SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant / X /
Filed by a party other than the Registrant / /
Check the appropriate box:
/ X / Preliminary Proxy Statement
/ / Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e) (2))
/ / Definitive Proxy Statement
/ / Definitive Additional Materials
/ / Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12
ASSET ALLOCATION FUNDS
PUTNAM CAPITAL APPRECIATION FUND
PUTNAM CLASSIC EQUITY FUND
PUTNAM CONVERTIBLE INCOME-GROWTH TRUST
PUTNAM DISCOVERY GROWTH FUND
PUTNAM EQUITY INCOME FUND
PUTNAM EUROPE EQUITY FUND
THE GEORGE PUTNAM FUND OF BOSTON
PUTNAM FUNDS TRUST
PUTNAM GLOBAL EQUITY FUND
PUTNAM GLOBAL NATURAL RESOURCES FUND
THE PUTNAM FUND FOR GROWTH AND INCOME
PUTNAM HEALTH SCIENCES TRUST
PUTNAM INTERNATIONAL EQUITY FUND
PUTNAM INVESTMENT FUNDS
PUTNAM INVESTORS FUND
PUTNAM NEW OPPORTUNITIES FUND
PUTNAM OTC & EMERGING GROWTH FUND
TAX SMART FUNDS TRUST
PUTNAM UTILITIES GROWTH AND INCOME FUND
PUTNAM VISTA FUND
PUTNAM VOYAGER FUND
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement,
if other than Registrant)
Payment of Filing Fee (Check the appropriate box):
/ X / No fee required
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(1) Title of each class of securities to which transaction applies:
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computed pursuant to Exchange Act Rule 0-11 (set forth the
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was determined):
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statement number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
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Important information for shareholders of
THE PUTNAM FUNDS
The document you hold in your hands contains your proxy statement and
proxy card. Your proxy tells us how to vote on your behalf on important
issues relating to your fund. If you complete and sign the proxy, we'll
vote it exactly as you tell us. If you simply sign the proxy, we'll vote
it in accordance with the Trustees' recommendations on pages 8 and 9.
We urge you to carefully review the proxy statement, and provide your
voting instructions by using any of the methods shown on your proxy
card. When shareholders don't return their proxies in sufficient
numbers, we have to make follow up solicitations, which can cost your
fund money.
We want to know how you would like to vote and welcome your comments.
Please take a few minutes with these materials and return your proxy to
us.
PUTNAM INVESTMENTS
[SCALE LOGO OMITTED]
Table of contents
A Message from the Chairman 1
Notice of Shareholder Meeting 2
Trustees' Recommendations 3
PROXY CARD ENCLOSED
If you have any questions, please contact us at 1-800-225-1581 or call
your financial advisor.
[GRAPHIC OMITTED: PHOTO OF JOHN A. HILL]
A Message from the Chairman
Dear Fellow Shareholder:
I am writing to you to ask for your vote on important matters that
affect your investment in the Putnam funds. While you are, of course,
welcome to join us at your fund's meeting, most shareholders cast their
vote by filling out and signing the enclosed proxy cards, by calling or
by voting via the Internet. We are asking for your vote on the following
matters:
(1) Electing Trustees;
(2) Approving a number of changes to various funds' fundamental
investment restrictions and investment objectives;
(3) Approving an amendment to various funds' Agreements and Declarations
of Trust.
Please see page 5 for list of the affected funds.
Although we would like very much to have each shareholder attend this
meeting, we realize that it may not be possible. Whether or not you plan
to be present, we need your vote. We urge you to record your voting
instructions by telephone, via the Internet or by completing, signing,
and returning the enclosed proxy card promptly. A postage-paid envelope
is enclosed for mailing, and the telephone and Internet voting
instructions are listed at the top of your proxy card.
I'm sure that you, like most people, lead a busy life and are tempted to
put this proxy aside for another day. Please don't. When shareholders do
not vote their proxies, their fund may have to incur the expense of
follow-up solicitations. All shareholders benefit from the speedy return
of proxies.
Your vote is important to us. We appreciate the time and consideration I
am sure you will give these important matters. If you have questions
about the proposals, please call a Putnam customer service
representative at 1-800-225-1581 or contact your financial advisor.
Sincerely yours,
/S/ JOHN A. HILL
John A. Hill, Chairman
Notice of a Meeting of Shareholders
* 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.
To the Shareholders of:
PUTNAM ASSET ALLOCATION: BALANCED PORTFOLIO
PUTNAM ASSET ALLOCATION: CONSERVATIVE PORTFOLIO
PUTNAM ASSET ALLOCATION: GROWTH PORTFOLIO
PUTNAM CAPITAL APPRECIATION FUND
PUTNAM CAPITAL OPPORTUNITIES FUND
PUTNAM CLASSIC EQUITY FUND
PUTNAM CONVERTIBLE INCOME-GROWTH TRUST
PUTNAM DISCOVERY GROWTH FUND
PUTNAM EQUITY INCOME FUND
PUTNAM EUROPE EQUITY FUND
THE GEORGE PUTNAM FUND OF BOSTON
PUTNAM GLOBAL EQUITY FUND
PUTNAM GLOBAL NATURAL RESOURCES FUND
THE PUTNAM FUND FOR GROWTH AND INCOME
PUTNAM GROWTH OPPORTUNITIES FUND
PUTNAM HEALTH SCIENCES TRUST
PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND
PUTNAM INTERNATIONAL EQUITY FUND
PUTNAM INTERNATIONAL GROWTH AND INCOME FUND
PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
PUTNAM INVESTORS FUND
PUTNAM MID CAP VALUE FUND
PUTNAM NEW OPPORTUNITIES FUND
PUTNAM NEW VALUE FUND
PUTNAM OTC & EMERGING GROWTH FUND
PUTNAM RESEARCH FUND
PUTNAM SMALL CAP GROWTH FUND
PUTNAM SMALL CAP VALUE FUND
PUTNAM TAX SMART EQUITY FUND
PUTNAM UTILITIES GROWTH AND INCOME FUND
PUTNAM VISTA FUND
PUTNAM VOYAGER FUND
A Meeting of Shareholders of your fund will be held on November 11, 2004
at 11:00 a.m., Boston time, at the principal offices of the fund on the
eighth floor of One Post Office Square, Boston, Massachusetts 02109, to
consider the following:
1. Electing your fund's Trustees;
2A. Approving an amendment to certain funds' fundamental investment
restrictions with respect to borrowing;
2B. Approving an amendment to certain funds' fundamental investment
restrictions with respect to making loans;
2C. Approving an amendment to certain funds' fundamental investment
restrictions with respect to diversification of investments;
2D. Approving an amendment to certain funds' fundamental investment
restrictions with respect to issuance of senior securities;
2E. Approving an amendment to a fund's investment objective; and
3. Approving an amendment to certain funds' Agreements and Declarations
of Trust.
By the Trustees
John A. Hill, Chairman
George Putnam, III, President
Jameson A. Baxter
Charles B. Curtis
Ronald J. Jackson
Paul L. Joskow
Elizabeth T. Kennan
John H. Mullin, III
Robert E. Patterson
A.J.C. Smith
W. Thomas Stephens
We urge you to mark, sign, date, and mail the enclosed proxy in the
postage-paid envelope provided or record your voting instructions by
telephone or via the Internet so that you will be represented at the
meeting.
September 3, 2004
Pro-
posal Proposal Description Affected Funds Page
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1. Election of Trustees All funds
2.A. Approving an amendment Putnam Asset Allocation: Balanced Portfolio Putnam Capital Appreciation Fund
to a fund's fundamental Putnam Asset Allocation: Conservative Portfolio Putnam Classic Equity Fund
investment restriction Putnam Asset Allocation: Growth Portfolio Putnam Discovery Growth Fund
with respect to borrowing Putnam Convertible Income-Growth Trust Putnam Equity Income Fund
The George Putnam Fund of Boston Putnam Europe Equity Fund
The Putnam Fund for Growth and Income Putnam Global Equity Fund
Putnam Growth Opportunities Fund Putnam New Opportunities Fund
Putnam Health Sciences Trust Putnam New Value Fund
Putnam International Capital Opportunities Fund Putnam OTC & Emerging Growth Fund
Putnam International Equity Fund Putnam Research Fund
Putnam International Growth and Income Fund Putnam Utilities Growth and Income Fund
Putnam International New Opportunities Fund Putnam Vista Fund
Putnam Investors Fund Putnam Voyager Fund
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Pro-
posal Proposal Description Affected Funds Page
- ---------------------------------------------------------------------------------------------------------------------------------
2.B. Approving an amendment Putnam Asset Allocation: Balanced Portfolio Putnam Health Sciences Trust
to a fund's fundamental Putnam Asset Allocation: Conservative Portfolio Putnam International Capital Opportunities Fund
investment restriction Putnam Asset Allocation: Growth Portfolio Putnam International Equity Fund
with respect to making Putnam Capital Appreciation Fund Putnam New Opportunities Fund
loans Putnam Classic Equity Fund Putnam New Value Fund
Putnam Convertible Income-Growth Trust Putnam OTC & Emerging Growth Fund
Putnam Discovery Growth Fund Putnam Research Fund
Putnam Equity Income Fund Putnam Utilities Growth and Income Fund
Putnam Europe Equity Fund Putnam Vista Fund and
The George Putnam Fund of Boston Putnam Voyager Fund
Putnam Global Equity Fund
Putnam Global Natural Resources Fund
The Putnam Fund for Growth and Income
Putnam Growth Opportunities Fund
Putnam International Growth and Income Fund
Putnam International New Opportunities Fund
Putnam Investors Fund
- ---------------------------------------------------------------------------------------------------------------------------------
2.C. Approving an amendment All funds
to a fund's fundamental
investment restriction
with respect to
diversification of
investments
- ---------------------------------------------------------------------------------------------------------------------------------
Pro-
posal Proposal Description Affected Funds Page
- ---------------------------------------------------------------------------------------------------------------------------------
2.D. Approving an amendment Putnam Capital Opportunities Fund Putnam New Value Fund
to a fund's fundamental Putnam Classic Equity Fund Putnam Research Fund
investment restriction Putnam Global Natural Resources Fund Putnam Small Cap Growth Fund
with respect to issuance The Putnam Fund for Growth and Income Putnam Small Cap Value Fund
of senior securities Putnam International Capital Opportunities Fund Putnam Tax Smart Equity Fund
Putnam International New Opportunities Fund
- ---------------------------------------------------------------------------------------------------------------------------------
2.E. Approving an amendment Putnam Equity Income Fund
to a fund's investment
objective
- ---------------------------------------------------------------------------------------------------------------------------------
3. Approval of an amendment All funds, except Putnam Tax Smart Equity Fund
to a fund's Agreements and
Declarations of Trust
- ---------------------------------------------------------------------------------------------------------------------------------
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, 1-800-225-1581, or call your financial advisor.
* Who is asking for your vote?
The enclosed proxy is solicited by the Trustees of the Putnam funds for
use at the Meeting of Shareholders of each fund to be held on November
11, 2004, and, if your fund's meeting is adjourned, at any later
meetings, for the purposes stated in the Notice of Meeting (see previous
pages). The Notice of Meeting, the proxy and the Proxy Statement are
being mailed on or about September 3, 2004.
* How do your fund's Trustees recommend that shareholders vote on these
proposals?
The Trustees recommend that you vote
1. For electing your fund's nominees for Trustees;
2A. For approving an amendment to certain funds' fundamental investment
restrictions with respect to borrowing;
2B. For approving an amendment to certain funds' fundamental investment
restrictions with respect to making loans;
2C. For approving an amendment to certain funds' fundamental investment
restrictions with respect to diversification of investments;
2D. For approving an amendment to certain funds' fundamental investment
restrictions with respect to issuance of senior securities;
2E. For approving an amendment to a fund's investment objective; and
3. For approving an amendment to certain funds' Agreements and
Declarations of Trust
Please see the descriptions of proposals 2 and 3 beginning on page 48 for
lists of the affected funds.
* Who is eligible to vote?
Shareholders of record of each affected fund at the close of business on
August 13, 2004 are entitled to be present and to vote at the meeting or
any adjourned meeting.
Each share is entitled to one vote. Shares represented by your duly
executed proxy will be voted in accordance with your instructions. If
you sign the proxy, but don't fill in a vote, 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
Trustees' discretion.
Shareholders of each fund vote separately with respect to each proposal
other than the election of Trustees and the amendment to a trust's
agreement and declaration of trust, in which case shareholders of each
series of a trust vote together as a single class. The outcome of a vote
affecting one fund does not affect any other fund, except where series
of a trust vote together.
The Proposals
I. Election of Trustees
* Who are the nominees for trustees?
The Board Policy and Nominating Committee of the Trustees of each fund
makes recommendations concerning the Trustees of that fund. The Board
Policy and Nominating Committee consists solely of Trustees who are not
"interested persons" (as defined in the Investment Company Act of 1940,
as amended (the "1940 Act"), of your fund or of Putnam Investment
Management, LLC, your fund's investment manager ("Putnam Management").
The Board Policy and Nominating Committee of the Trustees of each fund
has fixed the number of Trustees of each fund at fourteen and recommends
that you vote for the election of the nominees described below.
The 14 nominees for election as Trustees at the shareholder meeting of
your fund who receive the greatest number of votes from shareholders
will be elected as Trustees of your fund.
The nominees for Trustees and their backgrounds are shown in the table
below. The table discloses each Nominee's name, date of birth, principal
occupation(s) during the past five years, and other information about the
nominee's professional background, including other directorships the
nominee holds. For more in depth biographical information, please refer to
the website of Putnam, LLC ("Putnam Investments"): www.Putnam.com. 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 or is removed. Each nominee other than Ms. Drucker and Messrs.
Haldeman and Worley currently serve as a Trustee. The address of all of
the Trustees and nominees is One Post Office Square, Boston, Massachusetts
02109. At December 31, 2003, there were 101 Putnam funds.
Jameson A. Baxter (9/6/43),
Trustee since 1994
[GRAPHIC OMITTED: PHOTO OF JAMESON A. BAXTER]
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Ms. Baxter is the President of Baxter Associates, Inc., a private
investment firm that she founded in 1986.
Ms. Baxter serves as a Director of ASHTA Chemicals, Inc., Banta
Corporation (a printing and digital imaging firm), Ryerson Tull, Inc. (a
steel service corporation), Advocate Health Care, and BoardSource,
formerly the National Center for Nonprofit Boards. She is Chairman
Emeritus of the Board of Trustees, Mount Holyoke College, having served
as Chairman for five years and as a board member for thirteen years.
Until 2002, Ms. Baxter was a Director of Intermatic Corporation (a
manufacturer of energy control products).
Ms. Baxter has held various positions in investment banking and
corporate finance, including Vice President and Principal of the Regency
Group, and Vice President of and Consultant to First Boston Corporation.
She is a graduate of Mount Holyoke College.
Charles B. Curtis (4/27/40),
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
Trustee Advisory Council of the Applied Physics Laboratory, Johns
Hopkins University. Until 2003, Mr. Curtis was a member of the Electric
Power Research Institute Advisory Council and the University of Chicago
Board of Governors for Argonne National Laboratory. Prior to 2002, Mr.
Curtis was a Member of the Board of Directors of the Gas Technology
Institute and the Board of Directors of the Environment and Natural
Resources Program Steering Committee, John F. Kennedy School of
Government, Harvard University. Until 2001, Mr. Curtis was a member of
the Department of Defense Policy Board and Director of EG&G Technical
Services, Inc. (a fossil energy research and development support
company).
From August 1997 to December 1999, Mr. Curtis was a Partner at Hogan &
Hartson L.L.P., a Washington, D.C. law firm. Prior to May 1997, Mr.
Curtis was Deputy Secretary of Energy. He 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.
Myra R. Drucker (1/16/48)
Nominee for Trustee
[GRAPHIC OMITTED: PHOTO OF MYRA R. DRUCKER]
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Ms. Drucker is Vice Chair of the Board of Trustees of Sarah Lawrence
College, a Trustee of Commonfund (a not-for-profit firm
specializing in asset management for educational endowments and
foundations), and a member of the Investment Committee of the Kresge
Foundation (a charitable trust). She is also Chair of the New
York Stock Exchange (NYSE) Pension Managers Advisory Committee and a
member of the Executive Committee of the Committee on Investment of
Employee Benefit Assets. Until August 31, 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. Ms. Drucker also served as a member of the NYSE
Corporate Accountability and Listing Standards Committee and the
NYSE/NASD IPO Advisory Committee.
Prior to joining General Motors Asset Management in 2001, Ms. Drucker
held various executive positions in the investment management industry.
Ms. Drucker served as Chief Investment Officer of Xerox Corporation (a
technology and service company in the document industry), where she was
responsible for the investment of the company's pension assets. Ms.
Drucker was also Staff Vice President and Director of Trust Investments
for International Paper (a paper, paper distribution, packaging and
forest products company) and previously served as Manager of Trust
Investments for Xerox Corporation. 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.
John A. Hill (1/31/42),
Trustee since 1985 and Chairman since 2000
[GRAPHIC OMITTED: PHOTO OF JOHN A. HILL]
- ---------------------------------------
Mr. Hill is Vice Chairman of First Reserve Corporation, a private equity
buyout firm that specializes in energy investments in the diversified
worldwide energy industry.
Mr. Hill is a Director of Devon Energy Corporation, TransMontaigne Oil
Company, Continuum Health Partners of New York, and various private
companies controlled by First Reserve Corporation, as well as a Trustee
of TH Lee, Putnam Investment Trust (a closed-end investment company
advised by an affiliate of Putnam Management). He is also a Trustee of
Sarah Lawrence College.
Prior to acquiring First Reserve Corporation in 1983, Mr. Hill held
executive positions in investment banking and investment management with
several firms and with the federal government, including Deputy
Associate Director of the Office of Management and Budget, and Deputy
Director of the Federal Energy Administration. He is active in various
business associations, including the Economic Club of New York, and
lectures on energy issues in the United States and Europe. Mr. Hill
holds a B.A. degree in Economics from Southern Methodist University and
pursued graduate studies there as a Woodrow Wilson Fellow.
Ronald J. Jackson (12/17/43),
Trustee since 1996
[GRAPHIC OMITTED: PHOTO OF RONALD J. JACKSON]
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Mr. Jackson is a private investor.
Mr. Jackson is President of the Kathleen and Ronald J. Jackson
Foundation (a charitable trust). He is also a member of the Board of
Overseers of WGBH (a public television and radio station) as well as a
member of the Board of Overseers of the Peabody Essex Museum.
Mr. Jackson is the former Chairman, President, and Chief Executive
Officer of Fisher-Price, Inc. (a major toy manufacturer), from which he
retired in 1993. He previously served as President and Chief Executive
Officer of Stride-Rite, Inc. (a manufacturer and distributor of
footwear) and of Kenner Parker Toys, Inc. (a major toy and game
manufacturer). Mr. Jackson was President of Talbots, Inc. (a distributor
of women's apparel) and has held financial and marketing positions with
General Mills, Inc. and Parker Brothers (a toy and game company). Mr.
Jackson is a graduate of the University of Michigan Business School.
Paul L. Joskow (6/30/47),
Trustee since 1997
[GRAPHIC OMITTED: PHOTO OF PAUL L. JOSKOW]
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Dr. Joskow is the Elizabeth and James Killian Professor of Economics and
Management, and Director of the Center for Energy and Environmental
Policy Research at the Massachusetts Institute of Technology.
Dr. Joskow serves as a Director of National Grid Transco (a UK-based
holding company with interests in electric and gas transmission and
distribution, and telecommunications infrastructure) and TransCanada
Corporation (an energy company focused on natural gas transmission and
power services). He also serves on the board of the Whitehead Institute
for Biomedical Research (a non-profit research institution) and has been
President of the Yale University Council since 1993. 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 five books and numerous articles on topics in
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 M. Phil from Yale University and B.A. from
Cornell University.
Elizabeth T. Kennan (2/25/38),
Trustee since 1992
[GRAPHIC OMITTED: PHOTO OF ELIZABETH T. KENNAN]
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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 and is a Director of Talbots, Inc. 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. She is a Trustee of the National Trust for Historic
Preservation, of Centre College and of Midway College in Midway,
Kentucky. She is also a member of The Trustees of Reservations. Dr.
Kennan has served on the oversight committee of the Folger Shakespeare
Library, as President of Five Colleges Incorporated, 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.
Dr. Kennan holds a Ph.D. from the University of Washington in Seattle,
an M.S. from St. Hilda's College at Oxford University, and an A.B. from
Mount Holyoke College. She holds several honorary doctorates.
John H. Mullin, III (6/15/41),
Trustee since 1997
[GRAPHIC OMITTED: PHOTO OF JOHN H. MULLIN, III]
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Mr. Mullin is the Chairman and CEO of Ridgeway Farm (a limited liability
company engaged in timber and farming).
Mr. Mullin serves as a Director of Alex. Brown Realty, Inc., The Liberty
Corporation (a broadcasting company), Progress Energy, Inc. (a utility
company, formerly known as Carolina Power & Light), and Sonoco Products,
Inc. (a packaging company). Mr. Mullin is Trustee Emeritus of Washington
& Lee University, where he served as Chairman of the Investment
Committee. Prior to May 2001, he was a Director of Graphic Packaging
International Corp.
Mr. Mullin also served as a Director of Dillon, Read & Co., Inc. until
October 1997 and The Ryland Group, Inc. until January 1998. Mr. Mullin
is a graduate of Washington & Lee University and The Wharton Graduate
School, University of Pennsylvania.
Robert E. Patterson (3/15/45),
Trustee since 1984
[GRAPHIC OMITTED: PHOTO OF ROBERT E. PATTERSON]
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Mr. Patterson is Senior Partner of Cabot Properties, L.P. and Chairman
of Cabot Properties, Inc.
Mr. Patterson serves as Chairman of the Joslin Diabetes Center and as a
Director of Brandywine Trust Company. Prior to June 2003, he was a
Trustee of Sea Education Association. Prior to December 2001, he 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 advisor involved in institutional
real estate investments); and prior to 1990, he served as Executive Vice
President of Cabot, Cabot & Forbes Realty Advisors, Inc. (the
predecessor company of Cabot Partners) and as a Senior Vice President of
the Beal Companies (a real estate management, investment, and
development firm).
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.
W. Thomas Stephens (9/2/42),
Trustee since 1997
[GRAPHIC OMITTED: PHOTO OF W. THOMAS STEPHENS]
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Mr. Stephens serves on a number of corporate boards.
Mr. Stephens serves as a Director of Xcel Energy Incorporated (a public
utility company), TransCanada Pipelines Limited, Norske Canada, Inc. (a
paper manufacturer), and Qwest Communications. Until 2003, Mr. Stephens
was a Director of Mail-Well, Inc. (a diversified printing company). He
served as Chairman of Mail-Well until 2001 and as CEO of
MacMillan-Bloedel, Ltd. (a forest products company) until 1999.
Prior to 1996, Mr. Stephens was Chairman and Chief Executive Officer of
Johns Manville Corporation. He holds B.S. and M.S. degrees from the
University of Arkansas.
Richard B. Worley (11/15/45)
Nominee for Trustee
[GRAPHIC OMITTED: PHOTO OF RICHARD B. WORLEY]
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Mr. Worley is Managing Partner of Permit Capital LLC, an investment
management firm.
Mr. Worley serves as a director of [ ]. Mr. Worley is also
on the Executive Committee of the University of Pennsylvania Medical Center,
is a Trustee of The Robert Wood Johnson Foundation (a philanthropic
organization devoted to health care issues) and is a Director of The
Colonial Williamsburg Foundation (a historical preservation organization).
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 Chief
Strategic Officer of Morgan Stanley Investment Management. He previously
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.
Mr. Worley holds a B.S. degree from University of Tennessee and pursued
graduate studies in economics at the University of Texas.
* Interested trustees
Charles E. Haldeman Jr.* (10/29/48),
Nominee for Trustee
[GRAPHIC OMITTED: PHOTO OF CHARLES E. HALDEMAN JR.]
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Mr. Haldeman is President and Chief Executive Officer of Putnam
Investments. He is a member of Putnam Investments' Executive Board of
Directors and Advisory Counsel.
[Insert any outside board service.]
Prior to joining Putnam Investments in 2002, Mr. Haldeman held executive
positions in the investment management industry. Mr. Haldeman previously
served as Chief Executive Officer of Delaware Investments and President &
Chief Operating Officer of United Asset Management. Mr. Haldeman was also
a partner and director of Cooke & Bieler, Inc. (an investment management
firm). Mr. Haldeman is a graduate of Dartmouth College, Harvard Law School
and Harvard Business School. Mr. Haldeman is also a Chartered Financial
Analyst (CFA) charterholder.
George Putnam III* (8/10/51),
Trustee since 1984 and President since 2000
[GRAPHIC OMITTED: PHOTO OF GEORGE PUTNAM III]
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Mr. Putnam is President of New Generation Research, Inc. (a publisher of
financial advisory and other research services), and of New Generation
Advisers, Inc. (a registered investment advisor 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 advisor). He is a Trustee of St. Mark's School, 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.
A.J.C. Smith* (4/13/34),
Trustee since 1986
[GRAPHIC OMITTED: PHOTO OF A.J.C. SMITH]
- ---------------------------------------
Mr. Smith is the Chairman of Putnam Investments and Director of and
Consultant to Marsh & McLennan Companies, Inc.
Mr. Smith is also a Director of Trident Corp. (a limited partnership
with over thirty institutional investors). He is also a Trustee of the
Carnegie Hall Society, the Educational Broadcasting Corporation, and the
National Museums of Scotland. He is Chairman of the Central Park
Conservancy and a Member of the Board of Overseers of the Joan and
Sanford I. Weill Graduate School of Medical Sciences of Cornell
University. Prior to May 2000 and November 1999, Mr. Smith was Chairman
and CEO, respectively, of Marsh & McLennan Companies, Inc.
* Nominees who are or may be deemed to be "interested persons" (as defined
in the 1940 Act) of a fund, Putnam Management, Putnam Retail Management
Limited Partnership ("Putnam Retail Management"), or Marsh & McLennan
Companies, Inc., the parent company of Putnam Investments and its
affiliated companies. Messrs. Haldeman, Putnam, and Smith are deemed
"interested persons" by virtue of their positions as officers or
shareholders of each fund, Putnam Management, Putnam Retail Management, or
Marsh & McLennan Companies, Inc. Mr. Haldeman is President and Chief
Executive Officer of Putnam Investments. Mr. Putnam, III is the President
of each of the funds. Mr. Smith is the Chairman of Putnam Investments and
serves as a Director of and Consultant to Marsh & McLennan Companies, Inc.
Ms. Drucker was nominated by [ ]. Mr. Worley was nominated by [ ]. Mr.
Haldeman was nominated by [ ].
The 14 nominees for election as Trustees will be elected as Trustees of
your fund. The current Trustees serve until their successors are elected
and qualified. 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, distribution, 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 independent auditors,
independent counsel and other experts as appropriate, selected by and
responsible to the Trustees.
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 Pricing
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 Pricing Committee. The Audit and Pricing Committee provides
oversight on matters relating to the preparation of the funds' financial
statements, compliance matters and Code of Ethics issues. This oversight
is discharged by regularly meeting with management and the funds'
independent auditors and keeping current 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 Audit and Pricing
Committee of your fund include only Trustees who are not "interested
persons" of the fund or Putnam Management (as such term is defined in
the 1940 Act). The Committee also reviews the funds' policies and
procedures for achieving accurate and timely pricing of the funds'
shares, including oversight of fair value determinations of individual
securities made by Putnam Management or other designated agents of the
funds. The Committee oversees compliance by money market funds with Rule
2a-7, interfund transactions pursuant to Rule 17a-7, and the correction
of occasional pricing errors. The Committee also receives reports
regarding the liquidity of portfolio securities. The Trustees have
adopted a written charter for the Audit and Pricing Committee. The
Committee currently consists of Drs. Joskow (Chairperson) and Kennan and
Messrs. Patterson and Stephens.
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 Board Policy and Nominating 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 Board Policy and Nominating 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," and provided the shareholders' recommendations
otherwise comply with applicable securities laws, including Rule 14a-8
under the Securities Exchange Act of 1934, as amended (the "1934 Act").
The Committee consists only of Trustees who are not "interested persons"
of your fund or Putnam Management (as such term is defined in the 1940
Act). The Trustees have adopted a written charter for the Board Policy
and Nominating Committee, a copy of which is attached to this proxy
statement as Exhibit A. The Board Policy and Nominating Committee
currently consists of Dr. Kennan (Chairperson), Ms. Baxter and Messrs.
Hill, Mullin and Patterson.
Brokerage and Custody Committee. The Brokerage and Custody Committee
reviews the policies and procedures of the funds regarding the execution
of portfolio transactions for the funds, including policies regarding the
allocation of brokerage commissions and soft dollar credits. The Committee
reviews periodic reports regarding the funds' activities involving
derivative securities, and reviews and evaluates matters relating to the
funds' custody arrangements. The Committee currently consists of Messrs.
Jackson (Chairperson), Curtis, and Mullin, and Ms. Baxter.
Communication, Service and Marketing Committee. This Committee examines
the quality, cost and levels of services provided to the shareholders of
the Putnam funds. The Committee also reviews communications sent from
the funds to their shareholders, including shareholder reports,
prospectuses, newsletters and other materials. In addition, the
Committee oversees marketing and sales communications of the funds'
distributor. The Committee currently consists of Messrs. Putnam
(Chairperson), Smith, and Stephens, and Dr. Joskow.
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 the Distribution Plans of the open-end 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 recommends to the Trustees such changes in arrangements as it
deems appropriate. The Committee also reviews the conversion of Class B
shares into Class A shares of the open-end funds in accordance with
procedures approved by the Trustees. After review and evaluation, the
Committee recommends to the Trustees the proposed organization of new
Fund products and proposed structural changes to existing funds. The
Committee consists only of Trustees who are not "interested persons" of
your fund or Putnam Management ( as such term is defined in the 1940
Act). The Committee currently consists of Ms. Baxter (Chairperson), and
Messrs. Curtis, Jackson, and Mullin.
Distributions Committee. This Committee oversees all fund distributions
and approves the amount and timing of distributions paid by all the
funds to the shareholders when the Trustees are not in session. The
Committee also meets regularly with representatives of Putnam Management
and its affiliates to review distribution levels and the funds'
distribution policies. The Committee currently consists of Messrs.
Patterson (Chairperson) and Jackson, and Dr. Joskow.
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 and its affiliates on behalf of the shareholders of the
Putnam funds. The Committee currently consists of Messrs. Hill
(Chairperson), Jackson, and Putnam, Dr. Joskow, and Ms. Baxter.
Investment Oversight Committees. These Committees regularly meet with
investment personnel of Putnam Management to review the investment
performance and strategies of the Putnam funds in light of their stated
investment objectives and policies. Investment Oversight Committee A
currently consists of Ms. Baxter (Acting Chairperson) and Mr. Smith.
Investment Oversight Committee B currently consists of Messrs. Curtis
(Chairperson) and, Hill and Stephens. Investment Committee C currently
consists of Messrs. Mullin (Chairperson) and Putnam, and Dr. Kennan.
Investment Oversight Committee D currently consists of Messrs. Patterson
(Chairperson), Jackson and Joskow.
The 1940 Act and the rules and regulations promulgated thereunder
require that your fund have a minimum proportion of trustees who are
not affiliated in any way with your fund's investment manager, principal
underwriter or any broker-dealer. 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. Eleven of the Fourteen nominees for
election as Trustee would be independent Trustees.
* How large a stake do the Trustees and nominees have in the Putnam funds?
The Trustees believe each Trustee should have a significant investment
in the Putnam funds. The Trustees allocate their investments among the
Putnam funds based on their own investment needs. The table below shows
the number of shares beneficially owned by each current Trustee and
nominee and the value of each Trustee's and each nominee's holdings in
each fund and in all of the Putnam funds as of June 30, 2004.
TRUSTEE HOLDINGS TABLE
Dollar Range Shares Dollar Range Shares Dollar Range Shares
of Shares Beneficially of Shares Beneficially of Shares Beneficially
Owned Owned Owned Owned Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------------
Putnam Asset Allocation: Putnam Asset Allocation: Putnam Asset Allocation:
Trustees/Nominees Balanced Portfolio Conservative Portfolio Growth Portfolio
- ---------------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $1-$10,000 180.145 $1-$10,000 190.105 $1-$10,000 355.477
- ---------------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 112.712 $1-$10,000 133.775 $1-$10,000 113.244
- ---------------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr. $10,001-$50,000 1459.542 $10,001-$50,000 1195.508 $10,001-$50,000 1019.417
- ---------------------------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 20906.944 $1-$10,000 446.935 $1-$10,000 442.089
- ---------------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 333.567 $1-$10,000 153.456 $1-$10,000 820.551
- ---------------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $10,001-$50,000 1783.22 $1-$10,000 230.962 $1-$10,000 875.678
- ---------------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 335.530 $1-$10,000 321.669 $1-$10,000 455.450
- ---------------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $1-$10,000 327.998 $1-$10,000 382.184 $1-$10,000 319.132
- ---------------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $10,001-$50,000 1124.534 $10,001-$50,000 1147.178 $10,001-$50,000 1144.164
- ---------------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 1128.658 $10,001-$50,000 1147.178 $10,001-$50,000 1156.813
- ---------------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 170.336 $1-$10,000 172.664 $1-$10,000 178.221
- ---------------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens Over $100,000 89673.064 $10,001-$50,000 4700.348 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------------
Richard B. Worley
- ---------------------------------------------------------------------------------------------------------------------------------
Dollar Range Shares Dollar Range Shares Dollar Range Shares
of Shares Beneficially of Shares Beneficially of Shares Beneficially
Owned Owned Owned Owned Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------------
Trustees/Nominees Putnam Capital Appreciation Fund Putnam Capital Opportunities Fund Putnam Classic Equity Fund
- ---------------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 715.569 $1-$10,000 346.416 Over $100,000 16328.122
- ---------------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 102.820 $1-$10,000 106.449 $1-$10,000 107.314
- ---------------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr. $10,001-$50,000 996.205 $10,001-$50,000 1013.18
- ---------------------------------------------------------------------------------------------------------------------------------
John A. Hill $50,001-$100,000 3898.796 $10,001-$50,000 5992.578 $50,001-$100,000 10435.097
- ---------------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 262.089 $1-$10,000 207.450 $1-$10,000 234.306
- ---------------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $10,001-$50,000 723.839 $1-$10,000 183.608 $10,001-$50,000 2020.29
- ---------------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 251.929 $10,001-$50,000 1104.294 $1-$10,000 191.797
- ---------------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $50,001-$100,000 6477.672 $50,001-$100,000 5695.393 $10,001-$50,000 2769.75
- ---------------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $1-$10,000 482.640 $1-$10,000 837.144 $1-$10,000 687.503
- ---------------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 1238.256 $10,001-$50,000 1192.389 $50,001-$100,000 6316.991
- ---------------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 284.565 $1-$10,000 100.000 $1-$10,000 236.905
- ---------------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 137.383 $1-$10,000 100.000 $1-$10,000 143.732
- ---------------------------------------------------------------------------------------------------------------------------------
Richard B. Worley
- ---------------------------------------------------------------------------------------------------------------------------------
Dollar Range Shares Dollar Range Shares
of Shares Beneficially of Shares Beneficially
Owned Owned Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------------
Putnam Convertible
Trustees/Nominees Income-Growth Trust Putnam Discovery Growth Fund
- ---------------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 1631.226 Over $100,000 12,579.229
- ---------------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 115.191 $10,001-$50,000 1383.006
- ---------------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.
- ---------------------------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 24183.105 $1-$10,000 2303.388
- ---------------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 431.317 $1-$10,000 243.964
- ---------------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $10,001-$50,000 835.066 $1-$10,000 360.285
- ---------------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $10,001-$50,000 994.039 $1-$10,000 675.427
- ---------------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $10,001-$50,000 2077.602 $10,001-$50,000 2987.873
- ---------------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $10,001-$50,000 1732.636 $1-$10,000 799.281
- ---------------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 1324.257 $1-$10,000 2101.545
- ---------------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 364.960 $1-$10,000 323.142
- ---------------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 193.543 $1-$10,000 208.686
- ---------------------------------------------------------------------------------------------------------------------------------
Richard B. Worley
- ---------------------------------------------------------------------------------------------------------------------------------
Dollar Range Shares Dollar Range Shares
of Shares Beneficially of Shares Beneficially
Owned Owned Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------------
Trustees/Nominees Putnam Equity Income Fund Putnam Europe Equity Fund
- ---------------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 2726.503 $10,001-$50,000 1215.293
- ---------------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 109.101 $1-$10,000 104.829
- ---------------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.
- ---------------------------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 10823.609 $1-$10,000 500.000
- ---------------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 299.929 $1-$10,000 244.253
- ---------------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $50,001-$100,000 5588.703 $1-$10,000 533.109
- ---------------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $10,001-$50,000 1498.501 $1-$10,000 361.022
- ---------------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $10,001-$50,000 2392.515 $10,001-$50,000 665.610
- ---------------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $10,001-$50,000 1315.648 $10,001-$50,000 1958.550
- ---------------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 1414.878 $10,001-$50,000 933.566
- ---------------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 502.204 $1-$10,000 159.520
- ---------------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 152.322 $1-$10,000 134.409
- ---------------------------------------------------------------------------------------------------------------------------------
Richard B. Worley
- ---------------------------------------------------------------------------------------------------------------------------------
Dollar Range Shares Dollar Range Shares Dollar Range Shares
of Shares Beneficially of Shares Beneficially of Shares Beneficially
Owned Owned Owned Owned Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------------
Trustees/Nominees The George Putnam Fund of Boston Putnam Global Equity Fund Putnam Global Natural Resources Fund
- ---------------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $50,001-$100,000 4084.25 $50,001-$100,000 7703.029 $10,001-$50,000 920.093
- ---------------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 248.590 $10,001-$50,000 5286.432 $1-$10,000 113.510
- ---------------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr. $10,001-$50,000 625.693
- ---------------------------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 19796.222 Over $100,000 29842.849 Over $100,000 6145.952
- ---------------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $50,001-$100,000 5410.934 $1-$10,000 208.270 $10,001-$50,000 448.000
- ---------------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $10,001-$50,000 1729.101 $1-$10,000 700.412 $1-$10,000 123.590
- ---------------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $10,001-$50,000 1155.086 $10,001-$50,000 3889.666 $10,001-$50,000 805.519
- ---------------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $10,001-$50,000 5249.942 $50,001-$100,000 8909.351 $10,001-$50,000 654.818
- ---------------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $10,001-$50,000 1092.513 $50,001-$100,000 10394.483 $1-$10,000 281.389
- ---------------------------------------------------------------------------------------------------------------------------------
George Putnam, III $50,001-$100,000 5592.022 Over $100,000 29645.314 $10,001-$50,000 1214.292
- ---------------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $10,001-$50,000 1330.678 $10,001-$50,000 2311.026 $1-$10,000 266.030
- ---------------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 257.335 $1-$10,000 624.816 $1-$10,000 149.739
- ---------------------------------------------------------------------------------------------------------------------------------
Richard B. Worley
- ---------------------------------------------------------------------------------------------------------------------------------
Dollar Range Shares Dollar Range Shares Dollar Range Shares
of Shares Beneficially of Shares Beneficially of Shares Beneficially
Owned Owned Owned Owned Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------------
Trustees/Nominees The Putnam Fund for Growth and Income Putnam Growth Opportunities Fund Putnam Health Sciences Trust
- ---------------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter Over $100,000 9,350.354 $10,001-$50,000 1537.221 Over 100,000 2167.541
- ---------------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $10,001-$50,000 1924.766 $1-$10,000 105.029 $1-$10,000 100.00
- ---------------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr. $10,001-$50,000 817.797
- ---------------------------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 9913.376 $10,001-$50,000 2516.579 Over $100,000 3670.194
- ---------------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson Over $100,000 34075.751 $1-$10,000 193.855 $1-$10,000 100.00
- ---------------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow Over-$100,000 7489.43 $1-$10,000 578.797 $10,001-$50,000 436.772
- ---------------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $10,001-$50,000 603.004 $10,001-$50,000 1007.462 $1-$10,000 100.00
- ---------------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III Over $100,000 4528.036 $10,001-$50,000 1152.083 $50,001-$100,000 1091.876
- ---------------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $1-$10,000 522.329 $1-$10,000 688.172 $10,001-$50,000 230.980
- ---------------------------------------------------------------------------------------------------------------------------------
George Putnam, III Over $100,000 42571.034 $10,001-$50,000 2762.012 $50,001-$100,000 939.498
- ---------------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith Over $100,000 6875.284 $1-$10,000 100.000 $10,001-$50,000 455.658
- ---------------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens Over $100,000 12731.639 $1-$10,000 101.018 $1-$10,000 138.237
- ---------------------------------------------------------------------------------------------------------------------------------
Richard B. Worley
- ---------------------------------------------------------------------------------------------------------------------------------
Dollar Range Shares Dollar Range Shares Dollar Range Shares
of Shares Beneficially of Shares Beneficially of Shares Beneficially
Owned Owned Owned Owned Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------------
Putnam International Putnam International Growth
Trustees/Nominees Capital Opportunities Fund Putnam International Equity Fund and Income Fund
- ---------------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 6392.319 Over $100,000 11,214.114 $1-$10,000 679.096
- ---------------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 105.802 $1-$10,000 199.030 $1-$10,000 105.036
- ---------------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr. $10,001-$50,000 710.359 $10,001-$50,000 1438.354
- ---------------------------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 8211.346 Over $100,000 14909.236 Over $100,000 22658.411
- ---------------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 214.242 $1-$10,000 253.162 $1-$10,000 518.251
- ---------------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $1-$10,000 406.637 Over $100,000 5866.594 $1-$10,000 483.927
- ---------------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 1197.934 $10,001-$50,000 940.734 $1-$10,000 221.427
- ---------------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III Over $100,000 5036.801 $10,001-$50,000 2350.4 $1-$10,000 954.473
- ---------------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $10,001-$50,000 427.582 $50,001-$100,000 2868.286 $1-$10,000 855.164
- ---------------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 1113.326 $10,001-$50,000 749.876 $10,001-$50,000 2218.493
- ---------------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 100.000 $1-$10,000 244.999 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 119.660 $1-$10,000 179.103 $1-$10,000 149.025
- ---------------------------------------------------------------------------------------------------------------------------------
Richard B. Worley
- ---------------------------------------------------------------------------------------------------------------------------------
Dollar Range Shares Dollar Range Shares Dollar Range Shares
of Shares Beneficially of Shares Beneficially of Shares Beneficially
Owned Owned Owned Owned Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------------
Putnam International Trustees
Trustees/Nominees New Opportunities Fund Putnam Investors Fund Putnam Mid Cap Value Fund
- ---------------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 2,191.36 Over $100,000 13,204.415 $10,001-$50,000 2053.445
- ---------------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 102.166 $1-$10,000 102.415 $1-$10,000 105.982
- ---------------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr. $10,001-$50,000 1149.541
- ---------------------------------------------------------------------------------------------------------------------------------
John A. Hill $1-$10,000 200.000 Over $100,000 25057.65 $1-$10,000 108.904
- ---------------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 313.103 Over $100,000 73276.008 $1-$10,000 352.798
- ---------------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $10,001-$50,000 1243.015 $50,001-$100,000 7015.402 $1-$10,000 120.072
- ---------------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 197.710 $10,001-$50,000 1359.807 $1-$10,000 490.096
- ---------------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $10,001-$50,000 3546.812 Over $100,000 8659.24 $50,001-$100,000 8192.574
- ---------------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $10,001-$50,000 1335.641 $10,001-$50,000 1314.557 $1-$10,000 680.668
- ---------------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 1387.061 $10,001-$50,000 2437.122 $10,001-$50,000 2139.429
- ---------------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 100.00 $50,001-$100,000 8623.297 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 148.014 $1-$10,000 115.677 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------------
Richard B. Worley
- ---------------------------------------------------------------------------------------------------------------------------------
Dollar Range Shares Dollar Range Shares
of Shares Beneficially of Shares Beneficially
Owned Owned Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------------
Trustees/Nominees Putnam New Opportunities Fund Putnam New Value Fund
- ---------------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $50,001-$100,000 1,734.607 Over 100,000 6,881.741
- ---------------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $50,001-$100,000 2254.69 $1-$10,000 107.243
- ---------------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr. $10,001-$50,000 909.242
- ---------------------------------------------------------------------------------------------------------------------------------
John A. Hill $50,001-$100,000 2385.464 $50,001-$100,000 3872.531
- ---------------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 204.570 $1-$10,000 233.773
- ---------------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $10,001-$50,000 1111.62 $1-$10,000 584.206
- ---------------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 100.000 $10,001-$50,000 1333.438
- ---------------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III Over $100,000 5927.957 $10,001-$50,000 2638.549
- ---------------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $10,001-$50,000 1038.444 $10,001-$50,000 1325.964
- ---------------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 763.162 $10,001-$50,000 1398.657
- ---------------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $10,001-$50,000 638.496 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 133.948 $1-$10,000 143.838
- ---------------------------------------------------------------------------------------------------------------------------------
Richard B. Worley
- ---------------------------------------------------------------------------------------------------------------------------------
Dollar Range Shares Dollar Range Shares Dollar Range Shares
of Shares Beneficially of Shares Beneficially of Shares Beneficially
Owned Owned Owned Owned Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------------
Trustees/Nominees Putnam OTC & Emerging Growth Fund Putnam Research Fund Putnam Small Cap Growth Fund
- ---------------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 2,704.695 $1-$10,000 414.462 $10,001-$50,000 705.048
- ---------------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 105.121 $1-$10,000 104.965 $10,001-$50,000 536.136
- ---------------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.
- ---------------------------------------------------------------------------------------------------------------------------------
John A. Hill $10,001-$50,000 1951.847 $50,001-$100,000 3902.146 $10,001-$50,000 2144.691
- ---------------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $10,001-$50,000 1968.372 Over $100,000 8167.352 $1-$10,000 206.855
- ---------------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $1-$10,000 129.574 $50,001-$100,000 5449.857 $50,001-$100,000 4297.547
- ---------------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 1141.113 $10,001-$50,000 867.630 $10,001-$50,000 915.840
- ---------------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $10,001-$50,000 6484.534 $10,001-$50,000 849.291 $50,001-$100,000 3996.697
- ---------------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $1-$10,000 259.060 $1-$10,000 145.779 $1-$10,000 450.272
- ---------------------------------------------------------------------------------------------------------------------------------
George Putnam, III $50,001-$100,000 10112.593 $10,001-$50,000 1738.068 $10,001-$50,000 1235.585
- ---------------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $10,001-$50,000 3094.300 $1-$10,000 148.213 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 144.331 $1-$10,000 100.000 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------------
Richard B. Worley
- ---------------------------------------------------------------------------------------------------------------------------------
Dollar Range Shares Dollar Range Shares
of Shares Beneficially of Shares Beneficially
Owned Owned Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------------
Trustees/Nominees Putnam Small Cap Value Fund Putnam Tax Smart Equity Fund
- ---------------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 1,867.779 $10,001-$50,000 1237.843
- ---------------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 108.025 $1-$10,000 102.210
- ---------------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr. $10,001-$50,000 1434.121
- ---------------------------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 13881.248 $10,001-$50,000 2475.685
- ---------------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 460.660 Over $100,000 11228.341
- ---------------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $50,001-$100,000 2828.795 $50,000-$100,000 5392.129
- ---------------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $10,001-$50,000 1355.865 $1-$10,000 106.693
- ---------------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III/ Over $100,000 6633.668 $10,001-$50,000 3840.080
- ---------------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $1-$10,000 488.256 $1-$10,000 943.821
- ---------------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 1095.726 $10,001-$50,000 1305.767
- ---------------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 100.000 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 100.000 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------------
Richard B. Worley
- ---------------------------------------------------------------------------------------------------------------------------------
Dollar Range Shares Dollar Range Shares
of Shares Beneficially of Shares Beneficially
Owned Owned Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------------
Trustees/Nominees Putnam Utilities Growth and Income Fund Putnam Vista Fund
- ---------------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 618.997 Over $100,000 13,673.755
- ---------------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 112.628 $1-$10,000 108.696
- ---------------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr. $10,001-$50,000 1759.930
- ---------------------------------------------------------------------------------------------------------------------------------
John A. Hill $10,001-$50,000 3240.898 Over $100,000 24573.347
- ---------------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 816.839 $1-$10,000 565.702
- ---------------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $1-$10,000 912.907 $10,001-$50,000 1657.718
- ---------------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 110.835 $1-$10,000 662.864
- ---------------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III/ $10,001-$50,000 2307.695 $50,001-$100,000 10343.971
- ---------------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $1-$10,000 685.142 $10,001-$50,000 1479.233
- ---------------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 2076.560 $10,001-$50,000 4475.699
- ---------------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 248.838 $10,001-$50,000 3322.336
- ---------------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 162.025 $1-$10,000 177.190
- ---------------------------------------------------------------------------------------------------------------------------------
Richard B. Worley
- ---------------------------------------------------------------------------------------------------------------------------------
Dollar Range Shares Dollar Range
of Shares Beneficially of Shares
Owned Owned Owned
- ---------------------------------------------------------------------------------------
Trustees/Nominees Putnam Voyager Fund All Funds
- ---------------------------------------------------------------------------------------
Jameson A. Baxter $1-$10,000 5,759.153 Over $100,000
- ---------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 108.848 Over $100,000
- ---------------------------------------------------------------------------------------
Myra R. Drucker
- ---------------------------------------------------------------------------------------
Charles E. Haldeman, Jr. $10,001-$50,000 920.802 Over $100,000
- ---------------------------------------------------------------------------------------
John A. Hill Over $100,000 23371.655 Over $100,000
- ---------------------------------------------------------------------------------------
Ronald J. Jackson Over $100,000 8722.033 Over $100,000
- ---------------------------------------------------------------------------------------
Paul L. Joskow Over $100,000 6528.631 Over $100,000
- ---------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 297.444 Over $100,000
- ---------------------------------------------------------------------------------------
John H. Mullin, III/ $50,001-$100,000 5970.143 Over $100,000
- ---------------------------------------------------------------------------------------
Robert E. Patterson $50,001-$100,000 3829.659 Over $100,000
- ---------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 2182.800 Over $100,000
- ---------------------------------------------------------------------------------------
A.J.C. Smith $50,001-$100,000 3762.124 Over $100,000
- ---------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 148.108 Over $100,000
- ---------------------------------------------------------------------------------------
Richard B. Worley
- ---------------------------------------------------------------------------------------
At [May 31, 2004], the Trustees and officers of each fund owned less than 1% of the
outstanding shares of each class of each fund on that date.
* What are some of the ways in which the trustees represent shareholder
interests?
The Trustees believe that, as substantial investors in the Putnam funds,
their interests are closely aligned with those of individual
shareholders. 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 team;
* by carefully reviewing the quality of the various other services
provided to the funds and their shareholders by Putnam Management and
its affiliates;
* by discussing with senior management of Putnam Management steps being
taken to address any performance deficiencies;
* by conducting an in-depth review of the fees paid by each fund and by
negotiating with Putnam Management to ensure that such fees remain
reasonable and competitive with those of other mutual 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 each fund;
* by monitoring potential conflicts 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 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)
One Post Office Square
Boston, Massachusetts 02109
The written communication 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.
The Office of the Trustees will respond to all correspondence sent to
Trustees; however, due to the volume of correspondence, all
communications are not sent directly to the Trustees. The correspondence
is reviewed, summarized and presented to Trustees on a periodic basis.
* How often do the trustees meet?
The Trustees meet each month (except August) over a two-day period to
review the operations each Putnam fund. A portion of these meetings is
devoted to meetings of various committees of the board which focus on
particular matters. Each Trustee generally attends at least two formal
committee meetings during each regular meeting of the Trustees. During
2003, the average Trustee participated in approximately 49 committee and
board meetings. In addition, the Trustees meet in small groups with
Chief Investment Officers, Portfolio Leaders and Portfolio Members to
review recent performance and the current investment climate for
selected funds. These meetings ensure that each fund's performance is
reviewed in detail at least twice a year. The Contract Committee
typically meets on several additional occasions during the year to carry
out its responsibilities. Other committees, including the Executive
Committee, may also meet on special occasions as the need arises. The
number of times each committee met during calendar year 2003 is shown in
the table below:
Audit and Pricing Committee 15
- ----------------------------------------------------
Board Policy and Nominating Committee 7
- ----------------------------------------------------
Brokerage and Custody Committee 4
- ----------------------------------------------------
Communication, Service and Marketing Committee 9
- ----------------------------------------------------
Contract Committee 14
- ----------------------------------------------------
Distributions Committee 6
- ----------------------------------------------------
Executive Committee 1
- ----------------------------------------------------
Investment Oversight Committees 30
- ----------------------------------------------------
Your fund does not have a policy with regard to Trustees' attendance at
shareholder meetings. The funds are not required under their Agreements
and Declarations of Trust to hold annual meetings.
* What are the trustees paid for their services?
Each Trustee of your fund receives a fee for his or her services. Each
Trustee also receives fees for serving as Trustee of the other Putnam
funds. Each Trustee receives an annual fee and an additional fee for each
Trustees' meeting attended. Trustees who are not "interested persons" of
Putnam Management (as such term is defined in the 1940 Act) and who serve
on committees of the Trustees receive additional fees for attendance at
certain committee meetings and for special services rendered in that
connection. All of the current Trustees are Trustees of all the Putnam
funds and each receives fees for his or her 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 only of Trustees
who are not "interested persons" of your fund or Putnam Management (as
such term is defined in the 1940 Act), 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 following table shows the fees paid to each current Trustee
by your fund for its most recent fiscal year and the fees paid to each
current Trustee by all of the Putnam funds during calendar year 2003:
COMPENSATION TABLE
Retirement Retirement
benefits benefits
Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses
- ----------------------------------------------------------------------------------------
Putnam Asset Allocation: Putnam Asset Allocation:
Trustees Balanced Portfolio Conservative Portfolio
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $2,519 $789 $1,558 $434
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 2,470 632 1,529 345
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 4,246 936 2,614 515
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 2,471 732 1,531 402
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 2,495 606 1,542 335
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 2,483 963 1,524 530
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 2,501 926 1,545 512
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 2,501 524 1,545 288
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 3,088 431 1,905 237
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) 0 997 0 548
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 2,455 848 1,516 470
- ----------------------------------------------------------------------------------------
Retirement Retirement
benefits benefits
Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses
- ----------------------------------------------------------------------------------------
Putnam Asset Allocation: Putnam Capital
Trustees Growth Portfolio Appreciation Fund
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $2,309 $668 $1,931 $551
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 2,264 549 1,419 378
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 3,892 787 3,117 676
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 2,264 618 1,877 519
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 2,286 496 1,903 505
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 2,275 811 1,928 693
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 2,292 759 1,914 764
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 2,292 442 1,914 373
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 2,830 363 2,359 312
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) 0 839 0 716
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 2,250 694 1,891 708
- ----------------------------------------------------------------------------------------
Retirement Retirement
benefits benefits
Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses
- ----------------------------------------------------------------------------------------
Putnam Capital Putnam Classic
Trustees Opportunities Fund Equity Fund
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $1,793 $395 $2,386 $731
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 1,757 277 2,360 633
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 2,962 481 4,020 851
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 1,754 371 2,395 673
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 1,773 353 2,361 500
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 1,788 494 2,343 878
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 1,777 535 2,369 771
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 1,777 267 2,372 479
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 2,195 222 2,939 392
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) 0 510 0 910
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 1,759 495 2,337 700
- ----------------------------------------------------------------------------------------
Retirement Retirement Retirement
benefits benefits benefits
Aggregate accrued as Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses from the fund expenses
- -------------------------------------------------------------------------------------------------------------------
Putnam Convertible Putnam Discovery Putnam Equity
Trustees Income-Growth Trust Growth Fund Income Fund
- -------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $1,347 $396 $3,146 $958 $3,298 $789
- -------------------------------------------------------------------------------------------------------------------
Charles B. Curtis/2001 1,333 334 3,112 851 3,264 685
- -------------------------------------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 2,269 463 5,299 1,107 5,530 917
- -------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 1,352 365 3,158 879 3,313 726
- -------------------------------------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 1,333 282 3,148 627 3,251 537
- -------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 1,323 478 3,091 1,143 3,226 946
- -------------------------------------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 1,338 433 3,124 970 3,274 828
- -------------------------------------------------------------------------------------------------------------------
Robert E. Patterson/1984 1,339 260 3,127 625 3,279 517
- -------------------------------------------------------------------------------------------------------------------
George Putnam, III/1984(7) 1,660 214 3,878 510 4,055 423
- -------------------------------------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) 0 496 NA 1,185 NA 981
- -------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 1,319 394 3,081 878 3,226 752
- -------------------------------------------------------------------------------------------------------------------
Retirement Retirement
benefits benefits
Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses
- ----------------------------------------------------------------------------------------
Putnam Europe The George Putnam
Trustees Equity Fund Fund of Boston
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $1,733 $536 $5,050 $1,476
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 1,697 382 4,953 1,121
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 2,859 653 8,511 1,771
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 1,693 503 4,955 1,376
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 1,712 474 5,003 1,212
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 1,728 670 4,976 1,821
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 1,717 718 5,013 1,845
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 1,717 362 5,013 987
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 2,119 301 6,192 817
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) 0 692 0 1,883
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 1,700 663 4,922 1,698
- ----------------------------------------------------------------------------------------
Retirement Retirement
benefits benefits
Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses
- ----------------------------------------------------------------------------------------
Putnam Global Putnam Global Natural
Trustees Equity Fund Resources Fund
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $4,508 $1,449 $1,031 $264
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 4,458 1,196 1,012 211
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 7,594 1,705 1,677 314
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 4,524 1,340 1,013 245
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 4,460 1,066 1,022 204
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 4,427 1,757 1,017 323
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 4,475 1,635 1,024 311
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 4,480 957 1,024 175
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 5,553 786 1,244 145
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) NA 1,820 0 334
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 4,415 1,493 1,007 285
- ----------------------------------------------------------------------------------------
Retirement Retirement
benefits benefits
Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses
- ----------------------------------------------------------------------------------------
The Putnam Fund Putnam Growth
Trustees for Growth and Income Opportunities Fund
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $10,730 $3,330 $3,128 $1,047
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 10,609 2,796 3,066 776
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 18,080 3,902 5,275 1,263
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 10,766 3,073 3,065 978
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 10,612 2,389 3,096 884
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 10,534 4,023 3,083 1,298
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 10,650 3,669 3,105 1,344
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 10,663 2,193 3,105 702
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 13,213 1,799 3,832 582
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) 0 4,197 0 1,341
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 10,508 3,344 3,048 1,239
- ----------------------------------------------------------------------------------------
Retirement Retirement
benefits benefits
Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses
- ----------------------------------------------------------------------------------------
Putnam Health Putnam International
Trustees Sciences Trust Capital Opportunities Fund
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $4,763 $1,390 $2,617 $744
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 4,670 1,101 2,566 594
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 8,029 1,653 4,413 883
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 4,670 1,291 2,566 691
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 4,716 1,084 2,592 574
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 4,694 1,701 2,580 909
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 4,728 1,655 2,598 877
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 4,728 924 2,598 494
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 5,838 762 3,209 407
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) NA 1,761 0 940
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 4,647 1,581 2,551 804
- ----------------------------------------------------------------------------------------
Retirement Retirement
benefits benefits
Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses
- ----------------------------------------------------------------------------------------
Putnam International Putnam International
Trustees Equity Fund Growth and Income Fund
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $6,919 $2,041 $1,465 $409
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 6,777 1,501 1,434 305
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 11,514 2,466 2,437 493
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 6,762 1,908 1,431 382
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 6,847 1,739 1,449 344
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 6,914 2,534 1,464 507
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 6,862 2,641 1,453 522
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 6,862 1,370 1,453 274
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 8,486 1,137 1,796 227
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) 0 2,618 0 524
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 6,785 2,436 1,436 481
- ----------------------------------------------------------------------------------------
Retirement Retirement
benefits benefits
Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses
- ----------------------------------------------------------------------------------------
Putnam International
Trustees New Opportunities Fund Putnam Investors Fund
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $1,930 $567 $5,386 $1,617
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 1,889 452 5,279 1,233
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 3,252 672 9,087 1,938
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 1,881 526 5,277 1,507
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 1,906 437 5,333 1,321
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 1,908 692 5,312 1,993
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 1,917 669 5,347 2,012
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 1,917 376 5,347 1,080
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 2,363 310 6,601 894
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) NA 717 0 2,062
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 1,879 613 5,250 1,850
- ----------------------------------------------------------------------------------------
Retirement
benefits
Aggregate accrued as
Compensation part of fund
from the fund expenses
- ----------------------------------------------------------------------------------------
Putnam Mid Cap
Trustees Value Fund
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $1,397 $278
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 1,369 203
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 2,325 337
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 1,366 260
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 1,383 239
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 1,396 346
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 1,385 363
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 1,385 187
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 1,714 155
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) 0 357
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 1,369 335
- ----------------------------------------------------------------------------------------
Retirement Retirement
benefits benefits
Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses
- ----------------------------------------------------------------------------------------
Putnam New Putnam New
Trustees Opportunities Fund Value Fund
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $7,394 $2,254 $2,364 $666
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 7,239 1,644 2,319 532
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 12,277 2,729 3,986 789
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 7,218 2,109 2,319 617
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 7,310 1,939 2,342 512
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 7,385 2,803 2,330 813
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 7,330 2,942 2,347 783
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 7,330 1,515 2,347 442
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 9,054 1,258 2,952 364
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) 0 2,897 0 840
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 7,251 2,716 2,304 718
- ----------------------------------------------------------------------------------------
Retirement Retirement
benefits benefits
Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses
- ----------------------------------------------------------------------------------------
Putnam OTC &
Trustees Emerging Growth Fund Putnam Research Fund
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $3,032 $1,005 $2,603 $738
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 2,972 747 2,552 568
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 5,113 1,211 4,388 883
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 2,972 939 2,552 687
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 3,002 846 2,578 596
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 2,988 1,245 2,565 908
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 3,010 1,286 2,583 908
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 3,010 674 2,583 493
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 3,715 558 3,190 407
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) 0 1,287 0 939
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 2,955 1,185 2,536 835
- ----------------------------------------------------------------------------------------
Retirement Retirement Retirement
benefits benefits benefits
Aggregate accrued as Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses from the fund expenses
- -------------------------------------------------------------------------------------------------------------------
Putnam Small Cap Putnam Small Cap Putnam Tax Smart
Trustees Growth Fund Value Fund Equity Fund
- -------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $411 $80 $1,897 $511 $872 $274
- -------------------------------------------------------------------------------------------------------------------
Charles B. Curtis/2001 403 66 1,816 313 862 227
- -------------------------------------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 685 94 3,131 640 1,469 322
- -------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 402 74 1,827 485 875 253
- -------------------------------------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 407 59 1,802 517 862 200
- -------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 411 97 1,802 655 856 332
- -------------------------------------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 408 91 1,844 778 866 306
- -------------------------------------------------------------------------------------------------------------------
Robert E. Patterson/1984 408 53 1,854 351 867 181
- -------------------------------------------------------------------------------------------------------------------
George Putnam, III/1984(7) 505 44 2,230 295 1,074 148
- -------------------------------------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) NA 101 NA 676 0 343
- -------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 403 83 1,793 725 854 280
- -------------------------------------------------------------------------------------------------------------------
Retirement Retirement
benefits benefits
Aggregate accrued as Aggregate accrued as
Compensation part of fund Compensation part of fund
from the fund expenses from the fund expenses
- ----------------------------------------------------------------------------------------
Putnam Utilities Growth
Trustees and Income Fund Putnam Vista Fund
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $1,396 $451 $4,552 $1,344
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 1,380 371 4,463 1,025
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 2,351 531 7,676 1,611
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 1,401 417 4,462 1,253
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 1,381 332 4,507 1,098
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 1,370 547 4,487 1,657
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 1,386 510 4,519 1,671
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 1,387 298 4,519 898
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 1,719 245 5,579 743
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) NA 566 NA 1,713
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 1,367 465 4,436 1,537
- ----------------------------------------------------------------------------------------
Retirement Estimated
benefits annual benefits Total
Aggregate accrued as from all Putnam compensation
Compensation part of fund funds upon from all
from the fund expenses retirement Putnam funds
- ----------------------------------------------------------------------------------------
Trustees Putnam Voyager Fund For All Funds
- ----------------------------------------------------------------------------------------
Jameson A. Baxter/1994(5) $10,472 $3,114 $215,500 $100,000
- ----------------------------------------------------------------------------------------
Charles B. Curtis/2001 10,266 2,372 210,250 100,000
- ----------------------------------------------------------------------------------------
John A. Hill/1985(5)(7) 17,658 3,734 413,625 200,000
- ----------------------------------------------------------------------------------------
Ronald J. Jackson/1996(5) 10,264 2,902 214,500 100,000
- ----------------------------------------------------------------------------------------
Paul L. Joskow/1997(5) 10,368 2,547 215,250 100,000
- ----------------------------------------------------------------------------------------
Elizabeth T. Kennan/1992 10,320 3,840 207,000 100,000
- ----------------------------------------------------------------------------------------
John H. Mullin, III/1997(5) 10,395 3,878 208,750 100,000
- ----------------------------------------------------------------------------------------
Robert E. Patterson/1984 10,395 2,080 206,500 100,000
- ----------------------------------------------------------------------------------------
George Putnam, III/1984(7) 12,832 1,721 260,500 125,000
- ----------------------------------------------------------------------------------------
A.J.C. Smith/1986(6) 0 3,970 0 93,333
- ----------------------------------------------------------------------------------------
W. Thomas Stephens/1997(5) 10,205 3,568 206,500 100,000
- ----------------------------------------------------------------------------------------
(1) Includes an annual retainer and an attendance fee for each meeting
attended.
(2) Assumes that each Trustee retires at the normal retirement date. For
Trustees who are not within three years of retirement, estimated
benefits for each Trustee are based on Trustee fee rates in effect
during calendar 2003.
(3) As of December 31, 2003, there were 101 funds in the Putnam family.
For Mr. Hill, amounts shown also include compensation for service as a
trustee of TH Lee, Putnam Emerging Opportunities Portfolio, a closed-end
fund advised by an affiliate of Putnam Management.
(4) Includes amounts (ranging from $2,000 to $11,000 per Trustee) for
which the Putnam funds were reimbursed by Putnam Management for special
Board and committee meetings in connection with certain regulatory and
other matters relating to alleged improper trading by certain Putnam
Management employees and participants in certain 401(k) plans
administered by Putnam Fiduciary Trust Company.
(5) Includes compensation deferred pursuant to a Trustee Compensation
Deferral Plan. As of the dates indicated below, the total amounts of
deferred compensation payable by the fund, including income earned on
such amounts, were as follows:
Putnam Putnam Putnam Putnam Putnam
Asset Asset Asset Capital Capital
Allocation: Allocation: Allocation: Appre- Oppor-
Balanced Conservative Growth ciation tunities
Portfolio Portfolio Portfolio Fund Fund
(Sept. 30, (Sept. 30, (Sept. 30, (May 31, (April 30,
2003) 2003) 2003) 2003) 2003)
- --------------------------------------------------------------------------------------------------
Baxter $5,888 $1,165 $4,963 $8,909 $905
- --------------------------------------------------------------------------------------------------
Hill 16,268 3,219 13,712 23,602 2,398
- --------------------------------------------------------------------------------------------------
Jackson 8,290 1,640 6,988 11,914 1,211
- --------------------------------------------------------------------------------------------------
Joskow 6,216 1,230 5,240 9,069 921
- --------------------------------------------------------------------------------------------------
Mullin 6,735 1,332 5,677 10,207 1,037
- --------------------------------------------------------------------------------------------------
Stephens 2,645 523 2,229 3,993 406
- --------------------------------------------------------------------------------------------------
The
Putnam Putnam Putnam Putnam Putnam George
Classic Convertible Discovery Equity Europe Putnam
Equity Income- Growth Income Equity Fund
Fund Growth Trust Fund Fund Fund of Boston
(Nov. 30, (Oct. 31, (Dec, 31, (Nov. 30, (June 30, (July 31,
2003) 2003) 2003) 2003) 2003) 2003)
- ------------------------------------------------------------------------------------------------------------------
Baxter $9,991 $6,665 $10,668 $7,353 $6,392 $19,003
- ------------------------------------------------------------------------------------------------------------------
Hill 28,685 19,137 30,722 21,111 16,933 52,508
- ------------------------------------------------------------------------------------------------------------------
Jackson 14,722 9,826 15,756 10,835 8,552 26,755
- ------------------------------------------------------------------------------------------------------------------
Joskow 10,871 7,249 11,624 8,000 6,513 20,034
- ------------------------------------------------------------------------------------------------------------------
Mullin 11,421 7,621 12,193 8,406 7,321 21,753
- ------------------------------------------------------------------------------------------------------------------
Stephens 4,484 2,993 4,798 3,300 2,870 8,528
- ------------------------------------------------------------------------------------------------------------------
The
Putnam Putnam Putnam
Putnam Global Fund for Growth Putnam
Global Natural Growth Oppor- Health
Equity Resources and tunities Sciences
Fund Fund Income Fund Trust
(Oct. 31, (Aug. 31, (Oct. 31, (July 31, (Aug. 31,
2003) 2003) 2003) 2003) 2003)
- --------------------------------------------------------------------------------------------------
Baxter $22,888 $616 $75,982 $7,336 $15,201
- --------------------------------------------------------------------------------------------------
Hill 65,719 1,702 218,171 20,270 42,001
- --------------------------------------------------------------------------------------------------
Jackson 33,745 867 112,025 10,328 21,393
- --------------------------------------------------------------------------------------------------
Joskow 24,894 650 82,644 7,734 16,033
- --------------------------------------------------------------------------------------------------
Mullin 26,171 705 86,881 8,397 17,397
- --------------------------------------------------------------------------------------------------
Stephens 10,277 276 34,117 3,292 6,817
- --------------------------------------------------------------------------------------------------
Putnam Putnam
Inter- Inter-
Putnam Putnam national national
International Inter- Growth New
Capital national and Oppor- Putnam
Opportunities Equity Income tunities Investors
Fund Fund Fund Fund Fund
(Aug. 31, (June 30, (June 30, (Sept. 30, (July 31,
2003) 2003) 2003) 2003) 2003)
- --------------------------------------------------------------------------------------------------
Baxter $1,730 $18,253 $2,767 $8,719 $17,124
- --------------------------------------------------------------------------------------------------
Hill 4,780 48,351 7,328 24,088 47,316
- --------------------------------------------------------------------------------------------------
Jackson 2,435 24,419 3,701 12,275 24,109
- --------------------------------------------------------------------------------------------------
Joskow 1,825 18,598 2,819 9,205 18,053
- --------------------------------------------------------------------------------------------------
Mullin 1,980 20,903 3,168 9,973 19,602
- --------------------------------------------------------------------------------------------------
Stephens 776 8,195 1,242 3,916 7,684
- --------------------------------------------------------------------------------------------------
Putnam Putnam
Putnam New Putnam OTC &
Mid Cap Oppor- New Emerging
Value tunities Value Growth
Fund Fund Fund Fund
(April 30, (June 30, (Aug. 31, (July 31,
2003) 2003) 2003) 2003)
- --------------------------------------------------------------------------------------------------
Baxter $652 $51,699 $4,404 $16,520
- --------------------------------------------------------------------------------------------------
Hill 1,727 136,866 12,170 45,647
- --------------------------------------------------------------------------------------------------
Jackson 872 69,123 6,199 23,259
- --------------------------------------------------------------------------------------------------
Joskow 663 52,645 4,646 17,416
- --------------------------------------------------------------------------------------------------
Mullin 747 59,171 5,041 18,910
- --------------------------------------------------------------------------------------------------
Stephens 292 23,197 1,975 7,413
- --------------------------------------------------------------------------------------------------
Putnam
Utilities
Putnam Putnam Growth
Putnam Small Cap Small Cap Putnam and Putnam
Research Growth Value Tax Smart Income Vista
Fund Fund Fund Equity Fund Fund Fund
(July 31, (June 30, (Feb. 29, (Oct. 31, (Oct. 31, (July 31,
2003) 2003) 2003) 2003) 2003) 2003)
- ------------------------------------------------------------------------------------------------------------------
Baxter $1,710 $179 $830 $709 $7,024 $19,769
- ------------------------------------------------------------------------------------------------------------------
Hill 4,725 474 2,108 2,035 20,168 54,625
- ------------------------------------------------------------------------------------------------------------------
Jackson 2,408 240 1,054 1,045 10,356 27,834
- ------------------------------------------------------------------------------------------------------------------
Joskow 1,803 182 815 771 7,640 20,842
- ------------------------------------------------------------------------------------------------------------------
Mullin 1,957 205 953 811 8,031 22,630
- ------------------------------------------------------------------------------------------------------------------
Stephens 767 80 372 318 3,154 8,871
- ------------------------------------------------------------------------------------------------------------------
Putnam
Voyager Fund
(July 31, 2003)
- --------------------------------------------------------------------------------------------------
Baxter $58,337
- --------------------------------------------------------------------------------------------------
Hill 161,193
- --------------------------------------------------------------------------------------------------
Jackson 82,134
- --------------------------------------------------------------------------------------------------
Joskow 61,502
- --------------------------------------------------------------------------------------------------
Mullin 66,778
- --------------------------------------------------------------------------------------------------
Stephens 26,179
- --------------------------------------------------------------------------------------------------
(6) Since July 1, 2000, Marsh & McLennan Companies, Inc. has compensated
Mr. Smith for his service as Trustee. The estimated annual retirement
benefits shown in this table for Mr. Smith reflect benefits earned under
the funds' retirement plan prior to July 1, 2000.
(7) Includes additional compensation to Messrs. Hill and Putnam for
service as Chairman of the Trustees and President of the Funds,
respectively.
(8) Putnam Floating Rate Income Fund and Putnam Prime Money Market Fund
commenced operations after December 31, 2003.
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 compensation paid to such
Trustee for the last three years of service prior to retirement. This
retirement benefit is payable during a Trustee's lifetime, beginning the
year following retirement, for a number of years equal to such Trustee's
years of service. A death benefit, also available under the Plan,
assures that the Trustee and 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 (a committee comprised of Trustees that are not
"interested persons" of the fund, as defined in the 1940 Act) 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.
2. Adoption of Standardized Fundamental Investment Restrictions
As described in the following proposals, the Trustees recommend that
shareholders of the affected funds approve the elimination of and
revisions to certain fundamental investment restrictions currently
observed by such funds. Generally, the purpose of these proposed changes
is to increase each fund's investment flexibility and reduce
administrative and compliance burdens by simplifying and making uniform
these fundamental investment restrictions.
Background. The 1940 Act requires registered investment companies like
the funds to have "fundamental" investment restrictions governing
certain of its 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.
The proposed elimination of and revisions to certain of the fundamental
investment restrictions of the funds are discussed below. By eliminating
those fundamental investment restrictions that are not required and
revising those fundamental investment restrictions that are required,
the Trustees believe that Putnam Management will be better able to
manage the funds in a changing regulatory or investment environment. In
addition, the process of monitoring the funds' compliance with
investment restrictions will be simplified.
To the extent multiple proposals apply to the same fund, the adoption of
any of these proposals is not contingent on the adoption of any other
proposal.
2.A. Amending Fundamental Investment Restrictions with Respect to
Borrowing.
Affected funds:
Putnam Asset Allocation: Balanced Portfolio
Putnam Asset Allocation: Conservative Portfolio
Putnam Asset Allocation: Growth Portfolio
Putnam Capital Appreciation Fund
Putnam Classic Equity Fund
Putnam Convertible Income-Growth Trust
Putnam Discovery Growth Fund
Putnam Equity Income Fund
Putnam Europe Equity Fund
The George Putnam Fund of Boston
Putnam Global Equity Fund
Putnam Global Natural Resources Fund
The Putnam Fund for Growth and Income
Putnam Growth Opportunities Fund
Putnam Health Sciences Trust
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam International Growth and Income Fund
Putnam International New Opportunities Fund
Putnam Investors Fund
Putnam New Opportunities Fund
Putnam New Value Fund
Putnam OTC & Emerging Growth Fund
Putnam Research Fund
Putnam Utilities Growth and Income Fund
Putnam Vista Fund
Putnam Voyager Fund
The Trustees are recommending that each affected fund's fundamental
investment restriction with respect to borrowing be revised to reflect
the standard restriction expected to be used by other Putnam funds.
Under the 1940 Act, a fund may borrow up to 33 1/3% of its total assets.
Generally, each of the affected fund's current restriction is more
restrictive. Exhibit B lists the current fundamental investment
restrictions with respect to borrowing of each of the affected funds.
The proposed fundamental investment restriction is set forth below:
"The fund may not. . . [b]orrow 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."
If the proposed change is approved, each affected fund will not be
restricted to borrowing only for redemption requests or for
extraordinary or emergency purposes, and would not be limited to
borrowing only from banks. The new restriction would not prohibit an
affected fund from borrowing for leveraging purposes, although Putnam
Management currently has no intention of borrowing for such purposes. If
a fund were to borrow money, its net assets would tend to increase or
decrease to a greater extent with market changes than if the fund had
not borrowed money.
Putnam Management believes that this enhanced flexibility could assist
each affected fund in achieving its investment objective. In
circumstances in which an affected fund's available cash is not
sufficient to meet, among other things, shareholder redemptions, Putnam
Management believes that it may be advantageous at times for an affected
fund to borrow money instead of raising cash by selling its portfolio
securities, which could be disruptive to the fund's investment strategy.
In a separate proposal (see Proposal 2.B. 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 limitations discussed below, permit an affected fund to participate
in an "interfund lending program," which would allow the fund, through a
master loan agreement, to lend available cash to and borrow from other
Putnam funds. As stated above, certain of the affected funds may
currently borrow money only from banks. 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 rates.
Putnam Management believes that the ability to engage in such borrowing
transactions will allow an affected 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. In these
circumstances, the fund might have to borrow from a bank at a higher
interest rate if loans were not available from other Putnam funds.
The Putnam funds have received an exemptive order from the SEC which
permits interfund lending between Putnam funds so long as certain
conditions are satisfied.
Required Vote. 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
such affected fund are present at the meeting in person or by proxy.
2.B. Amending Fundamental Investment Restrictions with Respect to Making
Loans.
Affected funds:
Putnam Asset Allocation: Balanced Portfolio
Putnam Asset Allocation: Conservative Portfolio
Putnam Asset Allocation: Growth Portfolio
Putnam Capital Appreciation Fund
Putnam Classic Equity Fund
Putnam Convertible Income-Growth Trust
Putnam Discovery Growth Fund
Putnam Equity Income Fund
Putnam Europe Equity Fund
The George Putnam Fund of Boston
Putnam Global Equity Fund
Putnam Global Natural Resources Fund
The Putnam Fund for Growth and Income
Putnam Growth Opportunities Fund
Putnam Health Sciences Trust
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam International Growth and Income Fund
Putnam International New Opportunities Fund
Putnam Investors Fund
Putnam New Opportunities Fund
Putnam New Value Fund
Putnam OTC & Emerging Growth Fund
Putnam Research Fund
Putnam Utilities Growth and Income Fund Putnam Vista Fund
Putnam Voyager Fund
The Trustees are recommending 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, to remove
any limitations on each affected fund's ability to enter into repurchase
agreements and securities loans, and to clarify that each affected fund
is permitted (subject to the limitation discussed above) to participate
in the proposed interfund lending program described in Proposal 2.A.
Each affected fund currently has one of the following 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 Classic Equity Fund, Putnam Growth
Opportunities Fund, Putnam International Capital Opportunities Fund,
Putnam International New Opportunities Fund, Putnam New Value Fund and
Putnam Research 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 no more than 25% of its total assets (taken
at current value)." (Putnam Classic Equity Fund, Putnam Growth
Opportunities Fund, Putnam International Capital Opportunities Fund,
Putnam International New Opportunities Fund, Putnam New Value Fund and
Putnam Research Fund.)
The proposed amended fundamental investment restriction is set forth
below:
"The fund may not. . . [m]ake 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."
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 if the borrower should default on its obligation. If
the borrower in these transactions should become involved in bankruptcy
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 other party's estate.
If the proposal is approved, each affected fund 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 2.A, 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.
Required vote. Approval of this proposal requires the affirmative vote
of the lesser of (1) more than 50% of the outstanding shares of each
affected fund, or (2) 67% or more of the shares of each affected fund
present at the meeting if more than 50% of the outstanding shares of
such fund are present at the meeting in person or by proxy.
2.C. Amending Fundamental Investment Restrictions with Respect to
Diversification of Investments.
Affected funds: All funds.
The Trustees recommend that each affected fund's fundamental investment
restriction with respect to the diversification of its investments be
revised to reflect the standard restriction expected to be used by the
other Putnam funds, depending on whether the affected fund is a "diversified"
fund or a "non-diversified" fund.
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 regulated 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 the 1940 Act restriction
discussed above, but is only subject to the rules under the Internal
Revenue Code of 1986, as amended (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, although with
respect to that portion of its assets the fund may not invest more than
25% in any issuer. Neither of these Code requirements applies to U.S.
government securities, cash, cash items or the securities of other
regulated investment companies.
Exhibit C lists the current fundamental investment restrictions with
respect to diversification of investments of each of the affected funds.
The proposed amended fundamental investment restrictions are set forth
below:
"The fund may not ... [w]ith respect to 50% 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 Health Sciences
Trust only.)
OR
"The fund may not ... [w]ith 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." (For all funds except Putnam Health Sciences Trust.)
If the proposed change is approved, each affected fund will continue to be
able to invest up to 25% of its total assets in the securities of any one
issuer. The amended restrictions would continue to exclude from its
limitations U.S. government securities, cash and cash items, and would
also exclude from its limitations securities of other investment
companies. The proposed changes would not result in a "diversified" fund
becoming a "non-diversified" fund, or a "non-diversified" fund becoming a
"diversified" fund.
The purpose of these proposed changes is to reduce administrative and
compliance burdens by simplifying and making uniform these fundamental
investment restrictions with respect to diversification. The proposed
revisions would also permit each affected fund to invest in shares of
Putnam money market funds, Putnam short-term bond funds or other Putnam
entities that operate as cash management investment vehicles in excess
of the limitations discussed above, by excluding from these limitations
securities of other investment companies.
The Putnam funds have received an exemptive order from the SEC which
permits "cash sweep" arrangements in which a fund invests all or a
portion of its available cash in a Putnam cash management investment
vehicle, such as a Putnam money market fund, rather than directly in
short-term instruments. If the proposed change is approved, each
affected fund will be able to invest up to 25% of its total assets in a
Putnam money market fund or other Putnam cash management investment
vehicle, in accordance with the conditions set forth in the SEC
exemptive order. Putnam Management believes that use of a Putnam money
market fund or other Putnam cash management investment vehicle to invest
an affected fund's uninvested cash and cash collateral from securities
lending arrangements may achieve greater efficiencies, reduce fund
management expenses and increase returns. Moreover, use of a Putnam
money market fund or other Putnam cash management investment vehicle in
these instances would permit an affected fund's management team to focus
on the management of the principal investments of the fund.
Required Vote. 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
such fund are present at the meeting in person or by proxy.
2.D. AMENDING FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO THE
ISSUANCE OF SENIOR SECURITIES.
Affected funds:
Putnam Capital Opportunities Fund
Putnam Classic Equity Fund
Putnam Global Natural Resources Fund
The Putnam Fund for Growth and Income
Putnam International Capital Opportunities Fund
Putnam International New Opportunities Fund
Putnam New Value Fund
Putnam Research Fund
Putnam Small Cap Growth Fund
Putnam Small Cap Value Fund
Putnam Tax Smart Equity Fund
The Trustees recommend that each of the affected funds' fundamental
investment restriction with respect to the issuance of senior securities
be revised to reflect the standard restriction expected to be used by
the other Putnam funds and to make it clear that a fund is not
restricted from borrowing money consistent with its investment policies.
Generally, a "senior security" is a security which has priority over any
other security as to distribution of assets or dividends and technically
includes all indebtedness over 5% of the fund's assets. Each affected
fund currently has one of the following investment restrictions which
states that such fund may not:
"Issue any class of securities which is senior to the fund's shares of
beneficial interest." (All affected funds except Putnam Global Natural
Resources Fund.)
OR
"Issue senior securities (except insofar as the fund may be deemed to be
doing so by virtue of [the fund's other investment restrictions with
respect to investments in U.S. government securities and making
loans])." (Putnam Global Natural Resources Fund only.)
The proposed amended fundamental restriction is set forth below:
"The fund may not... [i]ssue any class of securities which is senior to
the fund's shares of beneficial interest, except for permitted
borrowings."
The 1940 Act imposes limitations on an investment company's ability to
issue senior securities. This revised investment restriction is intended
to simplify and standardize the language of the funds' policies
concerning senior securities, and to permit each fund to take full
advantage of all investment flexibility permitted under applicable law.
Required vote. Approval of this proposal requires the affirmative vote
of the lesser of (1) more than 50% of the outstanding shares of such
fund, or (2) 67% or more of the shares of such fund present at the
meeting if more than 50% of the outstanding shares of such fund are
present at the meeting in person or by proxy.
2.E AMENDING FUND'S INVESTMENT OBJECTIVE
Affected fund: Putnam Equity Income Fund
The Trustees recommend that the fund's shareholders approve an amendment
to the fund's investment objective, which, as disclosed in the fund's
prospectus, states:
The fund seeks current income. Capital growth is a secondary objective
when consistent with seeking current income.
The proposed new investment objective of the fund is the following:
The fund seeks capital growth and current income.
Putnam Management believes that the fund's current investment objective,
which gives priority to current income, has become more constraining for
the fund's management team. Putnam Management believes that by restating
the fund's investment objective to give greater emphasis to capital
growth, the fund's management team will be able to take advantage of more
opportunities in the market for growth stocks as well as income-generating
stocks, thereby better serving the long-term interests of the fund's
shareholders.
If approved, the proposed investment objective would not materially
alter the investment strategy of the fund. Under normal circumstances,
the fund invests at least 80% of its net assets in common stocks and
other equity investments that offer the potential for current income.
This non-fundamental investment policy cannot be changed without
providing shareholders with at least 60 days' advance notice.
Required Vote. Approval of this proposal requires the affirmative vote
of the lesser of (1) more than 50% of the outstanding shares of the
fund, or (2) 67% of the shares of the fund present at the meeting if
more than 50% of the outstanding shares of the fund are present at the
meeting in person or by proxy.
3. Adoption of Amendment to Declarations of Trust.
Affected funds: All funds, except Putnam Tax Smart Equity Fund
The Trustees of each of the trusts of which a fund is a series (the
"Trusts") and of each fund that is not a series of a Trust (each a
"Fund") have approved and recommend shareholder approval of a proposal
to amend each Trust's and each Fund's Agreement and Declaration of Trust
("Declaration of Trust") to expressly provide that the Trust or Fund may
pay redemption proceeds in-kind (i.e., by distributing securities rather
than cash).
Exhibit D lists the Article and Section of each Declaration of Trust that
would be revised by the proposed amendment to each Declaration of Trust.
The proposed amendments to each Declaration of Trust are set forth below:
Article VI
Distributions, Redemptions and Repurchases
* * *
Redemption and Repurchases
Section 2. The Trust shall purchase such Shares as are offered by any
Shareholder for redemption, upon the presentation of any certificate for
the Shares to be purchased, a proper instrument of transfer and a request
directed to the Trust or a person designated by the Trust that the Trust
purchase such Shares, or in accordance with such other procedures for
redemption as the Trustees may from time to time authorize; and the Trust
will pay therefor the net asset value thereof, as next determined in
accordance with the Bylaws, less any redemption charge fixed by the
Trustees. Payment for said Shares shall be made by the Trust to the
Shareholder within seven days after the date on which the request is made.
The obligation set forth in this Section 2 is subject to the provision that
in the event that any time the New York Stock Exchange is closed for other
than customary weekends or holidays, or, if permitted by the rules of the
Securities and Exchange Commission, during periods when trading on the
Exchange is restricted or during any emergency which makes it impractical
for the Trust to dispose of its investments or to determine fairly the
value of its net assets, or during any other period permitted by order of
the Securities and Exchange Commission for the protection of investors,
such obligation may be suspended or postponed by the Trustees. The Trust
may also purchase or repurchase Shares at a price not exceeding the net
asset value of such Shares in effect when the purchase or repurchase or any
contract to purchase or repurchase is made. Payment for any redemption of
Shares pursuant may be made in cash or in other property, or in any
combination thereof. The composition of any such payment shall be
determined by the Trust in its sole discretion, and the Trust shall have no
obligation to effect a pro rata division of cash or other property in
making any such payment. In no event shall the Trust be liable for any
delay of any other person in transferring securities or other property
selected for delivery as all or part of any payment. (All affected funds
except The Putnam Fund for Growth and Income and The George Putnam Fund of
Boston.)
OR
Article IV
Rights and Privileges of Beneficiaries
* * *
Right to Sell Shares to Trust
Section 4. The Trust shall purchase such shares as are offered by any
beneficiary for redemption, upon the presentation of any certificate for
the shares to be purchased, a proper instrument of transfer and a request
directed to the Trust or a person designated by the Trust that the Trust
purchase such Shares, or in accordance with such other procedures for
redemption as the Trustees may from time to time authorize; and the Trust
will pay therefor the net asset value thereof, as next determined in
accordance with the Bylaws, less any redemption charge fixed by the
Trustees. Payment for said Shares shall be made by the Trust to the
beneficiary within seven days after the date on which the request is made.
The obligation set forth in this Section 4 is subject to the provision that
in the event that any time the New York Stock Exchange is closed for other
than customary weekends or holidays, or, if permitted by the rules of the
Securities and Exchange Commission, during periods when trading on the
Exchange is restricted or during any emergency which makes it impractical
for the Trust to dispose of its investments or to determine fairly the
value of its net assets, or during any other period permitted by order of
the Securities and Exchange Commission for the protection of investors,
such obligation may be suspended or postponed by the Trustees. The Trust
may also purchase or repurchase shares at a price not exceeding the net
asset value of such shares in effect when the purchase or repurchase or any
contract to purchase or repurchase is made. Payment for any redemption of
shares pursuant may be made in cash or in other property, or in any
combination thereof. The composition of any such payment shall be
determined by the Trust in its sole discretion, and the Trust shall have no
obligation to effect a pro rata division of cash or other property in
making any such payment. In no event shall the Trust be liable for any
delay of any other person in transferring securities or other property
selected for delivery as all or part of any payment. (The Putnam Fund for
Growth and Income.)
OR
Article IV
Rights and Privileges of Beneficiaries
* * *
Right to Sell Shares to Trust
Section 4. The Trust shall purchase such shares as are offered by any
beneficiary for redemption, upon the presentation of any certificate for
the shares to be purchased, a proper instrument of transfer and a request
directed to the Trust or a person designated by the Trust that the Trust
purchase such Shares, or in accordance with such other procedures for
redemption as the Trustees may from time to time authorize; and the Trust
will pay therefor the liquidating value thereof, as next determined in
accordance with the Bylaws, less any redemption charge fixed by the
Trustees. Payment for said Shares shall be made by the Trust to the
beneficiary within seven days after the date on which the request is made.
The obligation set forth in this Section 4 is subject to the provision that
in the event that any time the New York Stock Exchange is closed for other
than customary weekends or holidays, or, if permitted by the rules of the
Securities and Exchange Commission, during periods when trading on the
Exchange is restricted or during any emergency which makes it impractical
for the Trust to dispose of its investments or to determine fairly the
value of its net assets, or during any other period permitted by order of
the Securities and Exchange Commission for the protection of investors,
such obligation may be suspended or postponed by the Trustees. The Trust
may also purchase or repurchase shares at a price not exceeding the
liquidating value of such shares in effect when the purchase or repurchase
or any contract to purchase or repurchase is made. Payment for any
redemption of shares pursuant may be made in cash or in other property, or
in any combination thereof. The composition of any such payment shall be
determined by the Trust in its sole discretion, and the Trust shall have no
obligation to effect a pro rata division of cash or other property in
making any such payment. In no event shall the Trust be liable for any
delay of any other person in transferring securities or other property
selected for delivery as all or part of any payment. (The George Putnam
Fund of Boston.)
Putnam Management recommended the proposed change to modernize and
standardize this provision of each Trust's or Fund's Declaration of Trust.
The Declarations of Trust are currently silent on the matter of the
permitted form of redemption payments or permit only a cash payment.
Although the Trusts and Funds have no current intention to redeem their
shares other than for cash, Putnam Management believes that the explicit
authority to pay a redemption wholly or partially in kind may benefit a
fund's or Trust's remaining shareholders. If shares are redeemed in-kind,
the redeeming shareholder would incur brokerage costs in converting the
portfolio securities into cash.
Required Vote. 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 the shares of the Trust entitled to
vote.
For each Fund that operates as the sole series of Trust, approval of
this proposal requires the affirmative vote of shareholders holding a
majority of the shares of such Fund outstanding.
Further information about voting and the 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) and approving the amendment to a Trust's
Declaration of Trust (Proposal 3), in which case shareholders of each
series of a trust vote together as a single class. In the case of each
fund, 30% of the shares entitled to vote constitutes a quorum for the
transaction of business with respect to any proposal at the meeting
(unless otherwise noted in the proxy statement). 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 entitled to vote and
(ii) the broker or nominee does not have the discretionary voting power
on a particular matter) will be counted as shares that are present and
entitled to vote on the matter for purposes of determining the presence
of a quorum. 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 any other proposals, abstentions and broker
non-votes have the effect of a vote "against" the proposal.
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, it is the Trustees' intention
that proxies will be voted on such matters in accordance with the
judgment of the persons named in the enclosed form of proxy.
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.
Solicitation of proxies. In addition to soliciting proxies by mail,
Trustees of your fund and employees of Putnam Management, Putnam
Fiduciary Trust Company, and Putnam Retail Management may solicit
proxies in person or by telephone. Your fund may arrange to have a proxy
solicitation firm call you to record your voting instructions by
telephone. The procedures for voting proxies by telephone are designed
to authenticate shareholders' identities, to allow them to authorize the
voting of their shares in accordance with their instructions and to
confirm that their instructions have been properly recorded. Your fund
has been advised by counsel that these procedures are consistent with
the requirements of applicable law. If these procedures were subject to
a successful legal challenge, such votes would not be counted at the
Meeting. Your fund is unaware of any such challenge at this time.
Shareholders would be called at the phone number Putnam Management has
in its records for their accounts, and would be asked for their Social
Security number or other identifying information. The shareholders would
then be given an opportunity to authorize the proxies to vote their
shares at the meeting in accordance with their instructions. To ensure
that the shareholders' instructions have been recorded correctly, they
will also receive a confirmation of their instructions in the mail. A
special toll-free number will be available in case the information
contained in the confirmation is incorrect.
Shareholders 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 a proxy will not affect your right to vote in person should you
decide to attend the Meeting. To use the Internet, please access the
Internet address listed on your proxy card, and follow the instructions
on the internet site. To record your voting instructions via automated
telephone service, call 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.
Persons holding shares as nominees will, upon request, be reimbursed for
their reasonable expenses in soliciting instructions from their
principals. The funds have retained at its own expense PFPC Inc., 4400
Computer Drive, Westborough, Massachusetts 01581, to aid in the
solicitation of instructions for registered and nominee accounts, for a
fee expected not to exceed $1.3 million plus reasonable out-of-pocket
expenses for mailing. The expenses of the preparation of proxy
statements and related materials, including printing and delivery costs,
are borne by each fund.
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 via the Internet or (iv) by attending
the Meeting and voting in person.
Date for receipt of shareholders' proposals for subsequent meetings of
shareholders. Your fund does not hold regular shareholder meetings, but
may from time to time schedule special meetings. In accordance with the
regulations of the SEC, in order to be eligible for inclusion in the
fund's proxy statement for such a meeting, a shareholder proposal must
be received a reasonable time before the fund prints and mails its proxy
statement. [The Board Policy and Nominating Committee will also consider
nominees recommended by shareholders of the fund to serve as Trustees.
Shareholders who wish to propose, for consideration by the Board Policy
and Nominating Committee, one or more nominees for election as Trustees
must provide written notice to the fund (including all required
information) so that such notice is received in good order within a
reasonable time before your fund prints and mails its proxy statement
for any scheduled special meeting.]
If a shareholder who wishes to present a proposal fails to notify the
fund within a reasonable time before the fund mails its proxy statement,
the proxies solicited for the meeting will have discretionary authority
to vote on the shareholder's proposal if it is properly brought before
the meeting. If a shareholder makes a timely notification, the proxies
may still exercise discretionary voting authority under circumstances
consistent with the SEC's proxy rules. All shareholder proposals must
also comply with other requirements of the SEC's rules and the fund's
Declaration of Trust.
Adjournment. If sufficient votes in favor of any of the proposals set
forth in the Notice of the Meeting are not received by the time
scheduled for the Meeting, the persons named as proxies may propose
adjournments of the Meeting for a period or periods of not more than 60
days in the aggregate to permit further solicitation of proxies. [Any
adjournment will require the affirmative vote of a majority of the votes
cast on the question in person or by proxy at the session of the Meeting
to be adjourned.] The persons named as proxies will vote in favor of
adjournment those proxies that they are entitled to vote in favor of the
proposals. They will vote against any such adjournment those proxies
required to be voted against the proposals. Your fund pays the costs of
any additional solicitation and of any adjourned session. Any proposals
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.
Financial information. Your fund 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. Such requests may be directed to Putnam Investor
Services, P.O. Box 41203, Providence, RI 02940-1203 or 1-800-225-1581.
Fund Information
Putnam Investments. Putnam Investment Management, LLC, the fund's
investment manager, is a subsidiary of Putnam Management Trust, which is
in turn owned by Putnam Investments. Putnam Investments is a wholly-owned
subsidiary of Putnam Investments Trust, a holding company that, except for
a minority stake owned by employees, is in turn owned by Marsh & McLennan
Companies, Inc., a leading professional services firm that includes risk
and insurance services, investment management and consulting businesses.
Putnam Investments Limited, Cassini House, 57-59 St. James's Street,
London SW1A 1LD, United Kingdom, serves as investment sub-adviser to
Putnam Europe Equity Fund and Putnam International Equity Fund. Putnam
Investments Limited is also an indirect subsidiary of Putnam Investments
Trust. Putnam Fiduciary Trust Company, the fund's investor servicing agent
and custodian and Putnam Retail Management Limited Partnership, the fund's
principal underwriter, are also subsidiaries of Putnam Investments. The
address of Putnam Investments Trust, Putnam Investments, Putnam Investment
Management, LLC, Putnam Retail Management Limited Partnership and Putnam
Fiduciary Trust Company is One Post Office Square, Boston, Massachusetts
02109. The address of the executive offices of Marsh & McLennan Companies,
Inc. is 1166 Avenue of the Americas, New York, New York 10036.
Litigation. Exhibit E to this proxy statement describes the pending
legal proceedings in which the Trustees have been named as parties
adverse to your fund as of June 30, 2004.
Limitation of Trustee liability. The Agreement and Declaration of Trust
of each fund 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
Agreement and Declaration of Trust that they have not acted in good
faith in the reasonable belief that their actions were in the best
interests of the fund or that such indemnification would relieve any
officer or Trustee of any liability to the fund or its shareholders
arising by reason 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.
Independent Auditors. As listed below, the Trustees have selected
PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts
02110, or KPMG LLP, 99 high Street Boston, Massachusetts 02110 as the
independent auditors for each fund's current fiscal year. Each of these
firms is among the country's preeminent 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
PricewaterhouseCoopers LLP and KPMG LLP are expected to be present at
the meeting to make statements and to respond to appropriate questions.
The following table presents fees billed in each of the last two fiscal
years for services rendered to each fund by PricewaterhouseCoopers LLP or
KPMG LLP:
Table to come
Audit Fees represents audit fees billed for a fund's last two fiscal
years.
Audit-Related Fees represents fees billed in a fund's last two fiscal
years for services traditionally performed by the fund's auditor,
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 represents 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 represents fees billed for services relating to calculation
of a fund's investment performance.
The following tables present the amounts the independent auditors for
each fund billed for aggregate non-audit fees in each of the last two
fiscal years 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:
Pre-Approval Policies of the Audit and Pricing Committee. The Audit and
Pricing 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 and will generally not be
subject to pre-approval procedures.
Under certain circumstances, the Audit and Pricing Committee believes
that it may be appropriate for Putnam Management and certain of its
affiliates to engage the services of the funds' independent auditors,
but only after prior approval by the Committee. Such requests are
required to be submitted in writing to the Committee and explain, among
other things, the nature of the proposed engagement, the estimated fees,
and why this work must be performed by that particular audit firm. The
Committee will review the proposed engagement at its next meeting.
Since May 6, 2003, 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.
Prior to that date, the Committee had a general policy to pre-approve
the independent auditors' engagements for non-audit services with the
funds, Putnam Management and any entity controlling, controlled by or
under common control with Putnam Management that provides ongoing
services to the funds.
For each fund's last two fiscal years, such fund's principal auditor did not
bill for services required to be approved pursuant to paragraph (c)(7)(ii)
of Rule 2-01 of Regulation S-X.
Officers and other information. All of the officers of your fund, with the
exception of Mr. Putnam, III, are employees of Putnam Management or its
affiliates. Because of their positions with Putnam Management, Putnam
Retail Management or their affiliates or their ownership of stock of Marsh
& McLennan Companies, Inc., the parent corporation of Putnam Investments
Trust and indirectly of Putnam LLC, Messrs. Haldeman, Putnam, III and
Smith (nominees for Trustees of your fund), as well as the officers of
your fund, will benefit from the management fees, distribution fees,
custodian fees, and investor servicing fees paid or allowed by the fund.
In addition to Mr. Putnam, III, the other officers of each fund are as
follows:
Year first
Name (birthdate) elected Business experience
Office with the fund to office during past five years
- ------------------------------------------------------------------------------
Charles E. Porter (7/26/38) 1989 Managing Director,
Executive Vice President, Putnam Investments
Associate Treasurer and and Putnam Management
Principal Executive Officer
- ------------------------------------------------------------------------------
Patricia C. Flaherty (12/1/46) 1993 Senior Vice President,
Senior Vice President Putnam Investments
and Putnam Management
- ------------------------------------------------------------------------------
Jonathan S. Horwitz (6/4/55) 2004 Managing Director,
Senior Vice President and Treasurer Putnam Investments
- ------------------------------------------------------------------------------
Steven D. Krichmar (6/27/58) 2002 Managing Director,
Vice President and Principal Putnam Investments.
Financial Officer Prior to July 2001, Partner,
PricewaterhouseCoopers,
LLP
- ------------------------------------------------------------------------------
Michael T. Healy (1/24/58) 2000 Managing Director,
Assistant Treasurer and Principal Putnam Investments
Accounting Officer
- ------------------------------------------------------------------------------
Beth S. Mazor (4/6/58) 2002 Senior Vice President,
Vice President Putnam Investments
- ------------------------------------------------------------------------------
Daniel T. Gallagher (2/27/62) 2004 Vice President, Putnam
Vice President and Legal and Investments. Prior to
Compliance Liaison Officer 2004, Mr. Gallagher was an
Associate for Ropes &
Gray LLP; Prior to 2000,
he was a Law Clerk for the
Massachusetts Supreme
Judicial Court
- ------------------------------------------------------------------------------
Mark C. Trenchard (6/5/62) 2002 Senior Vice President,
Assistant Treasurer and Putnam Investments
BSA Compliance Officer
- ------------------------------------------------------------------------------
Francis J. McNamara (8/19/55) 2004 Senior Managing Director,
Vice President and Chief Legal Officer Putnam Investments,
Putnam Management
and Putnam Retail
Management. Prior
to 2004, Mr. McNamara
was General Counsel of
State Street Research
& Management
- ------------------------------------------------------------------------------
James P. Pappas (2/24/53) 2004 Managing Director,
Vice President Putnam Investments and
Putnam Management.
During 2002, Mr. Pappas
was Chief Operating
Officer of Atalanta/
Sosnoff Management
Corporation; prior to
2001 he was President
and Chief Executive
Officer of UAM
Investment Services, Inc.
- ------------------------------------------------------------------------------
Richard S. Robie, III (3/30/60) 2004 Senior Managing Director,
Vice President Putnam Investments,
Putnam Management
and Putnam Retail
Management. Prior to
2003, Mr. Robie was Senior
Vice President of United
Asset Management
Corporation
- ------------------------------------------------------------------------------
Judith Cohen (6/7/45) 1993 Clerk and Assistant
Clerk and Assistant Treasurer Treasurer, The Putnam Funds
- ------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Shares outstanding of your fund as of June 30, 2004
Putnam Putnam Putnam Putnam Putnam
Asset Allocation: Asset Allocation: Asset Allocation: Capital Capital Putnam
Balanced Conservative Growth Appreciation Opportunities Classic Equity
Class Portfolio Portfolio portfolio Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
Class A shares 95,993,368.025 64,531,714.577 57,106,072.569 24,597,253.902 37,404,722.225 57,485,313.808
- -------------------------------------------------------------------------------------------------------------------------------
Class B shares 32,692,022.749 13,785,302.272 25,612,961.941 21,827,491.535 26,629,820.220 24,605,172.343
- -------------------------------------------------------------------------------------------------------------------------------
Class C shares 8,295,858.873 4,086,225.588 7,412,177.122 228,270.512 3,493,575.758 1,533,258.210
- -------------------------------------------------------------------------------------------------------------------------------
Class M shares 3,244,448.140 1,486,096.208 2,912,629.804 1,192,629.687 1,837,731.837 3,401,130.189
- -------------------------------------------------------------------------------------------------------------------------------
Class R shares 466.105 8,545.487 590.608 508.861 5,314.503 450.751
- -------------------------------------------------------------------------------------------------------------------------------
Class Y shares 47,729,788.526 9,693,798.394 41,458,786.998 -- 32,073,753.026 515,212.678
- -------------------------------------------------------------------------------------------------------------------------------
Putnam Putnam Putnam Putnam The George Putnam
Convertible Discovery Equity Europe Putnam Global
Income- Growth Income Equity Fund of Equity
Class Growth Trust Fund Fund Fund Boston Fund
- -------------------------------------------------------------------------------------------------------------------------------
Class A shares 36,168,736.914 43,767,457.352 117,200,286.049 17,382,387.707 197,325,638.829 263,154,841.917
- -------------------------------------------------------------------------------------------------------------------------------
Class B shares 6,693,004.380 34,817,128.206 48,947,130.445 13,198,993.976 66,804,263.959 71,713,792.240
- -------------------------------------------------------------------------------------------------------------------------------
Class C shares 636,493.905 3,747,374.476 4,749,175.700 306,604.557 4,525,210.900 4,919,927.946
- -------------------------------------------------------------------------------------------------------------------------------
Class M shares 451,781.356 2,350,205.665 8,215,957.428 1,368,089.142 13,173,350.732 4,972,254.759
- -------------------------------------------------------------------------------------------------------------------------------
Class R shares 64.820 61.275 57,974.398 59.946 7,780.970 2,486.327
- -------------------------------------------------------------------------------------------------------------------------------
Class Y shares 1,791,803.057 936,763.815 24,991,240.884 -- 50,226,658.936 4,013,662.360
- -------------------------------------------------------------------------------------------------------------------------------
Putnam
Global
Natural
Resources
Class Fund
- -------------------------------------------------------------------------------------------------------------------------------
Class A shares 7,741,778.506
- -------------------------------------------------------------------------------------------------------------------------------
Class B shares 3,862,070.605
- -------------------------------------------------------------------------------------------------------------------------------
Class C shares 610,104.257
- -------------------------------------------------------------------------------------------------------------------------------
Class M shares 139,685.742
- -------------------------------------------------------------------------------------------------------------------------------
Class R shares 3,195.013
- -------------------------------------------------------------------------------------------------------------------------------
Class Y shares --
- -------------------------------------------------------------------------------------------------------------------------------
Putnam Putnam
Putnam Putnam Putnam International Putnam International
Fund For Growth Health Capital International Growth and
Growth Opportunities Sciences Opportunities Equity Income
Class and Income Fund Trust Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
Class A shares 709,835,850.421 53,147,445.648 31,087,893.953 29,503,648.804 176,351,471.058 30,189,580.993
- -------------------------------------------------------------------------------------------------------------------------------
Class B shares 199,419,389.849 50,858,664.830 20,263,891.527 20,741,266.860 78,604,775.824 24,553,062.650
- -------------------------------------------------------------------------------------------------------------------------------
Class C shares 6,431,550.562 4,509,250.055 889,452.897 3,325,369.874 15,337,243.237 2,157,516.192
- -------------------------------------------------------------------------------------------------------------------------------
Class M shares 8,668,908.019 1,801,173.067 682,895.580 816,860.986 5,346,348.201 1,399,524.355
- -------------------------------------------------------------------------------------------------------------------------------
Class R shares 2,305.026 361.279 257.096 159.591 26,911.696 108.851
- -------------------------------------------------------------------------------------------------------------------------------
Class Y shares 92,895,549.813 3,211,375.483 528,356.587 2,832,404.174 61,018,147.352 1,277,431.459
- -------------------------------------------------------------------------------------------------------------------------------
Putnam
International Putnam Putnam Putnam
New Putnam Mid Cap New New
Opportunities Investors Value Opportunities Value
Class Fund Fund Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
Class A shares 42,645,160.589 205,816,115.494 30,789,135.920 130,267,700.827 44,072,066.973
- -------------------------------------------------------------------------------------------------------------------------------
Class B shares 27,272,910.128 128,148,765.940 21,460,996.554 47,380,100.195 30,538,321.228
- -------------------------------------------------------------------------------------------------------------------------------
Class C shares 1,502,554.982 5,241,541.797 2,396,826.630 1,467,129.936 2,196,029.937
- -------------------------------------------------------------------------------------------------------------------------------
Class M shares 2,145,866.763 5,463,887.822 992,574.841 3,642,665.149 2,001,845.262
- -------------------------------------------------------------------------------------------------------------------------------
Class R shares 198.937 685.993 7,324.016 648.190 136.825
- -------------------------------------------------------------------------------------------------------------------------------
Class Y shares -- 69,175,202.490 2,008,251.032 21,213,401.877 5,875,676.779
- -------------------------------------------------------------------------------------------------------------------------------
Putnam Putnam
OTC & Putnam Putnam Putnam Utilities
Emerging Putnam Small Cap Small Cap Tax Smart Growth and
Growth Research Growth Value Equity Income
Class Fund Fund Fund Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
Class A shares 144,642,565.894 66,937,434.403 7,976,379.495 25,362,906.825 13,126,403.339 47,801,229.035
- -------------------------------------------------------------------------------------------------------------------------------
Class B shares 50,099,344.493 35,341,974.864 3,430,526.340 16,718,660.365 14,672,364.689 10,625,354.068
- -------------------------------------------------------------------------------------------------------------------------------
Class C shares 2,920,161.128 4,125,042.021 628,997.424 2,624,573.643 4,025,908.899 457,682.168
- -------------------------------------------------------------------------------------------------------------------------------
Class M shares 33,457,701.484 1,917,159.718 267,716.570 594,610.246 444,671.848 378,402.748
- -------------------------------------------------------------------------------------------------------------------------------
Class R shares 1,093.841 24,063.860 971.658 -- -- 123.526
- -------------------------------------------------------------------------------------------------------------------------------
Class Y shares 13,841,701.434 8,982,784.787 715,641.977 6,041,298.746 -- --
- -------------------------------------------------------------------------------------------------------------------------------
Putnam Putnam
Vista Voyager
Class Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
Class A shares 225,218,033.614 588,008,712.618
- -------------------------------------------------------------------------------------------------------------------------------
Class B shares 98,159,298.250 178,986,950.561
- -------------------------------------------------------------------------------------------------------------------------------
Class C shares 4,834,037.852 8,175,207.453
- -------------------------------------------------------------------------------------------------------------------------------
Class M shares 6,014,271.797 9,052,652.807
- -------------------------------------------------------------------------------------------------------------------------------
Class R shares 1,772.410 15,294.502
- -------------------------------------------------------------------------------------------------------------------------------
Class Y shares 35,221,753.447 178,655,940.842
- -------------------------------------------------------------------------------------------------------------------------------
As of June 30, 2004, to the knowledge of the fund, the following persons owned
beneficially or of record 5% or more of any class of shares of each fund:
Putnam Putnam Putnam
Asset Asset Asset
Allocation: Allocation: Allocation:
CLASS Balanced Portfolio Conservative Portfolio Growth Portfolio
- -----------------------------------------------------------------------------------------------
A Putnam Investments
LLC* (50.80%)
- -----------------------------------------------------------------------------------------------
B
- -----------------------------------------------------------------------------------------------
C Edward D. Jones & Co
201 Progress Pkwy
Maryland Heights,
MO 63043-3003
(9.00%)
- -----------------------------------------------------------------------------------------------
M Edward D. Jones & Co Edward D. Jones & Co
201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, Maryland Heights, MO
MO 63043-3003 MO 63043-3003
(7.70%) (5.40%)
National City Bank National City Bank
(5.10%) (29.70%)
- -----------------------------------------------------------------------------------------------
R Putnam Investments MCB Trust Services Putnam Investments
LLC* Cust. FBO LLC*
(26.00%) (81.70%) (21.30%)
MCB Trust Services MCB Trust Services MCB Trust Services
(69.60%) (15.30%) (70.10%)
MCB Trust Services
Cust. FBO (8.30%)
- -----------------------------------------------------------------------------------------------
Y Putnam Investments Putnam Investments Putnam Investments
LLC* LLC* LLC*
(67.80%) (62.50%) (47.40%)
The Bank One
Corporation
c/o Putnam Fiduciary
Trust Company, as
trustee or agent
Investors Way Norwood,
MA 02062
(30.40%)
- -----------------------------------------------------------------------------------------------
Putnam Putnam Putnam
Capital Capital Classic
Appreciation Opportunities Equity
CLASS Fund Fund Fund
- -----------------------------------------------------------------------------------------------
A Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, Maryland Heights, Maryland Heights,
MO 63043-3003 MO 63043-3003 MO 63043-3003
(11.70%) (7.20%) (26.90%)
- -----------------------------------------------------------------------------------------------
B Edward D. Jones & Co
201 Progress Pkwy
Maryland Heights,
MO 63043-3003
(10.60%)
- -----------------------------------------------------------------------------------------------
C Merrill, Lynch, Pierce, Edward D. Jones & Co
Fenner & Smith Inc. 201 Progress Pkwy
4800 Deer Lake Dr E Maryland Heights,
Jacksonville, FL 32246 MO 63043-3003
(6.10%) (6.60%)
Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr E
Jacksonville, FL 32246
(5.20%)
- -----------------------------------------------------------------------------------------------
M Edward D. Jones & Co Saxon & Co. Edward D. Jones & Co
201 Progress Pkwy P.O. Box 7780 201 Progress Pkwy
Maryland Heights, Philadelphia, PA Maryland Heights,
MO 63043-3003 19182-0001 MO 63043-3003
(6.20%) (11.50%) (20.60%)
- -----------------------------------------------------------------------------------------------
R Putnam Investments LLC* A.G. Edwards & Putnam Investments
(12.40%) Sons Inc. LLC*
1 N. Jefferson Ave.
St. Louis, MO
63103-2205
(68.00%)
MCB Trust Services MCB Trust Services National Quality
Cust. FBO Cust. FBO Review Inc TTEE
(87.50%) (24.20%)
National Quality
Review Inc
- -----------------------------------------------------------------------------------------------
Y College Advantage Putnam Investments
(23.60%) LLC*
Putnam Investments
LLC*
(7.80%)
- -----------------------------------------------------------------------------------------------
Putnam Putnam Putnam Putnam
Convertible Discovery Equity Europe
Income-Growth Growth Income Equity
CLASS Trust Fund Fund Fund
- ----------------------------------------------------------------------------------------------------------
A Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, Maryland Heights, Maryland Heights,
63043-3003 MO 63043-3003 MO 63043-3003 MO 63043-3003
(13.10%) (13.80%) (20.20%) (6.20%)
Charles Schwab
(9.90%)
- ----------------------------------------------------------------------------------------------------------
B Edward D. Jones & Co Edward D. Jones & Co Citigroup Global
201 Progress Pkwy 201 Progress Pkwy Markets Inc.
Maryland Heights, MO Maryland Heights, 333 W 34th St. FL 3
63043-3003 MO 63043-3003 New York NY 10001-
(5.30%) (10.20%) 2402 (5.40%)
- ----------------------------------------------------------------------------------------------------------
C Merrill, Lynch, Pierce, Merrill, Lynch, Pierce, Merrill, Lynch, Pierce, Citigroup Global
Fenner & Smith Inc. Fenner & Smith Inc. Fenner & Smith Inc. Markets Inc.
4800 Deer Lake Dr E 4800 Deer Lake Dr E 4800 Deer Lake Dr E 333 W 34th St. FL 3
Jacksonville, FL 32246 Jacksonville, FL 32246 Jacksonville, FL 32246 New York NY
(12.00%) (5.50%) (8.90%) 10001-2402
(7.90%)
Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr E.
Jacksonville, FL 32246
(11.20%)
Citigroup Global Citigroup Global
Markets Inc. Markets Inc.
333 W 34th St. FL 3 333 W 34th St. FL 3
New York New York
NY 10001-2402 NY 10001-2402
(7.10%) (6.80%)
- ----------------------------------------------------------------------------------------------------------
M Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co SMBC Friend
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy Securities Co.,
7-12 Kabuto- Maryland Heights, Maryland Heights, Ltd. (66.40%)
63043-3003 MO 63043-3003 MO 63043-3003
(10.00%) (8.20%) (7.30%)
Delaware Charter
Guaranty & Trust
1013 Centre Road
Wilmington, DE
19899-8936
(60.70%)
- ----------------------------------------------------------------------------------------------------------
R Putnam Investments LLC* Putnam Investments LLC* Merrill, Lynch, Pierce, Putnam Investments
(100.00%) (100.00%) Fenner & Smith Inc. LLC* (100.00%)
4800 Deer Lake Dr E
Jacksonville, FL 32246
(11.70%)
MCB Trust Services
(32.00%)
NFSC FEBO
#251-076201
(15.90%)
Federated Investors
Trust Co. (15.20%)
Martin Prakken &
Tom O'Connell
(7.90%)
- ----------------------------------------------------------------------------------------------------------
Y Putnam Investments Putnam Investments LLC* Putnam Investments LLC*
Profit Sharing Plan* State Street Corp TTEE
(13.72%) United States Filter
Corporation Retirement
Savings Plan
c/o Putnam Fiduciary Trust
Company, as trustee or
agent Investors Way
Norwood, MA 02062-9105
Bank One Corporation TTEE
Raymond James
Financial, Inc.*
(11.55%)
Putnam Investments LLC*
(5.58%)
- -----------------------------------------------------------------------------------------------
The George Putnam Global Putnam
Putnam Fund of Equity Global Natural
CLASS Boston Fund Resources Fund
- -----------------------------------------------------------------------------------------------
A Edward D. Jones & Co Edward D. Jones & Co
201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, Maryland Heights,
MO 63043-3003 MO 63043-3003
(8.00%) (5.20%)
Valic
(18.70%)
- -----------------------------------------------------------------------------------------------
B
- -----------------------------------------------------------------------------------------------
C Merrill, Lynch, Pierce, Citigroup Global
Fenner & Smith Inc. Markets Inc.
4800 Deer Lake Dr E 333 W 34th St. FL 3
Jacksonville, FL 32246 New York NY 10001-
(5.30%) (11.70%)
Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr. E
Jacksonville, FL 32246
(7.10%)
- -----------------------------------------------------------------------------------------------
M Edward D. Jones & Co
201 Progress Pkwy
Maryland Heights,
MO 63043-3003
(8.40%)
- -----------------------------------------------------------------------------------------------
R Putnam Investments Wachovia Bank
LLC* (6.80%) (98.20%)
Wexford Securities LLC.
FBO (27.60%)
Vito Spinosa
(24.70%)
MCB Trust Services Cust. FBO
(14.00%)
- -----------------------------------------------------------------------------------------------
The Putnam Putnam
Fund for Growth
Growth and Opportunities Putnam Health
CLASS Income Fund Sciences Trust
- -----------------------------------------------------------------------------------------------
A Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, Maryland Heights, Maryland Heights,
MO 63043-3003 MO 63043-3003 MO 63043-3003
(12.30%) (12.70%)
Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr E
Jacksonville, FL 32246
(7.50%)
- -----------------------------------------------------------------------------------------------
B Edward D. Jones & Co Citigroup Global
201 Progress Pkwy Markets Inc.
Maryland Heights, 333 W 34th St. FL 3
MO 63043-3003 New York NY 10001-
(6.40%)
Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr E
Jacksonville, FL 32246
(9.30%)
- -----------------------------------------------------------------------------------------------
C Edward D. Jones & Co Merrill, Lynch, Pierce, Citigroup Global
201 Progress Pkwy Fenner & Smith Inc. Markets Inc.
Maryland Heights, 4800 Deer Lake Dr E 333 W 34th St. FL 3
MO 63043-3003 Jacksonville, FL 32246 New York NY 10001-
(7.60%) (10.10%)
Citigroup Global Merrill, Lynch, Pierce,
Markets Inc. Fenner & Smith Inc.
333 W 34th St. FL 3 4800 Deer Lake Dr E
New York NY 10001- Jacksonville, FL 32246
(6.00%) (14.00%)
- -----------------------------------------------------------------------------------------------
M Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, Maryland Heights, Maryland Heights,
MO 63043-3003 MO 63043-3003 MO 63043-3003
(7.60%) (6.30%)
Frontier Trust Co Citigroup Global
(5.60%) Markets Inc.
333 W 34th St. FL 3
New York NY 10001-
(6.60%)
- -----------------------------------------------------------------------------------------------
R Putnam Investments MCB Trust Services
LLC* (26.10%) (63.60%)
MCB Trust Services Wexford Securities
Cust. FBO LLC. FBO
(73.80%) (18.10%)
Bryce Edwards &
(12.90%)
- -----------------------------------------------------------------------------------------------
Y
- -----------------------------------------------------------------------------------------------
Putnam Putnam
International Putnam International
Capital International Growth and
CLASS Opportunities Fund Equity Fund Income Fund
- -----------------------------------------------------------------------------------------------
A Edward D. Jones & Co Edward D. Jones & Co
201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, Maryland Heights,
MO 63043-3003 MO 63043-3003
(6.00%)
Charles Schwab &
Co Inc (10.40%)
- -----------------------------------------------------------------------------------------------
B Citigroup Global Citigroup Global Edward D. Jones & Co
Markets Inc. Markets Inc. 201 Progress Pkwy
333 W 34th St. FL 3 333 W 34th St. FL 3 Maryland Heights,
New York NY 10001- New York NY 10001- MO 63043-3003
(5.10%) (6.40%)
Merrill, Lynch, Pierce, Merrill, Lynch, Pierce,
Fenner & Smith Inc. Fenner & Smith Inc.
4800 Deer Lake Dr E 4800 Deer Lake Dr E
Jacksonville, FL 32246 Jacksonville, FL 32246
(6.00%) (7.90%)
- -----------------------------------------------------------------------------------------------
C Citigroup Global Merrill, Lynch, Pierce, Edward D. Jones & Co
Markets Inc. Fenner & Smith Inc. 201 Progress Pkwy
333 W 34th St. FL 3 4800 Deer Lake Dr E Maryland Heights,
New York NY 10001- Jacksonville, FL 32246 MO 63043-3003
(10.80%) (17.60%)
Merrill, Lynch, Pierce, Citigroup Global Citigroup Global
Fenner & Smith Inc. Markets Inc. Markets Inc.
4800 Deer Lake Dr E 333 W 34th St. FL 3 333 W 34th St. FL 3
Jacksonville, FL 32246 New York NY 10001- New York NY 10001-
(14.00%) (9.20%)
- -----------------------------------------------------------------------------------------------
M Edward D. Jones & Co
201 Progress Pkwy
Maryland Heights,
MO 63043-3003
- -----------------------------------------------------------------------------------------------
R Putnam Investments LLC* Federated Investors Putnam Investments
(46.10%) Trust Company LLC*
(60.80%)
MCB Trust Services Reliance Trust
(41.90%) Company (14.20%)
MCB Trust Services Bisys Retirement
Cust. FBO (9.80%) Services (11.00%)
Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr E
Jacksonville, FL 32246
(5.30%)
- -----------------------------------------------------------------------------------------------
Y
- -----------------------------------------------------------------------------------------------
Putnam
International
New Putnam
Opportunities Investors Putnam Mid Cap
CLASS Fund Fund Value Fund
- -----------------------------------------------------------------------------------------------
A Edward D. Jones & Co Edward D. Jones & Co
201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, Maryland Heights,
MO 63043-3003 MO 63043-3003
- -----------------------------------------------------------------------------------------------
B Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr E
Jacksonville, FL 32246
- -----------------------------------------------------------------------------------------------
C Merrill, Lynch, Pierce, Edward D. Jones & Co
Fenner & Smith Inc. 201 Progress Pkwy
4800 Deer Lake Dr E Maryland Heights,
Jacksonville, FL 32246 MO 63043-3003
Citigroup Global
Markets Inc.
333 W 34th St. FL 3
New York NY 10001-
- -----------------------------------------------------------------------------------------------
M Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr E
Jacksonville, FL 32246
- -----------------------------------------------------------------------------------------------
R Putnam Investments LLC*
- -----------------------------------------------------------------------------------------------
Y
- -----------------------------------------------------------------------------------------------
Putnam New
Opportunities Putnam New
CLASS Fund Value Fund
- -----------------------------------------------------------------------------------------------
A Edward D. Jones & Co Edward D. Jones & Co
201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, Maryland Heights,
MO 63043-3003 MO 63043-3003
- -----------------------------------------------------------------------------------------------
B Citigroup Global Edward D. Jones & Co
Markets Inc. 201 Progress Pkwy
333 W 34th St. FL 3 Maryland Heights,
New York NY 10001- MO 63043-3003
- -----------------------------------------------------------------------------------------------
C Merrill, Lynch, Pierce, Merrill, Lynch, Pierce,
Fenner & Smith Inc. Fenner & Smith Inc.
4800 Deer Lake Dr E 4800 Deer Lake Dr E
Jacksonville, FL 32246 Jacksonville, FL 32246
Citigroup Global
Markets Inc.
333 W 34th St. FL 3
New York NY 10001-
- -----------------------------------------------------------------------------------------------
M Edward D. Jones & Co Edward D. Jones & Co
201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, Maryland Heights,
MO 63043-3003 MO 63043-3003
- -----------------------------------------------------------------------------------------------
R Putnam Investments LLC* Putnam Investments LLC*
- -----------------------------------------------------------------------------------------------
Y
- -----------------------------------------------------------------------------------------------
Putnam
Putnam Putnam Small Cap
OTC & Emerging Research Growth
Growth Fund Fund Fund
- -----------------------------------------------------------------------------------------------
A Edward D. Jones & Co
201 Progress Pkwy
Maryland Heights,
MO 63043-3003
- -----------------------------------------------------------------------------------------------
B Edward D. Jones & Co
201 Progress Pkwy
Maryland Heights,
MO 63043-3003
- -----------------------------------------------------------------------------------------------
C Citigroup Global Citigroup Global Citigroup Global
Markets Inc. Markets Inc. Markets Inc.
333 W 34th St. FL 3 333 W 34th St. FL 3 333 W 34th St. FL 3
New York NY 10001- New York NY 10001- New York NY 10001-
- -----------------------------------------------------------------------------------------------
M Edward D. Jones & Co
201 Progress Pkwy
Maryland Heights,
MO 63043-3003
- -----------------------------------------------------------------------------------------------
R Putnam Investments LLC*
- -----------------------------------------------------------------------------------------------
Y
- -----------------------------------------------------------------------------------------------
Putnam Putnam Putnam Utilities
Small Cap Tax Smart Growth and Putnam
CLASS Value Fund Equity Fund Income Fund Vista Fund
- -----------------------------------------------------------------------------------------------------------
A Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, Maryland Heights, Maryland Heights, Maryland Heights,
MO 63043-3003 MO 63043-3003 MO 63043-3003 MO 63043-3003
(10.00%)
- -----------------------------------------------------------------------------------------------------------
B Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr E
Jacksonville, FL 32246
(9.70%)
- -----------------------------------------------------------------------------------------------------------
C Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr E
Jacksonville, FL 32246
(9.50%)
- -----------------------------------------------------------------------------------------------------------
M Edward D. Jones & Co Pershing, LLC Edward D. Jones & Co
201 Progress Pkwy P.O. Box 2052 201 Progress Pkwy
Maryland Heights, Jersey City, NJ Maryland Heights,
MO 63043-3003 07303-2052 MO 63043-3003
(5.30%)
- -----------------------------------------------------------------------------------------------------------
R
- -----------------------------------------------------------------------------------------------------------
Y
- -----------------------------------------------------------------------------------------------------------
Putnam
CLASS Voyager Fund
- -----------------------------------------------------------------------------------------------
A Edward D. Jones & Co
201 Progress Pkwy
Maryland Heights,
MO 63043-3003
- -----------------------------------------------------------------------------------------------
B Edward D. Jones & Co
201 Progress Pkwy
Maryland Heights,
MO 63043-3003
- -----------------------------------------------------------------------------------------------
C Edward D. Jones & Co
201 Progress Pkwy
Maryland Heights,
MO 63043-3003
Citigroup Global
Markets Inc.
333 W 34th St. FL 3
New York NY 10001-
- -----------------------------------------------------------------------------------------------
M Edward D. Jones & Co
201 Progress Pkwy
Maryland Heights,
MO 63043-3003
- -----------------------------------------------------------------------------------------------
R
- -----------------------------------------------------------------------------------------------
Y
- -----------------------------------------------------------------------------------------------
* The address for the name listed is: c/o Putnam Fiduciary Trust
Company, as trustee or agent, Investors Way, Norwood, MA 02062-9105.
** The address for the name listed is: c/o Putnam Fiduciary Trust
Company, as service provider, Investors Way, Norwood, MA 02062-9105.
Exhibit A
THE PUTNAM FUNDS
Board Policy and Nominating Committee Charter
* This Committee reviews matters pertaining to the operations of the
Board of Trustees and its Committees and the conduct of legal affairs
for the Funds. 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 reviews policy
matters affecting the operation of the Board and its independent staff
and make recommendations to the Board as appropriate. 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 Funds' shareholders. The Committee is
comprised exclusively of Independent Trustees.
Exhibit B
Current Fundamental Investment Restrictions with Respect to Borrowing
Putnam Asset Allocations: Balanced Portfolio
Putnam Asset Allocation: Conservative Portfolio
Putnam Asset Allocation: Growth Portfolio
Putnam Capital Appreciation Fund
Putnam Classic Equity Fund
Putnam Discovery Growth Fund
Putnam Equity Income Fund
Putnam Europe Equity Fund
The George Putnam Fund
Putnam Global Income Trust
The Putnam Fund for Growth and Income
Putnam Growth Opportunities Fund
Putnam Health Sciences 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 New Value Fund
Putnam OTC & Emerging Growth Fund
Putnam Research Fund
Putnam Utilities Growth and Income Fund
"The fund may not. . . [b]orrow money in excess of 10% of the value (taken
at the lower of cost or current value) of the fund's 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 Voyager Fund:
"The fund may not. . . [b]orrow more than 50% of the value of its total
assets (excluding borrowings and stock index futures contracts and call
options on stock index futures contracts and stock indices) less
liabilities other than borrowings and stock index futures contracts and
call options on stock index futures and stock indices.
Putnam Vista Fund:
"The fund may not. . . [b]orrow money in excess of 5% 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 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.)
Putnam Global Equity Fund:
"The fund may not [b]orrow money in excess of 10% of its gross assets
(taken at cost) and then only as a temporary measure for extraordinary or
emergency reasons and not for investment. (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.)
Putnam Money Market Fund:
"The fund may not. . . [b]orrow money in excess of one-third 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 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 made. Interest paid on such borrowings would reduce the yield on the
fund's investments."
Putnam Global Natural Resources Fund:
"The fund may not. . . [b]orrow 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 Convertible Income-Growth Trust:
"The fund may not. . . [b]orrow money in excess of 5% of its net assets
(taken at the lower of cost or current value) and then only from banks as a
temporary measure for extraordinary or emergency reasons and not for
investment purposes."
Exhibit C
Current Fundamental Investment Restrictions with Respect to
Diversification of Investments
Putnam Discovery Growth Fund
Putnam Equity Income Fund
Putnam Europe Equity Fund
The George Putnam Fund of Boston
Putnam Global Equity Fund
Putnam Global Natural Resources Fund
The Putnam Fund for Growth and Income
Putnam International Equity Fund
Putnam Investors Fund
Putnam New Opportunities Fund
Putnam OTC & Emerging Growth Fund
Putnam Utilities Growth and Income Fund
Putnam Vista Fund
Putnam Voyager Fund
"The fund may not. . . [w]ith 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 Capital Opportunities Fund
Putnam Classic Equity Fund
Putnam Growth Opportunities Fund
Putnam International Capital Opportunities Fund
Putnam International New Opportunities Fund
Putnam Mid Cap Value Fund
Putnam New Value Fund
Putnam Research Fund
Putnam Small Cap Growth Fund
Putnam Small Cap Value Fund
"The fund may not. . . [w]ith 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."
Putnam Asset Allocation: Balanced Portfolio, Putnam Asset Allocation:
Conservative Portfolio, and Putnam Asset Allocation: Growth Portfolio:
"The fund may not. . . [w]ith respect to 75% of its total assets, invest
in the 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 Health Sciences Trust:
"The fund may not. . . [w]ith respect to 50% 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."
Exhibit D
Current Provisions of Agreements and Declarations of Trust with Respect to
Redemptions of Fund Shares
Putnam Convertible Income-Growth Trust, Putnam Equity Income Fund, Putnam
Global Equity Fund, Putnam Global Natural Resources Fund, Putnam Health
Sciences Trust, Putnam International Equity Fund, Putnam Investors Fund,
Putnam OTC & Emerging Growth Fund, Putnam Vista Fund and Putnam Voyager
Fund:
Article VI
Distributions, Redemptions and Repurchases
Redemption and Repurchases
Section 2. The Trust shall purchase such Shares as are offered by any
Shareholder for redemption, upon the presentation of any certificate for
the Shares to be purchased, a proper instrument of transfer and a
request directed to the Trust or a person designated by the Trust that
the Trust purchase such Shares, or in accordance with such other
procedures for redemption as the Trustees may from time to time
authorize; and the Trust will pay therefor the net asset value thereof,
as next determined in accordance with the Bylaws. Payment for said
Shares shall be made by the Trust to the Shareholder within seven days
after the date on which the request is made. The obligation set forth in
this Section 2 is subject to the provision that in the event that any
time the New York Stock Exchange is closed for other than customary
weekends or holidays, or, if permitted by the rules of the [Securities
and Exchange Commission], during periods when trading on the Exchange is
restricted or during any emergency which makes it impractical for the
Trust to dispose of its investments or to determine fairly the value of
its net assets, or during any other period permitted by order of the
[Securities and Exchange Commission] for the protection of investors,
such obligation may be suspended or postponed by the Trustees. The Trust
may also purchase or repurchase Shares at a price not exceeding the net
asset value of such Shares in effect when the purchase or repurchase or
any contract to purchase or repurchase is made.
Putnam Asset Allocation: Growth Portfolio, Putnam Asset Allocation:
Balanced Portfolio, Putnam Asset Allocation: Conservative Portfolio,
Putnam Capital Opportunities Fund, Putnam Classic Equity Fund, Putnam
Discovery Growth Fund, Putnam Europe Equity Fund, Putnam Growth
Opportunities Fund, Putnam International Capital Opportunities Fund,
Putnam International Growth and Income Fund, Putnam International New
Opportunities Fund, Putnam Mid Cap Value Fund, Putnam New Opportunities
Fund, Putnam New Value Fund, Putnam Research Fund, Putnam Small Cap
Growth Fund, Putnam Small Cap Value Fund and Putnam Utilities Growth and
Income Fund:
Article VI
Distributions, Redemptions and Repurchases
Redemption and Repurchases
Section 2. The Trust shall purchase such Shares as are offered by any
Shareholder for redemption, upon the presentation of any certificate for
the Shares to be purchased, a proper instrument of transfer and a
request directed to the Trust or a person designated by the Trust that
the Trust purchase such Shares, or in accordance with such other
procedures for redemption as the Trustees may from time to time
authorize; and the Trust will pay therefor the net asset value thereof,
as next determined in accordance with the Bylaws, less any redemption
charge fixed by the Trustees. Payment for said Shares shall be made by
the Trust to the Shareholder within seven days after the date on which
the request is made. The obligation set forth in this Section 2 is
subject to the provision that in the event that any time the New York
Stock Exchange is closed for other than customary weekends or holidays,
or, if permitted by the rules of the [Securities and Exchange
Commission], during periods when trading on the Exchange is restricted
or during any emergency which makes it impractical for the Trust to
dispose of its investments or to determine fairly the value of its net
assets, or during any other period permitted by order of the [Securities
and Exchange Commission] for the protection of investors, such
obligation may be suspended or postponed by the Trustees. The Trust may
also purchase or repurchase Shares at a price not exceeding the net
asset value of such Shares in effect when the purchase or repurchase or
any contract to purchase or repurchase is made.
The George Putnam Fund of Boston:
Article IV
Rights and Privileges of Beneficiaries
Right to Sell Shares to Trust
Section 4. The Trust shall purchase such shares as are offered by any
beneficiary for redemption, upon the presentation of the certificate or
certificates therefore, if any, to the Trust or to the Transfer Agent,
duly endorsed or accompanied by a proper instrument of transfer,
together with a request that the Trust purchase the shares represented
thereby; and the Trust will pay therefor in cash the liquidating value
of the shares so presented determined as of such time as the Trustees
may from time to time specify, subject to any applicable rule of the
Securities and Exchange Commission adopted under the Investment Company
Act of 1940.
For the protection of the remaining beneficiaries the Trustees reserve
the right to demand not more than seven (7) full business days' written
notice of the request to purchase such shares at such liquidating value,
which period may be extended by the Trustees for such time as the New
York Stock Exchange may at any time be closed for business or open upon
a restricted basis, all under such reasonable rules and regulations as
may be determined by the Trustees from time to time.
The Putnam Fund for Growth and Income:
Article IV
Rights and Privileges of Beneficiaries
Right to Sell Shares to Trust
Section 4. The Trust shall purchase such shares as are offered by any
beneficiary for redemption, upon the presentation of the certificate or
certificates therefore, if any, to the Trust or to the Transfer Agent,
duly endorsed or accompanied by a proper instrument of transfer,
together with a request that the Trust purchase the shares represented
thereby; and the Trust will pay therefor in cash the net asset value of
the shares so presented determined as of such time as the Trustees may
from time to time specify, subject to any applicable rule of the
Securities and Exchange Commission adopted under the Investment Company
Act of 1940.
For the protection of the remaining beneficiaries the Trustees reserve
the right to demand not more than seven (7) days' written notice of the
request to purchase such shares at such net asset value, which period
may be extended by the Trustees for such times as the New York Stock
Exchange may at any time be closed for business other than customary
week-end and holiday closings or open upon a restricted basis, all under
such reasonable rules and regulations as may be determined by the
Trustees from time to time.
EXHIBIT E
LITIGATION
1. The plaintiff named below alleges that the defendants engaged in, or
allowed others to engage in, activities that took advantage of the way
mutual fund shares are priced in exchange for investments that benefited
the managers and advisers of the funds, but which harmed investors and the
funds themselves. The plaintiff's complaint sets forth violations of
[SECTION] 36 of the 1940 Act, [SECTION] 206 of the Investment Advisers Act,
[SECTION] 10(b) and [SECTION] 20(a) of the 1934 Act, breach of fiduciary
duty, and civil conspiracy. The plaintiff seeks declaratory relief,
damages, pre and post judgment interest, and attorney's fees and costs.
Case Name Defendants Court Date Instituted
- -------------------------------------------------------------------------------
Gladys Baker Putnam Management 1 United States April 5, 2004
(derivatively on Omid Kamshad District Court
behalf of the Putnam Justin Scott for the District
Fund for Putnam Trustees 2 of Delaware
Growth and Income, Putnam Funds 3
Putnam Europe (nominal)
Equity Fund, and
Putnam Funds)
v. Putnam Investment
Management LLC, et al.
- -------------------------------------------------------------------------------
2. The plaintiffs named below allege that the defendants engaged in,
permitted, and/or failed to prevent market timing and short-term trading in
the Putnam Funds. Plaintiffs generally claim violations of [SECTION] 36 of
the Investment Company Act of 1940, [SECTION] 206 of the Investment
Advisers Act, [SECTION] 10(b) of the Exchange Act and Rule 10b-5, [SECTION]
20(a) of the Exchange Act, breach of fiduciary duty, aiding and abetting
breach of fiduciary duty, and civil conspiracy. The plaintiffs generally
seek injunctive relief including removal of the current Trustees and fund
managers, disgorgement of profits, monetary damages, punitive damages, and
attorney's fees and costs.
Case Name Defendants Court Date Instituted
- -------------------------------------------------------------------------------
Joanne S. Baseman Putnam Management United States Dec. 16, 2003
(derivatively on behalf Omid Kamshad District Court
of Putnam International Justin Scott for the District
Equity Fund and the William Woolverton of Maryland
Putnam Funds) Putnam Trustees
v. Putnam Investment Putnam Funds
Management, Inc., et al. (nominal)
- -------------------------------------------------------------------------------
John K. Clement Putnam Management United States Nov. 26, 2003
(derivatively on behalf Omid Kamshad District Court
of several individual Justin Scott for the District
funds and the William Woolverton of Maryland
Putnam Funds) Putnam Trustees
v. Putnam Investment Putnam Funds
Management Inc., et al. (nominal)
- -------------------------------------------------------------------------------
Simon J. Denenberg Putnam Management United States Jan. 30, 2004
(derivatively on behalf Omid Kamshad District Court
of the Putnam U.S. Justin Scott for the District
Government Income William Woolverton of Maryland
Trust and the Putnam Putnam Trustees
Funds) v. Putnam Putnam Funds
Investment Management, (nominal)
Inc., et al.
- -------------------------------------------------------------------------------
Diane Hutto and Putnam Management United States Nov. 12, 2003
Dina Rozenbaum Putnam Trustees District Court
(derivative on behalf Justin M. Scott for the District
of several individual Omid Kamshad of Maryland
funds and the Putnam Certain officers of
Funds) v. Putnam, LLC, the Putnam Funds and
et. al. Putnam Management
John Does 1-100
Putnam Funds
(nominal)
- -------------------------------------------------------------------------------
Seth B. Marks (derivative Putnam Management United States Dec. 3, 2003
on behalf of several Putnam Trustees District Court
individual funds and the Justin M. Scott for the District
Putnam Funds) Omid Kamshad of Maryland
v. Putnam, LLC, et. al. Certain officers of
the Putnam Funds and
Putnam Management
John Does 1-100
Putnam Funds
(nominal)
- -------------------------------------------------------------------------------
Cynthia Puleo (derivative Putnam Management United States Dec. 16, 2003
on behalf of several Putnam Trustees District Court
individual funds and the Justin M. Scott for the District
Putnam Funds) Omid Kamshad of Maryland
v. Putnam, LLC, et al. Certain officers of
the Putnam Funds and
Putnam Management
John Does 1-100
Putnam Funds
(nominal)
- -------------------------------------------------------------------------------
Edward L. Segel Putnam Management United States Jan. 23, 2004
(derivative on behalf Putnam Trustees District Court
of individual fund Omid Kamshad for the District
and the Putnam Funds) Justin Scott of Maryland
v. Putnam, LLC, et al. William Woolverton
Putnam Funds
(nominal)
- -------------------------------------------------------------------------------
Zachary Alan Starr Putnam Management United States Nov. 6, 2003
(derivative on behalf Putnam Trustees District Court
of Putnam International Omid Kamshad for the District
Equity Fund and the Justin M. Scott of Maryland
Putnam Funds) Putnam Funds
v. Putnam Investment (nominal)
Management, et al.
- -------------------------------------------------------------------------------
3. The plaintiffs named below allege that the defendants failed to
properly disclose that select customers were allowed to engage in late
trading or time their mutual fund trades. The plaintiffs generally claim
of breach of fiduciary duty, abuse of control, gross mismanagement, waste
of corporate assets, unjust enrichment. The plaintiffs seek damages,
equitable and/or injunctive relief, restitution, and attorney's fees and
costs.
Case Name Defendants Court Date Instituted
- -------------------------------------------------------------------------------
Leon Brazin Putnam Trustees Superior Court March 15, 2004
(derivatively on behalf Putnam Management of Suffolk County,
of Putnam Vista Fund) Putnam Vista Fund MA; Stipulation
v. John A. Hill, et al. (nominal) agreeing to
Certain officers of removal and
the Putnam Funds and transfer to
Putnam Management United States
District Court
for the District
of Maryland
executed on
April 23, 2004
- -------------------------------------------------------------------------------
Peter Kavaler Putnam Trustees Superior Court March 15, 2004
(derivatively on behalf Putnam Management of Suffolk County,
of Putnam Income Putnam Income Fund MA; Stipulation
Fund) v. John A. Hill, (nominal) agreeing to
et al. Certain officers of removal and
the Putnam Funds and transfer to
Putnam Management United States
District Court
for the District
of Maryland
executed on
April 23, 2004
- -------------------------------------------------------------------------------
Todd Klein (derivatively Putnam Trustees United States Jan. 27, 2004
on behalf of Putnam Putnam Management District Court
Global Equity Fund) Putnam Global Equity for the District
v. Hill, et al. Fund (nominal) of Maryland
Certain officers of
the Putnam Funds and
Putnam Management
- -------------------------------------------------------------------------------
Steven Wiegand Putnam Trustees United States Jan. 27, 2004
(derivatively on behalf Putnam Management District Court
of Putnam Classic Putnam Classic for the District
Equity Fund) Equity Fund of Maryland
v. Hill et al. (nominal)
Certain officers of
the Putnam Funds and
Putnam Management
- -------------------------------------------------------------------------------
4. The plaintiff named below alleges that defendants failed to prevent the
disclosure of confidential information concerning the identity of
securities, the practice of late trading by selected investors,
time-trading by selected investors and insider trading by directors,
officers and/or employees of the defendants. The plaintiff claims breach of
fiduciary duty.
Case Name Defendants Court Date Instituted
- -------------------------------------------------------------------------------
Stern (derivative on Putnam Funds Supreme Court December 17, 2003
behalf of Marsh & Putnam Management of the State
McLennan) v. Greenberg, Jeffrey Greenberg of New York
et. al, Mathis Cabaillavetta
Marsh Directors 4
Lawrence Lasser
- -------------------------------------------------------------------------------
1 "Putnam Management" includes Putnam Investments Trust, Putnam Investment
Management, Putnam Investment Management, LLC, Putnam, LLC, and/or Marsh &
McLennan Companies, Inc.
2 The 13 Putnam Trustees include current Trustees Jameson Adkins Baxter,
Charles B. Curtis, John A. Hill, Ronald J. Jackson, Paul L. Joskow,
Elizabeth T. Kennan, John H. Mullin, III, Robert E. Patterson, George
Putnam, III, A.J. Smith and W. Thomas Stephens, and former Trustees W.
Nicholas Thorndike and Lawrence J. Lasser.
3 "Putnam Funds" includes any and/or all registered investment companies
managed by Putnam Management.
4 The Directors of Marsh & McLennan Companies, Inc. are Charles Davis,
Lewis Bernard, Peter Coster, Robert Ebruru, Oscar Fanjul, Ray Groves,
Stephen Hardis, Gwendolyn King, Lord Lang of Monkton, David Olsen, Morton
Shapiro, Adele Simmons, and A.J. Smith.
PUTNAM INVESTMENTS
The Putnam Funds
One Post Office Square
Boston, Massachusetts 02109
Toll-free 1-800-225-1581 216581 8/04
PUTNAM INVESTMENTS
P.O. BOX 9132
HINGHAM, MA 02043-9132
To vote by Telephone
1) Read the Proxy Statement and have the proxy card at hand.
2) Call 1-888-221-0697.
3) Follow the automated telephone directions.
4) There is no need for you to return your proxy card.
To vote by Internet
1) Read the Proxy Statement and have the proxy card at hand.
2) Go to https://www.proxyweb.com/Putnam
3) Follow the instructions on the site.
4) There is no need for you to return your proxy card.
To vote by Mail
1) Read the Proxy Statement.
2) Check one of the appropriate boxes on the reverse side.
3) Sign and date the proxy card.
4) Return the proxy card in the envelope provided.
This is your PROXY CARD.
This proxy is solicited on behalf of the Trustees of the Fund.
Proxy for a meeting of shareholders to be held on November 11, 2004.
FUND NAME PRINTS HERE
FUND NAME PRINTS HERE
The undersigned shareholder hereby appoints John A. Hill and Robert E.
Patterson, and each of them separately, Proxies, with power of
substitution, and hereby authorizes them to represent such shareholder
and to vote, as designated on the reverse side, at the meeting of
shareholders of the above referenced Fund on November 11, 2004 at 11:00
a.m., Boston time, and at any adjournments thereof, all of the shares of
the fund that the undersigned shareholder would be entitled to vote if
personally present.
The Proxies are authorized to vote in their discretion upon any matters
as may properly come before the meeting or at any adjournments of the
meeting. If you simply sign the proxy or fail to provide your voting
instructions on a proposal, the Proxies will vote in the same manner as
the Trustees recommend.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
- -------------------------------------------
Shareholder/Co-owner sign(s) here Date
Please sign your name exactly as it appears on this card. If you are a
joint owner, each owner should sign. When signing as executor,
administrator, attorney, trustee, or guardian, or as custodian for a minor,
please give your full title as such. If you are signing for a corporation,
please sign the full corporate name and indicate the signer's office. If
you are a partner, sign in the partnership name.
Equity 1 - dh
REFER TO PAGES ______ IN YOUR PROXY STATEMENT TO DETERMINE WHICH
PROPOSALS ARE APPLICABLE TO YOUR FUND(S).
THE TRUSTEES RECOMMEND A VOTE FOR ALL PROPOSALS:
Please fill in box(es) as shown using black or blue ink or number 2
pencil. X
PLEASE DO NOT USE FINE POINT PENS.
1. Proposal to elect all nominees.
The nominees for Trustees are: (01) J.A. Baxter, (02) C.B. Curtis, (03)
M.R. Drucker, (04) C.E. Haldeman, Jr., (05) J.A. Hill, (06) R.J. Jackson,
(07) P.L. Joskow, (08) E.T. Kennan, (09) J.H. Mullin, III, (10) R.E.
Patterson, (11) G. Putnam, III, (12) A.J.C. Smith, (13) W.T. Stephens and
(14) R.B. Worley
- ------------------------------------------------------------------------
To withhold authority to vote for one or more of the nominees, write the
number(s) of the nominee(s) above.
FOR electing all the nominees (except as marked to the contrary at left)
WITHHOLD authority to vote for all nominees
2A. Approving an amendment to the fund's fundamental investment
restriction with respect to borrowing.
FOR AGAINST ABSTAIN
2B. Approving an amendment to the fund's fundamental investment
restriction with respect to making loans.
FOR AGAINST ABSTAIN
2C. Approving an amendment to the fund's fundamental investment
restriction with respect to diversification of investments.
FOR AGAINST ABSTAIN
2D. Approving an amendment to the fund's fundamental investment
restriction with respect to issuance of senior securities.
FOR AGAINST ABSTAIN
2E. Approving an amendment to Putnam Equity Income Fund's investment
objective.
FOR AGAINST ABSTAIN
3. Approving an amendment to the fund's Agreement and Declaration of Trust.
FOR AGAINST ABSTAIN
Note: If you have any questions on the proposals, please call
1-800-225-1581.
PLEASE SIGN AND DATE ON THE REVERSE SIDE.
Equity 1- dh
PUTNAM INVESTMENTS
EzVote Consolidated Proxy Card
The top half of this form is your EzVote Consolidated Proxy. It reflects
all of your accounts registered to the same Social Security or Tax I.D.
number at this address. By voting and signing the Consolidated Proxy
Card, you are voting all of these accounts in the same manner as
indicated on the reverse side of the form.
PROXY FOR THE SPECIAL MEETING OF SHAREHOLDERS TO BE HELD NOVEMBER 11,
2004
This Proxy is solicited on behalf of the Trustees of the Fund.
The undersigned shareholder hereby appoints John A. Hill and Robert E.
Patterson, and each of them separately, Proxies, with power of
substitution, and hereby authorizes them to represent such shareholder
and to vote, as designated on the reverse side, at the meeting of
shareholders of the open-end Putnam funds noted thereon on November 11,
2004 at 11:00 a.m., Boston time, and at any adjournments thereof, all of
the shares of the fund that the undersigned shareholder would be
entitled to vote if personally present.
The Proxies are authorized to vote in their discretion upon any matters
as may properly come before the meeting or at any adjournments of the
meeting. If you simply sign the proxy or fail to provide your voting
instructions on a proposal, the Proxies will vote in the same manner as
the Trustees recommend
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
- -------------------------------------------
Shareholder/Co-owner sign(s) here Date
Please sign your name exactly as it appears on this card. If you are a
joint owner, each owner should sign. When signing as executor,
administrator, attorney, trustee, or guardian, or as custodian for a minor,
please give your full title as such.
If you are signing for a corporation, please sign the full corporate name
and indicate the signer's office. If you are a partner, sign in the
partnership name.
Equity 1 EZ - dh
DETACH CONSOLIDATED PROXY CARD AT PERFORATION BELOW
Your vote is important. For your convenience, you can vote your Proxy in
any of these three ways:
1
TELEPHONE
Call us toll-free at 1-888-221-0697
* Follow the automated telephone direction.
* There is no need for you to return your proxy card.
2
INTERNET
Go to https://www.proxyweb.com/Putnam
* Follow the instructions on the site.
* There is no need for you to return your proxy card.
3
MAIL
Mail in the proxy card.
* Please sign and date your proxy card.
* Detach the card from this proxy form.
* Return the card in the postage-paid envelope provided.
INDIVIDUAL BALLOTS
On the reverse side of this form (and on accompanying pages, if
necessary) you will find individual ballots, one for each of
your accounts. If you would wish to vote each of these accounts
separately, sign in the signature box below, mark each individual ballot
to indicate your vote, detach the form at the perforation above and
return the individual ballots portion only.
NOTE: If you elect to vote each account separately, do
not return the Consolidated Proxy Card above.
SIGN BELOW ONLY IF YOU ARE VOTING EACH
ACCOUNT SEPARATELY.
- -------------------------------------------
Shareholder/Co-owner sign(s) here Date
Please sign your name exactly as it appears on this card. If you are a
joint owner, each owner should sign. When signing as executor,
administrator, attorney, trustee, or guardian, or as custodian for a minor,
please give your full title as such.
If you are signing for a corporation, please sign the full corporate name
and indicate the signer's office. If you are a partner, sign in the
partnership name.
Equity 1 IND - dh
REFER TO PAGES ______ IN YOUR PROXY STATEMENT TO DETERMINE WHICH
PROPOSALS ARE APPLICABLE TO YOUR FUND(S).
EzVote Consolidated Proxy Card
THE TRUSTEES RECOMMEND A VOTE FOR ALL PROPOSALS:
Please fill in box(es) as shown using black or blue ink or number 2
pencil. X
PLEASE DO NOT USE FINE POINT PENS.
1. Proposal to elect all nominees.
The nominees for Trustees are: (01) J.A. Baxter, (02) C.B. Curtis, (03)
M.R. Drucker, (04) C.E. Haldeman, Jr., (05) J.A. Hill, (06) R.J. Jackson,
(07) P.L. Joskow, (08) E.T. Kennan, (09) J.H. Mullin, III, (10) R.E.
Patterson, (11) G. Putnam, III, (12) A.J.C. Smith, (13) W.T. Stephens and
(14) R.B. Worley
To withhold authority to vote for one or more of the nominees, write the
number(s) of the nominee(s) above.
FOR electing all the nominees (except as marked to the contrary at left)
WITHHOLD authority to vote for all nominees
2A. Approving an amendment to the fund's fundamental investment
restriction with respect to borrowing.
FOR AGAINST ABSTAIN
2B. Approving an amendment to the fund's fundamental investment
restriction with respect to making loans.
FOR AGAINST ABSTAIN
2C. Approving an amendment to the fund's fundamental investment
restriction with respect to diversification of investments.
FOR AGAINST ABSTAIN
2D. Approving an amendment to the fund's fundamental investment
restriction with respect to issuance of senior securities.
FOR AGAINST ABSTAIN
2E. Approving an amendment to Putnam Equity Income Fund's investment
objective.
FOR AGAINST ABSTAIN
3. Approving an amendment to the fund's Agreement and Declaration of Trust.
FOR AGAINST ABSTAIN
Note: If you have any questions on the proposals, please call
1-800-225-1581.
PLEASE SIGN AND DATE ON THE REVERSE SIDE.
Equity 1 EZ - dh
DETACH CONSOLIDATED PROXY CARD AT PERFORATION BELOW