

* Reflects Putnam Management’s contractual obligations, from August 1, 2009 through at least July 31, 2010, to limit the fund’s management fee to an annual rate of 0.942% of the fund’s average net assets and investor servicing fees to an annual rate of 0.375% of the fund’s average net assets. PutnamManagement has also contractually agreed, from August 1, 2009 through July 31, 2010, to limit the fund’s other expenses (not including brokerage, interest, taxes, investment-related expenses, extraordinary expenses and payments under the fund’s investor servicing contract, investmentmanagement contract and distribution plans) to an annual rate of 0.20% of the fund’s average net assets.

^ Includes estimated expenses attributable to the fund’s investments in other investment companies that the fund bears indirectly.

K-3 

How do these fees and expenses look in dollar terms?

Example: Sales charge plus annual operating expenses on a $10,000 investment over time+

Class		1 year	3 years	5 years	10 years
A	Current	$736	$1,086	$1,459	$2,504
	Pro Forma (with both Fund Family breakpoints and performance fees)	$728	$1,051	$1,396	$2,366
	Pro Forma (with Fund Family breakpoints only)	$736	$1,074	$1,435	$2,448
	Pro Forma (with performance fees only)	$728	$1,063	$1,420	$2,423
B	Current	$746	$1,070	$1,520	$2,637*
	Pro Forma (with both Fund Family breakpoints and performance fees)	$738	$1,033	$1,455	$2,499*
	Pro Forma (with Fund Family breakpoints only)	$746	$1,058	$1,496	$2,581*
	Pro Forma (with performance fees only)	$738	$1,046	$1,480	$2,556*
B (no redemption)	Current	$246	$770	$1,320	$2,637*
	Pro Forma (with both Fund Family breakpoints and performance fees)	$238	$733	$1,255	$2,499*
	Pro Forma (with Fund Family breakpoints only)	$246	$758	$1,296	$2,581*
	Pro Forma (with performance fees only)	$238	$746	$1,280	$2,556*
C	Current	$346	$770	$1,320	$2,821
	Pro Forma (with both Fund Family breakpoints and performance fees)	$338	$733	$1,255	$2,686
	Pro Forma (with Fund Family breakpoints only)	$346	$758	$1,296	$2,766
	Pro Forma (with performance fees only)	$338	$746	$1,280	$2,742
C (no redemption)	Current	$246	$770	$1,320	$2,821
	Pro Forma (with both Fund Family breakpoints and performance fees)	$238	$733	$1,255	$2,686
	Pro Forma (with Fund Family breakpoints only)	$246	$758	$1,296	$2,766
	Pro Forma (with performance fees only)	$238	$746	$1,280	$2,742
M	Current	$563	$1,020	$1,503	$2,830
	Pro Forma (with both Fund Family breakpoints and performance fees)	$556	$985	$1,439	$2,696
	Pro Forma (with Fund Family breakpoints only)	$563	$1,008	$1,479	$2,775
	Pro Forma (with performance fees only)	$556	$997	$1,463	$2,751
R	Current	$196	$619	$1,067	$2,312
	Pro Forma (with both Fund Family breakpoints and performance fees)	$188	$582	$1,001	$2,169
	Pro Forma (with Fund Family breakpoints only)	$196	$606	$1,042	$2,254
	Pro Forma (with performance fees only)	$188	$594	$1,026	$2,228
Y	Current	$146	$465	$808	$1,774
	Pro Forma (with both Fund Family breakpoints and performance fees)	$137	$428	$739	$1,624
	Pro Forma (with Fund Family breakpoints only)	$146	$452	$782	$1,713
	Pro Forma (with performance fees only)	$137	$440	$765	$1,686

+ Reflects Putnam Management’s contractual obligation to limit fund expenses from August 1, 2009 through at least July 31, 2010.

* Reflects conversion of class B shares to class A shares, which pay lower 12b-1 fees. Conversion occurs eight years after purchase.

K-4 

APPENDIX L – Comparison of Management Fees

Comparison of Management Fees

The following table shows:

(1) the annual dollar amount of the actual management fees that would be paid by each fund, before any applicable waivers, under the current management contract assuming fund net assets as of June 30, 2009;

(2) the annual dollar amount of the pro forma management fees that would be paid by each fund, before any applicable waivers, under the proposed management contract, in the case of funds for which a performance fee is proposed, with (a) both Fund Family breakpoints and performance fees, (b) Fund Family breakpoints only, or (c) performance fees only, in each case assuming fund and Fund Family net assets as of June 30, 2009; and

(3) the difference between these actual and pro forma dollar amounts, expressed as a percentage of the actual management fees (before waivers).

Such percentage difference is positive when the amount of the pro forma management fees would have been larger than the amount of the actual management fees paid by the fund, and (negative) when the amount of the pro forma management fees would have been smaller than the amount of the actual management fees paid by the fund.

In the case of funds for which a management contract providing for performance adjustment is proposed, pro forma expenses under the proposed management contract assume a performance adjustment based on the fund’s performance relative to that of its benchmark index for the period beginning with the fund’s first fiscal year prior to its most recently completed fiscal year.¹

¹For funds for which the current management contract includes a performance adjustment but which do not yet have at least 13 complete calendar months of operations, no performance adjustments are shown.

L-1 

			Difference				Difference
	Actual	Pro Forma	Between Pro		Actual	Pro Forma	Between Pro
	Management	Management	Forma and		Management	Management	Forma and
	Fee Before	Fee Before	Actual		Fee Before	Fee Before	Actual
	Waiver	Waiver	Management		Waiver	Waiver	Management
			Fee Before				Fee Before
Fund	($)	($)	Waiver	Fund	($)	($)	Waiver
Putnam Absolute	249,695	223,437	(11%)	Putnam Absolute	579,262	527,718	(9%)
Return 100				Return 300 Fund*
Fund*
Putnam Absolute	799,808	741,983	(7%)	Putnam Absolute	594,842	558,626	(6%)
Return 500				Return 700 Fund*
Fund*
Putnam	4,316,758	2,860,220	(34%)	Putnam AMT-Free	1,745,033	1,578,074	(10%)
American				Municipal Fund
Government
Income Fund
Putnam Arizona	346,290	313,159	(10%)	Putnam Asset	8,397,585	7,292,157	(13%)
Tax Exempt				Allocation:
Income Fund				Balanced Portfolio
Putnam Asset	6,024,875	4,992,292	(17%)	Putnam Asset	269,441	235,631	(13%)
Allocation:				Allocation: Equity
Conservative				Portfolio*
Portfolio
Putnam Asset	9,642,495	9,662,966	0%	Putnam California	8,045,646	7,275,864	(10%)
Allocation:				Tax Exempt Income
Growth Portfolio				Fund
Putnam Capital	1,491,510	1,473,524	(1%)	Putnam Capital	170,186	157,882	(7%)
Opportunities				Spectrum Fund*
Fund
Putnam	3,566,979	3,580,900	0%	Putnam Diversified	10,622,893	9,976,000	(6%)
Convertible				Income Trust
Income-Growth
Trust
Putnam Equity	13,259,536	12,587,892	(5%)	Putnam Equity	61,204	56,779	(7%)
Income Fund				Spectrum Fund*
Putnam Floating	2,077,980	1,860,591	(10%)	The Putnam Fund	23,073,628	23,321,492	1%
Rate Income				for Growth and
Fund				Income
The George	8,117,687	7,717,876	(5%)	Putnam Global	25,590	23,475	(8%)
Putnam Fund of				Consumer Fund*
Boston
Putnam Global	36,366	33,361	(8%)	Putnam Global	43,812	40,192	(8%)
Energy Fund*				Financials Fund*
Putnam Global	7,298,716	7,354,171	1%	Putnam Global	873,549	701,537	(20%)
Health Care				Income Trust
Fund
Putnam Global	23,481	21,541	(8%)	Putnam Global	2,539,677	2,329,833	(8%)
Industrials				Natural Resources
Fund*				Fund
Putnam Global	34,665	31,801	(8%)	Putnam Global	20,837	19,115	(8%)
Technology				Telecommunications
Fund*				Fund*
Putnam Global	2,220,135	2,036,693	(8%)	Putnam High Yield	4,304,431	3,691,323	(14%)
Utilities Fund				Advantage Fund

L-2 

			Difference				Difference
	Actual	Pro Forma	Between Pro		Actual	Pro Forma	Between Pro
	Management	Management	Forma and		Management	Management	Forma and
	Fee Before	Fee Before	Actual		Fee Before	Fee Before	Actual
	Waiver	Waiver	Management		Waiver	Waiver	Management
			Fee Before				Fee Before
Fund	($)	($)	Waiver	Fund	($)	($)	Waiver
Putnam High	7,427,497	6,803,349	(8%)	Putnam Income	5,763,846	3,944,646	(32%)
Yield Trust				Fund
Putnam Income	244,094	203,537	(17%)	Putnam Investors	8,162,666	8,196,405	0%
Strategies Fund				Fund
Putnam	1,353,857	1,224,324	(10%)	Putnam Michigan	421,579	381,244	(10%)
Massachusetts				Tax Exempt Income
Tax Exempt				Fund
Income Fund
Putnam Mid Cap	3,489,388	3,001,679	(14%)	Putnam Minnesota	442,012	399,722	(10%)
Value Fund				Tax Exempt Income
				Fund
Putnam Money	8,921,077	8,758,378	(2%)	Putnam New Jersey	1,059,094	957,763	(10%)
Market Fund				Tax Exempt Income
				Fund
Putnam New	5,301,283	4,794,074	(10%)	Putnam Ohio Tax	747,810	676,262	(10%)
York Tax				Exempt Income
Exempt Income				Fund
Fund
Putnam	857,967	775,879	(10%)	Putnam Research	1,391,562	1,224,921	(12%)
Pennsylvania				Fund
Tax Exempt
Income Fund
Putnam Small	1,374,421	1,103,251	(20%)	Putnam Tax Exempt	5,558,979	5,027,114	(10%)
Cap Value Fund				Income Fund
Putnam Tax	311,346	209,059	(33%)	Putnam Tax-Free	4,319,194	4,251,483	(2%)
Exempt Money				High Yield Fund
Market Fund
Putnam U.S.	6,244,584	5,104,619	(18%)	Putnam VT	986,497	625,533	(37%)
Government				American
Income Trust				Government Income
				Fund
Putnam VT	135,730	134,093	(1%)	Putnam VT	2,761,781	2,217,954	(20%)
Capital				Diversified Income
Opportunities				Fund
Fund
Putnam VT	2,338,026	1,770,287	(24%)	Putnam VT The	1,354,098	1,129,446	(17%)
Equity Income				George Putnam
Fund				Fund of Boston
Putnam VT	1,413,272	1,235,930	(13%)	Putnam VT Global	1,793,710	1,596,764	(11%)
Global Asset				Equity Fund
Allocation Fund
Putnam VT	894,705	820,779	(8%)	Putnam VT Global	1,211,221	1,111,143	(8%)
Global Health				Utilities Fund
Care Fund
Putnam VT	7,486,925	6,385,231	(15%)	Putnam VT Growth	165,523	135,294	(18%)
Growth and				Opportunities Fund
Income Fund
Putnam VT High	2,611,414	2,171,807	(17%)	Putnam VT Income	2,728,079	1,729,861	(37%)
Yield Fund				Fund

L-3 

			Difference				Difference
	Actual	Pro Forma	Between Pro		Actual	Pro Forma	Between Pro
	Management	Management	Forma and		Management	Management	Forma and
	Fee Before	Fee Before	Actual		Fee Before	Fee Before	Actual
	Waiver	Waiver	Management		Waiver	Waiver	Management
			Fee Before				Fee Before
Fund	($)	($)	Waiver	Fund	($)	($)	Waiver
Putnam VT	4,309,215	3,875,396	(10%)	Putnam VT	1,292,817	1,150,868	(11%)
International				International
Equity Fund				Growth and Income
				Fund
Putnam VT	719,255	677,654	(6%)	Putnam VT	1,617,723	1,423,998	(12%)
International				Investors Fund
New
Opportunities
Fund
Putnam VT Mid	230,997	198,711	(14%)	Putnam VT Money	1,820,143	1,222,172	(33%)
Cap Value Fund				Market Fund
Putnam VT New	3,590,741	2,947,339	(18%)	Putnam VT	410,841	361,642	(12%)
Opportunities				Research Fund
Fund
Putnam VT	1,800,558	1,445,311	(20%)	Putnam VT Vista	1,080,683	1,001,147	(7%)
Small Cap Value				Fund
Fund
Putnam VT	5,616,500	4,879,108	(13%)
Voyager Fund

*Reflects twelve months of operations for comparative purposes. The fund has not completed twelve months of activity as of June 30, 2009.

L-4 

FUNDS SUBJECT TO PROPOSALS 2.A., 2.B., and 2.C.
	Actual	Pro Forma	Difference	Pro Forma	Difference	Pro Forma	Difference
	Management	Management	Between Pro	Management	Between Pro	Management	Between Pro
Fund	Fee Before	Fee Before	Forma (with	Fee Before	Forma (with	Fee Before	Forma (with
	Waiver	Waiver	both Fund	Waiver	Fund Family	Waiver	performance
		(with both	Family	(with Fund	breakpoints	(with	fees only) and
	($)	Fund Family	breakpoints	Family	only) and	performance	Actual
		breakpoints	and	breakpoints	Actual	fees only)	Management
		and	performance	only)	Management		Fee Before
		performance	fees) and		Fee Before	($)	Waiver
		fees)	Actual	($)	Waiver
			Management
		($)	Fee Before
			Waiver
Putnam Asia	51,461	48,485	(6%)	48,485	(6%)	51,461	0%
Pacific Equity
Fund*†
Putnam	136,095	128,223	(6%)	128,223	(6%)	136,095	0%
Emerging
Markets Equity
Fund*†
Putnam Europe	1,559,898	1,235,365	(21%)	1,388,625	(11%)	1,406,638	(10%)
Equity Fund
Putnam Global	6,533,376	5,825,325	(11%)	6,138,199	(6%)	6,220,503	(5%)
Equity Fund
Putnam Growth	2,048,300	1,327,966	(35%)	1,674,227	(18%)	1,702,040	(17%)
Opportunities
Fund
Putnam	9,690,640	10,553,112	9%	9,632,926	(1%)	10,610,825	9%
International
Capital
Opportunities
Fund
Putnam	12,478,979	11,106,042	(11%)	12,734,612	2%	10,850,409	(13%)
International
Equity Fund
Putnam	2,818,248	2,031,558	(28%)	2,508,810	(11%)	2,340,996	(17%)
International
Growth and
Income Fund

L-5 

	Actual	Pro Forma	Difference	Pro Forma	Difference	Pro Forma	Difference
	Management	Management	Between Pro	Management	Between Pro	Management	Between Pro
Fund	Fee Before	Fee Before	Forma (with	Fee Before	Forma (with	Fee Before	Forma (with
	Waiver	Waiver	both Fund	Waiver	Fund Family	Waiver	performance
		(with both	Family	(with Fund	breakpoints	(with	fees only) and
	($)	Fund Family	breakpoints	Family	only) and	performance	Actual
		breakpoints	and	breakpoints	Actual	fees only)	Management
		and	performance	only)	Management		Fee Before
		performance	fees) and		Fee Before	($)	Waiver
		fees)	Actual	($)	Waiver
			Management
		($)	Fee Before
			Waiver
Putnam	3,824,983	3,313,245	(13%)	3,603,753	(6%)	3,534,476	(8%)
International
New
Opportunities
Fund
Putnam New	13,536,435	11,629,950	(14%)	13,487,492	0%	11,678,893	(14%)
Opportunities
Fund
Putnam Small	1,330,666	619,906	(53%)	854,503	(36%)	1,096,070	(18%)
Cap Growth
Fund
Putnam Vista	5,575,894	4,449,820	(20%)	5,557,288	0%	4,468,426	(20%)
Fund
Putnam Voyager	16,015,841	12,924,708	(19%)	16,324,733	2%	12,615,816	(21%)
Fund

*Reflects twelve months of operations for comparative purposes. The fund has not completed twelve months of activity as of June 30, 2009.

^†Performance period for this fund is less than twelve months. No performance fee can be calculated.

L-6 

Appendix M–Current Fundamental Investment Restrictions with Respect to Investments in Commodities

Putnam Absolute Return 100 Fund	Putnam Global Consumer Fund
Putnam Absolute Return 300 Fund	Putnam Global Energy Fund
Putnam Absolute Return 500 Fund	Putnam Global Financials Fund
Putnam Absolute Return 700 Fund	Putnam Global Industrials Fund
Putnam Capital Spectrum Fund	Putnam Global Technology Fund
Putnam Emerging Markets Equity Fund	Putnam Global Telecommunications Fund
Putnam Equity Spectrum Fund

“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.)”

Putnam Asia Pacific Equity Fund
Putnam Income Strategies Fund
Putnam VT Global Asset Allocation Fund

“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.”

Putnam Asset Allocation: Equity Portfolio

“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.”

Putnam Asset Allocation: Balanced Portfolio
Putnam Asset Allocation: Conservative Portfolio
Putnam Asset Allocation: Growth Portfolio

“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 foreign exchange contracts and other financial transactions.”

M-1 

Putnam Global Health Care Fund
Putnam Global Natural Resources Fund
Putnam Global Utilities Fund
Putnam VT Global Health Care Fund
Putnam VT Global Utilities Fund

“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.”

M-2 

Appendix N–Current Fundamental Investment Restrictions with Respect to Diversification of Investments

Putnam Europe Equity Fund
Putnam International Equity Fund

“With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities.”

Putnam New Opportunities Fund

“With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest and principal by the U.S. government or its agencies or instrumentalities.”

Putnam Global Utilities Fund

“With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies.”

Putnam Growth Opportunities Fund
Putnam International Capital Opportunities Fund

“With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its political subdivisions.”

N-1 

Appendix O–Current Fundamental Investment Restrictions with Respect to Borrowing

Putnam Europe Equity Fund
Putnam Growth Opportunities Fund
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam New Jersey Tax Exempt Income Fund
Putnam New Opportunities Fund

“Borrow money in excess of 10% of the value (taken at the lower of cost or current value) of its total assets (not including the amount borrowed) at the time the borrowing is made, and then only from banks as a temporary measure to facilitate the meeting of redemption requests (not for leverage) which might otherwise require the untimely disposition of portfolio investments or for extraordinary or emergency purposes. Such borrowings will be repaid before any additional investments are purchased.”

Putnam Global Natural Resources Fund

“Borrow money, except for temporary or emergency purposes and then in an amount not in excess of 5% of the market value of its total assets (not including the amount borrowed).”

Putnam Vista Fund

“Borrow money in excess of 10% of its net assets (taken at current value) and then only as a temporary measure for extraordinary or emergency reasons and not for investment purposes. (The fund may borrow only from banks and immediately after any such borrowings there must be an asset coverage (total assets of the fund including the amount borrowed less liabilities other than such borrowings) of at least 300% of the amount of all borrowings. In the event that, due to market decline or other reasons, such asset coverage should at any time fall below 300%, the fund is required within three days not including Sundays and holidays to reduce the amount of its borrowings to the extent necessary to cause the asset coverage of such borrowings to be at least 300%. If this should happen, the fund may have to sell securities at a time when it would be disadvantageous to do so.)”

O-1 

Appendix P–Current Declaration of Trust Provisions with Respect to the Duration of the Trust

The proposed language in Proposal 4.A. would replace the following excerpts from each fund’s Declaration of Trust.

*  *  * 

The George Putnam Fund of Boston

Article VI

Miscellaneous

Termination of Trust

Section 3. This Trust shall terminate in any event upon the expiration of twenty-one (21) years after the death of the following persons, being the Trustees named herein and their children now living:

George Putnam, Charles M. Werly, S.H. Cunningham, Barbara Putnam, Katharine Putnam, Elizabeth Lowell Putnam, George Putnam, Jr., Helen Harte Putnam, Spurgeon Haddon Cunningham, Jr., James Hugh Cunningham, Nancy Jane Cunningham, John McKee Cunningham, Barbara Ann Cunningham, Cornelia Cunningham, Paul Gilmore Cunningham, Perry Oliver Cunningham, provided, however, that the Trustees shall have the power and authority to terminate this Trust at an earlier date by an instrument in writing setting forth such termination and by written notice thereof mailed, postage pre-paid, to the beneficiaries at their addresses as the same appear upon the records of the Trustees.

Upon termination of this Trust either by expiration or otherwise the Trustees shall make provision for the payment of the expenses and liabilities of the Trust and of the Trustees and upon the surrender of the certificates representing the shares of this Trust then outstanding distribute the remaining assets, or sell and dispose of all or any part thereof and distribute the net proceeds thereof in cash and/or securities among the holders of such shares in proportion to their holdings, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of shares of the Trust, provided that any distribution to the beneficiaries of a particular class of shares shall be made to such beneficiaries pro rata in proportion to the number of shares of such class held by each of them.

*   *  * 

The Putnam Fund for Growth and Income

Article VI

Termination of Trust

P-1 

Section 3. This Trust shall terminate in any event upon the expiration of twenty-one (21) years after the death of the last survivor of the six original Trustees named hereunder and of their children living as of October 1, 1957, provided, however, that the Trustees shall have the power and authority to terminate this Trust at an earlier date by an instrument in writing setting forth such termination and by written notice thereof mailed, postage prepaid, to the beneficiaries at their addresses as the same appear upon the records of the Trustees.

Upon the termination of this Trust either by expiration or otherwise the Trustees shall make provision for the payment of the expenses and liabilities of the Trust and of the Trustees and upon the surrender of the certificates representing the shares of this Trust then outstanding distribute the remaining assets, or sell and dispose of all or any part thereof and distribute the net proceeds thereof in cash and securities, or both, among the holders of such shares in proportion to their holdings, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of shares of the Trust, provided that any distribution to the beneficiaries of a particular class of shares shall be made to such beneficiaries pro rata in proportion to the number of shares of such class held by each of them.

*  *  * 

Putnam Money Market Fund

Article IX

Miscellaneous

Termination of Trust

Section 4. The Trust may be terminated at any time by the Trustees by written notice to the Shareholders, and if not terminated earlier, shall terminate twenty years after the death of the last survivor of the initial Trustees and the following persons:

Ted Lawrence Benjamin, born October 7, 1966
Michael Steven Benjamin, born March 10, 1963
Robert Andrew Benjamin, born September 4, 1960
164 Prospect Street
Belmont, Massachusetts
(Children of Edward A. Benjamin)

Sarah Caroline Ellis, born August 11, 1974
45 Leewood Road
Wellesley, Massachusetts
(Daughter of Douglass N. Ellis, Jr.)

Russell A. Gaudreau, born July 3, 1972
302 Commonwealth Avenue
Boston, Massachusetts
(Son of Russell A. Gaudreau, Jr.)

P-2 

Catherine Annesley Hanlon, born February 3, 1965
Susan Nelson Hanlon, born March 8, 1967
Jonathan Roger Hanlon, born December 21, 1970
Jennifer LaTourette Hanlon, born October 16, 1975
13 Moulton
Duxbury, Massachusetts
(Children of Francis X. Hanlon)

Eloise Paul Lawrence, born June 2, 1973
Abbott Wells Lawrence, born August 22, 1970
25 West Cedar Street
Boston, Massachusetts
(Children of Edward P. Lawrence)

Sarah Edgerly Pike, born September 26, 1967
William Abbott Pike, born August 2, 1966
Margaret Pike, born August 10, 1962
Susan Wendell Pike, born December 19, 1960
John Richmond Pike, born June 13, 1959
Conant Road
Lincoln, Massachusetts
(Children of John A. Pike)

*  *  * 

Putnam Tax Exempt Income Fund

Article IX

Miscellaneous

Termination of Trust

Section 4. The Trust may be terminated at any time by the Trustees by written notice to the Shareholders, and if not terminated earlier, shall terminate twenty years after the death of the last survivor of the initial Trustees and the following persons:

Ted Lawrence Benjamin, born October 7, 1966
Michael Steven Benjamin, born March 10, 1963
Robert Andrew Benjamin, born September 4, 1960
164 Prospect Street
Belmont, Massachusetts
(Children of Edward A. Benjamin)

Steven Yard Davenport, born May 22, 1975
27 Bogle Street
Weston, Massachusetts
(Son of David S. Davenport)

P-3 

Sarah Caroline Ellis, born August 11, 1974
45 Leewood Road
Wellesley, Massachusetts
(Daughter of Douglass N. Ellis, Jr.)

Russell A. Gaudreau, born July 3, 1972
302 Commonwealth Avenue
Boston, Massachusetts
(Son of Russell A. Gaudreau, Jr.)

Catherine Annesley Hanlon, born February 3, 1965
Susan Nelson Hanlon, born March 8, 1967
Jonathan Roger Hanlon, born December 21, 1970
Jennifer LaTourette Hanlon, born October 16, 1975
13 Moulton Road
Duxbury, Massachusetts
(Children of Francis X. Hanlon)

Eloise Paul Lawrence, born June 2, 1973
Abbott Wells Lawrence, born August 22, 1970
25 West Cedar Street
Boston, Massachusetts
(Children of Edward P. Lawrence)

Sarah Edgerly Pike, born September 26, 1967
William Abbott Pike, born August 2, 1966
Margaret Pike, born August 10, 1962
Susan Wendell Pike, born December 19, 1960
John Richmond Pike, born June 13, 1959
Conant Road
Lincoln, Massachusetts
(Children of John A. Pike)

P-4 

APPENDIX Q – Independent Public Accountants

As listed below, the Trustees have selected PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts 02110, or KPMG, 99 High Street, Boston, Massachusetts 02110, as the independent registered public accounting firm for each fund’s current fiscal year. These firms are among the country’s preeminent independent registered public accounting firms. Each firm was selected primarily on the basis of its expertise as auditors of investment companies, the quality of its audit services and the competitiveness of its fees. Representatives of each of PricewaterhouseCoopers LLP and KPMG LLP are expected to be present at the meeting and to have the opportunity to make a statement and respond to appropriate questions.

The following table presents fees billed to each indicated fund in each of its last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009) by PricewaterhouseCoopers LLP:

	Putnam American	Putnam AMT-Free	Putnam Asset Allocation:
	Government Income Fund	Municipal Fund	Balanced Portfolio
Audit Fees	Sept. 30, 2008 -- $123,407	July 31, 2008 -- $72,501	Sept. 30, 2008 -- $253,212
	Sept. 30, 2007 -- $87,131	July 31, 2007 -- $67,036	Sept. 30, 2007 -- $205,254
Audit-Related Fees	Sept. 30, 2008 -- $0	July 31, 2008 -- $0	Sept. 30, 2008 -- $0
	Sept. 30, 2007 -- $78	July 31, 2007 -- $10	Sept. 30, 2007 -- $143
Tax Fees	Sept. 30, 2008 -- $6,126	July 31, 2008 -- $7,408	Sept. 30, 2008 -- $22,753
	Sept. 30, 2007 -- $5,389	July 31, 2007 -- $6,774	Sept. 30, 2007 -- $20,703
All Other Fees *	Sept. 30, 2008 -- $196	July 31, 2008 -- $87	Sept. 30, 2008 -- $684
	Sept. 30, 2007 -- $237	July 31, 2007 -- $169	Sept. 30, 2007 -- $2,919

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam American Government Income Fund: $196 and $175.

Putnam AMT-Free Municipal Fund: $87 and $41.

Putnam Asset Allocation: Balanced Portfolio: $684 and $562.

These fees were reimbursed to the fund by Putnam Investment Management, LLC (“Putnam Management”).

	Putnam Asset Allocation:	Putnam Asset Allocation:	Putnam Capital
	Conservative Portfolio	Growth Portfolio	Opportunities Fund
Audit Fees	Sept. 30, 2008 -- $224,421	Sept. 30, 2008 -- $261,803	April 30, 2009 -- $78,270
	Sept. 30, 2007 -- $172,380	Sept. 30, 2007 -- $207,427	April 30, 2008 -- $82,521
Audit-Related Fees	Sept. 30, 2008 -- $0	Sept. 30, 2008 -- $0	April 30, 2009 -- $0
	Sept. 30, 2007 -- $36	Sept. 30, 2007 -- $231	April 30, 2008 -- $0
Tax Fees	Sept. 30, 2008 -- $21,548	Sept. 30, 2008 -- $26,627	April 30, 2009 -- $3,584
	Sept. 30, 2007 -- $20,703	Sept. 30, 2007 -- $21,401	April 30, 2008 -- $3,421
All Other Fees *	Sept. 30, 2008 -- $318	Sept. 30, 2008 -- $768	April 30, 2009 -- $866
	Sept. 30, 2007 -- $2,612	Sept. 30, 2007 -- $1,866	April 30, 2008 -- $590

Q-1 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Asset Allocation: Conservative Portfolio: $318 and $259.

Putnam Asset Allocation: Growth Portfolio: $768 and $575.

Putnam Capital Opportunities Fund: $866 and $890.

These fees were reimbursed to the fund by Putnam Management.

	Putnam Europe Equity	The Putnam Fund for	The George Putnam
	Fund	Growth and Income	Fund of Boston
Audit Fees	June 30, 2009 -- $[ ]	Oct. 31, 2008 -- $309,209	July 31, 2008 -- $338,593
	June 30, 2008 -- $82,622	Oct. 31, 2007 -- $366,894	July 31, 2007 -- $261,656
Audit-Related Fees	June 30, 2009 $[ ]	Oct. 31, 2008 -- $0	July 31, 2008 -- $0
	June 30, 2008 -- $0	Oct. 31, 2007 -- $1,454	July 31, 2007 -- $313
Tax Fees	June 30, 2009 -- $[ ]	Oct. 31, 2008 -- $5,892	July 31, 2008 -- $12,755
	June 30, 2008 -- $5,245	Oct. 31, 2007 -- $6,883	July 31, 2007 -- $9,550
All Other Fees *	June 30, 2009 -- $[ ]	Oct. 31, 2008 -- $3,975	July 31, 2008 -- $1,247
	June 30, 2008 -- $161	Oct. 31, 2007 -- $5,019	July 31, 2007 -- $4,535

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Europe Equity Fund: $[ ] and $161.

The Putnam Fund for Growth and Income: $3,975 and $3,707.

The George Putnam Fund of Boston: $1,247 and $2,992.

These fees were reimbursed to the fund by Putnam Management.

	Putnam Global Health	Putnam Global Income	Putnam Global Utilities
	Care Fund	Trust	Fund
Audit Fees	Aug. 31, 2008 -- $95,606	Oct. 31, 2008 -- $177,421	Oct. 31, 2008 -- $76,808
	Aug. 31, 2007 -- $92,222	Oct. 31, 2007 -- $129,686	Oct. 31, 2007 -- $72,341
Audit-Related Fees	Aug. 31, 2008 -- $0	Oct. 31, 2008 -- $0	Oct. 31, 2008 -- $0
	Aug. 31, 2007 -- $352	Oct. 31, 2007 -- $19	Oct. 31, 2007 -- $64
Tax Fees	Aug. 31, 2008 -- $11,409	Oct. 31, 2008 -- $17,046	Oct. 31, 2008 -- $6,412
	Aug. 31, 2007 -- $9,154	Oct. 31, 2007 -- $10,836	Oct. 31, 2007 -- $11,470
All Other Fees *	Aug. 31, 2008 -- $572	Oct. 31, 2008 -- $36	Oct. 31, 2008 -- $177
	Aug. 31, 2007 -- $748	Oct. 31, 2007 -- $43	Oct. 31, 2007 -- $218

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Global Health Care Fund: $575 and $555.

Putnam Global Income Trust: $36 and $31.

Putnam Global Utilities Fund: $177 and $159.

These fees were reimbursed to the fund by Putnam Management.

Q-2 

	Putnam Income	Putnam International	Putnam International
	Strategies Fund	Capital Opportunities	Equity Fund
		Fund
Audit Fees	Feb. 28, 2009 -- $101,699	Aug. 31, 2008 -- $116,023	June 30, 2009 -- $[ ]
	Feb. 29, 2008 -- $92,828	Aug. 31, 2007 -- $95,986	June 30, 2008 -- $232,792
Audit-Related Fees	Feb. 28, 2009 -- $0	Aug. 31, 2008 -- $0	June 30, 2009 -- $[ ]
	Feb. 29, 2008 -- $0	Aug. 31, 2007 -- $225	June 30, 2008 -- $0
Tax Fees	Feb. 28, 2009 -- $5,084	Aug. 31, 2008 -- $12,165	June 30, 2009 -- $[ ]
	Feb. 29, 2008 -- $4,581	Aug. 31, 2007 -- $12,443	June 30, 2008 -- $19,434
All Other Fees *	Feb. 28, 2009 -- $0	Aug. 31, 2008 -- $621	June 30, 2009 -- $[ ]
	Feb. 29, 2008 -- $0	Aug. 31, 2007 -- $638	June 30, 2008 -- $2,012

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam International Capital Opportunities Fund: $621 and $466.

Putnam International Equity Fund: $[ ] and $2,012.

These fees were reimbursed to the fund by Putnam Management.

	Putnam International	Putnam International	Putnam Massachusetts
	Growth and Income	New Opportunities Fund	Tax Exempt Income
	Fund		Fund
Audit Fees	June 30, 2009 -- $[ ]	Sept. 30, 2008 -- $85,862	May 31, 2009 -- $64,228
	June 30, 2008 -- $88,373	Sept. 30, 2007 -- $80,538	May 31, 2008 -- $57,166
Audit-Related Fees	June 30, 2009 -- $[ ]	Sept. 30, 2008 -- $0	May 31, 2009 -- $0
	June 30, 2008 -- $0	Sept. 30, 2007 -- $155	May 31, 2008 -- $0
Tax Fees	June 30, 2009 -- $[ ]	Sept. 30, 2008 -- $11,446	May 31, 2009 -- $8,044
	June 30, 2008 -- $8,623	Sept. 30, 2007 -- $12,085	May 31, 2008 -- $7,620
All Other Fees *	June 30, 2009 -- $[ ]	Sept. 30, 2008 -- $244	May 31, 2009 -- $523
	June 30, 2008 -- $336	Sept. 30, 2007 -- $278	May 31, 2008 -- $82

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam International Growth and Income Fund: $[ ] and $336.

Putnam International New Opportunities Fund: $244 and $204.

Putnam Massachusetts Tax Exempt Income Fund: $523 and $82.

These fees were reimbursed to the fund by Putnam Management.

Q-3 

	Putnam Michigan Tax	Putnam Minnesota Tax	Putnam Money Market
	Exempt Income Fund	Exempt Income Fund	Fund
Audit Fees	May 31, 2009 -- $55,152	May 31, 2009 -- $57,337	Sept. 30, 2008 -- $148,400
	May 31, 2008 -- $50,078	May 31, 2008 -- $51,994	Sept. 30, 2007 -- $119,165
Audit-Related Fees	May 31, 2009 -- $0	May 31, 2009 -- $0	Sept. 30, 2008 -- $0
	May 31, 2008 -- $0	May 31, 2008 -- $0	Sept. 30, 2007 -- $352
Tax Fees	May 31, 2009 -- $8,044	May 31, 2009 -- $8,044	Sept. 30, 2008 -- $2,864
	May 31, 2008 -- $7,494	May 31, 2008 -- $7,491	Sept. 30, 2007 -- $3,274
All Other Fees *	May 31, 2009 -- $181	May 31, 2009 -- $179	Sept. 30, 2008 -- $1,065
	May 31, 2008 -- $32	May 31, 2008 -- $30	Sept. 30, 2007 -- $1,123

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Michigan Tax Exempt Income Fund: $181 and $32.

Putnam Minnesota Tax Exempt Income Fund: $179 and $30.

Putnam Money Market Fund: $1,065 and $1,123.

These fees were reimbursed to the fund by Putnam Management.

	Putnam New Jersey Tax	Putnam New	Putnam Ohio Tax
	Exempt Income Fund	Opportunities Fund	Exempt Income Fund
Audit Fees	May 31, 2009 -- $61,059	June 30, 2009 -- $[ ]	May 31, 2009 -- $61,646
	May 31, 2008 -- $54,374	June 30, 2008 -- $154,131	May 31, 2008 -- $55,367
Audit-Related Fees	May 31, 2009 -- $0	June 30, 2009 -- $0	May 31, 2009 -- $0
	May 31, 2008 -- $0	June 30, 2008 -- $0	May 31, 2008 -- $0
Tax Fees	May 31, 2009 -- $8,044	June 30, 2009 -- $[ ]	May 31, 2009 -- $8,044
	May 31, 2008 -- $7,558	June 30, 2008 -- $3,596	May 31, 2008 -- $7,526
All Other Fees *	May 31, 2009 -- $386	June 30, 2009 -- $[ ]	May 31, 2009 -- $291
	May 31, 2008 -- $57	June 30, 2008 -- $1,221	May 31, 2008 -- $44

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam New Jersey Tax Exempt Income Fund: $386 and $57.

Putnam New Opportunities Fund: $[ ] and $1,221.

Putnam Ohio Tax Exempt Income Fund: $291 and $44.

These fees were reimbursed to the fund by Putnam Management.

Q-4 

	Putnam Pennsylvania	Putnam	Putnam Small Cap
	Tax Exempt Income	RetirementReady Funds	Growth Fund
	Fund
Audit Fees	May 31, 2009 -- $59,679	July 31, 2008 -- $162,647	June 30, 2009 -- $[ ]
	May 31, 2008 -- $53,493	July 31, 2007 -- $130,587	June 30, 2008 -- $69,620
Audit-Related Fees	May 31, 2009 -- $0	July 31, 2008 -- $0	June 30, 2009 -- $[ ]
	May 31, 2008 -- $0	July 31, 2007 -- $0	June 30, 2008 -- $0
Tax Fees	May 31, 2009 -- $8,044	July 31, 2008 -- $40,000	June 30, 2009 -- $[ ]
	May 31, 2008 -- $7,533	July 31, 2007 -- $28,266	June 30, 2008 -- $4,260
All Other Fees *	May 31, 2009 -- $308	July 31, 2008 -- $0	June 30, 2009 -- $[ ]
	May 31, 2008 -- $47	July 31, 2007 -- $0	June 30, 2008 -- $144

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Pennsylvania Tax Exempt Income Fund: $308 and $47.

Putnam Small Cap Growth Fund: $[ ] and $144.

These fees were reimbursed to the fund by Putnam Management.

	Putnam Tax Exempt	Putnam Tax-Free High	Putnam Voyager Fund
	Money Market Fund	Yield Fund
Audit Fees	Sept. 30, 2008 -- $60,542	July 31, 2008 -- $105,371	July 31, 2008 -- $212,512
	Sept. 30, 2007 -- $53,714	July 31, 2007 -- $101,968	July 31, 2007 -- $200,657
Audit-Related Fees	Sept. 30, 2008 -- $0	July 31, 2008 -- $0	July 31, 2008 -- $0
	Sept. 30, 2007 -- $7	July 31, 2007 -- $46	July 31, 2007 -- $1,405
Tax Fees	Sept. 30, 2008 -- $2,819	July 31, 2008 -- $9,140	July 31, 2008 -- $5,064
	Sept. 30, 2007 -- $2,592	July 31, 2007 -- $7,921	July 31, 2007 -- $4,395
All Other Fees *	Sept. 30, 2008 -- $22	July 31, 2008 -- $386	July 31, 2008 -- $2,001
	Sept. 30, 2007 -- $27	July 31, 2007 -- $769	July 31, 2007 -- $11,411

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Tax Exempt Money Market Fund: $22 and $20.

Putnam Tax-Free High Yield Fund: $386 and $640.

Putnam Voyager Fund: $2,001 and $10,736.

These fees were reimbursed to the fund by Putnam Management.

Q-5 

	Putnam Variable Trust
Audit Fees	Dec. 31, 2008 -- $2,074,378
	Dec. 31, 2007 -- $1,758,423
Audit-Related Fees	Dec. 31, 2008 -- $0
	Dec. 31, 2007 -- $1,953
Tax Fees	Dec. 31, 2008 -- $137,860
	Dec. 31, 2007 -- $123,564
All Other Fees *	Dec. 31, 2008 -- $14,222
	Dec. 31, 2007 -- $8,704

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Variable Trust: $14,222 and $8,704.

These fees were reimbursed to the fund by Putnam Management.

The following table presents fees billed to each indicated fund in each of its last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009) by KPMG LLP:

	Putnam Arizona Tax	Putnam California Tax	Putnam Convertible
	Exempt Income Fund	Exempt Income Fund	Income-Growth Trust
Audit Fees	May 31, 2009 -- $40,642	Sept. 30, 2008 -- $53,100	Oct. 31, 2008 -- $40,600
	May 31, 2008 -- $50,350	Sept. 30, 2007 -- $54,050	Oct. 31, 2007 -- $37,550
Audit-Related Fees	May 31, 2009 -- $0	Sept. 30, 2008 -- $0	Oct. 31, 2008 -- $0
	May 31, 2008 -- $0	Sept. 30, 2007 -- $0	Oct. 31, 2007 -- $0
Tax Fees	May 31, 2009 -- $6,100	Sept. 30, 2008 -- $6,000	Oct. 31, 2008 -- $3,900
	May 31, 2008 -- $5,450	Sept. 30, 2007 -- $5,450	Oct. 31, 2007 -- $3,550
All Other Fees	May 31, 2009 -- $0	Sept. 30, 2008 -- $0	Oct. 31, 2008 -- $0
	May 31, 2008 -- $0	Sept. 30, 2007 -- $0	Oct. 31, 2007 -- $0
	Putnam Diversified	Putnam Equity Income	Putnam Floating Rate
	Income Trust	Fund	Income Fund
Audit Fees	Sept. 30, 2008 -- $97,075	Nov. 30, 2008 -- $47,200	Feb. 28, 2009 -- $85,975
	Sept. 30, 2007 -- $80,800	Nov. 30, 2007 -- $43,650	Feb. 29, 2008 -- $76,750
Audit-Related Fees	Sept. 30, 2008 -- $0	Nov. 30, 2008 -- $0	Feb. 28, 2009 -- $0
	Sept. 30, 2007 -- $0	Nov. 30, 2007 -- $0	Feb. 29, 2008 -- $0
Tax Fees	Sept. 30, 2008 -- $6,000	Nov. 30, 2008 -- $3,900	Feb. 28, 2009 -- $6,550
	Sept. 30, 2007 -- $5,450	Nov. 30, 2007 -- $3,550	Feb. 29, 2008 -- $5,950
All Other Fees	Sept. 30, 2008 -- $0	Nov. 30, 2008 -- $0	Feb. 28, 2009 -- $0
	Sept. 30, 2007 -- $0	Nov. 30, 2007 -- $0	Feb. 29, 2008 -- $0

Q-6 

	Putnam Global Equity	Putnam Global Natural	Putnam Growth
	Fund	Resources Fund	Opportunities Fund
Audit Fees	Oct. 31, 2008 -- $54,050	Aug. 30, 2008 -- $43,100	July 31, 2008 -- $40,600
	Oct. 31, 2007 -- $49,950	Aug. 30, 2007 -- $39,850	July 31, 2007 -- $38,701*
Audit-Related Fees	Oct. 31, 2008 -- $0	Aug. 30, 2008 -- $0	July 31, 2008 -- $0
	Oct. 31, 2007 -- $0	Aug. 30, 2007 -- $0	July 31, 2007 -- $0
Tax Fees	Oct. 31, 2008 -- $4,450	Aug. 30, 2008 -- $3,900	July 31, 2008 -- $3,900
	Oct. 31, 2007 -- $4,050	Aug. 30, 2007 -- $3,550	July 31, 2007 -- $3,550
All Other Fees	Oct. 31, 2008 -- $0	Aug. 30, 2008 -- $0	July 31, 2008 -- $0
	Oct. 31, 2007 -- $0	Aug. 30, 2007 -- $0	July 31, 2007 -- $0

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters.

Putnam Growth Opportunities Fund: $1,151

These fees were reimbursed to the fund by Putnam Management.

	Putnam High Yield	Putnam High Yield	Putnam Income Fund
	Advantage Fund	Trust
Audit Fees	Nov. 30, 2008 -- $75,475	Aug. 31, 2008 -- $66,000	Oct. 31, 2008 -- $100,675
	Nov. 30, 2007 -- $69,650	Aug. 31, 2007 -- $61,050	Oct. 31, 2007 -- $93,178
Audit-Related Fees	Nov. 30, 2008 -- $0	Aug. 31, 2008 -- $0	Oct. 31, 2008 -- $0
	Nov. 30, 2007 -- $0	Aug. 31, 2007 -- $0	Oct. 31, 2007 -- $0
Tax Fees	Nov. 30, 2008 -- $4,200	Aug. 31, 2008 -- $6,000	Oct. 31, 2008 -- $6,000
	Nov. 30, 2007 -- $3,800	Aug. 31, 2007 -- $5,450	Oct. 31, 2007 -- $5,450
All Other Fees	Nov. 30, 2008 -- $0	Aug. 31, 2008 -- $0	Oct. 31, 2008 -- $0
	Nov. 30, 2007 -- $0	Aug. 31, 2007 -- $0	Oct. 31, 2007 -- $0
	Putnam Investors Fund	Putnam Mid Cap Value	Putnam New York Tax
		Fund	Exempt Income Fund
Audit Fees	July 31, 2008 -- $43,900	April 30, 2009 -- $40,925	Nov. 30, 2008 -- $57,500
	July 31, 2007 -- $47,174 *	April 30, 2008 -- $37,550	Nov. 30, 2007 -- $58,450
Audit-Related Fees	July 31, 2008 -- $0	April 30, 2009 -- $0	Nov. 30, 2008 -- $0
	July 31, 2007 -- $0	April 30, 2008 -- $0	Nov. 30, 2007 -- $0
Tax Fees	July 31, 2008 -- $3,900	April 30, 2009 -- $3,900	Nov. 30, 2008 -- $6,000
	July 31, 2007 -- $3,550	April 30, 2008 -- $3,550	Nov. 30, 2007 -- $5,450
All Other Fees	July 31, 2008 -- $0	April 30, 2009 -- $0	Nov. 30, 2008 -- $0
	July 31, 2007 -- $0	April 30, 2008 -- $0	Nov. 30, 2007 -- $0

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters.

Putnam Investors Fund: $6,624

These fees were reimbursed to the fund by Putnam Management.

Q-7 

	Putnam Research Fund	Putnam Small Cap Value	Putnam Tax Exempt
		Fund	Income Fund
Audit Fees	July 31, 2008 -- $42,000	Feb. 28, 2009 -- $44,412	Sept. 30, 2008 -- $53,100
	July 31, 2007 -- $40,321 *	Feb. 29, 2008 -- $42,050	Sept. 30, 2007 -- $59,050
Audit-Related Fees	July 31, 2008 -- $0	Feb. 28, 2009 -- $0	Sept. 30, 2008 -- $0
	July 31, 2007 -- $0	Feb. 29, 2008 -- $0	Sept. 30, 2007 -- $10,635 **
Tax Fees	July 31, 2008 -- $3,900	Feb. 28, 2009 -- $3,900	Sept. 30, 2008 -- $6,000
	July 31, 2007 -- $3,550	Feb. 29, 2008 -- $3,550	Sept. 30, 2007 -- $5,450
All Other Fees	July 31, 2008 -- $0	Feb. 28, 2009 -- $0	Sept. 30, 2008 -- $0
	July 31, 2007 -- $0	Feb. 29, 2008 -- $0	Sept. 30, 2007 -- $0

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters.

Putnam Research Fund: $6,624

These fees were reimbursed to the fund by Putnam Management.

**Fees billed to the fund for services relating to a fund merger.

	Putnam U.S.	Putnam Vista Fund
	Government Income
	Trust
Audit Fees	Sept. 30, 2008 -- $90,725	July 31, 2008 -- $40,600
	Sept. 30, 2007 -- $85,073	July 31, 2007 -- $41,778
Audit-Related Fees	Sept. 30, 2008 -- $0	July 31, 2008 -- $0
	Sept. 30, 2007 -- $15,818 **	July 31, 2007 -- $0
Tax Fees	Sept. 30, 2008 -- $4,450	July 31, 2008 -- $3,900
	Sept. 30, 2007 -- $4,050	July 31, 2007 -- $3,550
All Other Fees	Sept. 30, 2008 -- $0	July 31, 2008 -- $0
	Sept. 30, 2007 -- $0	July 31, 2007 -- $0

**Fees billed to the fund for services relating to a fund merger.

As of the date of this proxy statement, the following funds had not yet completed a full fiscal year of operations: Putnam Absolute Return 500 Fund, Putnam Absolute Return 700 Fund, Putnam Asset Allocation: Equity Portfolio, and Putnam Capital Spectrum Fund (each audited by PricewaterhouseCoopers LLP); and Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam Asia Pacific Equity Fund, Putnam Equity Spectrum Fund, Putnam Emerging Markets Equity Fund, Putnam Global Consumer Fund, Putnam Global Energy Fund, Putnam Global Financials Fund, Putnam Global Industrials Fund, Putnam Global Technology Fund, Putnam Global Telecommunications Fund, and Putnam Money Market Liquidity Fund (each audited by KPMG LLP).

Audit Fees represent fees billed for a fund’s last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.

Q-8 

Audit-Related Fees represent fees billed in a fund’s last two fiscal years for services traditionally performed by the fund’s independent registered public accounting firm, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.

Tax Fees represent fees billed in a fund’s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.

All Other Fees represent fees billed for services relating to analysis of proposed market timing distributions, recordkeeping fees and regulatory and litigation matters.

The following tables present the amounts the independent auditors billed for aggregate non-audit fees to each fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund in each of the fund’s last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009):

PricewaterhouseCoopers LLP:

	Putnam American	Putnam AMT-Free	Putnam Asset Allocation:
	Government Income	Municipal Fund	Balanced Portfolio
	Fund
Non-Audit Fees	Sept. 30, 2008 -- $84,561	July 31, 2008 -- $85,734	Sept. 30, 2008 -- $101,676
	Sept. 30, 2007 -- $108,911	July 31, 2007 -- $122,169	Sept. 30, 2007 -- $126,972
	Putnam Asset Allocation:	Putnam Asset Allocation:	Putnam Capital
	Conservative Portfolio	Growth Portfolio	Opportunities Fund
Non-Audit Fees	Sept. 30, 2008 -- $100,105	Sept. 30, 2008 -- $105,633	April 30, 2009 -- $485,409
	Sept. 30, 2007 -- $126,557	Sept. 30, 2007 -- $126,705	April 30, 2008 -- $51,073
	Putnam Europe Equity	The Putnam Fund for	The George Putnam
	Fund	Growth and Income	Fund of Boston
Non-Audit Fees	June 30, 2009 -- $[ ]	Oct. 31, 2008 -- $88,106	July 31, 2008 -- $92,241
	June 30, 2008 -- $52,468	Oct. 31, 2007 -- $118,562	July 31, 2007 -- $129,614
	Putnam Global Health	Putnam Global Income	Putnam Global Utilities
	Care Fund	Trust	Fund
Non-Audit Fees	Aug. 31, 2008 -- $90,221	Oct. 31, 2008 -- $95,322	Oct. 31, 2008 -- $84,828
	Aug. 31, 2007 -- $125,470	Oct. 31, 2007 -- $116,104	Oct. 31, 2007 -- $116,659

Q-9 

	Putnam Income	Putnam International	Putnam International
	Strategies Fund	Capital Opportunities	Equity Fund
		Fund
Non-Audit Fees	Feb. 28, 2009 -- $373,674	Aug. 31, 2008 -- $91,025	June 30, 2009 -- $[ ]
	Feb. 29, 2008 -- $57,774	Aug. 31, 2007 -- $128,522	June 30, 2008 -- $68,508
	Putnam International	Putnam International	Putnam Massachusetts
	Growth and Income	New Opportunities Fund	Tax Exempt Income
	Fund		Fund
Non-Audit Fees	June 30, 2009 -- $[ ]	Sept. 30, 2008 -- $89,929	May 31, 2009 -- $490,392
	June 30, 2008 -- $56,021	Sept. 30, 2007 -- $115,725	May 31, 2008 -- $54,763
	Putnam Michigan Tax	Putnam Minnesota Tax	Putnam Money Market
	Exempt Income Fund	Exempt Income Fund	Fund
Non-Audit Fees	May 31, 2009 -- $490,050	May 31, 2009 -- $490,048	Sept. 30, 2008 -- $82,168
	May 31, 2008 -- $54,588	May 31, 2008 -- $54,583	Sept. 30, 2007 -- $107,956
	Putnam New Jersey Tax	Putnam New	Putnam Ohio Tax
	Exempt Income Fund	Opportunities Fund	Exempt Income Fund
Non-Audit Fees	May 31, 2009 -- $490,254	June 30, 2009 -- $[ ]	May 31, 2009 -- $490,160
	May 31, 2008 -- $54,677	June 30, 2008 -- $51,879	May 31, 2008 -- $54,632
	Putnam Pennsylvania	Putnam	Putnam Small Cap
	Tax Exempt Income	RetirementReady Funds	Growth Fund
	Fund
Non-Audit Fees	May 31, 2009 -- $490,177	July 31, 2008 -- $118,239	June 30, 2009 -- $[ ]
	May 31, 2008 -- $54,642	July 31, 2007 -- $143,482	June 30, 2008 -- $51,466
	Putnam Tax Exempt	Putnam Tax-Free High	Putnam Voyager Fund
	Money Market Fund	Yield Fund
Non-Audit Fees	Sept. 30, 2008 -- $81,081	July 31, 2008 -- $87,765	July 31, 2008 -- $85,304
	Sept. 30, 2007 -- $105,833	July 31, 2007 -- $123,951	July 31, 2007 -- $132,427
	Putnam Variable Trust
Non-Audit Fees	Dec. 31, 2008 -- $323,628
	Dec. 31, 2007 -- $209,851

Q-10 

KPMG LLP:
	Putnam Arizona Tax	Putnam California Tax	Putnam Convertible
	Exempt Income Fund	Exempt Income Fund	Income-Growth Trust
Non-Audit Fees	May 31, 2009 -- $6,100	Sept. 30, 2008 -- $74,733	Oct. 31, 2008 -- $72,633
	May 31, 2008 -- $74,183	Sept. 30, 2007 -- $5,450	Oct. 31, 2007 -- $3,490
	Putnam Diversified	Putnam Equity Income	Putnam Floating Rate
	Income Trust	Fund	Income Fund
Non-Audit Fees	Sept. 30, 2008 -- $74,733	Nov. 30, 2008 -- $72,633	Feb. 28, 2009 -- $75,283
	Sept. 30, 2007 -- $5,450	Nov. 30, 2007 -- $3,550	Feb. 29, 2008 -- $5,950
	Putnam Global Equity	Putnam Global Natural	Putnam Growth
	Fund	Resources Fund	Opportunities Fund
Non-Audit Fees	Oct. 31, 2008 -- $73,183	Aug. 30, 2008 -- $72,633	July 31, 2008 -- $72,633
	Oct. 31, 2007 -- $4,050	Aug. 30, 2007 -- $3,550	July 31, 2007 -- $3,550
	Putnam High Yield	Putnam High Yield	Putnam Income Fund
	Advantage Fund	Trust
Non-Audit Fees	Nov. 30, 2008 -- $72,933	Aug. 31, 2008 -- $74,733	Oct. 31, 2008 -- $74,733
	Nov. 30, 2007 -- $3,800	Aug. 31, 2007 -- $5,450	Oct. 31, 2007 -- $5,450
	Putnam Investors Fund	Putnam Mid Cap Value	Putnam New York Tax
		Fund	Exempt Income Fund
Non-Audit Fees	July 31, 2008 -- $72,633	April 30, 2009 -- $3,900	Nov. 30, 2008 -- $74,733
	July 31, 2007 -- $3,550	April 30, 2008 -- $3,550	Nov. 30, 2007 -- $5,450
	Putnam Research Fund	Putnam Small Cap Value	Putnam Tax Exempt
		Fund	Income Fund
Non-Audit Fees	July 31, 2008 -- $72,633	Feb. 28, 2009 -- $72,633	Sept. 30, 2008 -- $74,733
	July 31, 2007 -- $3,550	Feb. 29, 2008 -- $3,550	Sept. 30, 2007 -- $16,085
	Putnam U.S.	Putnam Vista Fund
	Government Income
	Trust
Non-Audit Fees	Sept. 30, 2008 -- $73,183	July 31, 2008 -- $72,633
	Sept. 30, 2007 -- $19,868	July 31, 2007 -- $3,550

Q-11 

Pre-Approval Policies of the Audit and Compliance Committee. The Audit and Compliance Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit and Compliance Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds’ independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

Since the beginning of the two most recently completed fiscal years of each fund, all work performed by the independent auditors for the funds, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the funds was pre-approved by the Committee or a member of the Committee pursuant to the pre-approval policies discussed above.

The following table presents fees billed to each indicated fund in each of its last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009) by PricewaterhouseCoopers LLP for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (funds not listed below were not billed for such services during their last two fiscal years):

	Putnam American	Putnam AMT-Free	Putnam Asset Allocation:
	Government Income	Municipal Fund	Balanced Portfolio
	Fund
Tax Fees	Sept. 30, 2008 -- $15,000	July 31, 2008 -- $15,000	Sept. 30, 2008 -- $15,000
	Sept. 30, 2007 -- $26,129	July 31, 2007 -- $26,129	Sept. 30, 2007 -- $26,129
	Putnam Asset Allocation:	Putnam Asset Allocation:	Putnam Capital
	Conservative Portfolio	Growth Portfolio	Opportunities Fund
Tax Fees	Sept. 30, 2008 -- $15,000	Sept. 30, 2008 -- $15,000	April 30, 2009 -- $415,341
	Sept. 30, 2007 -- $26,129	Sept. 30, 2007 -- $26,129	April 30, 2008 -- $15,000
	Putnam Europe Equity	The Putnam Fund for	The George Putnam
	Fund	Growth and Income	Fund of Boston
Tax Fees	June 30, 2009 -- $[ ]	Oct. 31, 2008 -- $15,000	July 31, 2008 -- $15,000
	June 30, 2008 -- $15,000	Oct. 31, 2007 -- $28,129	July 31, 2007 -- $26,129

Q-12 

	Putnam Global Health	Putnam Global Income	Putnam Global Utilities
	Care Fund	Trust	Fund
Tax Fees	Aug. 31, 2008 -- $15,000	Oct. 31, 2008 -- $15,000	Oct. 31, 2008 -- $15,000
	Aug. 31, 2007 -- $26,129	Oct. 31, 2007 -- $28,129	Oct. 31, 2007 -- $28,129
	Putnam Income	Putnam International	Putnam International
	Strategies Fund	Capital Opportunities	Equity Fund
		Fund
Tax Fees	Feb. 28, 2009 -- $302,065	Aug. 31, 2008 -- $15,000	June 30, 2009 -- $[ ]
	Feb. 29, 2008 -- $21,129	Aug. 31, 2007 -- $26,129	June 30, 2008 -- $15,000
	Putnam International	Putnam International	Putnam Massachusetts
	Growth and Income	New Opportunities Fund	Tax Exempt Income
	Fund		Fund
Tax Fees	June 30, 2009 -- $[ ]	Sept. 30, 2008 -- $15,000	May 31, 2009 -- $415,341
	June 30, 2008 -- $15,000	Sept. 30, 2007 -- $26,129	May 31, 2008 -- $15,000
	Putnam Michigan Tax	Putnam Minnesota Tax	Putnam Money Market
	Exempt Income Fund	Exempt Income Fund	Fund
Tax Fees	May 31, 2009 -- $415,341	May 31, 2009 -- $415,341	Sept. 30, 2008 -- $15,000
	May 31, 2008 -- $15,000	May 31, 2008 -- $15,000	Sept. 30, 2007 -- $26,129
	Putnam New Jersey Tax	Putnam New	Putnam Ohio Tax
	Exempt Income Fund	Opportunities Fund	Exempt Income Fund
Tax Fees	May 31, 2009 -- $415,341	June 30, 2009 -- $[ ]	May 31, 2009 -- $415,341
	May 31, 2008 -- $15,000	June 30, 2008 -- $15,000	May 31, 2008 -- $15,000
	Putnam Pennsylvania	Putnam	Putnam Small Cap
	Tax Exempt Income	RetirementReady Funds	Growth Fund
	Fund
Tax Fees	May 31, 2009 -- $415,341	July 31, 2008 -- $15,000	June 30, 2009 -- $[ ]
	May 31, 2008 -- $15,000	July 31, 2007 -- $26,129	June 30, 2008 -- $15,000
	Putnam Tax Exempt	Putnam Tax-Free High	Putnam Voyager Fund
	Money Market Fund	Yield Fund
Tax Fees	Sept. 30, 2008 -- $15,000	July 31, 2008 -- $15,000	July 31, 2008 -- $15,000
	Sept. 30, 2007 -- $26,126	July 31, 2007 -- $26,129	July 31, 2007 -- $26,129

Q-13 

	Putnam Variable Trust
Tax Fees	Dec. 31, 2008 -- $73,000
	Dec. 31, 2007 -- $21,129

Q-14 

APPENDIX R – 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 compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam Absolute	45,399,046	First $500 million	0.55%	Yes	To earn a positive return that
Return 100 Fund		Next $500 million	0.45%		exceeds the rate of inflation, as
		Next $500 million	0.40%		reflected by Treasury bills, by
		Next $5 billion	0.35%		1% over a reasonable period of
		Next $5 billion	0.325%		time, regardless of market
		Next $5 billion	0.305%		conditions.
		Next $5 billion	0.29%
		Any excess thereafter	0.28%
		Benchmark: Merrill Lynch US Treasury
		Bill Index (G0BA)
		Hurdle: 1.00%
		Maximum Performance Adjustment Rate:
		0.04%
		Minimum Performance Adjustment Rate:
		-0.04%
Putnam Absolute	89,117,294	First $500 million	0.65%	Yes	To earn a positive return that
Return 300 Fund		Next $500 million	0.55%		exceeds the rate of inflation, as
		Next $500 million	0.50%		reflected by Treasury bills, by
		Next $5 billion	0.45%		3% over a reasonable period of
		Next $5 billion	0.425%		time, regardless of market
		Next $5 billion	0.405%		conditions.
		Next $5 billion	0.39%
		Any excess thereafter	0.38%
		Benchmark: Merrill Lynch US Treasury
		Bill Index (G0BA)
		Hurdle: 3.00%
		Maximum Performance Adjustment Rate:
		0.12%
		Minimum Performance Adjustment Rate:
		-0.12%
Putnam Absolute	99,975,969	First $500 million	0.80%	Yes	To earn a positive return that
Return 500 Fund		Next $500 million	0.70%		exceeds the rate of inflation, as
		Next $500 million	0.65%		reflected by Treasury bills, by
		Next $5 billion	0.60%		5% over a reasonable period of
		Next $5 billion	0.575%		time, regardless of market
		Next $5 billion	0.555%		conditions.
		Next $5 billion	0.54%
		Any excess thereafter	0.53%
		Benchmark: Merrill Lynch US Treasury
		Bill Index (G0BA)
		Hurdle: 5.00%
		Maximum Performance Adjustment Rate:
		0.20%
		Minimum Performance Adjustment Rate:
		-0.20%

R-1 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam Absolute	62,614,921	First $500 million	0.95%	Yes	To earn a positive return that
Return 700 Fund		Next $500 million	0.85%		exceeds the rate of inflation, as
		Next $500 million	0.80%		reflected by Treasury bills, by
		Next $5 billion	0.75%		7% over a reasonable period of
		Next $5 billion	0.725%		time, regardless of market
		Next $5 billion	0.705%		conditions.
		Next $5 billion	0.69%
		Any excess thereafter	0.68%
		Benchmark: Merrill Lynch US Treasury
		Bill Index (G0BA)
		Hurdle: 7.00%
		Maximum Performance Adjustment Rate:
		0.28%
		Minimum Performance Adjustment Rate:
		-0.28%
Putnam American	693,955,987	First $500 million	0.65%	Yes	High current income with
Government		Next $500 million	0.55%		preservation of capital as its
Income Fund		Next $500 million	0.50%		secondary objective.
		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	349,006,631	The lesser of 0.50%, or		Yes	High current income exempt
Municipal Fund		First $500 million	0.60%		from federal income tax.
		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	69,258,090	The lesser of 0.50%, or		Yes	To provide as high a level of
Tax Exempt		First $500 million	0.60%		current income exempt from
Income Fund		Next $500 million	0.50%		federal income tax and personal
		Next $500 million	0.45%		income tax (if any) of the state
		Next $5 billion	0.40%		of Arizona as Putnam
		Next $5 billion	0.375%		Management believes is
		Next $5 billion	0.355%		consistent with preservation of
		Next $5 billion	0.34%		capital.
		Any excess over $21.5 billion	0.33%
Putnam Asia	5,146,126	First $500 million	1.00%	Yes	Long-term capital appreciation.
Pacific Equity		Next $500 million	0.90%
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%
		Next $5 billion	0.73%
		Next $5 billion	0.72%
		Next $5 billion	0.71%
		Next $5 billion	0.70%
		Next $5 billion	0.69%
		Next $8.5 billion	0.68%
		Any excess thereafter	0.67%

R-2 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam Asset	1,345,015,388	First $500 million	0.70%	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	920,812,497	First $500 million	0.70%	Yes	Total return consistent with
Allocation:		Next $500 million	0.60%		preservation of capital.
Conservative		Next $500 million	0.55%
Portfolio		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	38,491,592	First $500 million	0.70%	Yes	Long-term growth.
Allocation: Equity		Next $500 million	0.60%
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%
		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 Asset	1,578,499,077	First $500 million	0.70%	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	1,609,129,147	The lesser of 0.50%, or		Yes	To provide as high a level of
Tax Exempt		First $500 million	0.60%		current income exempt from
Income Fund		Next $500 million	0.50%		federal income tax and
		Next $500 million	0.45%		California personal income tax
		Next $5 billion	0.40%		as Putnam Management believes
		Next $5 billion	0.375%		is consistent with preservation of
		Next $5 billion	0.355%		capital.
		Next $5 billion	0.34%
		Any excess thereafter	0.33%
Putnam Capital	229,463,072	First $500 million	0.65%	Yes	Long-term growth of capital.
Opportunities		Next $500 million	0.55%
Fund		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%

R-3 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam Capital	21,273,300	First $500 million	0.80%	Yes	Total return.
Spectrum 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 thereafter	0.47%
		Benchmark: 50/50 blend (balanced daily)
		of S&P 500 Index and JP Morgan
		Developed High Yield Index
		Maximum Performance Adjustment Rate:
		0.32%
		Minimum Performance Adjustment Rate:
		-0.32%
Putnam	557,632,162	First $500 million	0.65%	Yes	Current income and capital
Convertible		Next $500 million	0.55%		appreciation. Conservation of
Income-Growth		Next $500 million	0.50%		capital is a secondary objective.
Trust		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	1,774,578,713	First $500 million	0.70%	Yes	To provide as high a level of
Diversified		Next $500 million	0.60%		current income as Putnam
Income Trust		Next $500 million	0.55%		Management believes is
		Next $5 billion	0.50%		consistent with preservation of
		Next $5 billion	0.475%		capital.
		Next $5 billion	0.455%
		Next $5 billion	0.44%
		Any excess thereafter	0.43%
Putnam Emerging	13,609,482	First $500 million	1.00%	Yes	Long-term capital appreciation.
Markets Equity		Next $500 million	0.90%
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%
		Next $5 billion	0.73%
		Next $5 billion	0.72%
		Next $5 billion	0.71%
		Next $5 billion	0.70%
		Next $5 billion	0.69%
		Next $8.5 billion	0.68%
		Any excess thereafter	0.67%
Putnam Equity	2,557,674,404	First $500 million	0.65%	Yes	Capital growth and current
Income Fund		Next $500 million	0.55%		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%

R-4 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam Equity	7,650,451	First $500 million	0.80%	Yes	Capital appreciation.
Spectrum 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 thereafter	0.47%
		Benchmark: S&P 500 Index
		Maximum Performance Adjustment Rate:
		0.40%
		Minimum Performance Adjustment Rate:
		-0.40%
Putnam Europe	194,987,288	First $500 million	0.80%	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	319,689,246	First $500 million	0.65%	Yes	High current income.
Rate Income Fund		Next $500 million	0.55%		Preservation of capital 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%
		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	4,738,583,964	First $500 million	0.65%	Yes	Capital growth and current
for Growth and		Next $500 million	0.55%		income.
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%

R-5 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
The George	1,423,537,840	First $500 million	0.65%	Yes	To provide a balanced
Putnam Fund of		Next $500 million	0.55%		investment composed of a well-
Boston		Next $500 million	0.50%		diversified portfolio of stocks
		Next $5 billion	0.45%		and bonds which produce both
		Next $5 billion	0.425%		capital growth and current
		Next $5 billion	0.405%		income.
		Next $5 billion	0.39%
		Any excess thereafter	0.38%
Putnam Global	3,655,680	First $500 million	0.70%	Yes	Capital appreciation.
Consumer 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%
		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 Global	5,195,173	First $500 million	0.70%	Yes	Capital appreciation.
Energy 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%
		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 Global	861,910,917	First $500 million	0.80%	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%

R-6 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam Global	6,258,910	First $500 million	0.70%	Yes	Capital appreciation.
Financials 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%
		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 Global	1,145,221,125	First $500 million	0.70%	Yes	Capital appreciation.
Health Care 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 over $21.5 billion	0.43%.
Putnam Global	124,792,744	First $500 million	0.70%	Yes	High current income by
Income Trust		Next $500 million	0.60%		investing principally in debt
		Next $500 million	0.55%		securities of sovereign and
		Next $5 billion	0.50%		private issuers worldwide,
		Next $5 billion	0.475%		including supranational issuers.
		Next $5 billion	0.455%		Preservation of capital and long-
		Next $5 billion	0.44%		term total return are secondary
		Any excess thereafter	0.43%		objectives, but only to the extent
					consistent with the objective of
					seeking high current income.
Putnam Global	3,354,448	First $500 million	0.70%	Yes	Capital appreciation.
Industrials 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%
		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 Global	362,810,929	First $500 million	0.70%	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%

R-7 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam Global	4,952,166	First $500 million	0.70%	Yes	Capital appreciation.
Technology 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%
		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 Global	2,976,721	First $500 million	0.70%	Yes	Capital appreciation.
Telecommunicatio		Next $500 million	0.60%
ns 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%
		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 Global	317,162,123	First $500 million	0.70%	Yes	Capital growth and current
Utilities Fund		Next $500 million	0.60%		income.
		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	292,614,284	First $500 million	0.70%	Yes	Capital appreciation.
Opportunities		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 High	111,750,042	First $500 million	0.70%	Yes	To provide high current income
Income Securities		Next $500 million	0.60%		as a primary objective and
Fund		Next $500 million	0.55%		capital appreciation as a
		Next $5 billion	0.50%		secondary objective.
		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%

R-8 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam High	634,071,787	First $500 million	0.70%	Yes	High current income. Capital
Yield Advantage		Next $500 million	0.60%		growth is a secondary goal when
Fund		Next $500 million	0.55%		consistent with achieving high
		Next $5 billion	0.50%		current income.
		Next $5 billion	0.475%
		Next $5 billion	0.455%
		Next $5 billion	0.44%
		Any excess thereafter	0.43%
Putnam High	1,168,635,799	First $500 million	0.70%	Yes	High current income. Capital
Yield Trust		Next $500 million	0.60%		growth is a secondary goal when
		Next $500 million	0.55%		consistent with achieving high
		Next $5 billion	0.50%		current income.
		Next $5 billion	0.475%
		Next $5 billion	0.455%
		Next $5 billion	0.44%
		Any excess thereafter	0.43%
Putnam Income	957,062,896	First $500 million	0.65%	Yes	High current income consistent
Fund		Next $500 million	0.55%		with what Putnam Management
		Next $500 million	0.50%		believes to be prudent risk.
		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	37,552,989	First $500 million	0.65%	Yes	Current income consistent with
Strategies Fund		Next $500 million	0.55%		what Putnam management
		Next $500 million	0.50%		believes to be prudent risk. Its
		Next $5 billion	0.45%		secondary objective is capital
		Next $5 billion	0.425%		appreciation.
		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	1,022,428,205	First $500 million	1.00%	Yes	Long-term capital appreciation.
International		Next $500 million	0.90%
Capital		Next $500 million	0.85%
Opportunities		Next $5 billion	0.80%
Fund		Next $5 billion	0.775%
		Next $5 billion	0.755%
		Next $5 billion	0.74%
		Any excess thereafter	0.73%
Putnam	1,788,163,176	First $500 million	0.80%	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 over $21.5 billion	0.53%
Putnam	352,281,035	First $500 million	0.80%	Yes	Capital growth. Current income
International		Next $500 million	0.70%		is a secondary objective.
Growth and		Next $500 million	0.65%
Income Fund		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%

R-9 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam	382,498,348	First $500 million	1.00%	Yes	Long-term capital appreciation.
International New		Next $500 million	0.90%
Opportunities		Next $500 million	0.85%
Fund		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 Investors	1,432,533,133	First $500 million	0.65%	Yes	Long-term growth of capital and
Fund		Next $500 million	0.55%		any increased income that results
		Next $500 million	0.50%		from this growth.
		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 Managed	367,529,381	The lesser of 0.55%, or		Yes	To provide high current income
Municipal Income		First $500 million	0.65%		free from federal income tax.
Trust		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	270,771,414	The lesser of 0.50%, or		Yes	To provide as high a level of
Massachusetts Tax		First $500 million	0.60%		current income exempt from
Exempt Income		Next $500 million	0.50%		federal income tax and personal
Fund		Next $500 million	0.45%		income tax (if any) of the
		Next $5 billion	0.40%		Commonwealth of
		Next $5 billion	0.375%		Massachusetts as Putnam
		Next $5 billion	0.355%		Management believes is
		Next $5 billion	0.34%		consistent with preservation of
		Any excess over $21.5 billion	0.33%		capital.
Putnam Master	335,104,367	First $500 million	0.75%	Yes	With equal emphasis, to provide
Intermediate		Next $500 million	0.65%		high current income and relative
Income Trust		Next $500 million	0.60%		stability of net asset value.
		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	84,315,808	The lesser of 0.50%, or		Yes	To provide as high a level of
Tax Exempt		First $500 million	0.60%		current income exempt from
Income Fund		Next $500 million	0.50%		federal income tax and personal
		Next $500 million	0.45%		income tax (if any) of the state
		Next $5 billion	0.40%		of Michigan as Putnam
		Next $5 billion	0.375%		Management believes is
		Next $5 billion	0.355%		consistent with preservation of
		Next $5 billion	0.34%		capital.
		Any excess over $21.5 billion	0.33%

R-10 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam Mid Cap	498,483,964	First $500 million	0.70%	Yes	Capital appreciation and, as a
Value Fund		Next $500 million	0.60%		secondary objective, current
		Next $500 million	0.55%		income.
		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	88,402,430	The lesser of 0.50%, or		Yes	To provide as high a level of
Tax Exempt		First $500 million	0.60%		current income exempt from
Income Fund		Next $500 million	0.50%		federal income tax and personal
		Next $500 million	0.45%		income tax (if any) of the state
		Next $5 billion	0.40%		of Minnesota as Putnam
		Next $5 billion	0.375%		Management believes is
		Next $5 billion	0.355%		consistent with preservation of
		Next $5 billion	0.34%		capital.
		Any excess over $21.5 billion	0.33%
Putnam Money	2,808,573,765	First $100 million	0.50%	Yes	As high a rate of current income
Market Fund		Next $100 million	0.40%		as Putnam Management believes
		Next $300 million	0.35%		is consistent with preservation of
		Next $500 million	0.325%		capital and maintenance of
		Next $500 million	0.30%		liquidity.
		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%
Putnam Money	2,439,099,233	0.25%		Yes	As high a rate of current income
Market Liquidity					as Putnam Management believes
Fund					is consistent with preservation of
					capital, maintenance of liquidity
					and stability of principal.
Putnam Municipal	459,512,454	The lesser of 0.55%, or		Yes	The fund seeks to provide as
Opportunities		First $500 million	0.65%		high a level of current income
Trust		Next $500 million	0.55%		exempt from federal income tax
		Next $500 million	0.50%		as Putnam Management believes
		Next $5 billion	0.45%		is consistent with preservation of
		Next $5 billion	0.425%		capital.
		Next $5 billion	0.405%
		Next $5 billion	0.39%
		Any excess thereafter	0.38%
Putnam New	211,818,789	The lesser of 0.50%, or		Yes	To provide as high a level of
Jersey Tax		First $500 million	0.60%		current income exempt from
Exempt Income		Next $500 million	0.50%		federal income tax and personal
Fund		Next $500 million	0.45%		income tax (if any) of the state
		Next $5 billion	0.40%		of New Jersey as Putnam
		Next $5 billion	0.375%		Management believes is
		Next $5 billion	0.355%		consistent with preservation of
		Next $5 billion	0.34%		capital.
		Any excess over $21.5 billion	0.33%

R-11 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam New	2,357,287,064	First $500 million	0.70%	Yes	Long-term capital appreciation.
Opportunities		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%
		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 over $55 billion	0.37%
Putnam New York	1,060,256,684	The lesser of 0.50%, or		Yes	To provide as high a level of
Tax Exempt		First $500 million	0.60%		current income exempt from
Income Fund		Next $500 million	0.50%		federal income tax and personal
		Next $500 million	0.45%		income tax (if any) of the state
		Next $5 billion	0.40%		of New York as Putnam
		Next $5 billion	0.375%		Management believes is
		Next $5 billion	0.355%		consistent with preservation of
		Next $5 billion	0.34%		capital.
		Any excess over $21.5 billion	0.33%
Putnam Ohio Tax	149,562,033	The lesser of 0.50%, or		Yes	To provide as high a level of
Exempt Income		First $500 million	0.60%		current income exempt from
Fund		Next $500 million	0.50%		federal income tax and personal
		Next $500 million	0.45%		income tax (if any) of the state
		Next $5 billion	0.40%		of Ohio as Putnam Management
		Next $5 billion	0.375%		believes is consistent with
		Next $5 billion	0.355%		preservation of capital.
		Next $5 billion	0.34%
		Any excess over $21.5 billion	0.33%
Putnam	171,593,303	The lesser of 0.50%, or		Yes	To provide as high a level of
Pennsylvania Tax		First $500 million	0.60%		current income exempt from
Exempt Income		Next $500 million	0.50%		federal income tax and personal
Fund		Next $500 million	0.45%		income tax (if any) of the state
		Next $5 billion	0.40%		of Pennsylvania as Putnam
		Next $5 billion	0.375%		Management believes is
		Next $5 billion	0.355%		consistent with preservation of
		Next $5 billion	0.34%		capital.
		Any excess over $21.5 billion	0.33%
Putnam Premier	747,096,905	First $500 million	0.75%	Yes	To provide high current income.
Income Trust		Next $500 million	0.65%
		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 Research	214,086,489	First $500 million	0.65%	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%

R-12 

			Has compensation
			been waived, reduced
	Net Assets as		or otherwise agreed to
Fund	of June 30,	Current Management	be reduced under any	Current Investment
	2009 ($)	Fee Schedule	applicable contract?	Objective
Putnam	21,405,327	0.05%	Yes	Capital appreciation and current
RetirementReady				income consistent with a
2010 Fund				decreasing emphasis on capital
				appreciation and an increasing
				emphasis on current income as it
				approaches its target date.
Putnam	52,117,244	0.05%	Yes	Capital appreciation and current
RetirementReady				income consistent with a
2015 Fund				decreasing emphasis on capital
				appreciation and an increasing
				emphasis on current income as it
				approaches its target date.
Putnam	43,527,529	0.05%	Yes	Capital appreciation and current
RetirementReady				income consistent with a
2020 Fund				decreasing emphasis on capital
				appreciation and an increasing
				emphasis on current income as it
				approaches its target date.
Putnam	43,263,091	0.05%	Yes	Capital appreciation and current
RetirementReady				income consistent with a
2025 Fund				decreasing emphasis on capital
				appreciation and an increasing
				emphasis on current income as it
				approaches its target date.
Putnam	36,689,269	0.05%	Yes	Capital appreciation and current
RetirementReady				income consistent with a
2030 Fund				decreasing emphasis on capital
				appreciation and an increasing
				emphasis on current income as it
				approaches its target date.
Putnam	28,978,834	0.05%	Yes	Capital appreciation and current
RetirementReady				income consistent with a
2035 Fund				decreasing emphasis on capital
				appreciation and an increasing
				emphasis on current income as it
				approaches its target date.
Putnam	19,987,367	0.05%	Yes	Capital appreciation and current
RetirementReady				income consistent with a
2040 Fund				decreasing emphasis on capital
				appreciation and an increasing
				emphasis on current income as it
				approaches its target date.
Putnam	13,771,032	0.05%	Yes	Capital appreciation and current
RetirementReady				income consistent with a
2045 Fund				decreasing emphasis on capital
				appreciation and an increasing
				emphasis on current income as it
				approaches its target date.
Putnam	6,981,450	0.05%	Yes	Capital appreciation and current
RetirementReady				income consistent with a
2050 Fund				decreasing emphasis on capital
				appreciation and an increasing
				emphasis on current income as it
				approaches its target date.
Putnam	13,759,043	0.05%	Yes	As high a rate of current income
RetirementReady				as Putnam Management believes
Maturity Fund				is consistent with preservation of
				capital.

R-13 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam Small Cap	133,066,612	First $500 million	1.00%	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	171,802,667	First $500 million	0.80%	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	1,111,795,828	The lesser of 0.50%, or		Yes	As high a level of current
Exempt Income		First $500 million	0.60%		income exempt from federal
Fund		Next $500 million	0.50%		income tax as Putnam
		Next $500 million	0.45%		Management believes to be
		Next $5 billion	0.40%		consistent with preservation of
		Next $5 billion	0.375%		capital.
		Next $5 billion	0.355%
		Next $5 billion	0.34%
		Any excess over $21.5 billion	0.33%
Putnam Tax	69,187,935	First $500 million	0.45%	Yes	As high a level of current
Exempt Money		Next $500 million	0.35%		income exempt from federal
Market Fund		Next $500 million	0.30%		income tax as Putnam
		Next $5 billion	0.25%		Management believes to be
		Next $5 billion	0.225%		consistent with preservation of
		Next $5 billion	0.205%		capital, maintenance of liquidity
		Next $5 billion	0.19%		and stability of principal.
		Any excess thereafter	0.18%
Putnam Tax-Free	863,838,724	The lesser of 0.50%, or		Yes	High current income exempt
High Yield Fund		First $500 million	0.60%		from federal income tax.
		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 U.S.	1,238,499,306	First $500 million	0.57%	Yes	As high a level of current
Government		Next $500 million	0.475%		income as Putnam Management
Income Trust		Next $500 million	0.4275%		believes is consistent with
		Any excess over $1.5 billion	0.38%		preservation of capital.
Putnam Vista	922,889,772	First $500 million	0.65%	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 over $21.5 billion	0.38%

R-14 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam Voyager	2,853,168,159	First $500 million	0.70%	Yes	Capital appreciation.
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%
		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 over $55 billion	0.37%
Putnam VT	151,768,814	First $500 million	0.65%	Yes	High current income with
American		Next $500 million	0.55%		preservation of capital as a
Government		Next $500 million	0.50%		secondary objective.
Income Fund		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	20,881,561	First $500 million	0.65%	Yes	Long-term growth of capital.
Capital		Next $500 million	0.55%
Opportunities		Next $500 million	0.50%
Fund		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	394,540,191	First $500 million	0.70%	Yes	As high a level of current
Diversified		Next $500 million	0.60%		income as Putnam Management
Income Fund		Next $500 million	0.55%		believes is consistent with
		Next $5 billion	0.50%		preservation of capital.
		Next $5 billion	0.475%
		Next $5 billion	0.455%
		Next $5 billion	0.44%
		Any excess thereafter	0.43%
Putnam VT Equity	359,696,288	First $500 million	0.65%	Yes	Capital growth and current
Income Fund		Next $500 million	0.55%		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	208,322,777	First $500 million	0.65%	Yes	To provide a balanced
George Putnam		Next $500 million	0.55%		investment composed of a well
Fund of Boston		Next $500 million	0.50%		diversified portfolio of stocks
		Next $5 billion	0.45%		and bonds which produce both
		Next $5 billion	0.425%		capital growth and current
		Next $5 billion	0.405%		income.
		Next $5 billion	0.39%
		Any excess thereafter	0.38%

R-15 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam VT Global	201,896,046	First $500 million	0.70%	Yes	A high level of long-term total
Asset Allocation		Next $500 million	0.60%		return consistent with
Fund		Next $500 million	0.55%		preservation of capital.
		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	224,213,688	First $500 million	0.80%	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 Global	127,814,985	First $500 million	0.70%	Yes	Capital appreciation.
Health Care 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 Global	173,031,611	First $500 million	0.70%	Yes	Capital growth and current
Utilities Fund		Next $500 million	0.60%		income.
		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	1,297,384,949	First $500 million	0.65%	Yes	Capital growth and current
Growth and		Next $500 million	0.55%		income.
Income Fund		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	23,646,157	First $500 million	0.70%	Yes	Capital appreciation.
Growth		Next $500 million	0.60%
Opportunities		Next $500 million	0.55%
Fund		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 High	373,059,178	First $500 million	0.70%	Yes	High current income. Capital
Yield Fund		Next $500 million	0.60%		growth is a secondary goal when
		Next $500 million	0.55%		consistent with achieving high
		Next $5 billion	0.50%		current income.
		Next $5 billion	0.475%
		Next $5 billion	0.455%
		Next $5 billion	0.44%
		Any excess thereafter	0.43%

R-16 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam VT	419,704,417	First $500 million	0.65%	Yes	High current income consistent
Income Fund		Next $500 million	0.55%		with what Putnam Management
		Next $500 million	0.50%		believes to be prudent risk.
		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	544,173,598	First $500 million	0.80%	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	161,602,131	First $500 million	0.80%	Yes	Capital growth. Current income
International		Next $500 million	0.70%		is a secondary objective.
Growth and		Next $500 million	0.65%
Income Fund		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	71,925,489	First $500 million	1.00%	Yes	Long-term capital appreciation.
International New		Next $500 million	0.90%
Opportunities		Next $500 million	0.85%
Fund		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	248,880,420	First $500 million	0.65%	Yes	Long-term growth of capital and
Investors Fund		Next $500 million	0.55%		any increased income that results
		Next $500 million	0.50%		from this growth.
		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	32,999,590	First $500 million	0.70%	Yes	Capital appreciation and, as a
Cap Value Fund		Next $500 million	0.60%		secondary objective, current
		Next $500 million	0.55%		income.
		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	404,476,263	First $500 million	0.45%	Yes	As high a rate of current income
Money Market		Next $500 million	0.35%		as Putnam Management believes
Fund		Next $500 million	0.30%		is consistent with preservation of
		Next $5 billion	0.25%		capital and maintenance of
		Next $5 billion	0.225%		liquidity,
		Next $5 billion	0.205%
		Next $5 billion and	0.19%
		Any excess thereafter	0.18%

R-17 

				Has compensation
				been waived, reduced
	Net Assets as			or otherwise agreed to
Fund	of June 30,	Current Management		be reduced under any	Current Investment
	2009 ($)	Fee Schedule		applicable contract?	Objective
Putnam VT New	515,123,447	First $500 million	0.70%	Yes	Long-term capital appreciation.
Opportunities		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	63,206,346	First $500 million	0.65%	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	225,069,717	First $500 million	0.80%	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 Vista	166,258,852	First $500 million	0.65%	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 VT	852,750,034	First $500 million	0.70%	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%

R-18 

The following table contains certain information regarding other funds for which Putnam Management provides investment advisory services as a sub-adviser.

				Has
				compensation
				been waived,
				reduced or
				otherwise
				agreed to be
	Net Assets as of			reduced under	Current
Fund	June 30, 2009			any applicable	Investment	Fiscal
	($)	Fee Schedule		contract?	Objective	Year
Valic Company I:	212,897,488	0.44% of average daily net assets*		No	Capital	5/31/08
Global Equity Fund					appreciation.
Valic Company I:	73,822,112	0.59% of average daily net assets*		No	To produce	5/31/08
Small Cap Special					growth of capital
Values Fund^					by investing
					primarily in
					common stocks.
Seasons Series	200,879,804	0.40% of average daily net assets*		Yes	Capital	3/31/08
Trust - Asset					appreciation.
Allocation:
Diversified Growth
Portfolio
SunAmerica Series	232,332,264	First $100 million	0.85%	No	Long-term capital	1/31/09
Trust Emerging		Next $100 million	0.80%		appreciation.
Markets Portfolio		Over $200 million	0.75%
SunAmerica Series	348,290,019	First $150 million	0.65%	Yes	Growth of capital	1/31/09
Trust: International		Next $150 million	0.55%		and secondarily,
Growth & Income		Over $300 million	0.45%		current income.
Portfolio
Nationwide	63,581,438	-- **		No	Long term	12/31/08
Variable Insurance					growth of capital.
Trust - NVIT Multi-
Manager Small
Company Fund^^

^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. The fee rate is a blended fee charged by all the sub-advisers.

^^Putnam Management is one of seven sub-advisers on this fund. The net assets provided here represent only those assets of the fund sub-advised by Putnam Management.

* The effective annual management fee rate is provided for these funds as the management fee schedule is not publicly disclosed.

** The sub-advisory fee rate is not publicly disclosed for this fund. The aggregate fees paid to all sub-advisers for the fiscal year ended 12/31/08 were $3,526,365, a portion of which was paid to Putnam Management.

R-19 

APPENDIX S – Payments to Putnam Management and its Affiliates

The following fees were paid by the funds to Putnam Management and its affiliates during each fund’s most recent fiscal year (ended between July 31, 2008 and June 30, 2009) (other than under a management contract). These services will continue to be provided after the proposed management contract is approved.

	Fees paid to Putnam
	Investor Services,		Fees paid to Putnam
	Inc. (and/or to	Fees paid to	Retail Management
	Putnam Fiduciary	Putnam Fiduciary	Limited Partnership
	Trust Company) for	Trust Company	pursuant to
	serving as investor	for custody	distribution plans
Fund	servicing agent ($) *	expenses ($)	($)	Fiscal Year End
Putnam Absolute Return	8,568	--	16,072	October 31, 2009
100 Fund †
Putnam Absolute Return	15,825	--	35,146	October 31, 2009
300 Fund †
Putnam Absolute Return	43,454	--	40,459	October 31, 2009
500 Fund †
Putnam Absolute Return	30,832	--	24,893	October 31, 2009
700 Fund †
Putnam American	1,276,862	5,727	1,937,582	September 30, 2008
Government Income
Fund
Putnam AMT-Free	180,821	3,020	892,443	July 31, 2008
Municipal Fund
Putnam Arizona Tax	42,005	--	194,976	May 31, 2009
Exempt Income Fund
Putnam Asia Pacific	--	--	--	April 30, 2010
Equity Fund √
Putnam Asset	4,191,909	20,234	2,223,129	September 30, 2008
Allocation: Balanced
Portfolio
Putnam Asset	2,198,843	12,382	819,547	September 30, 2008
Allocation: Conservative
Portfolio
Putnam Asset	30,725	--	--	May 31, 2009
Allocation: Equity
Portfolio
Putnam Asset	6,335,059	50,218	2,790,171	September 30, 2008
Allocation: Growth
Portfolio
Putnam California Tax	747,727	14,482	4,598,981	September 30, 2008
Exempt Income Fund

S-1 

	Fees paid to Putnam
	Investor Services,		Fees paid to Putnam
	Inc. (and/or to	Fees paid to	Retail Management
	Putnam Fiduciary	Putnam Fiduciary	Limited Partnership
	Trust Company) for	Trust Company	pursuant to
	serving as investor	for custody	distribution plans
Fund	servicing agent ($) *	expenses ($)	($)	Fiscal Year End
Putnam Capital	1,984,818	--	1,267,109	April 30, 2009
Opportunities Fund
Putnam Capital	--	--	--	April 30, 2010
Spectrum Fund √
Putnam Convertible	1,078,779	3,160	2,350,971	October 31, 2008
Income-Growth Trust
Putnam Diversified	3,830,065	21,305	9,426,878	September 30, 2008
Income Trust
Putnam Emerging	1,613	--	3,838	August 31, 2009
Markets Equity Fund †
Putnam Equity Income	7,927,097	10,045	10,240,899	November 30, 2008
Fund
Putnam Equity Spectrum	--	--	--	April 30, 2010
Fund √
Putnam Europe Equity	[ ]	--	[ ]	June 30, 2009
Fund
Putnam Floating Rate	478,650	--	1,303,765	February 28, 2009
Income Fund
The Putnam Fund for	23,692,008	45,938	26,291,920	October 31, 2008
Growth and Income
The George Putnam	7,954,095	40,791	11,968,159	July 31, 2008
Fund of Boston
Putnam Global	2,548	--	1,452	August 31, 2009
Consumer Fund †
Putnam Global Energy	2,669	--	1,572	August 31, 2009
Fund †
Putnam Global Equity	5,317,391	11,528	5,713,682	October 31, 2008
Fund
Putnam Global	2,470	--	1,335	August 31, 2009
Financials Fund †
Putnam Global Health	5,696,910	12,112	5,973,150	August 31, 2008
Care Fund
Putnam Global Income	335,921	6,552	530,797	October 31, 2008
Trust
Putnam Global	2,563	--	1,434	August 31, 2009
Industrials Fund †

S-2 

	Fees paid to Putnam
	Investor Services,		Fees paid to Putnam
	Inc. (and/or to	Fees paid to	Retail Management
	Putnam Fiduciary	Putnam Fiduciary	Limited Partnership
	Trust Company) for	Trust Company	pursuant to
	serving as investor	for custody	distribution plans
Fund	servicing agent ($) *	expenses ($)	($)	Fiscal Year End
Putnam Global Natural	1,670,189	6,049	2,905,096	August 31, 2008
Resources Fund
Putnam Global	2,596	--	1,505	August 31, 2009
Technology Fund †
Putnam Global	2,534	--	1,430	August 31, 2009
Telecommunications
Fund †
Putnam Global Utilities	1,153,160	2,716	1,822,795	October 31, 2008
Fund
Putnam Growth	2,008,857	5,745	2,327,243	July 31, 2008
Opportunities Fund
Putnam High Yield	803,023	2,596	2,221,540	November 30, 2008
Advantage Fund
Putnam High Yield Trust	3,644,786	15,136	5,695,719	August 31, 2008
Putnam Income Fund	5,439,448	12,312	4,043,555	October 31, 2008
Putnam Income	102,425	--	75,641	February 28, 2009
Strategies Fund
Putnam International	5,547,073	27,449	7,992,825	August 31, 2008
Capital Opportunities
Fund
Putnam International	[ ]	--	[ ]	June 30, 2009
Equity Fund
Putnam International	[ ]	--	[ ]	June 30, 2009
Growth and Income
Fund
Putnam International	2,747,737	13,557	2,592,610	September 30, 2008
New Opportunities Fund
Putnam Investors Fund	11,566,623	34,108	9,319,908	July 31, 2008
Putnam Massachusetts	153,502	--	798,875	May 31, 2009
Tax Exempt Income
Fund
Putnam Michigan Tax	62,776	--	246,090	May 31, 2009
Exempt Income Fund
Putnam Mid Cap Value	2,344,311	--	1,999,985	April 30, 2009
Fund
Putnam Minnesota Tax	69,545	--	265,924	May 31, 2009
Exempt Income Fund

S-3 

	Fees paid to Putnam
	Investor Services,		Fees paid to Putnam
	Inc. (and/or to	Fees paid to	Retail Management
	Putnam Fiduciary	Putnam Fiduciary	Limited Partnership
	Trust Company) for	Trust Company	pursuant to
	serving as investor	for custody	distribution plans
Fund	servicing agent ($) *	expenses ($)	($)	Fiscal Year End
Putnam Money Market	7,972,332	21,924	823,226	September 30, 2008
Fund
Putnam New Jersey Tax	122,067	--	652,245	May 31, 2009
Exempt Income Fund
Putnam New	10,069,048	--	7,043,070	June 30, 2009
Opportunities Fund
Putnam New York Tax	641,744	3,336	2,794,953	November 30, 2008
Exempt Income Fund
Putnam Ohio Tax	97,892	--	406,337	May 31, 2009
Exempt Income Fund
Putnam Pennsylvania	108,854	--	483,972	May 31, 2009
Tax Exempt Income
Fund
Putnam Research Fund	2,224,115	7,830	2,267,365	July 31, 2008
Putnam Small Cap	[ ]	--	[ ]	June 30, 2009
Growth Fund
Putnam Small Cap Value	1,113,619	--	891,597	February 28, 2009
Fund
Putnam Tax Exempt	838,686	7,317	3,035,353	September 30, 2008
Income Fund
Putnam Tax Exempt	74,906	1,204	0	September 30, 2008
Money Market Fund
Putnam Tax-Free High	872,829	12,461	3,433,079	July 31, 2008
Yield Fund
Putnam U.S.	2,187,056	76,194	4,221,785	September 30, 2008
Government Income
Trust
Putnam Vista Fund	5,714,701	22,558	2,418,647	July 31, 2008
Putnam Voyager Fund	22,171,336	60,833	16,260,442	July 31, 2008
Putnam VT American	46,457	--	158,892	December 31, 2008
Government Income
Fund
Putnam VT Capital	8,866	--	38,540	December 31, 2008
Opportunities Fund
Putnam VT Diversified	123,344	--	522,128	December 31, 2008
Income Fund

S-4 

	Fees paid to Putnam
	Investor Services,		Fees paid to Putnam
	Inc. (and/or to	Fees paid to	Retail Management
	Putnam Fiduciary	Putnam Fiduciary	Limited Partnership
	Trust Company) for	Trust Company	pursuant to
	serving as investor	for custody	distribution plans
Fund	servicing agent ($) *	expenses ($)	($)	Fiscal Year End
Putnam VT Equity	59,884	--	232,463	December 31, 2008
Income Fund
Putnam VT The George	111,864	--	477,424	December 31, 2008
Putnam Fund of Boston
Putnam VT Global Asset	88,600	--	202,804	December 31, 2008
Allocation Fund
Putnam VT Global	117,805	--	125,831	December 31, 2008
Equity Fund
Putnam VT Global	50,404	--	249,427	December 31, 2008
Health Care Fund
Putnam VT Global	89,965	--	118,016	December 31, 2008
Utilities Fund
Putnam VT Growth and	653,985	--	1,050,080	December 31, 2008
Income Fund
Putnam VT Growth	9,857	--	47,315	December 31, 2008
Opportunities Fund
Putnam VT High Yield	129,590	--	311,855	December 31, 2008
Fund
Putnam VT Income Fund	168,214	--	595,172	December 31, 2008
Putnam VT International	271,855	--	1,551,772	December 31, 2008
Equity Fund
Putnam VT International	92,125	--	233,086	December 31, 2008
Growth and Income
Fund
Putnam VT International	60,736	--	294,220	December 31, 2008
New Opportunities Fund
Putnam VT Investors	102,466	--	526,428	December 31, 2008
Fund
Putnam VT Mid Cap	16,763	--	46,793	December 31, 2008
Value Fund
Putnam VT Money	143,196	--	569,542	December 31, 2008
Market Fund
Putnam VT New	235,900	--	226,522	December 31, 2008
Opportunities Fund
Putnam VT Research	30,418	--	152,625	December 31, 2008
Fund

S-5 

	Fees paid to Putnam
	Investor Services,		Fees paid to Putnam
	Inc. (and/or to	Fees paid to	Retail Management
	Putnam Fiduciary	Putnam Fiduciary	Limited Partnership
	Trust Company) for	Trust Company	pursuant to
	serving as investor	for custody	distribution plans
Fund	servicing agent ($) *	expenses ($)	($)	Fiscal Year End
Putnam VT Small Cap	108,508	--	638,383	December 31, 2008
Value Fund
Putnam VT Vista Fund	72,372	--	344,406	December 31, 2008
Putnam VT Voyager	333,859	--	627,641	December 31, 2008
Fund

* Prior to December 31, 2008, these investor servicing services were provided by Putnam Investor Services, a division of Putnam Fiduciary Trust Company, which is an affiliate of Putnam Management.

† Since these funds have not yet completed their first full fiscal year of operation, these amounts represent fees paid for a partial fiscal year.

√ Figures are not publicly available as these funds have not yet completed an annual or semiannual reporting period.

S-6 

APPENDIX T–5% Beneficial Ownership

As of June 30, 2009, to the knowledge of the Putnam funds, no person owned beneficially or of record 5% or more of any class of shares of any Putnam fund, except as shown in the tables below.

Fund	Share Class	Shareholder Name	Holdings	Percentage
		and Address		Owned
Putnam Absolute
Return 100 Fund
Putnam Absolute
Return 300 Fund
Putnam Absolute
Return 500 Fund
Putnam Absolute
Return 700 Fund
Putnam American
Government Income
Fund
Putnam AMT-Free
Municipal Fund
Putnam Arizona Tax
Exempt Income
Fund
Putnam Asia Pacific
Equity Fund
Putnam Asset
Allocation:
Balanced Portfolio
Putnam Asset
Allocation:
Conservative
Portfolio
Putnam Asset
Allocation: Equity
Portfolio
Putnam Asset
Allocation: Growth
Portfolio
Putnam California
Tax Exempt Income
Fund
Putnam Capital
Opportunities Fund
Putnam Capital
Spectrum Fund
Putnam Convertible
Income-Growth
Trust
Putnam Diversified
Income Trust
Putnam Emerging
Markets Equity
Fund

T-1 

Fund	Share Class	Shareholder Name	Holdings	Percentage
		and Address		Owned
Putnam Equity
Income Fund
Putnam Equity
Spectrum Fund
Putnam Europe
Equity Fund
Putnam Floating
Rate Income Fund
The Putnam Fund
for Growth and
Income
The George Putnam
Fund of Boston
Putnam Global
Consumer Fund
Putnam Global
Energy Fund
Putnam Global
Equity Fund
Putnam Global
Financials Fund
Putnam Global
Health Care Fund
Putnam Global
Income Trust
Putnam Global
Industrials Fund
Putnam Global
Natural Resources
Fund
Putnam Global
Technology Fund
Putnam Global
Telecommunications
Fund
Putnam Global
Utilities Fund
Putnam Growth
Opportunities Fund
Putnam High Yield
Advantage Fund
Putnam High Yield
Trust
Putnam Income
Fund
Putnam Income
Strategies Fund
Putnam
International Capital
Opportunities Fund

T-2 

Fund	Share Class	Shareholder Name	Holdings	Percentage
		and Address		Owned
Putnam
International Equity
Fund
Putnam
International
Growth and Income
Fund
Putnam
International New
Opportunities Fund			��
Putnam Investors
Fund
Putnam
Massachusetts Tax
Exempt Income
Fund
Putnam Michigan
Tax Exempt Income
Fund
Putnam Mid Cap
Value Fund
Putnam Minnesota
Tax Exempt Income
Fund
Putnam Money
Market Fund
Putnam Money
Market Liquidity
Fund
Putnam New Jersey
Tax Exempt Income
Fund
Putnam New
Opportunities Fund
Putnam New York
Tax Exempt Income
Fund
Putnam Ohio Tax
Exempt Income
Fund
Putnam
Pennsylvania Tax
Exempt Income
Fund
Putnam Research
Fund
Putnam
RetirementReady
2010 Fund
Putnam
RetirementReady
2015 Fund

T-3 

Fund	Share Class	Shareholder Name	Holdings	Percentage
		and Address		Owned
Putnam
RetirementReady
2020 Fund
Putnam
RetirementReady
2025 Fund
Putnam
RetirementReady
2030 Fund
Putnam
RetirementReady
2035 Fund
Putnam
RetirementReady
2040 Fund
Putnam
RetirementReady
2045 Fund
Putnam
RetirementReady
2050 Fund
Putnam
RetirementReady
Maturity Fund
Putnam Small Cap
Growth Fund
Putnam Small Cap
Value Fund
Putnam Tax Exempt
Income Fund
Putnam Tax Exempt
Money Market Fund
Putnam Tax-Free
High Yield Fund
Putnam U.S.
Government Income
Trust
Putnam Vista Fund
Putnam Voyager
Fund
Putnam VT
American
Government Income
Fund
Putnam VT Capital
Opportunities Fund
Putnam VT
Diversified Income
Fund
Putnam VT Equity
Income Fund

T-4 

Fund	Share Class	Shareholder Name	Holdings	Percentage
		and Address		Owned
Putnam VT The
George Putnam
Fund of Boston
Putnam VT Global
Asset Allocation
Fund
Putnam VT Global
Equity Fund
Putnam VT Global
Health Care Fund
Putnam VT Global
Utilities Fund
Putnam VT Growth
and Income Fund
Putnam VT Growth
Opportunities Fund
Putnam VT High
Yield Fund
Putnam VT Income
Fund
Putnam VT
International Equity
Fund
Putnam VT
International
Growth and Income
Fund
Putnam VT
International New
Opportunities Fund
Putnam VT
Investors Fund
Putnam VT Mid
Cap Value Fund
Putnam VT Money
Market Fund
Putnam VT New
Opportunities Fund
Putnam VT
Research Fund
Putnam VT Small
Cap Value Fund
Putnam VT Vista
Fund
Putnam VT Voyager
Fund

T-5