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/ / | Preliminary Proxy Statement. | / / | Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e) (2)). | / X / | Definitive Proxy Statement. | / / | Definitive Additional Materials. | / / | Soliciting Material Pursuant to § 240.14a-12. | | PUTNAM AMERICAN GOVERNMENT INCOME FUND | PUTNAM ARIZONA TAX EXEMPT INCOME FUND | PUTNAM ASSET ALLOCATION FUNDS | PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND | PUTNAM CONVERTIBLE INCOME-GROWTH TRUST | PUTNAM DIVERSIFIED INCOME TRUST | PUTNAM EQUITY INCOME FUND | PUTNAM EUROPE EQUITY FUND | THE PUTNAM FUND FOR GROWTH AND INCOME | PUTNAM FUNDS TRUST | THE GEORGE PUTNAM FUND OF BOSTON | PUTNAM GLOBAL EQUITY FUND | PUTNAM GLOBAL HEALTH CARE FUND | PUTNAM GLOBAL INCOME TRUST | PUTNAM GLOBAL NATURAL RESOURCES FUND | PUTNAM GLOBAL UTILITIES FUND | PUTNAM HIGH YIELD ADVANTAGE FUND | PUTNAM HIGH YIELD TRUST | PUTNAM INCOME FUND | PUTNAM INTERNATIONAL EQUITY FUND | PUTNAM INVESTMENT FUNDS | PUTNAM INVESTORS FUND |
PUTNAM AMERICAN GOVERNMENT INCOME FUND
PUTNAM ARIZONA TAX EXEMPT INCOME FUND
PUTNAM ASSET ALLOCATION FUNDS
PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST
PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
PUTNAM CAPITAL APPRECIATION FUND
PUTNAM CLASSIC EQUITY FUND
PUTNAM CONVERTIBLE INCOME-GROWTH TRUST
PUTNAM DISCOVERY GROWTH FUND
PUTNAM DIVERSIFIED INCOME TRUST
PUTNAM EQUITY INCOME FUND
PUTNAM EUROPE EQUITY FUND
THE PUTNAM FUND FOR GROWTH AND INCOME
PUTNAM FUNDS TRUST
THE GEORGE PUTNAM FUND OF BOSTON
PUTNAM GLOBAL EQUITY FUND
PUTNAM GLOBAL INCOME TRUST
PUTNAM GLOBAL NATURAL RESOURCES FUND
PUTNAM HEALTH SCIENCES TRUST
PUTNAM HIGH INCOME SECURITIES FUND
PUTNAM HIGH YIELD ADVANTAGE FUND
PUTNAM HIGH YIELD MUNICIPAL TRUST
PUTNAM HIGH YIELD TRUST
PUTNAM INCOME FUND
PUTNAM INTERNATIONAL EQUITY FUND
PUTNAM INVESTMENT FUNDS
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST
PUTNAM INVESTORS FUND
PUTNAM LIMITED DURATION GOVERNMENT INCOME FUND
PUTNAM MANAGED MUNICIPAL INCOME TRUST
PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND
PUTNAM MASTER INTERMEDIATE INCOME TRUST
PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
PUTNAM MONEY MARKET FUND
PUTNAM MUNICIPAL BOND FUND
PUTNAM MUNICIPAL OPPORTUNITIES TRUST
PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
PUTNAM NEW OPPORTUNITIES FUND
PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST
PUTNAM NEW YORK TAX EXEMPT INCOME FUND
PUTNAM OHIO TAX EXEMPT INCOME FUND
PUTNAM OTC & EMERGING GROWTH FUND
PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
PUTNAM PREMIER INCOME TRUST
PUTNAM RETIREMENTREADY® FUNDS
PUTNAM TAX EXEMPT INCOME FUND
PUTNAM TAX EXEMPT MONEY MARKET FUND
PUTNAM TAX-FREE HEALTH CARE FUND
PUTNAM TAX-FREE INCOME TRUST
PUTNAM TAX SMART FUNDS TRUST
PUTNAM U.S. GOVERNMENT INCOME TRUST
PUTNAM UTILITIES GROWTH AND INCOME FUND
PUTNAM VARIABLE TRUST
PUTNAM VISTA FUND
PUTNAM VOYAGER FUND
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| | PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND | PUTNAM MICHIGAN TAX EXEMPT INCOME FUND | PUTNAM MINNESOTA TAX EXEMPT INCOME FUND | PUTNAM MONEY MARKET FUND | PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND | PUTNAM NEW OPPORTUNITIES FUND | PUTNAM NEW YORK TAX EXEMPT INCOME FUND | PUTNAM OHIO TAX EXEMPT INCOME FUND | PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND | PUTNAM RETIREMENTREADY® FUNDS | PUTNAM TAX EXEMPT INCOME FUND | PUTNAM TAX EXEMPT MONEY MARKET FUND | PUTNAM TAX-FREE INCOME TRUST | PUTNAM U.S. GOVERNMENT INCOME TRUST | PUTNAM VARIABLE TRUST | PUTNAM VISTA FUND | PUTNAM VOYAGER FUND | | (Name of Registrant as Specified in its Charter) | | (Name of Person(s) Filing Proxy Statement, | if Other Than the Registrant) | | | Payment of Filing Fee (Check the appropriate box): | | / X / | No fee required. | | / / | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. | | (1) Title of each class of securities to which transaction applies: | | (2) Aggregate number of securities to which transaction applies: | | (3) Per unit price or other underlying value of transaction | | computed pursuant to Exchange Act Rule 0-11 (set forth the | | amount on which the filing fee is calculated and state how it | | was determined): | | (4) Proposed maximum aggregate value of transaction: |
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ProxyVOTE TODAY
Please vote on matters affecting
your investment in the Putnam funds.
Your prompt response to this
proxy statement is important.
March 9, 2007
| | | Internet | Phone | Mail | proxyweb.com/Putnam | 1-888-221-0697 | Sign and return the | | | enclosed voting form |
A Messagemessage from Putnam Investments and the ChairmanBoard of Trustees of the Putnam Funds Dear Fellow Shareholder: I amWe are writing to ask you asfor your vote on important matters affecting your investment in the Putnam funds. The Putnam Funds will hold a shareholder meeting on November 19, 2009, in Boston, Massachusetts, to decide several proposals. While you are welcome to attend in person, the vast majority of your Putnam fund,shareholders vote by “proxy,” which means they give instructions to persons designated by their fund’s Board of Trustees to vote on their behalf.
Please vote today on the salefollowing proposals: ·Election of Putnam Investments to Great-West Lifeco Inc., a subsidiary of Power Financial Corporation, by approving new management contracts. This proposal will be considered at a special meeting of shareholders called for May 15, 2007. Great-West Lifeco has agreed to acquire Putnam Investments Trust, which owns your fund’s investment adviser, Putnam Investment Management, LLC (“Putnam Management”). TrusteesThe Putnam funds’Funds’ Board of Trustees has been actively involved in the sale process, and will continue in its role ofis responsible for overseeing the Putnam funds on your behalf. We are asking you to approve a new management contract with Putnam Management that will become effective when the transaction with Great-West Lifeco is completed, so that there will not be any disruption in the investment management or in the services that your fund receives. The Trusteesoperation of the Putnam funds unanimouslyand for assuring that each fund is managed in the best interests of its shareholders. All but one of the Trustees are independent of Putnam Investments. All of the current Trustees work on your behalf and are up for re-election.We recommend that you vote FOR the approval of a newto elect all Trustees. ·Shareholder-friendly changes to Putnam fund management contract. It is important for you, asfeesAs a Putnam fund shareholder, you typically pay a management fee that covers key services such as portfolio management, securities trading, and accounting. The management fee typically represents the single largest component of a fund’s total expenses. Key benefits of the proposal include:
·Lower management feesThe change will result in reduced management fees for virtually all Putnam funds, including significantly lower management fees for fixed income and asset allocation funds. ·Fund family breakpointsAsset-level discounts for management fees will be based on the growth of all Putnam mutual fund assets, rather than an individual Putnam fund’s assets. This change will allow shareholders to know that no changes tobenefit from the growth of the Putnam funds, to the way Putnam manages money, or to the funds’ management teams are expectedfund family as a resultwhole, even if their specific fund is not growing. ·Performance fees on U.S. growth funds, international funds, and Putnam Global Equity FundThese equity funds would have performance fees reflecting the strength or weakness of the investment performance of a given fund. Management fees for these funds would decline from their standard fee if the funds underperform their benchmarks and would rise if the funds outperform. We recommend you vote for the proposed new management contracts that include these fee changes. ·Modernized investment restrictions of certain fundsSeveral different fund-specific proposals are included in this transaction.section. However, all involve modernizing and standardizing investment restrictions in certain areas to provide portfolio managers with added investment flexibility, as well as to reduce administrative and compliance burdens for the funds.We recommend you vote to modernize these investment restrictions.
·Modernized “trust” provisions of certain fundsTheorganizational, or “trust,” documents established many years ago for a small number of Putnam Funds differ from those of most Putnam funds today.We recommend you vote to modernize these trust provisions. Shareholders of two funds will continuealso be asked to operate asvote on a separate company headquartered in Boston, andshareholder-submitted proposal. Please vote today Delaying your vote will retain its name. Thereincrease fund expenses if further mailings are required. If you complete your proxy card, your shares will be no changevoted on your behalf exactly as you have instructed.If you simply sign the proxy card, your shares will be voted in your fund’s fee rates or inaccordance with the services that your fund receives as a result of the transaction. In addition, the funds will not bear any of the costs associated with this proxy solicitation.Trustees’ recommendations. Please vote promptly. When shareholders do not return their proxies in sufficient numbers, follow-up solicitations are required. You can vote by returning your proxy ballot in the envelope provided. Or you can call the toll-free number or visit the Web site address indicated on the ballot.
Your vote is important to us. We appreciate the time and consideration I am sure you will giveyour attention to these important matters. If you have questions about the proposal,proposals, please call our proxy information linea customer service representative at 1-866-905-23961-866-451-3787 or contact your financial representative.advisor.
Sincerely yours,
Robert L. Reynolds President and Chief Executive Officer Putnam Investments
John A. Hill Chairman of the Trustees
Table of contents
| | | Table of contents | | | Notice of a Special Meeting of Shareholders | 1 | | | Trustees’ Recommendations | 4[] | | | The Proposal 1: Election of Trustees | | 4[] | | Proposal 2: Proposed New Management Contract | [] | | Proposal 3.A.: Fundamental Investment Restriction Amendment – Commodities | [] | | Proposal 3.B.: Fundamental Investment Restriction Amendment – Diversification | [] | | Proposal 3.C.: Fundamental Investment Restriction Amendment – Acquisition of | | Voting Securities | [] | | Proposal 3.D.: Fundamental Investment Restriction Amendment – Borrowing | [] | | Proposal 3.E.: Fundamental Investment Restriction Amendment – Making Loans | [] | | Proposal 4.A.: Declaration of Trust Amendment – Duration of Trust | [] | | Proposal 4.B.: Declaration of Trust Amendment – Redemption at Option of Trust | [] | | Proposal 5: Shareholder Proposal | [] | | Further Information About Voting and the | | Special Meeting | 14[] | | | Fund Information | 18[] | | | Appendix A — – | Number of Shares Outstanding | | | as of the Record Date | A-1 | Appendix B – | Dollar Range and Number of Shares | | | Beneficially Owned | B-1 | Appendix C – | Trustee Compensation Table | C-1 | Appendix D – | Forms of Proposed Management | | | Contract | D-1 | Appendix E – | Current Fee Schedule | E-1 | Appendix F – | Proposed Fee Schedules | F-1 | Appendix G – | Proposed Benchmarks | G-1 | Appendix H – | Funds Proposed to Change to Monthly | | | Management Fees | H-1 | Appendix I – | Description of Contract Approval | | | Process | I-1 |
| | | Appendix B — J – | Form of New Management Contracts: Terms, Dates, | | | Contractand Approvals | B-1 | | | J-1 | Appendix C — K – | Comparative Expense Tables | K-1 | Appendix L – | Comparison of Terms ofManagement Fees | L-1 | Appendix M – | Current Fundamental Investment | | | Management Contracts | C-1 | | | | Appendix D — | Management Contracts:Restrictions with Respect to Investments | | | Dates and Approvalsin Commodities | D-1 | | | M-1 | Appendix E — | Management Contracts: Fees | E-1 | | | | Appendix F — N – | Current Sub-Management ContractFundamental Investment | | | and Sub-Advisory Contract | F-1 | | | | Appendix G — | Description of ContractRestrictions with Respect to | | | Approval ProcessDiversification of Investments | G-1 | | | N-1 | Appendix H —O – | Current Fundamental Investment | | | Restrictions with Respect to Borrowing | O-1 | Appendix P – | Current Declaration of Trust Provisions | | | with Respect to the Duration of the Trust | P-1 | Appendix Q – | Independent Public Accountants | Q-1 | Appendix R – | Other Similar Funds Advised | | | by Putnam Management | H-1 | | | R-1 | Appendix I —S – | Payments to Putnam Management | | | and its Affiliates | I-1 | | | S-1 | Appendix J —T – | 5% Beneficial Ownership | J-1 | | | | Appendix K — | Security Ownership | K-1T-1 |
PROXY CARD(S) ENCLOSED If you have any questions, please call our proxy information linecontact us at 1-866-905-23961-866-451-3787 or call your financial advisor. Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be Held on November 19, 2009. The proxy statement is available at https://www.proxyweb.com/Putnam.
Notice of a Special Meeting of Shareholders
To the Shareholders of:
| | Notice of a Special Meeting of Shareholders | | To the Shareholders of: | | | PUTNAM AMERICAN GOVERNMENT INCOME | PUTNAM INTERNATIONAL EQUITY FUND | FUND | PUTNAM INVESTMENT GRADE MUNICIPAL | INCOME FUND | TRUSTFUNDS | PUTNAM AMT-FREE INSURED MUNICIPALARIZONA TAX EXEMPT INCOME FUND | PUTNAM CAPITAL OPPORTUNITIES FUND | PUTNAM ASSET ALLOCATION FUNDS | PUTNAM GROWTH OPPORTUNITIES FUND | PUTNAM ASSET ALLOCATION: BALANCED | PUTNAM INTERNATIONAL CAPITAL | PORTFOLIO | OPPORTUNITIES FUND | PUTNAM ASSET ALLOCATION: CONSERVATIVE | PUTNAM INTERNATIONAL NEW OPPORTUNITIES | PORTFOLIO | FUND | PUTNAM ASSET ALLOCATION: GROWTH | PUTNAM MID CAP VALUE FUND | PORTFOLIO | PUTNAM RESEARCH FUND | PUTNAM CALIFORNIA TAX EXEMPT INCOME | PUTNAM SMALL CAP VALUE FUND | FUND | PUTNAM INVESTORS FUND | FUND | PUTNAM LIMITED DURATION | PUTNAM ARIZONA TAX EXEMPT INCOME | GOVERNMENT INCOME FUND | FUND | PUTNAM MANAGED MUNICIPAL INCOME | PUTNAM ASSET ALLOCATION: BALANCED | TRUST | PORTFOLIOCONVERTIBLE INCOME-GROWTH | PUTNAM MASSACHUSETTS TAX EXEMPT | PUTNAM ASSET ALLOCATION: | INCOME FUND | CONSERVATIVE PORTFOLIO | PUTNAM MASTER INTERMEDIATE INCOME | PUTNAM ASSET ALLOCATION: GROWTH | TRUST | PORTFOLIO | PUTNAM MICHIGAN TAX EXEMPT INCOME | PUTNAM CALIFORNIA INVESTMENT | FUND | GRADE MUNICIPAL TRUST | PUTNAM MID CAP VALUE FUND | PUTNAM CALIFORNIA TAX EXEMPT | PUTNAM MINNESOTA TAX EXEMPT | INCOME FUND | INCOME FUND | PUTNAM CAPITAL APPRECIATION FUND | PUTNAM MONEY MARKET FUND | PUTNAM CAPITAL OPPORTUNITIES FUND | PUTNAM MUNICIPAL BOND FUND | PUTNAM CLASSIC EQUITY FUND | PUTNAM MUNICIPAL OPPORTUNITIES | PUTNAM CONVERTIBLE INCOME- | TRUST | GROWTH TRUST | PUTNAM NEW JERSEY TAX EXEMPT | PUTNAM DISCOVERY GROWTH FUND | INCOME FUND | PUTNAM DIVERSIFIED INCOME TRUST | PUTNAM NEW OPPORTUNITIESMICHIGAN TAX EXEMPT INCOME FUND | PUTNAM EQUITY INCOME FUND | PUTNAM NEW VALUE FUNDMINNESOTA TAX EXEMPT INCOME | PUTNAM EUROPE EQUITY FUND | PUTNAM NEW YORK INVESTMENT GRADE | PUTNAM FLOATING RATE INCOME FUND | MUNICIPAL TRUST | THE PUTNAM FUND FOR GROWTH AND INCOME | PUTNAM MONEY MARKET FUND | PUTNAM FUNDS TRUST | PUTNAM NEW JERSEY TAX EXEMPT INCOME | PUTNAM ABSOLUTE RETURN 100 FUND | FUND | PUTNAM ABSOLUTE RETURN 300 FUND | PUTNAM NEW OPPORTUNITIES FUND | PUTNAM ABSOLUTE RETURN 500 FUND | PUTNAM NEW YORK TAX EXEMPT INCOME | INCOMEPUTNAM ABSOLUTE RETURN 700 FUND | FUND | PUTNAM ASIA PACIFIC EQUITY FUND | PUTNAM OHIO TAX EXEMPT INCOME FUND | PUTNAM ASSET ALLOCATION: EQUITY | PUTNAM PENNSYLVANIA TAX EXEMPT INCOME | PORTFOLIO | FUND | PUTNAM CAPITAL SPECTRUM FUND | PUTNAM RETIREMENTREADY® FUNDS | PUTNAM EMERGING MARKETS EQUITY FUND | PUTNAM RETIREMENTREADY 2010 FUND | PUTNAM EQUITY SPECTRUM FUND | PUTNAM RETIREMENTREADY 2015 FUND | PUTNAM FLOATING RATE INCOME FUND | PUTNAM RETIREMENTREADY 2020 FUND | PUTNAM GLOBAL CONSUMER FUND | PUTNAM RETIREMENTREADY 2025 FUND | PUTNAM GLOBAL ENERGY FUND | PUTNAM RETIREMENTREADY 2030 FUND | PUTNAM GLOBAL FINANCIALS FUND | PUTNAM RETIREMENTREADY 2035 FUND | PUTNAM GLOBAL INDUSTRIALS FUND | PUTNAM RETIREMENTREADY 2040 FUND | PUTNAM GLOBAL TECHNOLOGY FUND | PUTNAM RETIREMENTREADY 2045 FUND | PUTNAM GLOBAL TELECOMMUNICATIONS FUND | PUTNAM RETIREMENTREADY 2050 FUND | PUTNAM INCOME STRATEGIES FUND | PUTNAM RETIREMENTREADY MATURITY FUND | PUTNAM INTERNATIONAL GROWTH AND INCOME | PUTNAM TAX EXEMPT INCOME FUND | FUND | PUTNAM TAX EXEMPT MONEY MARKET FUND | PUTNAM MONEY MARKET LIQUIDITY FUND | PUTNAM TAX-FREE INCOME TRUST | PUTNAM SMALL CAP GROWTH FUND | PUTNAM AMT-FREE MUNICIPAL FUND | THE GEORGE PUTNAM FUND OF BOSTON | PUTNAM OHIO TAX EXEMPT INCOMETAX-FREE HIGH YIELD FUND | PUTNAM GLOBAL EQUITY FUND | PUTNAM U.S. GOVERNMENT INCOME TRUST | PUTNAM GLOBAL HEALTH CARE FUND | PUTNAM VARIABLE TRUST | PUTNAM GLOBAL INCOME TRUST | PUTNAM OTC & EMERGING GROWTHVT AMERICAN GOVERNMENT INCOME | PUTNAM GLOBAL NATURAL RESOURCES | FUND | FUND | PUTNAM PENNSYLVANIA TAX EXEMPTFUND | PUTNAM GROWTH OPPORTUNITIES | INCOME FUND | GLOBAL UTILITIES FUND | PUTNAM PREMIER INCOME TRUST | PUTNAM HEALTH SCIENCES TRUST | PUTNAM PRIME MONEY MARKETVT CAPITAL OPPORTUNITIES FUND | PUTNAM HIGH INCOME SECURITIES FUND | PUTNAM RESEARCH FUND | PUTNAM HIGH YIELD ADVANTAGE FUND | PUTNAM RETIREMENTREADY 2050VT DIVERSIFIED INCOME FUND | PUTNAM HIGH YIELD MUNICIPAL TRUST | PUTNAM RETIREMENTREADY 2045 FUND | PUTNAM HIGH YIELD TRUST | PUTNAM RETIREMENTREADY 2040VT EQUITY INCOME FUND | PUTNAM INCOME FUND | PUTNAM RETIREMENTREADY 2035 FUND | PUTNAM INCOME STRATEGIES FUND | PUTNAM RETIREMENTREADY 2030 FUND | PUTNAM INTERNATIONAL CAPITAL | PUTNAM RETIREMENTREADY 2025 FUND | OPPORTUNITIES FUND | PUTNAM RETIREMENTREADY 2020 FUND | PUTNAM INTERNATIONAL EQUITY FUND | PUTNAM RETIREMENTREADY 2015 FUND | PUTNAM INTERNATIONAL GROWTH AND | PUTNAM RETIREMENTREADY 2010 FUND | INCOME FUND | PUTNAM RETIREMENTREADY MATURITY | PUTNAM INTERNATIONAL NEW | FUND | OPPORTUNITIES FUND | PUTNAM SMALL CAP GROWTH FUND |
1
| | PUTNAM SMALL CAP VALUEVT THE GEORGE PUTNAM FUND OF | PUTNAM VT INTERNATIONAL NEW | BOSTON | OPPORTUNITIES FUND | PUTNAM VT GLOBAL ASSET ALLOCATION FUND | PUTNAM VT INVESTORS FUND | PUTNAM VT GLOBAL EQUITY FUND | PUTNAM VT MID CAP VALUE FUND | PUTNAM TAX EXEMPT INCOMEVT GLOBAL HEALTH CARE FUND | PUTNAM VT MONEY MARKET FUND | PUTNAM VT GLOBAL UTILITIES FUND | PUTNAM VT NEW OPPORTUNITIES FUND | PUTNAM VT GROWTH AND INCOME FUND | PUTNAM VT RESEARCH FUND | PUTNAM TAX EXEMPT MONEY MARKET | PUTNAM VT GROWTH OPPORTUNITIES FUND | PUTNAM VT SMALL CAP VALUE FUND | FUND | FUND | PUTNAM TAX-FREE HEALTH CARE FUND | PUTNAM VT HEALTH SCIENCES FUND | PUTNAM TAX-FREE HIGH YIELD FUND | PUTNAM VT HIGH YIELD FUND | PUTNAM VT VISTA FUND | PUTNAM TAX SMART EQUITY FUND® | PUTNAM VT INCOME FUND | PUTNAM VT VOYAGER FUND | PUTNAM U.S. GOVERNMENT INCOME | PUTNAM VT INTERNATIONAL EQUITY FUND | TRUST | FUND | PUTNAM UTILITIES GROWTH AND | PUTNAM VT INTERNATIONAL GROWTH | INCOME FUND | AND INCOME FUND | PUTNAM VISTA FUND | PUTNAM VT INTERNATIONAL NEWGROWTH AND | PUTNAM VOYAGER FUND | INCOME FUND | |
| | OPPORTUNITIES FUNDThis is the formal agenda for your fund’s shareholder meeting. It tells you what proposals | PUTNAM VT AMERICAN GOVERNMENTwill be voted on and the time and place of the meeting, in the event you attend in person. | | A Special Meeting of Shareholders of your fund will be held on November 19, 2009 at 11:00 | a.m., Boston time, at the principal offices of the funds on the 8th floor of One Post Office | Square, Boston, Massachusetts 02109, to consider the following proposals, in each case as | applicable to the particular funds listed in the table below: | | 1. | PUTNAM VT INVESTORS FUNDElecting your fund’s nominees for Trustees; | | INCOME FUND2. | PUTNAM VT MID CAP VALUE FUNDApproving a proposed new management contract for your fund; | | PUTNAM VT CAPITAL APPRECIATION3.A. | PUTNAM VT MONEY MARKET FUNDApproving an amendment to certain funds’ fundamental investment restrictions | | FUNDwith respect to investments in commodities; | | 3.B. | PUTNAM VT NEW OPPORTUNITIES FUNDApproving an amendment to certain funds’ fundamental investment restrictions | | PUTNAM VT CAPITAL OPPORTUNITIESwith respect to diversification of investments; | | 3.C. | PUTNAM VT NEW VALUE FUNDApproving an amendment to certain funds’ fundamental investment restrictions | | FUNDwith respect to the acquisition of voting securities; | | 3.D. | PUTNAM VT OTC & EMERGING GROWTHApproving an amendment to certain funds’ fundamental investment restrictions | | PUTNAM VT DISCOVERY GROWTH FUNDwith respect to borrowing; | | 3.E. | FUNDApproving an amendment to certain funds’ fundamental investment restrictions | | PUTNAM VT DIVERSIFIED INCOME FUNDwith respect to making loans; | | 4.A. | PUTNAM VT RESEARCH FUNDApproving an amendment to certain funds’ agreements and declarations of trust | | PUTNAM VT EQUITY INCOME FUNDwith respect to the duration of the trust; | | 4.B. | PUTNAM VT SMALL CAP VALUE FUNDApproving an amendment to certain funds’ agreements and declarations of trust | | PUTNAM VT THE GEORGE PUTNAM FUNDwith respect to redemption at the option of the trust; and | | 5. | PUTNAM VT UTILITIES GROWTH ANDConsidering a shareholder proposal for two funds requesting that the Board | OF BOSTON | INCOME FUNDinstitute procedures to prevent the funds from holding investments in companies | PUTNAM VT GLOBAL ASSET ALLOCATION | PUTNAM VT VISTA FUNDthat, in the judgment of the Board, substantially contribute to genocide or | FUND | PUTNAM VT VOYAGER FUNDcrimes against humanity. |
| | | By Judith Cohen, Clerk, and by the Trustees | | | | John A. Hill, Chairman | | | Jameson A. Baxter, Vice Chairman | | | | | | Ravi Akhoury | Kenneth R. Leibler | | Charles B. Curtis | Robert E. Patterson | | Robert J. Darretta | George Putnam, III | | Myra R. Drucker | Robert L. Reynolds | | Paul L. Joskow | W. Thomas Stephens | | Elizabeth T. Kennan | Richard B. Worley |
* This is the formal noticeIn order for you to be represented at your fund’s shareholder meeting. It tellsmeeting, we urge you what proposal will be voted on andto record your voting instructions via the time and place of the meeting, in case you wish to attend in person.
A Special Meeting of Shareholders of your fund will be held on Tuesday, May 15, 2007 at 11:00 a.m., Boston time, at the principal offices of the fund on the 8th floor of One Post Office Square, Boston, Massachusetts 02109, to consider the following:
1. Approving a new management contract for your fund.
By Judith Cohen, Clerk, andInternet or by the Trustees
John A. Hill, Chairman
Jameson A. Baxter, Vice Chairman
George Putnam, III, President
Charles B. Curtis
Myra R. Drucker
Charles E. Haldeman, Jr.
Paul L. Joskow
Elizabeth T. Kennan
Kenneth R. Leibler
Robert E. Patterson
W. Thomas Stephens
Richard B. Worley
We urge youtelephone or to mark, sign, date, and mail the enclosed proxy in the postage-paid envelope provided or to record your voting instructions by telephone or via the Internet so that you will be represented at the meeting.provided.
March 9, 2007[ ], 2009
2The following table indicates which proposals are being considered by shareholders of each fund.
| | | | Proposal | Proposal | Affected Funds | Page | | Description | | |
| | 1. | Election of | All funds | [ ] | | Trustees | | |
| | 2. | Approving a | All funds* except Putnam RetirementReady® Funds | [ ] | | proposed new | and Putnam Money Market Liquidity Fund | | | management | | | | contract for | *As described in more detail in Proposal 2, | | | your fund | shareholders of the following funds: | | | | | Putnam Asia Pacific Equity Fund | | | | Putnam Emerging Markets Equity Fund | | | | Putnam Europe Equity Fund | | | | Putnam Global Equity Fund | | | | Putnam Growth Opportunities Fund | | | | Putnam International Capital Opportunities Fund | | | | Putnam International Equity Fund | | | | Putnam International Growth and Income Fund | | | | Putnam International New Opportunities Fund | | | | Putnam New Opportunities Fund | | | | Putnam Small Cap Growth Fund | | | | Putnam Vista Fund | | | | Putnam Voyager Fund | | | | | are being asked to approve a proposed new | | | | management contract that includes both Fund Family | | | | breakpoints and performance fees. In addition, | |
|
| | | | Proposal | Proposal | Affected Funds | Page | | Description | | |
| | | | shareholders of these 13 funds also are being asked to | | | | approve proposed new management contracts that have | | | | each, but not both, Fund Family breakpoints and | | | | performance fees separately. The Trustees recommend | | | | that shareholders of these funds vote FOR each of the | | | | three alternatives, but intend to implement a new | | | | management contract that includes both Fund Family | | | | breakpoints and performance fees if that alternative is | | | | approved by shareholders. | |
| | 3.A. | Approving an | Putnam Absolute Return 100 Fund | [ ] | | amendment to | Putnam Absolute Return 300 Fund | | | certain funds’ | Putnam Absolute Return 500 Fund | | | fundamental | Putnam Absolute Return 700 Fund | | | investment | Putnam Asia Pacific Equity Fund | | | restrictions | Putnam Asset Allocation: Balanced Portfolio | | | with respect | Putnam Asset Allocation: Conservative Portfolio | | | to investments | Putnam Asset Allocation: Equity Portfolio | | | in | Putnam Asset Allocation: Growth Portfolio | | | commodities | Putnam Capital Spectrum Fund | | | | Putnam Emerging Markets Equity Fund | | | | Putnam Equity Spectrum Fund | | | | Putnam Global Consumer Fund | | | | Putnam Global Energy Fund | | | | Putnam Global Financials Fund | | | | Putnam Global Health Care Fund | | | | Putnam Global Industrials Fund | | | | Putnam Global Natural Resources Fund | | | | Putnam Global Technology Fund | | | | Putnam Global Telecommunications Fund | | | | Putnam Global Utilities Fund | | | | Putnam Income Strategies Fund | | | | Putnam VT Global Asset Allocation Fund | | | | Putnam VT Global Health Care Fund | | | | Putnam VT Global Utilities Fund | |
| 3.B. | Approving an | Putnam Europe Equity Fund | [ ] | | amendment to | Putnam Global Utilities Fund | | | certain funds’ | Putnam Growth Opportunities Fund | | | fundamental | Putnam International Capital Opportunities Fund | | | investment | Putnam International Equity Fund | | | restrictions | Putnam New Opportunities Fund | | | with respect | | | | to | | | | diversification | | | | of | | | | investments | | |
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| | | | Proposal | Proposal | Affected Funds | Page | | Description | | |
| | 3.C. | Approving an | Putnam Global Natural Resources Fund | [ ] | | amendment to | Putnam Global Utilities Fund | | | certain funds’ | | | | fundamental | | | | investment | | | | restrictions | | | | with respect | | | | to the | | | | acquisition of | | | | voting | | | | securities | | |
| | 3.D. | Approving an | Putnam Europe Equity Fund | [ ] | | amendment to | Putnam Global Natural Resources Fund | | | certain funds’ | Putnam Growth Opportunities Fund | | | fundamental | Putnam International Capital Opportunities Fund | | | investment | Putnam International Equity Fund | | | restrictions | Putnam New Jersey Tax Exempt Income Fund | | | with respect | Putnam New Opportunities Fund | | | to borrowing | Putnam Vista Fund | |
| | 3.E. | Approving an | Putnam Europe Equity Fund | [ ] | | amendment to | Putnam Global Natural Resources Fund | | | certain funds’ | Putnam Growth Opportunities Fund | | | fundamental | Putnam International Capital Opportunities Fund | | | investment | Putnam International Equity Fund | | | restrictions | Putnam New Jersey Tax Exempt Income Fund | | | with respect | Putnam New Opportunities Fund | | | to making | Putnam Vista Fund | | | loans | | |
| | 4.A. | Approving an | The Putnam Fund for Growth and Income | [ ] | | amendment to | The George Putnam Fund of Boston | | | certain funds’ | Putnam Money Market Fund | | | agreements | Putnam Tax Exempt Income Fund | | | and | | | | declarations | | | | of trust with | | | | respect to the | | | | duration of | | | | the trust | | |
| | 4.B. | Approving an | The Putnam Fund for Growth and Income | [ ] | | amendment to | The George Putnam Fund of Boston | | | certain funds’ | | | | agreements | | | | and | | |
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| | | | Proposal | Proposal | Affected Funds | Page | | Description | | |
| | | declarations | | | | of trust with | | | | respect to | | | | redemption at | | | | the option of | | | | the trust | | |
| | 5. | Considering a | Putnam Asset Allocation: Growth Portfolio | [ ] | | shareholder | Putnam Voyager Fund | | | proposal for | | | | two funds | | | | requesting | | | | that the Board | | | | institute | | | | procedures to | | | | prevent the | | | | funds from | | | | holding | | | | investments in | | | | companies | | | | that, in the | | | | judgment of | | | | the Board, | | | | substantially | | | | contribute to | | | | genocide or | | | | crimes against | | | | humanity | | |
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Proxy Statement This document giveswill give you the information you need to vote on the proposal.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 callcontact us at our proxy information line at 1-866-905-2396toll-free number, 1-866-451-3787, or call your financial representative.advisor. * Why has a special meeting of shareholders been called?
On January 31, 2007, Marsh & McLennan Companies, Inc. (“Marsh & McLennan”),When you record your voting instructions via the ultimate parent company of Putnam Investment Management, LLC (“Putnam Management”),Internet or telephone, or when you complete and sign your fund’s investment adviser, entered into a Stock Purchase Agreementproxy card, your shares will be voted on your behalf exactly as you have instructed. If you simply sign the proxy card, your shares will be voted in accordance with Great-West Lifeco Inc. (“Lifeco”). Lifeco is a financial services holding company with operations in Canada, the United States and Europe and is a memberTrustees’ recommendations on page [ ] of the Power Financial Corporation group of companies. Under the Stock Purchase Agreement, Lifeco will, through a direct or indirect wholly owned subsidiary (“Great-West”), acquire 100% of Putnam Investments Trust, which owns Putnam, LLC (Putnam Investments), the parent company of Putnam Management and the other Putnam companies.proxy statement.
As a result of this transaction, your fund’s management contract with Putnam Management will terminate. This is because the Investment Company Act of 1940, as amended (the “1940 Act”), which regulates investment companies such as your fund, requires management contracts to terminate automatically when there is a “change of control” of a fund’s investment adviser. The transaction with Lifeco will result in a “change of control” of Putnam Management, your fund’s investment adviser. Thus, your fund’s management contract with Putnam Management will automatically terminate when the transaction closes, and your fund’s shareholders must approve a new management contract. We are recommending that you approve a new management contract with Putnam Management so that Putnam Management can continue as your fund’s investment adviser after the transaction. This proxy statement describes Lifeco, the transaction, and the new ma nagement contract proposed for your fund.
*How will the change of control affect Putnam Management?►
The change of control is not expected to have a material effect on Putnam Management. Putnam Management will operate as a stand-alone subsidiary of Lifeco and is expected to retain its brand and its existing management, investment and other service teams.
*How does the proposed new management contract differ from your fund’s current management contract?
The proposed new management contract is substantially identical to the current contract. Although there are some differences between your fund’s current management contract and the proposed new management contract, which are described in this proxy statement, there will be no change in the services that your fund will receive.
*Will your fund’s total fees for advisory and administrative services change?
No, there will be no change in your fund’s total fees for investment management and administrative services. For the two funds mentioned above that currently have separate management and administrative services contracts, both sets of services are proposed to be covered by a single management contract with a single fee that will not exceed the sum of the current investment management and administrative services fee.
*Who is asking for your vote?proxy?
The enclosedYour proxy is being solicited by the Trustees of the Putnam funds for use at the special meetingSpecial Meeting of shareholdersShareholders of each fund to be held on Tuesday, May 15, 2007November 19, 2009 and, if your fund’s meeting is adjourned, at any later meetings, for the purposes stated in the Notice of a Special Meeting of Shareholders (see previous pages). The Notice of a Special Meeting of Shareholders, the enclosed proxy card and thethis Proxy Statement are being mailed beginning on or about March 14, 2007.about[ ], 2009.
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*►How do your fund’s Trustees recommend that shareholders vote on the proposal?proposals?
The Trustees unanimously recommend that you votevote: 1. FOR electing your fund’s nominees for Trustees; 2. FOR approving a new management contract for your fund with Fund Family breakpoints and, in the case of certain funds, performance fees; 3.A. FOR approving an amendment to certain funds’ fundamental investment restrictions with respect to investments in commodities; 3.B. FOR approving an amendment to certain funds’ fundamental investment restrictions with respect to diversification of investments; 3.C. FOR approving an amendment to certain funds’ fundamental investment restrictions with respect to the acquisition of voting securities; 3.D. FOR approving an amendment to certain funds’ fundamental investment restrictions with respect to borrowing; 3.E. FOR approving an amendment to certain funds’ fundamental investment restrictions with respect to making loans; 4.A. FOR approving an amendment to certain funds’ agreements and declarations of trust with respect to the duration of the trust;
4.B. FOR approving an amendment to certain funds’ agreements and declarations of trust with respect to redemption at the option of the trust; and 5. AGAINST approving a shareholder proposal for two funds requesting that the Board institute procedures to prevent the funds from holding investments in companies that, in the judgment of the Board, substantially contribute to genocide or crimes against humanity. Please see the table beginning on page [ ] for a list of the affected funds for each proposal. *Who is eligible to vote?
Shareholders of record of each fund at the close of business on Thursday, February 15, 2007August 24, 2009 (the “Record Date”) are entitled to be present and to vote at the special meeting or any adjourned meeting. The number of shares of each fund outstanding on the Record Date is shown inAppendix A. Each share is entitled to one vote, with fractional shares voting proportionately. Shares represented by youra duly executed proxy will be voted in accordance with your instructions. If you sign thea duly executed proxy card but don’t fillis submitted without filling in a vote on a proposal, your shares will be voted in accordance with the Trustees’ recommendation.recommendations. If any other business is brought before your fund’s special meeting, your shares will be voted at the discretion of the persons designated on the proxy card. Shareholders of each fund vote separately with respect to each proposal other than with respect to the proposal.election of Trustees, in which case shareholders of each series of a trust vote together as a single class. The name of each trust is indicated in bold on pages [ ] of this proxy statement, with the funds that are series of that trust appearing below its name. The outcome of a vote affecting one fund does not affect any other fund. fund, except where series of a trust vote together as a single class. However, as described below under Proposal 2, if shareholders of a significant number of funds do not approve the proposed new management contracts, the Independent Trustees and Putnam Investment Management, LLC (“Putnam Management”) currently intend to leave the current management contracts in place for all funds and will consider such other actions as may be appropriate in the circumstances. The Independent Trustees and Putnam Management may also determine not to implement t he proposed new contract, even though approved by shareholders, under various circumstances described under Proposal 2. No proposal is contingent upon the outcome of any other proposal.
The Proposals 1. ELECTING YOUR FUND’S NOMINEES FOR TRUSTEES ►Who are the nominees for Trustees? The Board Policy and Nominating Committee of the Trustees of the fund makes recommendations concerning the nominees for Trustees of your fund. The Board Policy and Nominating Committee consists solely of Trustees who are not “interested persons” (as defined in the 1940 Act) of your fund or of Putnam Management. Those Trustees who are not “interested persons” of your fund or Putnam Management are referred to as “Independent Trustees” throughout this Proxy Statement. The Board of Trustees, based on the recommendation of the Board Policy and Nominating Committee, has fixed the number of Trustees of your fund at 14 and recommends that you vote for the election of the nominees described in the following pages. Each nominee is currently a Trustee of your fund and of the other Putnam funds. Your fund does not regularly hold an annual shareholder meeting, but may from time to time schedule a special meeting. In addition, your fund has voluntarily undertaken to hold a shareholder meeting at least every five years for the purpose of electing your fund’s Trustees. The last such meeting was held in 2004, and the next such meeting is expected to be held in 2014. The nominees for Trustees and their backgrounds are shown in the following pages. This information includes each nominee’s name, year of birth, principal occupation(s) during the past 5 years, and other information about the nominee’s professional background, including other directorships the nominee holds. Each Trustee oversees all of the Putnam funds and serves until the election and qualification of his or her successor, or until he or she sooner dies, resigns, retires at age 72, or is removed. The address of all of the Trustees is One Post Office Square, Boston, Massachusetts 02109. At June 30, 2009, there were 104 Putnam funds.
► Independent Trustees [Photo] Ravi Akhoury(Born 1947)
Trustee since 2009 Mr. Akhoury serves as Advisor to New York Life Insurance Company. He is also a Director of Jacob Ballas Capital India (a non-banking finance company focused on private equity advisory services). He also serves as a Trustee of American India Foundation and of the Rubin Museum. Previously, Mr. Akhoury was a Director of MaxIndia/New York Life Insurance Company in India. He was also Vice President of Fischer, Francis, Trees and Watts (a fixed-income portfolio management firm). He has also served on the Board of Bharti Telecom (an Indian telecommunications company), and on the Board of Thompson Press (a publishing company). From 1992 to 2007, he was Chairman and CEO of MacKay Shields, a multi-product investment management firm with over $40 billion in assets under management. Mr. Akhoury graduated from the Indian Institute of Technology with a B.S. in Engineering and obtained an M.S. in Quantitative Methods from SUNY at Stony Brook. [Photo] Jameson A. Baxter(Born 1943) Trustee since 1994 and Vice Chairman since 2005 Ms. Baxter is the President of Baxter Associates, Inc., a private investment firm. Ms. Baxter serves as a Director of ASHTA Chemicals, Inc., and the Mutual Fund Directors Forum. Until 2007, she was a Director of Banta Corporation (a printing and supply chain management company), Ryerson, Inc. (a metals service corporation), and Advocate Health Care. Until 2004, she was a Director of BoardSource (formerly the National Center for Nonprofit Boards), and until 2002, she was a Director of Intermatic Corporation (a manufacturer of energy control products). She is Chairman Emeritus of the Board of Trustees of Mount Holyoke College, having served as Chairman for five years. Ms. Baxter has held various positions in investment banking and corporate finance, including Vice President of and Consultant to First Boston Corporation and Vice President and Principal of the Regency Group. She is a graduate of Mount Holyoke College. [Photo] Charles B. Curtis(Born 1940) Trustee since 2001
Mr. Curtis is President and Chief Operating Officer of the Nuclear Threat Initiative (a private foundation dealing with national security issues), and serves as Senior Advisor to the United Nations Foundation. Mr. Curtis is a member of the Council on Foreign Relations and the National Petroleum Council. He also serves as Director of Edison International and Southern California Edison. Until 2006, Mr. Curtis served as a member of the Trustee Advisory Council of the Applied Physics Laboratory, Johns Hopkins University. From August 1997 to December 1999, Mr. Curtis was a Partner at Hogan & Hartson LLP, an international law firm headquartered in Washington, D.C. Prior to May 1997, Mr. Curtis was Deputy Secretary of Energy and Under Secretary of the U.S. Department of Energy. He was a founding member of the law firm Van Ness Feldman. Mr. Curtis served as Chairman of the Federal Energy Regulatory Commission from 1977 to 1981 and has held positions on the staff of the U.S. House of Representatives, the U.S. Treasury Department, and the SEC. [Photo] Robert J. Darretta(Born 1946) Trustee since 2007 Mr. Darretta serves as Director of United-Health Group, a diversified health-care company. Until April 2007, Mr. Darretta was Vice Chairman of the Board of Directors of Johnson & Johnson, one of the world’s largest and most broadly based health-care companies. Prior to 2007, he had responsibility for Johnson & Johnson’s finance, investor relations, information technology, and procurement function. He served as Johnson & Johnson Chief Financial Officer for a decade, prior to which he spent two years as Treasurer of the corporation and over ten years leading various Johnson & Johnson operating companies. Mr. Darretta received a B.S. in Economics from Villanova University. [Photo] Myra R. Drucker(Born 1948) Trustee since 2004 Ms. Drucker is Chair of the Board of Trustees of Commonfund (a not-for-profit firm managing assets for educational endowments and foundations), Vice Chair of the Board of Trustees of Sarah Lawrence College, and a member of the Investment Committee of the Kresge Foundation (a charitable trust). She is also a director of Interactive Data Corporation (a provider of financial market data and analytics to financial institutions and investors). Ms. Drucker is an ex-officio member of the New York Stock Exchange (NYSE) Pension Managers Advisory Committee, having served as Chair for seven years. She serves as an
advisor to RCM Capital Management (an investment management firm) and to the Employee Benefits Investment Committee of The Boeing Company (an aerospace firm). From November 2001 until August 2004, Ms. Drucker was Managing Director and a member of the Board of Directors of General Motors Asset Management and Chief Investment Officer of General Motors Trust Bank. From December 1992 to November 2001, Ms. Drucker served as Chief Investment Officer of Xerox Corporation (a document company). Prior to December 1992, Ms. Drucker was Staff Vice President and Director of Trust Investments for International Paper (a paper and packaging company). Ms. Drucker received a B.A. degree in Literature and Psychology from Sarah Lawrence College and pursued graduate studies in economics, statistics, and portfolio theory at Temple University. [Photo] John A. Hill(Born 1942) Trustee since 1985 and Chairman since 2000 Mr. Hill is founder and Vice-Chairman of First Reserve Corporation, the leading private equity buyout firm specializing in the worldwide energy industry, with offices in Greenwich, Connecticut; Houston, Texas; London, England; and Shanghai, China. The firm’s investments on behalf of some of the nation’s largest pension and endowment funds are currently concentrated in 31 companies with annual revenues in excess of $15 billion, which employ over 100,000 people in 23 countries. Mr. Hill is Chairman of the Board of Trustees of the Putnam Funds, a Director of Devon Energy Corporation and various private companies owned by First Reserve, and serves as a Trustee of Sarah Lawrence College where he serves as Chairman and also chairs the Investment Committee. He is also a member of the Advisory Board of the Millstein Center for Corporate Governance and Performance at the Yale School of Management. Prior to forming First Reserve in 1983, Mr. Hill served as President of F. Eberstadt and Company, an investment banking and investment management firm. Between 1969 and 1976, Mr. Hill held various senior positions in Washington, D.C. with the federal government, including Deputy Associate Director of the Office of Management and Budget and Deputy Administrator of the Federal Energy Administration during the Ford Administration. Born and raised in Midland, Texas, he received his B.A. in Economics from Southern Methodist University and pursued graduate studies as a Woodrow Wilson Fellow. [Photo] Paul L. Joskow(Born 1947) Trustee since 1997
Dr. Joskow is an economist and President of the Alfred P. Sloan Foundation (a philanthropic institution focused primarily on research and education on issues related to science, technology, and economic performance). He is on leave from his position as the Elizabeth and James Killian Professor of Economics and Management at the Massachusetts Institute of Technology (MIT), where he has been on the faculty since 1972. Dr. Joskow was the Director of the Center for Energy and Environmental Policy Research at MIT from 1999 through 2007. Dr. Joskow serves as a Trustee of Yale University, as a Director of TransCanada Corporation (an energy company focused on natural gas transmission and power services) and of Exelon Corporation (an energy company focused on power services), and as a member of the Board of Overseers of the Boston Symphony Orchestra. Prior to August 2007, he served as a Director of National Grid (a UK-based holding company with interests in electric and gas transmission and distribution and telecommunications infrastructure). Prior to July 2006, he served as President of the Yale University Council. Prior to February 2005, he served on the board of the Whitehead Institute for Biomedical Research (a non-profit research institution). Prior to February 2002, he was a Director of State Farm Indemnity Company (an automobile insurance company), and prior to March 2000, he was a Director of New England Electric System (a public utility holding company). Dr. Joskow has published six books and numerous articles on industrial organization, government regulation of industry, and competition policy. He is active in industry restructuring, environmental, energy, competition, and privatization policies — serving as an advisor to governments and corporations worldwide. Dr. Joskow holds a Ph.D. and MPhil from Yale University and a B.A. from Cornell University. [Photo]
Elizabeth T. Kennan(Born 1938)
Trustee since 1992 Dr. Kennan is a Partner of Cambus-Kenneth Farm (thoroughbred horse and cattle breeding). She is President Emeritus of Mount Holyoke College. Dr. Kennan served as Chairman and is now Lead Director of Northeast Utilities. She is a Trustee of the National Trust for Historic Preservation and of Centre College. Until 2006, she was a member of The Trustees of Reservations. Prior to 2001, Dr. Kennan served on the oversight committee of the Folger Shakespeare Library. Prior to June 2005, she was a Director of Talbots, Inc., and she has served as Director on a number of other boards, including Bell Atlantic, Chastain Real Estate, Shawmut Bank, Berkshire Life Insurance, and Kentucky Home Life Insurance. Dr. Kennan has also served as President of Five Colleges Incorporated and as a Trustee of Notre Dame University, and is active in various educational and civic associations. As a member of the faculty of Catholic University for twelve years, until 1978, Dr. Kennan directed the post-doctoral program in Patristic and Medieval Studies, taught history, and published numerous articles and two books. Dr. Kennan holds a Ph.D. from the University of
Washington in Seattle, an M.A. from Oxford University, and an A.B. from Mount Holyoke College. She holds several honorary doctorates. [Photo] Kenneth R. Leibler(Born 1949) Trustee since 2006 Mr. Leibler is a founder and former Chairman of the Boston Options Exchange, an electronic marketplace for the trading of derivative securities. Mr. Leibler currently serves as a Trustee of Beth Israel Deaconess Hospital in Boston. He is also Lead Director of Ruder Finn Group, a global communications and advertising firm, and a Director of Northeast Utilities, which operates New England’s largest energy delivery system. Prior to December 2006, he served as a Director of the Optimum Funds group. Prior to October 2006, he served as a Director of ISO New England, the organization responsible for the operation of the electric generation system in the New England states. Prior to 2000, Mr. Leibler was a Director of the Investment Company Institute in Washington, D.C. Prior to January 2005, Mr. Leibler served as Chairman and Chief Executive Officer of the Boston Stock Exchange. Prior to January 2000, he served as President and Chief Executive Officer of Liberty Financial Companies, a publicly traded diversified asset management organization. Prior to June 1990, Mr. Leibler served as President and Chief Operating Officer of the American Stock Exchange (AMEX), and at the time was the youngest person in AMEX history to hold the title of President. Prior to serving as AMEX President, he held the position of Chief Financial Officer, and headed its management and marketing operations. Mr. Leibler graduated magna cum laude with a degree in Economics from Syracuse University, where he was elected Phi Beta Kappa. [Photo] Robert E. Patterson(Born 1945) Trustee since 1984 Mr. Patterson is Senior Partner of Cabot Properties, LP and Chairman of Cabot Properties, Inc. (a private equity firm investing in commercial real estate). Mr. Patterson serves as Chairman Emeritus and Trustee of the Joslin Diabetes Center. Prior to June 2003, he was a Trustee of Sea Education Association. Prior to December 2001, Mr. Patterson was President and Trustee of Cabot Industrial Trust (a publicly traded real estate investment trust). Prior to February 1998, he was Executive Vice President and Director of Acquisitions of Cabot Partners Limited Partnership (a registered investment adviser involved in institutional real estate investments). Prior to 1990, he served as Executive Vice President of Cabot, Cabot & Forbes Realty Advisors, Inc. (the predecessor company of Cabot Partners).
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. [Photo] George Putnam, III(Born 1951) Trustee since 1984 Mr. Putnam is Chairman of New Generation Research, Inc. (a publisher of financial advisory and other research services), and President of New Generation Advisors, LLC (a registered investment adviser to private funds). Mr. Putnam founded the New Generation companies in 1986. Mr. Putnam is a Director of The Boston Family Office, LLC (a registered investment adviser). He is a Trustee of St. Mark’s School, a Trustee of Epiphany School and a Trustee of the Marine Biological Laboratory in Woods Hole, Massachusetts. Until 2006, he was a Trustee of Shore Country Day School, and until 2002, was a Trustee of the Sea Education Association. Mr. Putnam previously worked as an attorney with the law firm of Dechert LLP (formerly known as Dechert Price & Rhoads) in Philadelphia. He is a graduate of Harvard College, Harvard Business School, and Harvard Law School. [Photo] W. Thomas Stephens(Born 1942) Trustee since 2009 Mr. Stephens is aDirector of TransCanada Pipelines, Ltd. (an energy infrastructure company). From 1997 to 2008, Mr. Stephens served as a Trustee on the Board of the Putnam Funds, which he rejoined as a Trustee in 2009. Until 2004, Mr. Stephens was a Director of Xcel Energy Incorporated (a public utility company), Qwest Communications and Norske Canada, Inc. (a paper manufacturer). Until 2003, Mr. Stephens was a Director of Mail-Well, Inc. (a diversified printing company). Prior to July 2001, Mr. Stephens was Chairman of Mail-Well. Prior to 2009, Mr. Stephens was Chairman and Chief Executive Officer of Boise Cascade, L.L.C. (a paper, forest product and timberland assets company). He holds B.S. and M.S. degrees from the University of Arkansas. [Photo] Richard B. Worley(Born 1945)
Trustee since 2004 Mr. Worley is Managing Partner of Permit Capital LLC, an investment management firm. Mr. Worley serves as a Trustee of the University of Pennsylvania Medical Center, The Robert Wood Johnson Foundation (a philanthropic organization devoted to health-care issues), and the National Constitution Center. He is also a Director of The Colonial Williamsburg Foundation (a historical preservation organization), and the Philadelphia Orchestra Association. Mr. Worley also serves on the investment committees of Mount Holyoke College and World Wildlife Fund (a wildlife conservation organization). Prior to joining Permit Capital LLC in 2002, Mr. Worley served as President, Chief Executive Officer, and Chief Investment Officer of Morgan Stanley Dean Witter Investment Management and as a Managing Director of Morgan Stanley, a financial services firm. Mr. Worley also was the Chairman of Miller Anderson & Sherrerd, an investment management firm that was acquired by Morgan Stanley in 1996. Mr. Worley holds a B.S. degree from the University of Tennessee and pursued graduate studies in economics at the University of Texas. ► Interested Trustee [Photo] Robert L. Reynolds* (Born 1952) Trustee since 2008 and President of the Putnam Funds since July 2009 Mr. Reynolds is President and Chief Executive Officer of Putnam Investments, a member of Putnam Investments’ Executive Board of Directors, and President of the Putnam Funds. He has more than 30 years of investment and financial services experience. Prior to joining Putnam Investments in 2008, Mr. Reynolds was Vice Chairman and Chief Operating Officer of Fidelity Investments from 2000 to 2007. During this time, he served on the Board of Directors for FMR Corporation, Fidelity Investments Insurance Ltd., Fidelity Investments Canada Ltd., and Fidelity Management Trust Company. He was also a Trustee of the Fidelity Family of Funds. From 1984 to 2000, Mr. Reynolds served in a number of increasingly responsible leadership roles at Fidelity. Mr. Reynolds serves on several not-for-profit boards, including those of the West Virginia University Foundation, Concord Museum, Dana-Farber Cancer Institute, Lahey Clinic, and Initiative for a Competitive Inner City in Boston. He is a member of the Chief Executives Club of Boston, the National Innovation Initiative, and the Council on Competitiveness. Mr. Reynolds received a B.S. in Business Administration/Finance from West Virginia University.
* Nominee who is an “interested person” of the fund and/or Putnam Management and/or Putnam Retail Management Limited Partnership (“Putnam Retail Management”). Mr. Reynolds is deemed an “interested person” by virtue of his position as an officer of the fund, Putnam Management and/or Putnam Retail Management. Mr. Reynolds is the President and Chief Executive Officer of Putnam Investments. Each of the nominees has agreed to serve as a Trustee, if elected. If any of the nominees is unavailable for election at the time of the meeting, which is not anticipated, the Trustees may vote for other nominees at their discretion, or the Trustees may fix the number of Trustees at fewer than 14 for your fund. ►What are the Trustees’ responsibilities? Your fund’s Trustees are responsible for the general oversight of your fund’s affairs and for assuring that your fund is managed in the best interests of its shareholders. The Trustees regularly review your fund’s investment performance as well as the quality of other services provided to your fund and its shareholders by Putnam Management and its affiliates, including administration, custody, and shareholder servicing. At least annually, the Trustees review and evaluate the fees and operating expenses paid by your fund for these services and negotiate changes that they deem appropriate. In carrying out these responsibilities, the Trustees are assisted by an independent administrative staff and by your fund’s auditors, independent counsel and other experts as appropriate, selected by and responsible to the Trustees. At least 75% of the trustees of your fund are required to not be interested persons of your fund or your fund’s investment manager. These Independent Trustees must vote separately to approve all financial arrangements and other agreements with your fund’s investment manager and other affiliated parties. The role of independent trustees has been characterized as that of a “watchdog” charged with oversight to protect shareholders’ interests against overreaching and abuse by those who are in a position to control or influence a fund. Your fund’s Independent Trustees meet regularly as a group in executive session. Thirteen of the 14 nominees for election as Trustee are now, and would be, if elected, Independent Trustees. Board committees.Your fund’s Trustees have determined that the efficient conduct of your fund’s affairs makes it desirable to delegate responsibility for certain specific matters to committees of the board. Certain committees (the Executive Committee, Distributions Committee, and Audit and Compliance Committee) are authorized to act for the Trustees as specified in their charters. The other committees review and evaluate matters specified in their charters and make recommendations to the Trustees as they deem appropriate. Each committee may utilize the resources of your fund’s independent staff, counsel and auditors as well as other experts. The committees meet as often as necessary, either in conjunction with regular meetings of the Trustees or otherwise. The membership and chairperson of each committee are appointed by the Trustees upon recommendation of the Board Policy and Nominating Committee. Audit and Compliance Committee.The Audit and Compliance Committee provides oversight on matters relating to the preparation of the funds’ financial statements, compliance matters, internal audit functions, and Codes of Ethics issues. This oversight is discharged by regularly meeting with management and the funds’ independent auditors and keeping current
on industry developments. Duties of this Committee also include the review and evaluation of all matters and relationships pertaining to the funds’ independent auditors, including their independence. The members of the Committee include only Independent Trustees. Each member of the Committee also is “independent”, as such term is interpreted for purposes of Rule 10A-3(b)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the listing standards of the New York Stock Exchange. The Board of Trustees has adopted a written charter for the Committee. The Committee currently consists of Messrs. Patterson (Chairperson), Darretta, Hill, Leibler, Stephens and Ms. Drucker. Board Policy and Nominating Committee.The Board Policy and Nominating Committee reviews policy matters pertaining to the operations of the Board of Trustees and its committees, the compensation of the Trustees and their staff, and the conduct of legal affairs for the Putnam funds. The Committee also oversees the voting of proxies associated with portfolio investments of the Putnam funds, with the goal of ensuring that these proxies are voted in the best interest of the fund’s shareholders. The Committee evaluates and recommends all candidates for election as Trustees and recommends the appointment of members and chairs of each board committee. The Committee also identifies prospective nominees for election as trustee by considering individuals that come to its attention through the recommendation of current Trustees, Putnam Management or shareholders. Candidates properly submitted by shareholders (as described below) will be considered and evaluated on the same basis as candidates recommended by other sources. The Committee may, but is not required to, engage a third-party professional search firm to assist it in identifying and evaluating potential nominees. When evaluating a potential candidate for membership on the Board of Trustees, the Committee considers the skills and characteristics that it feels would most benefit the Putnam funds at the time the evaluation is made. The Committee may take into account a wide variety of attributes in considering potential trustee candidates, including, but not limited to: (i) availability and commitment of a candidate to attend meetings and perform his or her responsibilities to the Board of Trustees, (ii) other board experience, (iii) relevant industry and related experience, (iv) educational background, (v) financial expertise, (vi) an assessment of the candidate’s ability, judgment and expertise, (vii) an assessment of the perceived needs of the Board of Trustees and its committees at that point in time and (viii) overall Board of Trustees composition. In connection with this evaluation, the Committee will determine whether to interview prospective nominees, and, if warranted, one or more members of the Committee, and other Trustees and representatives of the funds, as appropriate, will interview prospective nominees in person or by telephone. Once this evaluation is completed, the Committee recommends such candidates as it determines appropriate to the Independent Trustees for nomination, and the Independent Trustees select the nominees after considering the recommendation of the Committee. The Committee will consider nominees for trustee recommended by shareholders of a fund provided shareholders submit their recommendations by the date disclosed in the paragraph entitled “Date for receipt of shareholders’ proposals for subsequent meeting of shareholders” in the section “Further Information About Voting and the Special Meeting,” and provided the
shareholders’ recommendations otherwise comply with applicable securities laws, including Rule 14a-8 under the Securities Exchange Act of 1934, as amended. The Committee consists only of Independent Trustees. The Trustees have adopted a written charter for the Board Policy and Nominating Committee, a current copy of which is available at www.putnam.com/individual. The Board Policy and Nominating Committee currently consists of Dr. Kennan (Chairperson), Ms. Baxter and Messrs. Hill, Patterson and Putnam. Brokerage Committee.The Brokerage Committee reviews the funds’ policies regarding the execution of portfolio trades and Putnam Management’s practices and procedures relating to the implementation of those policies. The Committee reviews periodic reports on the cost and quality of execution of portfolio transactions and the extent to which brokerage commissions have been used (i) by Putnam Management to obtain brokerage and research services generally useful to it in managing the portfolios of the funds and of its other clients, and (ii) by the funds to pay for certain fund expenses. The Committee reports to the Trustees and makes recommendations to Trustees regarding these matters. The Committee currently consists of Drs. Joskow (Chairperson) and Kennan, Ms. Baxter and Messrs. Akhoury, Curtis, Putnam and Worley. Communications, Service and Marketing Committee.The Communications, Service and Marketing Committee reviews the quality of services provided to shareholders and oversees the marketing and sale of fund shares by Putnam Retail Management. The Committee also exercises general oversight of marketing and sales communications used by Putnam Retail Management, as well as other communications sent to fund shareholders. The Committee also reviews periodic summaries of any correspondence to the Trustees from shareholders. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Messrs. Putnam (Chairperson), Curtis, Patterson, Stephens and Drs. Joskow and Kennan. Contract Committee.The Contract Committee reviews and evaluates at least annually all arrangements pertaining to (i) the engagement of Putnam Management and its affiliates to provide services to the funds, (ii) the expenditure of the funds’ assets for distribution purposes pursuant to Distribution Plans of the funds, and (iii) the engagement of other persons to provide material services to the funds, including in particular those instances where the cost of services is shared between the funds and Putnam Management and its affiliates or where Putnam Management or its affiliates have a material interest. The Committee also reviews the proposed organization of new fund products, proposed structural changes to existing funds and matters relating to closed-end funds. The Committee reports and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Ms. Baxter (Chairperson), Drs. Joskow and Kennan and Mes srs. Akhoury, Curtis, Putnam and Worley. Distributions Committee.The Distributions Committee oversees all dividends and distributions by the funds. The Committee makes recommendations to the Trustees of the funds regarding the amount and timing of distributions paid by the funds, and determines such matters when the Trustees are not in session. The Committee also oversees the policies and procedures pursuant to which Putnam Management prepares recommendations for
distributions, and meets regularly with representatives of Putnam Management to review the implementation of such policies and procedures. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Ms. Drucker (Chairperson) and Messrs. Darretta, Hill, Leibler, Patterson, and Stephens. Executive Committee.The functions of the Executive Committee are twofold. The first is to ensure that the funds’ business may be conducted at times when it is not feasible to convene a meeting of the Trustees or for the Trustees to act by written consent. The Committee may exercise any or all of the power and authority of the Trustees when the Trustees are not in session. The second is to establish annual and ongoing goals, objectives and priorities for the Board of Trustees and to ensure coordination of all efforts between the Trustees and Putnam Management on behalf of the shareholders of the funds. The Committee currently consists of Messrs. Hill (Chairperson), Curtis, Patterson and Putnam, Dr. Joskow and Ms. Baxter. Investment Oversight Committees.The Investment Oversight Committees regularly meet with investment personnel of Putnam Management to review the investment performance and strategies of the funds in light of their stated investment objectives and policies. The Committees seek to identify any compliance issues that are unique to the applicable categories of funds and work with the appropriate Board committees to ensure that any such issues are properly addressed. Investment Oversight Committee A currently consists of Messrs. Darretta (Chairperson) and Putnam and Ms. Baxter. Investment Oversight Committee B currently consists of Messrs. Akhoury (Chairperson) and Curtis. Investment Oversight Committee C currently consists of Messrs. Leibler (Chairperson) and Hill and Dr. Kennan. Investment Oversight Committee D currently consists of Messrs. Worley (Chairperson) and Stephens and Dr. Joskow. Investment Oversight Committee E currently consists of Ms. Dr ucker (Chairperson) and Messrs. Patterson and Reynolds. Investment Oversight Coordinating Committee.The Investment Oversight Coordinating Committee coordinates the work of the Investment Oversight Committees and works with representatives of Putnam Management to coordinate the Board’s general oversight of the investment performance of the funds. From time to time, as determined by the Chairman of the Board, the Committee may also review particular matters relating to fund investments and Putnam Management’s investment process. The Committee currently consists of Ms. Drucker (Chairperson) and Messrs. Akhoury, Darretta, Leibler and Worley. Pricing Committee.The Pricing Committee oversees the valuation of assets of the Putnam funds and reviews the funds’ policies and procedures for achieving accurate and timely pricing of fund shares. The Committee also oversees implementation of these policies, including fair value determinations of individual securities made by Putnam Management or other designated agents of the funds. The Committee also oversees compliance by money market funds with Rule 2a-7 and the correction of occasional pricing errors. The Committee also reviews matters related to the liquidity of portfolio holdings. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Messrs. Leibler (Chairperson), Darretta, Hill, Patterson, Stephens and Ms. Drucker. ►How large a stake do the Trustees have in the Putnam family of funds?
The Trustees allocate their investments among the Putnam funds based on their own investment needs. The number of shares beneficially owned by each nominee for Trustee, as well as the value of each nominee’s holdings in each fund and across all Putnam funds, as of June 30, 2009 is included inAppendix B. As a group, the Trustees owned shares of the Putnam funds valued at approximately $31 million as of June 30, 2009. As of June 30, 2009, to the knowledge of your fund, the Trustees, and the officers and Trustees of the fund as a group, owned less than 1% of the outstanding shares of each class of each fund, except as listed inAppendix B. ►What are some of the ways in which the Trustees represent shareholder interests? Among other ways, the Trustees seek to represent shareholder interests: • by carefully reviewing your fund’s investment performance on an individual basis with your fund’s investment personnel; • by discussing with senior management of Putnam Management steps being taken to address any performance deficiencies; • by carefully reviewing the quality of the various other services provided to your fund and its shareholders by Putnam Management and its affiliates; • by reviewing in depth the fees paid by each fund and by negotiating with Putnam Management to ensure that such fees remain reasonable and competitive with those of comparable funds, while at the same time providing Putnam Management sufficient resources to continue to provide high quality services in the future; • by reviewing brokerage costs and fees, allocations among brokers, soft dollar expenditures and similar expenses of your fund; • by monitoring potential conflicts of interest between the funds and Putnam Management and its affiliates to ensure that the funds continue to be managed in the best interests of their shareholders; and • by monitoring potential conflicts among funds managed by Putnam Management to ensure that shareholders continue to realize the benefits of participation in a large and diverse family of funds. ►How can shareholders communicate with the Trustees? The Board of Trustees provides a process for shareholders to send communications to the Trustees. Shareholders may direct communications to the Board of Trustees as a whole or to specified individual Trustees by submitting them in writing to the following address: | The Putnam Funds | Attention: “Board of Trustees” or any specified Trustee(s) |
| One Post Office Square | Boston, Massachusetts 02109 |
Written communications must include the shareholder’s name, be signed by the shareholder, refer to the Putnam fund(s) in which the shareholder holds shares and include the class and number of shares held by the shareholder as of a recent date. Representatives of the Funds’ transfer agent responsible for investor servicing functions will cause all shareholder communications sent to Trustees to be responded to. However, due to the volume of correspondence, all shareholder communications will not be shared directly with the Trustees. A summary of the shareholder communications is presented to the Trustees on a periodic basis. ►How often do the Trustees meet? The Trustees hold regular meetings each month (except August), usually over a two-day period, to review the operations of the Putnam funds. A portion of these meetings is devoted to meetings of various committees of the board that focus on particular matters. Each Trustee generally attends at least two formal committee meetings during each regular meeting of the Trustees. In addition, the Trustees meet in small groups with senior investment personnel and portfolio managers to review recent performance and the current investment climate for selected funds. These meetings ensure that fund performance is reviewed in detail at least twice a year. The committees of the board, including the Executive Committee, may also meet on special occasions as the need arises. During calendar year 2008, the average Trustee participated in approximately 68 committee and board meetings. The number of times each committee met during calendar year 2008 is shown in the table below: | | | Audit and Compliance Committee | 12 | |
| | Board Policy and Nominating Committee | 11 | |
| | Brokerage Committee | 7 | |
| | Communications, Service and Marketing Committee | 8 | |
| | Contract Committee | 13 | |
| | Distributions Committee | 11 | |
| | Executive Committee | 1 | |
| | Investment Oversight Committees | 27 | |
| | Investment Oversight Coordinating Committee | 14 | |
| | Pricing Committee | 8 | |
| |
►What are the Trustees paid for their services? Each Independent Trustee of the fund receives an annual retainer fee and additional fees for each Trustees’ meeting attended, for attendance at industry seminars and for certain compliance-related services. Independent Trustees also are reimbursed for costs incurred in connection with their services, including costs of travel, seminars and educational materials.
All of the current Independent Trustees of the fund are Trustees of all the Putnam funds and receive fees for their services. The Trustees periodically review their fees to ensure that such fees continue to be appropriate in light of their responsibilities as well as in relation to fees paid to trustees of other mutual fund complexes. The Board Policy and Nominating Committee, which consists solely of Independent Trustees of the fund, estimates that committee and Trustee meeting time, together with the appropriate preparation, requires the equivalent of at least three business days per Trustee meeting. The table found inAppendix Cincludes the year each Trustee became a Trustee of the Putnam funds, the fees paid to each of those Trustees by each fund included in this proxy for its most recent fiscal year (ended between July 31, 2008 and June 30, 2009) and the fees paid to each of those Trustees by all of the Putnam funds during calendar year 2008. Under a Retirement Plan for Trustees of the Putnam funds (the Plan), each Trustee who retires with at least five years of service as a Trustee of the funds is entitled to receive an annual retirement benefit equal to one-half of the average annual attendance and retainer fees paid to such Trustee for calendar years 2003, 2004 and 2005. This retirement benefit is payable during a Trustee’s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. A death benefit, also available under the Plan, ensures that the Trustee or his or her beneficiaries will receive benefit payments for the lesser of an aggregate period of (i) ten years or (ii) such Trustee’s total years of service. The Plan Administrator (currently the Board Policy and Nominating Committee) may terminate or amend the Plan at any time, but no termination or amendment will result in a reduction in the amount of benefits (i) currently being paid to a Trustee at the time of such termination or amendment, or (ii) to which a current Trustee would have been entitled had he or she retired immediately prior to such termination or amendment. The Trustees have terminated the Plan with respect to any Trustee first elected to the board after 2003. ►What is the voting requirement for electing Trustees? If a quorum for your trust is present at the Special Meeting, the fourteen nominees for election as Trustees who receive the greatest number of votes cast at the Special Meeting will be elected as Trustees of your fund. 2. APPROVING A PROPOSED NEW MANAGEMENTCONTRACT FOR YOUR FUND *►Background Information about the TransactionWhat is this proposal?
On January 31, 2007, Marsh & McLennan,The Trustees are recommending approval of a new management contract for 88 Putnam Funds as part of shareholder-friendly changes proposed by Putnam Management to Putnam fund management fees. (The only funds for which a new management contract is not being proposed are the ultimate parent companyRetirementReady® Funds and the Money Market Liquidity Fund; Putnam Management currently does not collect any management fees for these funds.)
As discussed in the “Message from Putnam Investments and the Board of Trustees of the Putnam Funds” at the beginning of this proxy statement, the key aspects of this proposal are as follows: ·Lower management fees: The proposal would result in lower contractual management fees for virtually all Putnam funds, including significantly lower management fees for fixed income and asset allocation funds. ·Fund Family breakpoints: Asset-level discounts for management fees would be based on the growth of all Putnam mutual fund assets, rather than an individual fund’s assets. (“Fund Family” for purposes of this proxy statement refers to all open-end mutual funds sponsored by Putnam Management, except for the Putnam RetirementReady® Funds and Putnam Money Market Liquidity Fund.) The proposal would allow shareholders to benefit from the growth of the Fund Family as a whole, even if their specific fund is not growing. ·Performance fees on U.S. growth funds, international equity funds, and Putnam Global Equity Fund: These equity funds would have performance fees reflecting the strength or weakness of the investment performance of a given fund. Management fees for these funds would decline from their standard fee if the funds underperform their benchmarks and would rise if the funds outperform their benchmarks. ►Why did Putnam Management propose a new management contract with Fund Family breakpoints and for certain funds only, performance fees? The proposed new management contracts differ from the funds’ current management contracts principally by providing for Fund Family breakpoints for 88 funds and, for U.S. growth funds, international equity funds, and Putnam Global Equity Fund, performance fees as well. Fund Family breakpoints.The implementation of Fund Family breakpoints would result in lower contractual management fees for virtually all Putnam funds. More generally, Putnam Management believes that the determination of your fund’s management fee through breakpoints based on the aggregate net assets of the Fund Family would be in the best interests of your fund’s shareholders for four reasons. First, Putnam Management believes that Fund Family breakpoints would be more reflective than individual fund breakpoints of the underlying costs Putnam Management incurs in providing investment management-related services to the Fund Family. Putnam Management believes that, because investment management-related services are typically shared across a modern mutual fund family, the costs of these services tend to vary proportionately with the growth or decline of the size of the overall mutual fund family more than with the size of an individual fund. In Putnam Management’s opinion, investment management-related services are now shared broadly across the Fund Family, rather than being specific to any particular fund. Securities trading, some securities research, quantitative analysis, technology, fund administration, accounting services, and legal and compliance
oversight are examples of investment management-related services that are shared across the Fund Family. All in all, Fund Family breakpoints would likely be more reflective than individual fund breakpoints of the manner in which “economies of scale” may be realized. Currently, each Putnam fund (other than the RetirementReady® Funds) has an individual fund breakpoint schedule that results in a lower effective management fee as assets in that fund increase. As a result of this arrangement, shareholders benefit directly from growth of the fund they own, regardless of any changes in the size of other funds or in the overall level of assets of the Fund Family. While Putnam Management believes that this structure has served shareholders well historically, Putnam Management believes that the use of Fund Family breakpoints would represent an enhancement to each fund’s fee structure given the nature of economies of scale in the modern mutual fund family. Second, shareholders would benefit under Fund Family breakpoints from “cost diversification,” which allows them to benefit from the growth of the Fund Family as a whole even if their specific fund is not growing. Putnam funds are likely to grow and/or shrink at different rates as market conditions change. Fund Family breakpoints assure that, in total, all shareholders benefit from the Fund Family’s overall growth, regardless of the specific funds driving such growth at any one time. Third, because Fund Family breakpoints would allow each shareholder in the Fund Family to benefit proportionately from every dollar invested in any fund in the Fund Family, Fund Family breakpoints would give all shareholders an enhanced stake in the future growth of Putnam mutual fund assets. Fourth, the proposed fee categories under Fund Family breakpoints presented inAppendix Fwould result in management fees that will not favor one fund over another in the same fee category solely on the basis of one fund having achieved greater size than another. Putnam Management your fund’sbelieves that this feature of Fund Family breakpoints should enhance the value of the exchange privilege available to shareholders across the Fund Family of diversified products. Performance fees.Putnam Management proposes to extend further its philosophy that strong investment adviser, entered intoperformance should be rewarded with higher management fees, while poor performance should command lower management fees, for the funds listed below: | | | U.S. growth funds | International equity funds | |
| Putnam Growth | Putnam Asia Pacific Equity | Putnam Global Equity Fund | Opportunities Fund | Fund | | Putnam New Opportunities | Putnam Emerging Markets | | Fund | Equity Fund | | Putnam Small Cap Growth | Putnam Europe Equity Fund | | Fund | Putnam International Capital | | Putnam Vista Fund | Opportunities Fund | |
| | | Putnam Voyager Fund | Putnam International Equity | | | Fund | | | Putnam International Growth | | | and Income Fund | | | Putnam International New | | | Opportunities Fund | |
By extending this philosophy, already employed by Putnam’s “Absolute Return” and “Spectrum” funds, to these 13 funds, Putnam Management would be providing significant numbers of additional shareholders with a Stock Purchase Agreementmanagement fee that adjusts based on the strength of the investment performance results that are obtained on their behalf. These 13 funds, along with Lifeco. Under the Stock Purchase Agreement, Lifeco will, through Great-West, its direct or indirect wholly owned subsidiary, acquire 100%“Absolute Return” and “Spectrum” funds, together represent approximately 22% of Putnam Investments Trust,mutual fund assets as of June 30, 2009. By linking its pay to a holding company that, except for a minority stake owned by employees, is owned by Marsh & McLennan. Putnam Investments Trust owns Putnam, LLC (Putnam Investments), which in turn ownsfund’s performance, Putnam Management andbelieves that the otheruse of performance fees for these 13 funds would further align the firm’s economic interests with those of shareholders in funds for which Putnam companies. After the transaction,Management believes this fee mechanism is most appropriate. Putnam Management will continue to monitor whether performance fees would be a wholly owned subsidiary of Putnam Investments. Putnam Investments will continue to be a wholly owned subsidiary of Putnam Investments Trust. Putnam Investments Trust will become a wholly owned subsidiary of Great-West, which will be a wholly owned holding company subsidiary of Lifeco. Lifeco is a Canadian financial services holding company with interestsappropriate for shareholders in other funds.
What are the specific changes included in the life insurance, health insurance, retirement, savings, and reinsurance businesses. Its businesses have operations in Canada, the United States and Europe. Power Financial Corporation (“Power Financial”), an internationalproposed new management and holding company of financial services businesses, owns approximately 70.6%contract? The proposed new management contract reflects a comprehensive restructuring of the voting shares of Lifeco. Power Corporation of Canada, a diversified international management and holding company, owns approximately 66.4% offees paid by the voting securities of Power Financial. The Honorable Paul Desmarais, Sr., through a g roup of private holding companiesPutnam funds, which he controls, has voting control of Power Corporation of Canada. The address of Mr. Desmarais, Power Corporation of Canada, and Power Financial is 751 Victoria Square, Montreal, Quebec H2Y 2J3. The address of Lifeco is 100 Osborne Street North, Winnipeg, Manitoba, R3C 3A5. The address of Great-West will be 8515 East Orchard Road, Greenwood Village, Colorado 80111.
The funds have been informed that Lifeco’s strategic purpose for acquiring Putnam Investments is to establish a strong presence in the United States asset management business. Lifeco values Putnam
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Investments’ focus on the advice segment of the U.S. market, its significant investment management capabilities and diversified range of investment products, its high quality wholesaling organization with strong relationships with financial advisers, its distribution capabilities in Japan and Europe, and its experienced management team. Lifeco has said that it intends to operate Putnam Investments as a separate business unit, retaining Putnam Investments’ and Putnam Management’s existing management team and other key professionals. Although Lifeco may pursue sub-advisory and other synergistic opportunities for Putnam Investments within the Power Financial group of companies, it does not anticipate significant integration issues or other disruption, in light of its intent to continue to operate Putnam Investments,proposed by Putnam Management and approved by the other Putnam companies on a stand-alone basis and its experienceTrustees as being in operating other companies that it has acquired as s tand-alone businesses. Lifeco has advised the funds that it has no current plans to make anybest interest of shareholders of your fund. The proposed management contract changes to the operations ofway in which the funds. In particular, it has advised that it has no current plans to make changes with respect to existing management fees expense limitations, distribution arrangements, or qualitypaid by your fund are calculated in two important ways. For all 88 affected funds, the proposed management contract specifies a fee rate that varies based on the aggregate net assets of services provided to shareholders.all funds in the Fund Family. In addition, Lifeco has advised that it intends to retainfor 13 funds, the Putnam brand and to support Putnam Investments’ current business strategy and Putnam Management’s investment management philosophy so as to minimize disruption and change for fund shareholders and the Putnam organization. Lifeco does not plan to consolidate any Putnam fund with any other company in the Power Financial group of companies. Putnam Management has been advised that, following the transaction, it is contemplated that its organizational form will be converted from a Delaware limited liability company to a Delaware limited partnership. The General Partner will be Putnam Investments LP. Th is will not have any effectnew fee rate also varies based on Putnam Management’s operations or the services provided to your fund.
Although the transaction is not expected to result in significant change in the operations of Putnam Management or its management of the funds, as a result of this transaction, which is expected to close in the middle of 2007, your fund’s management contract with Putnam Management will terminate. This is because the 1940 Act, which regulates investment companies such as your fund, requires management contracts to terminate automatically when there is a “change of control” of the investment adviser. The transaction with Lifeco will result in a “change ofcontrol” of Putnam Management, your fund’s investment adviser. Thus, your fund’s shareholders must approve a new management contract. The Trustees are recommending that you approve a new management contract with Putnam Management so that Putnam Management can continue as your fund’s investment adviser.
*The Stock Purchase Agreement
Under the Stock Purchase Agreement, Lifeco will acquire 100% of the ownership interests of Putnam Investments Trust, which owns Putnam Investments, the owner of Putnam Management, your fund’s current investment adviser. These Putnam Investments Trust ownership interests are in the form of class A shares, all of which are owned by Marsh & McLennan, and class B shares and options to purchase class B shares, all of which are held by Putnam employees. The estimated total value of the transaction is approximately $3.9 billion (based on the estimated value of Putnam Investments Trust’s equity interests on September 30, 2006). The final price is subject to certain adjustments at closing.
The Stock Purchase Agreement requires Lifeco, or its permitted assignee, at the closing of the transaction, to purchase all of the issued and outstanding class A common shares of Putnam Investments Trust currently held by Marsh & McLennan. Lifeco will assign its right to purchase the class A shares of Putnam Investments Trust to Great-West. Lifeco remains fully liable for its obligations under the Stock Purchase Agreement. Also at the closing, all of the issued and outstanding class B common shares and options currently held by Putnam employees under Putnam Investments Trust’s Equity Partnership Plan will be cancelled according to the terms of the Equity Partnership Plan, and each Putnam employee will receive cash payments for these shares and options, a portion of which will be paid at the closing and the remainder of which will, subject to the satisfaction of certain conditions, be paid over a three-year period, provided generally that the employee is still em ployed by Putnam on the date of payment. These deferred payments to employees may increase or decrease based upon, among other things, the performance of the fund as compared with the performance of a specified investment benchmark. Finally, for a number of funds, the proposed management contract changes the timing of management fee computation and payment in order to standardize these terms for all Putnam funds. The transaction structure is subject to modification by Marsh & McLennan and Lifeco before closing to improve the tax efficiency of the transaction for Lifeco and to limit the extent to which the transaction consideration is subject to withholding requirements. It is not expected that any modification would result in any significant change in
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Putnam Management’s operations or its management of the funds.
Consummation of the transaction is subject to customaryAll other terms and conditions including, among others, Marsh & McLennan and Lifeco obtaining certain regulatory approvals and the approval of new management contracts by shareholders of a substantial number of the Putnam funds. Although there is no assurance that the transaction will be completed, if each of the terms and conditions is satisfied or waived, the parties to the transaction anticipate that the closing will take place in the middle of 2007. If the transaction is not completed, your fund’s current management contract with Putnam Management will not terminate because there will be no change of control. Putnam Management would continue to serve as your fund’s investment adviser under the current management contract or, if approved at the shareholder meeting, under the proposed new management contract described in this proxy statement, effective as of January 1, 2008 or such other date as the Trustees may establish.
*Section 15(f) of the 1940 Act
Lifeco has agreed to comply with Section 15(f) of the 1940 Act. Section 15(f) provides a non-exclusive “safe harbor” for an investment company’s adviser or any affiliated persons of the adviser to receive any amount or benefit in connection with a change of control of the investment adviser as long as two conditions are met. First, for a period of three years after the change of control, at least 75% of the directors of the investment company must not be interested persons of the adviser or the predecessor adviser. Second, there must not be any “unfair burden” imposed on the investment company as a result of the transaction or any express or implied terms, conditions or understandings relating to the transaction. Section 15(f) defines “unfair burden” to include any arrangement during the two-year period after the transaction in which the adviser or predecessor adviser, or any interested person of the adviser or predecessor adviser, rece ives or is entitled to receive any compensation, directly or indirectly, from the investment company or its security holders (other than fees forbona fideinvestment advisory or other services) or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other thanbona fideordinary compensation as principal underwriter for the investment company). Putnam Management has advised the funds that neither it, Marsh & McLennan nor Lifeco, after reasonableinquiry, is aware of any express or implied term, condition, arrangement or understanding that would impose an “unfair burden” on the funds as a result of the transaction. Marsh & McLennan and Lifeco have agreed to pay all costs incurred by the funds in connection with this transaction, including all costs of this proxy solicitation.
*The Proposed New Management Contract; Comparison with the Funds’ Current Management Contracts
The Trustees have unanimously approved, and recommend to the shareholders of each fund that they approve, a new management contract between each fund and Putnam Management. The form of the proposed new management contract is attached atAppendix B. You should refer toAppendix Bfor the complete terms of your fund’s proposed management contract.
On being presented with the need to approve new management contracts, the Trustees decided to take the opportunity to standardize, clarify and modernize various provisions of the current contracts. Because they were implemented at different times, the funds’ current management contracts differ in some cases fromeach fund to fund, and some contain outdated provisions. The Trustees believe that this standardization will benefit shareholders by making the administration of the funds’ management contracts more efficient. In addition, Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund, which currently have both a management contract and an administrative services contract, will each combine those two contracts into a single management contract. All of the other Putnam funds receive investment management and administrative services under their current management contracts.
Except as described below, the terms of the proposed new management contracts are substantiallysubstan tially identical to those of the fund’s current contracts. The termsmanagement contract. A form of the proposed new management contracts, and certain differences betweencontract showing all of the proposed new management contracts and the current contracts, are described generally below. A more detailed description of certain differences between the proposed and current management (and administrative services, as applicable) contractschanges is attached atAppendix C. The date of each fund’s current management contract, the date on which it was last approved by shareholders, and the date on which its continuance was last approved by the Board of Trustees is set forthincluded inAppendix D.
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Fees.There is no change in the rateProposed calculation of fee rates based on aggregate net assets of the fees that the funds will pay Putnam Management under the proposed newFund Family
Calculation of current management fee.The management contract exceptcurrently in effect for each affected fund provides for payment of a management fee calculated as a percentage of the average net assets of the fund, with the applicable percentage declining as average net assets exceed certain specified “breakpoints.” As a result, the effective management fee paid by each fund declines as its average net assets increase beyond the level of the first breakpoint ($500 million for most funds). Conversely, in the case of Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund (see below).funds with net assets above the level of the first breakpoint, the effective management fee increases as average net
assets of the fund decrease. The current management fee schedule for investment management services and, if applicable, administrative services, for each fund is set forthlisted inAppendix E.E. Calculation of proposed management fee.The actualproposed management contract for each affected fund provides for payment of a management fee at a rate that is no longer based on the net assets of the individual fund. Instead, the proposed management fee rate for each affected fund is calculated based on a fee schedule that takes into account the aggregate net assets of the Fund Family. (The proposed fee schedule for each fund is listed inAppendix F.) The effective fee rate so calculated for each fund would be multiplied by the average net assets of the fund to determine the management fee payable for each payment period. (As discussed below, the management fee calculated under this formula would be subject to adjustment in the case of those funds for which a performance fee adjustment is proposed or is in place under the current management contract.) Comparison of current and proposed management fee rates.The table below shows the proposed effective management fee rate for each affected fund, based on June 30, 2009 net assets of the Fund Family ($52.3 billion). This table also shows the effective management fee rate payable by each affected fund under its current management contract, based on the net assets of each individual fund as of June 30, 2009. Finally, this table shows the difference in the effective management fees, based on net assets as of June 30, 2009, between the proposed management contract and the current contract. | | | | | | | | | | | EQUITY FUNDS | | | | | | Name of | Proposed | Current | Difference | Name of Fund | Proposed | Current | Difference | Fund | Effective | Effective | | | Effective | Effective | | | Contractual | Contractual | | | Contractual | Contractual | | | Rate | Rate | | | Rate | Rate | |
| | Putnam | 0.492% | 0.518% | (0.026%) | Putnam VT Equity | 0.492% | 0.650% | (0.158%) | Equity | | | | Income Fund | | | | Income Fund | | | | | | | | | The Putnam | 0.492% | 0.487% | 0.005% | Putnam VT Growth | 0.492% | 0.577% | (0.085%) | Fund for | | | | and Income Fund | | | | Growth and | | | | | | | | Income | | | | | | | |
| | Putnam | 0.572% | 0.700% | (0.128%) | Putnam VT Growth | 0.572% | 0.700% | (0.128%) | Growth | | | | Opportunities Fund | | | | Opportunities | | | | | | | | Fund | | | | | | | | | Putnam | 0.572% | 0.570% | 0.002% | Putnam VT | 0.572% | 0.650% | (0.078%) | Investors | | | | Investors Fund | | | | Fund | | | | | | | | | Putnam New | 0.572% | 0.574% | (0.002%) | Putnam VT New | 0.572% | 0.697% | (0.125%) | Opportunities | | | | Opportunities Fund | | | | Fund | | | | | | | | | Putnam | 0.572% | 0.650% | (0.078%) | Putnam VT | 0.572% | 0.650% | (0.078%) | Research | | | | Research Fund | | | | Fund | | | | | | | |
| | | | | | | | Name of | Proposed | Current | Difference | Name of Fund | Proposed | Current | Difference | Fund | Effective | Effective | | | Effective | Effective | | | Contractual | Contractual | | | Contractual | Contractual | | | Rate | Rate | | | Rate | Rate | |
| | Putnam | 0.572% | 0.561% | 0.011% | Putnam VT Voyager | 0.572% | 0.659% | (0.086%) | Voyager | | | | Fund | | | | Fund | | | | | | | |
| | Putnam Mid | 0.602% | 0.700% | (0.098%) | Putnam VT Mid | 0.602% | 0.700% | (0.098%) | Cap Value | | | | Cap Value Fund | | | | Fund | | | | | | | | | Putnam Vista | 0.602% | 0.604% | (0.002%) | Putnam VT Vista | 0.602% | 0.650% | (0.048%) | Fund | | | | Fund | | | |
| | Putnam | 0.642% | 0.650% | (0.008%) | Putnam VT Capital | 0.642% | 0.650% | (0.008%) | Capital | | | | Opportunities Fund | | | | Opportunities | | | | | | | | Fund | | | | | | | | | Putnam | 0.642% | 0.640% | 0.002% | Putnam Small Cap | 0.642% | 1.000% | (0.358%) | Convertible | | | | Growth Fund | | | | Income- | | | | | | | | Growth Trust | | | | | | | | | Putnam | 0.642% | 0.800% | (0.158%) | Putnam VT Small | 0.642% | 0.800% | (0.158%) | Small Cap | | | | Cap Value Fund | | | | Value Fund | | | | | | | |
| | Putnam | 0.712% | 0.800% | (0.088%) | | | | | Europe | | | | | | | | Equity Fund | | | | | | | | | Putnam | 0.712% | 0.758% | (0.046%) | Putnam VT Global | 0.712% | 0.800% | (0.088%) | Global | | | | Equity Fund | | | | Equity Fund | | | | | | | | | Putnam | 0.712% | 0.698% | 0.014% | Putnam VT | 0.712% | 0.792% | (0.080%) | International | | | | International Equity | | | | Equity Fund | | | | Fund | | | | | Putnam | 0.712% | 0.800% | (0.088%) | Putnam VT | 0.712% | 0.800% | (0.088%) | International | | | | International | | | | Growth and | | | | Growth and Income | | | | Income Fund | | | | Fund | | | |
| | Putnam Asia | 0.942% | 1.000% | (0.058%) | Putnam Emerging | 0.942% | 1.000% | (0.058%) | Pacific | | | | Markets Equity | | | | Equity Fund | | | | Fund | | | | | Putnam | 0.942% | 1.000% | (0.058%) | Putnam VT | 0.942% | 1.000% | (0.058%) | International | | | | International New | | | | New | | | | Opportunities Fund | | | | Opportunities | | | | | | | | Fund | | | | | | | | | Putnam | 0.942% | 0.948% | (0.006%) | | | | | International | | | | | | | | Capital | | | | | | | | Opportunities | | | | | | | | Fund | | | | | | | |
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| | | | | | | | Name of | Proposed | Current | Difference | Name of Fund | Proposed | Current | Difference | Fund | Effective | Effective | | | Effective | Effective | | | Contractual | Contractual | | | Contractual | Contractual | | | Rate | Rate | | | Rate | Rate | |
| | Putnam | 0.642% | 0.700% | (0.058%) | Putnam Global | 0.642% | 0.700% | (0.058%) | Global | | | | Energy Fund | | | | Consumer | | | | | | | | Fund | | | | | | | | | Putnam | 0.642% | 0.700% | (0.058%) | | | | | Global | | | | | | | | Financials | | | | | | | | Fund | | | | | | | | | Putnam | 0.642% | 0.637% | 0.005% | Putnam VT Global | 0.642% | 0.700% | (0.058%) | Global | | | | Health Care Fund | | | | Health Care | | | | | | | | Fund | | | | | | | | | Putnam | 0.642% | 0.700% | (0.058%) | Putnam Global | 0.642% | 0.700% | (0.058%) | Global | | | | Natural Resources | | | | Industrials | | | | Fund | | | | Fund | | | | | | | | | Putnam | 0.642% | 0.700% | (0.058%) | Putnam Global | 0.642% | 0.700% | (0.058%) | Global | | | | Telecommunications | | | | Technology | | | | Fund | | | | Fund | | | | | | | | | Putnam | 0.642% | 0.700% | (0.058%) | Putnam VT Global | 0.642% | 0.700% | (0.058%) | Global | | | | Utilities Fund | | | | Utilities | | | | | | | | Fund | | | | | | | |
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| | | | | | | | FIXED INCOME FUNDS | | | Name of | Proposed | Current | Difference | Name of | Proposed | Current | Difference | Fund | Effective | Effective | | Fund | Effective | Effective | | | Contractual | Contractual | | | Contractual | Contractual | | | Rate | Rate | | | Rate | Rate | |
| | Putnam | 0.412% | 0.622% | (0.210%) | Putnam VT | 0.412% | 0.650% | (0.238%) | American | | | | American | | | | Government | | | | Government | | | | Income | | | | Income Fund | | | | Fund | | | | | | | | | Putnam | 0.412% | 0.602% | (0.190%) | Putnam VT | 0.412% | 0.650% | (0.238%) | Income | | | | Income Fund | | | | Fund | | | | | | | | | Putnam | 0.412% | 0.504% | (0.092%) | | | | | U.S. | | | | | | | | Government | | | | | | | | Income | | | | | | | | Trust | | | | | | | |
| | Putnam | 0.492% | 0.500% | (0.008%) | | | | | Tax-Free | | | | | | | | High Yield | | | | | | | | Fund | | | | | | | |
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| | | | | | | | Name of | Proposed | Current | Difference | Name of | Proposed | Current | Difference | Fund | Effective | Effective | | Fund | Effective | Effective | | | Contractual | Contractual | | | Contractual | Contractual | | | Rate | Rate | | | Rate | Rate | |
| | Putnam | 0.562% | 0.599% | (0.036%) | Putnam VT | 0.562% | 0.700% | (0.138%) | Diversified | | | | Diversified | | | | Income | | | | Income Fund | | | | Trust | | | | | | | | | Putnam | 0.562% | 0.700% | (0.138%) | | | | | Global | | | | | | | | Income | | | | | | | | Trust | | | | | | | |
| | | Putnam | 0.582% | 0.650% | (0.068%) | | | | | Floating | | | | | | | | Rate | | | | | | | | Income | | | | | | | | Fund | | | | | | | | | Putnam | 0.582% | 0.636% | (0.053%) | Putnam VT | 0.582% | 0.700% | (0.118%) | High Yield | | | | High Yield | | | | Trust | | | | Fund | | | | | Putnam | 0.582% | 0.679% | (0.097%) | | | | | High Yield | | | | | | | | Advantage | | | | | | | | Fund | | | | | | | |
| | Putnam | 0.452% | 0.500% | (0.048%) | Putnam | 0.452% | 0.500% | (0.048%) | AMT-Free | | | | Arizona Tax | | | | Municipal | | | | Exempt | | | | Fund | | | | Income Fund | | | | | Putnam | 0.452% | 0.500% | (0.048%) | Putnam | 0.452% | 0.500% | (0.048%) | California | | | | Massachusetts | | | | Tax Exempt | | | | Tax Exempt | | | | Income | | | | Income Fund | | | | Fund | | | | | | | | | Putnam | 0.452% | 0.500% | (0.048%) | Putnam | 0.452% | 0.500% | (0.048%) | Michigan | | | | Minnesota | | | | Tax Exempt | | | | Tax Exempt | | | | Income | | | | Income Fund | | | | Fund | | | | | | | | | Putnam | 0.452% | 0.500% | (0.048%) | Putnam New | 0.452% | 0.500% | (0.048%) | New Jersey | | | | York Tax | | | | Tax Exempt | | | | Exempt | | | | Income | | | | Income Fund | | | | Fund | | | | | | | | | Putnam | 0.452% | 0.500% | (0.048%) | Putnam | 0.452% | 0.500% | (0.048%) | Ohio Tax | | | | Pennsylvania | | | | Exempt | | | | Tax Exempt | | | | Income | | | | Income Fund | | | | Fund | | | | | | | | | Putnam Tax | 0.452% | 0.500% | (0.048%) | | | | | Exempt | | | | | | | | Income | | | | | | | | Fund | | | | | | | |
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| | | | | | | | MONEY MARKET FUNDS | | Name | Proposed | Current | Difference | Name of | Proposed | Current | Difference | of | Effective | Effective | | Fund | Effective | Effective | | Fund | Contractual | Contractual | | | Contractual | Contractual | | | Rate | Rate | | | Rate | Rate | |
| | Putnam | 0.302% | 0.308% | (0.006%) | Putnam VT | 0.302% | 0.450% | (0.148%) | Money | | | | Money | | | | Market | | | | Market | | | | Fund | | | | Fund | | | | | Putnam | 0.302% | 0.450% | (0.148%) | | | | | Tax | | | | | | | | Exempt | | | | | | | | Money | | | | | | | | Market | | | | | | | | Fund | | | | | | | |
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| | | | | | | | ASSET ALLOCATION AND SPECIALTY FUNDS | | Name of | Proposed | Current | Difference | Name of | Proposed | Current | Difference | Fund | Effective | Effective | | Fund | Effective | Effective | | | Contractual | Contractual | | | Contractual | Contractual | | | Rate | Rate | | | Rate | Rate | |
| | Putnam | 0.492% | 0.550% | (0.058%) | | | | | Absolute | | | | | | | | Return 100 | | | | | | | | Fund | | | | | | | |
| | Putnam | 0.542% | 0.654% | (0.112%) | Putnam | 0.542% | 0.650% | (0.108%) | Asset | | | | Income | | | | Allocation: | | | | Strategies | | | | Conservative | | | | Fund | | | | Portfolio | | | | | | | | | Putnam | 0.542% | 0.624% | (0.082%) | | | | | Asset | | | | | | | | Allocation: | | | | | | | | Balanced | | | | | | | | Portfolio | | | | | | | | | The George | 0.542% | 0.570% | (0.028%) | Putnam | 0.542% | 0.650% | (0.108%) | Putnam | | | | VT The | | | | Fund of | | | | George | | | | Boston | | | | Putnam | | | | | | | | Fund of | | | | | | | | Boston | | | |
| | Putnam | 0.592% | 0.650% | (0.058%) | | | | | Absolute | | | | | | | | Return 300 | | | | | | | | Fund | | | | | | | |
| | Putnam | 0.612% | 0.700% | (0.088%) | Putnam | 0.612% | 0.611% | 0.001% | Asset | | | | Asset | | | | Allocation: | | | | Allocation: | | | | Equity | | | | Growth | | | | Portfolio | | | | Portfolio | | | |
| | | | | | | | Name of | Proposed | Current | Difference | Name of | Proposed | Current | Difference | Fund | Effective | Effective | | Fund | Effective | Effective | | | Contractual | Contractual | | | Contractual | Contractual | | | Rate | Rate | | | Rate | Rate | |
| | Putnam VT | 0.612% | 0.700% | (0.088%) | | | | | Global Asset | | | | | | | | Allocation | | | | | | | | Fund | | | | | | | |
| | Putnam | 0.742% | 0.800% | (0.058%) | Putnam | 0.742% | 0.800% | (0.058%) | Absolute | | | | Capital | | | | Return 500 | | | | Spectrum | | | | Fund | | | | Fund | | | | | Putnam | 0.742% | 0.800% | (0.058%) | | | | | Equity | | | | | | | | Spectrum | | | | | | | | Fund | | | | | | | |
| | Putnam | 0.892% | 0.950% | (0.058%) | | | | | Absolute | | | | | | | | Return 700 | | | | | | | | Fund | | | | | | | |
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As shown in the foregoing table, based on June 30, 2009 net asset levels, the proposed management contract would provide for payment of a management fee rate that is lower for almost all funds, and in many cases materially lower, than the management fee rate payable under the current management contract. For a small number of funds, the management fee rate would be slightly higher under the proposed contract at these asset levels, but by only immaterial amounts. In the aggregate, the financial impact on Putnam Management of implementing this proposed change for all funds at June 30, 2009 net asset levels is a reduction in annual management fee revenue of approximately $[ ]. (Putnam Management has already incurred a significant portion of this revenue reduction through the waiver of a portion of its current management fees for certain funds pending shareholder consideration of the proposed management contracts. Putnam is not obliged to continue such waivers beyond July 31, 2010 in the event that the proposed contracts are not approved by shareholders.) The management fee rate payable under the proposed management contract for each affected fund is calculated on a fundamentally different basis than the fee rate under its current contract. As a result, the differences in effective fee rates between the current and the proposed contracts and the financial impact on Putnam Management’s fee revenues in the future will vary depending on future changes in the net assets of each fund (in the case of the current contract) and in the aggregate net assets of the Fund Family (in the case of the proposed contract). For further discussion of the potential impact of future changes in asset levels, see “What factors did the Independent Trustees consider in evaluating the proposed management contracts?” below. Proposed addition of performance fees Certain of the Putnam funds (the “Absolute Return” and “Spectrum” funds) already have management fee rates that vary based on the performance of the fund in relation to the
performance of a specified investment benchmark. The performance adjustments included in the current management contracts for these funds would remain unchanged and continue in effect under the proposed management contracts. The proposed contracts would, however, add similar performance adjustments to the calculation of management fees for the following funds: | | Putnam Asia Pacific Equity Fund | Putnam International Growth and Income Fund | Putnam Emerging Markets Equity Fund | Putnam International New Opportunities Fund | Putnam Europe Equity Fund | Putnam New Opportunities Fund | Putnam Global Equity Fund | Putnam Small Cap Growth Fund | Putnam Growth Opportunities Fund | Putnam Vista Fund | Putnam International Capital Opportunities Fund | Putnam Voyager Fund | Putnam International Equity Fund | |
For these funds, the proposed management contract between your fund and Putnam Management would include, in addition to the new Fund Family breakpoint fee structure discussed above, a performance adjustment that would increase or decrease the management fees paid by some funds areyour fund based upon the performance of the fund relative to a benchmark index. Calculation of the proposed performance adjustment.If the proposed management contract is approved, your fund would pay a monthly Fund Family breakpoint fee to Putnam Management for the first year of the new contract. Beginning with your fund’s thirteenth complete calendar month of operations under the proposed management contract, the monthly management fee would consist of the monthly Fund Family breakpoint fee plus or minus a performance adjustment for the month. The amount of the performance adjustment would be calculated monthly based on aperformance adjustment rateequal to 3% multiplied by the difference between the fund’s annualized performance measured by the fund’s class A shares and the annualized performance of the fund’s benchmark index, each measured as a percentage, over theperformance period. (The cla ss of shares used for purposes of this calculation could be changed in the future with the approval of the Trustees to the extent permitted by applicable law.) Theperformance adjustment ratewould be subject to expense limitationsamaximum annualized performance adjustment ratefor each affected fund.Appendix Glists the proposed benchmark index for each affected fund and the proposedmaximum annualized performance adjustment rates. Theperformance periodwould be the thirty-six month period then ended (or, if the proposed management contract has not then been effective for thirty-six complete calendar months, the period from the date the proposed management contract became effective to the end of the month for which the fee adjustment is being computed). Each month, theperformance adjustment ratewould be multiplied by the fund’s average net assets over theperformance periodand the result would be divided by twelve. The resulting dollar amount would be added to, or subtracted from, the base management fee for that month. Depending on how your fund performs relative to its benchmark, the performance adjustment may result in an increase or decrease in the management fees paid by your fund. Because the
performance adjustment would be tied to the fund’s performance relative to its benchmark index (and not its absolute performance), the performance adjustment could increase Putnam Management’s fee even if the fund’s shares lose value during theperformance period, and could decrease Putnam Management’s fee even if the fund’s shares increase in value during theperformance period. Because the performance adjustment is based on the fund’s performance relative to the benchmark over theperformance period, rather than the monthly period in which the performance adjustment affects Putnam Management’s fee, the performance adjustment could increase Putnam Management’s fee during a month when the fund underperforms its benchmark (but had outperformed its benchmark during theperformance period), and could decrease Putnam Management’s fee during a month when the fund outperforms its benchmark (but had underperformed its benchmark during theperformance period). Performance of the fund would be calculated net of expenses, whereas the fund’s benchmark index does not include any fees or expenses. Reinvestment of dividends and distributions would be included in calculating the performance of both the fund and the fund’s benchmark index. Changes affecting timing of management fee computation and payment The proposed management contract for all funds provides that management fees will be computed and paid monthly within 15 days after the end of each month. The current contracts of the funds contain quarterly computation and payment terms in some cases, as listed inAppendix H. These differences largely reflect practices in place at earlier times when many of the funds were first organized. Under the proposed contract, certain funds would make payments to Putnam Management has agreed. Itearlier than they do under their current contract. This would reduce a fund’s opportunity to earn income on accrued but unpaid management fees by a small amount, but would not have a material effect on a fund’s operating costs. The proposed change in the frequency with which fees are calculated may also result in small changes in the amount of fees paid under the management contract when the “average net assets” on which the fees are based are changing. By changing the period over which the average net assets is not anticipateddetermined, it is possible that, any existing expense limitation commitmentas net assets move from one breakpoint to another, the new breakpoint will change astake effect earlier or later than it would have under a resultquarterly calculation and payment frequency, depending on the magnitude of the transaction.change and when it occurs during the period. These differences are expected to be immaterial in all instances and should average out over time. The proposed changes would reduce administrative burdens for the funds and for Putnam Management and would result in all Putnam funds having the same computation and payment terms. Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund currently have separate investment management and administrative services contracts with Putnam Management. However,►What factors did the Independent Trustees consider in evaluating the proposed newmanagement contracts?
The Trustees of each fund, including all of the Independent Trustees, voted unanimously to approve the proposed management contract for each fund including Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund, addresseson July 10, 2009. In considering the provision of both investmentproposed contracts, the Independent Trustees focused largely on the specific proposed changes described above relating to management and administrative services and includes a single fee for both of these services. There is no changefees. They also took into account the factors that they considered in the aggregate rate that Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund will pay to Putnam Management for investment management and administrative services.connection with their most recent annual approval on June 12,
Investment Management Services.The proposed new management contract for your fund provides that Putnam Management will furnish continuously an investment program for the fund, determining what investments to purchase, hold, sell or exchange and what portion2009 of the fund’s assets will be held uninvested, in compliance with the fund’s governing documents, investment objectives, policies and restrictions, and subject to the oversight and control of the Trustees. Putnam Management has assured the funds and the Trustees that after the transaction it will continue to provide the same level of services to each fund and that the transaction will not have an adverse impact on the scope or nature of the services that each fund receives.
Putnam Management is authorized under the proposed new management contract to place orders for the purchase and sale of portfolio investments for your fund with brokers or dealers that Putnam Management selects. Putnam Management must select brokers and dealers, and place orders, using its best efforts to obtain for the funds the most favorable price and execution available, except that Putnam Management may pay higher brokerage commissions if it determines ingood faith that the commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer (a practice commonly known as “soft dollars”). Putnam Management may make this determination in terms of either the particular transaction or Putnam Management’s overall responsibilities with respect to a fund and to other clients of Putnam Management as to which Putnam Management exercises investment discretion. Putnam Management 6;s use of soft dollars is subject to policies established by the SEC and by the Trustees from time to time.
Eachcontinuance of the funds’ current management contracts and the extensive materials that they had reviewed in connection with that approval process.Appendix Icontains similar provisionsa summary description of the factors considered by the Trustees in connection with their June 12, 2009 approval.
Considerations relating to Fund Family fee rate calculations The Independent Trustees considered that the provisionproposed management contracts would change the manner in which fund shareholders share in potential economies of investment management services. Delegation of Responsibilities.The proposed new management contract for your fund expressly provides that Putnam Management may, in its discretion andscale associated with the approvalmanagement of the Trustees (including a majority of the Trustees who are not “interested persons”) and, if required, the approval of shareholders, delegate responsibilities under the contract to one or more sub-advisers or sub-administrators. The separate costs of employing any sub-adviser or sub-administrator must be borne by Putnam Management or the sub-adviser or sub-administrator, not by the fund. Putnam Management is responsible for overseeing the performance of any sub-adviser or sub-administrator and remains fully responsible to the fund under the proposed new management contract regardless of whether it delegates any responsibilities.
None offunds. Under the current management contracts, addresses delegationshareholders of responsibilities.a fund benefit from increased fund size through reductions in the effective management fee paid to Putnam Management has no plans to delegate services except as described below.
At present, Putnam Management has delegated certain responsibilities to sub-advisers, as described below underonce the heading “Sub-Adviser Arrangements.” The sub-management contracts governing these arrangements will terminate atfund’s net assets exceed the same time asfirst breakpoint in the currentfund’s fee schedule ($500 million for most funds). These breakpoints are measured solely by the net assets of each individual fund and are not affected by possible growth (or decline) of net assets of other funds in the Fund Family. Under the proposed management contracts, potential economies of these funds. Pursuant to the proposed newscale would be shared ratably among shareholders of all funds, regardless of their size. The management contractfees paid by a fund (and as otherwise permittedindirectly by law), Putnam Management will enter into equivalent sub-management contracts with these sub-advisers, effective at the time the proposed new management contracts become effective, with respect to these funds. See “Sub-Adviser Arrangements” below for a description of the sub-advisers, and seeAppendix Ffor copies of the current sub-management contracts. The new sub-management contracts will be identical to the
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current sub-management contracts except for the effective dates. Shareholders should be aware that a vote to approve your fund’s new contract will have the effect of voting for the continuation of these arrangements.
In addition, Putnam Management has delegated certain administrative, pricing and bookkeeping services to State Street Bank and Trust Company. This delegation will notshareholders) would no longer be affected by the transaction.growth (or decline) of assets of the particular f und, but rather would be affected solely by the growth (or decline) of the aggregate net assets of all funds in the Fund Family, regardless of whether the net assets of the particular fund are growing or declining.
The Independent Trustees carefully considered the implications of this proposed change under a variety of economic circumstances. They considered the fact that at current asset levels the management fees paid by the funds under the proposed contract would be lower for almost all funds, and would not be materially higher for any fund, as shown in the table above. They considered the possibility that under some circumstances, the current management contract could result in a lower fee for a particular fund than the proposed management contract. Such circumstances might occur, for example, (i) if the aggregate net assets of the Fund Family remain largely unchanged and the net assets of an individual fund grew substantially, or (ii) if the net assets of an individual fund remain largely unchanged and the aggregate net assets of the Fund Family declined substantially. The Independent Trustees noted that future changes in the net assets of individual funds are inherently unpredictable and that experience has shown that funds often grow in size and decline in size over time depending on market conditions and the changing popularity of particular investment styles and asset classes. They noted that, while the aggregate net assets of the Fund Family have changed substantially over time, basing a management fee on the aggregate level of assets of the Fund Family would likely reduce fluctuations in costs paid by individual funds and lead to greater stability and predictability of fund operating costs over time. The Independent Trustees considered that the proposed management contract would likely be advantageous for newly organized funds that have yet to attract significant assets and for funds in specialty asset classes that are unlikely to grow to a significant size. In each case, such funds would participate in the benefits of scale made possible by the aggregate size of the Fund Family to an extent that would not be possible based solely on their individual size.
The Independent Trustees also considered that for funds that have achieved or are likely to achieve considerable scale on their own, the proposed management contract could result in sharing of economies which might lead to slightly higher costs under some circumstances, but they noted that any such increases are immaterial at current asset levels and that over time such funds are likely to realize offsetting benefits from their opportunity to participate, both through the exchange privilege and through the Fund Family breakpoint fee structure, in the improved growth prospects of a diversified Fund Family able to offer competitively priced products. The Independent Trustees noted that the implementation of the proposed management contracts would result in a reduction in aggregate fee revenues for Putnam Management at current asset levels. They also noted that applying various projections of growth equally to the aggregate net assets of the Fund Family and to the net assets of individual funds also showed revenue reductions for Putnam Management. They recognized, however, the possibility that under some scenarios Putnam Management might realize greater future revenues, with respect to certain funds, under the proposed contracts than under the current contracts, but considered such circumstances to be both less likely and inherently unpredictable. The Independent Trustees considered the extent to which Putnam Management may realize economies of scale in connection with the management of the funds. In this regard, they considered the possibility that such economies of scale as may exist in the management of mutual funds may be associated more closely with the size of the aggregate assets of the mutual fund complex than with the size of any individual fund. In this regard the Independent Trustees considered the financial information provided to them by Putnam Management over a period of many years regarding the allocation of costs involved in calculating the profitability of its mutual fund business as a whole and the profitability of individual funds. The Independent Trustees noted that the methodologies for such cost allocations had been reviewed on a number of occasions in the past by independent financial consultants engaged by the Independent Trustees. The Independent Trustees noted that these methodologies support Pu tnam Management’s assertion that many of its operating costs and any associated economies of scale are related more to the aggregate net assets under management in various sectors of its business than to the size of individual funds. They noted that on a number of occasions in the past the Independent Trustees had separately considered the possibility of calculating management fees in whole or in part based on aggregate net assets of the Putnam funds. The Independent Trustees considered the fact that the proposed contracts would result in a sharing among the affected funds of economies of scale that for the most part are now enjoyed by the larger funds, without materially increasing the current costs of any of the larger funds. They concluded that this sharing of economies among funds was appropriate in light of the diverse investment opportunities available to shareholders of all funds through the existence of the exchange privilege. They also considered that the proposed change in management fee structure would allow Putnam Management to introduce new investment products at more attractive pricing levels than may be currently be the case.
After considering all of the foregoing, the Independent Trustees concluded that the proposed calculation of management fees based on the aggregate net assets of the Fund Family represented a fair and reasonable means of sharing possible economies of scale among the shareholders of all funds. Administrative Services.Considerations relating to addition of fee rate adjustments based on investment performance for certain funds
The Independent Trustees considered that Putnam’s proposal to add fee rate adjustments based on investment performance to the management contracts of certain funds reflected a desire by Putnam Management to align its fee revenues more closely with investment performance in the case of certain funds. They noted that Putnam Management already has a significant financial interest in achieving good performance results for the funds it manages. Putnam Management’s fees are based on the assets under its management (whether calculated on an individual fund or complex-wide basis). Good performance results in higher asset levels and therefore higher revenues to Putnam Management. Moreover, good performance also tends to attract additional investors to particular funds or the complex generally, also resulting in higher revenues. Nevertheless, the Independent Trustees concluded that adjusting management fees based on performance for certain selected funds could provide additiona l benefits to shareholders. The Independent Trustees noted that Putnam Management proposed the addition of performance adjustments only for certain of the funds and considered whether similar adjustments might be appropriate for other funds. In this regard, they considered Putnam Management’s belief that the addition of performance adjustments would be most appropriate for shareholders of U.S. growth funds, international equity funds and Putnam Global Equity Fund. They also considered Putnam Management’s view that it would continue to monitor whether performance fees would be appropriate for other funds. Accordingly, the Independent Trustees concluded that it would be desirable to gain further experience with the operation of performance adjustments for certain funds and the market’s receptivity to such fee structures before giving further consideration to whether similar performance adjustments would be appropriate for other funds as well. Considerations relating to standardization of payment terms The Independent Trustees considered the fact that standardizing the payment terms, as described above, for all funds would involve an acceleration in the timing of payments to Putnam Management for some funds and a corresponding loss of a potential opportunity for such funds to earn income on accrued but unpaid management fees. The Independent Trustees did not view this change as having a material impact on shareholders of any fund. In this regard, the Independent Trustees noted that the proposed contracts conform to the payment terms included in management contracts for all Putnam funds organized in recent years and that standardizing payment terms across all funds would reduce administrative burdens for both the funds and Putnam Management. Considerations relating to comparisons with management fees and total expenses of competitive funds
As part of their evaluation of the proposed management contracts, the Independent Trustees also reviewed the general approach taken by Putnam Management and the Independent Trustees in recent years in imposing appropriate limits on total fund expenses. As part of the annual contract review process in recent years, Putnam Management agreed to waive fees as needed to limit total fund expenses to a maximum level equal to the average total expenses of comparable competitive funds in the mutual fund industry. In connection with its proposal to implement new management contracts, Putnam Management also proposed, and the Independent Trustees approved, certain changes in this approach that shift the focus from controlling total expenses to imposing separate limits on certain categories of expenses, as required. As a general matter, Putnam Management and the Independent Trustees concluded that management fees for the Putnam funds are competitive with the fees charged by comparable funds in the industry. Nevertheless, the Independent Trustees considered specific management fee waivers proposed to be implemented as of August 1, 2009 by Putnam Management with respect to the current management fees of certain funds, as well as projected reductions in management fees for almost all funds that would result under the proposed contracts. Putnam Management and the Independent Trustees also agreed to impose separate expense limitations of 37.5 basis points on the general category of shareholder servicing expenses and 20 basis points on the general category of other ordinary operating expenses. These new expense limitations were implemented for all funds effective as of August 1, 2009. These changes resulted in lower total expenses for many funds, but in the case of some funds total expenses increased after application of the new waivers and expense limitations (as compared with the results obtained using the expense limitation method previously in place). In this regard, the Independent Trustees con sidered the likelihood that total expenses for most of these funds would have increased in any event in the normal course under the previous expense limitation arrangement, as the reported total expense levels of many competitive funds increased in response to the major decline in asset values that began in September 2008. These new waivers and expense limitations will continue in effect until at least July 31, 2010 and will be re-evaluated by the Independent Trustees as part of the annual contract review process prior to their scheduled expiration. However, the management fee waivers referred to above would largely become permanent reductions in fees as a result of the implementation of the proposed management contracts. Additional information regarding total fund expenses is included inAppendix K. General conclusion After considering the factors described above relating to the specific changes included in the proposed management contracts, and taking into account all of the currentfactors considered by the Independent Trustees as part of their recent approval of the continuance of the management contracts withof all funds on June 12, 2009, the exceptionIndependent Trustees concluded that implementation of those applying to Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund, provide that Putnam Management will manage, supervise and conduct the other (i.e., non-investment) affairs and businessproposed management contract for each fund would be in the best interests of shareholders of the fund and incidental matters. These administrative services include providing suitable office spaceunanimously approved the proposed management contract. ►What are the Trustees recommending?
The Trustees of your fund, including all of the Independent Trustees, unanimously recommend that shareholders approve the proposed management contract with Fund Family breakpoints and, in the case of certain funds, performance fees. As noted below under “General Plan for Implementation of Proposed Management Contracts”, for the fund13 funds for which performance fees are proposed, the Trustees also recommend that shareholders approve proposed management contracts providing for each, but not both, of Fund Family breakpoints and administrative facilities, such as bookkeeping, clerical personnel and equipment necessary for the efficient conductperformance fees. The Trustees recommend that shareholders of these funds vote FOR each of the fund’s affairs, including determinationthree alternatives, but intend to implement a new management contract that includes both Fund Family breakpoints and performance fees if that alternative is approved by shareholders. ►What is the voting requirement for approval of the net asset valueproposed contracts? Approval of the proposed management contract for each fund requires the affirmative vote of the lesser of (a) the holders of 67% or more of the shares of the fund but excluding shareholder accounting services.
Expenses.The proposed new management contracts require Putnam Managementpresent (in person or by proxy) and entitled to bearvote at the expenses associated with (i) furnishing all necessary investment and management facilities, including salariesmeeting, if the holders of personnel, required for it to execute its duties faithfully, (ii) providing suitable office space formore than 50% of the fund and (iii) providing administrative services. The proposed new management contracts also provide that the fund will pay the fees of its Trustees and will reimburse Putnam Management for compensation paid to officers and persons assisting officersoutstanding shares of the fund and allentitled to vote at the meeting are present in person or partby proxy, or (b) of the costholders of suitable office space, utilities, support services and equipment used by such officers and persons, asmore than 50% of the Trustees may determine. Under this provision,outstanding shares of the fund will bearentitled to vote at the costsmeeting. General Plan for Implementation of Proposed Management Contracts If this proposal is approved by the shareholders of your fund, it is expected that the proposed management contract would be implemented for your fund on January 1, 2010 (or, if later, the first day of the Trustees’ independent staff, which assistsfirst calendar month following shareholder approval). The Independent Trustees and Putnam Management currently intend to implement the Trustees in overseeing each of the funds. The current managementnew contracts contain similar expense and reimbursement provisions.
Term and Termination.Ifonly if they are approved by shareholders of your fund,substantially all the funds. If shareholders of a significant number of funds do not approve the new contracts, the Independent Trustees and Putnam Management currently intend to leave the current contract in place for all funds and will consider such other actions as may be appropriate in the circumstances. The Independent Trustees and Putnam Management may also determine not to implement the proposed new contract, even though approved by shareholders, under various circumstances including the following: for funds marketed together as a group of related funds, the proposed contracts a re not approved for all funds in such group; issues of fairness, such as disparate or unanticipated economic impacts or imbalances resulting from the implementation of a proposed contract; administrative and shareholder communication complexities resulting from the implementation of a proposed contract; and the possibility of obtaining a favorable shareholder vote at a subsequent shareholder meeting. In the event that the proposed contract is not implemented for a fund for any reason, the current management contract of such fund will become effective upon its execution and willcontinue in effect.
If implemented, the proposed management contract for each fund would remain in effect continuously, unless terminated under the termination provisions of the contract. The proposed new management contract provides that the management contract may be terminated at any time, without the payment of any penalty by the fund, by either Putnam Management or the fund by not less than 60 days’written notice to the other party. A fund may effect termination by vote of a majority of its Trustees or by the affirmative vote of a “majority of the outstanding shares” of the fund, as defined in the 1940 Act. The proposed new management contracts will also terminate automatically in the event of their “assignment.”
The proposed new management contract will, unless terminated as described above, continue until(unless terminated) through June 30, 20082010, and willwould continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, of the fund or the shareholders by the affirmative vote of a majority of the outstanding shares of theyour fund, and
(ii) a majority of the Independent Trustees, who are not “interested persons” of the fund or of Putnam Management, by vote cast in person at a meeting called for the purpose of voting on such approval. All of the current management contracts have similar provisions for their term and termination, except that the initial terms of the contracts differ and the current management contracts require that written notice be given not more than 60 nor less than 30 days before termination.
Limitation of Liability.For funds with proposed performance adjustmentsUnder the proposed new management contract, Putnam Management is not liable to a fund or to any shareholder of the fund for any act or omission in the course of, or connected with, rendering services under the proposed management contract, unless there is willful misfeasance, bad faith or gross negligence on the part of Putnam Management or reckless disregard of its obligations and duties under the proposed management contract. Each current management contract contains substantially identical provisions.
As required under each fund’s Declaration of Trust, the proposed management contract contains a notice provision stating that the fund’s Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts and that the proposed management contract is executed on behalf of the Trustees as Trustees of the fund and not individually. Also, the obligations arising out of the proposed management contract are limited only to the assets and property of the fund and are not binding on any of the Trustees, officers or shareholders individually. Each current management contract contains a substantially identical notice.
Amendments; Defined Terms.The proposed new management contract may only be amended in writing, and any amendments must be approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or
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interpretationsShareholders of the SEC or its staff. Similarly, certain terms used in the proposed management contract are used as defined in the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the SEC or its staff. The current management contracts contain similar terms, except that they generally do not make reference to guidance or interpretation of the SEC or its staff. Thus, the proposed new management contracts explicitly permit thethose 13 funds and Manager to operate in a manner consistent with regulatory guidance and interpretations, which may provide advantages and operational flexibility from time to time.
*Sub-Adviser Arrangements
For certain funds listed below, Putnam Management has retained an affiliate to provide sub-management services. Putnam Management has retained Putnam Investments Limited (“PIL”), a wholly owned subsidiary of The Putnam Advisory Company, LLC (“PAC,” which is itself a subsidiary of Putnam Investments) and an affiliate of Putnam Management, as the sub-adviser for a portion of certain funds’ assets as determined by Putnam Management from time to time. PIL is currently authorized to serve as the sub-adviser, to the extent determined by Putnam Management from time to time, for the following funds: Putnam Diversified Income Trust, Putnam VT Diversified Income Fund, Putnam Europe Equity Fund, Putnam Global Equity Fund, Putnam VT Global Equity Fund, Putnam Global Income Trust, Putnam Global Natural Resources Fund, Putnam High Income Securities Fund, Putnam High Yield Advantage Fund, Putnam High Yield Trust, Putnam VT High Yield Fund, Putnam International Capital Opportunities Fund, Putnam International Equity Fund, Putnam VT International Equity Fund, Putnam International Growth and Income Fund, Putnam VT International Growth and Income Fund, Putnam International New Opportunities Fund, Putnam VT International New Opportunities Fund, Putnam Master Intermediate Income Trust, Putnam Premier Income Trust, Putnam Research Fund, Putnam VT Research Fund, Putnam Utilities Growth and Income Fund, and Putnam VT Utilities Growth and Income Fund.
PIL serves as sub-adviser for those funds under a sub-management agreement between Putnam Management and PIL. Pursuant to the terms of the sub-management agreement, Putnam Management (and not the fund) pays a quarterly sub-management fee to PIL for its services at the annual rate of 0.35% of the average aggregate net asset value of the portion of a fund’sassets invested in equity securities and 0.40% of the portion of a fund’s assets invested in fixed-income securities, if any, that PIL manages from time to time except that, in the case of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, Putnam Management (and not the fund) pays PIL a quarterly sub-management fee for its services at the annual rate of 0.40% of the funds’ average weekly assets, if any, that PIL manages from time to time.
Under the terms of the sub-management contract, PIL, at its own expense, furnishes continuously an investment program for the portion of each fund that Putnam Management allocates to PIL from time to time and makes investment decisions on behalf of these portions of the fund, subject to Putnam Management’s supervision. Putnam Management may also, at its discretion, request PIL to provide assistance with purchasing and selling securities for the fund, including order placement with certain broker-dealers. PIL, at its expense, furnishes all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties.
The sub-management contract provides that PIL is not subject to any liability to Putnam Management, the fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of PIL’s willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.
The sub-management contract may be terminated with respect to a fund without penalty by vote of the Trustees or the shareholders of the fund, or by PIL or Putnam Management, on 30 days’ written notice. The sub-management contract also terminates without payment of any penalty in the event of its assignment. Subject to applicable law, it may be amended by a majority of the Trustees who are not “interested persons” of Putnam Management or the fund. The sub-management contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders and, in either case, by a majority of the Trustees who are not “interested persons” of Putnam Management or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a “majority of the outstanding voting securities” as defined in the 1940 Act.
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PAC has been retained as a sub-adviser for a portion of the assets of Putnam International Equity Fund as determined from time to time by Putnam Management or, with respect to portions of that fund’s assets for which PIL actsperformance adjustments are being proposed as sub-adviser as described above, by PIL. PAC serves as sub-adviser under a sub-advisory agreement among Putnam Management, PIL and PAC.
Pursuant to the terms of the sub-advisory agreement, Putnam Management or, with respect to portions of Putnam International Equity Fund’s assets for which PIL acts as sub-adviser, PIL (and not the fund) pays a quarterly sub-advisory fee to PAC for its services at the annual rate of 0.10% of the average aggregate net asset value of the portion of the fund with respect to which PAC acts as sub-adviser.
Under the terms of the sub-advisory contract, PAC, at its own expense, furnishes recommendations to purchase, hold, sell or exchange investments, securities and assets for that portion of Putnam International Equity Fund that is allocated to PAC from time to time by Putnam Management or PIL. Putnam Management or PIL, as applicable, determines whether to execute each such recommendation by PAC, whose activities as sub-adviser are subject to the supervision of Putnam Management and PIL, as applicable. PAC, at its expense, furnishes all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties.
The sub-advisory contract provides that PAC is not subject to any liability to Putnam Management, PIL, Putnam International Equity Fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of PAC’s willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.
The sub-advisory contract may be terminated without penalty by vote of the Trustees or the shareholders of Putnam International Equity Fund, or by PAC, PIL or Putnam Management, on 30 days’ written notice. The sub-advisory contract also terminates without payment of any penalty in the event of its assignment. Subject to applicable law, it may be amended by a majority of the Trustees who are not “interested persons” of Putnam Management or the fund. The sub-advisory contract provides that it will continue in effect only so long as its continuance is approved at least annually by vote of either the Trustees or the shareholders and, in either case, by a majority of the Trustees who are not “interested persons” of Putnam Management or the fund. In each of the foregoing cases, the vote of the shareholdersis the affirmative vote of a “majority of the outstanding voting securities” as defined in the 1940 Act.
A “change of control” that constitutes an assignment terminating automatically the funds’ management contracts will also terminate automatically the sub-management contract with PIL and the sub-advisory contract with PIL and PAC. So that your fund will not lose the benefit of PIL’s or PAC’s services, Putnam Management intends to enter into a new sub-management contract with PIL and a new sub-advisory contract with PIL and PAC, each identical to the current contract except for the effective date. The Trustees have unanimously approved these new contracts. SeeAppendix Ffor copies of the current contracts.
*What did the Trustees consider in evaluating the proposal?
The Trustees met in person on October 12 and 13, 2006 to discuss the implications of a possible sale of Putnam Investments in light of a decision made by its parent company, Marsh & McLennan, to explore the possibility of a sale. At this meeting, the Trustees considered information relating to the operations, competitive position in the mutual fund industry and recent history of a number of firms that had indicated to Marsh & McLennan a preliminary interest in acquiring Putnam Investments. During the course of this meeting, the Trustees received presentations on these matters from two consultants with recognized expertise in the mutual fund industry. In addition, the Trustees reviewed information about recent significant acquisitions in the mutual fund industry and considered the possible effects of a sale transaction on Putnam Management and the rest of the Putnam organization. The Trustees received a report from the chief executive officer of Marsh & McLenn an and considered analyst reports relating to Marsh & McLennan and its ownership of Putnam Investments. The Trustees also received advice from their independent legal counsel regarding their responsibilities in evaluating a possible sale transaction.
The Trustees actively monitored the sale process throughout the period leading up to the public announcement of a final sale agreement on February 1, 2007. The Trustees discussed developments at telephone meetings on October 18, October 25, November 1, November 29, December 20, January 12, January 18, and February 5, and at their regular in-person meetings on November 9-10, December 14-15, January 11-12, February 8-9, and March 8-9. The Trustees who are not affiliated with Putnam Investments met separately to discuss these matters during most of these meetings.
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Mr. Haldeman, the only Trustee affiliated with Putnam Investments, participated in portions of these meetings to provide the perspective of the Putnam organization, but did not otherwise participate in the deliberations of the Trustees regarding a possible sale.
Over the course of these meetings, the Trustees discussed and developed general principles to guide their evaluation of a possible sale transaction. Following the emergence of a number of interested bidders by early November 2006, the Trustees conducted due diligence on these bidders with the assistance of their independent legal counsel. The Trustees communicated their perspectives on these bidders to Marsh & McLennan and also submitted specific requests for information to be provided by bidders. After learning in December 2006 that Marsh & McLennan was negotiating exclusively with Power Financial and Lifeco, the Trustees focused their diligence efforts on Power Financial and Lifeco.
On January 2, 2007, a committee of the Trustees, together with their independent legal counsel, met with representatives of Power Financial and Lifeco to discuss the proposal to acquire Putnam Investments and responses to the Trustees’ diligence requests. The Trustees were advised in this meeting that Power Financial and Lifeco intended to maintain Putnam Investments as a separate, stand-alone organization under the Putnam brand and to retain Putnam Investments’ current management team. Power Financial and Lifeco expressed their intention to maintain the quality of services that the Putnam organization currently provides to the funds and the funds’ current cost structure. At the same time, they indicated their intention, consistent with this commitment, to pursue opportunities for improving the profitability of the Putnam organization. Power Financial and Lifeco indicated interest in pursuing the possibility of making the Putnam funds and other Putnam Investments products available through cer tain of their distribution channels, but indicated that no significant operational changes were envisioned. Power Financial and Lifeco also raised the possibility of using Putnam Investments’ distribution network to distribute certain of the products of one or more of the Power Financial or Lifeco companies. The Trustees noted that these proposals may benefit Lifeco and may also enable Putnam Investments to allocate the costs of its distribution network across a greater number of products. At this meeting, the Trustees reviewed with Power Financial and Lifeco the role and operation of the Board of Trustees, emphasizing its historical independence and activism in such areas as fees andexpenses, regulatory issues, quality of service provided by Putnam to the funds, soft dollars and proxy voting. On January 10, 2007, Ms. Baxter, Vice Chairman of the Trustees and the Chairman of the Contract Committee, also met with a representative of Power Financial and Lifeco for further d iscussion of these matters. At a telephonic meeting on January 18, 2007, the Trustees received a presentation on the terms of the proposed sale and unanimously expressed their support for the proposed sale, subject to their review of final agreements.
Mr. Hill, Chairman of the Board of Trustees, met with the Chairman and Co-Chief Executive Officer and the President and Co-Chief Executive Officer of Power Corporation of Canada and the Chairman of the Board and the President and Chief Executive Officer of Power Financial on January 28, 2007 to further discuss the role of the Board of Trustees in overseeing the funds and Power Financial’s and Lifeco’s commitment to the Putnam brand, to Putnam Investments’ management team, and to support Putnam Investments’ management team and the team’s strategy following the transaction with the aim of minimizing disruption and change for the Putnam shareholders. Following the public announcement of the transaction on February 1, 2007, the Trustees received a report from Putnam Investments on the final terms of the transaction at a telephonic meeting on February 5, 2007.
At an in-person meeting on February 8-9, 2007, the Trustees received further presentations regarding the final terms of the transaction. At this meeting, the Trustees considered the approval of new management contracts for each fund proposed to become effective upon the closing of the sale, and the filing of a preliminary proxy statement. At an in-person meeting on March 8-9, 2007, the Trustees considered the approval of the final formspart of the proposed new management contracts for each fundwill be asked to vote separately on three alternative new management contracts: (i) Proposal 2.A. – a contract containingboththe proposed new management fee schedule based on aggregate Fund Family assets and the proxy statement. They reviewedproposed new performance adjustments, (ii) Proposal 2.B. – a contract containing the proposed new management fee schedule based on aggregate Fund Family assets only, and (iii) Proposal 2.C. – a contract containing the proposed new performance adjustments only. (All three alternatives would include the standardization of payment terms described above.) The Trustees recommend that shareholders of these funds vote FOR each of the three alternatives, but intend to implement Proposal 2.A. – that is, a new contract containing both new features – if that alternative is approved by shareholders.
Other Information A brief description of the terms of the proposed newaffected funds’ current management contracts, as well as the date of each fund’s current management contract, the date on which it was last approved by shareholders and the differences betweenpurpose of the proposed new management contracts andsubmission to shareholders are set forth inAppendix J. The tables included atAppendix Kshow [examples of two funds’] current total annual operating expenses (as a percentage of average net assets) under the current management contracts (and administrative services contracts,contract and pro forma total annual operating expenses under the proposed management contract, in each case assuming fund assets and Fund Family assets as of June 30, 2009 throughout the caseperiod. Examples that translate each fund’s annual operating expenses into dollar amounts, showing the cumulative effect of Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund). They noted thatthese costs over time, are also presented. The tables included atAppendix Lshow for each fund the termsdollar amount of the proposed new management contracts were substantially identical tofee that would have been paid under the current management contracts, except forcontract, the amount Putnam Management would have received under the proposed management contract, and the difference between the two, assuming fund assets and Fund Family assets as of June 30, 2009 throughout the period. 3. ADOPTION OF MODERNIZED AND STANDARDIZED FUNDAMENTAL INVESTMENT RESTRICTIONS As described in the following proposals, the Trustees recommend that shareholders of certain funds approve revisions to certain fundamental investment restrictions of such funds. Generally, the purpose of these proposed changes develop ed atis to increase each fund’s investment flexibility to the initiativeextent permitted by applicable law and regulations, and to reduce administrative and compliance burdens by standardizing these fundamental investment restrictions across all similarly-situated Putnam funds.
Background.The 1940 Act requires registered investment companies like the funds to have “fundamental” investment restrictions governing certain of their investment practices. Investment companies may also voluntarily designate restrictions relating to other investment practices as fundamental. “Fundamental” investment restrictions can be changed only by a shareholder vote. Proposed revisions to certain of the Trustees and designed largely to address inconsistencies among variousfundamental investment restrictions of the existingfunds are discussed below. By revising these fundamental investment restrictions, the Trustees believe that Putnam Management will be better able to manage the funds in a changing regulatory or investment environment. In addition, the Trustees believe that the process of monitoring the funds’ compliance with investment restrictions will be simplified as these restrictions are standardized across all similarly-situated Putnam funds, thereby reducing administrative and compliance burdens. 3.A.: APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO INVESTMENTS IN COMMODITIES Affected funds: | | Putnam Absolute Return 100 Fund | Putnam Global Consumer Fund | Putnam Absolute Return 300 Fund | Putnam Global Energy Fund | Putnam Absolute Return 500 Fund | Putnam Global Financials Fund | Putnam Absolute Return 700 Fund | Putnam Global Health Care Fund | Putnam Asia Pacific Equity Fund | Putnam Global Industrials Fund | Putnam Asset Allocation: Balanced | Putnam Global Natural Resources Fund | Portfolio | Putnam Global Technology Fund | Putnam Asset Allocation: Conservative | Putnam Global Telecommunications Fund | Portfolio | Putnam Global Utilities Fund | Putnam Asset Allocation: Equity Portfolio | Putnam Income Strategies Fund | Putnam Asset Allocation: Growth Portfolio | Putnam VT Global Asset Allocation Fund | Putnam Capital Spectrum Fund | Putnam VT Global Health Care Fund | Putnam Emerging Markets Equity Fund | Putnam VT Global Utilities Fund | Putnam Equity Spectrum Fund | |
►What is this proposal? Under the 1940 Act, a fund’s investment policy relating to the purchase and sale of commodities must be fundamental. Commodities include physical commodities, such as gold and other metals, agricultural products, and oil, as well as certain financial instruments, such as futures contracts which had been developed and implementedrelated options.Appendix Mlists the current fundamental investment restrictions of each of the affected funds with respect to commodities. Although the current restriction for all of the affected funds expressly permits investments in financial instruments that could be deemed to be commodities under the federal securities and commodities laws, and for many of the affected funds expressly permits investments in
financial instruments whose values are determined by reference to physical commodities, it prohibits direct investment in physical commodities. In order to afford Putnam Management the maximum investment flexibility in pursuing each fund’s investment objective, the Trustees recommend that each fund’s fundamental investment restriction with respect to investments in commodities be revised to permit the funds to invest in physical commodities, in addition to financial instruments, to the extent permitted by applicable law. Putnam Management believes that at different times it may be advantageous for the funds to obtain exposure to gold and other commodities by investing directly in the past. (These differences are described elsewherephysical commodities. This proposal would permit your fund to obtain exposure to commodities, whether through direct investment in this proxy statement.)physical commodities or through related financial instruments, in the manner Putnam Management deems most efficient from time to time, to the extent from time to time authorized by the Trustees. The proposed amended fundamental investment restriction would state that your fund may not: 11“Purchase or sell commodities, except as permitted by applicable law.”
In considering►What effect will amending the approval ofcurrent restriction with respect to investments in commodities have on your fund?
Under the proposed new management contracts,fundamental investment restriction, each fund will be able to invest directly in gold and other physical commodities, as well as to engage in a variety of transactions involving the Trustees also considereduse of commodity-linked investments, including commodity-based exchange-traded funds or notes (ETFs or ETNs) and commodity-linked notes, to the following matters:
(i) their beliefextent consistent with the fund’s investment objectives and policies, as well as applicable law. Putnam Management believes that this investment flexibility could assist your fund in achieving its investment objective, both because commodities and commodity-linked investments may offer the transaction will not adversely affect the Putnam funds,opportunity for attractive investment returns and by addressing uncertainty regarding the ownership of Putnam Investments, shouldbecause economic exposure to gold or other commodities through these investments may enhance the ability of the fund to diversify risks, particularly to the extent that the returns of commodities are not correlated with the returns of other asset classes in which the fund invests. In order to maintain their special status as regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”), the funds must limit any “non-qualifying income” to a maximum of 10% of their annual gross income. Generally, a fund’s investments in commodity-linked derivatives or physical commodities will be limited by this requirement. However, the Internal Revenue Service has recently issued guidance clarifying its position that certain instruments that create commodity exposure (e.g., commodity-linked structured notes) can generate “qualifying income” for a regulated investment company, thus allowing a fund to invest in such instruments without jeopardizing its status under the Code. While Putnam Management and its affiliatespresently has no specific intention to continuechange any fund’s exposures to provide high quality investment advisory and other servicescommodities or commodity-linked investments in response to the funds;
(ii)revision of the funds’ investment restrictions, this intention expressed by representativesis s ubject to change based on Putnam Management’s assessment of Power Financialboth market conditions at any given time and Lifecothose investments most likely to retainassist your fund in meeting its investment objective. More generally, your fund
intends to limit its investment in commodities and commodity-linked investments to the existing Putnam Investments’ management teamextent necessary to qualify as a regulated investment company under the Code. While commodities and commodity-linked investments offer significant potential benefits to the funds, investment in this asset class presents particular risks as well. The values of commodities and commodity-linked investments may be highly volatile, and may be subject to a wide variety of risks relevant to particular physical commodities (such as the risks of drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments) to which the markets for other key professionalsinvestments are not typically subject. Investments in physical commodities may also involve different custody arrangements and greater custody risks than other types of investments. Commodity-linked investments may involve the risk of exposure to the effects of leverage, which could increase the fund’s market exposure and potential losses. Commodities and commodity-linked investments are subject to the risk that their prices may correlate with changes in the value of other investments in ways that Putnam Investments wouldManagement did not anticipate. Commodities and commodity-linked investments are also subject to the risk that a counterparty will be operated as a separate business unit;
(iii) Power Financial’sunwilling or unable to meet its obligations to the funds. In addition, the fund may be unable to sell its commodities and Lifeco’s commitment to support the continued effort of Putnam Management’s current management team to rebuild Putnam’s reputation and enhance the investment process;
(iv) that representatives of Power Financial, Lifeco andcommodity-linked investments when Putnam Management advisedbelieves it is desirable to do so. ►What are the Trustees recommending? The Trustees unanimously recommend that they have no current plansshareholders approve an amendment to make changeseach affected fund’s fundamental investment restriction with respect to existing management fees, expense limitations, distribution arrangements or quality of services provided to fund shareholders and committed to maintain the current program of fund expense limitations, at least through June 30, 2009, which ensures that all Putnam funds will have expense levels at or below competitive industry averages;
(v) the financial condition and reputation of Power Financial and Lifeco, their record of operating acquired companies with minimal disruption to their businesses, their high level of respect for the mutual fund governance process and the independence of the Trustees and their decisions, and their commitment to maintain the high level of cooperation and support that the Putnam organization has historically provided;
(vi) the possible benefits that the funds may receive as a result of Putnam Management joining the Power Financial group of companies, which is expected to promote stability of the Putnam organization and eliminate the previous uncertainty with respect to the future ownership of Putnam Investments;
(vii) Power Financial’s and Lifeco’s commitment to maintaining competitive compensation arrangements to allow the Putnam organization to attract and retain highly qualified personnel;
(viii) that the current senior management team at Putnam Investments has indicated its strong support of the transaction; and
(ix) the commitments of Marsh & McLennan and Lifeco to bear all expenses incurred by the Putnam fundsinvestments in connection with the transaction, including all costs associated with this proxy solicitation.
Finally, in considering the proposed new management contracts, the Trustees also took into account their deliberations and conclusions in connection with their most recent annual approval of the continuance of the funds’ management contracts effective July 1, 2006, and the extensive materials that they had reviewed in connection with that approval process. Appendix Gcontains a summary description of the matters considered by the Trustees in connection with that approval. Based upon the foregoing considerations, on March 9, 2007, the Trustees, including all of the Trustees present who are not “interested persons” of the funds or Putnam Investments, unanimously approved the proposed new management contracts and determined to recommend their approval to the shareholders of the Putnam funds.
*Additional Information Regarding Potential Interests of Certain Trustees in the Transactioncommodities.
Charles E. Haldeman, Jr., a Trustee of the funds, serves as the President and Chief Executive Officer of Putnam Investments. Mr. Haldeman is also a stockholder of Putnam Investments Trust as a result of various equity compensation grants made to him in recent years. On March 15, 2005, Putnam Investments Trust granted Mr. Haldeman 210,635 shares of class B common stock pursuant to the Putnam Investments Trust Equity Partnership Plan. With respect to this grant, Mr. Haldeman’s shares vest over a four-year period, with 25% of the shares vesting on each anniversary of the grant, although vesting may be accelerated under certain circumstances if Mr. Haldeman’s employment with Putnam terminates. On September 29, 2005, Mr. Haldeman participated in the Putnam Option Exchange Program, in which holders of eligible options to purchase class B common stock were permitted to elect to exchange their options for restricted shares of class B common stock with a value equal to the value of the exchanged options. Mr. Haldeman was granted 14,226 restricted shares of class B common stock in exchange for an option to purchase 99,200 shares of
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class B common stock. On March 15, 2006, Putnam Investments Trust granted Mr. Haldeman 111,693 restricted shares of class B common stock for his performance in 2005. With respect to such grant, Mr. Haldeman’s shares vest over a four-year period, with 25% of the shares vesting on each anniversary of the grant. On March 15, 2006, Mr. Haldeman received an additional grant of 314,136 restricted shares of class B common stock and an option to purchase 510,638 shares as a special grant as a result of his employment contract with Marsh & McLennan. With respect to each such grant, Mr. Haldeman’s shares vest 10%, 20%, 30% and 40% over the next four years, subject to acceleration provisions based on investment performance. Mr. Haldeman also holds other restricted shares of class B common stock from grants in years prior to 2005, and it is expected that an additional grant of such restricted shares will be made in March 2007.
As a result of his interests in the stock of Putnam Investments Trust as described above, Mr. Haldeman will benefit directly from the sale of your fund’s investment adviser to Lifeco in an estimated amount of approximately $54 million, which is the value of his holdings in Putnam Investments Trust stock and stock options. Approximately 37% of this amount will be paid at the closing of the transaction and the remainder will be paid, subject to the satisfaction of certain conditions, over a three-year period. In addition, Mr. Haldeman has agreed to amend his employment agreement with Putnam Investments, which will remain in effect following the transaction with Lifeco, among other things, to defer his right to terminate his employment as a result of the transaction and receive severance payments (equal to two times his 2006 total compensation, or approximately $26 million), and Putnam Investments Trust has agreed to pay Mr. Haldeman additional incentive compensation of $8.5 million in the future, continge nt upon the achievement of certain specified business objectives.
In addition to the interests described above, Mr. Haldeman currently owns 33,334 vested shares and 42,554 unvested shares, which will vest when the transaction with Lifeco closes, of stock and options to purchase 89,350 shares of stock of Marsh & McLennan and may benefit indirectly from the sale of your fund’s investment adviser to Lifeco to the extent of his interests in Marsh & McLennan.
George Putnam, III, is the President of your fund as well as a Trustee. Mr. Putnam is also a stockholder of Marsh & McLennan. As of December 31, 2006, he and his children own in the aggregate 12,110 shares of Marsh & McLennan. In addition, Mr. Putnam serves as a trustee of trusts holding in the aggregate 102,317 shares of Marsh & McLennan; Mr. Putnam is a likely beneficiary of these trusts. Mr. Putnam is also a director of a charitable organization that owns 12,000 shares of Marsh & McLennan in which Mr. Putnam has no economic interest. In addition, certain other members of Mr. Putnam’s family own in the aggregate 518,846 shares of Marsh & McLennan in which Mr. Putnam has no current economic interest. Mr. Putnam may benefit indirectly from the sale of your fund’s investment adviser to Lifeco to the extent of his interests in shares of Marsh & McLennan.
*►What is the voting requirement for approving the proposal?
Approval of yourthe proposed amendment to each affected fund’s proposed new management contractfundamental investment restriction requires the affirmative vote of the lesser of (a) more than 50% of the outstanding shares of the affected fund, or (b) 67% or more of the shares of the affected fund present (in person or by proxy) at the meeting if more than 50% of the outstanding shares of the affected fund are present at the meeting in person or by proxy. 3.B. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO DIVERSIFICATION OF INVESTMENTS Affected funds: Putnam Europe Equity Fund Putnam Global Utilities Fund Putnam Growth Opportunities Fund Putnam International Capital Opportunities Fund Putnam International Equity Fund Putnam New Opportunities Fund ► What is this proposal?
The Trustees recommend that each affected fund’s fundamental investment restriction with respect to the diversification of its investments be revised. ·For Putnam Global Utilities Fund, the proposed revision would change the fund’s classification from a “diversified” fund to a “non-diversified” fund under the 1940 Act, thereby conforming the fund’s restriction to the standard restriction currently used by Putnam’s other global sector funds and providing additional flexibility to the fund to more closely track its benchmark in the event that the benchmark became more concentrated. ·For each of the other affected funds, the proposed revision would afford these funds greater flexibility to invest in securities issued by other investment companies, and would conform this restriction to the standard restriction currently used by Putnam’s other diversified funds. Appendix Nlists the current fundamental investment restrictions of each of the affected funds with respect to diversification. Background.Under the 1940 Act, a “diversified” fund generally may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of any one issuer (except U.S. government securities, cash, cash items or the securities of other investment companies). The remaining 25% of the fund’s total assets is not subject to this restriction. A “non-diversified fund” is not subject to this 1940 Act restriction, but is subject to similar rules under the Code, which require that a fund diversify its holdings at the end of each fiscal quarter such that, with respect to 50% of the fund’s total assets, the fund does not have more than 5% of its total assets invested in any one issuer. The remaining 50% of the fund’s assets is not subject to this 5% limitation. Neither of these Code requirements applies to U.S. government securities, cash, cash items or the securities of other regulated investment companies. (Under the Code, neither a diversified nor a non-diversified fund may invest more than 25% of its total assets in any one issuer.) The proposed amended fundamental restriction would state that your fund may not: “With respect to [50% (Putnam Global Utilities Fund)]/[75% (All other affected funds)] of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies.” ► What effect will amending the current restriction with respect to diversification ofinvestments have on your fund? For Putnam Global Utilities Fund, the proposed change would allow the fund to become a non-diversified fund, able to invest more of its assets in the securities of fewer issuers than a
diversified fund. The fund would be exposed to non-diversification risk, as its ability to invest more of its assets in the securities of fewer issuers would increase its vulnerability to factors affecting a single investment; therefore the fund may be more exposed to the risks of loss and volatility than a fund that invests more broadly. For each of the other affected funds, the proposed change would allow such diversified funds to exclude investments in other investment companies from the 1940 Act’s 5% and 25% limitation, as described above. While Putnam Management does not currently expect that any of these funds will invest in securities of other investment companies to a significant extent, other than investments in one or more money market funds, Putnam Management believes that this investment flexibility could, in the future, assist your fund in achieving its investment objective. In addition, the proposed changes would reduce administrative and compliance burdens by conforming this restriction to the standard restriction currently used by Putnam’s other diversified funds. ► What are the Trustees recommending? The Trustees unanimously recommend that shareholders approve an amendment to each affected fund’s fundamental investment restriction with respect to diversification of investments. ► What is the voting requirement for approving the proposal? Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected fund, or (2) 67% or more of the shares of the affected fund present at the meeting if more than 50% of the outstanding shares of the affected fund are present at the meeting in person or by proxy. 3.C. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL INVESTMENT RESTRICTIONS LIMITING THE PERCENTAGE OF THE VOTING SECURITIES OF ANY ISSUER THAT MAY BE ACQUIRED Affected funds: Putnam Global Natural Resources Fund Putnam Global Utilities Fund ► What is this proposal? The Trustees recommend that Global Natural Resources Fund’s and Global Utilities Fund’s fundamental investment restriction with respect to the acquisition of voting securities of any issuer be conformed to the standard restriction currently used by Putnam’s other global sector funds. The proposed change would afford your fund greater flexibility in acquiring the voting securities of a single issuer. Your fund’s current fundamental investment restriction with respect to the acquisition of voting securities of any issuer states that your fund may not:
“With respect to 75% of its total assets, acquire more than 10% of the outstanding voting securities of any issuer.” The proposed amended fundamental restriction would state that your fund may not: “With respect to 50% of its total assets, acquire more than 10% of the outstanding voting securities of any issuer.” ► What effect will amending the current restriction with respect to the acquisition ofvoting securities of any issuer have on your fund? Putnam Management believes that the additional investment flexibility afforded by the proposed restriction could assist your fund in achieving its investment objective. In addition, the proposed change would also align your fund’s fundamental investment restriction with that of all other non-diversified Putnam funds. This would reduce administrative and compliance burdens for your fund. ► What are the Trustees recommending? The Trustees unanimously recommend that shareholders approve an amendment to each affected fund’s fundamental investment restriction with respect to the acquisition of voting securities. ► What is the voting requirement for approving the proposal? Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected fund, or (2) 67% or more of the shares of the affected fund present at the meeting if more than 50% of the outstanding shares of the affected fund are present at the meeting in person or by proxy. 3.D. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO BORROWING Affected funds: Putnam Europe Equity Fund Putnam Global Natural Resources Fund Putnam Growth Opportunities Fund Putnam International Capital Opportunities Fund Putnam International Equity Fund Putnam New Jersey Tax Exempt Income Fund Putnam New Opportunities Fund Putnam Vista Fund ► What is this proposal? The Trustees recommend that each affected fund’s fundamental investment restriction with respect to borrowing be revised to reflect the standard restriction for other Putnam funds.
Under the 1940 Act, a fund may borrow up to 33 1/3% of its total assets, subject to any more restrictive policy adopted by the fund. Each affected fund’s current restriction is more restrictive than the 1940 Act requires.Appendix Olists the current fundamental investment restriction with respect to borrowing of each of the affected funds. The proposed fundamental investment restriction would state that your fund may not: “Borrow money in excess of 33 1/3% of the value of its total assets (not including the amount borrowed) at the time the borrowing is made.” ► What effect will amending the current restriction with respect to borrowing have on your fund? If the proposed change is approved, each affected fund would be permitted to borrow for the purpose of making additional investments, although Putnam Management currently has no intention of borrowing for such purpose. Borrowing to make additional investments would allow a fund to profit if the return on such investments exceeds the interest on the borrowing, but would result in increased losses if the return on such investments is less than the interest on the borrowing. This is known as leverage risk. Generally, if a fund borrows money, its net assets tend to increase or decrease to a greater extent with market changes than if the fund had not borrowed money. The proposed restriction would also allow the affected funds to borrow from lenders other than banks, to the extent permitted by the 1940 Act. In a separate proposal (see Proposal 3.E. below), shareholders of these affected funds are being asked to approve an amendment to each affected fund’s restriction on lending. The proposed revisions would, subject to the limitation discussed in Proposal 3.E., permit each affected fund to participate in an “interfund lending program” under an exemptive order granted to the Putnam funds by the SEC which would allow the fund, through a master loan agreement, to lend available cash to and borrow from other Putnam funds. Each affected fund would be able to borrow money under the interfund lending program only if the interest rate on the loan is more favorable to the fund than the interest rates otherwise available for short-term bank loans, as well as being more favorable to the lending fund than available repurchase agreement r ates. Putnam Management believes that the ability to engage in interfund lending transactions may allow a fund to pay lower interest rates on its borrowings. An affected fund could, in certain circumstances, have its loan recalled by a lending fund on one day’s notice. Under these circumstances, the affected fund might have to borrow from a bank at a higher interest rate if loans were not available from other Putnam funds. All in all, Putnam Management believes that the proposed restriction could assist your fund in achieving its investment objective. In addition, the proposed restriction would align your fund’s fundamental investment restriction with that of all other Putnam funds, which would reduce administrative and compliance burdens for your fund. ► What are the Trustees recommending?
The Trustees unanimously recommend that shareholders approve an amendment to each affected fund’s fundamental investment restriction with respect to borrowing. ► What is the voting requirement for approving the proposal? Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected fund, or (2) 67% or more of the shares of the affected fund present at the meeting if more than 50% of the outstanding shares of the affected fund are present at the meeting in person or by proxy. 3.E. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO MAKING LOANS Affected funds: Putnam Europe Equity Fund Putnam Global Natural Resources Fund Putnam Growth Opportunities Fund Putnam International Capital Opportunities Fund Putnam International Equity Fund Putnam New Jersey Tax Exempt Income Fund Putnam New Opportunities Fund Putnam Vista Fund ► What is this proposal? The Trustees recommend that each affected fund’s fundamental investment restriction with respect to making loans be revised to reflect the standard restriction used by other Putnam funds. This change would remove any limitations on each affected fund’s ability to enter into repurchase agreements and securities loans and would clarify that each affected fund is permitted (subject to the limitation discussed in Proposal 3.D.) to participate in the proposed interfund lending program first described in Proposal 3.D. Each affected fund currently has one of the following fundamental investment restrictions which states that such affected fund may not: “Make loans, except by purchase of debt obligations in which the fund may invest consistent with its investment policies, by entering into repurchase agreements, or by lending its portfolio securities.” (All affected funds except Putnam Growth Opportunities Fund and Putnam International Capital Opportunities Fund)
“Make loans, except by purchase of debt obligations in which the fund may invest consistent with its investment policies, by entering into repurchase agreements with respect to not more than 25% of its total assets (taken at current value) or through the lending of its portfolio securities with respect to not more than 25% of its total assets (taken at current value).” (Putnam Growth Opportunities Fund and International Capital Opportunities Fund)
The proposed fundamental investment restriction would state that your fund may not: “Make loans, except by purchase of debt obligations in which the fund may invest consistent with its investment policies (including without limitation debt obligations issued by other Putnam funds), by entering into repurchase agreements, or by lending its portfolio securities.” ► What effectwill amending the current restriction with respect to making loans have on your fund? Following the amendment, each affected fund may, consistent with its investment objective and policies and applicable law, enter into repurchase agreements and securities loans without limit. Putnam Management believes that this increased investment flexibility could assist each affected fund in achieving its investment objective. When a fund enters into a repurchase agreement, it typically purchases a security for a relatively short period (usually not more than one week), which the seller agrees to repurchase at a fixed time and price, representing the fund’s cost plus interest. When a fund enters into a securities loan, it lends certain of its portfolio securities to broker-dealers or other parties, typically in exchange for a portion of the interest earned on the collateral posted by the borrower. These transactions must be fully collateralized at all times, but involve some risk to the fund in the event of losses on the investment of the collateral posted by the borrower or if the borrower should default on its obligation. If the borrower in these transactions should become involved in bankruptcy or insolvency proceedings, it is possible that the fund may be treated as an unsecured creditor and be required to return the underlying collateral to the borrower’s estate. If the proposal is approved, each affected fund also would be able to participate in an interfund lending program and make loans to other Putnam funds for short-term purposes. As discussed in Proposal 3.D., a fund would only make loans under the program if it could receive an interest rate higher than those available for repurchase agreements. There is a risk that a fund could experience a delay in obtaining prompt repayment of a loan and, unlike repurchase agreements, the fund would not necessarily have received collateral for its loan. A delay in obtaining prompt payment could cause a fund to miss an investment opportunity or to incur costs to borrow money to replace the delayed payment. Finally, the proposed restriction would align your fund’s fundamental investment restriction with that of all other Putnam funds, which would reduce administrative and compliance burdens for your fund. ► What are the Trustees recommending? The Trustees unanimously recommend that shareholders approve an amendment to each affected fund’s fundamental investment restriction with respect to making loans. ► What is the voting requirement for approving the proposal?
Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected fund, or (2) 67% or more of the shares of the affected fund present at the meeting if more than 50% of the outstanding shares of the affected fund are present at the meeting in person or by proxy. 4. ADOPTION OF MODERNIZED AND STANDARDIZED AGREEMENT AND DECLARATION OF TRUST PROVISIONS As described in the following proposals, the Trustees recommend that shareholders of certain funds, each the sole series of a trust, approve amendments to certain provisions of the funds’ agreements and declarations of trust (each a “Declaration of Trust”). Each fund’s Declaration of Trust provides that it may be amended by the Trustees when authorized by a fund’s shareholders. The proposed amendments to the Declarations of Trust are discussed below. Generally, the purpose of these proposed changes is to modernize and standardize these provisions. The Trustees believe that the proposed amendments will facilitate the efficient administration of the funds’ operations. 4.A. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ AGREEMENTS AND DECLARATIONS OF TRUST WITH RESPECT TO THE DURATION OF THE TRUST Affected funds: The Putnam Fund for Growth and Income The George Putnam Fund of Boston Putnam Money Market Fund Putnam Tax Exempt Income Fund ►What is this proposal? The Declaration of Trust of each of the affected funds currently provides that the trust terminates automatically either twenty or twenty-one years after the death of the initial Trustees and their enumerated children.Appendix Psets forth the current termination provision of each affected fund’s Declaration of Trust. These provisions appear to have been included in order to ensure that the relevant Declarations of Trust would not violate the “rule against perpetuities,” a common-law principle that invalidates the grant of certain property interests for which the actual determination of ownership cannot be or will not be accomplished within a specified period of time. Because the Declarations of Trust do not operate to convey property interests, however, the Trustees have been advised by fund counsel that such provisions are not necessary in light of increased clarity in the law regarding Massachusetts busin ess trusts. The Trustees believe these provisions are likely contrary to the expectations of typical fund shareholders, who would not expect the trust to terminate automatically (absent approval by shareholders of an amendment to the Declaration of Trust of the type proposed) on a date that is entirely unrelated to the business of any fund. As set forth below, the proposed amendment to each Declaration of Trust
provides for the perpetual life of the trust unless terminated by the Trustees,1which would replace the current language contained inAppendix P: Duration and Termination of Trust (Putnam Money Market Fund and Putnam Tax Exempt Income Fund) Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be terminated at any time by the Trustees by written notice to the Shareholders. Duration and Termination of Trust (The Putnam Fund for Growth and Income and The George Putnam Fund of Boston) Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be terminated at any time by the Trustees by written notice to the beneficiaries. Upon termination of this Trust the Trustees shall make provision for the payment of the expenses and liabilities of the Trust and of the Trustees and distribute the remaining assets, or sell and dispose of all or any part thereof and distribute the net proceeds thereof in cash and/or securities among the holders of such shares in proportion to their holdings, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of shares of the Trust, provided that any distribution to the beneficiaries of a particular class of shares shall be made to such beneficiaries pro rata in proportion to the number of shares of such class held by each of them. ► What effect would the proposed Declaration of Trust amendment with respect to theduration of the trust have on your fund? The proposed amendment would eliminate the risk that the affected funds would automatically terminate following the deaths of the initial Trustees and their enumerated children. The proposed amendment would also reduce administrative and compliance burdens for the funds by eliminating the need to monitor for the death of the initial Trustees and their enumerated children. In addition, the proposed amendment would also more closely align the affected funds’ termination provisions with those of the other Putnam funds. ► What are the Trustees recommending? The Trustees unanimously recommend that shareholders approve an amendment to each fund’s Declaration of Trust with respect to the duration of the trust. ► What is the voting requirement for approving the proposal? For each trust, all shares will vote together as a single class, and approval of this proposal requires the affirmative vote of shareholders holding a majority of shares entitled to vote. __________________________________ 1AmendingArticle VI, Section 3in the Declarations of Trust of The Putnam Fund for Growth and Income and The George Putnam Fund of Boston, andArticle IX, Section 4in the Declarations of Trust of Putnam Money Market Fund and Putnam Tax Exempt Income Fund.
4.B. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ AGREEMENTS AND DECLARATIONS OF TRUST WITH RESPECT TO REDEMPTION AT THE OPTION OF THE TRUST Affected funds: The Putnam Fund for Growth and Income The George Putnam Fund of Boston ►What is this proposal? The Trustees recommend that the Declarations of Trust of The Putnam Fund for Growth and Income and The George Putnam Fund of Boston be amended to expressly provide that the trust has the right to redeem shares at its option where shareholders do not meet a minimum threshold or exceed a maximum threshold of share ownership in the trust. Currently, the funds’ Declarations of Trust are silent as to the ability of the trust to redeem shares at its option. The proposed amendments would add the following provision to each fund’s Declaration of Trust:2 The Trust shall have the right at its option and at any time to redeem shares of any beneficiary at the net asset value thereof as determined in accordance with the Bylaws: (i) if at such time such beneficiary owns fewer shares than, or shares having an aggregate net asset value of less than, an amount determined from time to time by the Trustees; or (ii) to the extent that such beneficiary owns shares of a particular series of shares equal to or in excess of a percentage of the outstanding shares of that series determined from time to time by the Trustees; or (iii) to the extent that such beneficiary owns shares of the Trust representing a percentage equal to or in excess of such percentage of the aggregate number of outstanding shares of the Trust or the aggregate net asset value of the Trust determined from time to time by the Trustees. ► What effect would the proposed Declaration of Trust amendment with respect toredemption at the option of the trust have on your fund? The addition of this provision to the funds’ Declarations of Trust would allow the funds to redeem small or large accounts (subject to applicable legal and regulatory requirements, such as notice) when the Trustees determine that it would be in the best interests of the funds to do so, and would align the funds’ Declarations of Trust with those of the other Putnam funds in this regard. This would reduce administrative and compliance burdens for the funds. ► What are the Trustees recommending? The Trustees unanimously recommend that shareholders approve an amendment to each fund’s Agreement and Declaration of Trust with respect to redemption at the option of the trust. __________________________________ 2AsArticle VI, Section 6in the Declaration of Trust of The Putnam Fund for Growth and Income and asArticle VI, Section 5in the Declaration of Trust of The George Putnam Fund of Boston.
► What is the voting requirement for approving the proposal? For each trust, all shares will vote together as a single class, and approval of this proposal requires the affirmative vote of shareholders holding a majority of shares entitled to vote. 5. CONSIDERING A SHAREHOLDER PROPOSAL FOR TWO FUNDS REQUESTING THAT THE BOARD INSTITUTE PROCEDURES TO PREVENT THE FUNDS FROM HOLDING INVESTMENTS IN COMPANIES THAT, IN THE JUDGMENT OF THE BOARD, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY Affected funds: Putnam Asset Allocation: Growth Portfolio Putnam Voyager Fund ►What is this proposal? Certain shareholders of Putnam Asset Allocation: Growth Portfolio and Putnam Voyager Fund have advised the funds that they intend to present the following shareholder proposal at the meeting. For the reasons set forth after the proposal, the Trustees recommend a vote “AGAINST” the proposal. The text of the proposal submitted by the shareholders and their supporting statement are quoted in their entirety below: WHEREAS: Putnam portfolio managers make investment decisions based on financial and legal considerations while seeming to ignore other issues. Even in the face of the most egregious violations of human rights, such as genocide, Putnam has released no policy to prevent investments that help fund or support such human rights violations. Ordinary individuals, through their investments in Putnam, may inadvertently invest in companies funding genocide because of investment decisions made on their behalf by Putnam. With no policy to prevent these problem investments, Putnam may at any time increase its holdings or involve new funds in such problem investments. [For Putnam Voyager Fund:] We believe that this problem is not merely theoretical, since many mutual funds are large holders of PetroChina, which, through its closely related parent, China National Petroleum Company, is providing funding that the Government of Sudan uses to conduct genocide in Darfur. [For Putnam Asset Allocation: Growth Portfolio:]
We believe that this problem is not merely theoretical, since Putnam was one of the largest holders of PetroChina, which, through its closely related parent, China National Petroleum Company, is providing funding that the Government of Sudan uses to conduct genocide in Darfur. We believe that in the face of the most extreme human rights crises investors share responsibility to act, individually and collectively, in addition to the role and responsibility of governments. We believe that investors do not want their pensions and family savings connected to genocide. In KRC Research’s 2007 study, 71% of respondents said companies should take extreme cases of human rights abuses, such as genocide, into account rather than base investment decisions solely on economic criteria. Further, over 150,000 people have objected to financial firms about such problem investments. Reasonable people may disagree about what constitutes socially responsible investing, but few people want their savings to be complicit in genocide. We believe that negative publicity resulting from the many national press reports and widespread consumer protests can damage the company’s reputation, hurt employee morale, increase its cost to acquire customers, and reduce the shareholder base for distributing expenses, all of which can negatively impact Putnam shareholders. We see no compelling reason to invest in companies that fund genocide. We believe there are ample competitive alternatives and flexibility of investment choices, even with index funds. As noted by Gary Brinson’s classic study, investment returns are affected much more by asset allocation than by individual security selections, so avoiding a small number of problem companies need not result in any significant effect on performance. Investor pressure has proven effective in influencing foreign governments. The campaign against Talisman Energy contributed to the January 2005 Comprehensive Peace Agreement between Khartoum and South Sudan. RESOLVED: Shareholders request that the Board institute procedures to prevent holding investments in companies that, in the judgment of the Board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights. DISCUSSION: In addition to preventing future investments in problem companies, the proposal calls for corrective action to address existing investments in problem companies. If the fund can effectively influence the problem company’s management, then this may be an appropriate action. If not, the security should be sold.
This concludes the text of the proponents’ proposal and supporting statement. No fund is responsible for the contents of the proposal or the supporting statements. A fund will provide the names, addresses, and shareholdings (to the fund’s knowledge) of the proponents of the shareholder proposal promptly upon written request sent to the Clerk of the fund, attention “Fund Shareholder Meetings,” One Post Office Square, Boston, Massachusetts 02109, or by calling 1-888-221-0697 (this is a phone line set up to handle these requests; if you have any requests regarding how to vote your shares, please call 1-866-451-3787). The Trustees’ Response to the Shareholder Proposal and Recommendation ►Why are the Trustees recommending a vote against the proposals? The Trustees naturally condemn genocide, crimes against humanity and similar egregious violations of basic human rights. However, for the reasons set forth below, the Trustees recommend a vote against the shareholder proposals. The U.S. Government maintains a comprehensive set of laws and regulations governing business relationships with countries that are believed to be responsible for egregious violations of basic human rights. These laws and regulations reflect consideration by experienced foreign policy experts of the nature of the particular problems in each country and often involve complex judgments whether certain types of business relationships might contribute to the problems in a particular country or, alternatively, might contribute to improving the conduct of the political regimes involved and the living conditions of the local populations. Putnam Management is committed to complying fully with all such laws and regulations currently in effect or that the U.S. Government might enact in the future with respect to investments in companies doing business with or in particular countries. The proposed shareholder resolution calls upon the Board of Trustees to establish procedures and exercise its own judgment on these matters. The Trustees believe that this proposal would involve the Board in making judgments on matters that are beyond the range of its expertise and would inappropriately involve the Board in the process of making investment judgments for your fund’s portfolio. As a general matter, the Trustees also believe that imposing constraints on the range of investment opportunities legally available to your fund solely because of political or social considerations would not be in the best interests of shareholders. Under your fund’s management contract with Putnam Management, Putnam Management has a fiduciary duty to examine the entire universe of potential investments to identify attractive securities in its efforts to deliver superior long-term investment results for clients. The available investment universe for each fund is defined by its stated investment objective and policies, as limited by applicable laws as noted above. Putnam Management has advised the Trustees that the process of identifying attractive securities for a fund’s portfolio includes an assessment of all relevant factors that could impact a security’s future value, including, for example, the risks associated with doing business with or in countries that ar e accused of egregious human rights violations. The Trustees believe that shareholders have invested in a fund based on the expectation that a fund would pursue the broad range of investment opportunities described in its prospectus and that it would not be appropriate to begin imposing additional limitations
at this time based solely on political and social considerations. The Trustees believe that such limitations would be contrary to the interests of shareholders who are relying on Putnam Management to exercise its best investment judgment to help them meet important personal investment goals such as financing education, retirement and other critical personal needs. ►What are the Trustees recommending? The Trustees unanimously recommend that shareholders vote “AGAINST” this shareholder proposal. ► What is the voting requirement for approving the shareholder proposal? Approval of the proposal requires an affirmative vote of a majority of the Trustees who are not “interested persons”shares voted for each affected fund. ► What is the effect of Putnam Management ora favorable vote on the funds, recommend that shareholders approve the proposed new management contracts.shareholder proposal? 13The shareholder proposal described above represents recommendations to the Board of Trustees and is not legally binding. In the event that such a proposal is approved by shareholders, the Board of Trustees would take any such approval into consideration in determining whether the course of action recommended by such proposal would be in the best interests of each fund and its shareholders.
Further Information About Voting and the Special Meeting Quorum and Methods of Tabulation.The shareholders of each fund vote separately with respect to each proposal other than the proposal. In theelection of Trustees (Proposal 1), in which case shareholders of all closed-end funds,each series of a majoritytrust vote together as a single class. Thirty percent of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the meeting. In the case of each other fund, 30% of the shares entitled to vote constitutes a quorum. Shares of all classes of each fund vote together as a single class. Votes cast by proxy or in person at the meeting will be counted by persons appointed by your fund as tellers for the meeting. The tellers will count the total number of votes cast “for”for approval of thea proposal for purposes of determining whether sufficient affirmative votes have been cast. Shares represented by proxies that reflect abstentions and “broker non-votes”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 entitledent itled to vote and (ii) the broker or nominee does not have the discretionary voting power on a particular matter) will be counted as shares that are present and entitled to vote on the matter for purposes of determining the presence of a quorum. The documents that authorize Putnam Fiduciary Trust Company or Putnam Investor Services, Inc. to act as Trustee for certain individual retirement accounts (including traditional, Roth and SEP IRAs, 403(b)(7) accounts and Coverdell Education Savings Accounts) provide that if an account owner does not submit voting instructions for his or her shares, Putnam Fiduciary Trust Company or Putnam Investor Services, Inc. will vote such shares in the same proportions as other shareholders with similar accounts have submitted voting instructions for their shares. Shareholders should be aware that this practice, known as “echo-voting,” may have the effect of increasing the number of shares voted in favor of the proposal (possibly increasing the likelihood that thea proposal will be approved)acted upon (approved or disapproved) and that Putnam Fiduciary Trust Company or Putnam Investor Services, Inc., each of which is an affiliate of Putnam Management, may benefit indirectly from the approval of the proposed new management contracts.
Abstentions With respect to the election of Trustees, neither abstentions nor broker non-votes have an effect on the outcome of the proposal. With respect to other proposals, abstentions and broker non-votes have the effect of a negative vote on the proposal. Treatingvotes against such proposals. For Proposals 2-4, treating broker non-votes as negative votes may result in a proposal not being approved, even though the votes cast in favor would have been sufficient to approve the proposal if some or all of the broker non-votes had been withheld. In certain circumstances in which a fund has receivedsufficient votes to approve a matter being recommended for approval by the fund’s Trustees, the fund may request that brokers and nominees, in their discretion, withhold submission of broker non-votes in order to avoid the need for solicitation of additional votes in favor of the proposal. A fund may also request that selected brokers and nominees, in their discretion, submit broker non-votes, if doing so is necessary to obtain a quorum.
Shareholders who object to any proposal in this Proxy Statement will not be entitled under Massachusetts law or the Agreement and Declaration of Trust of the particular Putnam fund to demand payment for, or an appraisal of, their shares. Special Rule for Proportional Voting(for Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund and Putnam Municipal Opportunities Trust).For funds listed on the New York Stock Exchange that have outstanding preferred shares, in accordance with the rules of the New York Stock Exchange, brokerage firms may vote for or against a proposal, on behalf of their clients who beneficially own the remarketed or auction rate preferred shares and from whom they have not received voting instructions, in the same proportion as votes for and against such proposal have been received from holders of preferred shares if (i) a minimum of 30% of the outstanding preferred shares have been voted by the holders of preferred shares, (ii) holders of less than 10% of the outstanding preferred shar es have voted against the proposal and (iii) the holders of the common shares have approved the proposal.q uorum.
Other business.The Trustees know of no matters other than those described in this proxy statementset forth herein to be brought before the meeting. If, however, any other matters properly come before the meeting, proxies will be voted on such matters in accordance with the judgment of the persons named in the enclosed form of proxy.
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. 14
Information for all Putnam fundsexceptfunds that are series of Putnam Variable Trust
| Information for all Putnam fundsexceptfunds that | are series of Putnam Variable Trust |
Solicitation of proxies.In addition to soliciting proxies by mail, Trustees of your fund and employees of Putnam Management, Putnam Fiduciary Trust CompanyInvestor Services, Inc. and Putnam Retail Management may solicit proxies in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for voting proxies by telephone are designed to authenticate shareholders’ identities, to allow them to authorize the voting of their shares in accordance with their instructions, and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be counted at the meeting. Your fund is unaware of any such challenge at this time. Shareholders would be called at the phone numb ernumber Putnam ManagementMan agement 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. Common shareholdersShareholders have the opportunity to submit their voting instructions via the Internet by using a program provided by a third-party vendor hired by Putnam Management or by automated telephone service. The giving of a proxy will not affect your right to vote in person should you decide to attend the meeting. To use the Internet, please access the Internet address listed on yourthe proxy card and follow the instructions on the Internet site. To record your voting instructions via automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions, and to confirm that shareholders’ instructions have been recorded properly. Shareholders voting via the Internet should understand that there may be costs associated with electronic access, such as usage charges from Internet access providers and telephone companies, that must be borne by the shareholders.
Your fund’s Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies. Consistent with this policy, your fund may solicit proxies from shareholders who have not voted their shares or who have abstained from voting, including brokers and nominees.
Revocation of proxies.Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, (iv) in the case of brokers and nominees, by submitting written instructions to your fund’s solicitation agent or the applicable record shareholders, or (v) by attending the meeting and voting in person. Information for funds that are series of Putnam Variable Trust
| Information for funds that are series of | Putnam Variable Trust |
Voting Process.With respect to funds that are series of Putnam Variable Trust only, as of the Record Date, certain insurance companies (each an “Insurance Company”) were shareholders of record of each fund that is a series of Putnam Variable Trust. Each Insurance Company will vote shares of the fund or funds held by it in accordance with voting instructions received from variable annuity contract and variable life insurance policy owners (collectively, the “Contract Owners”) for whose accounts the shares are held. Accordingly, with respect to funds that are series of Putnam Variable Trust, this proxy statement is also intended to be used by each Insurance Company in obtaining these voting instructions from Contract Owners. In the event that a Contract Owner gives no instructions, the relevant Insurance Company will vote the shares of the appropriate fund attributable to the Contract Owner in the same proportion as shares of thatth at fund for which it has received instructions. One effect of this system of proportional voting is that, if only a small number of Contract Owners provide voting instructions, this small number of Contract Owners may determine the outcome of a vote for a fund.
Solicitation of proxies.In addition to soliciting proxies and voting instructions by mail, the Trustees of your fund and employees of Putnam Management, Putnam Fiduciary Trust Company,Investor Services Inc., Putnam Retail Management and the Insurance Companies may solicit voting instructions from Contract Owners in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for solicitation of proxies and voting
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instructions by telephone are designed to authenticate Contract Owners’ identities, to allow them to authorize the voting of their units in accordance with their instructions, and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be counted at the meeting.meeti ng. Your fund is unaware of any such challenge at this time. Contract Owners would be called at the phone number Putnam Management has in its records for their accounts (or that Putnam Management obtains from the Insurance Companies), and would be asked for their Social Security number or other identifying information. The Contract Owners would then be given an opportunity to give their instructions. To ensure that the Contract Owners’ instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case the information contained in the confirmation is incorrect. Contract Owner Instructions.Each Contract Owner is entitled to instruct his or her insurance company as to how to vote its shares and can do so by marking voting instructions on the ballot enclosed with this proxy statement and then signing, dating and mailing the ballot in the envelope provided. If a ballot is not marked to indicate voting instructions, but is
signed, dated and returned, it will be treated as an instruction to vote the shares in favor ofaccordance with the proposal.Trustees’ recommendations. Each Insurance Company will vote the shares for which it receives timely voting instructions from Contract Owners in accordance with those instructions and will vote those shares for which it receives no timely voting instructions for and against approval of a proposal, and as an abstention, in the same proportion as the shares for which it receives voting instructions. Shares attributable to accounts retained by each Insurance Company will be voted in the same propor tionproportion as votes cast by Contract Owners. Accordingly, there are not expected to be any “broker non-votes.”
Contract Owners have the opportunity to submit their voting instructions via the Internet by utilizing a program provided by a third party vendor hired by Putnam Management or by automated telephone service. The giving of such voting instructions will not affect your right to vote in person should you decide to attend the meeting. To use the Internet, please access the Internet address listed on yourthe proxy card, and follow the instructions on the Internet site. To record your voting instructions via automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate ContractOwners’ identities, to allow Contract Owners to give their voting instructions, and to confirm that their instructions have been recorded properly. Contract Owners voting via the Internet should understand that there may be costs associated with electronic access, such as usage charges from Internet access providers anda nd telephone companies, that must be borne by the Contract Owners. Your fund’s Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies and the giving of voting instructions. Consistent with this policy, your fund may solicit proxies from Contract Owners who have not voted their shares or who have abstained from voting. Revocation of instructions.Any Contract Owner giving instructions to an Insurance Company has the power to revoke such instructions by mail by providing superseding instructions. All properly executed instructions received in time for the meeting will be voted as specified in the instructions. Revocation of proxies.Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, or (iv) by attending the meeting and voting in person. Information for all Putnam funds other than the closed-end funds
| Information for all Putnam funds |
Date for receipt of shareholders’ proposals for subsequent meetings of shareholders. Your fund does not regularly hold an annual shareholder meetings,meeting, but may from time to time schedule a special meetings.meeting. In addition, your fund has voluntarily undertaken to hold a shareholder meetingsmeeting at least every five years for the purpose of electing your fund’s Trustees;Trustees. As the last such meeting was held in 2004.2004, the fund’s 2009 special meeting will satisfy this undertaking. The next such meeting is expected to be held in 2014. In accordance with the regulations of the SEC, in order to be eligible for inclusion in the fund’s proxy statement for such
a meeting, a shareholder or Contract Owner proposal must be received a reasonable time before the fund prints and mails its proxy statement. TheAs described in more detail earlier in this proxy statement, the Board Policy and Nominating Committee of the Board of Trustees, which consists of Independent Trustees only, will also consider nominees recommended by shareholders of the fund to serve as Trustees. A shareholder or Contract Owner must submit the names of any such nominees in writing to
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the fund, to the attention of the Clerk, at the address of the principal offices of the fund. If a shareholder who wishes to present a proposal at a special shareholder meeting fails to notify the fund within a reasonable time before the fund mails its proxy statement, the persons named as proxies will have discretionary authority to vote on the shareholder’s proposal if it is properly brought before the meeting. If a shareholder makes a timely notification, the proxies may still exercise discretionary voting authority under circumstances consistent with the SEC’s proxy rules. All shareholder proposals must also comply with other requirements of the SEC’s rules and the fund’s Agreement and Declaration of Trust. Information for all Putnam closed-end fundsTrust and By-laws.
Date for receipt of shareholders’ proposals for the next annual meeting.It is currently anticipated that your fund’s next annual meeting of shareholders will be held in the month/year indicated below:
Putnam California Investment Grade | | Municipal Trust | October 2007 | Putnam High Income Securities Fund | January 2008 | Putnam High Yield Municipal Trust | October 2007 | Putnam Investment Grade Municipal Trust | October 2007 | Putnam Managed Municipal Income Trust | October 2007 | Putnam Master Intermediate Income Trust | January 2008 | Putnam Municipal Bond Fund | October 2007 | Putnam Municipal Opportunities Trust | October 2007 | Putnam New York Investment Grade | | Municipal Trust | October 2007 | Putnam Premier Income Trust | January 2008 | Putnam Tax-Free Health Care Fund | October 2007 |
The Trustees of your fund reserve the right to set an earlier or later date for the next meeting. Shareholder proposals to be included in the proxy statement for that meeting must be received by your fund on or before July 23, 2007 for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust and May 18, 2007 for the other closed-end funds identified above. In order for a shareholder proposal to be included in the proxy statement, both the submitting shareholder and the proposal itself must satisfy the requirements set forth in Rule 14a-8 under the Securities Exchange Act of 1934, as amended. Shareholders who wish to make a proposal at the next annual meeting — other than one that will be included in the fund’s proxy materials —should notify the fund no later than October 6, 2007 for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust and August 1, 200 7 for the other closed-end funds identified above. Shareholders whowish to propose one or more nominees for election as Trustees, or to make a proposal fixing the number of Trustees, at the next annual meeting must provide written notice to the fund (including all required information) so that such notice is received in good order by the fund no earlier than October 13, 2007 and no later than November 12, 2007 for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust and no earlier than August 1, 2007 and no later than August 31, 2007 for the other closed-end funds identified above.
The Board Policy and Nominating Committee will also consider nominees recommended by shareholders of each fund to serve as Trustees. A shareholder must submit the names of any such nominees in writing to the fund, to the attentionExpense of the Clerk, at the address of the principal offices of the fund.
If a shareholder who wishes to present a proposal fails to notify the fund by the dates specified above, the proxies solicited for the meeting will have discretionary authority to vote on the shareholder’s proposal if it is properly brought before the meeting. If a shareholder makes a timely notification, the proxies may still exercise discretionary voting authority under circumstances consistent with the SEC’s proxy rules. All shareholder proposals must also comply with other requirements of the SEC’s rules and the fund’s Agreement and Declaration of Trust.
Information for all Putnam funds
Expenses of Solicitation.solicitation.Persons holding shares as nominees will, upon request, be reimbursed for their reasonable expenses in soliciting instructions from their principals. The Putnam funds have retained Computershare Fund Services[ ] to aid in the solicitation of instructions for registered and nominee accounts. Computershare Fund Services’[ ] fee (estimated to be approximately $3$[ ] million), as well as the other expenses of the preparation of proxy statements and related materials, including printing and delivery costs and the proxy solicitation expenses, are borne by Marsh & McLennan and Lifeco.the funds.
Adjournment.Adjournment. If sufficient votes in favor the proposalof one or more of Proposals 1-4, or sufficient votes against Proposal 5, set forth in the Notice of a Special Meeting of Shareholders are not received by the time scheduled for the meeting or if the quorum required for the proposalproposals has not been met, the persons named as proxies may propose adjournments of the special meeting with respect to such proposal(s) for a period or periods of not more than 60 days in the aggregate to permit further solicitation of proxies. Any
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adjournment with respect to a proposal will require the affirmative vote of a majority of the votes cast on the question in person or by proxy at the session of the meeting to be adjourned. The persons named as proxies will vote in favor of such adjournment those proxies that they are entitled to vote in favor of the proposal.Proposals 1-4 and those proxies they are entitled to vote against Proposal 5. They will vote against any such adjournment those proxies re quired to be voted against Proposals 1-4 and those proxies required to be voted againstfor Proposal 5. Your fund pays the proposal.costs of any additional solicitation and of any adjourned session. Any proposal for which sufficient favorable votes have been received by the time of the meeting may be acted upon and considered final regardless of whether the meeting is adjourned to permit additional solicitation with respect to any other proposal.
Duplicate mailings.As permitted by SEC rules, Putnam’s policy is to send a single copy of the proxy statement to shareholders who share the same last name and address, unless a shareholder previously has requested otherwise. Separate proxy ballotscards will be included with the proxy statement for each account registered at that address. If you would prefer to
receive your own copy of the proxy statement, please call our proxy information linecontact Putnam Investor Services by phone at 1-866-905-2396.1-800-225-1581 or by mail at P.O. Box 8383, Boston, MA 02266-8383. Financial information. Your fund’s Clerk will furnish to you, upon request and without charge, a copy of the fund’s annual report for its most recent fiscal year, and a copy of its semiannual report for any subsequent semiannual period. You may direct such requests to Putnam Investor Services, P.O. Box 41203, Providence, RI 02940-12038383, Boston, MA 02266-8383 or by phone at 1-800-225-1581. You may also access copies of these reports by visiting Putnam’s website at http://www.putnam.com/individual.
Fund Information Putnam Investments.Putnam Investment Management, LLC, your fund’s investment manager and administrator, is owned through a subsidiaryseries of holding companies by Putnam Investments, LLC (Putnam Investments)(“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 owned (through a series of holding companies) by Great-West Lifeco Inc., which is a financial services holding company with interests in turn owned by Marsh & McLennan,the life insurance, retirement, savings, and reinsurance businesses. Its businesses have operations in Canada, the United States and Europe. Great-West Lifeco Inc. is a leading professional services firm that includes risk and insurance services, investmentmajority-owned subsidiary of Power Financial Corporation. Power Financial Corporation is a diversified management and consulting businesses. Followingholding company that has interests, directly or indirectly, in companies that are active in the transaction describedfinancial services sector in this Proxy Statement, Putnam Investments Trust will beCanada, the United States and Europe. It also has substantial holdings in a wholly owned subsidiarygroup of Great-West, as described above,energy, water, waste service s, specialty minerals and cement and building materials companies in Europe. Power Corporation of Canada, will bea diversified international management and holding company, owns a majority of the ultimate parent companyvoting securities of Putnam Investment Management, LLC. Effective January 1, 2007, Putnam ManagementPower Financial Corporation. The Hon. Paul Desmarais, Sr., through a group of holding companies that he controls, has delegated responsibility for providing certain administrative, pricing and bookkeeping services for the funds to State Street Bank and Trust Company.voting control of Power Corporation of Canada. The address of each of Putnam Investments Trust, Putnam Investments and Putnam Investment Management LLC, is One Post Office Square, Boston, Massachusetts 02109. The address of the executive officesGreat-West Lifeco Inc. is 100 Osborne Street North, Winnipeg, Manitoba R3C 3A5. The address of Marsh & McLennanMr. Desmarais, Power Corporation of Canada and Power Financial Corporation is 1166 Avenue of the Americas, New York, New York 10036. Charles E. Haldeman, Jr.751 Victoria Square, Montreal, Quebec H2Y 2J3, Canada. Robert L. Reynolds is the President and Chief Executive Officer of Putnam Investments. His address is One Post Office Square, Boston, MassachusettsMA 02109. The addresses of the Putnam companies and Mr. Haldeman are not expected to change following the completion of the transaction. Putnam Management provides investment advisory services to other funds that may have investment objectives and policies similar to those of your fund. The table inAppendix HRidentifies these other funds and states their net assets and thetheir current management fees that they paid to Putnam Management during the fiscal years noted.fee schedules. Putnam Investments Limited and The Putnam Advisory Company, LLC.Limited.Putnam Investments Limited, which has been retained by Putnam Investment Management LLC as investment sub-adviser with respect to a portion of the assets of certain funds, is a subsidiary of Theowned by Putnam Advisory Company,International Holdings, LLC, which is a holding company owned by Putnam Advisory Company LP, a subsidiary of Putnam Investments. Simon Davis, Co-Chief Investment Officer of Putnam’s 18
International Core Equity investment team, is a director and the Chief Executive Officer of Putnam Investments Limited. The other directors of Putnam Investments Limited, listed along with their principal business occupations at Putnam Investments, are David Puddle (Senior International Account Manager), Joseph T. Phoenix (Head of European Distribution), Jeffrey R. Peters (Head of International Business), and Anton Simon (Team Leader, European High Yield investment team). Putnam Advisory Company LP’s general partner is Putnam Advisory Company GP, Inc. Putnam Advisory Company GP, Inc. is a wholly owned subsidiary of Putnam Investments, which is also the sole limited partner of Putnam Advisory Company LP. The Putnam Advisory Company, LLC has also been retained to serve as a sub-adviser for a portion of the assets of Putnam International Equity Fund.
[ ]. The address of Putnam Investments Limited and of Mr. Davis,[ ] and each director of Putnam Investments Limitedthe directors is Cassini House, 57-59 St. James’s Street, London, England SW1A 1LD. The address of Putnam International Holdings, LLC is One Post Office Square, Boston, Massachusetts 02109.
The Putnam Advisory Company, LLC.The Putnam Advisory Company, LLC, which has also been retained by [Putnam Management] to serve as sub-adviser for a portion of the assets of certain funds, is owned by Putnam Advisory Company, Limited Partnership, a holding company whose general partner (and minority owner) is Putnam Advisory Company GP, Inc., a holding company that is owned by Putnam, LLC, a holding company subsidiary (through a series of other holding companies) of Putnam Investments that is also the majority owner of Putnam Advisory Company, Limited Partnership and the sole owner of Putnam Advisory Company GP, Inc. The address of each of The Putnam Advisory Company, LLC, Putnam Advisory Company, LP,Limited Partnership, Putnam Advisory Company GP, Inc. and Putnam, Advisory CompanyLLC is One Post Office Square, Boston, Massachusetts 02109. Putnam Retail Management.Putnam Retail Management, your fund’s principal underwriter, is a limited partnership whose general partner (and minority owner) is Putnam Retail Management GP, Inc. and whose limited partner and majority owner is Putnam, LLC, which is also the sole owner of Putnam Retail Management GP, Inc. The address of each of Putnam Retail Management and Putnam Retail Management GP, Inc. is One Post Office Square, Boston, Massachusetts 02109. Putnam Fiduciary Trust Company.Investor Services, Inc.Putnam Investor Services, Inc. served as your fund’s investor servicing agent. Prior to January 1, 2009, your fund’s investor servicing agent was Putnam Fiduciary Trust Company the fund’s investor servicing agent(“PFTC”). Both Putnam Investor Services, Inc. and custodian, is a subsidiary of Putnam Investments. Its address is One Post Office Square, Boston, Massachusetts 02109. The funds have retained State Street Bank and Trust Company as custodian, and it is expected that Putnam Fiduciary Trust Company’s service as custodian will terminate during the first half of 2007 when all of the funds’ assets in its custody or the custody of its sub-custodians have been transferred into State Street Bank and Trust Company’s safekeeping. Putnam Retail Management.Putnam Retail Management Limited Partnership, the fund’s principal underwriter (“PRM”), is a subsidiary of Putnam Investments. Putnam Retail Management GP, Inc. is the general partner of PRM, and also owns a minority stake in PRM. Putnam Retail Management GP, Inc. is a wholly owned subsidiaryPFTC are subsidiaries of Putnam Investments. The address of PRMPutnam Investor Services, Inc. and Putnam Retail Management GP, Inc.PFTC is One Post Office Square, Boston, Massachusetts 02109.
Payments to Putnam Management or its affiliates. Appendix ISshows amounts paid to Putnam Management or its affiliates during each fund’s most recent fiscal year (ended between July 31, 2008 and June 30, 2009) for the services noted. The funds made no other material payments to Putnam Management or its affiliates during the periods shown. Limitation of Trustee liability.Your fund’s Agreement and Declaration of Trust provides that the fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the fund, except if it is determined in the manner specified 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. Officers and other information.All of the officers of your fund with the exception of George Putnam, III, the fund’s President, are employees of Putnam Management or its affiliates or serve on the staff of the Office of the Trustees. Because of theirhis positions with Putnam Management or its affiliates, or their ownership of stock of Marsh & McLennan, the parent corporation of Putnam Investments Trust and indirectly of Putnam Investments, Messrs. Haldeman and Putnam,Mr. Reynolds, as well as the other affiliated officers of your fund, except those who serve on the staff of the Office of the Trustees, will benefit from the management fees, distribution fees, custodian fees and investor servicing fees paid or allowed by your fund. In addition to Mr. Haldeman, certain of your fund’s executive officers (other than Mr. Putnam and those officers who are members of the Trustees’ independent administrative staff) own class B shares of Putnam Inves tments Trust or options to purchase class B shares and, accordingly, will benefit, pro rata with other holders of class B shares and options, from the payments to be made with respect to class B shares and options in connection with the transaction, as described above under “The Stock Purchase Agreement.” In addition to Mr. Putnam,Reynolds, the other officers of your fund are as follows: 19
Name, Year of birth, | | | | Year first elected | | Name (year of birth), | elected to | Business experience | Office with the fund | to office | Business experience during past 5 years |
| | Charles E. Porter (Born 1938)* | 1989 | Executive Vice President, | Executive Vice President, Associate Treasurer, | Executive Vice President, Associate Treasurer,Principal | | Principal Executive Officer, and Compliance Liaison, | Principal Executive Officer, Associate Treasurer and Compliance Liaison | | The Putnam FundsAssociate Treasurer and | Compliance Liaison | | Compliance Liaison, The | | | Putnam Funds. | | | | Jonathan S. Horwitz (Born 1955)* | 2004 | Senior Vice President and | Senior Vice President and Treasurer The Putnam Funds. | Senior Vice President and Treasurer | | Prior to 2004, Mr. Horwitz was a Managing Director atTreasurer, The Putnam | | | Putnam InvestmentsFunds. |
| | | Steven D. Krichmar (Born 1958) | 2002 | Senior Managing Director, Putnam Investments | Vice President and Principal Financial | | Putnam Investments. | Officer | | |
| | | Janet C. Smith (Born 1965) | 2006 | Managing Director, Putnam Investments | Vice President, Assistant Treasurer and | | Investments. | Principal Accounting Officer | | | Principal Accounting | | | Susan G. Malloy (Born 1957) | 2007 | Managing Director, Putnam | Vice President and Assistant Treasurer | | Investments. | | | | Beth Mazor (Born 1958) | 2002 | Managing Director, Putnam | Vice President | | Investments. | | | | Robert R. Leveille (Born 1969) | 2007 | Managing Director, Putnam | Vice President and Chief Compliance | | Investments. | Officer | | |
| Susan G. MalloyMark C. Trenchard (Born 1957)1962) | 20072002 | Managing Director, Putnam Investments | Vice President and Assistant TreasurerBSA Compliance | | Investments. | Officer | | |
| | | Beth Mazor (Born 1958) | 2002 | Managing Director, Putnam Investments | Vice President | | |
| Robert R. Leveille (Born 1969) | 2007 | Managing Director, Putnam Investments. | Chief Compliance Officer | | Prior to 2005, Mr. Leveille was a member of Bell Boyd & | | | Lloyd LLC, and prior to 2003 he was Vice President and | | | Senior Counsel of Liberty Funds Group LLC |
| Mark C. Trenchard (Born 1962) | 2002 | Managing Director, Putnam Investments | Vice President and BSA Compliance Officer | | |
| Francis J. McNamara, III (Born 1955) | 2004 | Senior Managing Director, Putnam Investments, Putnam | Vice President and Chief Legal Officer | | Management and Putnam Retail Management. Prior toInvestments, Putnam | | | 2004, Mr. McNamara was General Counsel of State StreetManagement and Putnam | | | Research & ManagementRetail Management. | | | | James P. Pappas (Born 1953) | 2004 | Managing Director, Putnam | Vice President | | Investments and Putnam | | | Management. | | | | Judith Cohen (Born 1945)* | 1993 | Vice President, Clerk and | Vice President, Clerk and Assistant | | Assistant Treasurer, The | Treasurer | | Putnam Funds. |
| | | | Year first | | Name (year of birth), | elected to | Business experience | Office with the fund | office | during past 5 years |
| James P. Pappas (Born 1953) | 2004 | Managing Director, Putnam Investments and Putnam | Wanda M. McManus (Born 1947)* | 1993 | Vice President, Senior | Vice President, Senior Associate Treasurer | | Management. During 2002, Mr. Pappas was Chief OperatingAssociate Treasurer and | and Assistant Clerk | | Assistant Clerk, The Putnam | | | Officer of Atalanta/Sosnoff Management CorporationFunds. |
| | | Richard S. Robie IIINancy E. Florek (Born 1960)1957)* | 20042000 | Senior Managing Director, Putnam Investments, PutnamVice President, Assistant | Vice President, Assistant Clerk, Assistant | | ManagementClerk, Assistant Treasurer | Treasurer and Putnam Retail Management. Prior toProxy Manager | | and Proxy Manager, The | | | 2003, Mr. Robie was Senior Vice President of United Asset | | | Management Corporation |
| Judith Cohen (Born 1945)* | 1993 | Clerk and Assistant Treasurer, | Vice President, Assistant Treasurer and Clerk | | The Putnam Funds |
| Wanda M. McManus (Born 1947)* | 1993 | Vice President, Senior Associate Treasurer and Assistant | Vice President, Senior Associate Treasurer and | | Clerk, The Putnam Funds | Assistant Clerk | | |
| Nancy E. Florek (Born 1957)* | 2000 | Vice President, Assistant Clerk, Assistant Treasurer and | Vice President, Assistant Clerk, Assistant Treasurer | | Proxy Manager, The Putnam Funds | and Proxy Manager | | | Funds. |
*Officers of each fund who are members of the Trustees’ independent administrative staff. Compensation for these individuals is fixed by the Trustees and reimbursed to Putnam Management. 5% Beneficial Ownership.As of February 9, 2007,June 30, 2009, to the knowledge of the funds, no person other than those listed onAppendix JTowned beneficially or of record 5% or more of any class of shares of any Putnam fund.
Below is the form of proxy card for all fundsexcept: | | | | Putnam Asia Pacific Equity Fund | Putnam International Growth and Income Fund | | Putnam Emerging Markets Equity Fund | Putnam International New Opportunities Fund | | Putnam Europe Equity Fund | Putnam New Opportunities Fund | | Putnam Global Equity Fund | Putnam Small Cap Growth Fund | | Putnam Growth Opportunities Fund | Putnam Vista Fund | | Putnam International Capital Opportunities Fund | Putnam Voyager Fund | | Putnam International Equity Fund | |
Security Ownership.The proxy card
| | | | | To vote by mail | To vote by telephone | To vote on the web | | | | | | Read the proxy statement. | Read the proxy statement and | Read the proxy statement and have the proxy | | Check the appropriate boxes | have the proxy card at hand. | card at hand. | | on the reverse side. | Call 1-866-451-3787. | Go tohttps://www.proxyweb.com/Putnam. | | | | | Sign and date the proxy card. | Follow the automated | Follow the instructions on the site. | | | telephone directions. | | | Return the proxy card in the | | There is no need for you to return your proxy | | envelope provided. | There is no need for you to | card. | | | return your proxy card. | |
[FUND NAME PRINTS HERE] By signing below, you, as a shareholder of [FUND NAME PRINTS HERE], appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote all your shares on your behalf at the meeting of the shareholders of [FUND NAME PRINTS HERE] to be held on November 19, 2009 at 11:00 a.m., Boston time, and any adjournments to later times or dates.Your proxy is being solicited on behalf of the Trustees.When you complete and sign the proxy card, your shares will be voted on your behalf exactly as you have indicated on the other side of this card.If you simply sign the proxy card, or don’t vote on a specific proposal, your shares will be automatically voted as the Trustees recommend.The proxies are also authorized to vot e at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.
| | Proposals | Please vote by filling in the appropriate boxes below. |
| Please vote by filling in the appropriate boxes below. | If you do not mark the proposals, your proxy will be voted as the Trustees recommend. | PLEASE MARK VOTES AS IN THIS EXAMPLE: ■ | |
| □ To vote on all proposalsas the Trustees recommend, mark this box. (No other vote is necessary.) |
|
| | | | | | | | | | | THE TRUSTEES RECOMMEND A VOTEFORPROPOSALS 1, 2, 3, AND 4. | | | | | | | | | | FOR | WITHHOLD | FOR ALL | 1. | Electing your fund’s nominees for Trustees. | | | ALL | ALL | EXCEPT | | □ | □ | □ | | 01. | R. Akhoury | 02. | J. A. Baxter | 03. | C. B. Curtis | | | | | 04. | R. J. Darretta | 05. | M.R. Drucker | 06. | J. A. Hill | | | | | 07. | P. L. Joskow | 08. | E. T. Kennan | 09. | K. R. Leibler | | | | | 10. | R. E. Patterson | 11. | G. Putnam, III | 12. | R. L. Reynolds | | | | | 13. | W. T. Stephens | 14. | R. B. Worley | | | | | |
| | | | | | INSTRUCTIONS:To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL | | | | | EXCEPT” and write the nominee’s number on the line provided below. | FOR | AGAINST | ABSTAIN | |
| | | 2. | Approving a proposed new management contract for your fund. | □ | □ | □ | | | | 3.A. | Approving an amendment to your fund’s fundamental investment restriction with respect to | □ | □ | □ | | investments in commodities. | | | | | | | 3.B. | Approving an amendment to your fund’s fundamental investment restriction with respect to | □ | □ | □ | | diversification of investments. | | | | | | | 3.C. | Approving an amendment to your fund’s fundamental investment restriction with respect to | □ | □ | □ | | the acquisition of voting securities. | | | | | | | 3.D. | Approving an amendment to your fund’s fundamental investment restriction with respect to | □ | □ | □ | | borrowing. | | | | | | | 3.E. | Approving an amendment to your fund’s fundamental investment restriction with respect to | □ | □ | □ | | making loans. | | | | | | | 4.A. | Approving an amendment to your fund’s agreement and declaration of trust with respect to | □ | □ | □ | | the duration of the trust. | | | | | | | 4.B. | Approving an amendment to your fund’s agreement and declaration of trust with respect to | □ | □ | □ | | redemption at the option of the trust. | | | | | | | | THE TRUSTEES RECOMMENDA VOTEAGAINSTPROPOSAL 5. | | | | | | | | | 5. | For Putnam Asset Allocation: Growth Portfolio: Shareholders request that the Board institute | □ | □ | □ | | procedures to prevent holding investments in companies that, in the judgment of the Board, | | | | | substantially contribute to genocide or crimes against humanity, the most egregious | | | | | violations of human rights. | | | | | If you have any questions on these proposals, please call 1-888-221-0697. | | | |
| Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on November 19, 2009. | The proxy statement for this meeting is available at https://www.proxyweb.com/Putnam. | |
| Please sign and date the other side of this card | |
| Below is the form of proxy card for the following funds: |
| | | | Putnam Asia Pacific Equity Fund | Putnam International Growth and Income Fund | | Putnam Emerging Markets Equity Fund | Putnam International New Opportunities Fund | | Putnam Europe Equity Fund | Putnam New Opportunities Fund | | Putnam Global Equity Fund | Putnam Small Cap Growth Fund | | Putnam Growth Opportunities Fund | Putnam Vista Fund | | Putnam International Capital Opportunities Fund | Putnam Voyager Fund | | Putnam International Equity Fund | |
The proxy card | | | | | To vote by mail | To vote by telephone | To vote on the web | | | | Read the proxy statement. | Read the proxy statement and | Read the proxy statement and have the proxy | | | have the proxy card at hand. | card at hand. | | Check the appropriate boxes | | | | on the reverse side. | Call 1-866-451-3738. | Go tohttps://www.proxyweb.com/Putnam. | | | | | | Sign and date the proxy card. | Follow the automated | Follow the instructions on the site. | | | telephone directions. | | | Return the proxy card in the | | There is no need for you to return your proxy | | envelope provided. | There is no need for you to | card. | | | return your proxy card. | |
[FUND NAME PRINTS HERE] By signing below, you, as a shareholder of [FUND NAME PRINTS HERE], appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote all your shares on your behalf at the meeting of the shareholders of [FUND NAME PRINTS HERE] to be held on November 19, 2009 at 11:00 a.m., Boston time, and any adjournments to later times or dates.Your proxy is being solicited on behalf of the Trustees.When you complete and sign the proxy card, your shares will be voted on your behalf exactly as you have indicated on the other side of this card.If you simply sign the proxy card, or don’t vote on a specific proposal, your shares will be automatically voted as the Trustees recommend.The proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.
| | Proposals | Please vote by filling in the appropriate boxes below. |
| Please vote by filling in the appropriate boxes below. | If you do not mark the proposals, your proxy will be voted as the Trustees recommend. | PLEASE MARK VOTES AS IN THIS EXAMPLE: ■ | |
| □ To vote on all proposalsas the Trustees recommend, mark this box. (No other vote is necessary.) |
|
| | | | | | | | | | | THE TRUSTEES RECOMMEND A VOTEFORPROPOSALS 1, 2, AND 3. | | | | | | | | | | FOR | WITHHOLD | FOR ALL | 1. | Electing your fund’s nominees for Trustees. | | | ALL | ALL | EXCEPT | | | 01. | R. Akhoury | 02. | J. A. Baxter | 03. | C. B. Curtis | □ | □ | □ | | 04. | R. J. Darretta | 05. | M.R. Drucker | 06. | J. A. Hill | | | | | 07. | P. L. Joskow | 08. | E. T. Kennan | 09. | K. R. Leibler | | | | | 10. | R. E. Patterson | 11. | G. Putnam, III | 12. | R. L. Reynolds | | | | | 13. | W. T. Stephens | 14. | R. B. Worley | | | | | |
| | | | | | INSTRUCTIONS:To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL | FOR | AGAINST | ABSTAIN | | EXCEPT” and write the nominee’s number on the line provided below. | | | | |
| | | 2.A. | Approving a proposed new management contract for your fund withbothFund Family | □ | □ | □ | | breakpoints and performance fees. | | | | | | | 2.B. | Approving a proposed new management contract for your fund with Fund Family breakpoints | □ | □ | □ | | only. | | | | | | | 2.C. | Approving a proposed new management contract for your fund with performance feesonly. | □ | □ | □ | | | | | | 3.A. | Approving an amendment to your fund’s fundamental investment restriction with respect to | □ | □ | □ | | investments in commodities. | | | | | | | | | 3.B. | Approving an amendment to your fund’s fundamental investment restriction with respect to | □ | □ | □ | | diversification of investments. | | | | | | | | | 3.D. | Approving an amendment to your fund’s fundamental investment restriction with respect to | □ | □ | □ | | borrowing. | | | | | | | | | 3.E. | Approving an amendment to your fund’s fundamental investment restriction with respect to | □ | □ | □ | | making loans. | | | | | | | | | | THE TRUSTEES RECOMMEND A VOTEAGAINST PROPOSAL 5. | | | | | | | | | 5. | For Putnam Voyager Fund: Shareholders request that the Board institute procedures to | □ | □ | □ | | prevent holding investments in companies that, in the judgment of the Board, substantially | | | | | contribute to genocide or crimes against humanity, the most egregious violations of human | | | | | rights. | | | | | If you have any questions on these proposals, please call 1-888-221-0697. | | | |
| Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on November 19, 2009. | The proxy statement for this meeting is available at https://www.proxyweb.com/Putnam. |
| Please sign and date the other side of this card |
| | | | | | APPENDIX A – Number of Shares Outstanding as of the Record Date | | | | Putnam Absolute | Putnam Absolute | Putnam Absolute | Putnam Absolute | Putnam American | | Return 100 Fund | Return 300 Fund | Return 500 Fund | Return 700 Fund | Government Income | | | | | | Fund |
| Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | | | | | |
| Class Y | | | | | |
| | | | Putnam AMT-Free | Putnam Arizona Tax | Putnam Asia Pacific | Putnam Asset | Putnam Asset | | Municipal Fund | Exempt Income | Equity Fund | Allocation: | Allocation: | | | Fund | | Balanced Portfolio | Conservative | | | | | | Portfolio |
| Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | -- | -- | | | |
| Class Y | | | | | |
| | | | Putnam Asset | Putnam Asset | Putnam California | Putnam Capital | Putnam Capital | | Allocation: Equity | Allocation: Growth | Tax Exempt Income | Opportunities Fund | Spectrum Fund | | Portfolio | Portfolio | Fund | | |
| Class A | | | | | |
| Class B | -- | | | | |
| Class C | -- | | | | |
| Class M | -- | | | | |
| Class R | -- | | -- | | |
| Class Y | | | | | |
|
| | | | | | | Putnam Convertible | Putnam Diversified | Putnam Emerging | Putnam Equity | Putnam Equity | | Income-Growth | Income Trust | Markets Equity Fund | Income Fund | Spectrum Fund | | Trust | | | | |
| Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | | | | | |
| Class Y | | | | | |
| | | | Putnam Europe | Putnam Floating | The Putnam Fund for | The George Putnam | Putnam Global | | Equity Fund | Rate Income Fund | Growth and Income | Fund of Boston | Consumer Fund |
| Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | | | | | |
| Class Y | | | | | |
| | | | Putnam Global | Putnam Global | Putnam Global | Putnam Global | Putnam Global | | Energy Fund | Equity Fund | Financials Fund | Health Care Fund | Income Trust |
| Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | | | | | |
| Class Y | | | | | |
| | | Putnam Global | Putnam Global | Putnam Global | Putnam Global | Putnam Global | | Industrials Fund | Natural Resources | Technology Fund | Telecommunications | Utilities Fund | | | Fund | | Fund | |
| Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | | | | | |
| Class Y | | | | | |
|
| | | | | | | Putnam Growth | Putnam High Yield | Putnam High Yield | Putnam Income Fund | Putnam Income | | Opportunities Fund | Advantage Fund | Trust | | Strategies Fund |
| Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | | | | | |
| Class Y | | | | | |
| | | | Putnam International | Putnam International | Putnam International | Putnam International | Putnam Investors | | Capital | Equity Fund | Growth and Income | New Opportunities | Fund | | Opportunities Fund | | Fund | Fund | |
| Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | | | | | |
| Class Y | | | | | |
| | | | Putnam | Putnam Michigan | Putnam Mid Cap | Putnam Minnesota | Putnam Money | | Massachusetts Tax | Tax Exempt Income | Value Fund | Tax Exempt Income | Market Fund | | Exempt Income | Fund | | Fund | | | Fund | | | | |
| Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | -- | -- | | -- | |
| Class T | -- | -- | -- | -- | |
| Class Y | | | | | -- |
|
| | | | | | | Putnam Money | Putnam New Jersey | Putnam New | Putnam New York | Putnam Ohio Tax | | Market Liquidity | Tax Exempt Income | Opportunities Fund | Tax Exempt Income | Exempt Income | | Fund | Fund | | Fund | Fund |
| Class A | | | | | |
| Class B | -- | | | | |
| Class C | -- | | | | |
| Class I | | -- | -- | -- | -- |
| Class M | -- | | | | |
| Class P | | -- | -- | -- | -- |
| Class R | | -- | | -- | -- |
| Class S | | -- | -- | -- | -- |
| Class Y | -- | | | | |
| | | | Putnam | Putnam Research | Putnam | Putnam | Putnam | | Pennsylvania Tax | Fund | RetirementReady | RetirementReady | RetirementReady | | Exempt Income | | 2010 Fund | 2015 Fund | 2020 Fund | | Fund | | | | |
| Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | -- | | | | |
| Class Y | | | | | |
| | | | | Putnam | Putnam | Putnam | Putnam | Putnam | | RetirementReady | RetirementReady | RetirementReady | RetirementReady | RetirementReady | | 2025 Fund | 2030 Fund | 2035 Fund | 2040 Fund | 2045 Fund |
| Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | | | | | |
| Class Y | | | | | |
|
| | | | | | | Putnam | Putnam | Putnam Small Cap | Putnam Small Cap | Putnam Tax Exempt | | RetirementReady | RetirementReady | Growth Fund | Value Fund | Income Fund | | 2050 Fund | Maturity Fund | | | |
| Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | | | | | -- |
| Class Y | | | | | |
| | | | Putnam Tax Exempt | Putnam Tax-Free | Putnam U.S. | Putnam Vista Fund | Putnam Voyager | | Money Market Fund | High Yield Fund | Government Income | | Fund | | | | Trust | | |
| Class A | | | | | |
| Class B | -- | | | | |
| Class C | -- | | | | |
| Class M | -- | | | | |
| Class R | -- | -- | | | |
| Class Y | -- | | | | |
| | | | Putnam VT | Putnam VT Capital | Putnam VT | Putnam VT Equity | Putnam VT The | | American | Opportunities Fund | Diversified Income | Income Fund | George Putnam Fund | | Government Income | | Fund | | of Boston | | Fund | | | | |
| Class IA | | | | | |
| Class IB | | | | | |
| | | | Putnam VT Global | Putnam VT Global | Putnam VT Global | Putnam VT Global | Putnam VT Growth | | Asset Allocation | Equity Fund | Health Care Fund | Utilities Fund | and Income Fund | | Fund | | | | |
| Class IA | | | | | |
| Class IB | | | | | |
| | | | Putnam VT Growth | Putnam VT High | Putnam VT Income | Putnam VT | Putnam VT | | Opportunities Fund | Yield Fund | Fund | International Equity | International Growth | | | | | Fund | and Income Fund |
| Class IA | | | | | |
| Class IB | | | | | |
|
| | | | | | | Putnam VT | Putnam VT Investors | Putnam VT Mid Cap | Putnam VT Money | Putnam VT New | | International New | Fund | Value Fund | Market Fund | Opportunities Fund | | Opportunities Fund | | | | |
| Class IA | | | | | |
| Class IB | | | | | |
| | | | Putnam VT Research | Putnam VT Small | Putnam VT Vista | Putnam VT Voyager | | | Fund | Cap Value Fund | Fund | Fund | |
| Class IA | | | | | |
| Class IB | | | | | |
|
APPENDIX B -- Dollar Range and Number of Shares Beneficially Owned The following tables show the number of shares beneficially owned by each Trustee in each fund, as well as the value of those holdings in each fund and across all funds, as of June 30, 2009. In addition, the tables show the number of shares beneficially owned in each fund for the Trustees and officers as a group. Where the number of shares beneficially owned exceeds 1% of the class owned, the percentage is included in parentheses below. None of the Trustees or officers owned shares of Putnam Money Market Liquidity Fund, Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2035 Fund, Putnam VT Global Health Care Fund, Putnam VT Global Utilities Fund, or Putnam VT Money Market Fund as of June 30, 2009. All references in the tables are to Class A shares unless otherwise indicated.
| | | | | | | | | | Putnam Absolute Return | Putnam Absolute Return 300 | Putnam Absolute Return 500 | Putnam Absolute Return 700 | | 100 Fund | Fund | Fund | Fund |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Jameson A. | | | | | | | | | Baxter | $10,001-$50,000 | 999.001 | $10,001-$50,000 | 3,772.453 | $10,001-$50,000 | 3,804.183 | $10,001-$50,000 | 994.036 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| John A. Hill | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Paul L. | | | | | | | | | Joskow | $1-$10,000 | 150.000 | $1-$10,000 | 150.000 | $1-$10,000 | 149.105 | $1-$10,000 | 149.105 |
| Elizabeth T. | | | | | | | | | Kennan | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Robert E. | | | | | | | | | Patterson | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| George | | | | | | | | | Putnam, III | $10,001-$50,000 | 1,000.000 | $10,001-$50,000 | 997.009 | $10,001-$50,000 | 1,013.171 | $1-$10,000 | 808.898 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Trustees and | | | | | $50,001- | | | | Officers as a | $10,001-$50,000 | 3,249.001 | | | $100,000 | 7,055.579 | | | group | $1-$10,000 (Class | 960.379 | | | $10,000-$50,000 | 1,810.724 | | | | Y Shares) | (Class Y Shares) | $50,001-$100,000 | 6,120.261 | (Class Y Shares) | (Class Y Shares) | $10,001-$50,000 | 3,152.346 |
|
| | | | | | | | | | Putnam American | Putnam AMT-Free | Putnam Arizona Tax Exempt | Putnam Asia Pacific Equity | | Government Income Fund | Municipal Fund | Income Fund | Fund |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 101.451 | $1-$10,000 | 100.915 | $1-$10,000 | 101.016 | $1-$10,000 | 100.000 |
| Jameson A. | | | | | | | | | Baxter | $1-$10,000 | 451.813 | $1-$10,000 | 585.375 | $1-$10,000 | 199.613 | $10,001-$50,000 | 2,569.373 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 137.394 | $1-$10,000 | 144.469 | $1-$10,000 | 142.639 | $1-$10,000 | 100.000 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 109.389 | $1-$10,000 | 107.850 | $1-$10,000 | 109.177 | $1-$10,000 | 100.000 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 120.409 | $1-$10,000 | 121.824 | $1-$10,000 | 123.150 | $1-$10,000 | 100.000 |
| John A. Hill | Over $100,000 | 12,437.036 | $1-$10,000 | 206.268 | $1-$10,000 | 240.028 | $1-$10,000 | 100.000 |
| Paul L. | | | | | | | | | Joskow | $10,001-$50,000 | 1,617.272 | $1-$10,000 | 165.356 | $1-$10,000 | 178.072 | $1-$10,000 | 259.875 |
| Elizabeth T. | | | | | | | | | Kennan | $1-$10,000 | 147.975 | $1-$10,000 | 122.832 | $1-$10,000 | 119.683 | $1-$10,000 | 512.295 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 112.781 | $1-$10,000 | 111.389 | $1-$10,000 | 112.880 | $1-$10,000 | 100.000 |
| Robert E. | | | | | | | | | Patterson | $10,001-$50,000 | 2,299.974 | $1-$10,000 | 122.930 | $1-$10,000 | 124.497 | $1-$10,000 | 100.000 |
| George | | | | | | | | | Putnam, III | $10,001-$50,000 | 3,435.238 | $10,001-$50,000 | 888.401 | $10,001-$50,000 | 1,389.358 | $10,001-$50,000 | 1,027.749 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 356.077 | $1-$10,000 | 174.108 | $1-$10,000 | 170.021 | $1-$10,000 | 100.000 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 120.409 | $1-$10,000 | 121.603 | $1-$10,000 | 122.868 | $1-$10,000 | 100.000 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 102.212 | $1-$10,000 | 101.754 | $1-$10,000 | 102.169 | $1-$10,000 | 100.000 |
| Trustees and | Over $100,000 | 22,506.692 | | | | | | | Officers as a | Over $100,000 | 12,851.829 | | | | | $50,001- | | group | (Class Y Shares) | (Class Y Shares) | $10,001-$50,000 | 3,075.074 | $10,001-$50,000 | 3,235.171 | $100,000 | 5,369.292 |
|
| | | | | | | | | | Putnam Asset Allocation: | Putnam Asset Allocation: | Putnam Asset Allocation: | Putnam Asset Allocation: | | Balanced Portfolio | Conservative Portfolio | Equity Portfolio | Growth Portfolio |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 102.003 | $1-$10,000 | 101.314 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Jameson A. | | | | | | | | | Baxter | Over $100,000 | 25,710.917 | $10,001-$50,000 | 1,344.237 | None | 0.000 | Over $100,000 | 34,932.084 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 128.059 | Over $100,000 | 14,111.008 | None | 0.000 | Over $100,000 | 13,095.372 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 108.362 | $1-$10,000 | 107.879 | None | 0.000 | $1-$10,000 | 107.198 |
| Myra R. | | | | | | | $50,001- | | Drucker | $10,001-$50,000 | 4,143.598 | $1-$10,000 | 117.024 | None | 0.000 | $100,000 | 9,713.900 |
| John A. Hill | | | | | | | $50,001- | | | Over $100,000 | 402,575.918 | Over $100,000 | 122,538.767 | None | 0.000 | $100,000 | 6,619.158 |
| Paul L. | | | | | | | | | Joskow | Over $100,000 | 28,499.751 | $1-$10,000 | 271.864 | None | 0.000 | $10,001-$50,000 | 1,149.293 |
| Elizabeth T. | | | | | | | $50,001- | | Kennan | $1-$10,000 | 381.207 | $1-$10,000 | 378.620 | None | 0.000 | $100,000 | 5,405.355 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 109.647 | $1-$10,000 | 110.258 | None | 0.000 | $1-$10,000 | 107.588 |
| Robert E. | | | | | | | | | Patterson | $10,001-$50,000 | 1,277.619 | $10,001-$50,000 | 1,350.310 | None | 0.000 | $10,001-$50,000 | 2,402.978 |
| George | | | | | | | | | Putnam, III | $10,001-$50,000 | 3,224.376 | $10,001-$50,000 | 4,965.041 | None | 0.000 | Over $100,000 | 26,391.289 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 100.810 | $10,001-$50,000 | 5,532.640 | None | 0.000 | $1-$10,000 | 109.726 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 113.250 | $1-$10,000 | 117.024 | None | 0.000 | $1-$10,000 | 109.726 |
| Robert L. | | | | | | | $1-$10,000 | 100.000 | Reynolds | | | | | | | $10,001-$50,000 | 4,646.164 (Class | | $1-$10,000 | 102.003 | $1-$10,000 | 102.183 | $1-$10,000 | 100.000 | (Class Y Shares) | Y Shares) |
| Trustees and | Over $100,000 | 466,577.521 | Over $100,000 | 151,148.169 | | | Over $100,000 | 106,671.544 | Officers as a | Over $100,000 | 236,158.697 | $10,001-$50,000 | 4,741.469 | | | Over $100,000 | 62,288.841 | group | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | $1-$10,000 | 200.000 | (Class Y Shares) | (Class Y Shares) |
|
| | | | | | | | | | Putnam California Tax | Putnam Capital | Putnam Capital Spectrum | Putnam Convertible Income- | | Exempt Income Fund | Opportunities Fund | Fund | Growth Trust |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 101.101 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 102.139 |
| Jameson A. | | | | | | | | | Baxter | $1-$10,000 | 262.805 | $10,001-$50,000 | 2,099.255 | $10,001-$50,000 | 1,664.448 | Over $100,000 | 7,482.259 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 151.828 | $1-$10,000 | 156.590 | $1-$10,000 | 133.779 | $1-$10,000 | 134.481 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 109.158 | $1-$10,000 | 111.177 | $1-$10,000 | 100.000 | $1-$10,000 | 106.954 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 127.872 | $1-$10,000 | 147.103 | $1-$10,000 | 100.000 | $1-$10,000 | 116.748 |
| John A. Hill | $1-$10,000 | 209.054 | Over $100,000 | 20,763.436 | Over $100,000 | 6,752.194 | Over $100,000 | 38,286.046 |
| Paul L. | | | | | | | | | Joskow | $1-$10,000 | 203.342 | $1-$10,000 | 270.093 | $1-$10,000 | 167.224 | $10,001-$50,000 | 2,135.670 |
| Elizabeth T. | | | | | | | | | Kennan | $1-$10,000 | 143.242 | $10,001-$50,000 | 1,624.457 | $1-$10,000 | 330.688 | $10,001-$50,000 | 1,603.346 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 113.096 | $1-$10,000 | 125.300 | $1-$10,000 | 100.000 | $1-$10,000 | 109.077 |
| Robert E. | | | | | | | $50,001- | | Patterson | $1-$10,000 | 129.406 | $10,001-$50,000 | 2,234.669 | $1-$10,000 | 100.000 | $100,000 | 3,776.440 |
| George | | | | | | | | | Putnam, III | $10,001-$50,000 | 1,649.763 | $10,001-$50,000 | 1,754.049 | $10,001-$50,000 | 1,003.344 | Over $100,000 | 14,624.437 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 183.752 | $1-$10,000 | 147.103 | $1-$10,000 | 100.000 | $1-$10,000 | 225.954 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 127.630 | $1-$10,000 | 147.103 | $1-$10,000 | 100.000 | $1-$10,000 | 115.815 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 102.117 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 102.139 |
| Trustees and | | | Over $100,000 | 29,780.335 | Over $100,000 | 10,851.677 | Over $100,000 | 70,169.718 | Officers as a | | | $50,001-$100,000 | 9,801.682 | Over $100,000 | 24,098.930 | Over $100,000 | 33,049.404 | group | $10,001-$50,000 | 3,614.166 | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) |
|
| | | | | | | | | | Putnam Diversified Income | Putnam Emerging Markets | Putnam Equity Income Fund | Putnam Equity Spectrum | | Trust | Equity Fund | | | Fund |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 103.732 | $1-$10,000 | 100.000 | $1-$10,000 | 100.996 | $1-$10,000 | 100.000 |
| Jameson A. | $50,001- | | | | | | | | Baxter | $100,000 | 10,627.176 | $10,001-$50,000 | 3,692.762 | Over $100,000 | 13,607.496 | $10,001-$50,000 | 1,668.892 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 297.985 | $1-$10,000 | 100.000 | $1-$10,000 | 273.907 | $1-$10,000 | 135.044 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 116.897 | $1-$10,000 | 100.000 | $1-$10,000 | 208.222 | $1-$10,000 | 100.000 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 1,414.816 | $1-$10,000 | 100.000 | $10,001-$50,000 | 2,353.318 | $1-$10,000 | 100.000 |
| John A. Hill | Over $100,000 | 165,242.437 | $1-$10,000 | 500.000 | Over $100,000 | 21,175.440 | Over $100,000 | 6,821.282 |
| Paul L. | | | | | | | | | Joskow | $1-$10,000 | 465.336 | $1-$10,000 | 158.983 | Over $100,000 | 17,686.574 | $1-$10,000 | 168.805 |
| Elizabeth T. | $50,001- | | | | | | | | Kennan | $100,000 | 9,253.229 | $1-$10,000 | 571.431 | $10,001-$50,000 | 1,593.759 | $1-$10,000 | 198.807 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 121.728 | $1-$10,000 | 100.000 | $1-$10,000 | 231.033 | $1-$10,000 | 100.000 |
| Robert E. | | | | | | | | | Patterson | $10,001-$50,000 | 1,686.528 | $1-$10,000 | 100.000 | $10,001-$50,000 | 3,338.147 | $1-$10,000 | 100.000 |
| George | | | | | | | | | Putnam, III | $10,001-$50,000 | 6,526.946 | $10,001-$50,000 | 1,503.759 | Over $100,000 | 57,154.871 | $10,001-$50,000 | 1,005.362 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 419.702 | $1-$10,000 | 100.000 | $1-$10,000 | 376.099 | $1-$10,000 | 100.000 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 139.123 | $1-$10,000 | 100.000 | $1-$10,000 | 252.400 | $1-$10,000 | 100.000 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 105.729 | $1-$10,000 | 100.000 | $1-$10,000 | 100.996 | $1-$10,000 | 100.000 |
| Trustees and | | | $50,001- | | | | | | Officers as a | Over $100,000 | 302,453.434 | $100,000 | 7,326.935 | Over $100,000 | 123,118.914 | | | group | Over $100,000 | 77,521.530 | Over $100,000 | 15,164.699 | Over $100,000 | 35,235.215 | | | | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | Over $100,000 | 10,798.192 |
|
| | | | | | | | | | Putnam Europe Equity Fund | Putnam Floating Rate | The Putnam Fund for | The George Putnam Fund of | | | | Income Fund | Growth and Income | Boston |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 100.000 | $1-$10,000 | 100.919 | $1-$10,000 | 100.941 | $1-$10,000 | 101.043 |
| Jameson A. | | | | | | | | | Baxter | $10,001-$50,000 | 2,789.669 | $10,001-$50,000 | 2,524.656 | Over $100,000 | 14,369.217 | Over $100,000 | 14,452.830 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 133.974 | $1-$10,000 | 123.105 | $1-$10,000 | 272.006 | $1-$10,000 | 361.780 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 122.007 | $1-$10,000 | 111.153 | $1-$10,000 | 222.649 | $1-$10,000 | 121.972 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 127.803 | $1-$10,000 | 128.533 | $1-$10,000 | 248.998 | $1-$10,000 | 144.863 |
| John A. Hill | $1-$10,000 | 639.019 | $1-$10,000 | 102.156 | Over $100,000 | 32,662.080 | Over $100,000 | 25,013.813 |
| Paul L. | | | | | | | | | Joskow | $1-$10,000 | 593.546 | $1-$10,000 | 227.089 | Over $100,000 | 13,163.607 | $10,001-$50,000 | 2,448.268 |
| Elizabeth T. | | | | | | | | | Kennan | $10,001-$50,000 | 936.112 | $1-$10,000 | 121.004 | $1-$10,000 | 549.345 | $1-$10,000 | 797.507 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 124.657 | $1-$10,000 | 116.642 | $1-$10,000 | 240.257 | $1-$10,000 | 135.307 |
| Robert E. | | | | | | | | | Patterson | $10,001-$50,000 | 2,473.942 | $1-$10,000 | 1,226.814 | $10,001-$50,000 | 1,416.221 | $10,001-$50,000 | 1,479.845 |
| George | | | | | | | | | Putnam, III | $10,001-$50,000 | 1,193.131 | $10,001-$50,000 | 4,416.485 | Over $100,000 | 14,093.755 | Over $100,000 | 39,223.546 |
| W. Thomas | | | $50,001- | | | | | | Stephens | $1-$10,000 | 171.780 | $100,000 | 8,142.333 | $1-$10,000 | 380.935 | $1-$10,000 | 372.239 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 127.803 | $1-$10,000 | 128.296 | $1-$10,000 | 248.998 | $1-$10,000 | 144.863 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 100.000 | $1-$10,000 | 101.976 | $1-$10,000 | 100.941 | $1-$10,000 | 102.604 |
| Trustees and | | | | | | | Over $100,000 | | Officers as a | | | Over $100,000 | 18,276.508 | Over $100,000 | 78,105.912 | $50,001- | 86,653.129 | group | | | Over $100,000 | 55,754.996 | Over $100,000 | 19,937.263 | $100,000 (Class | 7,906.376 (Class | | Over $100,000 | 10,194.720 | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | Y Shares) | Y Shares) |
|
| | | | | | | | | | Putnam Global Consumer | Putnam Global Energy Fund | Putnam Global Equity Fund | Putnam Global Financials | | Fund | | | | | Fund |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Jameson A. | | | | | $50,001- | | | | Baxter | $1-$10,000 | 526.870 | $1-$10,000 | 482.160 | $100,000 | 11,227.448 | $1-$10,000 | 574.053 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 451.962 | $1-$10,000 | 100.000 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 102.965 | $1-$10,000 | 100.000 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $10,001-$50,000 | 3,355.073 | $1-$10,000 | 100.000 |
| John A. Hill | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | Over $100,000 | 38,624.589 | $1-$10,000 | 100.000 |
| Paul L. | | | | | | | | | Joskow | $1-$10,000 | 146.056 | $1-$10,000 | 138.376 | $1-$10,000 | 652.572 | $1-$10,000 | 144.788 |
| Elizabeth T. | | | | | | | | | Kennan | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 1,194.835 | $1-$10,000 | 100.000 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 104.598 | $1-$10,000 | 100.000 |
| Robert E. | | | | | $50,001- | | | | Patterson | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $100,000 | 11,106.153 | $1-$10,000 | 100.000 |
| George | | | | | | | | | Putnam, III | $10,001-$50,000 | 1,126.126 | $10,001-$50,000 | 1,111.111 | Over $100,000 | 34,309.815 | $10,001-$50,000 | 1,396.648 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 660.501 | $1-$10,000 | 100.000 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 105.713 | $1-$10,000 | 100.000 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Trustees and | | | | | Over $100,000 | | | | Officers as a | | | | | $50,001- | 103,265.797 | $10,001-$50,000 | 3,215.489 | group | | | | | $100,000 (Class | 8,361.135 (Class | Over $100,000 | 25,063.017 | | $10,001-$50,000 | 2,899.052 | $10,001-$50,000 | 2,831.647 | Y Shares) | Y Shares) | (Class Y Shares) | (Class Y Shares) |
|
| | | | | | | | | | Putnam Global Health Care | Putnam Global Income Trust | Putnam Global Industrials | Putnam Global Natural | | Fund | | | Fund | Resources Fund |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $50,001- | | | | | | | | | $100,000 | 1,333.350 | $1-$10,000 | 102.312 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Jameson A. | | | | | | | | | Baxter | $1-$10,000 | 228.195 | $10,001-$50,000 | 1,059.711 | $1-$10,000 | 520.833 | $10,001-$50,000 | 1,439.019 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 162.208 | $1-$10,000 | 152.934 | $1-$10,000 | 100.000 | $1-$10,000 | 228.718 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 127.791 | $1-$10,000 | 111.704 | $1-$10,000 | 100.000 | $1-$10,000 | 142.671 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 162.208 | $1-$10,000 | 126.874 | $1-$10,000 | 100.000 | $1-$10,000 | 201.496 |
| John A. Hill | Over $100,000 | 4,588.034 | $1-$10,000 | 176.079 | $1-$10,000 | 100.000 | Over $100,000 | 12,510.731 |
| Paul L. | | | | | | | | | Joskow | $10,001-$50,000 | 705.778 | $1-$10,000 | 210.448 | $1-$10,000 | 140.845 | $1-$10,000 | 249.031 |
| Elizabeth T. | | | | | | | | | Kennan | $1-$10,000 | 162.208 | $1-$10,000 | 399.023 | $1-$10,000 | 100.000 | $10,001-$50,000 | 2,103.902 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 141.266 | $1-$10,000 | 114.987 | $1-$10,000 | 100.000 | $1-$10,000 | 160.002 |
| Robert E. | | | | | | | | | Patterson | $10,001-$50,000 | 371.480 | $10,001-$50,000 | 922.979 | $1-$10,000 | 100.000 | $1-$10,000 | 556.234 |
| George | | | $50,001- | | | | | | Putnam, III | Over $100,000 | 4,448.910 | $100,000 | 4,408.805 | $10,001-$50,000 | 1,234.568 | $10,001-$50,000 | 2,446.772 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 224.231 | $1-$10,000 | 191.873 | $1-$10,000 | 100.000 | $1-$10,000 | 301.720 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 162.208 | $1-$10,000 | 126.607 | $1-$10,000 | 100.000 | $1-$10,000 | 201.496 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 100.000 | $1-$10,000 | 103.487 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Trustees and | | | $50,001- | | | | | | Officers as a | Over $100,000 | 12,942.730 | $100,000 | 8,207.823 | | | Over $100,000 | 20,741.792 | group | Over $100,000 | 4,575.853 (Class | Over $100,000 | 13,406.264 | | | Over $100,000 | 7,781.644 (Class | | (Class Y Shares) | Y Shares) | (Class Y Shares) | (Class Y Shares) | $10,001-$50,000 | 2,996.246 | (Class Y Shares) | Y Shares) |
|
| | | | | | | | | | Putnam Global Technology | Putnam Global Telecommunications | Putnam Global Utilities | Putnam Growth | | Fund | Fund | Fund | Opportunities Fund |
| Trustees/ | Dollar Range | Shares | Dollar Range of | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | Shares Owned | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | (Class A) | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 101.451 | $1-$10,000 | 100.000 |
| Jameson A. | | | | | | | | | Baxter | $1-$10,000 | 478.011 | $1-$10,000 | 531.915 | $1-$10,000 | 686.316 | $1-$10,000 | 479.604 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 124.878 | $1-$10,000 | 105.939 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 104.968 | $1-$10,000 | 100.000 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 110.876 | $1-$10,000 | 100.867 |
| John A. Hill | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $10,001-$50,000 | 3,577.554 | $10,001-$50,000 | 2,532.828 |
| Paul L. | | | | | | | | | Joskow | $1-$10,000 | 141.509 | $1-$10,000 | 147.929 | $10,001-$50,000 | 1,047.059 | $1-$10,000 | 834.652 |
| Elizabeth T. | | | | | | | | | Kennan | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 122.891 | $1-$10,000 | 100.867 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 106.034 | $1-$10,000 | 100.000 |
| Robert E. | | | | | | | | | Patterson | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 759.653 | $10,001-$50,000 | 2,146.569 |
| George | | | | | | | | | Putnam, III | $10,001-$50,000 | 1,084.599 | $10,001-$50,000 | 1,173.709 | $10,001-$50,000 | 2,302.391 | $10,001-$50,000 | 2,785.949 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 179.645 | $1-$10,000 | 101.894 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 110.298 | $1-$10,000 | 100.867 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 101.451 | $1-$10,000 | 100.000 |
| Trustees and | | | | | $50,001- | | | | Officers as a | | | | | $100,000 | 9,435.465 | Over $100,000 | 9,772.107 | group | | | | | $1-$10,000 | 548.835 (Class Y | $10,001-$50,000 | 1,117.922 (Class | | $10,001-$50,000 | 2,804.119 | $10,001-$50,000 | 2,953.553 | (Class Y Shares) | Shares) | (Class Y Shares) | Y Shares) |
|
| | | | | | | | | | Putnam High Yield | Putnam High Yield Trust | Putnam Income Fund | Putnam Income Strategies | | Advantage Fund | | | | | Fund |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 103.082 | $1-$10,000 | 103.139 | $1-$10,000 | 102.907 | $1-$10,000 | 102.134 |
| Jameson A. | | | | | | | | | Baxter | $10,001-$50,000 | 3,180.238 | Over $100,000 | 23,324.278 | $10,001-$50,000 | 4,937.261 | $10,001-$50,000 | 6,049.886 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 199.006 | $1-$10,000 | 539.814 | $1-$10,000 | 151.476 | $1-$10,000 | 123.903 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 117.935 | $1-$10,000 | 117.628 | $1-$10,000 | 115.377 | $1-$10,000 | 114.596 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 143.673 | $1-$10,000 | 296.035 | $1-$10,000 | 129.018 | $1-$10,000 | 123.540 |
| John A. Hill | $50,001- | | | | | | | | | $100,000 | 19,007.694 | Over $100,000 | 17,431.120 | Over $100,000 | 177,776.464 | Over $100,000 | 29,391.280 |
| Paul L. | | | $50,001- | | | | | | Joskow | $10,001-$50,000 | 4,555.602 | $100,000 | 8,601.853 | $1-$10,000 | 258.071 | $1-$10,000 | 588.939 |
| Elizabeth T. | | | | | | | | | Kennan | $1-$10,000 | 633.369 | $1-$10,000 | 853.422 | $10,001-$50,000 | 4,277.182 | $10,001-$50,000 | 2,263.790 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 124.554 | $1-$10,000 | 124.170 | $1-$10,000 | 119.566 | $1-$10,000 | 118.732 |
| Robert E. | $50,001- | | $50,001- | | | | | | Patterson | $100,000 | 11,244.766 | $100,000 | 8,706.869 | $10,001-$50,000 | 1,810.768 | $1-$10,000 | 1,181.065 |
| George | | | | | | | | | Putnam, III | $10,001-$50,000 | 4,325.059 | Over $100,000 | 25,640.666 | $10,001-$50,000 | 7,413.692 | $10,001-$50,000 | 3,533.617 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 292.670 | $1-$10,000 | 500.037 | $1-$10,000 | 190.829 | $1-$10,000 | 123.903 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 143.673 | $1-$10,000 | 287.614 | $1-$10,000 | 129.018 | $1-$10,000 | 116.510 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 104.753 | $1-$10,000 | 104.862 | $1-$10,000 | 104.464 | $1-$10,000 | 103.301 |
| Trustees and | Over $100,000 | 44,176.074 | Over $100,000 | 88,486.291 | Over $100,000 | 221,439.013 | | | Officers as a | $10,001-$50,000 | 2,142.788 | Over $100,000 | 45,682.860 | Over $100,000 | 233,156.662 | | | group | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | Over $100,000 | 43,935.196 |
|
| | | | | | | | | | Putnam International Capital | Putnam International Equity | Putnam International | Putnam International New | | Opportunities Fund | Fund | Growth and Income Fund | Opportunities Fund |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Jameson A. | | | | | $50,001- | | | | Baxter | Over $100,000 | 9,436.596 | Over $100,000 | 12,046.543 | $100,000 | 8,756.289 | $10,001-$50,000 | 3,588.827 |
| Charles B. | | | | | | | | | Curtis | Over $100,000 | 4,681.229 | Over $100,000 | 6,641.256 | $1-$10,000 | 142.429 | $1-$10,000 | 105.952 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 107.496 | $1-$10,000 | 123.413 | $1-$10,000 | 120.787 | $1-$10,000 | 101.357 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 112.847 | $1-$10,000 | 136.557 | $1-$10,000 | 135.602 | $1-$10,000 | 103.705 |
| John A. Hill | $10,001-$50,000 | 858.114 | Over $100,000 | 23,671.129 | Over $100,000 | 18,043.415 | $50,001-$100,000 | 5,031.033 |
| Paul L. | | | $50,001- | | | | | | Joskow | $10,001-$50,000 | 458.875 | $100,000 | 3,436.552 | $1-$10,000 | 1,019.160 | $10,001-$50,000 | 1,426.685 |
| Elizabeth T. | | | | | | | | | Kennan | $10,001-$50,000 | 1,659.332 | $1-$10,000 | 561.098 | $1-$10,000 | 879.333 | $1-$10,000 | 205.034 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 109.672 | $1-$10,000 | 131.994 | $1-$10,000 | 132.981 | $1-$10,000 | 101.807 |
| Robert E. | | | $50,001- | | $50,001- | | | | Patterson | $10,001-$50,000 | 1,966.800 | $100,000 | 4,968.024 | $100,000 | 7,500.133 | $10,001-$50,000 | 4,010.708 |
| George | | | $50,001- | | | | | | Putnam, III | $10,001-$50,000 | 1,850.698 | $100,000 | 5,509.071 | $10,001-$50,000 | 3,008.279 | $50,001-$100,000 | 7,270.555 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 135.033 | $1-$10,000 | 244.579 | $1-$10,000 | 202.078 | $1-$10,000 | 153.497 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 112.847 | $1-$10,000 | 136.557 | $1-$10,000 | 135.602 | $1-$10,000 | 103.705 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Trustees and | | | Over $100,000 | | | | | | Officers as a | Over $100,000 | 22,738.588 | $50,001- | 63,064.443 | Over $100,000 | 41,355.435 | Over $100,000 | 23,822.031 | group | Over $100,000 | 12,346.292 | $100,000 (Class | 3,486.918 (Class | $10,001-$50,000 | 5,274.831 (Class | Over $100,000 | 10,679.712 | | (Class Y Shares) | (Class Y Shares) | Y Shares) | Y Shares) | (Class Y Shares) | Y Shares) | (Class Y Shares) | (Class Y Shares) |
|
| | | | | | | | | | Putnam Investors Fund | Putnam Massachusetts Tax | Putnam Michigan Tax | Putnam Mid Cap Value | | | | Exempt Income Fund | Exempt Income Fund | Fund |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 100.000 | $1-$10,000 | 100.942 | $1-$10,000 | 100.944 | $1-$10,000 | 100.000 |
| Jameson A. | | | | | | | | | Baxter | Over $100,000 | 16,562.067 | $1-$10,000 | 207.487 | $1-$10,000 | 198.223 | $10,001-$50,000 | 2,397.257 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 339.611 | $1-$10,000 | 143.568 | $1-$10,000 | 141.360 | $1-$10,000 | 161.508 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 329.050 | $1-$10,000 | 108.990 | $1-$10,000 | 107.757 | $1-$10,000 | 119.807 |
| Myra R. | | | | | | | | | Drucker | $10,001-$50,000 | 3,020.863 | $1-$10,000 | 123.764 | $1-$10,000 | 119.852 | $1-$10,000 | 152.392 |
| John A. Hill | Over $100,000 | 48,193.893 | $1-$10,000 | 190.802 | $1-$10,000 | 180.460 | $1-$10,000 | 165.961 |
| Paul L. | $50,001- | | | | | | | | Joskow | $100,000 | 9,840.702 | $1-$10,000 | 171.960 | $1-$10,000 | 176.980 | $1-$10,000 | 182.980 |
| Elizabeth T. | | | | | | | | | Kennan | $10,001-$50,000 | 3,384.795 | $1-$10,000 | 125.063 | $1-$10,000 | 116.606 | $1-$10,000 | 469.860 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 329.267 | $1-$10,000 | 112.570 | $1-$10,000 | 111.035 | $1-$10,000 | 134.415 |
| Robert E. | $50,001- | | | | | | | | Patterson | $100,000 | 7,311.853 | $1-$10,000 | 102.483 | $1-$10,000 | 121.197 | $10,001-$50,000 | 1,909.536 |
| George | $50,001- | | | | | | | | Putnam, III | $100,000 | 6,168.940 | $50,001-$100,000 | 6,641.649 | $10,001-$50,000 | 1,411.609 | $10,001-$50,000 | 3,260.326 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 400.824 | $1-$10,000 | 173.513 | $1-$10,000 | 167.770 | $1-$10,000 | 152.392 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 331.175 | $1-$10,000 | 123.526 | $1-$10,000 | 119.649 | $1-$10,000 | 152.392 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 100.000 | $1-$10,000 | 102.359 | $1-$10,000 | 101.799 | $1-$10,000 | 100.000 |
| Trustees and | | | | | | | $50,001- | | Officers as a | Over $100,000 | 98,924.856 | | | | | $100,000 | 9,718.732 | group | Over $100,000 | 36,678.952 | | | | | Over $100,000 | 19,698.384 | | (Class Y Shares) | (Class Y Shares) | Over $100,000 | 23,998.416 | $10,001-$50,000 | 3,175.241 | (Class Y Shares) | (Class Y Shares) |
|
| | | | | | | | | | Putnam Minnesota Tax | Putnam Money Market Fund | Putnam New Jersey Tax | Putnam New Opportunities | | Exempt Income Fund | | | Exempt Income Fund | Fund |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | | | $50,001- | | | | | | | $1-$10,000 | 100.862 | $100,000 | 75,337.280 | $1-$10,000 | 100.933 | $1-$10,000 | 100.000 |
| Jameson A. | | | $50,001- | | | | | | Baxter | $1-$10,000 | 196.300 | $100,000 | 99,711.210 | $1-$10,000 | 202.377 | Over $100,000 | 4,514.129 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 139.454 | Over $100,000 | 141,570.540 | $1-$10,000 | 139.535 | $1-$10,000 | 184.036 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 107.486 | Over $100,000 | 507,962.080 | $1-$10,000 | 107.966 | $1-$10,000 | 139.653 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 120.113 | $1-$10,000 | 115.700 | $1-$10,000 | 120.527 | $1-$10,000 | 139.653 |
| John A. Hill | $1-$10,000 | 240.878 | Over $100,000 | 212,767.220 | $1-$10,000 | 250.914 | $10,001-$50,000 | 1,401.936 |
| Paul L. | | | | | | | | | Joskow | $1-$10,000 | 178.223 | Over $100,000 | 236,964.630 | $1-$10,000 | 174.813 | $10,001-$50,000 | 1,116.807 |
| Elizabeth T. | | | | | | | | | Kennan | $1-$10,000 | 117.004 | $1-$10,000 | 9,252.070 | $1-$10,000 | 121.732 | $1-$10,000 | 145.147 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 110.840 | $1-$10,000 | 3,659.470 | $1-$10,000 | 111.440 | $1-$10,000 | 139.653 |
| Robert E. | | | | | | | | | Patterson | $1-$10,000 | 121.426 | Over $100,000 | 106,747.040 | $1-$10,000 | 121.743 | $10,001-$50,000 | 626.801 |
| George | | | | | | | | | Putnam, III | $10,001-$50,000 | 1,418.280 | Over $100,000 | 397,841.990 | $10,001-$50,000 | 1,374.548 | $50,001-$100,000 | 1,596.493 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 166.739 | Over $100,000 | 369,501.420 | $1-$10,000 | 166.428 | $1-$10,000 | 216.699 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 119.882 | $1-$10,000 | 2,909.210 | $1-$10,000 | 120.286 | $1-$10,000 | 139.653 |
| Robert L. | | | $50,001- | | | | | | Reynolds | $1-$10,000 | 101.650 | $100,000 | 53,904.380 | $1-$10,000 | 101.758 | $1-$10,000 | 100.000 |
| Trustees and | | | | | | | Over $100,000 | 11,498.645 | Officers as a | | | | | | | Over $100,000 | 4,588.332 | group | $10,001-$50,000 | 3,239.137 | Over $100,000 | 3,029,030.470 | $10,001-$50,000 | 3,215.000 | (Class Y Shares) | (ClassY Shares) |
|
| | | | | | | | | | Putnam New York Tax | Putnam Ohio Tax Exempt | Putnam Pennsylvania Tax | Putnam Research Fund | | Exempt Income Fund | Income Fund | Exempt Income Fund | | |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 100.998 | $1-$10,000 | 100.942 | $1-$10,000 | 100.930 | $1-$10,000 | 100.000 |
| Jameson A. | | | | | | | | | Baxter | $1-$10,000 | 942.274 | $1-$10,000 | 198.159 | $1-$10,000 | 205.231 | $1-$10,000 | 423.972 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 489.182 | $1-$10,000 | 138.557 | $1-$10,000 | 139.567 | $1-$10,000 | 107.374 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 108.317 | $1-$10,000 | 108.001 | $1-$10,000 | 107.773 | $1-$10,000 | 101.409 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 308.202 | $1-$10,000 | 120.704 | $1-$10,000 | 120.283 | $1-$10,000 | 102.294 |
| John A. Hill | | | | | | | $50,001- | | | Over $100,000 | 118,827.202 | $1-$10,000 | 260.776 | $1-$10,000 | 256.779 | $100,000 | 5,687.307 |
| Paul L. | | | | | | | $50,001- | | Joskow | Over $100,000 | 15,812.553 | $1-$10,000 | 178.636 | $1-$10,000 | 179.888 | $100,000 | 5,586.933 |
| Elizabeth T. | | | | | | | | | Kennan | $1-$10,000 | 564.439 | $1-$10,000 | 117.293 | $1-$10,000 | 121.671 | $1-$10,000 | 148.760 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 270.390 | $1-$10,000 | 111.434 | $1-$10,000 | 111.178 | $1-$10,000 | 101.519 |
| Robert E. | | | | | | | | | Patterson | $1-$10,000 | 297.907 | $1-$10,000 | 121.999 | $1-$10,000 | 121.666 | $1-$10,000 | 145.779 |
| George | | | | | | | | | Putnam, III | $10,001-$50,000 | 3,612.024 | $10,001-$50,000 | 1,406.875 | $10,001-$50,000 | 1,400.350 | $10,001-$50,000 | 1,777.948 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 178.271 | $1-$10,000 | 168.022 | $1-$10,000 | 171.705 | $1-$10,000 | 102.294 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 300.011 | $1-$10,000 | 120.488 | $1-$10,000 | 120.095 | $1-$10,000 | 102.294 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 101.909 | $1-$10,000 | 101.801 | $1-$10,000 | 101.798 | $1-$10,000 | 100.000 |
| Trustees and | | | | | | | Over $100,000 | 14,587.883 | Officers as a | | | | | | | $10,001-$50,000 | 3,915.314 | group | Over $100,000 | 141,913.679 | $10,001-$50,000 | 3,253.687 | $10,001-$50,000 | 3,258.914 | (Class Y Shares) | (Class Y Shares) |
|
| | | | | | | | | | Putnam RetirementReady 2010 | Putnam RetirementReady 2015 | Putnam RetirementReady 2020 | Putnam RetirementReady 2025 | | Fund | Fund | Fund | Fund |
| Trustees/ | Dollar Range of | Shares | Dollar Range of | Shares | Dollar Range of | Shares | Dollar Range of | Shares | Officers | Shares Owned | Beneficially | Shares Owned | Beneficially | Shares Owned | Beneficially | Shares Owned | Beneficially | | (Class Y) | Owned | (Class A) | Owned | (Class A) | Owned | (Class A) | Owned | | | (Class Y) | | (Class A) | | (Class A) | | (Class A) |
| Ravi | | | | | | | | | Akhoury | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| Jameson A. | | | | | | | | | Baxter | None | 0.000 | None | 0.000 | $10,001-$50,000 | 1,376.352 | None | 0.000 |
| Charles B. | | | | | | | | | Curtis | None | 0.000 | None | 0.000 | $1-$10,000 | 429.495 | None | 0.000 |
| Robert J. | | | | | | | | | Darretta | None | 0.000 | None | 0.000 | None | 0.000 | $1-$10,000 | 403.896 |
| Myra R. | | | | | | | | | Drucker | None | 0.000 | None | 0.000 | $50,001-$100,000 | 5,770.369 | None | 0.000 |
| John A. | | | | | | | | | Hill | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| Paul L. | | | | | | | | | Joskow | None | 0.000 | $1-$10,000 | 636.384 | None | 0.000 | None | 0.000 |
| Elizabeth | | | | | | | | | T. Kennan | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| Kenneth R. | | | | | | | | | Leibler | None | 0.000 | $1-$10,000 | 392.844 | None | 0.000 | None | 0.000 |
| Robert E. | | | | | | | | | Patterson | None | 0.000 | None | 0.000 | $1-$10,000 | 624.441 | None | 0.000 |
| George | | | | | | | | | Putnam, III | None | 0.000 | None | 0.000 | None | 0.000 | $10,001-$50,000 | 1,402.248 |
| W. Thomas | | | | | | | | | Stephens | None | 0.000 | $1-$10,000 | 417.087 | None | 0.000 | None | 0.000 |
| Richard B. | | | | | | | | | Worley | None | 0.000 | None | 0.000 | $1-$10,000 | 300.000 | None | 0.000 |
| Robert L. | | | | | | | | | Reynolds | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| Trustees | | | | | | | | | and | | | $10,001-$50,000 | 1,446.315 | | | | | Officers as | | | $10,001-$50,000 | 3,183.074 (Class Y | | | | | a group | $1-$10,000 | 275.545 | (Class Y Shares) | Shares) | Over $100,000 | 8,500.657 | $10,001-$50,000 | 1,806.144 |
|
| | | | | | | | | | Putnam RetirementReady | Putnam RetirementReady | Putnam RetirementReady | Putnam RetirementReady | | 2040 Fund | 2045 Fund | 2050 Fund | Maturity Fund |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | None | 0.000 | None | 0.000 | None | 0.000 | $1-$10,000 | 305.566 |
| Jameson A. | | | | | | | | | Baxter | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| Charles B. | | | | | | | | | Curtis | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| Robert J. | | | | | | | | | Darretta | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| Myra R. | | | | | | | | | Drucker | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| John A. Hill | None | 0.000 | None | 0.000 | $10,001-$50,000 | 1,567.470 | None | 0.000 |
| Paul L. | | | | | | | | | Joskow | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| Elizabeth T. | | | | | | | | | Kennan | None | 0.000 | $1-$10,000 | 449.202 | None | 0.000 | None | 0.000 |
| Kenneth R. | | | | | | | | | Leibler | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| Robert E. | | | | | | | | | Patterson | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| George | | | | | | | | | Putnam, III | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| W. Thomas | | | | | | | | | Stephens | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| Richard B. | | | | | | | | | Worley | None | 0.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 300.000 | None | 0.000 | None | 0.000 | None | 0.000 |
| Trustees and | | | | | | | | | Officers as a | | | | | | | | | group | $1-$10,000 | 300.000 | $1-$10,000 | 449.202 | $10,001-$50,000 | 1,567.470 | $1-$10,000 | 305.566 |
|
| | | | | | | | | | Putnam Small Cap Growth | Putnam Small Cap Value | Putnam Tax Exempt Income | Putnam Tax Exempt Money | | Fund | Fund | Fund | Market Fund |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 101.072 | $1-$10,000 | 100.000 |
| Jameson A. | | | | | | | | | Baxter | $10,001-$50,000 | 924.796 | $10,001-$50,000 | 4,927.330 | $10,001-$50,000 | 3,031.339 | $1-$10,000 | 2,269.450 |
| Charles B. | | | | | | | | | Curtis | $1-$10,000 | 703.239 | $1-$10,000 | 238.558 | $1-$10,000 | 498.339 | $1-$10,000 | 1,691.310 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 115.419 | $1-$10,000 | 136.042 | $1-$10,000 | 108.746 | $1-$10,000 | 102.880 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 131.168 | $1-$10,000 | 220.835 | $1-$10,000 | 443.754 | Over $100,000 | 127,877.190 |
| John A. Hill | $50,001- | | | | | | | | | $100,000 | 7,187.490 | Over $100,000 | 30,510.193 | $1-$10,000 | 1,132.478 | Over $100,000 | 1,666,716.040 |
| Paul L. | | | | | | | | | Joskow | $1-$10,000 | 136.997 | $10,001-$50,000 | 3,010.159 | $1-$10,000 | 537.406 | $1-$10,000 | 3,492.030 |
| Elizabeth T. | | | | | | | | | Kennan | $1-$10,000 | 524.672 | $1-$10,000 | 838.497 | $1-$10,000 | 451.195 | $1-$10,000 | 165.450 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 122.450 | $1-$10,000 | 164.073 | $1-$10,000 | 274.899 | $1-$10,000 | 105.790 |
| Robert E. | | | | | | | | | Patterson | $1-$10,000 | 590.611 | $10,001-$50,000 | 1,975.309 | $1-$10,000 | 513.207 | $1-$10,000 | 100.000 |
| George | | | | | | | | | Putnam, III | Over $100,000 | 9,590.839 | $10,001-$50,000 | 3,509.266 | $10,001-$50,000 | 5,196.480 | $10,001-$50,000 | 10,942.710 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 131.168 | $1-$10,000 | 220.835 | $1-$10,000 | 357.511 | Over $100,000 | 209,630.850 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 131.168 | $1-$10,000 | 220.835 | $1-$10,000 | 435.055 | $1-$10,000 | 110.860 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 102.088 | $1-$10,000 | 100.000 |
| Trustees and | Over $100,000 | 20,574.150 | Over $100,000 | 46,171.932 | | | | | Officers as a | $10,001-$50,000 | 2,883.484 | Over $100,000 | 19,796.557 | | | | | group | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | Over $100,000 | 13,183.569 | Over $100,000 | 2,236,076.350 |
|
| | | | | | | | | | Putnam Tax-Free High Yield | Putnam U.S. Government | Putnam Vista Fund | Putnam Voyager Fund | | Fund | Income Trust | | | | |
| Trustees/ | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Dollar Range | Shares | Officers | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | of Shares | Beneficially | | Owned | Owned | Owned | Owned | Owned | Owned | Owned | Owned | | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) | (Class A) |
| Ravi Akhoury | $1-$10,000 | 101.448 | $1-$10,000 | 101.561 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Jameson A. | | | | | | | $50,001- | | Baxter | $10,001-$50,000 | 1,449.197 | $10,001-$50,000 | 2,290.777 | Over $100,000 | 16,568.336 | $100,000 | 6,391.651 |
| Charles B. | | | $50,001- | | | | | | Curtis | $1-$10,000 | 254.773 | $100,000 | 4,068.861 | $1-$10,000 | 199.673 | $1-$10,000 | 109.618 |
| Robert J. | | | | | | | | | Darretta | $1-$10,000 | 110.947 | $1-$10,000 | 109.089 | $1-$10,000 | 186.546 | $1-$10,000 | 100.000 |
| Myra R. | | | | | | | | | Drucker | $1-$10,000 | 212.672 | $1-$10,000 | 168.298 | $10,001-$50,000 | 2,321.473 | $1-$10,000 | 100.707 |
| John A. Hill | $1-$10,000 | 456.734 | Over $100,000 | 9,100.127 | Over $100,000 | 14,987.079 | Over $100,000 | 23,945.141 |
| Paul L. | | | | | | | $50,001- | | Joskow | $1-$10,000 | 317.479 | $1-$10,000 | 318.241 | $10,001-$50,000 | 2,113.340 | $100,000 | 3,223.712 |
| Elizabeth T. | | | | | | | | | Kennan | $1-$10,000 | 215.378 | $1-$10,000 | 539.540 | $10,001-$50,000 | 3,040.750 | $1-$10,000 | 591.262 |
| Kenneth R. | | | | | | | | | Leibler | $1-$10,000 | 115.058 | $1-$10,000 | 156.288 | $1-$10,000 | 186.546 | $1-$10,000 | 100.000 |
| Robert E. | | | | | | | | | Patterson | $1-$10,000 | 215.494 | $10,001-$50,000 | 1,965.619 | $10,001-$50,000 | 2,737.438 | $10,001-$50,000 | 2,048.427 |
| George | | | | | | | | | Putnam, III | $10,001-$50,000 | 3,062.465 | $10,001-$50,000 | 3,067.300 | Over $100,000 | 15,858.696 | $10,001-$50,000 | 2,198.233 |
| W. Thomas | | | | | | | | | Stephens | $1-$10,000 | 313.735 | Over $100,000 | 80,444.418 | $1-$10,000 | 302.102 | $1-$10,000 | 149.155 |
| Richard B. | | | | | | | | | Worley | $1-$10,000 | 212.144 | $1-$10,000 | 168.257 | $1-$10,000 | 186.546 | $1-$10,000 | 100.707 |
| Robert L. | | | | | | | | | Reynolds | $1-$10,000 | 102.796 | $1-$10,000 | 102.369 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Trustees and | | | Over $100,000 | 102,600.745 | Over $100,000 | 62,294.019 | Over $100,000 | 40,545.741 | Officers as a | | | Over $100,000 | 93,191.139 | Over $100,000 | 42,258.272 | Over $100,000 | 18,332.787 | group | $50,001-$100,000 | 7,140.320 | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) | (Class Y Shares) |
|
| | | All Funds |
| Trustees/ | Dollar Range of Shares Owned | Officers | |
| Ravi Akhoury | Over $100,000 |
| Jameson A. Baxter | Over $100,000 |
| Charles B. Curtis | Over $100,000 |
| Robert J. Darretta | Over $100,000 |
| Myra R. Drucker | Over $100,000 |
| John A. Hill | Over $100,000 |
| Paul L. Joskow | Over $100,000 |
| Elizabeth T. Kennan | Over $100,000 |
| Kenneth R. Leibler | Over $100,000 |
| Robert E. Patterson | Over $100,000 |
| George Putnam, III | Over $100,000 |
| W. Thomas Stephens | Over $100,000 |
| Richard B. Worley | Over $100,000 |
| Robert L. Reynolds | Over $100,000 |
| Trustees and Officers as a group | Over $100,000 |
|
As of February 9, 2007,June 30, 2009, except as shown in the tables below, the Trustees, and the officersTrustees and Trustees of each fundofficers as a group, owned less than 1%did not own variable annual contracts or variable life insurance policies that invested in the funds that are series of Putnam Variable Trust.*These tables show the value of the outstandingTrustees’ indirect beneficial ownership interest in these funds. | | | | Putnam Variable Trust | Paul L. Joskow | Robert E. Patterson | George Putnam, III |
| Putnam VT American Government Income Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT Capital Opportunities Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT Diversified Income Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT Equity Income Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT The George Putnam Fund of Boston | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT Global Asset Allocation Fund | - | - | $10,001-$50,000 | Class IA | | | |
| Putnam VT Global Asset Allocation Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT Global Equity Fund | $1-$10,000 | - | - | Class IB | | | |
|
| | | | Putnam Variable Trust | Paul L. Joskow | Robert E. Patterson | George Putnam, III |
| Putnam VT Growth and Income Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT Growth Opportunities Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT High Yield Fund | - | $10,001-$50,000 | - | Class IA | | | |
| Putnam VT High Yield Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT Income Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT International Equity Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT International Growth and Income Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT International New Opportunities Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT Investors Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT Mid Cap Value Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT New Opportunities Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT Research Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT Small Cap Value Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT Vista Fund | $1-$10,000 | - | - | Class IB | | | |
| Putnam VT Voyager Fund | $1-$10,000 | - | - | Class IB | | | |
|
*As reflected in the tables above, Trustees own shares of each class of each fund except as listed onAppendix K.the retail Putnam funds that are counterparts to the Putnam Variable Trust’s various portfolios. 20
APPENDIX A | | | | | | | | | | | | Number of Shares Outstanding as of the Record Date | | | | | | | | | | | | Putnam Asset | | | | | | | Putnam American | | Putnam Asset | | Allocation: | | Putnam Asset | | | | | Government Income | | Allocation: | | Conservative | | Allocation: Growth | | Putnam Capital | | | Fund | | Balanced Portfolio | | Portfolio | | Portfolio | | Appreciation Fund |
| Class A | | 72,865,917.27 | | 122,021,755.62 | | 47,747,383.07 | | 100,864,116.97 | | 23,291,938.06 |
| Class B | | 4,095,758.65 | | 27,095,823.41 | | 8,791,276.89 | | 29,394,656.54 | | 3,940,639.05 |
| Class C | | 362,334.96 | | 11,729,075.16 | | 5,120,056.82 | | 13,646,674.87 | | 179,529.90 |
| Class M | | 236,179.16 | | 3,007,196.12 | | 1,235,844.52 | | 3,232,356.68 | | 609,599.30 |
| Class R | | 6,441.77 | | 853,748.29 | | 119,787.08 | | 557,535.69 | | 4,600.00 |
| Class Y | | 1,063,530.67 | | 15,411,460.24 | | 42,115,185.82 | | 13,223,656.09 | | 315,127.63 |
| | | | | | | | Putnam Convertible | | | | | | | Putnam Capital | | Putnam Classic | | Income-Growth | | Putnam Discovery | | Putnam Diversified | | | Opportunities Fund | | Equity Fund | | Trust | | Growth Fund | | Income Trust |
| Class A | | 41,144,555.26 | | 40,595,267.65 | | 31,968,799.11 | | 25,551,820.26 | | 139,369,157.64 |
| Class B | | 16,110,795.73 | | 6,418,041.89 | | 2,367,171.39 | | 12,721,621.79 | | 24,961,695.71 |
| Class C | | 2,973,737.56 | | 958,815.98 | | 1,299,400.49 | | 1,681,471.19 | | 11,650,294.58 |
| Class M | | 1,398,979.57 | | 1,797,409.53 | | 299,922.75 | | 1,033,939.84 | | 92,776,999.34 |
| Class R | | 168,102.38 | | 2,505.14 | | 60,139.09 | | 4,130.84 | | 88,080.49 |
| Class Y | | 35,099,403.26 | | 363,824.44 | | 1,250,837.29 | | 503,794.69 | | 1,672,006.89 |
| | | | | | | | | | The Putnam Fund | | The George | | | Putnam Equity | | Putnam Europe | | Putnam Floating | | for Growth and | | Putnam Fund | | | Income Fund | | Equity Fund | | Rate Income Fund | | Income | | of Boston |
| Class A | | 157,072,443.43 | | 14,295,888.85 | | 34,069,160.51 | | 590,338,882.88 | | 179,832,180.65 |
| Class B | | 33,001,131.13 | | 3,350,256.99 | | 2,824,206.00 | | 76,125,642.11 | | 29,622,989.85 |
| Class C | | 5,571,878.88 | | 207,893.51 | | 11,254,351.86 | | 4,697,759.79 | | 3,994,179.41 |
| Class M | | 3,213,892.88 | | 455,266.90 | | 738,028.33 | | 5,300,544.50 | | 10,393,510.94 |
| Class R | | 303,161.43 | | 1,904.31 | | 34,919.15 | | 73,707.25 | | 103,827.17 |
| Class Y | | 16,061,796.95 | | 319,432.06 | | 340,886.00 | | 66,351,947.61 | | 21,384,284.28 |
| | | | | | | | Putnam Global | | | | | | | Putnam Global | | Putnam Global | | Natural Resources | | Putnam Growth | | Putnam Health | | | Equity Fund | | Income Trust | | Fund | | Opportunities Fund | | Sciences Trust |
| Class A | | 154,095,635.81 | | 7,060,947.13 | | 15,653,346.61 | | 24,472,157.80 | | 28,927,487.92 |
| Class B | | 28,419,243.30 | | 1,108,506.86 | | 3,780,138.75 | | 17,073,607.94 | | 8,272,662.98 |
| Class C | | 3,074,350.64 | | 245,341.53 | | 772,968.28 | | 1,824,836.37 | | 657,779.60 |
| Class M | | 2,926,058.67 | | 1,690,461.95 | | 262,426.52 | | 647,345.53 | | 443,866.41 |
| Class R | | 119,295.63 | | 12,140.40 | | 92,955.50 | | 7,262.60 | | 13,921.65 |
| Class Y | | 2,448,854.15 | | 223,906.67 | | 478,806.42 | | 538,692.91 | | 342,128.20 |
|
A-1
| | | | Putnam High | | | | | | Putnam International | | | Putnam High | | Yield Advantage | | Putnam | | Putnam Income | | Capital | | | Yield Trust | | Fund | | Income Fund | | Strategies Fund | | Opportunities Fund |
| Class A | | 214,263,626.27 | | 69,047,167.80 | | 115,132,837.04 | | 1,128,943.13 | | 30,841,820.87 |
| Class B | | 35,526,881.29 | | 2,410,648.64 | | 20,851,564.20 | | 90,473.73 | | 12,129,431.30 |
| Class C | | 8,003,654.20 | | — | | 3,145,332.50 | | 96,387.62 | | 2,546,743.45 |
| Class M | | 2,458,597.49 | | 53,420,283.75 | | 45,251,242.49 | | 14,762.21 | | 714,683.60 |
| Class R | | 102,530.40 | | — | | 125,183.77 | | 100.16 | | 75,238.94 |
| Class Y | | 27,378,744.87 | | 1,706,106.72 | | 177,258,302.83 | | 9,840.89 | | 2,206,407.37 |
| | | | | | | | | | | | Putnam Limited | | | | | Putnam International | | Putnam International | | | | Duration | | | Putnam International | | Growth and Income | | New Opportunities | | Putnam Investors | | Government | | | Equity Fund | | Fund | | Fund | | Fund | | Income Fund |
| Class A | | 123,963,180.92 | | 50,293,708.97 | | 36,675,349.61 | | 161,312,146.48 | | 38,927,862.63 |
| Class B | | 35,642,093.03 | | 11,670,009.22 | | 7,681,747.98 | | 52,883,910.68 | | 12,128,138.57 |
| Class C | | 9,131,139.27 | | 2,768,235.99 | | 1,062,278.46 | | 4,820,801.43 | | 2,175,900.36 |
| Class M | | 3,010,273.49 | | 1,315,109.74 | | 1,170,698.61 | | 3,005,098.49 | | 1,132,429.82 |
| Class R | | 160,950.77 | | 90,049.40 | | 23,974.60 | | 92,867.49 | | 43,311.30 |
| Class Y | | 45,254,449.85 | | 1,076,267.48 | | 1,072,479.47 | | 44,422,070.60 | | 31,983,627.46 |
| | | | | | | | | | | | Putnam OTC & | | | Putnam Mid Cap | | Putnam Money | | Putnam New | | Putnam New Value | | Emerging Growth | | | Value Fund | | Market Fund | | Opportunities Fund | | Fund | | Fund |
| Class A | | 42,398,349.46 | | 2,920,948,710.35 | | 70,262,928.78 | | 73,155,533.01 | | 54,395,541.91 |
| Class B | | 15,750,043.79 | | 142,836,931.51 | | 11,901,149.73 | | 21,337,273.64 | | 15,771,750.32 |
| Class C | | 2,856,353.83 | | 12,307,784.09 | | 783,189.79 | | 3,730,447.21 | | 1,502,590.14 |
| Class M | | 950,669.79 | | 39,596,481.71 | | 1,559,344.08 | | 1,769,378.85 | | 1,711,144.83 |
| Class R | | 358,284.53 | | 150,481,386.65 | | 33,000.80 | | 132,420.91 | | 18,653.35 |
| Class Y | | 3,179,712.07 | | — | | 8,117,183.90 | | 6,731,154.03 | | 5,087,917.45 |
| Class T | | — | | 12,617,909.46 | | — | | — | | — |
| | | | | | Putnam | | Putnam | | Putnam | | Putnam | | | Putnam Research | | RetirementReady | | RetirementReady | | RetirementReady | | RetirementReady | | | Fund | | 2010 Fund | | 2015 Fund | | 2020 Fund | | 2025 Fund |
| Class A | | 29,333,675.54 | | 772,059.93 | | 1,379,501.57 | | 1,448,305.47 | | 994,647.77 |
| Class B | | 12,711,374.91 | | 4,850.05 | | 10,873.85 | | 10,633.05 | | 13,267.72 |
| Class C | | 1,885,836.25 | | 1,102.42 | | 3,558.28 | | 2,146.66 | | 1,941.72 |
| Class M | | 791,134.38 | | 2,420.50 | | 2,423.71 | | 8,512.45 | | 4,131.13 |
| Class R | | 14,534.57 | | 3,875.65 | | 314.02 | | 2,350.70 | | 2,078.75 |
| Class Y | | 4,634,275.19 | | 513,407.69 | | 820,883.78 | | 818,743.23 | | 749,421.25 |
| | | | Putnam | | Putnam | | Putnam | | Putnam | | Putnam | | | RetirementReady | | RetirementReady | | RetirementReady | | RetirementReady | | RetirementReady | | | 2030 Fund | | 2035 Fund | | 2040 Fund | | 2045 Fund | | 2050 Fund |
| Class A | | 809,425.85 | | 566,560.46 | | 391,380.39 | | 287,756.96 | | 116,641.82 |
| Class B | | 7,977.02 | | 5,877.96 | | 2,850.44 | | 1,639.00 | | 1,972.60 |
| Class C | | 573.73 | | 742.94 | | 46.78 | | 157.30 | | 21.00 |
| Class M | | 10,372.28 | | 754.72 | | 555.24 | | 86.18 | | 35.43 |
| Class R | | 1,983.89 | | 1,915.49 | | 1,081.03 | | 1,046.90 | | 426.49 |
| Class Y | | 511,624.43 | | 338,614.85 | | 178,952.65 | | 160,734.47 | | 39,744.66 |
|
A-2
| | Putnam | | | | | | Putnam U.S. | | Putnam Utilities | | | RetirementReady | | Putnam Small Cap | | Putnam Small Cap | | Government Income | | Growth and Income | | | Maturity Fund | | Growth Fund | | Value Fund | | Trust | | Fund |
| Class A | | 550,439.44 | | 16,375,506.50 | | 31,283,523.74 | | 78,006,578.08 | | 39,927,098.75 |
| Class B | | 2,724.81 | | 2,656,018.65 | | 10,093,908.96 | | 8,655,212.62 | | 4,317,531.32 |
| Class C | | 474.19 | | 959,519.89 | | 2,554,124.15 | | 1,130,838.12 | | 341,742.96 |
| Class M | | 1,627.45 | | 245,623.25 | | 459,286.92 | | 2,267,956.64 | | 252,063.21 |
| Class R | | 1,238.44 | | 466,903.37 | | — | | 43,309.22 | | 27,999.29 |
| Class Y | | 169,708.41 | | 1,459,510.41 | | 2,766,584.83 | | 338,769.86 | | 311,707.26 |
| | | | | | | | Putnam AMT-Free | | Putnam Arizona Tax | | Putnam California | | | Putnam | | Putnam Voyager | | Insured Municipal | | Exempt Income | | Tax Exempt | | | Vista Fund | | Fund | | Fund | | Fund | | Income Fund |
| Class A | | 151,064,499.09 | | 291,430,571.94 | | 18,164,565.16 | | 8,358,332.18 | | 235,644,823.67 |
| Class B | | 32,381,052.41 | | 58,735,359.33 | | 3,055,201.22 | | 1,010,192.63 | | 12,778,779.68 |
| Class C | | 3,525,231.81 | | 3,878,871.97 | | 568,917.59 | | 1,098.02 | | 2,652,011.94 |
| Class M | | 2,619,218.03 | | 3,275,589.42 | | 72,405.24 | | 147,218.49 | | 699,584.22 |
| Class R | | 173,844.08 | | 112,440.10 | | — | | — | | — |
| Class Y | | 16,103,511.27 | | 76,680,967.17 | | — | | — | | — |
| | | | Putnam | | | | | | | | | | | Massachusetts Tax | | Putnam Michigan | | Putnam Minnesota | | Putnam New Jersey | | Putnam New York | | | Exempt Income | | Tax Exempt Income | | Tax Exempt Income | | Tax Exempt Income | | Tax Exempt Income | | | Fund | | Fund | | Fund | | Fund | | Fund |
| Class A | | 26,215,513.73 | | 11,101,453.78 | | 10,283,132.58 | | 17,161,743.73 | | 124,340,641.84 |
| Class B | | 4,497,397.65 | | 1,707,679.47 | | 1,736,026.54 | | 4,416,716.50 | | 6,751,493.68 |
| Class C | | 463,345.14 | | 3,761.57 | | 1,125.02 | | 6,527.34 | | 1,277,948.82 |
| Class M | | 493,447.04 | | 140,497.62 | | 75,805.52 | | 167,636.44 | | 268,803.79 |
| | | | | | Putnam | | | | | | | | | Putnam Ohio Tax | | Pennsylvania Tax | | | | | | | | | Exempt Income | | Exempt Income | | Putnam Tax Exempt | | Putnam Tax-Free | | Putnam Tax Smart | | | Fund | | Fund | | Income Fund | | High Yield Fund | | Equity Fund® |
| Class A | | 15,904,859.33 | | 15,390,981.58 | | 128,599,352.45 | | 97,257,670.60 | | 11,859,823.99 |
| Class B | | 1,681,836.61 | | 2,742,974.10 | | 4,412,867.57 | | 10,465,862.02 | | 8,024,033.79 |
| Class C | | 4,251.19 | | 34,127.68 | | 1,008,936.24 | | 1,567,885.51 | | 2,822,106.04 |
| Class M | | 145,110.14 | | 253,222.15 | | 569,148.43 | | 879,537.00 | | 329,185.89 |
| | | | | Putnam Prime | | | | | | Putnam Tax Exempt | | | | | Money Market Fund | | | | | | Money Market Fund | | |
| Class A | | 1,091.28 | | | | Class A | | 80,627,090.07 | | |
| Class I | | 2,136,089,094.67 | | | | | | | | |
| Class P | | 2,455,425,894.00 | | | | | | | | |
| Class R | | 1,084.04 | | | | | | | | |
| Class S | | 1,095.41 | | | | | | | | |
| | | | | | Putnam California | | | | | | Putnam Investment | | | | | Investment Grade | | Putnam High Income | | Putnam High Yield | | Grade Municipal | | | | | Municipal Trust | | Securities Fund | | Municipal Trust | | Trust |
| Common | | | | 4,517,546.20 | | 21,546,985.27 | | 21,131,981.15 | | 20,235,386.57 |
| Preferred | | | | 320.00 | | — | | 900.00 | | 1,400.00 |
|
A-3
| | | | Putnam Master | | Putnam New York | | | | | | | | | Intermediate Income | | Investment Grade | | Putnam Premier | | Putnam Tax-Free | | | | | Trust | | Municipal Trust | | Income Trust | | Health Care Fund |
| Common | | | | 91,389,179.63 | | 2,775,583.20 | | 178,799,200.45 | | 13,435,771.46 |
| Preferred | | | | — | | 200.00 | | — | | — |
| | | | Putnam Managed | | | | | | | | | | | Municipal Income | | | | Putnam Municipal | | | | Putnam Municipal | | | Trust | | | | Bond Fund | | | | Opportunities Trust |
| Common | | 44,658,877.70 | | | | 16,784,709.41 | | | | 15,172,510.20 |
| Series A Preferred | | 550.00 | | | | 2,920.00 | | | | 800.00 |
| Series B Preferred | | 550.00 | | | | 2,400.00 | | | | 1,620.00 |
| Series C Preferred | | 650.00 | | | | — | | | | 1,620.00 |
| | | | Putnam VT | | | | | | | | | | | American | | | | | | Putnam VT | | Putnam VT | | | Government | | Putnam VT Capital | | Putnam VT Capital | | Discovery Growth | | Diversified Income | | | Income Fund | | Appreciation Fund | | Opportunities Fund | | Fund | | Fund |
| Class IA | | 7,067,352.30 | | 2,922,895.64 | | 1,571,121.84 | | 1,860,663.81 | | 32,042,509.43 |
| Class IB | | 5,643,928.66 | | 2,343,331.93 | | 1,303,057.65 | | 4,177,181.16 | | 21,961,115.93 |
| | | | | | Putnam VT The | | Putnam VT Global | | | | | | | Putnam VT Equity | | George Putnam Fund | | Asset Allocation | | Putnam VT Global | | Putnam VT Growth | | | Income Fund | | of Boston | | Fund | | Equity Fund | | and Income Fund |
| Class IA | | 8,276,290.10 | | 24,852,762.65 | | 18,531,543.55 | | 37,648,893.62 | | 108,760,571.76 |
| Class IB | | 7,151,770.71 | | 22,860,556.96 | | 5,449,017.93 | | 5,641,156.26 | | 26,283,390.89 |
| | | | | | | | | | | | Putnam VT | | | Putnam VT Growth | | Putnam VT Health | | Putnam VT | | Putnam VT | | International Equity | | | Opportunities Fund | | Sciences Fund | | High Yield Fund | | Income Fund | | Fund |
| Class IA | | 3,933,806.14 | | 8,113,723.80 | | 52,822,019.32 | | 33,494,430.97 | | 19,428,381.26 |
| Class IB | | 5,444,573.65 | | 11,040,152.95 | | 21,393,548.76 | | 23,725,014.48 | | 41,720,259.80 |
| | | | Putnam VT | | Putnam VT | | | | | | | | | International Growth | | International New | | Putnam VT | | Putnam VT Mid Cap | | Putnam VT Money | | | and Income Fund | | Opportunities Fund | | Investors Fund | | Value Fund | | Market Fund |
| Class IA | | 16,477,887.45 | | 6,289,256.68 | | 20,363,311.31 | | 3,598,840.41 | | 199,471,422.59 |
| Class IB | | 7,020,219.95 | | 9,079,615.87 | | 19,002,910.36 | | 1,762,566.50 | | 192,517,577.58 |
| | | | | | | | Putnam VT OTC & | | | | | | | Putnam VT New | | Putnam VT New | | Emerging Growth | | Putnam VT Research | | Putnam VT Small | | | Opportunities Fund | | Value Fund | | Fund | | Fund | | Cap Value Fund |
| Class IA | | 54,242,526.61 | | 20,229,842.20 | | 5,758,192.19 | | 5,328,590.92 | | 9,913,500.45 |
| Class IB | | 7,086,946.71 | | 16,084,839.46 | | 4,822,512.27 | | 7,780,017.61 | | 30,338,512.99 |
| | | | Putnam VT Utilities | | | | | | | | | | | Growth and Income | | | | Putnam VT | | | | Putnam VT | | | Fund | | | | Vista Fund | | | | Voyager Fund |
| Class IA | | 17,556,287.34 | | | | 11,847,214.18 | | | | 45,658,943.22 |
| Class IB | | 3,446,135.67 | | | | 15,577,482.04 | | | | 13,591,095.47 |
|
A-4
APPENDIX BC – Trustee Compensation Table FormThe table below includes the year each Trustee became a Trustee of New Management Contractthe Putnam funds, the fees paid to each of those Trustees by each fund for its most recent fiscal year (ended between July 31, 2008 and June 30, 2009) and the fees paid to each of those Trustees by all of the Putnam funds during calendar year 2008.
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Absolute Return 100 Fund | Putnam Absolute Return 300 Fund |
| Ravi Akhoury/2009(5) | 1,644 | N/A | 1,757 | N/A |
| Jameson A. Baxter/1994(3) | 1,736 | 139 | 1,855 | 159 |
| Charles B. Curtis/2001 | 1,736 | 102 | 1,855 | 117 |
| Robert J. Darretta/2007 | 1,736 | N/A | 1,855 | N/A |
| Myra R. Drucker/2004(3) | 1,736 | N/A | 1,855 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,257 | 232 | 2,411 | 266 |
| Paul L. Joskow/1997(3) | 1,736 | 91 | 1,855 | 104 |
| Elizabeth T. Kennan/1992(3) | 1,736 | 194 | 1,855 | 222 |
| Kenneth R. Leibler/2006 | 1,736 | N/A | 1,855 | N/A |
| Robert E. Patterson/1984 | 1,736 | 127 | 1,855 | 145 |
| George Putnam, III/1984 | 1,736 | 109 | 1,855 | 125 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,370 | 0 | 1,463 | 0 |
| Richard B. Worley/2004 | 1,736 | N/A | 1,855 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Absolute Return 500 Fund | Putnam Absolute Return 700 Fund |
| Ravi Akhoury/2009(5) | 1,785 | N/A | 1,689 | N/A |
| Jameson A. Baxter/1994(3) | 1,884 | 165 | 1,783 | 147 |
| Charles B. Curtis/2001 | 1,884 | 122 | 1,783 | 109 |
| Robert J. Darretta/2007 | 1,884 | N/A | 1,783 | N/A |
| Myra R. Drucker/2004(3) | 1,884 | N/A | 1,783 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,449 | 275 | 2,317 | 246 |
| Paul L. Joskow/1997(3) | 1,884 | 108 | 1,783 | 97 |
| Elizabeth T. Kennan/1992(3) | 1,884 | 230 | 1,783 | 206 |
| Kenneth R. Leibler/2006 | 1,884 | N/A | 1,783 | N/A |
| Robert E. Patterson/1984 | 1,884 | 151 | 1,783 | 135 |
| George Putnam, III/1984 | 1,884 | 129 | 1,783 | 116 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,486 | 0 | 1,406 | 0 |
| Richard B. Worley/2004 | 1,884 | N/A | 1,783 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam American Government Income | Putnam AMT-Free Municipal Fund | | Fund | |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 2,023 | 324 | 2,039 | 270 |
| Charles B. Curtis/2001 | 2,023 | 234 | 1,974 | 194 |
| Robert J. Darretta/2007 | 1,939 | N/A | 2,283 | N/A |
| Myra R. Drucker/2004(3) | 2,023 | N/A | 2,039 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,605 | 540 | 2,521 | 450 |
| Paul L. Joskow/1997(3) | 2,023 | 214 | 2,039 | 179 |
| Elizabeth T. Kennan/1992(3) | 2,023 | 445 | 2,039 | 369 |
| Kenneth R. Leibler/2006 | 2,023 | N/A | 2,039 | N/A |
| Robert E. Patterson/1984 | 2,023 | 299 | 2,039 | 250 |
| George Putnam, III/1984 | 2,023 | 263 | 2,039 | 220 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | 0 |
| W. Thomas Stephens/1997(7) | 880 | 271 | 1,149 | 225 |
| Richard B. Worley/2004 | 2,023 | N/A | 2,039 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Arizona Tax Exempt Income | Putnam Asia Pacific Equity Fund | | Fund | |
| Ravi Akhoury/2009(5) | 582 | N/A | 1,541 | N/A |
| Jameson A. Baxter/1994(3) | 1,823 | 238 | 1,627 | 4 |
| Charles B. Curtis/2001 | 1,726 | 174 | 1,627 | 3 |
| Robert J. Darretta/2007 | 1,823 | N/A | 1,627 | N/A |
| Myra R. Drucker/2004(3) | 1,823 | N/A | 1,627 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,099 | 397 | 2,115 | 7 |
| Paul L. Joskow/1997(3) | 1,789 | 156 | 1,627 | 3 |
| Elizabeth T. Kennan/1992(3) | 1,823 | 330 | 1,627 | 6 |
| Kenneth R. Leibler/2006 | 1,823 | N/A | 1,627 | N/A |
| Robert E. Patterson/1984 | 1,823 | 218 | 1,627 | 4 |
| George Putnam, III/1984 | 1,823 | 189 | 1,627 | 3 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | N/A | 259 | 1,283 | 0 |
| Richard B. Worley/2004 | 1,823 | N/A | 1,627 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Asset Allocation: Balanced | Putnam Asset Allocation: | | Portfolio | Conservative Portfolio |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 3,573 | 579 | 2,461 | 394 |
| Charles B. Curtis/2001 | 3,573 | 418 | 2,461 | 285 |
| Robert J. Darretta/2007 | 3,418 | N/A | 2,358 | N/A |
| Myra R. Drucker/2004(3) | 3,573 | N/A | 2,461 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 4,621 | 965 | 3,168 | 657 |
| Paul L. Joskow/1997(3) | 3,573 | 383 | 2,461 | 261 |
| Elizabeth T. Kennan/1992(3) | 3,573 | 795 | 2,461 | 541 |
| Kenneth R. Leibler/2006 | 3,573 | N/A | 2,461 | N/A |
| Robert E. Patterson/1984 | 3,573 | 535 | 2,461 | 364 |
| George Putnam, III/1984 | 3,573 | 470 | 2,461 | 320 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,593 | 484 | 1,079 | 330 |
| Richard B. Worley/2004 | 3,573 | N/A | 2,461 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Asset Allocation: Equity | Putnam Asset Allocation: Growth | | Portfolio | Portfolio |
| Ravi Akhoury/2009(5) | 1,627 | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 1,717 | 86 | 3,961 | 638 |
| Charles B. Curtis/2001 | 1,717 | 63 | 3,961 | 461 |
| Robert J. Darretta/2007 | 1,717 | N/A | 3,788 | N/A |
| Myra R. Drucker/2004(3) | 1,717 | N/A | 3,961 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,232 | 143 | 5,105 | 1,064 |
| Paul L. Joskow/1997(3) | 1,717 | 56 | 3,961 | 422 |
| Elizabeth T. Kennan/1992(3) | 1,717 | 120 | 3,961 | 876 |
| Kenneth R. Leibler/2006 | 1,717 | N/A | 3,961 | N/A |
| Robert E. Patterson/1984 | 1,717 | 78 | 3,961 | 590 |
| George Putnam, III/1984 | 1,717 | 67 | 3,961 | 519 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,355 | 0 | 1,769 | 534 |
| Richard B. Worley/2004 | 1,717 | N/A | 3,961 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam California Tax Exempt Income | Putnam Capital Opportunities Fund | | Fund | | |
| Ravi Akhoury/2009(5) | N/A | N/A | 357 | N/A |
| Jameson A. Baxter/1994(3) | 3,302 | 527 | 2,681 | 346 |
| Charles B. Curtis/2001 | 3,302 | 380 | 2,546 | 252 |
| Robert J. Darretta/2007 | 3,165 | N/A | 2,681 | N/A |
| Myra R. Drucker/2004(3) | 3,302 | N/A | 2,681 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 4,262 | 878 | 3,097 | 576 |
| Paul L. Joskow/1997(3) | 3,302 | 348 | 2,637 | 227 |
| Elizabeth T. Kennan/1992(3) | 3,302 | 723 | 2,681 | 478 |
| Kenneth R. Leibler/2006 | 3,302 | N/A | 2,681 | N/A |
| Robert E. Patterson/1984 | 3,302 | 486 | 2,681 | 317 |
| George Putnam, III/1984 | 3,302 | 428 | 2,681 | 276 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,437 | 440 | N/A | 346 |
| Richard B. Worley/2004 | 3,302 | N/A | 2,681 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Capital Spectrum Fund | Putnam Convertible Income-Growth | | | | Trust |
| Ravi Akhoury/2009(5) | 1,582 | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 1,671 | 17 | 2,756 | 342 |
| Charles B. Curtis/2001 | 1,671 | 12 | 2,709 | 247 |
| Robert J. Darretta/2007 | 1,671 | N/A | 2,668 | N/A |
| Myra R. Drucker/2004(3) | 1,671 | N/A | 2,756 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,172 | 28 | 3,285 | 570 |
| Paul L. Joskow/1997(3) | 1,671 | 11 | 2,756 | 226 |
| Elizabeth T. Kennan/1992(3) | 1,671 | 24 | 2,756 | 470 |
| Kenneth R. Leibler/2006 | 1,671 | N/A | 2,756 | N/A |
| Robert E. Patterson/1984 | 1,671 | 15 | 2,756 | 315 |
| George Putnam, III/1984 | 1,671 | 13 | 2,756 | 277 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,318 | 0 | 914 | 286 |
| Richard B. Worley/2004 | 1,671 | N/A | 2,756 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Diversified Income Trust | Putnam Emerging Markets Equity | | | | Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | 1,563 | N/A |
| Jameson A. Baxter/1994(3) | 3,826 | 619 | 1,650 | 124 |
| Charles B. Curtis/2001 | 3,826 | 447 | 1,650 | 91 |
| Robert J. Darretta/2007 | 3,660 | N/A | 1,650 | N/A |
| Myra R. Drucker/2004(3) | 3,825 | N/A | 1,650 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 4,950 | 1,031 | 2,145 | 207 |
| Paul L. Joskow/1997(3) | 3,826 | 409 | 1,650 | 81 |
| Elizabeth T. Kennan/1992(3) | 3,826 | 849 | 1,650 | 173 |
| Kenneth R. Leibler/2006 | 3,826 | N/A | 1,650 | N/A |
| Robert E. Patterson/1984 | 3,826 | 571 | 1,650 | 113 |
| George Putnam, III/1984 | 3,826 | 503 | 1,650 | 97 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,713 | 517 | 1,302 | 0 |
| Richard B. Worley/2004 | 3,826 | N/A | 1,650 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Equity Income Fund | Putnam Equity Spectrum Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | 1,547 | N/A |
| Jameson A. Baxter/1994(3) | 6,545 | 823 | 1,634 | 6 |
| Charles B. Curtis/2001 | 6,437 | 596 | 1,634 | 5 |
| Robert J. Darretta/2007 | 6,329 | N/A | 1,634 | N/A |
| Myra R. Drucker/2004(3) | 6,545 | N/A | 1,634 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 7,825 | 1,371 | 2,124 | 10 |
| Paul L. Joskow/1997(3) | 6,545 | 543 | 1,634 | 4 |
| Elizabeth T. Kennan/1992(3) | 6,545 | 1,132 | 1,634 | 9 |
| Kenneth R. Leibler/2006 | 6,545 | N/A | 1,634 | N/A |
| Robert E. Patterson/1984 | 6,545 | 758 | 1,634 | 6 |
| George Putnam, III/1984 | 6,545 | 664 | 1,634 | 5 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 2,213 | 689 | 1,289 | 0 |
| Richard B. Worley/2004 | 6,545 | N/A | 1,634 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Europe Equity Fund | Putnam Floating Rate Income Fund |
| Ravi Akhoury/2009(5) | 677 | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 2,217 | 291 | 2,233 | 286 |
| Charles B. Curtis/2001 | 2,100 | 213 | 2,117 | 208 |
| Robert J. Darretta/2007 | 2,217 | N/A | 2,233 | N/A |
| Myra R. Drucker/2004(3) | 2,217 | N/A | 2,233 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,554 | 485 | 2,639 | 476 |
| Paul L. Joskow/1997(3) | 2,177 | 191 | 2,194 | 188 |
| Elizabeth T. Kennan/1992(3) | 2,217 | 404 | 2,233 | 395 |
| Kenneth R. Leibler/2006 | 2,217 | N/A | 2,233 | N/A |
| Robert E. Patterson/1984 | 2,217 | 267 | 2,233 | 263 |
| George Putnam, III/1984 | 2,217 | 231 | 2,233 | 229 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | N/A | 325 | 185 | 265 |
| Richard B. Worley/2004 | 2,217 | N/A | 2,233 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | The Putnam Fund for Growth and | The George Putnam Fund of Boston | | Income | | |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 15,272 | 1,969 | 6,531 | 887 |
| Charles B. Curtis/2001 | 15,041 | 1,423 | 6,297 | 638 |
| Robert J. Darretta/2007 | 14,709 | N/A | 7,408 | N/A |
| Myra R. Drucker/2004(3) | 15,272 | N/A | 6,531 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 18,450 | 3,281 | 8,116 | 1,477 |
| Paul L. Joskow/1997(3) | 15,272 | 1,301 | 6,531 | 587 |
| Elizabeth T. Kennan/1992(3) | 15,272 | 2,705 | 6,531 | 1,213 |
| Kenneth R. Leibler/2006 | 15,272 | N/A | 6,531 | N/A |
| Robert E. Patterson/1984 | 15,272 | 1,817 | 6,531 | 820 |
| George Putnam, III/1984 | 15,272 | 1,596 | 6,531 | 725 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 5,642 | 1,647 | 3,881 | 740 |
| Richard B. Worley/2004 | 15,272 | N/A | 6,531 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Global Consumer Fund | Putnam Global Energy Fund |
| Ravi Akhoury/2009(5) | 1,537 | N/A | 1,541 | N/A |
| Jameson A. Baxter/1994(3) | 1,623 | 120 | 1,627 | 120 |
| Charles B. Curtis/2001 | 1,623 | 88 | 1,627 | 89 |
| Robert J. Darretta/2007 | 1,623 | N/A | 1,627 | N/A |
| Myra R. Drucker/2004(3) | 1,623 | N/A | 1,627 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,110 | 200 | 2,115 | 201 |
| Paul L. Joskow/1997(3) | 1,623 | 79 | 1,627 | 79 |
| Elizabeth T. Kennan/1992(3) | 1,623 | 167 | 1,627 | 168 |
| Kenneth R. Leibler/2006 | 1,623 | N/A | 1,627 | N/A |
| Robert E. Patterson/1984 | 1,623 | 110 | 1,627 | 110 |
| George Putnam, III/1984 | 1,623 | 94 | 1,627 | 95 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,280 | 0 | 1,284 | 0 |
| Richard B. Worley/2004 | 1,623 | N/A | 1,627 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Global Equity Fund | Putnam Global Financials Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | 1,544 | N/A |
| Jameson A. Baxter/1994(3) | 4,180 | 531 | 1,630 | 121 |
| Charles B. Curtis/2001 | 4,113 | 384 | 1,630 | 89 |
| Robert J. Darretta/2007 | 4,035 | N/A | 1,630 | N/A |
| Myra R. Drucker/2004(3) | 4,180 | N/A | 1,630 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 5,001 | 886 | 2,119 | 202 |
| Paul L. Joskow/1997(3) | 4,180 | 351 | 1,630 | 79 |
| Elizabeth T. Kennan/1992(3) | 4,180 | 730 | 1,630 | 169 |
| Kenneth R. Leibler/2006 | 4,180 | N/A | 1,630 | N/A |
| Robert E. Patterson/1984 | 4,180 | 490 | 1,630 | 111 |
| George Putnam, III/1984 | 4,180 | 430 | 1,630 | 95 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,475 | 445 | 1,286 | 0 |
| Richard B. Worley/2004 | 4,180 | N/A | 1,630 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Global Health Care Fund | Putnam Global Income Trust |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 3,917 | 527 | 1,873 | 233 |
| Charles B. Curtis/2001 | 3,780 | 380 | 1,841 | 169 |
| Robert J. Darretta/2007 | 3,786 | N/A | 1,813 | N/A |
| Myra R. Drucker/2004(3) | 3,917 | N/A | 1,873 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 4,866 | 878 | 2,233 | 389 |
| Paul L. Joskow/1997(3) | 3,917 | 349 | 1,873 | 154 |
| Elizabeth T. Kennan/1992(3) | 3,917 | 722 | 1,873 | 321 |
| Kenneth R. Leibler/2006 | 3,917 | N/A | 1,873 | N/A |
| Robert E. Patterson/1984 | 3,917 | 487 | 1,873 | 215 |
| George Putnam, III/1984 | 3,917 | 429 | 1,873 | 189 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 2,275 | 440 | 626 | 195 |
| Richard B. Worley/2004 | 3,917 | N/A | 1,873 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Global Industrials Fund | Putnam Global Natural Resources | | | | Fund |
| Ravi Akhoury/2009(5) | 1,536 | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 1,622 | 120 | 2,719 | 361 |
| Charles B. Curtis/2001 | 1,622 | 88 | 2,635 | 260 |
| Robert J. Darretta/2007 | 1,622 | N/A | 2,629 | N/A |
| Myra R. Drucker/2004(3) | 1,622 | N/A | 2,719 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,109 | 200 | 3,350 | 601 |
| Paul L. Joskow/1997(3) | 1,622 | 78 | 2,719 | 239 |
| Elizabeth T. Kennan/1992(3) | 1,622 | 167 | 2,719 | 495 |
| Kenneth R. Leibler/2006 | 1,622 | N/A | 2,719 | N/A |
| Robert E. Patterson/1984 | 1,622 | 109 | 2,719 | 333 |
| George Putnam, III/1984 | 1,622 | 94 | 2,719 | 294 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,280 | 0 | 1,496 | 301 |
| Richard B. Worley/2004 | 1,622 | N/A | 2,719 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Global Technology Fund | Putnam Global Telecommunications | | | | Fund |
| Ravi Akhoury/2009(5) | 1,540 | N/A | 1,535 | N/A |
| Jameson A. Baxter/1994(3) | 1,626 | 120 | 1,621 | 120 |
| Charles B. Curtis/2001 | 1,626 | 89 | 1,621 | 88 |
| Robert J. Darretta/2007 | 1,626 | N/A | 1,621 | N/A |
| Myra R. Drucker/2004(3) | 1,626 | N/A | 1,621 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,114 | 201 | 2,107 | 200 |
| Paul L. Joskow/1997(3) | 1,626 | 79 | 1,621 | 78 |
| Elizabeth T. Kennan/1992(3) | 1,626 | 168 | 1,621 | 167 |
| Kenneth R. Leibler/2006 | 1,626 | N/A | 1,621 | N/A |
| Robert E. Patterson/1984 | 1,626 | 110 | 1,621 | 109 |
| George Putnam, III/1984 | 1,626 | 95 | 1,621 | 94 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,283 | 0 | 1,279 | 0 |
| Richard B. Worley/2004 | 1,626 | N/A | 1,621 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Global Utilities Fund | Putnam Growth Opportunities Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 2,522 | 316 | 2,296 | 307 |
| Charles B. Curtis/2001 | 2,480 | 228 | 2,218 | 221 |
| Robert J. Darretta/2007 | 2,438 | N/A | 2,584 | N/A |
| Myra R. Drucker/2004(3) | 2,522 | N/A | 2,296 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 3,010 | 526 | 2,845 | 511 |
| Paul L. Joskow/1997(3) | 2,522 | 209 | 2,296 | 203 |
| Elizabeth T. Kennan/1992(3) | 2,522 | 434 | 2,296 | 420 |
| Kenneth R. Leibler/2006 | 2,522 | N/A | 2,296 | N/A |
| Robert E. Patterson/1984 | 2,522 | 291 | 2,296 | 284 |
| George Putnam, III/1984 | 2,522 | 256 | 2,296 | 251 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 858 | 264 | 1,323 | 256 |
| Richard B. Worley/2004 | 2,522 | N/A | 2,296 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam High Yield Advantage Fund | Putnam High Yield Trust |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 2,676 | 336 | 4,219 | 564 |
| Charles B. Curtis/2001 | 2,630 | 243 | 4,078 | 407 |
| Robert J. Darretta/2007 | 2,591 | N/A | 4,079 | N/A |
| Myra R. Drucker/2004(3) | 2,676 | N/A | 4,219 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 3,194 | 559 | 5,232 | 940 |
| Paul L. Joskow/1997(3) | 2,676 | 222 | 4,219 | 373 |
| Elizabeth T. Kennan/1992(3) | 2,676 | 462 | 4,219 | 773 |
| Kenneth R. Leibler/2006 | 2,676 | N/A | 4,219 | N/A |
| Robert E. Patterson/1984 | 2,676 | 309 | 4,219 | 522 |
| George Putnam, III/1984 | 2,676 | 271 | 4,219 | 460 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 877 | 281 | 2,399 | 471 |
| Richard B. Worley/2004 | 2,676 | N/A | 4,219 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Income Fund | Putnam Income Strategies Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 4,772 | 595 | 1,756 | 224 |
| Charles B. Curtis/2001 | 4,694 | 430 | 1,662 | 163 |
| Robert J. Darretta/2007 | 4,618 | N/A | 1,756 | N/A |
| Myra R. Drucker/2004(3) | 4,772 | N/A | 1,756 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 5,705 | 992 | 2,070 | 373 |
| Paul L. Joskow/1997(3) | 4,772 | 393 | 1,724 | 147 |
| Elizabeth T. Kennan/1992(3) | 4,772 | 818 | 1,756 | 309 |
| Kenneth R. Leibler/2006 | 4,772 | N/A | 1,756 | N/A |
| Robert E. Patterson/1984 | 4,772 | 549 | 1,756 | 206 |
| George Putnam, III/1984 | 4,772 | 482 | 1,756 | 179 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,593 | 498 | 147 | 209 |
| Richard B. Worley/2004 | 4,772 | N/A | 1,756 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam International Capital | Putnam International Equity Fund | | Opportunities Fund | |
| Ravi Akhoury/2009(5) | N/A | N/A | 2,140 | N/A |
| Jameson A. Baxter/1994(3) | 4,388 | 585 | 8,245 | 1,070 |
| Charles B. Curtis/2001 | 4,244 | 422 | 7,833 | 782 |
| Robert J. Darretta/2007 | 4,240 | N/A | 8,245 | N/A |
| Myra R. Drucker/2004(3) | 4,388 | N/A | 8,245 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 5,418 | 975 | 9,502 | 1,783 |
| Paul L. Joskow/1997(3) | 4,388 | 387 | 8,112 | 703 |
| Elizabeth T. Kennan/1992(3) | 4,388 | 802 | 8,245 | 1,483 |
| Kenneth R. Leibler/2006 | 4,388 | N/A | 8,245 | N/A |
| Robert E. Patterson/1984 | 4,388 | 541 | 8,245 | 981 |
| George Putnam, III/1984 | 4,388 | 476 | 8,245 | 851 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 2,493 | 489 | N/A | 1,112 |
| Richard B. Worley/2004 | 4,388 | N/A | 8,245 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam International Growth and | Putnam International New | | Income Fund | Opportunities Fund |
| Ravi Akhoury/2009(5) | 822 | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 2,875 | 374 | 2,110 | 343 |
| Charles B. Curtis/2001 | 2,724 | 274 | 2,110 | 248 |
| Robert J. Darretta/2007 | 2,875 | N/A | 2,018 | N/A |
| Myra R. Drucker/2004(3) | 2,875 | N/A | 2,110 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 3,311 | 624 | 2,730 | 572 |
| Paul L. Joskow/1997(3) | 2,824 | 246 | 2,110 | 227 |
| Elizabeth T. Kennan/1992(3) | 2,875 | 519 | 2,110 | 471 |
| Kenneth R. Leibler/2006 | 2,875 | N/A | 2,110 | N/A |
| Robert E. Patterson/1984 | 2,875 | 343 | 2,110 | 317 |
| George Putnam, III/1984 | 2,875 | 297 | 2,110 | 279 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | N/A | 409 | 950 | 287 |
| Richard B. Worley/2004 | 2,875 | N/A | 2,110 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Investors Fund | Putnam Massachusetts Tax Exempt | | | | Income Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | 771 | N/A |
| Jameson A. Baxter/1994(3) | 5,830 | 798 | 2,270 | 296 |
| Charles B. Curtis/2001 | 5,618 | 574 | 2,150 | 217 |
| Robert J. Darretta/2007 | 6,659 | N/A | 2,270 | N/A |
| Myra R. Drucker/2004(3) | 5,830 | N/A | 2,270 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 7,264 | 1,330 | 2,618 | 494 |
| Paul L. Joskow/1997(3) | 5,830 | 529 | 2,228 | 195 |
| Elizabeth T. Kennan/1992(3) | 5,830 | 1,092 | 2,270 | 411 |
| Kenneth R. Leibler/2006 | 5,830 | N/A | 2,270 | N/A |
| Robert E. Patterson/1984 | 5,830 | 739 | 2,270 | 272 |
| George Putnam, III/1984 | 5,830 | 653 | 2,270 | 235 |
| Robert L. Reynolds/2008(6) | 0 | 0 | 0 | N/A |
| W. Thomas Stephens/1997(7) | 3,518 | 666 | N/A | 321 |
| Richard B. Worley/2004 | 5,830 | N/A | 2,270 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Michigan Tax Exempt Income | Putnam Mid Cap Value Fund | | Fund | | |
| Ravi Akhoury/2009(5) | 599 | N/A | 462 | N/A |
| Jameson A. Baxter/1994(3) | 1,865 | 243 | 2,984 | 386 |
| Charles B. Curtis/2001 | 1,766 | 178 | 2,824 | 282 |
| Robert J. Darretta/2007 | 1,865 | N/A | 2,984 | N/A |
| Myra R. Drucker/2004(3) | 1,865 | N/A | 2,984 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,148 | 406 | 3,435 | 643 |
| Paul L. Joskow/1997(3) | 1,831 | 160 | 2,929 | 254 |
| Elizabeth T. Kennan/1992(3) | 1,865 | 338 | 2,984 | 534 |
| Kenneth R. Leibler/2006 | 1,865 | N/A | 2,984 | N/A |
| Robert E. Patterson/1984 | 1,865 | 223 | 2,984 | 354 |
| George Putnam, III/1984 | 1,865 | 194 | 2,984 | 308 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | N/A | 265 | N/A | 392 |
| Richard B. Worley/2004 | 1,865 | N/A | 2,984 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Minnesota Tax Exempt Income | Putnam Money Market Fund | | Fund | | |
| Ravi Akhoury/2009(5) | 601 | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 1,865 | 243 | 5,137 | 816 |
| Charles B. Curtis/2001 | 1,766 | 178 | 5,137 | 589 |
| Robert J. Darretta/2007 | 1,865 | N/A | 4,932 | N/A |
| Myra R. Drucker/2004(3) | 1,865 | N/A | 5,137 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,148 | 406 | 6,583 | 1,360 |
| Paul L. Joskow/1997(3) | 1,831 | 160 | 5,137 | 540 |
| Elizabeth T. Kennan/1992(3) | 1,865 | 337 | 5,137 | 1,120 |
| Kenneth R. Leibler/2006 | 1,865 | N/A | 5,137 | N/A |
| Robert E. Patterson/1984 | 1,865 | 223 | 5,137 | 754 |
| George Putnam, III/1984 | 1,865 | 194 | 5,137 | 663 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | N/A | 265 | 2,183 | 682 |
| Richard B. Worley/2004 | 1,865 | N/A | 5,137 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Money Market Liquidity Fund | Putnam New Jersey Tax Exempt | | | | Income Fund |
| Ravi Akhoury/2009(5) | 7,792 | N/A | 711 | N/A |
| Jameson A. Baxter/1994(3) | 8,227 | 1,911 | 2,116 | 276 |
| Charles B. Curtis/2001 | 8,227 | 1,408 | 2,004 | 202 |
| Robert J. Darretta/2007 | 8,227 | N/A | 2,116 | N/A |
| Myra R. Drucker/2004(3) | 8,227 | N/A | 2,116 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 10,695 | 3,187 | 2,439 | 460 |
| Paul L. Joskow/1997(3) | 8,227 | 1,251 | 2,076 | 181 |
| Elizabeth T. Kennan/1992(3) | 8,227 | 2,669 | 2,116 | 382 |
| Kenneth R. Leibler/2006 | 8,227 | N/A | 2,116 | N/A |
| Robert E. Patterson/1984 | 8,227 | 1,746 | 2,116 | 253 |
| George Putnam, III/1984 | 8,227 | 1,500 | 2,116 | 219 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 6,490 | 0 | N/A | 300 |
| Richard B. Worley/2004 | 8,227 | N/A | 2,116 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam New Opportunities Fund | Putnam New York Tax Exempt | | | | Income Fund |
| Ravi Akhoury/2009(5) | 2,570 | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 7,425 | 994 | 3,343 | 418 |
| Charles B. Curtis/2001 | 7,037 | 728 | 3,285 | 303 |
| Robert J. Darretta/2007 | 7,425 | N/A | 3,239 | N/A |
| Myra R. Drucker/2004(3) | 7,425 | N/A | 3,343 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 8,579 | 1,657 | 4,035 | 697 |
| Paul L. Joskow/1997(3) | 7,286 | 652 | 3,343 | 276 |
| Elizabeth T. Kennan/1992(3) | 7,425 | 1,380 | 3,343 | 575 |
| Kenneth R. Leibler/2006 | 7,425 | N/A | 3,343 | N/A |
| Robert E. Patterson/1984 | 7,425 | 911 | 3,343 | 385 |
| George Putnam, III/1984 | 7,425 | 788 | 3,343 | 337 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | N/A | 1,080 | 1,082 | 350 |
| Richard B. Worley/2004 | 7,425 | N/A | 3,343 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Ohio Tax Exempt Income | Putnam Pennsylvania Tax Exempt | | Fund | Income Fund |
| Ravi Akhoury/2009(5) | 661 | N/A | 670 | N/A |
| Jameson A. Baxter/1994(3) | 2,003 | 261 | 2,022 | 264 |
| Charles B. Curtis/2001 | 1,897 | 191 | 1,915 | 193 |
| Robert J. Darretta/2007 | 2,003 | N/A | 2,022 | N/A |
| Myra R. Drucker/2004(3) | 2,003 | N/A | 2,022 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,308 | 436 | 2,330 | 439 |
| Paul L. Joskow/1997(3) | 1,966 | 172 | 1,985 | 173 |
| Elizabeth T. Kennan/1992(3) | 2,003 | 362 | 2,022 | 366 |
| Kenneth R. Leibler/2006 | 2,003 | N/A | 2,022 | N/A |
| Robert E. Patterson/1984 | 2,003 | 240 | 2,022 | 242 |
| George Putnam, III/1984 | 2,003 | 208 | 2,022 | 210 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | N/A | 284 | N/A | 287 |
| Richard B. Worley/2004 | 2,003 | N/A | 2,022 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Research Fund | Putnam RetirementReady 2010 Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 2,353 | 319 | 0 | 0 |
| Charles B. Curtis/2001 | 2,270 | 230 | 0 | 0 |
| Robert J. Darretta/2007 | 2,669 | N/A | 0 | 0 |
| Myra R. Drucker/2004(3) | 2,353 | N/A | 0 | 0 |
| Charles E. Haldeman, Jr./2004(8) | 0 | 0 | 0 | 0 |
| John A. Hill/1985(3)(4) | 2,925 | 532 | 0 | 0 |
| Paul L. Joskow/1997(3) | 2,353 | 212 | 0 | 0 |
| Elizabeth T. Kennan/1992(3) | 2,353 | 437 | 0 | 0 |
| Kenneth R. Leibler/2006 | 2,353 | N/A | 0 | 0 |
| Robert E. Patterson/1984 | 2,353 | 296 | 0 | 0 |
| George Putnam, III/1984 | 2,353 | 261 | 0 | 0 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | 0 |
| W. Thomas Stephens/1997(7) | 1,389 | 267 | 0 | 0 |
| Richard B. Worley/2004 | 2,353 | N/A | 0 | 0 |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam RetirementReady 2015 Fund | Putnam Retirement Ready 2020 Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 0 | 0 | 0 | 0 |
| Charles B. Curtis/2001 | 0 | 0 | 0 | 0 |
| Robert J. Darretta/2007 | 0 | 0 | 0 | 0 |
| Myra R. Drucker/2004(3) | 0 | 0 | 0 | 0 |
| Charles E. Haldeman, Jr./2004(8) | 0 | 0 | 0 | 0 |
| John A. Hill/1985(3)(4) | 0 | 0 | 0 | 0 |
| Paul L. Joskow/1997(3) | 0 | 0 | 0 | 0 |
| Elizabeth T. Kennan/1992(3) | 0 | 0 | 0 | 0 |
| Kenneth R. Leibler/2006 | 0 | 0 | 0 | 0 |
| Robert E. Patterson/1984 | 0 | 0 | 0 | 0 |
| George Putnam, III/1984 | 0 | 0 | 0 | 0 |
| Robert L. Reynolds/2008(6) | 0 | 0 | 0 | 0 |
| W. Thomas Stephens/1997(7) | 0 | 0 | 0 | 0 |
| Richard B. Worley/2004 | 0 | 0 | 0 | 0 |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam RetirementReady 2025 Fund | Putnam RetirementReady 2030 Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 0 | 0 | 0 | 0 |
| Charles B. Curtis/2001 | 0 | 0 | 0 | 0 |
| Robert J. Darretta/2007 | 0 | 0 | 0 | 0 |
| Myra R. Drucker/2004(3) | 0 | 0 | 0 | 0 |
| Charles E. Haldeman, Jr./2004(8) | 0 | 0 | 0 | 0 |
| John A. Hill/1985(3)(4) | 0 | 0 | 0 | 0 |
| Paul L. Joskow/1997(3) | 0 | 0 | 0 | 0 |
| Elizabeth T. Kennan/1992(3) | 0 | 0 | 0 | 0 |
| Kenneth R. Leibler/2006 | 0 | 0 | 0 | 0 |
| Robert E. Patterson/1984 | 0 | 0 | 0 | 0 |
| George Putnam, III/1984 | 0 | 0 | 0 | 0 |
| Robert L. Reynolds/2008(6) | 0 | 0 | 0 | 0 |
| W. Thomas Stephens/1997(7) | 0 | 0 | 0 | 0 |
| Richard B. Worley/2004 | 0 | 0 | 0 | 0 |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam RetirementReady 2035 Fund | Putnam RetirementReady 2040 Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 0 | 0 | 0 | 0 |
| Charles B. Curtis/2001 | 0 | 0 | 0 | 0 |
| Robert J. Darretta/2007 | 0 | 0 | 0 | 0 |
| Myra R. Drucker/2004(3) | 0 | 0 | 0 | 0 |
| Charles E. Haldeman, Jr./2004(8) | 0 | 0 | 0 | 0 |
| John A. Hill/1985(3)(4) | 0 | 0 | 0 | 0 |
| Paul L. Joskow/1997(3) | 0 | 0 | 0 | 0 |
| Elizabeth T. Kennan/1992(3) | 0 | 0 | 0 | 0 |
| Kenneth R. Leibler/2006 | 0 | 0 | 0 | 0 |
| Robert E. Patterson/1984 | 0 | 0 | 0 | 0 |
| George Putnam, III/1984 | 0 | 0 | 0 | 0 |
| Robert L. Reynolds/2008(6) | 0 | 0 | 0 | 0 |
| W. Thomas Stephens/1997(7) | 0 | 0 | 0 | 0 |
| Richard B. Worley/2004 | 0 | 0 | 0 | 0 |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam RetirementReady 2045 Fund | Putnam RetirementReady 2050 Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 0 | 0 | 0 | 0 |
| Charles B. Curtis/2001 | 0 | 0 | 0 | 0 |
| Robert J. Darretta/2007 | 0 | 0 | 0 | 0 |
| Myra R. Drucker/2004(3) | 0 | 0 | 0 | 0 |
| Charles E. Haldeman, Jr./2004(8) | 0 | 0 | 0 | 0 |
| John A. Hill/1985(3)(4) | 0 | 0 | 0 | 0 |
| Paul L. Joskow/1997(3) | 0 | 0 | 0 | 0 |
| Elizabeth T. Kennan/1992(3) | 0 | 0 | 0 | 0 |
| Kenneth R. Leibler/2006 | 0 | 0 | 0 | 0 |
| Robert E. Patterson/1984 | 0 | 0 | 0 | 0 |
| George Putnam, III/1984 | 0 | 0 | 0 | 0 |
| Robert L. Reynolds/2008(6) | 0 | 0 | 0 | 0 |
| W. Thomas Stephens/1997(7) | 0 | 0 | 0 | 0 |
| Richard B. Worley/2004 | 0 | 0 | 0 | 0 |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam RetirementReady Maturity | Putnam Small Cap Growth Fund | | Fund | |
| Ravi Akhoury/2009(5) | N/A | N/A | 635 | N/A |
| Jameson A. Baxter/1994(3) | 0 | 0 | 2,118 | 277 |
| Charles B. Curtis/2001 | 0 | 0 | 2,006 | 203 |
| Robert J. Darretta/2007 | 0 | 0 | 2,118 | N/A |
| Myra R. Drucker/2004(3) | 0 | 0 | 2,118 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | 0 | 0 | N/A |
| John A. Hill/1985(3)(4) | 0 | 0 | 2,437 | 462 |
| Paul L. Joskow/1997(3) | 0 | 0 | 2,080 | 182 |
| Elizabeth T. Kennan/1992(3) | 0 | 0 | 2,118 | 385 |
| Kenneth R. Leibler/2006 | 0 | 0 | 2,118 | N/A |
| Robert E. Patterson/1984 | 0 | 0 | 2,118 | 254 |
| George Putnam, III/1984 | 0 | 0 | 2,118 | 220 |
| Robert L. Reynolds/2008(6) | 0 | 0 | 0 | N/A |
| W. Thomas Stephens/1997(7) | 0 | 0 | N/A | 309 |
| Richard B. Worley/2004 | 0 | 0 | 2,118 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Small Cap Value Fund | Putnam Tax Exempt Income Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 2,223 | 285 | 2,661 | 424 |
| Charles B. Curtis/2001 | 2,107 | 208 | 2,661 | 306 |
| Robert J. Darretta/2007 | 2,223 | N/A | 2,549 | N/A |
| Myra R. Drucker/2004(3) | 2,223 | N/A | 2,661 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,637 | 476 | 3,588 | 706 |
| Paul L. Joskow/1997(3) | 2,183 | 188 | 2,661 | 280 |
| Elizabeth T. Kennan/1992(3) | 2,223 | 394 | 2,661 | 581 |
| Kenneth R. Leibler/2006 | 2,223 | N/A | 2,661 | N/A |
| Robert E. Patterson/1984 | 2,223 | 262 | 2,661 | 391 |
| George Putnam, III/1984 | 2,223 | 229 | 2,661 | 344 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 189 | 265 | 1,164 | 354 |
| Richard B. Worley/2004 | 2,223 | N/A | 2,661 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Tax Exempt Money Market | Putnam Tax-Free High Yield Fund | | Fund | |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 1,344 | 218 | 3,311 | 439 |
| Charles B. Curtis/2001 | 1,344 | 158 | 3,201 | 316 |
| Robert J. Darretta/2007 | 1,287 | N/A | 3,718 | N/A |
| Myra R. Drucker/2004(3) | 1,344 | N/A | 3,311 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 1,738 | 364 | 4,098 | 732 |
| Paul L. Joskow/1997(3) | 1,344 | 144 | 3,311 | 291 |
| Elizabeth T. Kennan/1992(3) | 1,344 | 300 | 3,311 | 601 |
| Kenneth R. Leibler/2006 | 1,344 | N/A | 3,311 | N/A |
| Robert E. Patterson/1984 | 1,344 | 202 | 3,311 | 406 |
| George Putnam, III/1984 | 1,344 | 177 | 3,311 | 359 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | 0 |
| W. Thomas Stephens/1997(7) | 596 | 183 | 1,874 | 367 |
| Richard B. Worley/2004 | 1,344 | N/A | 3,311 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam U.S. Government Income Trust | Putnam Vista Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 2,708 | 443 | 3,939 | 532 |
| Charles B. Curtis/2001 | 2,708 | 320 | 3,799 | 383 |
| Robert J. Darretta/2007 | 2,595 | N/A | 4,475 | N/A |
| Myra R. Drucker/2004(3) | 2,708 | N/A | 3,939 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 3,528 | 739 | 4,902 | 887 |
| Paul L. Joskow/1997(3) | 2,708 | 293 | 3,939 | 353 |
| Elizabeth T. Kennan/1992(3) | 2,708 | 608 | 3,939 | 729 |
| Kenneth R. Leibler/2006 | 2,708 | N/A | 3,939 | N/A |
| Robert E. Patterson/1984 | 2,708 | 409 | 3,939 | 493 |
| George Putnam, III/1984 | 2,708 | 360 | 3,939 | 435 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | 0 |
| W. Thomas Stephens/1997(7) | 1,185 | 370 | 2,330 | 444 |
| Richard B. Worley/2004 | 2,708 | N/A | 3,939 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam Voyager Fund | Putnam VT American Government | | | | Income Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 9,379 | 1,276 | 1,878 | 240 |
| Charles B. Curtis/2001 | 9,034 | 918 | 1,846 | 174 |
| Robert J. Darretta/2007 | 10,734 | N/A | 1,818 | N/A |
| Myra R. Drucker/2004(3) | 9,379 | N/A | 1,878 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 11,692 | 2,127 | 2,240 | 401 |
| Paul L. Joskow/1997(3) | 9,379 | 846 | 1,878 | 159 |
| Elizabeth T. Kennan/1992(3) | 9,379 | 1,746 | 1,878 | 331 |
| Kenneth R. Leibler/2006 | 9,379 | N/A | 1,878 | N/A |
| Robert E. Patterson/1984 | 9,379 | 1,181 | 1,878 | 221 |
| George Putnam, III/1984 | 9,379 | 1,044 | 1,878 | 193 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 5,610 | 1,065 | 629 | 201 |
| Richard B. Worley/2004 | 9,379 | N/A | 1,878 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam VT Capital Opportunities Fund | Putnam VT Diversified Income Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 1,695 | 216 | 2,302 | 294 |
| Charles B. Curtis/2001 | 1,666 | 157 | 2,263 | 214 |
| Robert J. Darretta/2007 | 1,639 | N/A | 2,227 | N/A |
| Myra R. Drucker/2004(3) | 1,695 | N/A | 2,302 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,023 | 360 | 2,748 | 491 |
| Paul L. Joskow/1997(3) | 1,695 | 143 | 2,302 | 194 |
| Elizabeth T. Kennan/1992(3) | 1,695 | 298 | 2,302 | 406 |
| Kenneth R. Leibler/2006 | 1,695 | N/A | 2,302 | N/A |
| Robert E. Patterson/1984 | 1,695 | 199 | 2,302 | 271 |
| George Putnam, III/1984 | 1,695 | 174 | 2,302 | 237 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 578 | 181 | 776 | 247 |
| Richard B. Worley/2004 | 1,695 | N/A | 2,302 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam VT Equity Income Fund | Putnam VT The George Putnam Fund | | | | of Boston |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 1,965 | 251 | 2,258 | 288 |
| Charles B. Curtis/2001 | 1,932 | 182 | 2,221 | 209 |
| Robert J. Darretta/2007 | 1,900 | N/A | 2,182 | N/A |
| Myra R. Drucker/2004(3) | 1,965 | N/A | 2,258 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,345 | 418 | 2,701 | 481 |
| Paul L. Joskow/1997(3) | 1,965 | 166 | 2,258 | 190 |
| Elizabeth T. Kennan/1992(3) | 1,965 | 346 | 2,258 | 398 |
| Kenneth R. Leibler/2006 | 1,965 | N/A | 2,258 | N/A |
| Robert E. Patterson/1984 | 1,965 | 231 | 2,258 | 266 |
| George Putnam, III/1984 | 1,965 | 202 | 2,258 | 232 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 670 | 210 | 783 | 242 |
| Richard B. Worley/2004 | 1,965 | N/A | 2,258 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam VT Global Asset Allocation | Putnam VT Global Equity Fund | | Fund | |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 2,123 | 271 | 2,304 | 294 |
| Charles B. Curtis/2001 | 2,087 | 197 | 2,266 | 213 |
| Robert J. Darretta/2007 | 2,053 | N/A | 2,226 | N/A |
| Myra R. Drucker/2004(3) | 2,123 | N/A | 2,304 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,535 | 452 | 2,754 | 489 |
| Paul L. Joskow/1997(3) | 2,123 | 179 | 2,304 | 194 |
| Elizabeth T. Kennan/1992(3) | 2,123 | 374 | 2,304 | 405 |
| Kenneth R. Leibler/2006 | 2,123 | N/A | 2,304 | N/A |
| Robert E. Patterson/1984 | 2,123 | 250 | 2,304 | 270 |
| George Putnam, III/1984 | 2,123 | 218 | 2,304 | 236 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 724 | 227 | 801 | 246 |
| Richard B. Worley/2004 | 2,123 | N/A | 2,304 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam VT Global Health Care Fund | Putnam VT Global Utilities Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 1,193 | 244 | 2,133 | 272 |
| Charles B. Curtis/2001 | 1,880 | 177 | 2,097 | 198 |
| Robert J. Darretta/2007 | 1,850 | N/A | 2,062 | N/A |
| Myra R. Drucker/2004(3) | 1,193 | N/A | 2,133 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,284 | 407 | 2,547 | 454 |
| Paul L. Joskow/1997(3) | 1,193 | 161 | 2,133 | 179 |
| Elizabeth T. Kennan/1992(3) | 1,193 | 336 | 2,133 | 375 |
| Kenneth R. Leibler/2006 | 1,193 | N/A | 2,133 | N/A |
| Robert E. Patterson/1984 | 1,193 | 225 | 2,133 | 251 |
| George Putnam, III/1984 | 1,193 | 197 | 2,133 | 219 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 651 | 205 | 731 | 228 |
| Richard B. Worley/2004 | 1,193 | N/A | 2,133 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam VT Growth and Income Fund | Putnam VT Growth Opportunities | | | | Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 5,224 | 666 | 1,700 | 217 |
| Charles B. Curtis/2001 | 5,142 | 484 | 1,671 | 157 |
| Robert J. Darretta/2007 | 5,038 | N/A | 1,644 | N/A |
| Myra R. Drucker/2004(3) | 5,224 | N/A | 1,700 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 6,293 | 1,111 | 2,029 | 361 |
| Paul L. Joskow/1997(3) | 5,224 | 439 | 1,700 | 143 |
| Elizabeth T. Kennan/1992(3) | 5,224 | 918 | 1,700 | 299 |
| Kenneth R. Leibler/2006 | 5,224 | N/A | 1,700 | N/A |
| Robert E. Patterson/1984 | 5,224 | 614 | 1,700 | 200 |
| George Putnam, III/1984 | 5,224 | 536 | 1,700 | 175 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,885 | 558 | 580 | 182 |
| Richard B. Worley/2004 | 5,224 | N/A | 1,700 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam VT High Yield Fund | Putnam VT Income Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 2,342 | 299 | 2,547 | 326 |
| Charles B. Curtis/2001 | 2,302 | 217 | 2,505 | 237 |
| Robert J. Darretta/2007 | 2,265 | N/A | 2,464 | N/A |
| Myra R. Drucker/2004(3) | 2,342 | N/A | 2,547 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,797 | 499 | 3,044 | 544 |
| Paul L. Joskow/1997(3) | 2,342 | 197 | 2,547 | 215 |
| Elizabeth T. Kennan/1992(3) | 2,342 | 413 | 2,547 | 450 |
| Kenneth R. Leibler/2006 | 2,342 | N/A | 2,547 | N/A |
| Robert E. Patterson/1984 | 2,342 | 276 | 2,547 | 301 |
| George Putnam, III/1984 | 2,342 | 241 | 2,547 | 263 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 793 | 251 | 865 | 273 |
| Richard B. Worley/2004 | 2,342 | N/A | 2,547 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam VT International Equity Fund | Putnam VT International Growth and | | | | Income Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 3,138 | 400 | 2,161 | 276 |
| Charles B. Curtis/2001 | 3,088 | 291 | 2,125 | 200 |
| Robert J. Darretta/2007 | 3,031 | N/A | 2,088 | N/A |
| Myra R. Drucker/2004(3) | 3,138 | N/A | 2,161 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 3,755 | 667 | 2,582 | 460 |
| Paul L. Joskow/1997(3) | 3,138 | 264 | 2,161 | 182 |
| Elizabeth T. Kennan/1992(3) | 3,138 | 552 | 2,161 | 380 |
| Kenneth R. Leibler/2006 | 3,138 | N/A | 2,161 | N/A |
| Robert E. Patterson/1984 | 3,138 | 369 | 2,161 | 254 |
| George Putnam, III/1984 | 3,138 | 322 | 2,161 | 222 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,098 | 335 | 749 | 231 |
| Richard B. Worley/2004 | 3,138 | N/A | 2,161 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam VT International New | Putnam VT Investors Fund | | Opportunities Fund | | |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 1,985 | 253 | 2,194 | 280 |
| Charles B. Curtis/2001 | 1,952 | 184 | 2,157 | 203 |
| Robert J. Darretta/2007 | 1,918 | N/A | 2,121 | N/A |
| Myra R. Drucker/2004(3) | 1,985 | N/A | 2,194 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,371 | 422 | 2,620 | 467 |
| Paul L. Joskow/1997(3) | 1,985 | 167 | 2,194 | 185 |
| Elizabeth T. Kennan/1992(3) | 1,985 | 349 | 2,194 | 386 |
| Kenneth R. Leibler/2006 | 1,985 | N/A | 2,194 | N/A |
| Robert E. Patterson/1984 | 1,985 | 233 | 2,194 | 258 |
| George Putnam, III/1984 | 1,985 | 204 | 2,194 | 225 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 688 | 212 | 747 | 235 |
| Richard B. Worley/2004 | 1,985 | N/A | 2,194 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam VT Mid Cap Value Fund | Putnam VT Money Market Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 1,741 | 222 | 2,341 | 301 |
| Charles B. Curtis/2001 | 1,683 | 161 | 2,302 | 219 |
| Robert J. Darretta/2007 | 1,711 | N/A | 2,268 | N/A |
| Myra R. Drucker/2004(3) | 1,683 | N/A | 2,341 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,078 | 370 | 2,790 | 502 |
| Paul L. Joskow/1997(3) | 1,741 | 146 | 2,341 | 199 |
| Elizabeth T. Kennan/1992(3) | 1,741 | 306 | 2,341 | 415 |
| Kenneth R. Leibler/2006 | 1,741 | N/A | 2,341 | N/A |
| Robert E. Patterson/1984 | 1,741 | 204 | 2,341 | 277 |
| George Putnam, III/1984 | 1,741 | 179 | 2,341 | 243 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 596 | 186 | 766 | 252 |
| Richard B. Worley/2004 | 1,741 | N/A | 2,341 | N/A |
| | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam VT New Opportunities Fund | Putnam VT Research Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 2,942 | 375 | 1,813 | 231 |
| Charles B. Curtis/2001 | 2,893 | 272 | 1,782 | 168 |
| Robert J. Darretta/2007 | 2,842 | N/A | 1,752 | N/A |
| Myra R. Drucker/2004(3) | 2,942 | N/A | 1,813 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 3,522 | 624 | 2,165 | 385 |
| Paul L. Joskow/1997(3) | 2,942 | 247 | 1,813 | 153 |
| Elizabeth T. Kennan/1992(3) | 2,942 | 516 | 1,813 | 319 |
| Kenneth R. Leibler/2006 | 2,942 | N/A | 1,813 | N/A |
| Robert E. Patterson/1984 | 2,942 | 345 | 1,813 | 213 |
| George Putnam, III/1984 | 2,942 | 301 | 1,813 | 186 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 1,022 | 314 | 622 | 194 |
| Richard B. Worley/2004 | 2,942 | N/A | 1,813 | N/A |
|
| | | | | | Aggregate | Pension or | Aggregate | Pension or | | compensation | retirement | compensation | retirement | | from the fund ($) | benefits accrued | from the fund ($) | benefits accrued | | | as part of fund | | as part of fund | | | expenses ($) | | expenses ($) |
| Trustees/Year | Putnam VT Small Cap Value Fund | Putnam VT Vista Fund |
| Ravi Akhoury/2009(5) | N/A | N/A | N/A | N/A |
| Jameson A. Baxter/1994(3) | 2,243 | 286 | 2,047 | 261 |
| Charles B. Curtis/2001 | 2,206 | 208 | 2,013 | 189 |
| Robert J. Darretta/2007 | 2,168 | N/A | 1,979 | N/A |
| Myra R. Drucker/2004(3) | 2,243 | N/A | 2,047 | N/A |
| Charles E. Haldeman, Jr./2004(8) | 0 | N/A | 0 | N/A |
| John A. Hill/1985(3)(4) | 2,699 | 477 | 2,447 | 435 |
| Paul L. Joskow/1997(3) | 2,243 | 189 | 2,047 | 172 |
| Elizabeth T. Kennan/1992(3) | 2,243 | 395 | 2,047 | 360 |
| Kenneth R. Leibler/2006 | 2,243 | N/A | 2,047 | N/A |
| Robert E. Patterson/1984 | 2,243 | 264 | 2,047 | 240 |
| George Putnam, III/1984 | 2,243 | 231 | 2,047 | 210 |
| Robert L. Reynolds/2008(6) | 0 | N/A | 0 | N/A |
| W. Thomas Stephens/1997(7) | 772 | 240 | 706 | 219 |
| Richard B. Worley/2004 | 2,243 | N/A | 2,047 | N/A |
| | | | Aggregate | Pension or | | | | compensation | retirement | | | | from the fund ($) | benefits accrued | | | | | as part of fund | | | | | expenses ($) | | |
| | Trustees/Year | Putnam VT Voyager Fund | | |
| | Ravi Akhoury/2009(5) | N/A | N/A | | |
| | Jameson A. Baxter/1994(3) | 3,476 | 442 | | |
| | Charles B. Curtis/2001 | 3,419 | 321 | | |
| | Robert J. Darretta/2007 | 3,356 | N/A | | |
| | Myra R. Drucker/2004(3) | 3,476 | N/A | | |
| | Charles E. Haldeman, Jr./2004(8) | 0 | N/A | | |
| | John A. Hill/1985(3)(4) | 4,164 | 737 | | |
| | Paul L. Joskow/1997(3) | 3,476 | 292 | | |
| | Elizabeth T. Kennan/1992(3) | 3,476 | 609 | | |
| | Kenneth R. Leibler/2006 | 3,476 | N/A | | |
| | Robert E. Patterson/1984 | 3,476 | 407 | | |
| | George Putnam, III/1984 | 3,476 | 356 | | |
| | Robert L. Reynolds/2008(6) | 0 | N/A | | |
| | W. Thomas Stephens/1997(7) | 1,217 | 370 | | |
| | Richard B. Worley/2004 | 3,476 | N/A | | |
| |
| | | | | | Estimated annual | | | | | benefits from all | Total compensation | | | | Putnam funds upon | from all Putnam | | | | retirement ($) (1) | funds ($) (2) | | |
| | | Trustees/Year | For All Funds | | |
| | | Ravi Akhoury/2009(5) | N/A | N/A | | |
| | | Jameson A. Baxter/1994(3) | 110,500 | 295,000 | | |
| | | Charles B. Curtis/2001 | 113,900 | 280,000 | | |
| | | Robert J. Darretta/2007 | N/A | 295,000 | | |
| | | Myra R. Drucker/2004(3) | N/A | 295,500 | | |
| | | Charles E. Haldeman, Jr./2004(8) | N/A | 0 | | |
| | | John A. Hill/1985(3)(4) | 161,700 | 393,439 | | |
| | | Paul L. Joskow/1997(3) | 113,400 | 290,000 | | |
| | | Elizabeth T. Kennan/1992(3) | 108,000 | 295,000 | | |
| | | Kenneth R. Leibler/2006 | N/A | 295,000 | | |
| | | Robert E. Patterson/1984 | 106,500 | 295,000 | | |
| | | George Putnam, III/1984 | 130,300 | 295,000 | | |
| | | Robert L. Reynolds/2008(6) | N/A | 0 | | |
| | | W. Thomas Stephens/1997(7) | 107,100 | 72,500 | | |
| | | Richard B. Worley/2004 | N/A | 295,000 | | |
| | |
(1) Estimated benefits for each Trustee are based on Trustee fee rates for calendar years 2003, 2004 and 2005. (2) As of December 31, 2008 there were 103 funds in the Putnam family. For Mr. Hill, amounts shown also include compensation for service through June 25, 2008 as Chairman of TH Lee, Putnam Emerging Opportunities Portfolio, a closed-end fund advised by an affiliate of Putnam Management. (3) Certain Trustees are also owed compensation deferred pursuant to a Trustee Compensation Deferral Plan. As of each fund's fiscal year end (ended between July 31, 2008 and June 30, 2009), the total amounts of deferred compensation payable by each fund listed below, including income earned on such amounts, to these Trustees were (in dollars): | | | | | | | Fund | | Ms. Baxter | Ms. Drucker | Mr. Hill | Dr. Joskow | Dr. Kennan |
| Putnam Absolute Return 100 Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Absolute Return 300 Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Absolute Return 500 Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Absolute Return 700 Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam American Government Income | | 9,059 | 1,842 | 37,639 | 8,849 | 1,362 | Fund | | | | | | |
| Putnam AMT-Free Municipal Fund | | 4,810 | 979 | 19,979 | 4,691 | 724 |
| Putnam Arizona Tax Exempt Income Fund | | 1,832 | 441 | 6,432 | 1,661 | 254 |
| Putnam Asia Pacific Equity Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Asset Allocation: Balanced | | 9,325 | 1,896 | 38,748 | 9,110 | 1,402 | Portfolio | | | | | | |
| Putnam Asset Allocation: Conservative | | 3,661 | 744 | 15,210 | 3,576 | 551 | Portfolio | | | | | | |
| Putnam Asset Allocation: Equity Portfolio | | 0 | 0 | 0 | 0 | 0 |
| Putnam Asset Allocation: Growth Portfolio | | 8,342 | 1,696 | 34,660 | 8,149 | 1,254 |
| Putnam California Tax Exempt Income | | 14,371 | 2,921 | 59,712 | 14,038 | 2,161 | Fund | | | | | | |
| Putnam Capital Opportunities Fund | | 3,624 | 873 | 12,704 | 3,286 | 502 |
| Putnam Capital Spectrum Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Convertible Income-Growth Trust | | 7,215 | 1,486 | 28,211 | 6,636 | 1,022 |
|
| | | | | | | Fund | | Ms. Baxter | Ms. Drucker | Mr. Hill | Dr. Joskow | Dr. Kennan |
| Putnam Diversified Income Trust | | 20,695 | 4,207 | 85,991 | 20,216 | 3,112 |
| Putnam Emerging Markets Equity Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Equity Income Fund | | 9,722 | 1,999 | 38,005 | 8,937 | 1,377 |
| Putnam Equity Spectrum Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Europe Equity Fund | | 8,161 | 1,965 | 28,682 | 7,408 | 1,129 |
| Putnam Floating Rate Income Fund | | 1,010 | 228 | 3,782 | 915 | 140 |
| The Putnam Fund for Growth and Income | | 75,214 | 15,488 | 294,080 | 69,170 | 10,649 |
| The George Putnam Fund of Boston | | 28,332 | 5,767 | 117,694 | 27,632 | 4,264 |
| Putnam Global Consumer Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Global Energy Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Global Equity Fund | | 22,291 | 4,590 | 87,157 | 20,500 | 3,156 |
| Putnam Global Financials Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Global Health Care Fund | | 21,774 | 4,428 | 90,428 | 21,230 | 3,278 |
| Putnam Global Income Trust | | 3,901 | 803 | 15,252 | 3,587 | 552 |
| Putnam Global Industrials Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Global Natural Resources Fund | | 2,764 | 562 | 11,478 | 2,695 | 416 |
| Putnam Global Technology Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Global Telecommunications Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Global Utilities Fund | | 7,413 | 1,527 | 28,986 | 6,818 | 1,050 |
| Putnam Growth Opportunities Fund | | 11,361 | 2,313 | 47,193 | 11,080 | 1,710 |
| Putnam High Yield Advantage Fund | | 9,103 | 1,872 | 35,586 | 8,368 | 1,289 |
| Putnam High Yield Trust | | 22,708 | 4,618 | 94,306 | 22,141 | 3,419 |
| Putnam Income Fund | | 12,422 | 2,558 | 48,570 | 11,424 | 1,759 |
| Putnam Income Strategies Fund | | 733 | 166 | 2,746 | 664 | 102 |
| Putnam International Capital Opportunities | | 5,788 | 1,177 | 24,038 | 5,644 | 871 | Fund | | | | | | |
| Putnam International Equity Fund | | 26,370 | 6,350 | 92,679 | 23,936 | 3,649 |
| Putnam International Growth and Income | | 5,129 | 1,235 | 18,024 | 4,655 | 710 | Fund | | | | | | |
| Putnam International New Opportunities | | 10,694 | 2,174 | 44,434 | 10,446 | 1,608 | Fund | | | | | | |
| Putnam Investors Fund | | 25,812 | 5,254 | 107,224 | 25,174 | 3,885 |
| Putnam Massachusetts Tax Exempt Fund | | 2,101 | 506 | 7,377 | 1,905 | 291 |
| Putnam Michigan Tax Exempt Income | | 1,836 | 442 | 6,447 | 1,665 | 254 | Fund | | | | | | |
| Putnam Mid Cap Value Fund | | 2,892 | 697 | 10,140 | 2,622 | 400 |
| Putnam Minnesota Tax Exempt Income | | 1,825 | 439 | 6,406 | 1,654 | 253 | Fund | | | | | | |
| Putnam Money Market Fund | | 14,941 | 3,037 | 62,080 | 14,595 | 2,247 |
| Putnam Money Market Liquidity Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam New Jersey Tax Exempt Income | | 1,948 | 469 | 6,841 | 1,767 | 270 | Fund | | | | | | |
| Putnam New Opportunities Fund | | 68,300 | 16,446 | 240,044 | 61,994 | 9,451 |
|
| | | | | | | Fund | | Ms. Baxter | Ms. Drucker | Mr. Hill | Dr. Joskow | Dr. Kennan |
| Putnam New York Tax Exempt Income | | 8,665 | 1,782 | 33,874 | 7,966 | 1,227 | Fund | | | | | | |
| Putnam Ohio Tax Exempt Income Fund | | 1,886 | 454 | 6,622 | 1,710 | 261 |
| Putnam Pennsylvania Tax Exempt Income | | 1,905 | 459 | 6,689 | 1,727 | 264 | Fund | | | | | | |
| Putnam Research Fund | | 5,066 | 1,031 | 21,046 | 4,941 | 763 |
| Putnam RetirementReady 2010 Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2015 Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2020 Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2025 Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2030 Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2035 Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2040 Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2045 Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2050 Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady Maturity Fund | | 0 | 0 | 0 | 0 | 0 |
| Putnam Small Cap Growth Fund | | 1,852 | 446 | 6,510 | 1,681 | 256 |
| Putnam Small Cap Value Fund | | 2,580 | 583 | 9,658 | 2,336 | 357 |
| Putnam Tax Exempt Income Fund | | 13,374 | 2,719 | 55,571 | 13,065 | 2,011 |
| Putnam Tax Exempt Money Market Fund | | 1,722 | 350 | 7,155 | 1,682 | 259 |
| Putnam Tax-Free High Yield Fund | | 17,356 | 3,533 | 72,097 | 16,927 | 2,612 |
| Putnam U.S. Government Income Trust | | 17,626 | 3,583 | 73,237 | 17,218 | 2,651 |
| Putnam Vista Fund | | 27,105 | 5,517 | 112,596 | 26,435 | 4,079 |
| Putnam Voyager Fund | | 77,387 | 15,753 | 321,473 | 75,474 | 11,647 |
| Putnam VT American Government Income | | 1,781.63 | 383.13 | 6,852.43 | 1,656.37 | 253.33 | Fund | | | | | | |
| Putnam VT Capital Opportunities Fund | | 887.81 | 190.92 | 3,414.65 | 825.39 | 126.24 |
| Putnam VT Diversified Income Fund | | 2,393.16 | 514.64 | 9,204.49 | 2,224.91 | 340.29 |
| Putnam VT Equity Income Fund | | 1,210.09 | 260.22 | 4,654.20 | 1,125.01 | 172.06 |
| Putnam VT The George Putnam Fund of | | 2,462.83 | 529.62 | 9,472.45 | 2,289.68 | 350.19 | Boston | | | | | | |
| Putnam VT Global Asset Allocation Fund | | 4,191.66 | 901.39 | 16,121.82 | 3,896.96 | 596.02 |
| Putnam VT Global Equity Fund | | 7,822.70 | 1,682.22 | 30,087.37 | 7,272.71 | 1,112.32 |
| Putnam VT Global Health Care Fund | | 1,820.73 | 391.54 | 7,002.82 | 1,692.72 | 258.89 |
| Putnam VT Global Utilities Fund | | 4,714.52 | 1,013.83 | 18,132.80 | 4,383.06 | 670.36 |
| Putnam VT Growth and Income Fund | | 20,999.75 | 4,515.87 | 80,768.46 | 19,523.34 | 2,985.98 |
| Putnam VT Growth Opportunities Fund | | 1,497.37 | 322.00 | 5,759.14 | 1,392.10 | 212.91 |
| Putnam VT High Yield Fund | | 5,581.49 | 1,200.27 | 21,467.31 | 5,189.08 | 793.64 |
| Putnam VT Income Fund | | 5,751.28 | 1,236.78 | 22,120.37 | 5,346.93 | 817.78 |
| Putnam VT International Equity Fund | | 3,196.49 | 687.39 | 12,294.22 | 2,971.76 | 454.51 |
| Putnam VT International Growth and | | 2,008.28 | 431.87 | 7,724.16 | 1,867.08 | 285.56 | Income Fund | | | | | | |
|
| | | | | | | Fund | | Ms. Baxter | Ms. Drucker | Mr. Hill | Dr. Joskow | Dr. Kennan |
| Putnam VT International New | | 1,891.06 | 406.66 | 7,273.31 | 1,758.10 | 268.89 | Opportunities Fund | | | | | | |
| Putnam VT Investors Fund | | 2,333.17 | 501.73 | 8,973.76 | 2,169.14 | 331.78 |
| Putnam VT Mid Cap Value Fund | | 1,035.76 | 222.73 | 3,983.71 | 962.94 | 147.28 |
| Putnam VT Money Market Fund | | 2,233.29 | 480.26 | 8,589.59 | 2,076.27 | 317.55 |
| Putnam VT New Opportunities Fund | | 11,297.36 | 2,429.43 | 43,451.50 | 10,503.09 | 1,606.39 |
| Putnam VT Research Fund | | 1,781.10 | 383.01 | 6,850.40 | 1,655.88 | 253.26 |
| Putnam VT Small Cap Value Fund | | 2,307.47 | 496.21 | 8,874.92 | 2,145.42 | 328.10 |
| Putnam VT Vista Fund | | 2,141.44 | 460.50 | 8,236.31 | 1,990.88 | 304.49 |
| Putnam VT Voyager Fund | | 16,633.12 | 3,576.85 | 63,973.67 | 15,463.71 | 2,365.08 |
|
(4) Includes additional compensation to Mr. Hill for service as Chairman of the Trustees of the Funds. (5) Mr. Akhoury was elected to the Board of Trustees of the Putnam funds on February 12, 2009. (6) Mr. Reynolds was elected to the Board of Trustees of the Putnam funds on September 12, 2008. (7) Mr. Stephens, who retired from the Board of Trustees of the Putnam funds on March 31, 2008, was re-elected to the Board of Trustees of the Putnam funds on May 14, 2009. Upon his retirement, Mr. Stephens became entitled to receive annual retirement benefit payments from the funds commencing on January 15, 2009. In connection with his re-election to the Board of Trustees, Mr. Stephens has agreed to suspend the balance of his retirement benefit payments for the duration of his service as a Trustee. (8) Mr. Haldeman retired from the Board of Trustees of the Putnam funds on June 30, 2009.
| | | | APPENDIX D –Forms of Proposed Management Contract | | | | For the following funds only: | | | | Putnam AMT-Free Municipal Fund | Putnam Global Financials Fund | Putnam Money Market Fund | Putnam VT Global Equity Fund | Putnam American Government Income Fund | Putnam Global Health Care Fund | Putnam New Jersey Tax Exempt Income Fund | Putnam VT Global Health Care Fund | Putnam Arizona Tax Exempt Income Fund | Putnam Global Industrials Fund | Putnam New York Tax Exempt Income Fund | Putnam VT Global Utilities Fund | Putnam Asset Allocation: Balanced Portfolio | Putnam Global Income Trust | Putnam Ohio Tax Exempt Income Fund | Putnam VT Growth and Income Fund | Putnam Asset Allocation: Conservative | Putnam Global Natural Resources Fund | Putnam Pennsylvania Tax Exempt Income | Putnam VT Growth Opportunities Fund | Portfolio | Putnam Global Technology Fund | Fund | Putnam VT High Yield Fund | Putnam Asset Allocation: Equity Portfolio | Putnam Global Telecommunications Fund | Putnam Research Fund | Putnam VT Income Fund | Putnam Asset Allocation: Growth Portfolio | Putnam Global Utilities Fund | Putnam Small Cap Value Fund | Putnam VT International Equity Fund | Putnam California Tax Exempt Income Fund | Putnam High Yield Advantage Fund | Putnam Tax Exempt Income Fund | Putnam VT International Growth and | Putnam Capital Opportunities Fund | Putnam High Yield Trust | Putnam Tax Exempt Money Market Fund | Income Fund | Putnam Convertible Income-Growth Trust | Putnam Income Fund | Putnam Tax-Free High Yield Fund | Putnam VT International New | Putnam Diversified Income Trust | Putnam Income Strategies Fund | Putnam U.S. Government Income Trust | Opportunities Fund | Putnam Equity Income Fund | Putnam Investors Fund | Putnam VT American Government Income | Putnam VT Investors Fund | Putnam Floating Rate Income Fund | Putnam Massachusetts Tax Exempt Income | Fund | Putnam VT Mid Cap Value Fund | The Putnam Fund for Growth and Income | Fund | Putnam VT Capital Opportunities Fund | Putnam VT Money Market Fund | The George Putnam Fund of Boston | Putnam Michigan Tax Exempt Income Fund | Putnam VT Diversified Income Fund | Putnam VT New Opportunities Fund | Putnam Global Consumer Fund | Putnam Mid Cap Value Fund | Putnam VT Equity Income Fund | Putnam VT Research Fund | Putnam Global Energy Fund | Putnam Minnesota Tax Exempt Income Fund | Putnam VT The George Putnam Fund of | Putnam VT Small Cap Value Fund | | | Boston | Putnam VT Vista Fund | | | Putnam VT Global Asset Allocation Fund | Putnam VT Voyager Fund |
| FORM OF PROPOSED | MANAGEMENT CONTRACT |
This Management Contract is dated as of ____________, 2007January 1, 2010 between [NAME OF FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).
In consideration of the mutual covenants herein contained, it is agreed as follows: 1. SERVICES TO BE RENDERED BY MANAGERTOMANAGER TO FUND. (a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f)(2) of the Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund identified from time to time onSchedule Ato this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and co nductconduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the
Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees. (b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct oftheof the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund. (c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stab ility ofstability o f the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investme nt discretion.investment disc retion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3. B-1
(d) The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space, utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund. (e) The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.
(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract. 2. OTHER AGREEMENTS, ETC. It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with otherorganizationsother organizations and persons and may have other interests and business. 3. COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a fee, based on the Fund’s Average Net Assets, computed and paid [monthly/quarterly]1monthly at the annual rates set forth onSchedule Battached to this Contract, as from time to time amended. [This paragraph included for all funds except closed-end funds] The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each [month/quarter]month while this Contract is in effect. The fee is payable for each [month/quarter]month within [15/30]215 days after the close of the [month/quarter].
[This paragraph included for Putnam California Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities Trust, and Putnam New York Investment Grade Municipal Trust only] “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value during each quarter at the close of business on the last business day of each week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter.
[This paragraph included for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust, and Putnam Premier Income Trust only] “Average Net Assets” means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes), determined at the close of the last business day of each
1Fees are computed and paidmonthlyfor Putnam AMT-Free Insured Municipal Fund, Putnam Floating Rate Income Fund, Putnam Global Equity Fund, Putnam Income Strategies Fund, Putnam OTC & Emerging Growth Fund, Putnam Prime Money Market Fund, Putnam RetirementReady 2050 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2035 Fund, Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2025 Fund, Putnam RetirementReady 2020 Fund, Putnam RetirementReady 2015 Fund, Putnam RetirementReady 2010 Fund, Putnam RetirementReady Maturity Fund, Putnam Tax-Free High Yield Fund, Putnam VT Capital Appreciation Fund, Putnam VT Capital Opportunities Fund, Putnam VT Discovery Growth Fund, Putnam VT Equity Income Fund, and Putnam VT Mid Cap Value Fund. For all other Putnam funds, fees are computed and paidquarterly.
2Fees are payable within15days after the close of the month for Putnam AMT-Free Insured Municipal Fund, Putnam Income Strategies Fund, Putnam Prime Money Market Fund, and Putnam Tax-Free High Yield Fund. Fees are payable within30days after the close of the month or quarter, as applicable, for all other Putnam funds.
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week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter. As used in this Section 3, “leverage for investment purposes” means any incurrence of indebtedness the proceeds of which are to be invested in accordance with the Fund’s investment objective. For purposes of calculating Average Net Assets, liabilities associated with any instruments or transactions used to leverage the Fund’s portfolio for investment purposes (whether or not such instruments or transactions are “covered” within the meaning of the 1940 Act and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff) are not considered liabilities. For purposes of calculating Average Net Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the “Underlying Asset”) of the Fund to a counterparty in a reverse repurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.
[This paragraph included for Putnam Tax-Free Health Care Fund only] “Average Net Assets” means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes), determined at the close of the last business day of each week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter. As used in this Section 3, “leverage for investment purposes” means any incurrence of indebtedness or issuance of Preferred Shares (as defined below), the proceeds of which are to be invested in accordance with the Fund’s investment objective. For purposes of calculating Average Net Assets, neither the liquidati on preference of any Preferred Shares nor any liabilities associated with any instruments or transactions used to leverage the Fund’s portfolio for investment purposes (whether or not such instruments or transactions are “covered” within the meaning of the 1940 Act and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff), is considered a liability. For purposes of calculating Average Net Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the “Underlying Asset”) of the Fund to a counterparty in a reverserepurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.
[This paragraph included for Putnam California Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities Trust, and Putnam New York Investment Grade Municipal Trust only] In the event that the amount of dividends payable with respect to any outstanding shares of beneficial interest of the Fund with preference rights (“Preferred Shares”) during any period for which regular payments of dividends or other distributions on such Preferred Shares are payable (each, a “Dividend Period”) plus expenses attributable to such Preferred Shares for such Dividend Period exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Dividend Period as a result of the fact that s uch Preferred Shares were outstanding during such Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i) the aggregate liquidation preference of the average number of Preferred Shares outstanding during the Period by (ii) the percentage of the aggregate net asset value of the Fund which the fee payable to the Manager during such Period pursuant to this Section 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Dividend Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Dividend Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to the Preferred Shares and the portion of the Fund’s net income and net short-term cap ital gains accruing during any Dividend Period as a result of the fact that Preferred Shares were outstanding during such Period shall be determined by the Trustees of the Fund.
[For Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust, and Putnam Premier Income Trust only] In the event that, during any period for which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes
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(a “Measurement Period”), the amount of interest payments and fees with respect to such indebtedness or other obligation, plus additional expenses attributable to any such leverage for investment purposes for such Measurement Period, exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such indebtedness or other obligation was outstanding during the Measurement Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i) the aggregate value of all assets representing leverage for investment purposes by (ii) the percentage of the Average Net Assets of the Fund which the fee payable to the Manager during such Measurement Period pursuant to this Sec tion 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Measurement Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Measurement Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to leverage for investment purposes and the portion of the Fund’s net income and net short-term capital gains accruing during any Measurement Period as a result of the fact that leverage for investment purposes was outstanding during such Measurement Period shall be determined by the Trustees of the Fund.
[For Putnam Tax-Free Health Care Fund only] In the event that, during any period for which payments of dividends or other distributions on any outstanding shares of beneficial interest of the Fund having a preference as to dividends and/or in liquidation over the Fund’s common shares of beneficial interest (“Preferred Shares”) are payable or during which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes (a “Measurement Period”), the amount of dividends or other distributions payable with respect to such Preferred Shares, plus the amount of interest payments and fees with respect to such indebtedness or other obligation, plus additional expenses attributable to any such leverage for investment purposes for such Measurement Period, exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such Preferred Shares and/or such indebtedness or other obligation was outstanding during the Measurement Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i)(A) the aggregate liquidation preference of the average number of Preferred Shares outstanding during the Period plus (B) the aggregate value of all other assets representing leverage for investment purposes by (ii) the percentage of the Average Net Assets of the Fund which the fee payable to the Manager during such Measurement Period pursuant to this Section 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Measurement Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Measurement Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to leverage for investment purposes and the portion of the Fund’s net income and net short-term capital gains accruing during any Measurement Period as a result of the fact that Preferred Shares and/or other leverage for investment purposes were outstanding during such Measurement Period shall be determined by the Trustees of the Fund.month.
The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due B-4
the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.
If the Manager serves for less than the whole of a [month/quarter],month, the foregoing compensation will be prorated. 4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT. This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff. 5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT. This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) through June 30, 2008,2010, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval. Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund. Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty. 6. CERTAIN DEFINITIONS. For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less. For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least
annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff. 7. NON-LIABILITY OF MANAGER. In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder. 8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS. A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund. B-5
IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written. | | | [NAME OF FUND] | | | | By: | | | | PUTNAM INVESTMENT MANAGEMENT, LLC | | | | By: |
[NAME OF FUND]
By:
___________________________
PUTNAM INVESTMENT
MANAGEMENT, LLC
By:
___________________________B-6
Schedule A | Schedule B | Schedule A |
| [FEE SCHEDULE.SCHEDULE: SeeAppendix EFto this proxy | | statement for each fund’s detailed fee | information.] |
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APPENDIX C
Comparison of Terms of
Management Contracts
As noted above,For the Trustees have taken the opportunity presented by the need to approve new management contracts to standardize, clarify and modernize various provisions of your fund’s management contract. ThisAppendix Cdescribes certain differences between the proposed new management contract and the current management contracts. Except as noted, the proposed new management contract for a fund does not differ in any substantive respects from a fund’s current management contract. Minor clarifications of language, corrections of obvious typographical errors and elimination of outdated provisions with no current or future application that do not change a reasonable substantive interpretation of a contract are not separately described. The complete text of the form of the proposed new management contract is included inAppendix Band you should refer to that Appendix for the complete terms of the contract. For each fund’s particular fee schedule, please refer toAppendix E. Note that defined terms reflected here are defined in the proposed management contract atAppendix B(i.e., Manager).
Names
The current management contracts for somefollowing funds have not been updated to reflect the current name and jurisdiction of organization of the funds’ investment adviser, Putnam Investment Management, LLC, a Delaware limited liability company. In addition, for a number of funds, the current management contracts have not been updated to reflect new fund names (as a result of the creation of a new fund) or the termination of a prior fund (e.g.only:, in the case of a fund merger). The proposed management contracts reflect the current name and jurisdiction of organization of the funds’ investment adviser, Putnam Investment Management, LLC, as well as the current names of the funds.
Services
Putnam Municipal Opportunities Trust
Putnam Prime Money Market FundThese funds are currently party to separate investment management and administrative services contracts with the Manager. Each fund’s current investment management contract, in comparison with its proposed new management contract, does not include provisions relating to administrative services. If the proposed new management contracts for these funds are approved, these funds’ administrative services contracts will be terminated and the funds will receive administrative (and investment management) services under the proposed new management contract.
Sub-Advisers and Sub-Administrators
All Putnam fundsNone of the funds’ current management contracts specifically address the Manager’s ability to delegate responsibilities to sub-advisers or sub-administrators. A provision is included in the proposed new management contracts for all of the funds that explicitly recognizes the Manager’s ability to delegate responsibilities, in accordance with current interpretations and guidance of the SEC’s staff. In addition, the proposed new management contract provides that a delegation of the Manager’s responsibilities permitted under the contract is not deemed to constitute an “assignment” that would automatically cause the contract to terminate. The funds do not anticipate any change in the Manager’s delegation of responsibilities as a result of these changes.
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Fees
Putnam Municipal Opportunities Trust
Putnam Prime Money Market FundThe current management contracts and the proposed new management contracts for these funds provide that the fund will pay the Manager compensation for the Manager’s investment management services rendered, for the facilities furnished to the fund, and for the expenses borne by the Manager in connection with providing such services and facilities, including placing orders with brokers or dealers for the purchase and sale of portfolio investments for the fund. As mentioned above, the proposed new management contracts for these funds also address the provision of administrative services. Thus, the proposed new management contracts for these funds include the fees for both investment and administrative services. There is no change in the aggregate fees that each of these funds will pay to the Manager for investment management and administrative services. Please refer toAppendix Efor information about the applicable fee rates.
Putnam Convertible Income-Growth
Trust Putnam Equity Income Fund
The Putnam Fund for Growth and Income
The George Putnam Fund of Boston
Putnam Global Natural Resources Fund
Putnam Income Fund
Putnam Investors Fund
Putnam Vista Fund
Putnam Voyager FundThe current management contracts for these funds do not address a reduction of management fees through an expense limitation voluntarily agreed to in writing by the Manager in the event that the expenses of the fund exceed any expense limitation which the Manager may have declared to be effective. The proposed new management contracts include a provision addressing the possibility that management fees may be reduced where expenses of the fund exceed any voluntary expense limitations assumed by the Manager.
Term and Termination
All Putnam fundsThe current management contracts provide that either party may terminate the contract as to a fund by not more than 60 days’ nor less than 30 days’ written notice. Each proposed new management contract provides that either party to it may terminate the contract as to a fund at any time by not less than 60 days’ written notice, which, from the funds’ perspective, provides a more reasonable period of time during which to seek a new investment adviser if the Manager terminates the contract.
All Putnam fundsEach proposed new management contract provides that it is effective upon execution and will remain in full force and effect as to a fund continuously thereafter, unless terminated automatically in the event of assignment or by either party to the contract by written notice (as described above), through June 30, 2008, and that after June 30, 2008 it will continue from year to year so long as its continuance is approved at least annually in a specified manner. The current management contracts’ provisions addressing effective period and termination do not contain any reference to June 30, 2008 but are otherwise substantively the same as the provisions in the proposed new management contract.
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APPENDIX D
Management Contracts: Dates and Approvals
The following table contains information regarding the date of each fund’s current management contract, the date on which it was last approved by shareholders and the purpose for that submission. Except as noted, for each fund listed below, the date on which the continuance of its management contract was last approved by the Board of Trustees was June 9, 2006.
| | | | | | Purpose of Last | | | | | | | Submission of | | | | | Date Current | | Current | | | | | Management | | Management | | | | | Contract Last | | Contract to | | | Date of Current | | Submitted to | | Shareholder | Fund | | Management Contract | | Shareholder Vote | | Vote |
| | Putnam American Government Income Fund | | 03/05/98 | | March 5, 1998 | | Fee increase |
| Putnam AMT-Free Insured Municipal Fund | | 07/26/85, as most recently | | July 7, 1991 | | Fee increase | | | revised 03/21/05 | | | | |
| Putnam Arizona Tax Exempt Income Fund | | 07/16/99 | | March 5, 1992 | | Fee structure | | | | | | | change |
| Putnam Asset Allocation: Balanced Portfolio | | 01/20/97 | | November 4, 1993 | | Organization of | | | | | | | the fund |
| Putnam Asset Allocation: Conservative Portfolio | | 01/20/97 | | November 4, 1993 | | Organization of | | | | | | | the fund |
| Putnam Asset Allocation: Growth Portfolio | | 01/20/97 | | November 4, 1993 | | Organization of | | | | | | | the fund |
| Putnam California Investment Grade Municipal Trust* | | 01/01/06 | | November 12, 1992 | | Organization of | | | | | | | the fund |
| Putnam California Tax Exempt Income Fund | | 07/01/99 | | July 11, 1991 | | Fee structure | | | | | | | change |
| Putnam Capital Appreciation Fund | | 09/20/96 | | May, 1993 | | Organization of | | | | | | | the fund |
| Putnam Capital OpportunitiesAbsolute Return 100 Fund^ | | 12/02/94, as most recently | | June 1, 1998 | | Organization of | | | revised 02/09/07 | | | | the fund |
| Putnam Classic Equity Fund | | 10/07/94 | | June 6, 1991 | | Fee increase |
| Putnam Convertible Income-Growth Trust | | 02/20/97 | | July 1, 1994 | | Fee increase |
| Putnam Discovery Growth Fund | | 09/29/95 | | September 8, 1995 | | Fee increase |
| Putnam Diversified Income Trust | | 01/20/97 | | August, 1988 | | Organization of | | | | | | | the fund |
| Putnam Equity Income Fund | | 07/11/96 | | July 11, 1996 | | Fee increase |
| Putnam Europe Equity Fund | | 10/21/96 | | September 7, 1990 | | Organization of | | | | | | | the fund |
| | Putnam Floating Rate Income Fund | | 06/07/96, as most recently | | June, 2004 | | Organization of | | | revised 06/25/04 | | | | the fund |
|
D-1
| | | | | | Purpose of Last | | | | | | | Submission of | | | | | Date Current | | Current | | | | | Management | | Management | | | | | Contract Last | | Contract to | | | Date of Current | | Submitted to | | Shareholder | Fund | | Management Contract | | Shareholder Vote | | Vote |
| | The Putnam Fund for Growth and Income | | 07/01/00 | | July 11, 1991 | | Fee structure | | | | | | | change |
| The George Putnam Fund of Boston | | 07/11/96 | | July 11, 1996 | | Fee increase |
| Putnam Global Equity Fund | | 12/07/00 | | December 7, 2000 | | Fee increase |
| Putnam Global Income Trust | | 07/01/99 | | July 11, 1991 | | Fee structure | | | | | | | change |
| Putnam Global Natural Resources Fund | | 12/20/96 | | July 9, 1992 | | Fee decrease |
| Putnam Growth Opportunities Fund^ | | 12/02/94, as most recently | | October 2, 1995 | | Organization of | | Putnam Absolute Return 300 Fund | revised 02/09/07 | | | | the fund |
| Putnam Health Sciences Trust | | 10/20/96 | | March 5, 1992 | | Fee increase |
| Putnam High Income Securities Fund* | | 01/01/06 | | July 14, 2005 | | Permit compensation | | | | | | | for the management | | | | | | | of leveraged assets |
| Putnam High Yield Advantage Fund | | 03/20/97 | | May 5, 1994 | | Fee increase |
| Putnam High Yield Municipal Trust* | | 01/01/06 | | June 6, 1991 | | Continuation of | | | | | | | contract without any | | | | | | | changes approved at | | | | | | | first shareholder meeting |
| Putnam High Yield Trust | | 12/20/96 | | July 8, 1993 | | Fee increase |
| Putnam Income Fund | | 04/06/95 | | April 6, 1995 | | Fee increase |
| Putnam Income Strategies Fund | | 06/07/96, as most recently | | September 13, 2004 | | Organization of | | | revised 06/25/04 | | | | the fund |
| Putnam International Capital Opportunities Fund^ | | 12/02/94, as most recently | | December 28, 1995 | | Organization of | | Putnam Absolute Return 500 Fund | revised 02/09/07 | | | | the fund |
| Putnam International Equity Fund | | 10/21/96 | | October, 1990 Putnam Absolute Return 700 Fund | | Organization of | | | | | | | the fund |
| Putnam International Growth and Income Fund | | Putnam Asia Pacific Equity Fund | | 06/07/96, as most recently | | August 1, 1996 | | Organization of | | | revised 06/25/04 | | | | the fund |
| | Putnam International New Opportunities Fund | | ^Putnam Capital Spectrum Fund | | 12/02/94, as most recentlyPutnam New Opportunities Fund | | January 3, 1995 | Putnam Emerging Markets Equity Fund | Putnam Small Cap Growth Fund | | Organization of | Putnam Equity Spectrum Fund | | Putnam Vista Fund | | | Putnam Europe Equity Fund | | revised 02/09/07Putnam Voyager Fund | | | Putnam Global Equity Fund | | | | the fund |
| Putnam Investment Grade Municipal Trust* | | 01/01/06 | | July 11, 1991 | | Continuation of | | | | | | | contract without any | | | | | | | changes approved at first | | | | | | | shareholder meeting |
|
D-2
| | | | | | Purpose of Last | | | | | | | Submission of | | | | | Date Current | | Current | | | | | Management | | Management | | | | | Contract Last | | Contract to | | | Date of Current | | Submitted to | | Shareholder | FundFORM OF PROPOSED | | Management Contract | | Shareholder Vote | | Vote |
| | Putnam Investors Fund | | 11/20/96 | | July 9, 1992 | | Fee increase |
| Putnam Limited Duration Government Income Fund | | 07/01/00 | | February 16, 1993 | | Organization of | | | | | | | the fund |
| Putnam Managed Municipal Income Trust* | | 01/01/06 | | February 24, 1989 | | Organization of | | | | | | | the fund |
| Putnam Massachusetts Tax Exempt Income Fund | | 07/01/99 | | July 11, 1991 | | Fee structure | | | | | | | change |
| Putnam Master Intermediate Income Trust* | | 01/01/06 | | July 14, 2005 | | Permit compensation | | | | | | | for the management of | | | | | | | leveraged assets |
| Putnam Michigan Tax Exempt Income Fund | | 07/01/99 | | July 11, 1991 | | Fee structure | | | | | | | change |
| Putnam Mid Cap Value Fund^ | | 12/02/94, as most recently | | November 1, 1999 | | Organization of | | | revised 02/09/07 | | | | the fund |
| Putnam Minnesota Tax Exempt Income Fund | | 07/01/99 | | July 11, 1991 | | Fee structure | | | | | | | change |
| Putnam Money Market Fund* | | 01/01/06 | | November 5, 1982 | | Fee decrease |
| Putnam Municipal Bond Fund* | | 01/01/06 | | November 12, 1992 | | Organization of | | | | | | | the fund |
| Putnam Municipal Opportunities Trust* | | 01/01/06 | | May 13, 1993 | | Organization of | | | | | | | the fund |
| Putnam New Jersey Tax Exempt Income Fund | | 07/01/99 | | July 11, 1991 | | Fee structure | | | | | | | change |
| Putnam New Opportunities Fund | | 07/01/00 | | December 5, 1991 | | Fee decrease |
| Putnam New Value Fund^ | | 12/02/94, as most recently | | January 3, 1995 | | Organization of | | | revised 02/09/07 | | | | the fund |
| Putnam New York Investment Grade Municipal Trust* | | 01/01/06 | | November 12, 1992 | | Organization of | | | | | | | the fund |
| Putnam New York Tax Exempt Income Fund | | 07/01/99 | | July 11, 2001 | | Fee increase |
| Putnam Ohio Tax Exempt Income Fund | | 07/01/99 | | July 11, 2001 | | Fee structure | | | | | | | change |
| Putnam OTC & Emerging Growth Fund | | 11/20/96 | | July 8, 1993 | | Fee structure | | | | | | | change |
| Putnam Pennsylvania Tax Exempt Income Fund | | 07/01/99 | | July 11, 1991 | | Fee structure | | | | | | | change |
|
D-3
| | | | | | Purpose of Last | | | | | | | Submission of | | | | | Date Current | | Current | | | | | Management | | Management | | | | | Contract Last | | Contract to | | | Date of Current | | Submitted to | | Shareholder | Fund | | Management Contract | | Shareholder Vote | | VoteMANAGEMENT CONTRACT |
| | Putnam Premier Income Trust* | | 01/01/06 | | July 14, 2005 | | Permit compensation for | | | | | | | the management of | | | | | | | leveraged assets |
| Putnam Prime Money Market Fund | | 02/13/03 | | February, 2003 | | Organization of | | | | | | | the fund |
| Putnam Research Fund**^ | | 12/02/94, as most recently | | December 14, 2006 | | Eliminating the incentive | | | revised 02/09/07 | | | | fee component of the | | | | | | | management fee |
| Putnam RetirementReady 2010 Fund | | 06/11/04, as most recently | | October 28, 2004 | | Organization of | | | revised 03/10/05 | | | | the fund |
| Putnam RetirementReady 2015 Fund | | 06/11/04, as most recently | | October 28, 2004 | | Organization of | | | revised 03/10/05 | | | | the fund |
| Putnam RetirementReady 2020 Fund | | 06/11/04, as most recently | | October 28, 2004 | | Organization of | | | revised 03/10/05 | | | | the fund |
| Putnam RetirementReady 2025 Fund | | 06/11/04, as most recently | | October 28, 2004 | | Organization of | | | revised 03/10/05 | | | | the fund |
| Putnam RetirementReady 2030 Fund | | 06/11/04, as most recently | | October 28, 2004 | | Organization of | | | revised 03/10/05 | | | | the fund |
| Putnam RetirementReady 2035 Fund | | 06/11/04, as most recently | | October 28, 2004 | | Organization of | | | revised 03/10/05 | | | | the fund |
| Putnam RetirementReady 2040 Fund | | 06/11/04, as most recently | | October 28, 2004 | | Organization of | | | revised 03/10/05 | | | | the fund |
| Putnam RetirementReady 2045 Fund | | 06/11/04, as most recently | | October 28, 2004 | | Organization of | | | revised 03/10/05 | | | | the fund |
| Putnam RetirementReady 2050 Fund | | 06/11/04, as most recently | | April 22, 2005 | | Organization of | | | revised 03/10/05 | | | | the fund |
| Putnam RetirementReady Maturity Fund | | 06/11/04, as most recently | | October 28, 2004 | | Organization of | | | revised 03/10/05 | | | | the fund |
| Putnam Small Cap Growth Fund | | 06/07/96, as most recently | | December 31, 1997 | | Organization of | | | revised 06/25/04 | | | | the fund |
| Putnam Small Cap Value Fund^ | | 12/02/94, as most recently | | April 13, 1999 | | Organization of | | | revised 02/09/07 | | | | the fund |
| Putnam Tax Exempt Income Fund | | 07/01/99 | | July 11, 1991 | | Fee increase |
| Putnam Tax Exempt Money Market Fund | | 01/20/97 | | July 9, 1992 | | Fee decrease |
| Putnam Tax-Free Health Care Fund*** | | 01/01/06 | | December 27, 2005 | | Permit compensation for | | | | | | | the management of | | | | | | | leveraged assets |
| Putnam Tax-Free High Yield Fund | | 07/26/85, as most recently | | May 5, 1994 | | Fee increase | | revised 03/21/05 | | | | |
| Putnam Tax Smart Equity Fund® | | 04/13/99 | | April, 1999 | | Organization of | | | | | | | the fund |
|
D-4
| | | | | | Purpose of Last | | | | | | | Submission of | | | | | Date Current | | Current | | | | | Management | | Management | | | | | Contract Last | | Contract to | | | Date of Current | | Submitted to | | Shareholder | Fund | | Management Contract | | Shareholder Vote | | Vote |
| | Putnam U.S. Government Income Trust | | 07/08/94 | | July 11, 1991 | | Fee decrease |
| Putnam Utilities Growth and Income Fund | | 02/20/97 | | March 5, 1992 | | Fee structure | | | | | | | change |
| Putnam Vista Fund | | 11/20/96 | | July 8, 1993 | | Fee increase |
| Putnam Voyager Fund | | 07/01/00 | | July 11, 1991 | | Fee increase |
| Putnam VT American Government Income Fund | | 10/02/87, as most recently | | February 1, 2000 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Capital Appreciation Fund | | 10/02/87, as most recently | | September 29, 2000 | | Organization of | | | revised, 03/17/03 | | | | the fund |
| Putnam VT Capital Opportunities Fund | | 10/02/87, as most recently | | May 1, 2003 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Discovery Growth Fund | | 10/02/87, as most recently | | September 29, 2000 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Diversified Income Fund | | 10/02/87, as most recently | | September 15, 1993 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Equity Income Fund | | 10/02/87, as most recently | | May 1, 2003 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT The George Putnam Fund of Boston | | 10/02/87, as most recently | | April 30, 1998 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Global Asset Allocation Fund | | 10/02/87, as most recently | | February 1, 1988 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Global Equity Fund | | 10/02/87, as most recently | | November 4, 1999 | | Fee increase | revised 03/17/03 |
| Putnam VT Growth and Income Fund | | 10/02/87, as most recently | | February 1, 1988 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Growth Opportunities Fund | | 10/02/87, as most recently | | February 1, 2000 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Health Sciences Fund | | 10/02/87, as most recently | | April 30, 1998 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT High Yield Fund | | 10/02/87, as most recently | | February 1, 1988 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Income Fund | | 10/02/87, as most recently | | July 13, 1995 | | Fee increase | revised 03/17/03 |
| Putnam VT International Equity Fund | | 10/02/87, as most recently | | January 2, 1997 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT International Growth and Income Fund | | 10/02/87, as most recently | | January 2, 1997 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT International New Opportunities Fund | | 10/02/87, as most recently | | January 2, 1997 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Investors Fund | | 10/02/87, as most recently | | April 30, 1998 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Mid Cap Value Fund | | 10/02/87, as most recently | | May 1, 2003 | | Organization of | | | revised 03/17/03 | | | | the fund |
|
D-5
| | | | | | Purpose of Last | | | | | | | Submission of | | | | | Date Current | | Current | | | | | Management | | Management | | | | | Contract Last | | Contract to | | | Date of Current | | Submitted to | | Shareholder | Fund | | Management Contract | | Shareholder Vote | | Vote |
| | Putnam VT Money Market Fund | | 10/02/87, as most recently | | February 1, 1988 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT New Opportunities Fund | | 10/02/87, as most recently | | May 2, 1994 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT New Value Fund | | 10/02/87, as most recently | | January 2, 1997 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT OTC & Emerging Growth Fund | | 10/02/87, as most recently | | April 30, 1998 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Research Fund | | 10/02/87, as most recently | | September 30, 1998 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Small Cap Value Fund | | 10/02/87, as most recently | | April 30, 1999 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Utilities Growth and Income Fund | | 10/02/87, as most recently | | July 11, 1996 | | Fee increase | revised 03/17/03 |
| Putnam VT Vista Fund | | 10/02/87, as most recently | | January 2, 1997 | | Organization of | | | revised 03/17/03 | | | | the fund |
| Putnam VT Voyager Fund | | 10/02/87, as most recently | | February 1, 1988 | | Organization of | | | revised 03/17/03 | | | | the fund |
|
* At a meeting held on January 13, 2006, the Board of Trustees formally approved revised management contracts for these funds reflecting management fee reductions.
** At a meeting held on October 13, 2006, the Board of Trustees formally approved a revised management contract for this fund, amending the management contract to remove the incentive fee component from the management fee.
*** At a meeting held on July 15, 2005, the Board of Trustees formally approved a revised management contract for this fund, reflecting a management fee reduction and changing the fee base under the contract to “average weekly assets,” which includes assets representing leverage for investment purposes.
^ At a meeting held on February 9, 2007, the Board of Trustees amended the management contract of Putnam Investment Funds, the Trust of which Putnam Capital Opportunities Fund, Putnam Growth Opportunities Fund, Putnam International Capital Opportunities Fund, Putnam International New Opportunities Fund, Putnam Mid Cap Value Fund, Putnam New Value Fund, Putnam Research Fund, and Putnam Small Cap Value Fund are series, to eliminate references to funds no longer in existence or which have separate management contracts with Putnam Management.
D-6
APPENDIX E
Management Contracts: Fees | | | | | | | The following table sets forth the management fee schedule, the amount of management fees paid in the most recent fiscal year for each fund, and the annual rate at which fees were paid. | | | | | | | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| | Putnam American | First $500 million | 0.65% | 4,373,306 | 0.55% of average | Government Income Fund | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam AMT-Free | The lesser of 0.50%, or | | 1,790,563 | 0.50% of average | Insured Municipal Fund | First $500 million | 0.60% | | net assets | | Next $500 million | 0.50% | | | | Next $500 million | 0.45% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.375% | | | | Next $5 billion | 0.355% | | | | Next $5 billion | 0.34% | | | | Any excess thereafter | 0.33% | | |
| | Putnam Arizona Tax | The lesser of 0.50%, or | | 396,902 | 0.41% of average | Exempt Income Fund | First $500 million | 0.60% | | net assets | | Next $500 million | 0.50% | | | | Next $500 million | 0.45% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.375% | | | | Next $5 billion | 0.355% | | | | Next $5 billion | 0.34% | | | | Any excess over $21.5 billion | 0.33% | | |
| | Putnam Asset Allocation: | First $500 million | 0.70% | 10,841,716 | 0.58% of average | Balanced Portfolio | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess over $21.5 billion | 0.43% | | |
| | Putnam Asset Allocation: | First $500 million | 0.70% | 5,759,923 | 0.63% of average | Conservative Portfolio | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess over $21.5 billion | 0.43% | | |
| | Putnam Asset Allocation: | First $500 million | 0.70% | 9,639,295 | 0.60% of average | Growth Portfolio | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess over $21.5 billion | 0.43% | | |
|
E-1
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam California Investment | The lesser of 0.55%, or | | 531,472 | 0.77% of average | Grade Municipal Trust | First $500 million | 0.65% | | weekly net assets | | Next $500 million | 0.55% | | attributable to | | Next $500 million | 0.50% | | common shares* | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam California Tax | The lesser of 0.50%, or | | 10,368,635 | 0.48% of average | Exempt Income Fund | First $500 million | 0.60% | | net assets | | Next $500 million | 0.50% | | | | Next $500 million | 0.45% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.375% | | | | Next $5 billion | 0.355% | | | | Next $5 billion | 0.34% | | | | Any excess thereafter | 0.33% | | |
| | Putnam Capital | First $500 million | 0.65% | 4,388,833 | 0.62% of average | Appreciation Fund | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess over $21.5 billion | 0.38% | | |
| | Putnam Capital | First $500 million | 0.65% | 6,363,713 | 0.59% of average | Opportunities Fund | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam Classic Equity Fund | First $500 million | 0.65% | 4,836,159 | 0.61% of average | | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam Convertible | First $500 million | 0.65% | 4,231,616 | 0.62% of average | Income-Growth Trust | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam Discovery | First $500 million | 0.70% | 5,497,942 | 0.60% of average | Growth Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
|
E-2
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam Diversified | First $500 million | 0.70% | 17,403,729 | 0.55% of average | Income Trust | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam Equity Income Fund | First $500 million | 0.65% | 18,067,258 | 0.50% of average | | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam Europe Equity Fund | First $500 million | 0.80% | 4,213,337 | 0.79% of average | | Next $500 million | 0.70% | | net assets | | Next $500 million | 0.65% | | | | Next $5 billion | 0.60% | | | | Next $5 billion | 0.575% | | | | Next $5 billion | 0.555% | | | | Next $5 billion | 0.54% | | | | Any excess thereafter | 0.53% | | |
| | Putnam Floating Rate | First $500 million | 0.65% | 1,719,001** | 0.62% of average | Income Fund | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Next $5 billion | 0.38% | | | | Next $5 billion | 0.37% | | | | Next $5 billion | 0.36% | | | | Next $5 billion | 0.35% | | | | Next $5 billion | 0.34% | | | | Next $8.5 billion | 0.33% | | | | Any excess thereafter | 0.32% | | |
| | The Putnam Fund for | First $500 million | 0.65% | 67,376,969 | 0.44% of average | Growth and Income | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Next $5 billion | 0.38% | | | | Next $5 billion | 0.37% | | | | Next $5 billion | 0.36% | | | | Next $5 billion | 0.35% | | | | Next $5 billion | 0.34% | | | | Next $8.5 billion | 0.33% | | | | Any excess over $55 billion | 0.32% | | |
| | The George Putnam Fund | First $500 million | 0.65% | 23,520,227 | 0.48% of average | of Boston | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
|
E-3
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam Global Equity Fund | First $500 million | 0.80% | 15,165,340 | 0.68% of average | | Next $500 million | 0.70% | | net assets | | Next $500 million | 0.65% | | | | Next $5 billion | 0.60% | | | | Next $5 billion | 0.575% | | | | Next $5 billion | 0.555% | | | | Next $5 billion | 0.54% | | | | Next $5 billion | 0.53% | | | | Next $5 billion | 0.52% | | | | Next $5 billion | 0.51% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.49% | | | | Next $8.5 billion | 0.48% | | | | Any excess over $55 billion | 0.47% | | |
| | Putnam Global Income Trust | First $500 million | 0.70% | 528,321 | 0.39% of average | | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam Global Natural | First $500 million | 0.70% | 4,126,921 | 0.68% of average | Resources Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam Growth | First $500 million | 0.70% | 2,913,736 | 0.36% of average | Opportunities Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam Health Sciences Trust | First $500 million | 0.70% | 14,802,805 | 0.57% of average | | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess over $21.5 billion | 0.43% | | |
| | Putnam High Income | First $500 million | 0.70% | 1,372,004 | 0.71% of average | Securities Fund | Next $500 million | 0.60% | | weekly net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Next $5 billion | 0.43% | | | | Next $5 billion | 0.42% | | | | Next $5 billion | 0.41% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.39% | | | | Next $8.5 billion | 0.38% | | | | Any excess thereafter | 0.37% | | |
|
E-4
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam High Yield | First $500 million | 0.70% | 5,676,755 | 0.66% of average | Advantage Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam High Yield | The lesser of 0.55%, or | | 1,448,462 | 0.83% of average | Municipal Trust | First $500 million | 0.65% | | weekly net assets | | Next $500 million | 0.55% | | attributable to | | Next $500 million | 0.50% | | common shares* | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam High Yield Trust | First $500 million | 0.70% | 13,784,128 | 0.57% of average | | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam Income Fund | First $500 million | 0.65% | 11,940,410 | 0.47% of average | | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam Income | First $500 million | 0.65% | 0*** | 0.00%*** | Strategies Fund | Next $500 million | 0.55% | | | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Next $5 billion | 0.38% | | | | Next $5 billion | 0.37% | | | | Next $5 billion | 0.36% | | | | Next $5 billion | 0.35% | | | | Next $5 billion | 0.34% | | | | Next $8.5 billion | 0.33% | | | | Any excess thereafter | 0.32% | | |
| | Putnam International | First $500 million | 1.00% | 13,345,775 | 0.92% of average | Capital Opportunities Fund | Next $500 million | 0.90% | | net assets | | Next $500 million | 0.85% | | | | Next $5 billion | 0.80% | | | | Next $5 billion | 0.775% | | | | Next $5 billion | 0.755% | | | | Next $5 billion | 0.74% | | | | Any excess thereafter | 0.73% | | |
|
E-5
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam International | First $500 million | 0.80% | 39,425,440 | 0.63% of average | Equity Fund | Next $500 million | 0.70% | | net assets | | Next $500 million | 0.65% | | | | Next $5 billion | 0.60% | | | | Next $5 billion | 0.575% | | | | Next $5 billion | 0.555% | | | | Next $5 billion | 0.54% | | | | Any excess over $21.5 billion | 0.53% | | |
| | Putnam International | First $500 million | 0.80% | 5,732,946 | 0.72% of average | Growth and Income Fund | Next $500 million | 0.70% | | net assets | | Next $500 million | 0.65% | | | | Next $5 billion | 0.60% | | | | Next $5 billion | 0.575% | | | | Next $5 billion | 0.555% | | | | Next $5 billion | 0.54% | | | | Any excess thereafter | 0.53% | | |
| | Putnam International New | First $500 million | 1.00% | 6,580,631 | 0.87% of average | Opportunities Fund | Next $500 million | 0.90% | | net assets | | Next $500 million | 0.85% | | | | Next $5 billion | 0.80% | | | | Next $5 billion | 0.775% | | | | Next $5 billion | 0.755% | | | | Next $5 billion | 0.74% | | | | Any excess thereafter | 0.73% | | |
| | Putnam Investment Grade | The lesser of 0.55%, or | | 2,059,634 | 0.91% of average | Municipal Trust | First $500 million | 0.65% | | weekly net assets | | Next $500 million | 0.55% | | attributable to | | Next $500 million | 0.50% | | common shares* | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam Investors Fund | First $500 million | 0.65% | 19,513,803 | 0.49% of average | | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess over $21.5 billion | 0.38% | | |
| | Putnam Limited Duration | The lesser of 0.50%, or | | 2,392,584 | 0.48% of average | Government Income Fund | First $500 million | 0.60% | | net assets | | Next $500 million | 0.50% | | | | Next $500 million | 0.45% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.375% | | | | Next $5 billion | 0.355% | | | | Next $5 billion | 0.34% | | | | Any excess over $21.5 billion | 0.33% | | |
| | Putnam Managed | The lesser of 0.55%, or | | 3,167,820 | 0.84% of average | Municipal Income Trust | First $500 million | 0.65% | | weekly net assets | | Next $500 million | 0.55% | | attributable to | | Next $500 million | 0.50% | | common shares* | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
|
E-6
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam Massachusetts | The lesser of 0.50%, or | | 1,675,201 | 0.50% of average | Tax Exempt Income Fund | First $500 million | 0.60% | | net assets | | Next $500 million | 0.50% | | | | Next $500 million | 0.45% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.375% | | | | Next $5 billion | 0.355% | | | | Next $5 billion | 0.34% | | | | Any excess over $21.5 billion | 0.33% | | |
| | Putnam Master | First $500 million | 0.75% | 4,797,486 | 0.70% of average | Intermediate Income Trust | Next $500 million | 0.65% | | weekly net assets | | Next $500 million | 0.60% | | | | Next $5 billion | 0.55% | | | | Next $5 billion | 0.525% | | | | Next $5 billion | 0.505% | | | | Next $5 billion | 0.49% | | | | Next $5 billion | 0.48% | | | | Next $5 billion | 0.47% | | | | Next $5 billion | 0.46% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.44% | | | | Next $8.5 billion | 0.43% | | | | Any excess thereafter | 0.42% | | |
| | Putnam Michigan Tax | The lesser of 0.50%, or | | 648,238 | 0.50% of average | Exempt Income Fund | First $500 million | 0.60% | | net assets | | Next $500 million | 0.50% | | | | Next $500 million | 0.45% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.375% | | | | Next $5 billion | 0.355% | | | | Next $5 billion | 0.34% | | | | Any excess over $21.5 billion | 0.33% | | |
| | Putnam Mid Cap Value Fund | First $500 million | 0.70% | 5,871,795 | 0.66% of average | | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam Minnesota Tax | The lesser of 0.50%, or | | 538,350 | 0.45% of average | Exempt Income Fund | First $500 million | 0.60% | | net assets | | Next $500 million | 0.50% | | | | Next $500 million | 0.45% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.375% | | | | Next $5 billion | 0.355% | | | | Next $5 billion | 0.34% | | | | Any excess over $21.5 billion | 0.33% | | |
| | Putnam Money Market Fund | First $100 million | 0.50% | 10,390,443 | 0.30% of average | | Next $100 million | 0.40% | | net assets | | Next $300 million | 0.35% | | | | Next $500 million | 0.325% | | | | Next $500 million | 0.30% | | | | Next $2.5 billion | 0.275% | | | | Next $2.5 billion | 0.25% | | | | Next $5 billion | 0.225% | | | | Next $5 billion | 0.205% | | | | Next $5 billion | 0.19% | | | | Any excess thereafter | 0.18% | | |
|
E-7
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam Municipal Bond Fund | The lesser of 0.55%, or | | 2,290,901 | 0.97% of average | | First $500 million | 0.65% | | weekly net assets | | Next $500 million | 0.55% | | attributable to | | Next $500 million | 0.50% | | common shares* | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam Municipal | The lesser of 0.35%, or | | 1,394,604 | 0.66% of average | Opportunities Trust^ | First $500 million | 0.45% | | weekly net assets | | Next $500 million | 0.35% | | attributable to | | Next $500 million | 0.30% | | common shares* | | Next $5 billion | 0.25% | | | | Next $5 billion | 0.225% | | | | Next $5 billion | 0.205% | | | | Next $5 billion | 0.19% | | | | Any excess thereafter | 0.18% | | |
| | Putnam New Jersey | The lesser of 0.50%, or | | 1,101,027 | 0.50% of average | Tax Exempt Income Fund | First $500 million | 0.60% | | net assets | | Next $500 million | 0.50% | | | | Next $500 million | 0.45% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.375% | | | | Next $5 billion | 0.355% | | | | Next $5 billion | 0.34% | | | | Any excess over $21.5 billion | 0.33% | | |
| | Putnam New | First $500 million | 0.70% | 30,814,799 | 0.53% of average | Opportunities Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Next $5 billion | 0.43% | | | | Next $5 billion | 0.42% | | | | Next $5 billion | 0.41% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.39% | | | | Next $8.5 billion | 0.38% | | | | Any excess above $55 billion | 0.37% | | |
| | Putnam New Value Fund | First $500 million | 0.70% | 11,478,217 | 0.59% of average | | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam New York | The lesser of 0.55%, or | | 302,665 | 0.78% of average | Investment Grade | First $500 million | 0.65% | | weekly net assets | Municipal Trust | Next $500 million | 0.55% | | attributable to | | Next $500 million | 0.50% | | common shares* | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
|
E-8
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam New York | The lesser of 0.50%, or | | 5,972,705 | 0.50% of average | Tax Exempt Income Fund | First $500 million | 0.60% | | net assets | | Next $500 million | 0.50% | | | | Next $500 million | 0.45% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.375% | | | | Next $5 billion | 0.355% | | | | Next $5 billion | 0.34% | | | | Any excess over $21.5 billion | 0.33% | | |
| | Putnam Ohio Tax Exempt | The lesser of 0.50%, or | | 849,434 | 0.49% of average | Income Fund | First $500 million | 0.60% | | | | Next $500 million | 0.50% | | | | Next $500 million | 0.45% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.375% | | | | Next $5 billion | 0.355% | | | | Next $5 billion | 0.34% | | | | Any excess over $21.5 billion | 0.33% | | |
| | Putnam OTC & Emerging | First $500 million | 0.70% | 6,255,747 | 0.60% of average | Growth Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam Pennsylvania Tax | The lesser of 0.50%, or | | 926,507 | 0.50% of average | Exempt Income Fund | First $500 million | 0.60% | | net assets | | Next $500 million | 0.50% | | | | Next $500 million | 0.45% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.375% | | | | Next $5 billion | 0.355% | | | | Next $5 billion | 0.34% | | | | Any excess over $21.5 billion | 0.33% | | |
| | Putnam Premier | First $500 million | 0.75% | 8,927,294 | 0.66% of average | Income Trust | Next $500 million | 0.65% | | weekly net assets | | Next $500 million | 0.60% | | | | Next $5 billion | 0.55% | | | | Next $5 billion | 0.525% | | | | Next $5 billion | 0.505% | | | | Next $5 billion | 0.49% | | | | Next $5 billion | 0.48% | | | | Next $5 billion | 0.47% | | | | Next $5 billion | 0.46% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.44% | | | | Next $8.5 billion | 0.43% | | | | Any excess thereafter | 0.42% | | |
| | Putnam Prime Money | | 0.20% | 2,183,172 | 0.07% of average | Market Fund√ | | | | net assets |
| | Putnam Research Fund† | First $500 million | 0.65% | 5,269,897 | 0.53% of average | | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
|
E-9
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam RetirementReady | | 0.05% | 29,736 | 0.05% of average | 2010 Fund | | | | net assets |
| | Putnam RetirementReady | | 0.05% | 58,932 | 0.05% of average | 2015 Fund | | | | net assets |
| | Putnam RetirementReady | | 0.05% | 64,225 | 0.05% of average | 2020 Fund | | | | net assets |
| | Putnam RetirementReady | | 0.05% | 49,571 | 0.05% of average | 2025 Fund | | | | net assets |
| | Putnam RetirementReady | | 0.05% | 25,310 | 0.05% of average | 2030 Fund | | | | net assets |
| | Putnam RetirementReady | | 0.05% | 6,096 | 0.05% of average | 2035 Fund | | | | net assets |
| | Putnam RetirementReady | | 0.05% | 0†† | 0.00% of average | 2040 Fund | | | | net assets†† |
| | Putnam RetirementReady | | 0.05% | 0†† | 0.00% of average | 2045 Fund | | | | net assets†† |
| | Putnam RetirementReady | | 0.05% | 0†† | 0.00% of average | 2050 Fund | | | | net assets†† |
| | Putnam RetirementReady | | 0.05% | 0†† | 0.00% of average | Maturity Fund | | | | net assets†† |
| | Putnam Small Cap | First $500 million | 1.00% | 3,840,676 | 0.88% of average | Growth Fund | Next $500 million | 0.90% | | net assets | | Next $500 million | 0.85% | | | | Next $5 billion | 0.80% | | | | Next $5 billion | 0.775% | | | | Next $5 billion | 0.755% | | | | Next $5 billion | 0.74% | | | | Any excess thereafter | 0.73% | | |
| | Putnam Small Cap | First $500 million | 0.80% | 6,409,797** | 0.76% of average | Value Fund | Next $500 million | 0.70% | | net assets | | Next $500 million | 0.65% | | | | Next $5 billion | 0.60% | | | | Next $5 billion | 0.575% | | | | Next $5 billion | 0.555% | | | | Next $5 billion | 0.54% | | | | Any excess thereafter | 0.53% | | |
| | Putnam Tax Exempt | The lesser of 0.50%, or | | 6,301,826 | 0.50% of average | Income Fund | First $500 million | 0.60% | | net assets | | Next $500 million | 0.50% | | | | Next $500 million | 0.45% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.375% | | | | Next $5 billion | 0.355% | | | | Next $5 billion | 0.34% | | | | Any excess thereafter | 0.33% | | |
| | Putnam Tax Exempt | First $500 million | 0.45% | 390,524 | 0.33% of average | Money Market Fund | Next $500 million | 0.35% | | net assets | | Next $500 million | 0.30% | | | | Next $5 billion | 0.25% | | | | Next $5 billion | 0.225% | | | | Next $5 billion | 0.205% | | | | Next $5 billion | 0.19% | | | | Any excess thereafter | 0.18% | | |
|
E-10
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam Tax-Free | The lesser of 0.55%, or | | 1,177,515 | 0.61% of average | Health Care Fund | First $500 million | 0.65% | | weekly net assets | | Next $500 million | 0.55% | | | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess over $21.5 billion | 0.38% | | |
| | Putnam Tax-Free | The lesser of 0.50%, or | | 7,815,394 | 0.50% of average | High Yield Fund | First $500 million | 0.60% | | net assets | | Next $500 million | 0.50% | | | | Next $500 million | 0.45% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.375% | | | | Next $5 billion | 0.355% | | | | Next $5 billion | 0.34% | | | | Any excess thereafter | 0.33% | | |
| | Putnam Tax Smart | First $500 million | 0.70% | 1,914,939 | 0.70% of average | Equity Fund® | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam U.S. Government | First $500 million | 0.57% | 6,820,873 | 0.50% of average | Income Trust | Next $500 million | 0.475% | | net assets | | Next $500 million | 0.4275% | | | | Any excess over $1.5 billion | 0.38% | | |
| | Putnam Utilities Growth | First $500 million | 0.70% | 3,727,421 | 0.68% of average | and Income Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam Vista Fund | First $500 million | 0.65% | 14,101,874 | 0.51% of average | | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess over $21.5 billion | 0.38% | | |
| | Putnam Voyager Fund | First $500 million | 0.70% | 51,035,233 | 0.51% of average | | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Next $5 billion | 0.43% | | | | Next $5 billion | 0.42% | | | | Next $5 billion | 0.41% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.39% | | | | Next $8.5 billion | 0.38% | | | | Above $55 billion | 0.37% | | |
|
E-11
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam VT American | First $500 million | 0.65% | 693,021 | 0.43% of average | Government Income Fund | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Next $5 billion | 0.38% | | | | Next $5 billion | 0.37% | | | | Next $5 billion | 0.36% | | | | Next $5 billion | 0.35% | | | | Any excess thereafter | 0.34% | | |
| | Putnam VT Capital | First $500 million | 0.65% | 225,344 | 0.44% of average | Appreciation Fund | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Next $5 billion | 0.38% | | | | Next $5 billion | 0.37% | | | | Next $5 billion | 0.36% | | | | Next $5 billion | 0.35% | | | | Next $5 billion | 0.34% | | | | Next $8.5 billion | 0.33% | | | | Any excess thereafter | 0.32% | | |
| | Putnam VT Capital | First $500 million | 0.65% | 222,790 | 0.54% of average | Opportunities Fund | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam VT Discovery | First $500 million | 0.70% | 105,127 | 0.27% of average | Growth Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Next $5 billion | 0.43% | | | | Next $5 billion | 0.42% | | | | Next $5 billion | 0.41% | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.39% | | | | Next $8.5 billion | 0.38% | | | | Any excess thereafter | 0.37% | | |
| | Putnam VT Diversified | First $500 million | 0.70% | 2,933,530 | 0.61% of average | Income Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
|
E-12
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam VT Equity | First $500 million | 0.65% | 1,326,897 | 0.64% of average | Income Fund | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam VT The George | First $500 million | 0.65% | 3,969,447 | 0.62% of average | Putnam Fund of Boston | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam VT Global Asset | First $500 million | 0.70% | 2,392,952 | 0.60% of average | Allocation Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam VT Global | First $500 million | 0.80% | 4,692,325 | 0.78% of average | Equity Fund | Next $500 million | 0.70% | | net assets | | Next $500 million | 0.65% | | | | Next $5 billion | 0.60% | | | | Next $5 billion | 0.575% | | | | Next $5 billion | 0.555% | | | | Next $5 billion | 0.54% | | | | Any excess thereafter | 0.53% | | |
| | Putnam VT Growth | First $500 million | 0.65% | 20,729,712 | 0.49% of average | and Income Fund | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam VT Growth | First $500 million | 0.70% | 243,122 | 0.46% of average | Opportunities Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Next $5 billion | 0.43% | | | | Any excess thereafter | 0.42% | | |
| | Putnam VT Health | First $500 million | 0.70% | 2,204,609 | 0.70% of average | Sciences Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
|
E-13
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam VT High Yield Fund | First $500 million | 0.70% | 3,720,493 | 0.62% of average | | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam VT Income Fund | First $500 million | 0.65% | 3,498,163 | 0.45% of average | | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam VT International | First $500 million | 0.80% | 8,271,996 | 0.74% of average | Equity Fund | Next $500 million | 0.70% | | net assets | | Next $500 million | 0.65% | | | | Next $5 billion | 0.60% | | | | Next $5 billion | 0.575% | | | | Next $5 billion | 0.555% | | | | Next $5 billion | 0.54% | | | | Any excess thereafter | 0.53% | | |
| | Putnam VT International | First $500 million | 0.80% | 2,838,706 | 0.70% of average | Growth and Income Fund | Next $500 million | 0.70% | | net assets | | Next $500 million | 0.65% | | | | Next $5 billion | 0.60% | | | | Next $5 billion | 0.575% | | | | Next $5 billion | 0.555% | | | | Next $5 billion | 0.54% | | | | Any excess thereafter | 0.53% | | |
| | Putnam VT International | First $500 million | 1.00% | 2,485,049 | 0.91% of average | New Opportunities Fund | Next $500 million | 0.90% | | net assets | | Next $500 million | 0.85% | | | | Next $5 billion | 0.80% | | | | Next $5 billion | 0.775% | | | | Next $5 billion | 0.755% | | | | Next $5 billion | 0.74% | | | | Any excess thereafter | 0.73% | | |
| | Putnam VT Investors Fund | First $500 million | 0.65% | 3,216,355 | 0.65% of average | | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam VT Mid Cap | First $500 million | 0.70% | 634,565 | 0.69% of average | Value Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
|
E-14
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam VT Money | First $500 million | 0.45% | 1,529,264 | 0.40% of average | Market Fund | Next $500 million | 0.35% | | net assets | | Next $500 million | 0.30% | | | | Next $5 billion | 0.25% | | | | Next $5 billion | 0.225% | | | | Next $5 billion | 0.205% | | | | Next $5 billion | 0.19% | | | | Any excess thereafter | 0.18% | | |
| | Putnam VT New | First $500 million | 0.70% | 8,663,759 | 0.62% of average | Opportunities Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam VT New Value Fund | First $500 million | 0.70% | 4,475,605 | 0.67% of average | | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam VT OTC & | First $500 million | 0.70% | 575,537 | 0.67% of average | Emerging Growth Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
| | Putnam VT Research Fund | First $500 million | 0.65% | 1,213,099 | 0.65% of average | | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam VT Small Cap | First $500 million | 0.80% | 6,827,461 | 0.75% of average | Value Fund | Next $500 million | 0.70% | | net assets | | Next $500 million | 0.65% | | | | Next $5 billion | 0.60% | | | | Next $5 billion | 0.575% | | | | Next $5 billion | 0.555% | | | | Next $5 billion | 0.54% | | | | Any excess thereafter | 0.53% | | |
| | Putnam VT Utilities | First $500 million | 0.70% | 2,437,187 | 0.67% of average | Growth and Income Fund | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
|
E-15
| | | Amount of Management Fee | | | | | Paid in the Most Recent | | | | | Fiscal Year | Annual Rate at | | | | (after applicable waivers and | which Fees | Fund | Management Fee Schedule | | reimbursements, if any) ($) | were Paid |
| Putnam VT Vista Fund | First $500 million | 0.65% | 3,006,605 | 0.65% of average | | Next $500 million | 0.55% | | net assets | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.38% | | |
| | Putnam VT Voyager Fund | First $500 million | 0.70% | 11,832,070 | 0.59% of average | | Next $500 million | 0.60% | | net assets | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | Any excess thereafter | 0.43% | | |
|
* Putnam California Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities Trust, and Putnam New York Investment Grade Municipal Trust are closed-end funds that have issued preferred shares.This Management fees for these funds are calculated based on the average net assets of the fund, which includes assets attributable to both common and preferred shares. However, the annual rate stated in this columnContract is determined by attributing the entire amount of the management fee to the common shares, which may cause the stated annual rate in this column to exceed the management fee schedule.
** Amounts for fiscal year ended 02/28/06. Figures for the fund’s most recent fiscal year are not yet available.
*** Due to expense limitations in effect during the fund’s fiscal year ended 02/28/06, Putnam Income Strategies Fund did not pay a management fee to Putnam Management. Figures for the fund’s most recent fiscal year are not yet available.
^ The management fee rate for Putnam Municipal Opportunities Trust represents fees paid only for investment advisory services. As described in this proxy statement, the fund paid Putnam Management separately for administrative services. For the most recent fiscal year, the fund paid an administrative services fee of $662,851 to Putnam Management, totaling 0.32% of the average weekly net assets attributable to common shares. Under the proposed new management contract, the fund will pay a single fee of the lesser of 0.55% of average net assets or, for the first $500 million, 0.65%; next $500 million, 0.55%; next $500 million, 0.50%; next $5 billion, 0.45%; next $5 billion, 0.425%; next $5 billion, 0.405%; next $5 billion, 0.39%; and 0.38% for any excess thereafter.
√ The management fee rate for Putnam Prime Money Market Fund represents fees paid only for investment advisory services. As described in this proxy statement, the fund paid Putnam Management separately for administrative services. For the most recent fiscal year, the fund paid $1,549,992 in administrative services fees to Putnam Management, based on an annual rate of 0.05% of the average net assets of the fund. Under the proposed new management contract, the fund will pay a single fee of 0.25% of average net assets.
† A revised management contract for Putnam Research Fund was approved by shareholders on December 14, 2006 to remove the incentive fee component from the management fee. Under the fund’s previous management contract, the fund paid Putnam Management a quarterly fee consisting of an asset-based component and an incentive component. The asset-based fee was subject to a performance adjustment based on the investment performance of the fund compared to the Standard & Poor’s 500 (S&P 500) composite Stock Price Index. Performance was calculated for these purposes at the beginning of each calendar quarter, for the thirty-six month period immediately preceding such quarter or the life of the fund, if shorter. The applicable asset-based fee was increased or decreased for each calendar quarter by an incentive payment or penalty at the annual rate of 0.01% of the fund’s average net assets for each 1.00% increment by which the fund outperformed or und erper-formed the S&P 500 in excess of 3.00%, subject to a maximum increase or decrease of 0.07% of average net assets. The revised management contract provides for an eighteen-month transition period during which the fund’s fee will be the lesser of (i) the asset-based fee and (ii) the performance-adjusted fee that would have been calculated under the previous contract. The fund is currently in this transition period, which will end on June 30, 2008, after which the asset-based management fee will apply without performance-based adjustments.
†† Due to expense limitations in effect during the most recent fiscal year, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2050 Fund and Putnam RetirementReady Maturity Fund did not pay management fees to Putnam Management.
E-16
APPENDIX F
Current Sub-Management Contractand Sub-Advisory Contract
PUTNAM FUNDS
AMENDED AND RESTATED SUB-MANAGEMENT CONTRACT
Amended and Restated Sub-Management Contract dated as of December 30, 2006January 1, 2010 between [NAME OF FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”) and PUTNAM INVESTMENTS LIMITED, a company organized under the laws of England and Wales (the “Sub-Manager”), amending and restating in its entirety that certain Sub-Management Contract dated as of January 1, 2006, as amended (the “Prior Agreement”), between the Manager and the Sub-Manager..
WHEREAS, the Manager is the investment manager of each of the investment companies registered under the United States Investment Company Act of 1940, as amended, that are identified on Schedule A hereto, as it may from time to time be amended by the Manager (the “Funds”), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended;
WHEREAS, the Sub-Manager is licensed as an investment manager by the Financial Services Authority of the United Kingdom (the “FSA”);
WHEREAS, the Manager and the Sub-Manager previously entered into, and now wish to amend and restate, the Prior Agreement; and
WHEREAS, the Manager continues to desire to engage the Sub-Manager from time to time to manage a portion of certain of the Funds:
NOW THEREFORE, inIn consideration of the mutual covenants herein contained, it is agreed as follows:
1. SERVICES TO BE RENDERED BY SUB-MANAGER
MANAGER TO FUND. (a) The Sub-Manager,Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that portionhas divided its shares into two or more series under Section 18(f)(2) of anythe Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund the management of which is allocatedidentified from time to time by the Manager onSchedule Ato the Sub-Manager (an “Allocated Sleeve”). The Manager shall,this Contract (each reference in its sole discretion, determine which Funds will have an Allocated Sleeve and the amount of assets allocated from timethis Contract to time“a Fund” or to each suchAllocated Sleeve; provided that, with respect“the Fund” is also deemed to be a reference to any Fund, the Trustees of such Fund must have approved the useexisting series of the Sub-Manager prior toFund, as appropriate in the creation of an Allocated Sleeve for such Fund. The Sub-Managerparticular context), will determine what investments shallwill be purchased, held, sold or exchanged by any Allocated Sleevethe Fund and what portion, if any, of the assets of the Allocated Sleeve shallFund will be held uninvested and shall,will, on behalf of the Fund, make changes in such investments. Subject always to the Fund’s investments heldcontrol of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in such Allocated Sleeve.Section 1(d) , the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees. (b) The Manager, may also, at its discretion, requestexpense, except as such expense is paid by the Sub-Manager to provide assistance with purchasing and selling securities for any Fund including the placement of orders with broker-dealers selectedas provided in accordance with Section 1(d), even if the Manager has not established an Allocated Sleeve for such Fund. (c) The Sub-Manager at its expense will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services.
Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund. (d)(c) The Sub-Manager shallManager, at its expense, will place all orders for the purchase and sale of portfolio investments for any Allocated Sleevethe Fund’s account with brokers or dealers selected by the Sub-Manager.Manager. In the selection of such brokers or dealers and the placing of such orders, the Sub-Manager shallManager will use its best efforts to obtain for the related Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Sub-Manager,Manager, bearing in mind the Fund’s best interests at all times, shallwill consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financi alfinancial stability ofo f the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the FundsFund may determine, the Sub-Manager shallManager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused athe Fund to pay a broker or dealer that provides brokerage and research services to the Manager or the Sub-Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that
F-1
transaction, if the Sub-ManagerManager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or itsthe Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager or the Sub-Manager as to which the Manager or the Sub-Manager exercises investment discretion.disc retion. The Sub-ManagerManager agrees that in connection with purchases or sales of portfolio investments for any Fund,the Fund’s account, neither the Sub-ManagerManager nor any officer, director, employee or agent of the Sub-ManagerManager shall act as a principal or receive any commission other than as provided in Section 3. (d) The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space, utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund. (e) The Sub-Manager shallManager will not be obligated to pay any expenses of or for the Manager or any Fund not expressly assumed by the Sub-ManagerManager pursuant to this Section 1.1 other than as provided in Section 3. (f) InSubject to the performanceprior approval of its duties, the Sub-Manager will comply with the provisionsa majority of the Agreement and DeclarationTrustees, including a majority of Trust and By-Laws of each applicable Fund and such Fund’s stated investment objectives, policies and restrictions, and will use its best efforts to safeguard and promote the welfare of such FundTrustees who are not “interested persons” and, to comply with other policies whichthe extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager or the Trustees may, from time to time, determine and shall exercise the same care and diligence expecteddelegate to a sub-adviser or sub-administrator any of the Manager.Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-
administrator, and no delegation will relieve the Manager of any of its obligations under this Contract. 2. OTHER AGREEMENTS, ETC. It is understood that any of the shareholders, Trustees, officers and employees of athe Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Sub-Manager,Manager, and in any person controlled by or under common control with the Sub-Manager,Manager, and that the Sub-ManagerManager and any person controlled by or under common control with the Sub-ManagerManager may have an interest in suchthe Fund. It is also understood that the Sub-ManagerManager and any person controlled by or under common control with the Sub-Manager have andManager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business. 3. COMPENSATION.COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. Except as provided below, the ManagerThe Fund will pay to the Sub-ManagerManager as compensation for the Sub-Manager’sManager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a fee,Base Fee, computed and paid quarterlymonthly on the Average Net Assets of the Fund at the annual rate of 0.35% per annum of average aggregate net asset value ofrates set forth onSchedule Battached to this Contract, as from time to time amended, subject to adjustment as set forth onSchedule Cattached to this Contract, as from time to time amended. The Fund’s “Average Net Assets” means the assets in equity Allocated Sleeves and 0.40% per annum of average aggregate net asset value of the assets in fixed-income Allocated Sleeves. Such average net asset value shall be determined by taking an average of all of the determinations of suchthe Fund’s net asset value during a quarter at the close of business on each business day during each period for which such quarter while this Contractcomputation is in effect. Such fee shall bemade. The Base Fee, as adjusted, is payable for each quartermonth within 3015 days after the close of such quarter. the month.
The Sub-Manager shall look onlyfees payable by the Fund to the Manager for payment of its fees. No Fund shall havepursuant to this Section 3 will be reduced by any responsibility for paying anycommissions, fees, due the Sub-Manager. With respect to each of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust,brokerage or similar payments received by the Manager will pay to the Sub-Manager as compensation for the Sub-Manager’s services rendered, a fee, computed and paid quarterly at the annual rate of 0.40% of Average Weekly Assets in Allocated Sleeves. “Average Weekly Assets” means the averageor any affiliated person of the weekly determinationsManager in connection with the purchase and sale of the difference between the total assetsportfolio investments of the Fund, (includingless any assets attributable to leverage for investment purposes) attributable to an Allocated Sleeve anddirect expenses approved by the total liabilitiesTrustees incurred by the Manager or any affiliated person of the Fund (excluding liabilities incurredManager in connection with leverage for investment purposes) attributable toobtaining such Allocated Sleeve, determined at the close of the last business day of each week, for each week which ends during the quarter. Such fee shall be payable for each quarter within 30 days after the close of such quarter. As used in this Section 3, “le verage for investment purposes” means any incurrence of indebtedness the proceeds of which are to be invested in accordance with the Fund’s investment objective. For purposes of calculating Average Weekly Assets, liabilities associated with any instruments or transactions used to leverage the Fund’s portfolio for investment purposes (whether or not such instruments or transactions are “covered” within the meaning of the Investment Company Act of 1940 and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff) are not considered liabilities. For purposes of calculating Average Weekly Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the “Underlying Asset”) of the Fund to a counterparty in a reverse repurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.payments.
In the event that expenses of the Manager’s management fee fromFund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of Putnam High Income Securitiesany jurisdiction in which shares of the Fund Putnam Master Intermediate Income Trustare qualified for offer or Putnam Premier Income Trust is reduced pursuant tosale, the Amended and Restated Management Contract between such Fund andcompensation due the Manager because during any Measurement Period (as defined below)for such fiscal year will be reduced by the amount of interest payments and fees with respect to indebtednessexcess by a reduction or other obligationrefund thereof. In the event that the expenses of the Fund incurred for investment leverage purposes, plus F-2
additional expenses attributable toexceed any such leverage for investment purposes, exceedsexpense limitation which the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such indebtedness or other obligation was outstanding during the Measurement Period, the fee payableManager may, by written notice to the Sub-Manager with respectFund, voluntarily declare to be effective subject to such Fund shallterms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, in the same proportion as the fee paid toand if necessary, the Manager with respect to such Fund is so reduced. “Measurement Period” shall be any period for which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligationwill assume expenses of the Fund, incurred for investment purposes.to the extent required by the terms and conditions of such expense limitation.
If the Sub-Manager shall serveManager serves for less than the whole of a quarter,month, the foregoing compensation shallwill be prorated.
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT. This Contract shallwill automatically terminate, without the payment of any penalty, in the event of its assignment; andassignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract shall notmay be amended with respect to any Allocated Sleeve unless such amendment be approved at a meetingchanged, waived, discharged or terminated orally, but only by an instrument in writing signed by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majorityparty against which enforcement of the Trusteeschange, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the related Fund who are not interested persons of such FundSecurities and Exchange Commission or of the Manager.
its staff. 5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT. This Contract shall becomeis effective upon its execution and shallwill remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4) until4 or terminated in accordance with the following paragraph) through June 30, 2010, and will continue in effect from year to year thereafter so long as follows:
(a) Either party hereto or, with respect to any Allocated Sleeve, the related Fund mayits continuance is approved at any time terminate this Contractleast annually by not more than sixty days’ nor less than thirty days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party, or
(b) With respect to any Allocated Sleeve, if (i) the Trustees, of the related Fund or the shareholders by the affirmative vote of a majority of the outstanding shares of suchthe respective Fund, and (ii) a majority of the Trustees of such Fund who are not interested persons of suchthe Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval, do not specifically approveapproval. Either party hereto may at least annually the continuance ofany time terminate this Contract then this Contract shall automatically terminate atas to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the close of business on the anniversary of its execution, or upon the expiration of one year from the effective date of the last such continuance, whichever is later, or (c) Withother party. Action with respect to any Allocated Sleeve, automatically upon termination of the Manager’s investment management contract with the related Fund.
Action by a Fund under (a) above may be taken either (i) by vote of a majority of itsthe Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of suchthe respective Fund.
Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty. 6. CERTAIN DEFINITIONS. For the purposes of this Contract, the “affirmative vote of a majority of the outstanding sharesshares” of a Fund”Fund means the affirmative vote, at a duly called and held meeting of shareholders of suchthe respective Fund, (a) of the holders of 67% or more of the shares of suchthe Fund present (in person or by proxy) and entitled to vote at suchthe meeting, if the holders of more than 50% of the outstanding shares of suchthe Fund entitled to vote at suchthe meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of suchthe Fund entitled to vote at suchthe meeting, whichever is less. For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” shall have their respective meanings defined in the United States Investment Company1940 Act, of 1940 and the Rules and Regulations thereunder (the “1940 Act”), subject, however, to such exemptions as may be granted bythe rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission under said Act;or its staff; the term “specifically approve“approve at least annually” shallwill be construed in a manner consistent with the 1940 Act and the Rulesrules and Regulations thereunder;regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” shall havehas the
meaning given in the United States Securities Exchange Act of 1934 and the Rulesrules and Regulations thereunder.regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff. 7. NON-LIABILITY OF SUB-MANAGER.MANAGER. In the absence of willful misfeasance, bad faith or gross negligence on the part of the Sub-Manager,Manager, or reckless disregard of its obligations and duties hereunder, the Sub-ManagerManager shall not be subject to any liability to the Manager, any Fund or to any shareholder of anythe Fund for any act or omission in the course of, or connected with, rendering services hereunder. 8. ADDITIONAL PROVISIONSLIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS. (a) The Sub-Manager represents that it is regulated by the FSA in the conduct of its investment business. The Sub-Manager has in operation a written procedure in accordance with FSA rules for the effective consideration and proper handling of complaints from customers. Any
F-3
complaint by the Manager or any Fund should be sent to the Compliance OfficerA copy of the Sub-Manager. The ManagerAgreement and anyDeclaration of Trust of the Fund is also entitled to make any complaints abouton file with the Sub-Manager to the Financial Ombudsman Service established by the FSA.Secretary of The ManagerCommonwealth of Massachusetts, and any Fund may also request a statement describing its rights to compensation in the eventnotice is hereby given that this instrument is executed on behalf of the Sub-Manager’s inability to meet its liabilities.
(b) The Manager represents that it and each Fund are “Intermediate Customers” in the meaning of FSA rules. (c) Although each Fund is not a party hereto and shall have no responsibility for the Manager’s or the Sub-Manager’s obligations hereunder, each Fund is named as explicit third party beneficiaryTrustees of the parties’ agreements hereunder.Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.
IN WITNESS WHEREOF, PUTNAM INVESTMENTS LIMITED[NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed in duplicate on its behalf by an officerits President or a Vice President thereunto duly authorized, all as of the day and year first above written. | | | [NAME OF FUND] | | | | | | By: | | | | | | PUTNAM INVESTMENT MANAGEMENT, LLC | | | | | | By: |
| | | Schedule A | [LIST OF FUNDS] |
| | | | | | Putnam Absolute Return 100 Fund | Putnam Absolute Return 500 Fund | | Putnam Absolute Return 300 Fund | Putnam Absolute Return 700 Fund | | Putnam Capital Spectrum Fund | | Putnam Equity Spectrum Fund | |
PUTNAM INVESTMENTS LIMITEDFor the funds listed above, seeAppendix F(Proposed Fee Schedules) to this proxy statement for each fund’s detailed fee information.
| | | | | | Putnam Asia Pacific Equity Fund | | Putnam International Growth and Income Fund | | Putnam Emerging Markets Equity Fund | Putnam International New Opportunities Fund | | Putnam Europe Equity Fund | | Putnam New Opportunities Fund | | | Putnam Global Equity Fund | | Putnam Small Cap Growth Fund | | | Putnam Growth Opportunities Fund | Putnam Vista Fund | | | Putnam International Capital Opportunities Fund | Putnam Voyager Fund | | | Putnam International Equity Fund | | | |
By: /s/ Jeffrey F. PetersFor the funds listed above, if Proposal 2A (a management contract containingbothFund Family breakpoints and performance fees) is approved and implemented for the fund, seeAppendix F(Proposed Fee Schedules) andAppendix G(Proposed Benchmarks) to this proxy statement for each fund’s detailed fee information.
If Proposal 2B (a management contract containing Fund Family breakpointsonly) is approved and implemented for the fund, seeAppendix F(Proposed Fee Schedules) to this proxy statement for each fund’s detailed fee information. If Proposal 2C (a management contract containing performance feesonly) is approved and implemented for the fund, seeAppendix G(Proposed Benchmarks) andAppendix E(Current Fee Schedules) to this proxy statement for each fund’s detailed fee information.]
| | | Schedule C | [This Schedule C is included for the following funds only: | |
| | | | | | Putnam Absolute Return 100 Fund | Putnam Absolute Return 500 Fund | | Putnam Absolute Return 300 Fund | Putnam Absolute Return 700 Fund] |
Name: Jeffrey F. PetersCommencing with the thirteenth whole calendar month of the Fund’s operations, the Fund’s Base Fee computed in accordance with
PUTNAM INVESTMENTSchedule B
MANAGEMENT, LLC
By: /s/ James P. Pappas
Name: James P. Pappaswill be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.
Schedule APerformance Period.
(Updated through December 30, 2006)
Putnam Diversified Income Trust
Putnam VT Diversified Income Fund
Putnam Europe Equity Fund
Putnam Global Equity Fund
Putnam VT Global Equity Fund
Putnam Global Income Trust
Putnam Global Natural Resources Fund
Putnam High Yield Advantage Fund
Putnam High Yield Trust
Putnam VT High Yield Fund
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam VT International Equity Fund
Putnam International New Opportunities Fund
Putnam VT International New Opportunities Fund
Putnam International Growth and Income Fund
Putnam VT International Growth and Income Fund
Putnam Research Fund
Putnam VT Research Fund
Putnam Utilities Growth and Income Fund
Putnam VT Utilities Growth and Income Fund
Putnam High Income Securities Fund
Putnam Master Intermediate Income Trust
Putnam Premier Income Trust
F-4
PUTNAM FUNDS
SUB-ADVISORY CONTRACT
Sub-Advisory Contract dated asThe Performance Period is equal to the shorter of July 14, 2006 between and among PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”), PUTNAM INVESTMENTS LIMITED, a company organized under(i) the laws of England and Wales (“PIL”), and THE PUTNAM ADVISORY COMPANY, LLC, a Delaware limited liability company (the “Sub-Advisor”).
WHEREAS,period from the Manager isdate the investment manager of eachFund commenced operations to the end of the investment companies registeredmonth for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.
Performance Adjustment Rate.The Performance Adjustment Rate is equal to the product of 0.04 multiplied by the difference, positive or negative, obtained by subtracting (i) the sum of the Investment Record of the Benchmark for the Performance Period plus the Hurdle from (ii) the Investment Performance of the Measuring Class for the Performance Period;providedthat the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth onSchedule Bor be less than the Minimum Performance Adjustment Rate set forth onSchedule B. Investment Performance and Investment Record.These terms are used as defined in Rule 205-1 under the United States Investment Company Act of 1940, as amended, that are identified on Schedule A hereto, as it may from time to time be amended by the Manager (the “Funds”), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended;
WHEREAS, PIL is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended, is licensed as an investment manager by the Financial Services Authority of the United Kingdom (the “FSA”) and is a sub-manager of each of the Funds pursuant to that certain Amended and Restated Sub-Management Contract dated as of January 1, 2006 (the “PIL Sub-Management Contract”), between the Manager and PIL;
WHEREAS, the Manager has contracted with PIL for the management of certain portions of each of the Funds (each, a “PIL-Advised Sleeve”);
WHEREAS, the Sub-Advisor is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended, and shall each be computed on an annualized basis for any Performance Period greater than one year. Hurdle.The Fund’s Hurdle is an investment adviser registeredset forth inSchedule B. Benchmark.The Fund’s initial Benchmark is set forth inSchedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the Kanto Local Finance Bureau to provide non-discretionary investment advice in Japan;
WHEREAS,consent of the Manager, and PIL desire to engage use such other appropriate index of securities prices for purposes of thisSchedule C(the Sub-Advisor from time“Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to timedetermine the amount of the Performance Adjustment. The Benchmark will continue to provide non-discretionary investment advicebe used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark. Measuring Class.The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with respectthe consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in
calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of certain of the Funds:
NOW THEREFORE,Performance Period, it may only be used in consideration of the mutual covenants herein contained, it is agreed as follows: 1. SERVICES TO BE RENDERED BY SUB-ADVISOR (a) The Sub-Advisor, at its expense, will from time to time furnish to either PIL or the Manager recommendations to purchase, hold, sell or exchange investments, securities and assets (the “Assets”) incalculating that portion of any Fund forthe Performance Adjustment attributable to the period during which the ManagerReplacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.
Notwithstanding any other provisions in thisSchedule C, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.
| | | Schedule C | [This Schedule C is included for the following funds only: | |
| | | | | | Putnam Capital Spectrum Fund | | Putnam Equity Spectrum Fund] | |
Commencing with the thirteenth whole calendar month of the Fund’s operations, the Fund’s Base Fee computed in accordance withSchedule Bwill be adjusted, on a monthly basis, upward or PIL contracts for such services to be provided by the Sub-Advisor (an “Allocated Sleeve”). The Manager or PIL,downward, as the case may be, shalldetermine whetherby an amount computed by applying the Performance Adjustment Rate to execute each recommendationthe Average Net Assets of the Sub-Advisor provided hereunder. Fund for the Performance Period and dividing the result by twelve. Performance Period.The ManagerPerformance Period is equal to the shorter of (i) the period from the date the Fund commenced operations to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended. Performance Adjustment Rate.The Performance Adjustment Rate is equal to the product of 0.04 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period;providedthat the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth onSchedule Bor be less than the Minimum Performance Adjustment Rate set forth onSchedule B. Investment Performance and Investment Record.These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall determine which Funds will haveeach be computed on an Allocated Sleeve; provided that, with respect toannualized basis for any Fund,Performance Period greater than one year. Benchmark.The Fund’s initial Benchmark is set forth inSchedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of thisSchedule C(the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark. Measuring Class.The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such Fund must have approvedchange is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Sub-Advisor priorPerformance Adjustment may apply to the creationentire Performance
Period so long as the Replacement Measuring Class was outstanding at the beginning of an Allocated Sleevesuch period. If the Replacement Measuring Class of shares was not outstanding for such Fund. The Manager, andall or a portion of the Performance Period, it may only be used in calculating that portion of the case of a PIL-Advised Sleeve, PIL shall (at all times in the case of PIL subjectPerformance Adjustment attributable to the oversightperiod during which the Replacement Measuring Class was outstanding and supervisionany previous portion of the Manager)Performance Period will be calculated using the Measuring Class. Notwithstanding any other provisions in thisSchedule C, determine the am ountcomputation of assets allocated from time to time to each such Allocated Sleeve. (b) The Sub-Advisor at its expensethe Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will furnish all necessary investmentbe made in accordance with the Investment Advisers Act of 1940, as amended, and management facilities, including salariesany applicable rules thereunder.
| Schedule C | | [This Schedule C is included for each of the following funds for which Proposal 2A or Proposal | 2C is approved by shareholders and implemented: |
| | | | | | Putnam Asia Pacific Equity Fund | | Putnam International Growth and Income Fund | | Putnam Emerging Markets Equity Fund | Putnam International New Opportunities Fund | | Putnam Europe Equity Fund | | Putnam New Opportunities Fund | | | Putnam Global Equity Fund | | Putnam Small Cap Growth Fund | | | Putnam Growth Opportunities Fund | Putnam Vista Fund | | | Putnam International Capital Opportunities Fund | Putnam Voyager Fund] | | | Putnam International Equity Fund | | | |
Commencing with the thirteenth whole calendar month after the later of personnel, required for it to execute its duties faithfully. (c) The Sub-Advisor shall notJanuary 1, 2010 and the date of execution of this Contract, the Fund’s Base Fee computed in accordance withSchedule Bwill be obligated to pay any expenses ofadjusted, on a monthly basis, upward or for the Manager, PIL or any Fund not expressly assumed by the Sub-Advisor pursuant to this Section 1.
(d) The Manager may, and in the case of a PIL-Advised Sleeve, PIL may, each at its discretion, also request the Sub-Advisor to perform certain services set forth in Section 1(a) with respect to any portion of a Fund, even if the Manager or PIL,downward, as the case may be, hasby an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.
Performance Period.The Performance Period is equal to the shorter of (i) the period from the later of January 1, 2010 and the date of the execution of this Contract to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended. Performance Adjustment Rate.The Performance Adjustment Rate is equal to the product of 0.03 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period;providedthat the Performance Adjustment Rate for the Fund may not establishedexceed the Maximum Performance Adjustment Rate set forth onSchedule Bor be less than the Minimum Performance Adjustment Rate set forth onSchedule B. Investment Performance and Investment Record.These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall each be computed on an Allocated Sleeveannualized basis for any Performance Period greater than one year. Benchmark.The Fund’s initial Benchmark is set forth inSchedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with respectthe consent of the Manager, to use such other appropriate index of securities prices for purposes of thisSchedule C(the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.
Measuring Class.The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Per iod, it may only be used in calculating that portion of the Fund.Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class. (e) InNotwithstanding any other provisions in thisSchedule C, the performancecomputation of its duties, the Sub-AdvisorPerformance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will complybe made in accordance with the provisionsInvestment Advisers Act of the Agreement and Declaration of Trust and By-Laws of each applicable Fund and such Fund’s stated investment objectives, policies and restrictions, and will use its best efforts to safeguard and promote the welfare of such Fund and to comply with other policies which the Manager, PIL or the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Manager and PIL.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and employees of a Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Sub-Advisor, and in any person controlled by or under common control with the Sub-Advisor, and that the Sub-Advisor1940, as amended, and any person controlled by or under common control with the Sub-Advisor may have an interest in such Fund. It is also understood that the Sub-Advisor and any person controlled by or under common control with the Sub-Advisor have and may have advisory,applicable rules thereunder.
APPENDIX E – Current Fee Schedule The following table sets forth each fund’s current management service or other contracts with other organizations and persons, and may have other interests and business.fee schedule. | | | | | | Fund | Management Fee Rate | | Fund | Management Fee Rate | |
| | Putnam Absolute | First $500 million | 0.55% | Putnam Absolute | First $500 million | 0.65% | Return 100 Fund | Next $500 million | 0.45% | Return 300 Fund | Next $500 million | 0.55% | | Next $500 million | 0.40% | | Next $500 million | 0.50% | | Next $5 billion | 0.35% | | Next $5 billion | 0.45% | | Next $5 billion | 0.325% | | Next $5 billion | 0.425% | | Next $5 billion | 0.305% | | Next $5 billion | 0.405% | | Next $5 billion | 0.29% | | Next $5 billion | 0.39% | | Any excess thereafter | 0.28% | | Any excess thereafter | 0.38% | | | Benchmark: Merrill Lynch US Treasury Bill Index | | Benchmark: Merrill Lynch US Treasury Bill Index | | (G0BA) | | | (G0BA) | | | Hurdle: 1.00% | | | Hurdle: 3.00% | | | Maximum Performance Adjustment Rate: 0.04% | | Maximum Performance Adjustment Rate: 0.12% | | Minimum Performance Adjustment Rate: -0.04% | | Minimum Performance Adjustment Rate: -0.12% |
| Putnam Absolute | First $500 million | 0.80% | Putnam Absolute | First $500 million | 0.95% | Return 500 Fund | Next $500 million | 0.70% | Return 700 Fund | Next $500 million | 0.85% | | Next $500 million | 0.65% | | Next $500 million | 0.80% | | Next $5 billion | 0.60% | | Next $5 billion | 0.75% | | Next $5 billion | 0.575% | | Next $5 billion | 0.725% | | Next $5 billion | 0.555% | | Next $5 billion | 0.705% | | Next $5 billion | 0.54% | | Next $5 billion | 0.69% | | Any excess thereafter | 0.53% | | Any excess thereafter | 0.68% | | | Benchmark: Merrill Lynch US Treasury Bill Index | | Benchmark: Merrill Lynch US Treasury Bill Index | | (G0BA) | | | (G0BA) | | | Hurdle: 5.00% | | | Hurdle: 7.00% | | | Maximum Performance Adjustment Rate: 0.20% | | Maximum Performance Adjustment Rate: 0.28% | | Minimum Performance Adjustment Rate: -0.20% | | Minimum Performance Adjustment Rate: -0.28% |
| Putnam American | First $500 million | 0.65% | Putnam AMT-Free | The lesser of 0.50%, or | | Government Income | Next $500 million | 0.55% | Municipal Fund | First $500 million | 0.60% | Fund | Next $500 million | 0.50% | | Next $500 million | 0.50% | | Next $5 billion | 0.45% | | Next $500 million | 0.45% | | Next $5 billion | 0.425% | | Next $5 billion | 0.40% | | Next $5 billion | 0.405% | | Next $5 billion | 0.375% | | Next $5 billion | 0.39% | | Next $5 billion | 0.355% | | Any excess thereafter | 0.38% | | Next $5 billion | 0.34% | | | | | Any excess thereafter | 0.33% |
| Putnam Arizona Tax | The lesser of 0.50%, or | | Putnam Asia Pacific | First $500 million | 1.00% | Exempt Income Fund | First $500 million | 0.60% | Equity Fund | Next $500 million | 0.90% | | Next $500 million | 0.50% | | Next $500 million | 0.85% | | Next $500 million | 0.45% | | Next $5 billion | 0.80% | | Next $5 billion | 0.40% | | Next $5 billion | 0.775% | | Next $5 billion | 0.375% | | Next $5 billion | 0.755% | | Next $5 billion | 0.355% | | Next $5 billion | 0.74% | | Next $5 billion | 0.34% | | Next $5 billion | 0.73% | | Any excess over $21.5 billion | 0.33% | | Next $5 billion | 0.72% | | | | | Next $5 billion | 0.71% | | | | | Next $5 billion | 0.70% | | | | | Next $5 billion | 0.69% | | | | | Next $8.5 billion | 0.68% | | | | | Any excess thereafter | 0.67% |
| Putnam Asset | First $500 million | 0.70% | Putnam Asset | First $500 million | 0.70% | Allocation: Balanced | Next $500 million | 0.60% | Allocation: | Next $500 million | 0.60% | Portfolio | Next $500 million | 0.55% | Conservative | Next $500 million | 0.55% | | Next $5 billion | 0.50% | Portfolio | Next $5 billion | 0.50% | | Next $5 billion | 0.475% | | Next $5 billion | 0.475% | | Next $5 billion | 0.455% | | Next $5 billion | 0.455% | | Next $5 billion | 0.44% | | Next $5 billion | 0.44% | | Any excess over $21.5 billion | 0.43% | | Any excess over $21.5 billion | 0.43% |
|
| | | | | | Fund | Management Fee Rate | | Fund | Management Fee Rate | |
| | Putnam Asset | First $500 million | 0.70% | Putnam Asset | First $500 million | 0.70% | Allocation: Equity | Next $500 million | 0.60% | Allocation: Growth | Next $500 million | 0.60% | Portfolio | Next $500 million | 0.55% | Portfolio | Next $500 million | 0.55% | | Next $5 billion | 0.50% | | Next $5 billion | 0.50% | | Next $5 billion | 0.475% | | Next $5 billion | 0.475% | | Next $5 billion | 0.455% | | Next $5 billion | 0.455% | | Next $5 billion | 0.44% | | Next $5 billion | 0.44% | | Next $5 billion | 0.43% | | Any excess over $21.5 billion | 0.43% | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.39% | | | | | Next $8.5 billion | 0.38% | | | | | Any excess thereafter | 0.37% | | | |
| Putnam California | The lesser of 0.50%, or | | Putnam Capital | First $500 million | 0.65% | Tax Exempt Income | First $500 million | 0.60% | Opportunities Fund | Next $500 million | 0.55% | Fund | Next $500 million | 0.50% | | Next $500 million | 0.50% | | Next $500 million | 0.45% | | Next $5 billion | 0.45% | | Next $5 billion | 0.40% | | Next $5 billion | 0.425% | | Next $5 billion | 0.375% | | Next $5 billion | 0.405% | | Next $5 billion | 0.355% | | Next $5 billion | 0.39% | | Next $5 billion | 0.34% | | Any excess over $21.5 billion | 0.38% | | Any excess thereafter | 0.33% | | | |
| Putnam Capital | First $500 million | 0.80% | Putnam Convertible | First $500 million | 0.65% | Spectrum Fund | Next $500 million | 0.70% | Income-Growth Trust | Next $500 million | 0.55% | | Next $500 million | 0.65% | | Next $500 million | 0.50% | | Next $5 billion | 0.60% | | Next $5 billion | 0.45% | | Next $5 billion | 0.575% | | Next $5 billion | 0.425% | | Next $5 billion | 0.555% | | Next $5 billion | 0.405% | | Next $5 billion | 0.54% | | Next $5 billion | 0.39% | | Next $5 billion | 0.53% | | Any excess thereafter | 0.38% | | Next $5 billion | 0.52% | | | | | Next $5 billion | 0.51% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.49% | | | | | Next $8.5 billion | 0.48% | | | | | Any excess thereafter | 0.47% | | | | | | Benchmark: 50/50 blend (balanced daily) of S&P 500 | | | | | Index and JP Morgan Developed High Yield Index | | | | | Maximum Performance Adjustment Rate: 0.32% | | | | | Minimum Performance Adjustment Rate: -0.32% | | | |
| Putnam Diversified | First $500 million | 0.70% | Putnam Emerging | First $500 million | 1.00% | Income Trust | Next $500 million | 0.60% | Markets Equity Fund | Next $500 million | 0.90% | | Next $500 million | 0.55% | | Next $500 million | 0.85% | | Next $5 billion | 0.50% | | Next $5 billion | 0.80% | | Next $5 billion | 0.475% | | Next $5 billion | 0.775% | | Next $5 billion | 0.455% | | Next $5 billion | 0.755% | | Next $5 billion | 0.44% | | Next $5 billion | 0.74% | | Any excess thereafter | 0.43% | | Next $5 billion | 0.73% | | | | | Next $5 billion | 0.72% | | | | | Next $5 billion | 0.71% | | | | | Next $5 billion | 0.70% | | | | | Next $5 billion | 0.69% | | | | | Next $8.5 billion | 0.68% | | | | | Any excess thereafter | 0.67% |
| | | E-2 | |
F-5
| | | | | | Fund | Management Fee Rate | | Fund | Management Fee Rate | |
| | Putnam Equity | First $500 million | 0.65% | Putnam Equity | First $500 million | 0.80% | Income Fund | Next $500 million | 0.55% | Spectrum Fund | Next $500 million | 0.70% | | Next $500 million | 0.50% | | Next $500 million | 0.65% | | Next $5 billion | 0.45% | | Next $5 billion | 0.60% | | Next $5 billion | 0.425% | | Next $5 billion | 0.575% | | Next $5 billion | 0.405% | | Next $5 billion | 0.555% | | Next $5 billion | 0.39% | | Next $5 billion | 0.54% | | Any excess thereafter | 0.38% | | Next $5 billion | 0.53% | | | | | Next $5 billion | 0.52% | | | | | Next $5 billion | 0.51% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.49% | | | | | Next $8.5 billion | 0.48% | | | | | Any excess thereafter | 0.47% | | | | | | Benchmark: S&P 500 Index | | | | | | Maximum Performance Adjustment Rate: 0.40% | | | | | Minimum Performance Adjustment Rate: -0.40% |
| Putnam Europe | First $500 million | 0.80% | Putnam Floating Rate | First $500 million | 0.65% | Equity Fund | Next $500 million | 0.70% | Income Fund | Next $500 million | 0.55% | | Next $500 million | 0.65% | | Next $500 million | 0.50% | | Next $5 billion | 0.60% | | Next $5 billion | 0.45% | | Next $5 billion | 0.575% | | Next $5 billion | 0.425% | | Next $5 billion | 0.555% | | Next $5 billion | 0.405% | | Next $5 billion | 0.54% | | Next $5 billion | 0.39% | | Any excess thereafter | 0.53% | | Next $5 billion | 0.38% | | | | | Next $5 billion | 0.37% | | | | | Next $5 billion | 0.36% | | | | | Next $5 billion | 0.35% | | | | | Next $5 billion | 0.34% | | | | | Next $8.5 billion | 0.33% | | | | | Any excess thereafter | 0.32% |
| The Putnam Fund for | First $500 million | 0.65% | The George Putnam | First $500 million | 0.65% | Growth and Income | Next $500 million | 0.55% | Fund of Boston | Next $500 million | 0.55% | | Next $500 million | 0.50% | | Next $500 million | 0.50% | | Next $5 billion | 0.45% | | Next $5 billion | 0.45% | | Next $5 billion | 0.425% | | Next $5 billion | 0.425% | | Next $5 billion | 0.405% | | Next $5 billion | 0.405% | | Next $5 billion | 0.39% | | Next $5 billion | 0.39% | | Next $5 billion | 0.38% | | Any excess thereafter | 0.38% | | Next $5 billion | 0.37% | | | | | Next $5 billion | 0.36% | | | | | Next $5 billion | 0.35% | | | | �� | Next $5 billion | 0.34% | | | | | Next $8.5 billion | 0.33% | | | | | Any excess over $55 billion | 0.32% | | | |
| Putnam Global | First $500 million | 0.70% | Putnam Global | First $500 million | 0.70% | Consumer Fund | Next $500 million | 0.60% | Energy Fund | Next $500 million | 0.60% | | Next $500 million | 0.55% | | Next $500 million | 0.55% | | Next $5 billion | 0.50% | | Next $5 billion | 0.50% | | Next $5 billion | 0.475% | | Next $5 billion | 0.475% | | Next $5 billion | 0.455% | | Next $5 billion | 0.455% | | Next $5 billion | 0.44% | | Next $5 billion | 0.44% | | Next $5 billion | 0.43% | | Next $5 billion | 0.43% | | Next $5 billion | 0.42% | | Next $5 billion | 0.42% | | Next $5 billion | 0.41% | | Next $5 billion | 0.41% | | Next $5 billion | 0.40% | | Next $5 billion | 0.40% | | Next $5 billion | 0.39% | | Next $5 billion | 0.39% | | Next $8.5 billion | 0.38% | | Next $8.5 billion | 0.38% | | Any excess thereafter | 0.37% | | Any excess thereafter | 0.37% |
| | | E-3 | |
3. COMPENSATION.
Except as provided below,
| | | | | | Fund | Management Fee Rate | | Fund | Management Fee Rate | |
| | Putnam Global | First $500 million | 0.80% | Putnam Global | First $500 million | 0.70% | Equity Fund | Next $500 million | 0.70% | Financials Fund | Next $500 million | 0.60% | | Next $500 million | 0.65% | | Next $500 million | 0.55% | | Next $5 billion | 0.60% | | Next $5 billion | 0.50% | | Next $5 billion | 0.575% | | Next $5 billion | 0.475% | | Next $5 billion | 0.555% | | Next $5 billion | 0.455% | | Next $5 billion | 0.54% | | Next $5 billion | 0.44% | | Next $5 billion | 0.53% | | Next $5 billion | 0.43% | | Next $5 billion | 0.52% | | Next $5 billion | 0.42% | | Next $5 billion | 0.51% | | Next $5 billion | 0.41% | | Next $5 billion | 0.50% | | Next $5 billion | 0.40% | | Next $5 billion | 0.49% | | Next $5 billion | 0.39% | | Next $8.5 billion | 0.48% | | Next $8.5 billion | 0.38% | | Any excess over $55 billion | 0.47% | | Any excess thereafter | 0.37% |
| Putnam Global | First $500 million | 0.70% | Putnam Global | First $500 million | 0.70% | Health Care Fund | Next $500 million | 0.60% | Income Trust | Next $500 million | 0.60% | | Next $500 million | 0.55% | | Next $500 million | 0.55% | | Next $5 billion | 0.50% | | Next $5 billion | 0.50% | | Next $5 billion | 0.475% | | Next $5 billion | 0.475% | | Next $5 billion | 0.455% | | Next $5 billion | 0.455% | | Next $5 billion | 0.44% | | Next $5 billion | 0.44% | | Any excess over $21.5 billion | 0.43% | | Any excess thereafter | 0.43% |
| Putnam Global | First $500 million | 0.70% | Putnam Global | First $500 million | 0.70% | Industrials Fund | Next $500 million | 0.60% | Natural Resources | Next $500 million | 0.60% | | Next $500 million | 0.55% | Fund | Next $500 million | 0.55% | | Next $5 billion | 0.50% | | Next $5 billion | 0.50% | | Next $5 billion | 0.475% | | Next $5 billion | 0.475% | | Next $5 billion | 0.455% | | Next $5 billion | 0.455% | | Next $5 billion | 0.44% | | Next $5 billion | 0.44% | | Next $5 billion | 0.43% | | Any excess thereafter | 0.43% | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.39% | | | | | Next $8.5 billion | 0.38% | | | | | Any excess thereafter | 0.37% | | | |
| Putnam Global | First $500 million | 0.70% | Putnam Global | First $500 million | 0.70% | Technology Fund | Next $500 million | 0.60% | Telecommunications | Next $500 million | 0.60% | | Next $500 million | 0.55% | Fund | Next $500 million | 0.55% | | Next $5 billion | 0.50% | | Next $5 billion | 0.50% | | Next $5 billion | 0.475% | | Next $5 billion | 0.475% | | Next $5 billion | 0.455% | | Next $5 billion | 0.455% | | Next $5 billion | 0.44% | | Next $5 billion | 0.44% | | Next $5 billion | 0.43% | | Next $5 billion | 0.43% | | Next $5 billion | 0.42% | | Next $5 billion | 0.42% | | Next $5 billion | 0.41% | | Next $5 billion | 0.41% | | Next $5 billion | 0.40% | | Next $5 billion | 0.40% | | Next $5 billion | 0.39% | | Next $5 billion | 0.39% | | Next $8.5 billion | 0.38% | | Next $8.5 billion | 0.38% | | Any excess thereafter | 0.37% | | Any excess thereafter | 0.37% |
| Putnam Global | First $500 million | 0.70% | Putnam Growth | First $500 million | 0.70% | Utilities Fund | Next $500 million | 0.60% | Opportunities Fund | Next $500 million | 0.60% | | Next $500 million | 0.55% | | Next $500 million | 0.55% | | Next $5 billion | 0.50% | | Next $5 billion | 0.50% | | Next $5 billion | 0.475% | | Next $5 billion | 0.475% | | Next $5 billion | 0.455% | | Next $5 billion | 0.455% | | Next $5 billion | 0.44% | | Next $5 billion | 0.44% | | Any excess thereafter | 0.43% | | Any excess thereafter | 0.43% |
| Putnam High Yield | First $500 million | 0.70% | Putnam High Yield | First $500 million | 0.70% | Advantage Fund | Next $500 million | 0.60% | Trust | Next $500 million | 0.60% | | Next $500 million | 0.55% | | Next $500 million | 0.55% | | Next $5 billion | 0.50% | | Next $5 billion | 0.50% | | Next $5 billion | 0.475% | | Next $5 billion | 0.475% | | Next $5 billion | 0.455% | | Next $5 billion | 0.455% | | Next $5 billion | 0.44% | | Next $5 billion | 0.44% | | Any excess thereafter | 0.43% | | Any excess thereafter | 0.43% |
| | | E-4 | |
| | | | | | Fund | Management Fee Rate | | Fund | Management Fee Rate | |
| | Putnam Income Fund | First $500 million | 0.65% | Putnam Income | First $500 million | 0.65% | | Next $500 million | 0.55% | Strategies Fund | Next $500 million | 0.55% | | Next $500 million | 0.50% | | Next $500 million | 0.50% | | Next $5 billion | 0.45% | | Next $5 billion | 0.45% | | Next $5 billion | 0.425% | | Next $5 billion | 0.425% | | Next $5 billion | 0.405% | | Next $5 billion | 0.405% | | Next $5 billion | 0.39% | | Next $5 billion | 0.39% | | Any excess thereafter | 0.38% | | Next $5 billion | 0.38% | | | | | Next $5 billion | 0.37% | | | | | Next $5 billion | 0.36% | | | | | Next $5 billion | 0.35% | | | | | Next $5 billion | 0.34% | | | | | Next $8.5 billion | 0.33% | | | | | Any excess thereafter | 0.32% |
| Putnam International | First $500 million | 1.00% | Putnam International | First $500 million | 0.80% | Capital Opportunities | Next $500 million | 0.90% | Equity Fund | Next $500 million | 0.70% | Fund | Next $500 million | 0.85% | | Next $500 million | 0.65% | | Next $5 billion | 0.80% | | Next $5 billion | 0.60% | | Next $5 billion | 0.775% | | Next $5 billion | 0.575% | | Next $5 billion | 0.755% | | Next $5 billion | 0.555% | | Next $5 billion | 0.74% | | Next $5 billion | 0.54% | | Any excess thereafter | 0.73% | | Any excess over $21.5 billion | 0.53% |
| Putnam International | First $500 million | 0.80% | Putnam International | First $500 million | 1.00% | Growth and Income | Next $500 million | 0.70% | New Opportunities | Next $500 million | 0.90% | Fund | Next $500 million | 0.65% | Fund | Next $500 million | 0.85% | | Next $5 billion | 0.60% | | Next $5 billion | 0.80% | | Next $5 billion | 0.575% | | Next $5 billion | 0.775% | | Next $5 billion | 0.555% | | Next $5 billion | 0.755% | | Next $5 billion | 0.54% | | Next $5 billion | 0.74% | | Any excess over $21.5 billion | 0.53% | | Any excess thereafter | 0.73% |
| Putnam Investors | First $500 million | 0.65% | Putnam | The lesser of 0.50%, or | | Fund | Next $500 million | 0.55% | Massachusetts Tax | First $500 million | 0.60% | | Next $500 million | 0.50% | Exempt Income Fund | Next $500 million | 0.50% | | Next $5 billion | 0.45% | | Next $500 million | 0.45% | | Next $5 billion | 0.425% | | Next $5 billion | 0.40% | | Next $5 billion | 0.405% | | Next $5 billion | 0.375% | | Next $5 billion | 0.39% | | Next $5 billion | 0.355% | | Any excess over $21.5 billion | 0.38% | | Next $5 billion | 0.34% | | | | | Any excess over $21.5 billion | 0.33% |
| Putnam Michigan | The lesser of 0.50%, or | | Putnam Mid Cap | First $500 million | 0.70% | Tax Exempt Income | First $500 million | 0.60% | Value Fund | Next $500 million | 0.60% | Fund | Next $500 million | 0.50% | | Next $500 million | 0.55% | | Next $500 million | 0.45% | | Next $5 billion | 0.50% | | Next $5 billion | 0.40% | | Next $5 billion | 0.475% | | Next $5 billion | 0.375% | | Next $5 billion | 0.455% | | Next $5 billion | 0.355% | | Next $5 billion | 0.44% | | Next $5 billion | 0.34% | | Any excess thereafter | 0.43% | | Any excess over $21.5 billion | 0.33% | | | |
| Putnam Minnesota | The lesser of 0.50%, or | | Putnam Money | First $100 million | 0.50% | Tax Exempt Income | First $500 million | 0.60% | Market Fund | Next $100 million | 0.40% | Fund | Next $500 million | 0.50% | | Next $300 million | 0.35% | | Next $500 million | 0.45% | | Next $500 million | 0.325% | | Next $5 billion | 0.40% | | Next $500 million | 0.30% | | Next $5 billion | 0.375% | | Next $2.5 billion | 0.275% | | Next $5 billion | 0.355% | | Next $2.5 billion | 0.25% | | Next $5 billion | 0.34% | | Next $5 billion | 0.225% | | Any excess over $21.5 billion | 0.33% | | Next $5 billion | 0.205% | | | | | Next $5 billion | 0.19% | | | | | Any excess thereafter | 0.18% |
| | | E-5 | |
| | | | | | Fund | Management Fee Rate | | Fund | Management Fee Rate | |
| | Putnam New Jersey | The lesser of 0.50%, or | | Putnam New | First $500 million | 0.70% | Tax Exempt Income | First $500 million | 0.60% | Opportunities Fund | Next $500 million | 0.60% | Fund | Next $500 million | 0.50% | | Next $500 million | 0.55% | | Next $500 million | 0.45% | | Next $5 billion | 0.50% | | Next $5 billion | 0.40% | | Next $5 billion | 0.475% | | Next $5 billion | 0.375% | | Next $5 billion | 0.455% | | Next $5 billion | 0.355% | | Next $5 billion | 0.44% | | Next $5 billion | 0.34% | | Next $5 billion | 0.43% | | Any excess over $21.5 billion | 0.33% | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.39% | | | | | Next $8.5 billion | 0.38% | | | | | Any excess over $55 billion | 0.37% |
| Putnam New York | The lesser of 0.50%, or | | Putnam Ohio Tax | The lesser of 0.50%, or | | Tax Exempt Income | First $500 million | 0.60% | Exempt Income Fund | First $500 million | 0.60% | Fund | Next $500 million | 0.50% | | Next $500 million | 0.50% | | Next $500 million | 0.45% | | Next $500 million | 0.45% | | Next $5 billion | 0.40% | | Next $5 billion | 0.40% | | Next $5 billion | 0.375% | | Next $5 billion | 0.375% | | Next $5 billion | 0.355% | | Next $5 billion | 0.355% | | Next $5 billion | 0.34% | | Next $5 billion | 0.34% | | Any excess over $21.5 billion | 0.33% | | Any excess over $21.5 billion | 0.33% |
| Putnam Pennsylvania | The lesser of 0.50%, or | | Putnam Research | First $500 million | 0.65% | Tax Exempt Income | First $500 million | 0.60% | Fund | Next $500 million | 0.55% | Fund | Next $500 million | 0.50% | | Next $500 million | 0.50% | | Next $500 million | 0.45% | | Next $5 billion | 0.45% | | Next $5 billion | 0.40% | | Next $5 billion | 0.425% | | Next $5 billion | 0.375% | | Next $5 billion | 0.405% | | Next $5 billion | 0.355% | | Next $5 billion | 0.39% | | Next $5 billion | 0.34% | | Any excess thereafter | 0.38% | | Any excess over $21.5 billion | 0.33% | | | |
| Putnam Small Cap | First $500 million | 1.00% | Putnam Small Cap | First $500 million | 0.80% | Growth Fund | Next $500 million | 0.90% | Value Fund | Next $500 million | 0.70% | | Next $500 million | 0.85% | | Next $500 million | 0.65% | | Next $5 billion | 0.80% | | Next $5 billion | 0.60% | | Next $5 billion | 0.775% | | Next $5 billion | 0.575% | | Next $5 billion | 0.755% | | Next $5 billion | 0.555% | | Next $5 billion | 0.74% | | Next $5 billion | 0.54% | | Any excess thereafter | 0.73% | | Any excess thereafter | 0.53% |
| Putnam Tax Exempt | The lesser of 0.50%, or | | Putnam Tax Exempt | First $500 million | 0.45% | Income Fund | First $500 million | 0.60% | Money Market Fund | Next $500 million | 0.35% | | Next $500 million | 0.50% | | Next $500 million | 0.30% | | Next $500 million | 0.45% | | Next $5 billion | 0.25% | | Next $5 billion | 0.40% | | Next $5 billion | 0.225% | | Next $5 billion | 0.375% | | Next $5 billion | 0.205% | | Next $5 billion | 0.355% | | Next $5 billion | 0.19% | | Next $5 billion | 0.34% | | Any excess thereafter | 0.18% | | Any excess over $21.5 billion | 0.33% | | | |
| Putnam Tax-Free | The lesser of 0.50%, or | | Putnam U.S. | First $500 million | 0.57% | High Yield Fund | First $500 million | 0.60% | Government Income | Next $500 million | 0.475% | | Next $500 million | 0.50% | Trust | Next $500 million | 0.4275% | | Next $500 million | 0.45% | | Any excess over $1.5 billion | 0.38% | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.375% | | | | | Next $5 billion | 0.355% | | | | | Next $5 billion | 0.34% | | | | | Any excess thereafter | 0.33% | | | |
|
| | | | | | Fund | Management Fee Rate | | Fund | Management Fee Rate | |
| | Putnam Vista Fund | First $500 million | 0.65% | Putnam Voyager | First $500 million | 0.70% | | Next $500 million | 0.55% | Fund | Next $500 million | 0.60% | | Next $500 million | 0.50% | | Next $500 million | 0.55% | | Next $5 billion | 0.45% | | Next $5 billion | 0.50% | | Next $5 billion | 0.425% | | Next $5 billion | 0.475% | | Next $5 billion | 0.405% | | Next $5 billion | 0.455% | | Next $5 billion | 0.39% | | Next $5 billion | 0.44% | | Any excess over $21.5 billion | 0.38% | | Next $5 billion | 0.43% | | | | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.39% | | | | | Next $8.5 billion | 0.38% | | | | | Any excess over $55 billion | 0.37% |
| Putnam VT American | First $500 million | 0.65% | Putnam VT Capital | First $500 million | 0.65% | Government Income | Next $500 million | 0.55% | Opportunities Fund | Next $500 million | 0.55% | Fund | Next $500 million | 0.50% | | Next $500 million | 0.50% | | Next $5 billion | 0.45% | | Next $5 billion | 0.45% | | Next $5 billion | 0.425% | | Next $5 billion | 0.425% | | Next $5 billion | 0.405% | | Next $5 billion | 0.405% | | Next $5 billion | 0.39% | | Next $5 billion | 0.39% | | Next $5 billion | 0.38% | | Any excess thereafter | 0.38% | | Next $5 billion | 0.37% | | | | | Next $5 billion | 0.36% | | | | | Next $5 billion | 0.35% | | | | | Any excess thereafter | 0.34% | | | |
| Putnam VT | First $500 million | 0.70% | Putnam VT Equity | First $500 million | 0.65% | Diversified Income | Next $500 million | 0.60% | Income Fund | Next $500 million | 0.55% | Fund | Next $500 million | 0.55% | | Next $500 million | 0.50% | | Next $5 billion | 0.50% | | Next $5 billion | 0.45% | | Next $5 billion | 0.475% | | Next $5 billion | 0.425% | | Next $5 billion | 0.455% | | Next $5 billion | 0.405% | | Next $5 billion | 0.44% | | Next $5 billion | 0.39% | | Any excess thereafter | 0.43% | | Any excess thereafter | 0.38% |
| Putnam VT The | First $500 million | 0.65% | Putnam VT Global | First $500 million | 0.70% | George Putnam Fund | Next $500 million | 0.55% | Asset Allocation | Next $500 million | 0.60% | of Boston | Next $500 million | 0.50% | Fund | Next $500 million | 0.55% | | Next $5 billion | 0.45% | | Next $5 billion | 0.50% | | Next $5 billion | 0.425% | | Next $5 billion | 0.475% | | Next $5 billion | 0.405% | | Next $5 billion | 0.455% | | Next $5 billion | 0.39% | | Next $5 billion | 0.44% | | Any excess thereafter | 0.38% | | Any excess thereafter | 0.43% |
| Putnam VT Global | First $500 million | 0.80% | Putnam VT Global | First $500 million | 0.70% | Equity Fund | Next $500 million | 0.70% | Health Care Fund | Next $500 million | 0.60% | | Next $500 million | 0.65% | | Next $500 million | 0.55% | | Next $5 billion | 0.60% | | Next $5 billion | 0.50% | | Next $5 billion | 0.575% | | Next $5 billion | 0.475% | | Next $5 billion | 0.555% | | Next $5 billion | 0.455% | | Next $5 billion | 0.54% | | Next $5 billion | 0.44% | | Any excess thereafter | 0.53% | | Any excess thereafter | 0.43% |
| Putnam VT Global | First $500 million | 0.70% | Putnam VT Growth | First $500 million | 0.65% | Utilities Fund | Next $500 million | 0.60% | and Income Fund | Next $500 million | 0.55% | | Next $500 million | 0.55% | | Next $500 million | 0.50% | | Next $5 billion | 0.50% | | Next $5 billion | 0.45% | | Next $5 billion | 0.475% | | Next $5 billion | 0.425% | | Next $5 billion | 0.455% | | Next $5 billion | 0.405% | | Next $5 billion | 0.44% | | Next $5 billion | 0.39% | | Any excess thereafter | 0.43% | | Any excess thereafter | 0.38% |
| Putnam VT Growth | First $500 million | 0.70% | Putnam VT High | First $500 million | 0.70% | Opportunities Fund | Next $500 million | 0.60% | Yield Fund | Next $500 million | 0.60% | | Next $500 million | 0.55% | | Next $500 million | 0.55% | | Next $5 billion | 0.50% | | Next $5 billion | 0.50% | | Next $5 billion | 0.475% | | Next $5 billion | 0.475% | | Next $5 billion | 0.455% | | Next $5 billion | 0.455% | | Next $5 billion | 0.44% | | Next $5 billion | 0.44% | | Next $5 billion | 0.43% | | Any excess thereafter | 0.43% | | Any excess thereafter | 0.42% | | | |
| | | E-7 | |
| | | | | | Fund | Management Fee Rate | | Fund | Management Fee Rate | |
| | Putnam VT Income | First $500 million | 0.65% | Putnam VT | First $500 million | 0.80% | Fund | Next $500 million | 0.55% | International Equity | Next $500 million | 0.70% | | Next $500 million | 0.50% | Fund | Next $500 million | 0.65% | | Next $5 billion | 0.45% | | Next $5 billion | 0.60% | | Next $5 billion | 0.425% | | Next $5 billion | 0.575% | | Next $5 billion | 0.405% | | Next $5 billion | 0.555% | | Next $5 billion | 0.39% | | Next $5 billion | 0.54% | | Any excess thereafter | 0.38% | | Any excess thereafter | 0.53% |
| Putnam VT | First $500 million | 0.80% | Putnam VT | First $500 million | 1.00% | International Growth | Next $500 million | 0.70% | International New | Next $500 million | 0.90% | and Income Fund | Next $500 million | 0.65% | Opportunities Fund | Next $500 million | 0.85% | | Next $5 billion | 0.60% | | Next $5 billion | 0.80% | | Next $5 billion | 0.575% | | Next $5 billion | 0.775% | | Next $5 billion | 0.555% | | Next $5 billion | 0.755% | | Next $5 billion | 0.54% | | Next $5 billion | 0.74% | | Any excess thereafter | 0.53% | | Any excess thereafter | 0.73% |
| Putnam VT Investors | First $500 million | 0.65% | Putnam VT Mid Cap | First $500 million | 0.70% | Fund | Next $500 million | 0.55% | Value Fund | Next $500 million | 0.60% | | Next $500 million | 0.50% | | Next $500 million | 0.55% | | Next $5 billion | 0.45% | | Next $5 billion | 0.50% | | Next $5 billion | 0.425% | | Next $5 billion | 0.475% | | Next $5 billion | 0.405% | | Next $5 billion | 0.455% | | Next $5 billion | 0.39% | | Next $5 billion | 0.44% | | Any excess thereafter | 0.38% | | Any excess thereafter | 0.43% |
| Putnam VT Money | First $500 million | 0.45% | Putnam VT New | First $500 million | 0.70% | Market Fund | Next $500 million | 0.35% | Opportunities Fund | Next $500 million | 0.60% | | Next $500 million | 0.30% | | Next $500 million | 0.55% | | Next $5 billion | 0.25% | | Next $5 billion | 0.50% | | Next $5 billion | 0.225% | | Next $5 billion | 0.475% | | Next $5 billion | 0.205% | | Next $5 billion | 0.455% | | Next $5 billion and | 0.19% | | Next $5 billion | 0.44% | | Any excess thereafter | 0.18% | | Any excess thereafter | 0.43% |
| Putnam VT Research | First $500 million | 0.65% | Putnam VT Small | First $500 million | 0.80% | Fund | Next $500 million | 0.55% | Cap Value Fund | Next $500 million | 0.70% | | Next $500 million | 0.50% | | Next $500 million | 0.65% | | Next $5 billion | 0.45% | | Next $5 billion | 0.60% | | Next $5 billion | 0.425% | | Next $5 billion | 0.575% | | Next $5 billion | 0.405% | | Next $5 billion | 0.555% | | Next $5 billion | 0.39% | | Next $5 billion | 0.54% | | Any excess thereafter | 0.38% | | Any excess thereafter | 0.53% |
| Putnam VT Vista | First $500 million | 0.65% | Putnam VT Voyager | First $500 million | 0.70% | Fund | Next $500 million | 0.55% | Fund | Next $500 million | 0.60% | | Next $500 million | 0.50% | | Next $500 million | 0.55% | | Next $5 billion | 0.45% | | Next $5 billion | 0.50% | | Next $5 billion | 0.425% | | Next $5 billion | 0.475% | | Next $5 billion | 0.405% | | Next $5 billion | 0.455% | | Next $5 billion | 0.39% | | Next $5 billion | 0.44% | | Any excess thereafter | 0.38% | | Any excess thereafter | 0.43% |
|
APPENDIX F – Proposed Fee Schedules | Fund Family Fee Schedules |
| | | | | | | | | | | | | | | | | | | | | | | Putnam Europe Equity | | | | | | | | | | | | | Fund | | | | | | | | | | | | | Putnam Global Equity | | Putnam Capital | | | | | | | | | | | Fund | | Opportunities Fund | | | | | Putnam Asia Pacific Equity | | | | | | Putnam International | | Putnam Convertible | | | | | Fund | | | | | | Equity Fund | | Income-Growth Trust | | | | | Putnam Emerging Markets | | | | | | Putnam International | | Putnam Small Cap | | | | | Equity Fund | | | | | | Growth and Income Fund | | Growth Fund | | | | | Putnam International | | | | Putnam Absolute | | Putnam VT Global Equity | | Putnam Small Cap Value | | | | | Capital Opportunities Fund | | | | Return 500 Fund | | Fund | | Fund | | | | | Putnam International New | | | | Putnam Capital | | Putnam VT International | | Putnam VT Capital | Total Open-End | | Opportunities Fund | | | | Spectrum Fund | | Equity Fund | | Opportunities Fund | Mutual Fund Average | Putnam VT International | | Putnam Absolute Return | | Putnam Equity | | Putnam VT International | | Putnam VT Small Cap | Net Assets ($B)* | | New Opportunities Fund | | 700 Fund | | Spectrum Fund | | Growth and Income Fund | | Value Fund |
| 1st | 5 | B | | 1.080% | | 1.030% | | 0.880% | | 0.850% | | 0.780% | Next | 5 | B | | 1.030% | | 0.980% | | 0.830% | | 0.800% | | 0.730% | Next | 10 | B | | 0.980% | | 0.930% | | 0.780% | | 0.750% | | 0.680% | Next | 10 | B | | 0.930% | | 0.880% | | 0.730% | | 0.700% | | 0.630% | Next | 50 | B | | 0.880% | | 0.830% | | 0.680% | | 0.650% | | 0.580% | Next | 50 | B | | 0.860% | | 0.810% | | 0.660% | | 0.630% | | 0.560% | Next | 100 | B | | 0.850% | | 0.800% | | 0.650% | | 0.620% | | 0.550% | Any excess thereafter | | 0.845% | | 0.795% | | 0.645% | | 0.615% | | 0.545% |
| | | | | | | | | | | | | | | | | Putnam Global Consumer | | | | | | | | | | | | | Fund | | | | | | | | | | | | | Putnam Global Energy Fund | | | | | | | | | | | | | Putnam Global Financials | | | | | | | | | | | | | Fund | | | | | | | | | | | | | Putnam Global Health Care | | | | | | | | | | | | | Fund | | | | | | | | | | | | | Putnam Global Industrials | | | | | | | | | | | | | Fund | | | | | | | | | | | | | Putnam Global Natural | | | | | | | | | | | | | Resources Fund | | | | | | | | | | | | | Putnam Global Technology | | | | | | | | | | | | | Fund | | | | | | | | | | | | | Putnam Global | | | | | | | | | | | | | Telecommunications Fund | | Putnam Asset Allocation: | | Putnam Mid Cap Value | | | | | | | | | Putnam Global Utilities Fund | | Equity Portfolio | | Fund | | | | | | | | | Putnam VT Global Health | | Putnam Asset Allocation: | | Putnam Vista Fund | | | | | Total Open-End | | Care Fund | | Growth Portfolio | | Putnam VT Vista Fund | | | | | Mutual Fund Average | Putnam VT Global Utilities | | Putnam VT Global Asset | | Putnam VT Mid Cap | | Putnam Absolute Return | | | Net Assets ($B)* | | Fund | | Allocation Fund | | Value Fund | | 300 Fund | | |
| | | 1st | 5 | B | | 0.780% | | 0.750% | | 0.740% | | 0.730% | | | Next | 5 | B | | 0.730% | | 0.700% | | 0.690% | | 0.680% | | | Next | 10 | B | | 0.680% | | 0.650% | | 0.640% | | 0.630% | | | Next | 10 | B | | 0.630% | | 0.600% | | 0.590% | | 0.580% | | | Next | 50 | B | | 0.580% | | 0.550% | | 0.540% | | 0.530% | | | Next | 50 | B | | 0.560% | | 0.530% | | 0.520% | | 0.510% | | | Next | 100 | B | | 0.550% | | 0.520% | | 0.510% | | 0.500% | | | Any excess thereafter | | 0.545% | | 0.515% | | 0.505% | | 0.495% | | |
| | | | | | | | | | | | | | | | | | | Putnam Growth | | | | | | | | | | | | | Opportunities Fund | | | | | | | | | | | | | Putnam Investors Fund | | | | | | | | | | | | | Putnam New Opportunities | | | | | | | | | | | | | Fund | | | | Putnam Asset Allocation: | | | | | | | | | Putnam Research Fund | | | | Balanced Portfolio | | | | | | | | | Putnam Voyager Fund | | | | The George Putnam Fund | | | | | | | | | Putnam VT Investors Fund | | | | of Boston | | | | | | | Putnam Floating Rate Income | | Putnam VT New | | Putnam Diversified | | Putnam VT The George | | | | | | | Fund | | Opportunities Fund | | Income Trust | | Putnam Fund of Boston | | | | | | | Putnam High Yield Trust | | Putnam VT Research Fund | | Putnam Global Income | | Putnam Asset Allocation: | | | Total Open-End | | Putnam High Yield Advantage | | Putnam VT Growth | | Trust | | Conservative Portfolio | | | Mutual Fund Average | Fund | | Opportunities Fund | | Putnam VT Diversified | | Putnam Income Strategies | | Putnam Absolute Return | Net Assets ($B)* | | Putnam VT High Yield Fund | | Putnam VT Voyager Fund | | Income Fund | | Fund | | 100 Fund |
| 1st | 5 | B | | 0.720% | | 0.710% | | 0.700% | | 0.680% | | 0.630% | Next | 5 | B | | 0.670% | | 0.660% | | 0.650% | | 0.630% | | 0.580% | Next | 10 | B | | 0.620% | | 0.610% | | 0.600% | | 0.580% | | 0.530% | Next | 10 | B | | 0.570% | | 0.560% | | 0.550% | | 0.530% | | 0.480% | Next | 50 | B | | 0.520% | | 0.510% | | 0.500% | | 0.480% | | 0.430% | Next | 50 | B | | 0.500% | | 0.490% | | 0.480% | | 0.460% | | 0.410% | Next | 100 | B | | 0.490% | | 0.480% | | 0.470% | | 0.450% | | 0.400% | Any excess thereafter | | 0.485% | | 0.475% | | 0.465% | | 0.445% | | 0.395% |
| | | | | | | | | | | | | | | | | | | | | Putnam AMT-Free | | | | | | | | | | | | | Municipal Fund | | | | | | | | | | | | | Putnam Arizona Tax | | | | | | | | | | | | | Exempt Income Fund | | | | | | | | | | | | | Putnam California Tax | | | | | | | | | | | | | Exempt Income Fund | | | | | | | | | | | | | Putnam Massachusetts | | | | | | | | | | | | | Tax Exempt Income | | | | | | | | | | | | | Fund | | | | | | | | | | | | | Putnam Michigan Tax | | | | | | | | | | | | | Exempt Income Fund | | | | | | | | | | | | | Putnam Minnesota Tax | | | | | | | | | | | | | Exempt Income Fund | | | | | | | | | | | | | Putnam New Jersey Tax | | | | | | | | | | | | | Exempt Income Fund | | | | | | | | | | | | | Putnam New York Tax | | | | | | | | | | | Putnam Equity Income | | Exempt Income Fund | | Putnam American | | | | | | | | | Fund | | Putnam Ohio Tax | | Government Income Fund | | | | | | | | | The Putnam Fund for | | Exempt Income Fund | | Putnam Income Fund | | Putnam Money Market | | | | | | | Growth and Income | | Putnam Pennsylvania | | Putnam U.S. Government | | Fund | | | | | Putnam VT Equity Income | | Tax Exempt Income | | Income Trust | | Putnam Tax Exempt | Total Open-End | | | | Fund | | Fund | | Putnam VT American | | Money Market Fund | Mutual Fund Average | Putnam Tax-Free High Yield | | Putnam VT Growth and | | Putnam Tax Exempt | | Government Income Fund | | Putnam VT Money Market | Net Assets ($B)* | | Fund | | Income Fund | | Income Fund | | Putnam VT Income Fund | | Fund |
| 1st | 5 | B | | 0.630% | | 0.630% | | 0.590% | | 0.550% | | 0.440% | Next | 5 | B | | 0.580% | | 0.580% | | 0.540% | | 0.500% | | 0.390% | Next | 10 | B | | 0.530% | | 0.530% | | 0.490% | | 0.450% | | 0.340% | Next | 10 | B | | 0.480% | | 0.480% | | 0.440% | | 0.400% | | 0.290% | Next | 50 | B | | 0.430% | | 0.430% | | 0.390% | | 0.350% | | 0.240% | Next | 50 | B | | 0.410% | | 0.410% | | 0.370% | | 0.330% | | 0.220% | Next | 100 | B | | 0.400% | | 0.400% | | 0.360% | | 0.320% | | 0.210% | Any excess thereafter | | 0.395% | | 0.395% | | 0.355% | | 0.315% | | 0.205% |
* "Total Open-End Mutual Fund Average Net Assets" means the Manager or PIL, as the case may be, will pay to the Sub-Advisor as compensation for the Sub-Advisor’s services rendered a fee, computed and paid quarterly at the annual rate of 0.10% per annum of average net asset value of the assets in each Allocated Sleeve. Such average net asset value shall be determined by taking an average of all of the determinations of suchthe aggregate net asset value during a quarterassets of all open-end funds sponsored by Putnam Management (excluding Putnam RetirementReady Funds and Putnam Money Market Liquidity Fund) at the close of business on each business day during such quartereach month while thisthe Management Contract is in effect. Such fee shall be payable for each quarter within 30 days after the close of such quarter. The Sub-Advisor shall look only to the Manager or PIL, as the case may be, for payment of its fees. No Fund shall have any responsibility for paying any fees due the Sub-Advisor. If the Sub-Advisor shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.
This Contract shall automatically terminate, without the payment of any penalty, in the event of its assignment; and this Contract shall not be amended with respect to any Allocated Sleeve unless such amendment be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Trustees of the related Fund who are not interested persons of such Fund or of the Manager.
5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.
This Contract shall become effective upon its execution, and shall remain in full force and effect continuously thereafter (unless terminated automatically as set forth in Section 4) until terminated as follows:
(a) Any party hereto or, with respect to any Allocated Sleeve, the related Fund may at any time terminate this Contract by not more than sixty days’ nor less than thirty days’ written notice delivered or mailed by registered mail, postage prepaid, to the other parties, or
(b) With respect to any Allocated Sleeve, if (i) the Trustees of the related Fund or the shareholders by the affirmative vote of a majority of the outstanding shares of such Fund, and (ii) a majority of the Trustees of such Fund who are not interested persons of such Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval, do not specifically approve at least annually the continuance of this Contract, then this Contract shall automatically terminate at theclose of business on the anniversary of its execution, or upon the expiration of one year from the effective date of the last such continuance, whichever is later, or
(c) With respect to any Allocated Sleeve, automatically upon termination of the Manager’s investment management contract with the related Fund, or with respect to any Allocated Sleeve for which PIL has contracted with the Sub-Advisor to provide services under this Contract, automatically upon termination of the PIL Sub-Management Contract.
Action by a Fund under (a) above may be taken either (i) by vote of a majority of its Trustees, or (ii) by the affirmative vote of a majority of the outstanding shares of such Fund.
Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares of a Fund” means the affirmative vote, at a duly called and held meeting of shareholders of such Fund, (a) of the holders of 67% or more of the shares of such Fund present (in person or by proxy) and entitled to vote at such meeting, if the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting are present in person or by proxy, or (b) of the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting, whichever is less.
For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” shall have their respective meanings defined in the United States Investment Company Act of 1940 and the Rules and Regulations thereunder (the “1940 Act”), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under said Act; and the term “specifically approve at least annually” shall be construed in a manner consistent with the 1940 Act, and the Rules and Regulations thereunder.
7. NON-LIABILITY OF SUB-ADVISOR.
In the absence of willful misfeasance, bad faith or gross negligence on the part of the Sub-Advisor, or reckless disregard of its obligations and duties hereunder, the Sub-Advisor shall not be subject to any liability to the Manager, PIL, any Fund or to any shareholder of any Fund, for any act or omission in the course of, or connected with, rendering services hereunder.
F-6
8. ADDITIONAL PROVISIONS
(a) PIL represents that it is regulated by the FSA in the conduct of its investment business. PIL has in operation a written procedure in accordance with FSA rules for the effective consideration and proper handling of complaints from customers. Any complaint by the Manager or any Fund should be sent to the Compliance Officer of PIL. The Manager and any Fund is also entitled to make any complaints about PIL to the Financial Ombudsman Service established by the FSA. The Manager and any Fund may also request a statement describing its rights to compensation in the event of PIL’s inability to meet its liabilities.
(b) The Manager represents that it and each Fund are “Intermediate Customers” in the meaning of FSA rules.
(c) Although each Fund is not a party hereto and shall have no responsibility for the Manager’s, PIL’s or the Sub-Advisor’s obligations hereunder, each Fund is named as explicit third party beneficiary of the parties’ agreements hereunder.
In witness whereof, PUTNAM INVESTMENT MANAGEMENT, LLC, PUTNAM INVESTMENTS LIMITED and THE PUTNAM ADVISORY COMPANY, LLC have each caused this instrument to be signed on its behalf by an officer duly authorized, all as of the day and year first above written.
PUTNAM INVESTMENT
MANAGEMENT, LLC
By: /s/ James P. Pappas
Name: James P. Pappas
PUTNAM INVESTMENTS LIMITED
By: /s/ Simon L. Davis
Name: Simon L. Davis
THE PUTNAM ADVISORY
COMPANY, LLC
By: /s/ Robert R. Leveille
Name: Robert R. Leveille
Schedule APutnam International Equity Fund
F-7
| | | | Putnam Absolute | Benchmark: Merrill Lynch US Treasury Bill Index (G0BA) | Putnam Absolute Return | Benchmark: Merrill Lynch US Treasury Bill Index (G0BA) | Return 100 Fund | Hurdle: 1.00% | 300 Fund | Hurdle: 3.00% | | Maximum Performance Adjustment Rate: 0.04% | | Maximum Performance Adjustment Rate: 0.12% | | Minimum Performance Adjustment Rate: -0.04% | | Minimum Performance Adjustment Rate: -0.12% |
| Putnam Absolute | Benchmark: Merrill Lynch US Treasury Bill Index (G0BA) | Putnam Absolute Return | Benchmark: Merrill Lynch US Treasury Bill Index (G0BA) | Return 500 Fund | Hurdle: 5.00% | 700 Fund | Hurdle: 7.00% | | Maximum Performance Adjustment Rate: 0.20% | | Maximum Performance Adjustment Rate: 0.28% | | Minimum Performance Adjustment Rate: -0.20% | | Minimum Performance Adjustment Rate: -0.28% |
| Putnam Capital | Benchmark: 50/50 blend (balanced daily) of S&P 500 Index | Putnam Equity | Benchmark: S&P 500 Index | Spectrum Fund | and JP Morgan Developed High Yield Index | Spectrum Fund | Maximum Performance Adjustment Rate: 0.40% | | Maximum Performance Adjustment Rate: 0.32% | | Minimum Performance Adjustment Rate: -0.40% | | Minimum Performance Adjustment Rate: -0.32% | | |
|
APPENDIX G – Proposed Benchmarks | | | Fund Name | Proposed Benchmark | Proposed Maximum | | | Annualized | | | Performance | | | Adjustment Rate |
| Putnam Asia Pacific Equity | Morgan Stanley Capital | 0.21% | Fund | International (MSCI) All | | | Country (AC) Asia Pacific | | | Index (Net Dividends)* | |
| Putnam Emerging Markets | Morgan Stanley Capital | 0.21% | Equity Fund | International (MSCI) | | | Emerging Markets (EM) Index | | | (Net Dividends)* | |
| Putnam Europe Equity Fund | Morgan Stanley Capital | 0.15% | | International (MSCI) Europe | | | Index (Net Dividends)* | |
| Putnam Global Equity Fund | Morgan Stanley Capital | 0.15% | | International (MSCI) World | | Index (Net Dividends)* |
| Putnam Growth | Russell 1000 Growth Index | 0.12% | Opportunities Fund | | |
| Putnam International | S&P Developed/Ex-U.S. | 0.21% | Capital Opportunities Fund | SmallCap Index | |
| Putnam International Equity | Morgan Stanley Capital | 0.15% | Fund | International (MSCI) EAFE | | Index (Net Dividends)* |
| Putnam International | S&P Developed/Ex-U.S. | 0.15% | Growth and Income Fund | LargeMidCap Value Index | |
| Putnam International New | Morgan Stanley Capital | 0.21% | Opportunities Fund | International (MSCI) EAFE | | | Growth Index (Net | | | Dividends)* | |
| Putnam New Opportunities | Russell 3000 Growth Index | 0.12% | Fund | | |
| Putnam Small Cap Growth | Russell 2000 Growth Index | 0.18% | Fund | | |
| Putnam Vista Fund | Russell Midcap Growth Index | 0.12% |
| Putnam Voyager Fund | Russell 1000 Growth Index | 0.12% |
|
* Morgan Stanley Capital International (MSCI) publishes two versions of these indices reflecting the reinvestment of dividends using two different methodologies: gross dividends and net dividends. While both versions reflect reinvested dividends, they differ with respect to the manner in which taxes associated with dividends payments are treated. In calculating the net dividends version, MSCI incorporates reinvested dividends applying the withholding tax rate applicable to foreign non-resident institutional investors that do not benefit from double taxation treaties. Putnam Management believes that the net dividends version better reflects the returns U.S. investors might expect were they to invest directly in the component securities of each index.
APPENDIX H – Funds Proposed to Change to Monthly Management Fees | | Putnam American Government Income Fund | Putnam Tax Exempt Income Fund | Putnam Arizona Tax Exempt Income Fund | Putnam Tax Exempt Money Market Fund | Putnam Asset Allocation: Balanced Portfolio | Putnam U.S. Government Income Trust | Putnam Asset Allocation: Conservative | Putnam Vista Fund | Portfolio | Putnam Voyager Fund | Putnam Asset Allocation: Growth Portfolio | Putnam VT American Government Income | Putnam California Tax Exempt Income Fund | Fund | Putnam Capital Opportunities Fund | Putnam VT Diversified Income Trust | Putnam Convertible Income-Growth Trust | Putnam VT The George Putnam Fund of | Putnam Diversified Income Trust | Boston | Putnam Equity Income Fund | Putnam VT Global Asset Allocation Fund | Putnam Europe Equity Fund | Putnam VT Global Equity Fund | Putnam Fund for Growth and Income | Putnam VT Global Health Care Fund | Putnam The George Putnam Fund of Boston | Putnam VT Global Utilities Fund | Putnam Global Health Care Fund | Putnam VT Growth and Income Fund | Putnam Global Income Trust | Putnam VT Growth Opportunities Fund | Putnam Global Utilities Fund | Putnam VT High Yield Fund | Putnam Growth Opportunities Fund | Putnam VT Income Fund | Putnam High Yield Advantage Fund | Putnam VT International Equity Fund | Putnam High Yield Trust | Putnam VT International Growth and | Putnam Income Fund | Income Fund | Putnam International Capital Opportunities | Putnam VT International New Opportunities | Fund | Fund | Putnam International Equity Fund | Putnam VT Investors Fund | Putnam International Growth and Income | Putnam VT Money Market Fund | Fund | Putnam VT New Opportunities Fund | Putnam International New Opportunities Fund | Putnam VT Research Fund | Putnam Investors Fund | Putnam VT Small Cap Value Fund | Putnam Massachusetts Tax Exempt Income | Putnam VT Vista Fund | Fund | Putnam VT Voyager Fund | Putnam Michigan Tax Exempt Income Fund | | Putnam Mid Cap Value Fund | | Putnam Minnesota Tax Exempt Income Fund | | Putnam Money Market Fund | | Putnam New Jersey Tax Exempt Income Fund | | Putnam New Opportunities Fund | | Putnam New York Tax Exempt Income Fund | | Putnam Ohio Tax Exempt Income Fund | | Putnam Pennsylvania Tax Exempt Income | | Fund | | Putnam Research Fund | | Putnam Small Cap Growth Fund | | Putnam Small Cap Value Fund | |
APPENDIX I – Description of Contract Approval Process DescriptionPrevious approval of ContractApproval Processmanagement contracts
The approval by the Trustees in July 2009 of the proposed management contracts for your funds was preceded in June 2009 by their approval of the continuance of the current management contracts. The discussion below summarizes the principal factors considered by the Trustees in approving the continuance of the current management contracts in June 2009. General conclusions The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of the funds’ management contracts with Putnam Investment Management (“Putnam Management”), and with respect to certain funds, the administrative services contracts with Putnam Management or the sub-management contracts between Putnam Management’sManagement and its affiliate, Putnam InvestmentsInvestment Limited (“PIL”), and the sub-advisory contracts among Putnam Management. Management, PIL and another affiliate, Putnam Advisory Company (“PAC”). In this regard, the Board of Trustees, with the assistance of its Contract Committee consisting solely of Trustees who are not “interested persons” (as such term is defined in the Investment Company Act of 1940, as amended) of the Putnam funds (the “Independent Trustees”), requests and evaluates all information it deems reasonably necessary under the circumstances. Over the course of several months ending in June 2006,2009, the Contract Committee met fourseveral times to consider the information provided by Putnam Management and other information developed with the assistance of the Board’s independent counsel and independent staff. The Contract Committee reviewed and discussed key aspects of this information with all of the Independent Trustees. Upon completion of this review, theThe Contract Committee recommended, and the Independent Trustees approved, the continuance of the funds’each fund’s management contracts —– and with respect to certain funds, the administrative services contracts or the sub-management contracts —and sub-advisory con tracts – effective July 1, 2006. (With respect to certain funds that may be sub-managed from time to time by2009. (Because PIL because PIL is an affiliateand PAC are affiliates of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL and PAC, the Trustees have not evaluated PIL and PAC as a separate entity,entities, except as otherwise indicated below, and all subsequent references to Putnam Management below should be deemed to include reference to PIL and PAC as necessary or appropriate in the context.)
This The Independent Trustees’ approval was based on the following conclusions: *• That the fee schedules in effect for the funds (which, for those funds with administrative services contracts, included fees paid under such contracts) represented reasonable compensation in light of the nature and quality of the services being provided to the funds, the fees paid by competitive funds and the costs incurred by Putnam Management in providing such services, and
*• That such fee schedules represented an appropriate sharing between the funds’fund shareholders and Putnam Management of such economies of scale as may exist in the management of the funds at current asset levels.
These conclusions were based on a comprehensive consideration of all information provided to the Trustees, were subject to the continued application of certain expense reductions and waivers pending other considerations noted below, and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the fee arrangements for the funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that certain aspects of thesuch arrangements may receive greater scrutiny in some years than others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements in prior years. Considerations of strategic pricing proposal The Trustees considered that the Contract Committee had been engaged in a detailed review of Putnam Management’s strategic pricing proposal that was first presented to the Committee at its May 2009 meeting. The proposal included proposed changes to the basic structure of the management fees in place for all open-end funds (except the RetirementReady Funds and Money Market Liquidity Fund) including implementation of a breakpoint structure based on the aggregate net assets of all such funds in lieu of the individual breakpoint structures in place for each fund and implementation of performance fees for certain funds. In addition, the proposal recommended substituting separate expense limitations on investor servicing fees and on other expenses as a group in lieu of the total expense limitations in place for many funds. While the Contract Committee noted the likelihood that the Trustees and Putnam Management would reach agreement on the strategic pricing matters in later months, the terms of the management contracts required that the Trustees approve the continuance of the contracts in order to prevent their expiration at June 30, 2009. The Contract Committee’s recommendations reflect its conclusion that the terms of the contractual arrangements for each fund continued to be appropriate for the upcoming term, absent any possible agreement with respect to the matters addressed in Putnam Management’s proposal. The Trustees were mindful of the significant changes that had occurred at Putnam Management in the past two years, including a change of ownership, the installation of a new senior management team at Putnam Management, the substantial decline in assets under management resulting from extraordinary market forces as well as continued net redemptions in many funds, the introduction of new fund products representing novel investment strategies and the introduction of performance fees for certain new funds. The Trustees were also mindful that many other leading firms in the industry had also been experiencing significant challenges due to the changing financial and competitive environment. For these reasons, even though the Trustees believed that the current contractual arrangements in place between the funds and Putnam Management and its affiliates have served shareholders well and continued to be appropriate for the near term, the Trustees believed that it was an appropriate time to reconsider the current structure of the funds’ contractual arrangements with Putnam Management with a view to possible changes that might better serve the interests of shareholders in this new environment. It should be noted that at that time, the Trustees had not yet reached any
conclusions with respect to Putnam Management’s strategic pricing proposal and accordingly their considerations discussed below address only their reasons for recommending the continuance of the current contractual arrangements. Management fee schedules and categories; total expenses The Trustees reviewed the management (and administrative services, if applicable) fee schedules in effect for all Putnam funds, including fee levels and breakpoints, and the assignment of funds to particular fee categories. The general fee structure has been carefully developed over the years and re-examined on many occasions and adjusted where appropriate. In this regard, the Trustees noted that shareholders of all funds voted by overwhelming majorities in 2007 to approve new management contracts containing identical fee schedules. In reviewing fees and expenses, the Trustees generally focused their attention on material changes in circumstances —– for example, changes in a fund’s size or investment style, changes in Putnam Management’s operating costs, or changes in competitive practices in the mutual fund industry —– that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management (and administrative services, if applicable) fee structuresstructure of the funds which had been carefully developed overat that time but, as indicated above, based on their detailed review of the years, re-examined on many occasions and adjusted where appropriate.current fee structure, were prepared to consider possible changes to these arrangements that might better serve the interests of shareholders in the future. The Trustees focused on two areas of particular interest, as discussed further below: *•Competitiveness.The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom peer group of competitive funds selected by Lipper Inc., each Putnam fund ranked in particular percentiles in management fees and in total expenses (less any applicable 12b-1 fees for open-end funds, and excluding charges and expenses at the insurance company separate account level for the funds of Putnam Variable Trust) as of December 31, 20052008 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds), as indicated onSchedule A. (The comparative fee and
(Because the funds’ custom peer groups are smaller than the funds’ broad Lipper Inc. peer groups, this expense information for each G-1
Putnam RetirementReady Fund excluded the fees and expenses of the underlying Putnam funds in which a Putnam RetirementReady Fund invested, as well as the fees and expenses of the underlying funds in which other funds inmay differ from the Lipper peer group invested.expense information found elsewhere.) With respect to the open-end funds, theThe Trustees noted that expense ratios for a number of Putnam funds, which show the percentage of fund assets used to pay for management and administrative services, distribution (12b-1) fees and other expenses, had been increasing recently as a result of declining net assets and the natural operation of fee breakpoints. With respect to all funds, the Trustees expressed their intention to monitor the funds’ percentile rankings in management fees and in total expenses to ensure that fees and expenses of the funds continue to meet evolving competitive standards.
With respect to the open-end funds, the Trustees noted that the expense ratio increases described above were currently being controlled by expense limitations initially implemented in January 2004 and which Putnam Management, in consultation with the Contract Committee, has committed to maintain at least through 2007.2004. These expense limitations give effect to a commitment by Putnam Management that the expense ratio of each open-end fund would be no higher than the average expense ratio of the competitive funds included in the fund’s relevant Lipper universe (exclusive of any applicable 12b-1 charges
in each case). The Trustees observed that this commitment to limit fund expenses has served shareholders well since its inception. inception and, while the Contract Committee was reviewing proposed alternative expense limitation arrangements as noted above, the Trustees received a commitment from Putnam Management and its parent company to continue this program through at least June 30, 2010, or such earlier time as the Trustees and Putnam Management reach agreement on alternative arrangements. In order to ensure that the expenses of the Putnam funds continue to meet evolving competitive standards, the Trustees requested, and Putnam Management agreed, to implementextend for the twelve months beginning July 1, 2009, or such earlier time as the Trustees and Putnam Management reach agreement on alternative expense limitation arrangements, an additional expense limitation for certain open-end funds for the twelve months beginni ng January 1, 2007at an amount equal to the average expense ratio (exclusive of 12b-1 charges) of a custom peer group of competitive funds selected by Lipper based onto correspond to the size of the fund. This additional expense limitation will be applied to those open-end funds that had above-average expense ratios (exclusive of 12b-1 charges) based on the Lipper custom peer group data for the period ended December 31, 2005.2007. *•Economies of scale.Most funds currently have the benefit of breakpoints in their management feesfee that provide shareholders with significant economies of scale, which means that the effective management fee rate of a fund (as a percentage of fund assets) declines as a fund grows in size and crosses specified asset thresholds. Conversely, as a fund shrinks in size — as—as has been the case for many Putnam open-end funds in recent years — these breakpoints result in increasing fee levels.
In recent years, the Trustees have examined the operation of the existing breakpoint structure during periods of both growth and decline in asset levels. The Trustees concluded that the fee schedules in effect for the funds represented an appropriate sharing of economies of scale at current asset levels. In reaching this conclusion, the Trustees considered the Contract Committee’s stated intent to continue to work with Putnam Management to plan for an eventual resumptionthat time but, as noted above, were in the growthprocess of reviewing a proposal to eliminate individual fund breakpoints for all open-end funds (except th e RetirementReady Funds and Money Market Liquidity Fund) in favor of a breakpoint structure based on the aggregate net assets including a study of potential economies that might be produced under various growth assumptions.all such funds. In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services to be provided and profits to be realized by Putnam Management and its affiliates from the relationshiptheir contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management’s revenues, expenses and profitability with respect to the funds’ management contracts, allocated on a fund-by-fund basis. Because many of the costs incurred by Putnam Management in managing the funds are not readily identifiable to particular funds, the Trustees observed that the methodology for allocating costs is an important factor in evaluating Putnam Management’s costs and profitability, both as to the Putnam funds i n the aggregate and as to individual funds. The Trustees reviewed Putnam Management’s cost allocation methodology with the assistance of independent consultants and concluded that this methodology was reasonable and well-considered. Investment performance The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ evaluation of the quality of services provided by Putnam Management under the funds’ management contracts.contract. The Trustees were assisted in their review of the Putnam funds’ investment process and performance by the work of the Investment ProcessOversight Coordinating Committee of the Trustees and the Investment Oversight Committees of the
Trustees, which meethad met on a regular monthly basis with the funds’ portfolio teams throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — as measured by the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to such personnel, and in general the ability of Putnam Management to attract and retain high-quality personnel — but also recognizerecognized that this does not guarantee favorable investment resul tsresults for every fund in every time period. The Trustees considered the investment performance of each fund over multiple time periods and considered information G-2
comparing each fund’s performance with various benchmarks and with the performance of competitive funds. The Trustees noted the satisfactorydisappointing investment performance of many Putnam funds.of the funds for periods ended December 31, 2008. They also noted the disappointing investment performance of certain funds in recent years and discussed with senior management of Putnam Management the factors contributing to thissuch underperformance and actions being taken to improve performance. The Trustees recognized that, in recent years, Putnam Management has made significant changes intaken steps to strengthen its investment personnel and processes and in the fund product line to address areas of underperfor-mance. In particular, they noted the important contributions ofunderperformance, including Putnam Management’s leadershipcontinuing efforts to strengthen the equity research function, recent changes in attracting, retainingportfolio managers and supporting high-qualitythe recent arrival of a new chief investment professionals andofficer. The Trustees also recognized the substantial improvement in systematically implementing an investment process that seeks to mergeperformance of many funds since the best featuresimplementation of fundamental and quantitative analysis.those changes. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these changesefforts and to evaluate whet herwhether additional changes to address areas of underperformance are warranted. In the case of each open-end fund, the Trustees considered that each fund’s class A (class I, in the case of Putnam Prime Money Market Fund, and(and class IA in the case of Putnam Variable Trust) share cumulative total return performance at net asset value was in particular percentiles of its Lipper Inc. peer group for the one-, three-one-year, three-year and five-year periods ended MarchDecember 31, 20062008 (the first percentile being the best performingbest-performing funds and the 100th percentile being the worst performingworst-performing funds), as indicated onSchedule B. In the case of each closed-end fund, the Trustees considered the same Lipper peer group information for the fund’s common share cumulative total return performance at net asset value. In the case of tax-exempt open-end and closed-end funds, the funds’ total return performance was compared against the Lipper peer group performance information using tax-adjusted performance to recognize the different federal income tax treatment for capital gains distributions and exempt-inter est distributions. As a general matter, the Trustees concludedbelieve that cooperative efforts between the Trustees and Putnam Management represent the most effective way to address investment performance problems. The Trustees noted that investors in the Putnam funds have, in effect, placed their trust in the Putnam organization, under the oversight of the funds’ Trustees, to make appropriate decisions regarding the management of the funds. Based on the responsiveness of Putnam Management in the recent past to Trustee concerns about investment performance, the Trustees concluded that it is preferable to seek change within Putnam Management to address performance shortcomings. In the Trustees’ view, the alternative of terminating a management contract and engaging a new investment adviser for an underperforming fund would entail significant disruptionsanddisruptions and would not provide any greater assurance of improved investment performance. Brokerage and soft-dollar allocations; other benefits The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contracts with the funds. These include benefits related to brokerage and soft-dollar allocations, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that may be useful to Putnam Management in managing the assets of the fund and of other clients. The
`Trustees considered a change made, at Putnam Management’s request, to the Putnam funds’ brokerage allocation policy commencing in 2009, which increased the permitted soft dollar allocation to third-party services over what had been authorized in previous years. The Trustees noted that a portion of available soft dollars continue to be allocated to the payment of fund expenses, although the amount allocated for this purpose has declined in recent years. The Trustees indicated their continued intent to monitor regulatory developments in this area with the assistance of their Brokerage Committee and also indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage and trends in industry practice to ensure that the principle of seeking “bestbest price and execution”execution remains paramount in the portfolio trading process. The Trustees’ annual review of the funds’ management contracts also included the review of the custodian and investor servicing agreements with Putnam Investor Services, Inc. (“PI”) (in the case of the open-end funds) and Putnam Fiduciary Trust Company (“PFTC”) (in the case of the closed-end funds) which agreements provide benefits to an affiliateaffiliates of Putnam Management. The Trustees considered that effective January 1, 2009, the Trustees, PI and PFTC entered into a new fee schedule that includes for the open-end funds (other than funds of Putnam Variable Trust and Money Market Liquidity Fund) an expense limitation but, as noted above, also considered that this expense limitation is subject to review as part of the Trustees’ pending review of Putnam’s strategic pricing proposal. In the case of the open-end funds, the Trustees’ annual review of the funds’ management contracts also included the review of the funds’ distributor’s contracts and distribution plans with Putnam Retail Management Limited Partnership, which contracts and plans also provide benefits to an affiliate of Putnam Management. Comparison of retail and institutional fee schedules The information examined by the Trustees as part of their annual contract review has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, etc. This information included comparisoncomparisons of such fees with fees charged to the funds, as well as a detailed assessment of the differences in the services provided to these two types of clients. The Trustees observed, in this regard, that the differences in fee rates between institutional clients and themutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients reflect to a substantial degree historical competitive forces operating in separate market places. The Trustees considered the fact that fee rates across alldifferent asset sectorsclasses are typically higher on average for mutual funds than for institutionalin stitutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to institutional clients of the firm, but did not rely on thesesuch comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.
The funds ranked in the following percentiles in management fees and total expenses (less any applicable 12b-1 fees for open-end funds, and excluding charges and expenses at the insurance company separate account level for the funds of Putnam Variable Trust) as of December 31, 2008 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds): | | | | Actual Management Fee | Total Expenses | | (percentile rank) | (percentile rank) | | Putnam Absolute Return 100 Fund | N/A | N/A | Putnam Absolute Return 300 Fund | N/A | N/A | Putnam Absolute Return 500 Fund | N/A | N/A | Putnam Absolute Return 700 Fund | N/A | N/A | Putnam American Government Income Fund | 46th | 42nd | Putnam AMT-Free Municipal Fund | 76th | 52nd | Putnam Arizona Tax Exempt Income Fund | 17th | 67th | Putnam Asset Allocation: Balanced Portfolio | 34th | 31st | Putnam Asset Allocation: Conservative Portfolio | 71st | 59th | Putnam Asset Allocation: Growth Portfolio | 35th | 50th | Putnam California Tax Exempt Income Fund | 58th | 38th | Putnam Capital Opportunities Fund | 7th | 24th | Putnam Convertible Income-Growth Trust | 50th | 21st | Putnam Diversified Income Trust | 56th | 40th | Putnam Emerging Markets Equity Fund | N/A | N/A | Putnam Equity Income Fund | 7th | 21st | Putnam Europe Equity Fund | 40th | 40th | Putnam Floating Rate Income Fund | 80th | 33rd | The Putnam Fund for Growth and Income | 14th | 28th | The George Putnam Fund of Boston | 38th | 45th | Putnam Global Consumer Fund | N/A | N/A | Putnam Global Energy Fund | N/A | N/A | Putnam Global Equity Fund | 19th | 29th | Putnam Global Financials Fund | N/A | N/A | Putnam Global Health Care Fund | 15th | 22nd | Putnam Global Income Trust | 10th | 48th | Putnam Global Industrials Fund | N/A | N/A | Putnam Global Natural Resources Fund | 28th | 20th | Putnam Global Telecommunications Fund | N/A | N/A | Putnam Global Technology Fund | N/A | N/A | Putnam Global Utilities Fund | 67th | 40th | Putnam Growth Opportunities Fund | 10th | 52nd | Putnam High Income Securities Fund | 1st | 1st | Putnam High Yield Advantage Fund | 90th | 55th | Putnam High Yield Trust | 66th | 41st | Putnam Income Fund | 31st | 38th | Putnam Income Strategies Fund | 1st | 1st | Putnam International Capital Opportunities Fund | 34th | 21st | Putnam International Equity Fund | 10th | 3rd | Putnam International Growth and Income Fund | 31st | 28th | Putnam International New Opportunities Fund | 24th | 62nd | Putnam Investors Fund | 28th | 62nd | Putnam Managed Municipal Income Trust | 33rd | 50th | Putnam Massachusetts Tax Exempt Income Fund | 58th | 42nd | Putnam Master Intermediate Income Trust | 67th | 33rd | Putnam Michigan Tax Exempt Income Fund | 43rd | 57th | Putnam Mid Cap Value Fund | 21st | 45th | Putnam Minnesota Tax Exempt Income Fund | 33rd | 67th |
| | | | Actual Management Fee | Total Expenses | | (percentile rank) | (percentile rank) | | Putnam Money Market Fund | 34th | 59th | Putnam Municipal Opportunities Trust | 50th | 57th | Putnam New Jersey Tax Exempt Income Fund | 58th | 83rd | Putnam New Opportunities Fund | 10th | 34th | Putnam New York Tax Exempt Income Fund | 65th | 35th | Putnam Ohio Tax Exempt Income Fund | 58th | 50th | Putnam Pennsylvania Tax Exempt Income Fund | 67th | 53rd | Putnam Premier Income Trust | 67th | 1st | Putnam Research Fund | 24th | 62nd | Putnam RetirementReady Maturity Fund* | 86th | 36th | Putnam RetirementReady 2010 Fund* | 88th | 25th | Putnam RetirementReady 2015 Fund* | 90th | 30th | Putnam RetirementReady 2020 Fund* | 92nd | 62nd | Putnam RetirementReady 2025 Fund* | 88th | 63rd | Putnam RetirementReady 2030 Fund* | 92nd | 50th | Putnam RetirementReady 2035 Fund* | 89th | 44th | Putnam RetirementReady 2040 Fund* | 89th | 67th | Putnam RetirementReady 2045 Fund* | 99th | 83rd | Putnam RetirementReady 2050 Fund* | 99th | 67th | Putnam Small Cap Growth Fund | 38th | 45th | Putnam Small Cap Value Fund | 34th | 55th | Putnam Tax Exempt Income Fund | 90th | 72nd | Putnam Tax Exempt Money Market Fund | 8th | 63rd | Putnam Tax-Free High Yield Fund | 38th | 24th | Putnam U.S. Government Income Trust | 69th | 54th | Putnam Vista Fund | 10th | 14th | Putnam Voyager Fund | 17th | 55th | Putnam VT American Government Income Fund | 19th | 56th | Putnam VT Capital Opportunities Fund | 3rd | 52nd | Putnam VT Diversified Income Fund | 21st | 50th | Putnam VT Equity Income Fund | 22nd | 22nd | Putnam VT The George Putnam Fund of Boston | 58th | 46th | Putnam VT Global Asset Allocation Fund | 48th | 48th | Putnam VT Global Equity Fund | 32nd | 37th | Putnam VT Global Health Care Fund | 25th | 6th | Putnam VT Global Utilities Fund | 50th | 38th | Putnam VT Growth and Income Fund | 7th | 3rd | Putnam VT Growth Opportunities Fund | 1st | 21st | Putnam VT High Yield Fund | 52nd | 28th | Putnam VT Income Fund | 39th | 36th | Putnam VT International Equity Fund | 41st | 34th | Putnam VT International Growth and Income Fund | 34th | 17th | Putnam VT International New Opportunities Fund | 72nd | 66th | Putnam VT Investors Fund | 38th | 38th | Putnam VT Mid Cap Value Fund | 11th | 44th | Putnam VT Money Market Fund | 38th | 48th | Putnam VT New Opportunities Fund | 33rd | 25th | Putnam VT Research Fund | 14th | 45th | Putnam VT Small Cap Value Fund | 48th | 55th | Putnam VT Vista Fund | 14th | 24th | Putnam VT Voyager Fund | 34th | 41st |
* For these funds, the Actual Management Fee percentile rankings are reasonable.for the parent-level management fees only, while the Total Expenses percentile rankings include the expenses of the underlying funds.
G-3Each fund’s class A (and class IA in the case of Putnam Variable Trust) share cumulative total return performance at net asset value was in the following percentiles of its Lipper Inc. peer group for the one-year, three-year and five-year periods ended December 31, 2008 (the first percentile being the best-performing funds and the 100th percentile being the worst-performing funds)1:
| | | | | One-year period | Three-year period | Five-year period | | percentile rank | percentile rank | percentile rank | | (# of funds in | (# of funds in | (# of funds in | | category) | category) | category) | | Putnam Absolute Return 100 Fund † | N/A | N/A | N/A | Putnam Absolute Return 300 Fund † | N/A | N/A | N/A | Putnam Absolute Return 500 Fund † | N/A | N/A | N/A | Putnam Absolute Return 700 Fund † | N/A | N/A | N/A | Putnam American Government Income Fund | 82nd ( 157 ) | 79th ( 144 ) | 76th ( 123 ) | Putnam AMT-Free Municipal Fund | 24th ( 40 ) | 12th ( 38 ) | 15th ( 37 ) | Putnam Arizona Tax Exempt Income Fund | 31st ( 31 ) | 28th (27 ) | 40th ( 26 ) | Putnam Asset Allocation: Balanced Portfolio | 94th ( 513 ) | 91st ( 382 ) | 87th ( 273 ) | Putnam Asset Allocation: Conservative Portfolio | 90th ( 431 ) | 88th ( 321 ) | 90th ( 184 ) | Putnam Asset Allocation: Growth Portfolio | 92nd ( 689 ) | 90th ( 553 ) | 69th ( 443 ) | Putnam California Tax Exempt Income Fund | 58th ( 119 ) | 54th ( 106 ) | 46th ( 101 ) | Putnam Capital Opportunities Fund | 46th ( 775 ) | 72nd ( 616 ) | 63rd ( 487 ) | Putnam Convertible Income-Growth Trust | 75th ( 70 ) | 69th ( 62 ) | 70th ( 59 ) | Putnam Diversified Income Trust | 97th ( 151 ) | 96th ( 117 ) | 96th ( 99 ) | Putnam Emerging Markets Equity Fund | N/A | N/A | N/A | Putnam Equity Income Fund | 34th ( 286 ) | 37th ( 229 ) | 45th ( 177 ) | Putnam Europe Equity Fund | 37th ( 107 ) | 56th ( 96 ) | 74th ( 88 ) | Putnam Floating Rate Income Fund | 50th ( 81 ) | 42nd ( 47 ) | N/A | The Putnam Fund for Growth and Income | 69th ( 596 ) | 93rd ( 514 ) | 94th ( 429 ) | The George Putnam Fund of Boston | 99th ( 850 ) | 99th ( 677 ) | 96th ( 501 ) | Putnam Global Consumer Fund † | N/A | N/A | N/A | Putnam Global Energy Fund † | N/A | N/A | N/A | Putnam Global Equity Fund | 92nd ( 56 ) | 84th ( 55 ) | 74th ( 52 ) | Putnam Global Financials Fund † | N/A | N/A | N/A | Putnam Global Health Care Fund | 22nd (118) | 61st (102) | 44th (90) | Putnam Global Income Trust | 85th ( 121 ) | 84th ( 97 ) | 84th ( 88 ) | Putnam Global Industrials Fund † | N/A | N/A | N/A | Putnam Global Natural Resources Fund | 54th (97) | 60th (65) | 67th (47) | Putnam Global Telecommunications Fund † | N/A | N/A | N/A | Putnam Global Technology Fund † | N/A | N/A | N/A | Putnam Global Utilities Fund | 26th (101) | 22nd (91) | 50th (70) | Putnam Growth Opportunities Fund | 11th ( 803 ) | 36th ( 679 ) | 66th ( 567 ) | Putnam High Income Securities Fund | 16th ( 12 ) | 37th ( 10 ) | 19th ( 10 ) | Putnam High Yield Advantage Fund | 44th ( 466 ) | 36th ( 396 ) | 22nd ( 334 ) | Putnam High Yield Trust | 60th ( 466 ) | 58th ( 396 ) | 45th ( 334 ) | Putnam Income Fund | 95th ( 171 ) | 95th ( 161 ) | 94th ( 146 ) | Putnam Income Strategies Fund | 96th ( 431 ) | 92nd ( 321 ) | N/A | Putnam International Capital Opportunities Fund | 48th ( 71 ) | 38th ( 50 ) | 32nd ( 47 ) | Putnam International Equity Fund | 51st ( 238 ) | 51st ( 199 ) | 58th ( 176 ) | Putnam International Growth and Income Fund | 74th ( 88 ) | 77th ( 55 ) | 72nd ( 49 ) | Putnam International New Opportunities Fund | 24th ( 103 ) | 22nd ( 86 ) | 18th ( 72 ) |
1In the case of each closed-end fund, the Trustees considered the same Lipper peer group information for the fund’s common share cumulative total return performance at net asset value. In the case of the tax-exempt funds, the funds’ total return performance was compared against the Lipper peer group performance information using tax-adjusted performance to recognize the different federal income tax treatment for capital gains distributions and exempt-income distributions.
| | | | | One-year period | Three-year period | Five-year period | | percentile rank | percentile rank | percentile rank | | (# of funds in | (# of funds in | (# of funds in | | category) | category) | category) | | Putnam Investors Fund | 79th ( 851 ) | 95th ( 720 ) | 81st ( 606 ) | Putnam Managed Municipal Income Trust | 50th ( 15 ) | 60th ( 14 ) | 73rd ( 14 ) | Putnam Massachusetts Tax Exempt Income Fund | 35th ( 41 ) | 31st ( 37 ) | 27th ( 36 ) | Putnam Master Intermediate Income Trust | 86th ( 6 ) | 86th ( 6 ) | 86th ( 6 ) | Putnam Michigan Tax Exempt Income Fund | 26th ( 22 ) | 33rd ( 17 ) | 38th ( 17 ) | Putnam Mid Cap Value Fund | 80th ( 353 ) | 76th ( 285 ) | 80th ( 212 ) | Putnam Minnesota Tax Exempt Income Fund | 40th ( 41 ) | 26th ( 37 ) | 27th ( 35 ) | Putnam Money Market Fund | 9th ( 328 ) | 8th ( 305 ) | 11th ( 286 ) | Putnam Municipal Opportunities Trust | 60th ( 60 ) | 60th ( 59 ) | 66th ( 59 ) | Putnam New Jersey Tax Exempt Income Fund | 17th ( 45 ) | 18th ( 37 ) | 32nd ( 36 ) | Putnam New Opportunities Fund | 23rd ( 506 ) | 59th ( 386 ) | 57th ( 320 ) | Putnam New York Tax Exempt Income Fund | 50th ( 98 ) | 36th ( 93 ) | 37th ( 93 ) | Putnam Ohio Tax Exempt Income Fund | 35th ( 36 ) | 31st ( 31 ) | 34th ( 31 ) | Putnam Pennsylvania Tax Exempt Income Fund | 19th ( 56 ) | 22nd ( 48 ) | 28th ( 48 ) | Putnam Premier Income Trust | 72nd ( 6 ) | 72nd ( 6 ) | 72nd ( 6 ) | Putnam Research Fund | 66th ( 851 ) | 84th ( 720 ) | 85th ( 606 ) | Putnam RetirementReady Maturity Fund | 92nd ( 431 ) | 92nd ( 321 ) | N/A | Putnam RetirementReady 2010 Fund | 53rd ( 170 ) | 83rd ( 93 ) | N/A | Putnam RetirementReady 2015 Fund | 53rd ( 110 ) | 68th ( 45 ) | N/A | Putnam RetirementReady 2020 Fund | 61st ( 153 ) | 83rd ( 77 ) | N/A | Putnam RetirementReady 2025 Fund | 50th ( 87 ) | 61st ( 32 ) | N/A | Putnam RetirementReady 2030 Fund | 48th ( 143 ) | 78th ( 74 ) | N/A | Putnam RetirementReady 2035 Fund | 56th ( 87 ) | 59th ( 28 ) | N/A | Putnam RetirementReady 2040 Fund | 47th ( 130 ) | 74th ( 66 ) | N/A | Putnam RetirementReady 2045 Fund | 52nd ( 77 ) | 60th ( 19 ) | N/A | Putnam RetirementReady 2050 Fund | 42nd ( 84 ) | 67th ( 14 ) | N/A | Putnam Small Cap Growth Fund | 60th ( 603 ) | 85th ( 507 ) | 66th ( 406 ) | Putnam Small Cap Value Fund | 79th ( 321 ) | 87th ( 264 ) | 79th ( 217 ) | Putnam Tax Exempt Income Fund | 62nd ( 228 ) | 54th ( 208 ) | 42nd ( 199 ) | Putnam Tax Exempt Money Market Fund | 47th ( 108 ) | 40th ( 93 ) | 38th ( 84 ) | Putnam Tax-Free High Yield Fund | 61st ( 106 ) | 45th ( 82 ) | 43rd ( 77 ) | Putnam U.S. Government Income Trust | 93rd ( 64 ) | 92nd ( 58 ) | 92nd ( 57 ) | Putnam Vista Fund | 53rd ( 602 ) | 91st ( 522 ) | 74th ( 419 ) | Putnam Voyager Fund | 19th ( 803 ) | 64th ( 679 ) | 74th ( 567 ) | Putnam VT American Government Income Fund | 60th ( 68 ) | 59th ( 59 ) | 77th ( 55 ) | Putnam VT Capital Opportunities Fund | 55th ( 130 ) | 76th ( 112 ) | 64th ( 95 ) | Putnam VT Diversified Income Fund | 99th ( 59 ) | 97th ( 52 ) | 96th ( 44 ) | Putnam VT Equity Income Fund | 20th ( 69 ) | 29th ( 63 ) | 38th ( 55 ) | Putnam VT The George Putnam Fund of Boston | 97th ( 191 ) | 96th ( 158 ) | 95th ( 92 ) | Putnam VT Global Asset Allocation Fund | 70th ( 197 ) | 80th ( 139 ) | 76th ( 90 ) | Putnam VT Global Equity Fund | 88th ( 38 ) | 57th ( 29 ) | 78th ( 26 ) | Putnam VT Global Health Care Fund | 12th (35) | 71st (33) | 56th (28) | Putnam VT Global Utilities Fund | 7th (32) | 17th (30) | 49th (26) | Putnam VT Growth and Income Fund | 72nd ( 119 ) | 96th ( 112 ) | 89th ( 96 ) | Putnam VT Growth Opportunities Fund | 17th ( 224 ) | 41st ( 203 ) | 82nd ( 189 ) | Putnam VT High Yield Fund | 67th ( 103 ) | 58th ( 95 ) | 44th ( 79 ) | Putnam VT Income Fund | 90th ( 39 ) | 90th ( 38 ) | 90th ( 37 ) | Putnam VT International Equity Fund | 57th ( 111 ) | 56th ( 97 ) | 77th ( 92 ) | Putnam VT International Growth and Income Fund | 69th ( 60 ) | 68th ( 54 ) | 63rd ( 52 ) | Putnam VT International New Opportunities Fund | 23rd ( 80 ) | 36th ( 66 ) | 50th ( 51 ) | Putnam VT Investors Fund | 69th ( 229 ) | 90th ( 211 ) | 83rd ( 185 ) | Putnam VT Mid Cap Value Fund | 81st ( 83 ) | 74th ( 74 ) | 70th ( 62 ) | Putnam VT Money Market Fund | 13th ( 106 ) | 14th ( 103 ) | 15th ( 99 ) | Putnam VT New Opportunities Fund | 18th ( 149 ) | 52nd ( 129 ) | 53rd ( 106 ) | Putnam VT Research Fund | 53rd ( 229 ) | 79th ( 211 ) | 88th ( 185 ) | Putnam VT Small Cap Value Fund | 93rd ( 53 ) | 92nd ( 47 ) | 88th ( 38 ) | Putnam VT Vista Fund | 50th ( 143 ) | 87th ( 132 ) | 73rd ( 118 ) |
| | | | | One-year period | Three-year period | Five-year period | | percentile rank | percentile rank | percentile rank | | (# of funds in | (# of funds in | (# of funds in | | category) | category) | category) | | Putnam VT Voyager Fund | 9th ( 224 ) | 57th ( 203 ) | 75th ( 189 ) |
† Because these are new funds, performance information for the one-year period was not yet available.
ApprovalAPPENDIX J – Management Contracts: Terms, Dates, and Approvals
Under the management contract between your fund and Putnam Management, subject to such policies as the Trustees may determine, Putnam Management, at its expense, furnishes continuously an investment program for the fund and makes investment decisions on behalf of the Sub-Advisory Contract among PutnamManagement,fund. Except for the funds included in the table below, the current management contract for your fund dated August 3, 2007 was last approved by shareholders on May 15, 2007. At that time, shareholders of the fund voted to approve a new management contract in connection with the sale of Putnam Investments Limitedto Great-West Lifeco Inc., a subsidiary of Power Financial Corporation, which constituted a “change of control” of the investment adviser under the 1940 Act and resulted in the automatic termination of the fund’s management contract. The management contract has not been submitted for approval by the shareholders of your fund since that date. The following table contains information regarding the date of each remaining fund’s current management contract, the date on which it was last approved by shareholders and the purpose for that submission. | | | | | Date of Current | Date Current Management | Purpose of Last Submission of Current | Fund | Management | Contract Last Submitted to | Management Contract to Shareholder | | Contract | Shareholder Vote | Vote |
| Putnam Absolute | December 22, | December 31, 2008 | Organization of the fund | Return 100 Fund | 2008 | | |
| | Putnam Absolute | December 22, | December 31, 2008 | Organization of the fund | Return 300 Fund | 2008 | | |
| | Putnam Absolute | December 22, | December 31, 2008 | Organization of the fund | Return 500 Fund | 2008 | | |
| | Putnam Absolute | December 22, | December 31, 2008 | Organization of the fund | Return 700 Fund | 2008 | | |
| | Putnam Asia Pacific | March 17, 2009 | June 12, 2009 | Organization of the fund | Equity Fund | | | |
| | Putnam Asset | October 17, | January 22, 2009 | Organization of the fund | Allocation: Equity | 2008 | | | Portfolio | | | |
| | Putnam Capital | April 20, 2009 | May 18, 2009 | Organization of the fund | Spectrum Fund | | | |
| | Putnam Emerging | June 13, 2008 | October 14, 2008 | Organization of the fund | Markets Equity | | | | Fund | | | |
| | Putnam Equity | April 20, 2009 | May 18, 2009 | Organization of the fund | Spectrum Fund | | | |
| | Putnam Global | October 17, | December 31, 2008 | Organization of the fund | Consumer Fund | 2008 | | |
|
| | | | | Date of Current | Date Current Management | Purpose of Last Submission of Current | Fund | Management | Contract Last Submitted to | Management Contract to Shareholder | | Contract | Shareholder Vote | Vote |
| Putnam Global | October 17, | December 31, 2008 | Organization of the fund | Energy Fund | 2008 | | |
| | Putnam Global | October 17, | December 31, 2008 | Organization of the fund | Financials Fund | 2008 | | |
| | Putnam Global | October 17, | December 31, 2008 | Organization of the fund | Industrials Fund | 2008 | | |
| | Putnam Global | September 1, | May 28, 2009 | Change in frequency of fee calculation | Natural Resources | 2009 | | and payment | Fund | | | |
| | Putnam Global | October 17, | December 31, 2008 | Organization of the fund | Technology Fund | 2008 | | |
| | Putnam Global | October 17, | December 31, 2008 | Organization of the fund | Telecommunications | 2008 | | | Fund | | | |
|
The following is a brief description of the terms of your fund’s current management contract. SeeAppendix Efor the current management fee rate(s). Subject to the control of the Trustees and under your fund’s management contract, Putnam Management also manages, supervises and conducts the other affairs and business of the fund, furnishes office space and equipment, provides bookkeeping and clerical services (including determination of your fund’s net asset value, but excluding shareholder accounting services) and places all orders for the purchase and sale of your fund’s portfolio securities. Putnam Management may place fund portfolio transactions with broker-dealers that furnish Putnam Management, without cost to it, certain research, statistical and quotation services of value to Putnam Management and its affiliates in advising your fund and other clients. In so doing, Putnam Management may cause a fund to pay greater brokerage commissions than it might otherwise pay. Putnam Management’s compensation under the management contract may be reduced in any year if your fund’s expenses exceed the limits on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the fund are qualified for offer or sale. The term “expenses” is defined in the statutes or regulations of such jurisdictions, and generally excludes brokerage commissions, taxes, interest, extraordinary expenses and payments made under the fund’s distribution plans. Under the fund’s management contract, Putnam Management may reduce its compensation to the extent that your fund’s expenses exceed such lower expense limitation as Putnam Management may, by notice to the fund, declare to be effective. For the purpose of determining any such limitation on Putnam Management’s compensation, expenses of the fund shall not reflect the application of commissions or cash management credits that may reduce designated fund expenses.
In addition to the fee paid to Putnam Management, your fund reimburses Putnam Management for the compensation and related expenses of certain officers of the fund and their assistants who provide certain services for the fund and the other Putnam funds, each of which bears an allocated share of the foregoing costs. The aggregate amount of all such payments and reimbursements is determined annually by the Trustees. Putnam Management pays all other salaries of officers of the fund. The fund pays all expenses not assumed by Putnam Management including, without limitation, auditing, legal, custodial, investor servicing and shareholder reporting expenses. The fund pays the cost of typesetting for its prospectuses and the cost of printing and mailing any prospectuses sent to its shareholders. The fund’s management contract provides that Putnam Management shall not be subject to any liability to the fund or to any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties on the part of Putnam Management. The fund’s management contract may be terminated without penalty by vote of the Trustees or the shareholders of your fund, or by Putnam Management, on 60 days’ written notice. It may be amended only by a vote of the shareholders of the fund. The fund’s management contract also terminates without payment of any penalty in the event of its assignment. The fund’s management contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders, and, in either case, by a majority of the Independent Trustees. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a “majority of the outstanding voting securities” as defined in the Investment Company Act of 1940.
APPENDIX K – Comparative Expense Tables All mutual funds pay ongoing fees for investment management and other services. These charges, expressed as a percentage of fund assets, are known as the total annual fund operating expenses. The following tables describe the total annual fund operating expenses that you may pay (1) if you buy and hold shares of Putnam Investors Fund under the current management contract and pro forma expenses that you would pay under the proposed management contract, or (2) if you buy and hold shares of Putnam International New Opportunities Fund under the current management contract and pro forma expenses that you would pay under the proposed management contract with (a) both Fund Family breakpoints and performance fees, (b) Fund Family breakpoints only, or (c) performance fees only. All tables reflect projected expenses based on the funds’ current expense limitations and assume fund assets and Fund Family assets as of June 30, 2009 throughout the period. In the case of Putnam International New Opportunities Fund, two of the three pro forma presentations assume a performance adjustment based on the fund’s performance relative to that of its benchmark index for the period beginning with the fund’s first fiscal year prior to its most recently completed fiscal year. The examples below take the maximum up-front sales charge (or applicable contingent deferred sales charge) and the annual operating expenses shown in the table for each share class and translate them into dollar amounts, showing the cumulative effect of these costs over time. This is intended to help you more easily compare the cost of investing in the fund, under the current management contract and the proposed management contract, to the cost of investing in other mutual funds. The example makes certain assumptions. It assumes that you invest $10,000 in the fund for the time periods shown and then, except as shown for class B shares and class C shares, redeem all your shares at the end of those periods. It also assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. The example is hypothetical; your actual costs and returns may be higher or lower.
| | | | | | | | | | | | | PUTNAM INVESTORS FUND | | | How do these fees and expenses look in dollar terms? | | Total Annual Fund Operating Expenses*(expenses that are deducted from fund | | Example: Sales charge plus annual operating expenses on a $10,000 investment | assets) | | over time |
| |
| Class | | Management | Distribution | Other | Total | | Class | | 1 year | 3 years | 5 years | 10 years | | Fees | and Service | Expenses^ | Annual | |
| | | | (12b-1) Fees | | Fund | | A | Current | $697 | $955 | $1,232 | $2,021 | | | | Operating | | |
| | | | | | Expenses | | | Pro Forma | $697 | $955 | $1,232 | $2,021 | | |
| A | Current | 0.57% | 0.25% | 0.45% | 1.27% | | B | Current | $705 | $934 | $1,288 | $2,155* | |
| | |
| | Pro Forma | 0.57% | 0.25% | 0.45% | 1.27% | | | Pro Forma | $705 | $934 | $1,288 | $2,155* |
| |
| B | Current | 0.57% | 1.00% | 0.45% | 2.02% | | B (no redemption) | Current | $205 | $634 | $1,088 | $2,155* | |
| | |
| | Pro Forma | 0.57% | 1.00% | 0.45% | 2.02% | | | Pro Forma | $205 | $634 | $1,088 | $2,155* |
| |
| C | Current | 0.57% | 1.00% | 0.45% | 2.02% | | C | Current | $305 | $634 | $1,088 | $2,348 | |
| | |
| | Pro Forma | 0.57% | 1.00% | 0.45% | 2.02% | | | Pro Forma | $305 | $634 | $1,088 | $2,348 |
| |
| M | Current | 0.57% | 0.75% | 0.45% | 1.77% | | C (no redemption) | Current | $205 | $634 | $1,088 | $2,348 | |
| | |
| | Pro Forma | 0.57% | 0.75% | 0.45% | 1.77% | | | Pro Forma | $205 | $634 | $1,088 | $2,348 |
| |
| R | Current | 0.57% | 0.50% | 0.45% | 1.52% | | M | Current | $524 | $888 | $1,276 | $2,361 | |
| | |
| | Pro Forma | 0.57% | 0.50% | 0.45% | 1.52% | | | Pro Forma | $524 | $888 | $1,276 | $2,361 |
| |
| Y | Current | 0.57% | N/A | 0.45% | 1.02% | | R | Current | $155 | $480 | $829 | $1,813 | |
| | |
| | Pro Forma | 0.57% | N/A | 0.45% | 1.02% | | | Pro Forma | $155 | $480 | $829 | $1,813 |
| |
| | | Y | Current | $104 | $325 | $563 | $1,248 | | | |
| | | | Pro Forma | $104 | $325 | $563 | $1,248 | | | |
| | * Reflects Putnam Management’s contractual obligation, from August 1, 2009 through | * Reflects conversion of class B shares to class A shares, which pay lower 12b-1 fees. | | at least July 31, 2010, to limit the fund’s investor servicing fees to an annual rate of | Conversion occurs eight years after purchase. | | 0.375% of the fund’s average net assets. Putnam Management has also contractually | | | agreed, from August 1, 2009 through July 31, 2010, to limit the fund’s other | | | | | | | expenses (not including brokerage, interest, taxes, investment-related expenses, | | | | | | | | | extraordinary expenses and payments under the fund’s investor servicing contract, | | | | | | | | investment management contractand distribution plans) to an annual rate of 0.20% | | | | | | | | of the fund’s average net assets. | | | | | | | | | | | | | | | | | ^ Includes estimated expenses attributable to the fund’s investments in other | | | | | | | | | investment companies that the fund bears indirectly. | | | | | | | | | | | | | | | | | | | |
PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND Total Annual Fund Operating Expenses*(expenses that are deducted from fund assets) | | | | | | | | Class | | Management | Distribution and Service | Other | Total Annual Fund | Expense Reimbursement | Net Expenses | | | Fees | (12b-1) Fees | Expenses^ | Operating Expenses | | |
| | A | Current | 1.00% | 0.25% | 0.49% | 1.74% | (0.06%) | 1.68% | |
| | Pro Forma (with both Fund Family breakpoints | 0.86% | 0.25% | 0.49% | 1.60% | 0.00% | 1.60% | | and performance fees) | | | | | | | |
| | Pro Forma (with Fund Family breakpoints only) | 0.94% | 0.25% | 0.49% | 1.68% | 0.00% | 1.68% | |
| | Pro Forma (with performance fees only) | 0.92% | 0.25% | 0.49% | 1.66% | (0.06% ) | 1.60% |
| B | Current | 1.00% | 1.00% | 0.49% | 2.49% | (0.06%) | 2.43% | |
| | Pro Forma (with both Fund Family breakpoints | 0.86% | 1.00% | 0.49% | 2.35% | 0.00% | 2.35% | | and performance fees) | | | | | | | |
| | Pro Forma (with Fund Family breakpoints only) | 0.94% | 1.00% | 0.49% | 2.43% | 0.00% | 2.43% | |
| | Pro Forma (with performance fees only) | 0.92% | 1.00% | 0.49% | 2.41% | (0.06%) | 2.35% |
| C | Current | 1.00% | 1.00% | 0.49% | 2.49% | (0.06%) | 2.43% | |
| | Pro Forma (with both Fund Family breakpoints | 0.86% | 1.00% | 0.49% | 2.35% | 0.00% | 2.35% | | and performance fees) | | | | | | | |
| | Pro Forma (with Fund Family breakpoints only) | 0.94% | 1.00% | 0.49% | 2.43% | 0.00% | 2.43% | |
| | Pro Forma (with performance fees only) | 0.92% | 1.00% | 0.49% | 2.41% | (0.06%) | 2.35% |
| M | Current | 1.00% | 0.75% | 0.49% | 2.24% | (0.06%) | 2.18% | |
| | Pro Forma (with both Fund Family breakpoints | 0.86% | 0.75% | 0.49% | 2.10% | 0.00% | 2.10% | | and performance fees) | | | | | | | |
| | Pro Forma (with Fund Family breakpoints only) | 0.94% | 0.75% | 0.49% | 2.18% | 0.00% | 2.18% | |
| | Pro Forma (with performance fees only) | 0.92% | 0.75% | 0.49% | 2.16% | (0.06%) | 2.10% |
| R | Current | 1.00% | 0.50% | 0.49% | 1.99% | (0.06%) | 1.93% | |
| | Pro Forma (with both Fund Family breakpoints | 0.86% | 0.50% | 0.49% | 1.85% | 0.00% | 1.85% | | and performance fees) | | | | | | | |
| | Pro Forma (with Fund Family breakpoints only) | 0.94% | 0.50% | 0.49% | 1.93% | 0.00% | 1.93% | |
| | Pro Forma (with performance fees only) | 0.92% | 0.50% | 0.49% | 1.91% | (0.06%) | 1.85% |
| Y | Current | 1.00% | N/A | 0.49% | 1.49% | (0.06%) | 1.43% | |
| | Pro Forma (with both Fund Family breakpoints | 0.86% | N/A | 0.49% | 1.35% | 0.00% | 1.35% | | and performance fees) | | | | | | | |
| | Pro Forma (with Fund Family breakpoints only) | 0.94% | N/A | 0.49% | 1.43% | 0.00% | 1.43% | |
| | Pro Forma (with performance fees only) | 0.92% | N/A | 0.49% | 1.41% | (0.06%) | 1.35% |
|
* Reflects Putnam Management’s contractual obligations, from August 1, 2009 through at least July 31, 2010, to limit the fund’s management fee to an annual rate of 0.942% of the fund’s average net assets and investor servicing fees to an annual rate of 0.375% of the fund’s average net assets. PutnamManagement has also contractually agreed, from August 1, 2009 through July 31, 2010, to limit the fund’s other expenses (not including brokerage, interest, taxes, investment-related expenses, extraordinary expenses and payments under the fund’s investor servicing contract, investmentmanagement contract and distribution plans) to an annual rate of 0.20% of the fund’s average net assets. ^ Includes estimated expenses attributable to the fund’s investments in other investment companies that the fund bears indirectly.
How do these fees and expenses look in dollar terms? Example: Sales charge plus annual operating expenses on a $10,000 investment over time+ | | | | | |
| Class | | 1 year | 3 years | 5 years | 10 years |
| A | Current | $736 | $1,086 | $1,459 | $2,504 | |
| | Pro Forma (with both Fund Family breakpoints and performance fees) | $728 | $1,051 | $1,396 | $2,366 | |
| | Pro Forma (with Fund Family breakpoints only) | $736 | $1,074 | $1,435 | $2,448 | |
| | Pro Forma (with performance fees only) | $728 | $1,063 | $1,420 | $2,423 |
| B | Current | $746 | $1,070 | $1,520 | $2,637* | |
| | Pro Forma (with both Fund Family breakpoints and performance fees) | $738 | $1,033 | $1,455 | $2,499* | |
| | Pro Forma (with Fund Family breakpoints only) | $746 | $1,058 | $1,496 | $2,581* | |
| | Pro Forma (with performance fees only) | $738 | $1,046 | $1,480 | $2,556* |
| B (no redemption) | Current | $246 | $770 | $1,320 | $2,637* | |
| | Pro Forma (with both Fund Family breakpoints and performance fees) | $238 | $733 | $1,255 | $2,499* | |
| | Pro Forma (with Fund Family breakpoints only) | $246 | $758 | $1,296 | $2,581* | |
| | Pro Forma (with performance fees only) | $238 | $746 | $1,280 | $2,556* |
| C | Current | $346 | $770 | $1,320 | $2,821 | |
| | Pro Forma (with both Fund Family breakpoints and performance fees) | $338 | $733 | $1,255 | $2,686 | |
| | Pro Forma (with Fund Family breakpoints only) | $346 | $758 | $1,296 | $2,766 | |
| | Pro Forma (with performance fees only) | $338 | $746 | $1,280 | $2,742 |
| C (no redemption) | Current | $246 | $770 | $1,320 | $2,821 | |
| | Pro Forma (with both Fund Family breakpoints and performance fees) | $238 | $733 | $1,255 | $2,686 | |
| | Pro Forma (with Fund Family breakpoints only) | $246 | $758 | $1,296 | $2,766 | |
| | Pro Forma (with performance fees only) | $238 | $746 | $1,280 | $2,742 |
| M | Current | $563 | $1,020 | $1,503 | $2,830 | |
| | Pro Forma (with both Fund Family breakpoints and performance fees) | $556 | $985 | $1,439 | $2,696 | |
| | Pro Forma (with Fund Family breakpoints only) | $563 | $1,008 | $1,479 | $2,775 | |
| | Pro Forma (with performance fees only) | $556 | $997 | $1,463 | $2,751 |
| R | Current | $196 | $619 | $1,067 | $2,312 | |
| | Pro Forma (with both Fund Family breakpoints and performance fees) | $188 | $582 | $1,001 | $2,169 | |
| | Pro Forma (with Fund Family breakpoints only) | $196 | $606 | $1,042 | $2,254 | |
| | Pro Forma (with performance fees only) | $188 | $594 | $1,026 | $2,228 |
| Y | Current | $146 | $465 | $808 | $1,774 | |
| | Pro Forma (with both Fund Family breakpoints and performance fees) | $137 | $428 | $739 | $1,624 | |
| | Pro Forma (with Fund Family breakpoints only) | $146 | $452 | $782 | $1,713 | |
| | Pro Forma (with performance fees only) | $137 | $440 | $765 | $1,686 |
|
+ Reflects Putnam Management’s contractual obligation to limit fund expenses from August 1, 2009 through at least July 31, 2010. * Reflects conversion of class B shares to class A shares, which pay lower 12b-1 fees. Conversion occurs eight years after purchase.
APPENDIX L – Comparison of Management Fees Comparison of Management Fees The following table shows: (1) the annual dollar amount of the actual management fees that would be paid by each fund, before any applicable waivers, under the current management contract assuming fund net assets as of June 30, 2009; (2) the annual dollar amount of the pro forma management fees that would be paid by each fund, before any applicable waivers, under the proposed management contract, in the case of funds for which a performance fee is proposed, with (a) both Fund Family breakpoints and performance fees, (b) Fund Family breakpoints only, or (c) performance fees only, in each case assuming fund and Fund Family net assets as of June 30, 2009; and (3) the difference between these actual and pro forma dollar amounts, expressed as a percentage of the actual management fees (before waivers). Such percentage difference is positive when the amount of the pro forma management fees would have been larger than the amount of the actual management fees paid by the fund, and (negative) when the amount of the pro forma management fees would have been smaller than the amount of the actual management fees paid by the fund. In the case of funds for which a management contract providing for performance adjustment is proposed, pro forma expenses under the proposed management contract assume a performance adjustment based on the fund’s performance relative to that of its benchmark index for the period beginning with the fund’s first fiscal year prior to its most recently completed fiscal year.1 1For funds for which the current management contract includes a performance adjustment but which do not yet have at least 13 complete calendar months of operations, no performance adjustments are shown.
| | | | | | | | | | | Difference | | | | Difference | | Actual | Pro Forma | Between Pro | | Actual | Pro Forma | Between Pro | | Management | Management | Forma and | | Management | Management | Forma and | | Fee Before | Fee Before | Actual | | Fee Before | Fee Before | Actual | | Waiver | Waiver | Management | | Waiver | Waiver | Management | | | | Fee Before | | | | Fee Before | Fund | ($) | ($) | Waiver | Fund | ($) | ($) | Waiver |
| | Putnam Absolute | 249,695 | 223,437 | (11%) | Putnam Absolute | 579,262 | 527,718 | (9%) | Return 100 | | | | Return 300 Fund* | | | | Fund* | | | | | | | |
| | Putnam Absolute | 799,808 | 741,983 | (7%) | Putnam Absolute | 594,842 | 558,626 | (6%) | Return 500 | | | | Return 700 Fund* | | | | Fund* | | | | | | | |
| | Putnam | 4,316,758 | 2,860,220 | (34%) | Putnam AMT-Free | 1,745,033 | 1,578,074 | (10%) | American | | | | Municipal Fund | | | | Government | | | | | | | | Income Fund | | | | | | | |
| | Putnam Arizona | 346,290 | 313,159 | (10%) | Putnam Asset | 8,397,585 | 7,292,157 | (13%) | Tax Exempt | | | | Allocation: | | | | Income Fund | | | | Balanced Portfolio | | | |
| | Putnam Asset | 6,024,875 | 4,992,292 | (17%) | Putnam Asset | 269,441 | 235,631 | (13%) | Allocation: | | | | Allocation: Equity | | | | Conservative | | | | Portfolio* | | | | Portfolio | | | | | | | |
| | Putnam Asset | 9,642,495 | 9,662,966 | 0% | Putnam California | 8,045,646 | 7,275,864 | (10%) | Allocation: | | | | Tax Exempt Income | | | | Growth Portfolio | | | | Fund | | | |
| | Putnam Capital | 1,491,510 | 1,473,524 | (1%) | Putnam Capital | 170,186 | 157,882 | (7%) | Opportunities | | | | Spectrum Fund* | | | | Fund | | | | | | | |
| | Putnam | 3,566,979 | 3,580,900 | 0% | Putnam Diversified | 10,622,893 | 9,976,000 | (6%) | Convertible | | | | Income Trust | | | | Income-Growth | | | | | | | | Trust | | | | | | | |
| | Putnam Equity | 13,259,536 | 12,587,892 | (5%) | Putnam Equity | 61,204 | 56,779 | (7%) | Income Fund | | | | Spectrum Fund* | | | |
| | Putnam Floating | 2,077,980 | 1,860,591 | (10%) | The Putnam Fund | 23,073,628 | 23,321,492 | 1% | Rate Income | | | | for Growth and | | | | Fund | | | | Income | | | |
| | The George | 8,117,687 | 7,717,876 | (5%) | Putnam Global | 25,590 | 23,475 | (8%) | Putnam Fund of | | | | Consumer Fund* | | | | Boston | | | | | | | |
| | Putnam Global | 36,366 | 33,361 | (8%) | Putnam Global | 43,812 | 40,192 | (8%) | Energy Fund* | | | | Financials Fund* | | | |
| | Putnam Global | 7,298,716 | 7,354,171 | 1% | Putnam Global | 873,549 | 701,537 | (20%) | Health Care | | | | Income Trust | | | | Fund | | | | | | | |
| | Putnam Global | 23,481 | 21,541 | (8%) | Putnam Global | 2,539,677 | 2,329,833 | (8%) | Industrials | | | | Natural Resources | | | | Fund* | | | | Fund | | | |
| | Putnam Global | 34,665 | 31,801 | (8%) | Putnam Global | 20,837 | 19,115 | (8%) | Technology | | | | Telecommunications | | | | Fund* | | | | Fund* | | | |
| | Putnam Global | 2,220,135 | 2,036,693 | (8%) | Putnam High Yield | 4,304,431 | 3,691,323 | (14%) | Utilities Fund | | | | Advantage Fund | | | |
|
| | | | | | | | | | | Difference | | | | Difference | | Actual | Pro Forma | Between Pro | | Actual | Pro Forma | Between Pro | | Management | Management | Forma and | | Management | Management | Forma and | | Fee Before | Fee Before | Actual | | Fee Before | Fee Before | Actual | | Waiver | Waiver | Management | | Waiver | Waiver | Management | | | | Fee Before | | | | Fee Before | Fund | ($) | ($) | Waiver | Fund | ($) | ($) | Waiver |
| | Putnam High | 7,427,497 | 6,803,349 | (8%) | Putnam Income | 5,763,846 | 3,944,646 | (32%) | Yield Trust | | | | Fund | | | |
| | Putnam Income | 244,094 | 203,537 | (17%) | Putnam Investors | 8,162,666 | 8,196,405 | 0% | Strategies Fund | | | | Fund | | | |
| | Putnam | 1,353,857 | 1,224,324 | (10%) | Putnam Michigan | 421,579 | 381,244 | (10%) | Massachusetts | | | | Tax Exempt Income | | | | Tax Exempt | | | | Fund | | | | Income Fund | | | | | | | |
| | Putnam Mid Cap | 3,489,388 | 3,001,679 | (14%) | Putnam Minnesota | 442,012 | 399,722 | (10%) | Value Fund | | | | Tax Exempt Income | | | | | | | | Fund | | | |
| | Putnam Money | 8,921,077 | 8,758,378 | (2%) | Putnam New Jersey | 1,059,094 | 957,763 | (10%) | Market Fund | | | | Tax Exempt Income | | | | | | | | Fund | | | |
| | Putnam New | 5,301,283 | 4,794,074 | (10%) | Putnam Ohio Tax | 747,810 | 676,262 | (10%) | York Tax | | | | Exempt Income | | | | Exempt Income | | | | Fund | | | | Fund | | | | | | | |
| | Putnam | 857,967 | 775,879 | (10%) | Putnam Research | 1,391,562 | 1,224,921 | (12%) | Pennsylvania | | | | Fund | | | | Tax Exempt | | | | | | | | Income Fund | | | | | | | |
| | Putnam Small | 1,374,421 | 1,103,251 | (20%) | Putnam Tax Exempt | 5,558,979 | 5,027,114 | (10%) | Cap Value Fund | | | | Income Fund | | | |
| | Putnam Tax | 311,346 | 209,059 | (33%) | Putnam Tax-Free | 4,319,194 | 4,251,483 | (2%) | Exempt Money | | | | High Yield Fund | | | | Market Fund | | | | | | | |
| | Putnam U.S. | 6,244,584 | 5,104,619 | (18%) | Putnam VT | 986,497 | 625,533 | (37%) | Government | | | | American | | | | Income Trust | | | | Government Income | | | | | | | | Fund | | | |
| | Putnam VT | 135,730 | 134,093 | (1%) | Putnam VT | 2,761,781 | 2,217,954 | (20%) | Capital | | | | Diversified Income | | | | Opportunities | | | | Fund | | | | Fund | | | | | | | |
| | Putnam VT | 2,338,026 | 1,770,287 | (24%) | Putnam VT The | 1,354,098 | 1,129,446 | (17%) | Equity Income | | | | George Putnam | | | | Fund | | | | Fund of Boston | | | |
| | Putnam VT | 1,413,272 | 1,235,930 | (13%) | Putnam VT Global | 1,793,710 | 1,596,764 | (11%) | Global Asset | | | | Equity Fund | | | | Allocation Fund | | | | | | | |
| | Putnam VT | 894,705 | 820,779 | (8%) | Putnam VT Global | 1,211,221 | 1,111,143 | (8%) | Global Health | | | | Utilities Fund | | | | Care Fund | | | | | | | |
| | Putnam VT | 7,486,925 | 6,385,231 | (15%) | Putnam VT Growth | 165,523 | 135,294 | (18%) | Growth and | | | | Opportunities Fund | | | | Income Fund | | | | | | | |
| | Putnam VT High | 2,611,414 | 2,171,807 | (17%) | Putnam VT Income | 2,728,079 | 1,729,861 | (37%) | Yield Fund | | | | Fund | | | |
|
| | | | | | | | | | | Difference | | | | Difference | | Actual | Pro Forma | Between Pro | | Actual | Pro Forma | Between Pro | | Management | Management | Forma and | | Management | Management | Forma and | | Fee Before | Fee Before | Actual | | Fee Before | Fee Before | Actual | | Waiver | Waiver | Management | | Waiver | Waiver | Management | | | | Fee Before | | | | Fee Before | Fund | ($) | ($) | Waiver | Fund | ($) | ($) | Waiver |
| | Putnam VT | 4,309,215 | 3,875,396 | (10%) | Putnam VT | 1,292,817 | 1,150,868 | (11%) | International | | | | International | | | | Equity Fund | | | | Growth and Income | | | | | | | | Fund | | | |
| | Putnam VT | 719,255 | 677,654 | (6%) | Putnam VT | 1,617,723 | 1,423,998 | (12%) | International | | | | Investors Fund | | | | New | | | | | | | | Opportunities | | | | | | | | Fund | | | | | | | |
| | Putnam VT Mid | 230,997 | 198,711 | (14%) | Putnam VT Money | 1,820,143 | 1,222,172 | (33%) | Cap Value Fund | | | | Market Fund | | | |
| | Putnam VT New | 3,590,741 | 2,947,339 | (18%) | Putnam VT | 410,841 | 361,642 | (12%) | Opportunities | | | | Research Fund | | | | Fund | | | | | | | |
| | Putnam VT | 1,800,558 | 1,445,311 | (20%) | Putnam VT Vista | 1,080,683 | 1,001,147 | (7%) | Small Cap Value | | | | Fund | | | | Fund | | | | | | | |
| | Putnam VT | 5,616,500 | 4,879,108 | (13%) | | | | | Voyager Fund | | | | | | | |
|
*Reflects twelve months of operations for comparative purposes. The fund has not completed twelve months of activity as of June 30, 2009.
| | | | | | | | FUNDS SUBJECT TO PROPOSALS 2.A., 2.B., and 2.C. | | | | Actual | Pro Forma | Difference | Pro Forma | Difference | Pro Forma | Difference | | Management | Management | Between Pro | Management | Between Pro | Management | Between Pro | Fund | Fee Before | Fee Before | Forma (with | Fee Before | Forma (with | Fee Before | Forma (with | | Waiver | Waiver | both Fund | Waiver | Fund Family | Waiver | performance | | | (with both | Family | (with Fund | breakpoints | (with | fees only) and | | ($) | Fund Family | breakpoints | Family | only) and | performance | Actual | | | breakpoints | and | breakpoints | Actual | fees only) | Management | | | and | performance | only) | Management | | Fee Before | | | performance | fees) and | | Fee Before | ($) | Waiver | | | fees) | Actual | ($) | Waiver | | | | | | Management | | | | | | | ($) | Fee Before | | | | | | | | Waiver | | | | |
| | | Putnam Asia | 51,461 | 48,485 | (6%) | 48,485 | (6%) | 51,461 | 0% | Pacific Equity | | | | | | | | Fund*† | | | | | | | |
| | Putnam | 136,095 | 128,223 | (6%) | 128,223 | (6%) | 136,095 | 0% | Emerging | | | | | | | | Markets Equity | | | | | | | | Fund*† | | | | | | | |
| | Putnam Europe | 1,559,898 | 1,235,365 | (21%) | 1,388,625 | (11%) | 1,406,638 | (10%) | Equity Fund | | | | | | | |
| | Putnam Global | 6,533,376 | 5,825,325 | (11%) | 6,138,199 | (6%) | 6,220,503 | (5%) | Equity Fund | | | | | | | |
| | Putnam Growth | 2,048,300 | 1,327,966 | (35%) | 1,674,227 | (18%) | 1,702,040 | (17%) | Opportunities | | | | | | | | Fund | | | | | | | |
| | Putnam | 9,690,640 | 10,553,112 | 9% | 9,632,926 | (1%) | 10,610,825 | 9% | International | | | | | | | | Capital | | | | | | | | Opportunities | | | | | | | | Fund | | | | | | | |
| | Putnam | 12,478,979 | 11,106,042 | (11%) | 12,734,612 | 2% | 10,850,409 | (13%) | International | | | | | | | | Equity Fund | | | | | | | |
| | Putnam | 2,818,248 | 2,031,558 | (28%) | 2,508,810 | (11%) | 2,340,996 | (17%) | International | | | | | | | | Growth and | | | | | | | | Income Fund | | | | | | | |
| | | | | | | | | Actual | Pro Forma | Difference | Pro Forma | Difference | Pro Forma | Difference | | Management | Management | Between Pro | Management | Between Pro | Management | Between Pro | Fund | Fee Before | Fee Before | Forma (with | Fee Before | Forma (with | Fee Before | Forma (with | | Waiver | Waiver | both Fund | Waiver | Fund Family | Waiver | performance | | | (with both | Family | (with Fund | breakpoints | (with | fees only) and | | ($) | Fund Family | breakpoints | Family | only) and | performance | Actual | | | breakpoints | and | breakpoints | Actual | fees only) | Management | | | and | performance | only) | Management | | Fee Before | | | performance | fees) and | | Fee Before | ($) | Waiver | | | fees) | Actual | ($) | Waiver | | | | | | Management | | | | | | | ($) | Fee Before | | | | | | | | Waiver | | | | |
| | | Putnam | 3,824,983 | 3,313,245 | (13%) | 3,603,753 | (6%) | 3,534,476 | (8%) | International | | | | | | | | New | | | | | | | | Opportunities | | | | | | | | Fund | | | | | | | |
| | Putnam New | 13,536,435 | 11,629,950 | (14%) | 13,487,492 | 0% | 11,678,893 | (14%) | Opportunities | | | | | | | | Fund | | | | | | | |
| | Putnam Small | 1,330,666 | 619,906 | (53%) | 854,503 | (36%) | 1,096,070 | (18%) | Cap Growth | | | | | | | | Fund | | | | | | | |
| | Putnam Vista | 5,575,894 | 4,449,820 | (20%) | 5,557,288 | 0% | 4,468,426 | (20%) | Fund | | | | | | | |
| | Putnam Voyager | 16,015,841 | 12,924,708 | (19%) | 16,324,733 | 2% | 12,615,816 | (21%) | Fund | | | | | | | |
*Reflects twelve months of operations for comparative purposes. The fund has not completed twelve months of activity as of June 30, 2009. †Performance period for this fund is less than twelve months. No performance fee can be calculated.
Appendix M–Current Fundamental Investment Restrictions with Respect to Investments in Commodities | | Putnam Absolute Return 100 Fund | Putnam Global Consumer Fund | Putnam Absolute Return 300 Fund | Putnam Global Energy Fund | Putnam Absolute Return 500 Fund | Putnam Global Financials Fund | Putnam Absolute Return 700 Fund | Putnam Global Industrials Fund | Putnam Capital Spectrum Fund | Putnam Global Technology Fund | Putnam Emerging Markets Equity Fund | Putnam Global Telecommunications Fund | Putnam Equity Spectrum Fund | |
“Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. (This restriction shall not prevent the fund from purchasing or selling financial instruments representing interests in commodities or the values of which are determined by reference to commodities, but which do not involve the delivery of physical commodities to or by the fund, or from entering into financial futures contracts, options, foreign exchange contracts and other financial transactions.)” Putnam Advisory Company, LLC for PutnamAsia Pacific Equity Fund Putnam Income Strategies Fund Putnam VT Global Asset Allocation Fund “Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. This restriction shall not prevent the fund from purchasing or selling financial instruments representing interests in commodities (or the values of which are determined by reference to commodities), but which do not involve the delivery of physical commodities to or by the fund, or from entering into financial futures contracts, options, foreign exchange contracts and other financial transactions.” Putnam Asset Allocation: Equity Portfolio “Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. This restriction shall not prevent the fund from purchasing or selling financial instruments representing interests in commodities or the values of which are determined by reference to commodities, but which do not involve the delivery of physical commodities to or by the fund, or from entering into financial futures contracts, options, foreign exchange contracts and other financial transactions.” Putnam Asset Allocation: Balanced Portfolio Putnam Asset Allocation: Conservative Portfolio Putnam Asset Allocation: Growth Portfolio “Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. This restriction shall not prevent the fund from purchasing or selling financial instruments representing interests in commodities (or the values of which are determined by reference to commodities), but which do not involve the delivery of physical commodities to or by the fund, or from entering into foreign exchange contracts and other financial transactions.”
Putnam Global Health Care Fund Putnam Global Natural Resources Fund Putnam Global Utilities Fund Putnam VT Global Health Care Fund Putnam VT Global Utilities Fund “Purchase or sell commodities or commodity contracts, except that the fund may purchase and sell financial futures contracts and options and may enter into foreign exchange contracts and other financial transactions not involving physical commodities.”
Appendix N–Current Fundamental Investment Restrictions with Respect to Diversification of Investments Putnam Europe Equity Fund Putnam International Equity Fund “With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities.” Putnam New Opportunities Fund “With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest and principal by the U.S. government or its agencies or instrumentalities.” Putnam Global Utilities Fund “With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies.” Putnam Growth Opportunities Fund Putnam International Capital Opportunities Fund “With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its political subdivisions.”
Appendix O–Current Fundamental Investment Restrictions with Respect to Borrowing In July 2006, the Trustees approved a sub-advisory contract among Putnam Management, PIL and The Europe Equity Fund Putnam Advisory Company, LLC (“PAC”) for Growth Opportunities Fund Putnam International Capital Opportunities Fund Putnam International Equity Fund. Fund Putnam New Jersey Tax Exempt Income Fund Putnam New Opportunities Fund
“Borrow money in excess of 10% of the value (taken at the lower of cost or current value) of its total assets (not including the amount borrowed) at the time the borrowing is made, and then only from banks as a temporary measure to facilitate the meeting of redemption requests (not for leverage) which might otherwise require the untimely disposition of portfolio investments or for extraordinary or emergency purposes. Such borrowings will be repaid before any additional investments are purchased.” Putnam Global Natural Resources Fund “Borrow money, except for temporary or emergency purposes and then in an amount not in excess of 5% of the market value of its total assets (not including the amount borrowed).” Putnam Vista Fund “Borrow money in excess of 10% of its net assets (taken at current value) and then only as a temporary measure for extraordinary or emergency reasons and not for investment purposes. (The fund may borrow only from banks and immediately after any such borrowings there must be an asset coverage (total assets of the fund including the amount borrowed less liabilities other than such borrowings) of at least 300% of the amount of all borrowings. In the event that, due to market decline or other reasons, such asset coverage should at any time fall below 300%, the fund is required within three days not including Sundays and holidays to reduce the amount of its borrowings to the extent necessary to cause the asset coverage of such borrowings to be at least 300%. If this should happen, the fund may have to sell securities at a time when it would be disadvantageous to do so.)”
Appendix P–Current Declaration of Trust Provisions with Respect to the Duration of the Trust The Contractproposed language in Proposal 4.A. would replace the following excerpts from each fund’s Declaration of Trust.
The George Putnam Fund of Boston Article VI Miscellaneous Termination of Trust Section 3. This Trust shall terminate in any event upon the expiration of twenty-one (21) years after the death of the following persons, being the Trustees named herein and their children now living: George Putnam, Charles M. Werly, S.H. Cunningham, Barbara Putnam, Katharine Putnam, Elizabeth Lowell Putnam, George Putnam, Jr., Helen Harte Putnam, Spurgeon Haddon Cunningham, Jr., James Hugh Cunningham, Nancy Jane Cunningham, John McKee Cunningham, Barbara Ann Cunningham, Cornelia Cunningham, Paul Gilmore Cunningham, Perry Oliver Cunningham, provided, however, that the Trustees shall have the power and authority to terminate this Trust at an earlier date by an instrument in writing setting forth such termination and by written notice thereof mailed, postage pre-paid, to the beneficiaries at their addresses as the same appear upon the records of the Trustees. Upon termination of this Trust either by expiration or otherwise the Trustees shall make provision for the payment of the expenses and liabilities of the Trust and of the Trustees and upon the surrender of the certificates representing the shares of this Trust then outstanding distribute the remaining assets, or sell and dispose of all or any part thereof and distribute the net proceeds thereof in cash and/or securities among the holders of such shares in proportion to their holdings, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of shares of the Trust, provided that any distribution to the beneficiaries of a particular class of shares shall be made to such beneficiaries pro rata in proportion to the number of shares of such class held by each of them.
The Putnam Fund for Growth and Income Article VI Termination of Trust
Section 3. This Trust shall terminate in any event upon the expiration of twenty-one (21) years after the death of the last survivor of the six original Trustees named hereunder and of their children living as of October 1, 1957, provided, however, that the Trustees shall have the power and authority to terminate this Trust at an earlier date by an instrument in writing setting forth such termination and by written notice thereof mailed, postage prepaid, to the beneficiaries at their addresses as the same appear upon the records of the Trustees. Upon the termination of this Trust either by expiration or otherwise the Trustees shall make provision for the payment of the expenses and liabilities of the Trust and of the Trustees and upon the surrender of the certificates representing the shares of this Trust then outstanding distribute the remaining assets, or sell and dispose of all or any part thereof and distribute the net proceeds thereof in cash and securities, or both, among the holders of such shares in proportion to their holdings, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of shares of the Trust, provided that any distribution to the beneficiaries of a particular class of shares shall be made to such beneficiaries pro rata in proportion to the number of shares of such class held by each of them.
Putnam Money Market Fund Article IX Miscellaneous Termination of Trust Section 4. The Trust may be terminated at any time by the Trustees by written notice to the Shareholders, and if not terminated earlier, shall terminate twenty years after the death of the last survivor of the initial Trustees and the following persons: Ted Lawrence Benjamin, born October 7, 1966 Michael Steven Benjamin, born March 10, 1963 Robert Andrew Benjamin, born September 4, 1960 164 Prospect Street Belmont, Massachusetts (Children of Edward A. Benjamin)
Sarah Caroline Ellis, born August 11, 1974 45 Leewood Road Wellesley, Massachusetts (Daughter of Douglass N. Ellis, Jr.)
Russell A. Gaudreau, born July 3, 1972 302 Commonwealth Avenue Boston, Massachusetts (Son of Russell A. Gaudreau, Jr.)
Catherine Annesley Hanlon, born February 3, 1965 Susan Nelson Hanlon, born March 8, 1967 Jonathan Roger Hanlon, born December 21, 1970 Jennifer LaTourette Hanlon, born October 16, 1975 13 Moulton Duxbury, Massachusetts (Children of Francis X. Hanlon)
Eloise Paul Lawrence, born June 2, 1973 Abbott Wells Lawrence, born August 22, 1970 25 West Cedar Street Boston, Massachusetts (Children of Edward P. Lawrence)
Sarah Edgerly Pike, born September 26, 1967 William Abbott Pike, born August 2, 1966 Margaret Pike, born August 10, 1962 Susan Wendell Pike, born December 19, 1960 John Richmond Pike, born June 13, 1959 Conant Road Lincoln, Massachusetts (Children of John A. Pike)
Putnam Tax Exempt Income Fund Article IX Miscellaneous Termination of Trust Section 4. The Trust may be terminated at any time by the Trustees by written notice to the Shareholders, and if not terminated earlier, shall terminate twenty years after the death of the last survivor of the initial Trustees and the following persons: Ted Lawrence Benjamin, born October 7, 1966 Michael Steven Benjamin, born March 10, 1963 Robert Andrew Benjamin, born September 4, 1960 164 Prospect Street Belmont, Massachusetts (Children of Edward A. Benjamin)
Steven Yard Davenport, born May 22, 1975 27 Bogle Street Weston, Massachusetts (Son of David S. Davenport)
Sarah Caroline Ellis, born August 11, 1974 45 Leewood Road Wellesley, Massachusetts (Daughter of Douglass N. Ellis, Jr.)
Russell A. Gaudreau, born July 3, 1972 302 Commonwealth Avenue Boston, Massachusetts (Son of Russell A. Gaudreau, Jr.)
Catherine Annesley Hanlon, born February 3, 1965 Susan Nelson Hanlon, born March 8, 1967 Jonathan Roger Hanlon, born December 21, 1970 Jennifer LaTourette Hanlon, born October 16, 1975 13 Moulton Road Duxbury, Massachusetts (Children of Francis X. Hanlon)
Eloise Paul Lawrence, born June 2, 1973 Abbott Wells Lawrence, born August 22, 1970 25 West Cedar Street Boston, Massachusetts (Children of Edward P. Lawrence)
Sarah Edgerly Pike, born September 26, 1967 William Abbott Pike, born August 2, 1966 Margaret Pike, born August 10, 1962 Susan Wendell Pike, born December 19, 1960 John Richmond Pike, born June 13, 1959 Conant Road Lincoln, Massachusetts (Children of John A. Pike)
APPENDIX Q – Independent Public Accountants As listed below, the Trustees have selected PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts 02110, or KPMG, 99 High Street, Boston, Massachusetts 02110, as the independent registered public accounting firm for each fund’s current fiscal year. These firms are among the country’s preeminent independent registered public accounting firms. Each firm was selected primarily on the basis of its expertise as auditors of investment companies, the quality of its audit services and the competitiveness of its fees. Representatives of each of PricewaterhouseCoopers LLP and KPMG LLP are expected to be present at the meeting and to have the opportunity to make a statement and respond to appropriate questions. The following table presents fees billed to each indicated fund in each of its last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009) by PricewaterhouseCoopers LLP: | | | | | Putnam American | Putnam AMT-Free | Putnam Asset Allocation: | | Government Income Fund | Municipal Fund | Balanced Portfolio |
| | Audit Fees | Sept. 30, 2008 -- $123,407 | July 31, 2008 -- $72,501 | Sept. 30, 2008 -- $253,212 | |
| | Sept. 30, 2007 -- $87,131 | July 31, 2007 -- $67,036 | Sept. 30, 2007 -- $205,254 |
| Audit-Related Fees | Sept. 30, 2008 -- $0 | July 31, 2008 -- $0 | Sept. 30, 2008 -- $0 | |
| | Sept. 30, 2007 -- $78 | July 31, 2007 -- $10 | Sept. 30, 2007 -- $143 |
| Tax Fees | Sept. 30, 2008 -- $6,126 | July 31, 2008 -- $7,408 | Sept. 30, 2008 -- $22,753 | |
| | Sept. 30, 2007 -- $5,389 | July 31, 2007 -- $6,774 | Sept. 30, 2007 -- $20,703 |
| All Other Fees * | Sept. 30, 2008 -- $196 | July 31, 2008 -- $87 | Sept. 30, 2008 -- $684 | |
| | Sept. 30, 2007 -- $237 | July 31, 2007 -- $169 | Sept. 30, 2007 -- $2,919 |
|
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam American Government Income Fund: $196 and $175. Putnam AMT-Free Municipal Fund: $87 and $41. Putnam Asset Allocation: Balanced Portfolio: $684 and $562. These fees were reimbursed to the fund by Putnam Investment Management, LLC (“Putnam Management”). | | | | | Putnam Asset Allocation: | Putnam Asset Allocation: | Putnam Capital | | Conservative Portfolio | Growth Portfolio | Opportunities Fund |
| | Audit Fees | Sept. 30, 2008 -- $224,421 | Sept. 30, 2008 -- $261,803 | April 30, 2009 -- $78,270 | |
| | Sept. 30, 2007 -- $172,380 | Sept. 30, 2007 -- $207,427 | April 30, 2008 -- $82,521 |
| Audit-Related Fees | Sept. 30, 2008 -- $0 | Sept. 30, 2008 -- $0 | April 30, 2009 -- $0 | |
| | Sept. 30, 2007 -- $36 | Sept. 30, 2007 -- $231 | April 30, 2008 -- $0 |
| Tax Fees | Sept. 30, 2008 -- $21,548 | Sept. 30, 2008 -- $26,627 | April 30, 2009 -- $3,584 | |
| | Sept. 30, 2007 -- $20,703 | Sept. 30, 2007 -- $21,401 | April 30, 2008 -- $3,421 |
| All Other Fees * | Sept. 30, 2008 -- $318 | Sept. 30, 2008 -- $768 | April 30, 2009 -- $866 | |
| | Sept. 30, 2007 -- $2,612 | Sept. 30, 2007 -- $1,866 | April 30, 2008 -- $590 |
|
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Asset Allocation: Conservative Portfolio: $318 and $259. Putnam Asset Allocation: Growth Portfolio: $768 and $575. Putnam Capital Opportunities Fund: $866 and $890. These fees were reimbursed to the fund by Putnam Management. | | | | | Putnam Europe Equity | The Putnam Fund for | The George Putnam | | Fund | Growth and Income | Fund of Boston |
| | Audit Fees | June 30, 2009 -- $[ ] | Oct. 31, 2008 -- $309,209 | July 31, 2008 -- $338,593 | |
| | June 30, 2008 -- $82,622 | Oct. 31, 2007 -- $366,894 | July 31, 2007 -- $261,656 |
| Audit-Related Fees | June 30, 2009 $[ ] | Oct. 31, 2008 -- $0 | July 31, 2008 -- $0 | |
| | June 30, 2008 -- $0 | Oct. 31, 2007 -- $1,454 | July 31, 2007 -- $313 |
| Tax Fees | June 30, 2009 -- $[ ] | Oct. 31, 2008 -- $5,892 | July 31, 2008 -- $12,755 | |
| | June 30, 2008 -- $5,245 | Oct. 31, 2007 -- $6,883 | July 31, 2007 -- $9,550 |
| All Other Fees * | June 30, 2009 -- $[ ] | Oct. 31, 2008 -- $3,975 | July 31, 2008 -- $1,247 | |
| | June 30, 2008 -- $161 | Oct. 31, 2007 -- $5,019 | July 31, 2007 -- $4,535 |
|
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Europe Equity Fund: $[ ] and $161. The Putnam Fund for Growth and Income: $3,975 and $3,707. The George Putnam Fund of Boston: $1,247 and $2,992. These fees were reimbursed to the fund by Putnam Management. | | | | | Putnam Global Health | Putnam Global Income | Putnam Global Utilities | | Care Fund | Trust | Fund |
| | Audit Fees | Aug. 31, 2008 -- $95,606 | Oct. 31, 2008 -- $177,421 | Oct. 31, 2008 -- $76,808 | |
| | Aug. 31, 2007 -- $92,222 | Oct. 31, 2007 -- $129,686 | Oct. 31, 2007 -- $72,341 |
| Audit-Related Fees | Aug. 31, 2008 -- $0 | Oct. 31, 2008 -- $0 | Oct. 31, 2008 -- $0 | |
| | Aug. 31, 2007 -- $352 | Oct. 31, 2007 -- $19 | Oct. 31, 2007 -- $64 |
| Tax Fees | Aug. 31, 2008 -- $11,409 | Oct. 31, 2008 -- $17,046 | Oct. 31, 2008 -- $6,412 | |
| | Aug. 31, 2007 -- $9,154 | Oct. 31, 2007 -- $10,836 | Oct. 31, 2007 -- $11,470 |
| All Other Fees * | Aug. 31, 2008 -- $572 | Oct. 31, 2008 -- $36 | Oct. 31, 2008 -- $177 | |
| | Aug. 31, 2007 -- $748 | Oct. 31, 2007 -- $43 | Oct. 31, 2007 -- $218 |
|
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Global Health Care Fund: $575 and $555. Putnam Global Income Trust: $36 and $31. Putnam Global Utilities Fund: $177 and $159. These fees were reimbursed to the fund by Putnam Management.
| | | | | Putnam Income | Putnam International | Putnam International | | Strategies Fund | Capital Opportunities | Equity Fund | | | Fund | |
| | Audit Fees | Feb. 28, 2009 -- $101,699 | Aug. 31, 2008 -- $116,023 | June 30, 2009 -- $[ ] | |
| | Feb. 29, 2008 -- $92,828 | Aug. 31, 2007 -- $95,986 | June 30, 2008 -- $232,792 |
| Audit-Related Fees | Feb. 28, 2009 -- $0 | Aug. 31, 2008 -- $0 | June 30, 2009 -- $[ ] | |
| | Feb. 29, 2008 -- $0 | Aug. 31, 2007 -- $225 | June 30, 2008 -- $0 |
| Tax Fees | Feb. 28, 2009 -- $5,084 | Aug. 31, 2008 -- $12,165 | June 30, 2009 -- $[ ] | |
| | Feb. 29, 2008 -- $4,581 | Aug. 31, 2007 -- $12,443 | June 30, 2008 -- $19,434 |
| All Other Fees * | Feb. 28, 2009 -- $0 | Aug. 31, 2008 -- $621 | June 30, 2009 -- $[ ] |
| | Feb. 29, 2008 -- $0 | Aug. 31, 2007 -- $638 | June 30, 2008 -- $2,012 |
|
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam International Capital Opportunities Fund: $621 and $466. Putnam International Equity Fund: $[ ] and $2,012. These fees were reimbursed to the fund by Putnam Management. | | | | | Putnam International | Putnam International | Putnam Massachusetts | | Growth and Income | New Opportunities Fund | Tax Exempt Income | | Fund | | Fund |
| | Audit Fees | June 30, 2009 -- $[ ] | Sept. 30, 2008 -- $85,862 | May 31, 2009 -- $64,228 | |
| | June 30, 2008 -- $88,373 | Sept. 30, 2007 -- $80,538 | May 31, 2008 -- $57,166 |
| Audit-Related Fees | June 30, 2009 -- $[ ] | Sept. 30, 2008 -- $0 | May 31, 2009 -- $0 | |
| | June 30, 2008 -- $0 | Sept. 30, 2007 -- $155 | May 31, 2008 -- $0 |
| Tax Fees | June 30, 2009 -- $[ ] | Sept. 30, 2008 -- $11,446 | May 31, 2009 -- $8,044 | |
| | June 30, 2008 -- $8,623 | Sept. 30, 2007 -- $12,085 | May 31, 2008 -- $7,620 |
| All Other Fees * | June 30, 2009 -- $[ ] | Sept. 30, 2008 -- $244 | May 31, 2009 -- $523 | |
| | June 30, 2008 -- $336 | Sept. 30, 2007 -- $278 | May 31, 2008 -- $82 |
|
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam International Growth and Income Fund: $[ ] and $336. Putnam International New Opportunities Fund: $244 and $204. Putnam Massachusetts Tax Exempt Income Fund: $523 and $82. These fees were reimbursed to the fund by Putnam Management.
| | | | | Putnam Michigan Tax | Putnam Minnesota Tax | Putnam Money Market | | Exempt Income Fund | Exempt Income Fund | Fund |
| | Audit Fees | May 31, 2009 -- $55,152 | May 31, 2009 -- $57,337 | Sept. 30, 2008 -- $148,400 | |
| | May 31, 2008 -- $50,078 | May 31, 2008 -- $51,994 | Sept. 30, 2007 -- $119,165 |
| Audit-Related Fees | May 31, 2009 -- $0 | May 31, 2009 -- $0 | Sept. 30, 2008 -- $0 | |
| | May 31, 2008 -- $0 | May 31, 2008 -- $0 | Sept. 30, 2007 -- $352 |
| Tax Fees | May 31, 2009 -- $8,044 | May 31, 2009 -- $8,044 | Sept. 30, 2008 -- $2,864 | |
| | May 31, 2008 -- $7,494 | May 31, 2008 -- $7,491 | Sept. 30, 2007 -- $3,274 |
| All Other Fees * | May 31, 2009 -- $181 | May 31, 2009 -- $179 | Sept. 30, 2008 -- $1,065 | |
| | May 31, 2008 -- $32 | May 31, 2008 -- $30 | Sept. 30, 2007 -- $1,123 |
|
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Michigan Tax Exempt Income Fund: $181 and $32. Putnam Minnesota Tax Exempt Income Fund: $179 and $30. Putnam Money Market Fund: $1,065 and $1,123. These fees were reimbursed to the fund by Putnam Management. | | | | | Putnam New Jersey Tax | Putnam New | Putnam Ohio Tax | | Exempt Income Fund | Opportunities Fund | Exempt Income Fund |
| Audit Fees | May 31, 2009 -- $61,059 | June 30, 2009 -- $[ ] | May 31, 2009 -- $61,646 | |
| | May 31, 2008 -- $54,374 | June 30, 2008 -- $154,131 | May 31, 2008 -- $55,367 |
| Audit-Related Fees | May 31, 2009 -- $0 | June 30, 2009 -- $0 | May 31, 2009 -- $0 | |
| | May 31, 2008 -- $0 | June 30, 2008 -- $0 | May 31, 2008 -- $0 |
| Tax Fees | May 31, 2009 -- $8,044 | June 30, 2009 -- $[ ] | May 31, 2009 -- $8,044 | |
| | May 31, 2008 -- $7,558 | June 30, 2008 -- $3,596 | May 31, 2008 -- $7,526 |
| All Other Fees * | May 31, 2009 -- $386 | June 30, 2009 -- $[ ] | May 31, 2009 -- $291 | |
| | May 31, 2008 -- $57 | June 30, 2008 -- $1,221 | May 31, 2008 -- $44 |
|
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam New Jersey Tax Exempt Income Fund: $386 and $57. Putnam New Opportunities Fund: $[ ] and $1,221. Putnam Ohio Tax Exempt Income Fund: $291 and $44. These fees were reimbursed to the fund by Putnam Management.
| | | | | Putnam Pennsylvania | Putnam | Putnam Small Cap | | Tax Exempt Income | RetirementReady Funds | Growth Fund | | Fund | | |
| | Audit Fees | May 31, 2009 -- $59,679 | July 31, 2008 -- $162,647 | June 30, 2009 -- $[ ] | |
| | May 31, 2008 -- $53,493 | July 31, 2007 -- $130,587 | June 30, 2008 -- $69,620 |
| Audit-Related Fees | May 31, 2009 -- $0 | July 31, 2008 -- $0 | June 30, 2009 -- $[ ] | |
| | May 31, 2008 -- $0 | July 31, 2007 -- $0 | June 30, 2008 -- $0 |
| Tax Fees | May 31, 2009 -- $8,044 | July 31, 2008 -- $40,000 | June 30, 2009 -- $[ ] | |
| | May 31, 2008 -- $7,533 | July 31, 2007 -- $28,266 | June 30, 2008 -- $4,260 |
| All Other Fees * | May 31, 2009 -- $308 | July 31, 2008 -- $0 | June 30, 2009 -- $[ ] | |
| | May 31, 2008 -- $47 | July 31, 2007 -- $0 | June 30, 2008 -- $144 |
|
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Pennsylvania Tax Exempt Income Fund: $308 and $47. Putnam Small Cap Growth Fund: $[ ] and $144. These fees were reimbursed to the fund by Putnam Management. | | | | | Putnam Tax Exempt | Putnam Tax-Free High | Putnam Voyager Fund | | Money Market Fund | Yield Fund | |
| Audit Fees | Sept. 30, 2008 -- $60,542 | July 31, 2008 -- $105,371 | July 31, 2008 -- $212,512 | |
| | Sept. 30, 2007 -- $53,714 | July 31, 2007 -- $101,968 | July 31, 2007 -- $200,657 |
| Audit-Related Fees | Sept. 30, 2008 -- $0 | July 31, 2008 -- $0 | July 31, 2008 -- $0 | |
| | Sept. 30, 2007 -- $7 | July 31, 2007 -- $46 | July 31, 2007 -- $1,405 |
| Tax Fees | Sept. 30, 2008 -- $2,819 | July 31, 2008 -- $9,140 | July 31, 2008 -- $5,064 | |
| | Sept. 30, 2007 -- $2,592 | July 31, 2007 -- $7,921 | July 31, 2007 -- $4,395 |
| All Other Fees * | Sept. 30, 2008 -- $22 | July 31, 2008 -- $386 | July 31, 2008 -- $2,001 | |
| | Sept. 30, 2007 -- $27 | July 31, 2007 -- $769 | July 31, 2007 -- $11,411 |
|
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Tax Exempt Money Market Fund: $22 and $20. Putnam Tax-Free High Yield Fund: $386 and $640. Putnam Voyager Fund: $2,001 and $10,736. These fees were reimbursed to the fund by Putnam Management.
| | | | | Putnam Variable Trust | | |
| | | | | | Audit Fees | Dec. 31, 2008 -- $2,074,378 | | | |
| | | | Dec. 31, 2007 -- $1,758,423 | | |
| | | Audit-Related Fees | Dec. 31, 2008 -- $0 | | | |
| | | | Dec. 31, 2007 -- $1,953 | | |
| | | Tax Fees | Dec. 31, 2008 -- $137,860 | | | |
| | | | Dec. 31, 2007 -- $123,564 | | |
| | | All Other Fees * | Dec. 31, 2008 -- $14,222 | | | |
| | | | Dec. 31, 2007 -- $8,704 | | |
| | |
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Variable Trust: $14,222 and $8,704. These fees were reimbursed to the fund by Putnam Management. The following table presents fees billed to each indicated fund in each of its last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009) by KPMG LLP: | | | | | Putnam Arizona Tax | Putnam California Tax | Putnam Convertible | | Exempt Income Fund | Exempt Income Fund | Income-Growth Trust |
| | Audit Fees | May 31, 2009 -- $40,642 | Sept. 30, 2008 -- $53,100 | Oct. 31, 2008 -- $40,600 | |
| | May 31, 2008 -- $50,350 | Sept. 30, 2007 -- $54,050 | Oct. 31, 2007 -- $37,550 |
| Audit-Related Fees | May 31, 2009 -- $0 | Sept. 30, 2008 -- $0 | Oct. 31, 2008 -- $0 | |
| | May 31, 2008 -- $0 | Sept. 30, 2007 -- $0 | Oct. 31, 2007 -- $0 |
| Tax Fees | May 31, 2009 -- $6,100 | Sept. 30, 2008 -- $6,000 | Oct. 31, 2008 -- $3,900 | |
| | May 31, 2008 -- $5,450 | Sept. 30, 2007 -- $5,450 | Oct. 31, 2007 -- $3,550 |
| All Other Fees | May 31, 2009 -- $0 | Sept. 30, 2008 -- $0 | Oct. 31, 2008 -- $0 | |
| | May 31, 2008 -- $0 | Sept. 30, 2007 -- $0 | Oct. 31, 2007 -- $0 | | | | | Putnam Diversified | Putnam Equity Income | Putnam Floating Rate | | Income Trust | Fund | Income Fund |
| | Audit Fees | Sept. 30, 2008 -- $97,075 | Nov. 30, 2008 -- $47,200 | Feb. 28, 2009 -- $85,975 | |
| | Sept. 30, 2007 -- $80,800 | Nov. 30, 2007 -- $43,650 | Feb. 29, 2008 -- $76,750 |
| Audit-Related Fees | Sept. 30, 2008 -- $0 | Nov. 30, 2008 -- $0 | Feb. 28, 2009 -- $0 | |
| | Sept. 30, 2007 -- $0 | Nov. 30, 2007 -- $0 | Feb. 29, 2008 -- $0 |
| Tax Fees | Sept. 30, 2008 -- $6,000 | Nov. 30, 2008 -- $3,900 | Feb. 28, 2009 -- $6,550 | |
| | Sept. 30, 2007 -- $5,450 | Nov. 30, 2007 -- $3,550 | Feb. 29, 2008 -- $5,950 |
| All Other Fees | Sept. 30, 2008 -- $0 | Nov. 30, 2008 -- $0 | Feb. 28, 2009 -- $0 | |
| | Sept. 30, 2007 -- $0 | Nov. 30, 2007 -- $0 | Feb. 29, 2008 -- $0 |
|
| | | | | Putnam Global Equity | Putnam Global Natural | Putnam Growth | | Fund | Resources Fund | Opportunities Fund |
| | Audit Fees | Oct. 31, 2008 -- $54,050 | Aug. 30, 2008 -- $43,100 | July 31, 2008 -- $40,600 | |
| | Oct. 31, 2007 -- $49,950 | Aug. 30, 2007 -- $39,850 | July 31, 2007 -- $38,701* |
| Audit-Related Fees | Oct. 31, 2008 -- $0 | Aug. 30, 2008 -- $0 | July 31, 2008 -- $0 | |
| | Oct. 31, 2007 -- $0 | Aug. 30, 2007 -- $0 | July 31, 2007 -- $0 |
| Tax Fees | Oct. 31, 2008 -- $4,450 | Aug. 30, 2008 -- $3,900 | July 31, 2008 -- $3,900 | |
| | Oct. 31, 2007 -- $4,050 | Aug. 30, 2007 -- $3,550 | July 31, 2007 -- $3,550 |
| All Other Fees | Oct. 31, 2008 -- $0 | Aug. 30, 2008 -- $0 | July 31, 2008 -- $0 | |
| | Oct. 31, 2007 -- $0 | Aug. 30, 2007 -- $0 | July 31, 2007 -- $0 |
|
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters. Putnam Growth Opportunities Fund: $1,151 These fees were reimbursed to the fund by Putnam Management. | | | | | Putnam High Yield | Putnam High Yield | Putnam Income Fund | | Advantage Fund | Trust | |
| | Audit Fees | Nov. 30, 2008 -- $75,475 | Aug. 31, 2008 -- $66,000 | Oct. 31, 2008 -- $100,675 | |
| | Nov. 30, 2007 -- $69,650 | Aug. 31, 2007 -- $61,050 | Oct. 31, 2007 -- $93,178 |
| Audit-Related Fees | Nov. 30, 2008 -- $0 | Aug. 31, 2008 -- $0 | Oct. 31, 2008 -- $0 | |
| | Nov. 30, 2007 -- $0 | Aug. 31, 2007 -- $0 | Oct. 31, 2007 -- $0 |
| Tax Fees | Nov. 30, 2008 -- $4,200 | Aug. 31, 2008 -- $6,000 | Oct. 31, 2008 -- $6,000 | |
| | Nov. 30, 2007 -- $3,800 | Aug. 31, 2007 -- $5,450 | Oct. 31, 2007 -- $5,450 |
| All Other Fees | Nov. 30, 2008 -- $0 | Aug. 31, 2008 -- $0 | Oct. 31, 2008 -- $0 | |
| | Nov. 30, 2007 -- $0 | Aug. 31, 2007 -- $0 | Oct. 31, 2007 -- $0 | | | | | Putnam Investors Fund | Putnam Mid Cap Value | Putnam New York Tax | | | Fund | Exempt Income Fund |
| | Audit Fees | July 31, 2008 -- $43,900 | April 30, 2009 -- $40,925 | Nov. 30, 2008 -- $57,500 | |
| | July 31, 2007 -- $47,174 * | April 30, 2008 -- $37,550 | Nov. 30, 2007 -- $58,450 |
| Audit-Related Fees | July 31, 2008 -- $0 | April 30, 2009 -- $0 | Nov. 30, 2008 -- $0 | |
| | July 31, 2007 -- $0 | April 30, 2008 -- $0 | Nov. 30, 2007 -- $0 |
| Tax Fees | July 31, 2008 -- $3,900 | April 30, 2009 -- $3,900 | Nov. 30, 2008 -- $6,000 | |
| | July 31, 2007 -- $3,550 | April 30, 2008 -- $3,550 | Nov. 30, 2007 -- $5,450 |
| All Other Fees | July 31, 2008 -- $0 | April 30, 2009 -- $0 | Nov. 30, 2008 -- $0 | |
| | July 31, 2007 -- $0 | April 30, 2008 -- $0 | Nov. 30, 2007 -- $0 |
|
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters. Putnam Investors Fund: $6,624 These fees were reimbursed to the fund by Putnam Management.
| | | | | Putnam Research Fund | Putnam Small Cap Value | Putnam Tax Exempt | | | Fund | Income Fund |
| | Audit Fees | July 31, 2008 -- $42,000 | Feb. 28, 2009 -- $44,412 | Sept. 30, 2008 -- $53,100 | |
| | July 31, 2007 -- $40,321 * | Feb. 29, 2008 -- $42,050 | Sept. 30, 2007 -- $59,050 |
| Audit-Related Fees | July 31, 2008 -- $0 | Feb. 28, 2009 -- $0 | Sept. 30, 2008 -- $0 | |
| | July 31, 2007 -- $0 | Feb. 29, 2008 -- $0 | Sept. 30, 2007 -- $10,635 ** |
| Tax Fees | July 31, 2008 -- $3,900 | Feb. 28, 2009 -- $3,900 | Sept. 30, 2008 -- $6,000 | |
| | July 31, 2007 -- $3,550 | Feb. 29, 2008 -- $3,550 | Sept. 30, 2007 -- $5,450 |
| All Other Fees | July 31, 2008 -- $0 | Feb. 28, 2009 -- $0 | Sept. 30, 2008 -- $0 | |
| | July 31, 2007 -- $0 | Feb. 29, 2008 -- $0 | Sept. 30, 2007 -- $0 |
|
* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters. Putnam Research Fund: $6,624 These fees were reimbursed to the fund by Putnam Management. **Fees billed to the fund for services relating to a fund merger. | | | | | Putnam U.S. | Putnam Vista Fund | | | Government Income | | | | Trust | | |
| | | | Audit Fees | Sept. 30, 2008 -- $90,725 | July 31, 2008 -- $40,600 | | |
| | | Sept. 30, 2007 -- $85,073 | July 31, 2007 -- $41,778 | |
| | Audit-Related Fees | Sept. 30, 2008 -- $0 | July 31, 2008 -- $0 | | |
| | | Sept. 30, 2007 -- $15,818 ** | July 31, 2007 -- $0 | |
| | Tax Fees | Sept. 30, 2008 -- $4,450 | July 31, 2008 -- $3,900 | | |
| | | Sept. 30, 2007 -- $4,050 | July 31, 2007 -- $3,550 | |
| | All Other Fees | Sept. 30, 2008 -- $0 | July 31, 2008 -- $0 | | |
| | | Sept. 30, 2007 -- $0 | July 31, 2007 -- $0 | |
| |
**Fees billed to the fund for services relating to a fund merger. As of the date of this proxy statement, the following funds had not yet completed a full fiscal year of operations: Putnam Absolute Return 500 Fund, Putnam Absolute Return 700 Fund, Putnam Asset Allocation: Equity Portfolio, and Putnam Capital Spectrum Fund (each audited by PricewaterhouseCoopers LLP); and Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam Asia Pacific Equity Fund, Putnam Equity Spectrum Fund, Putnam Emerging Markets Equity Fund, Putnam Global Consumer Fund, Putnam Global Energy Fund, Putnam Global Financials Fund, Putnam Global Industrials Fund, Putnam Global Technology Fund, Putnam Global Telecommunications Fund, and Putnam Money Market Liquidity Fund (each audited by KPMG LLP). Audit Fees represent fees billed for a fund’s last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.
Audit-Related Fees represent fees billed in a fund’s last two fiscal years for services traditionally performed by the fund’s independent registered public accounting firm, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation. Tax Fees represent fees billed in a fund’s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities. All Other Fees represent fees billed for services relating to analysis of proposed market timing distributions, recordkeeping fees and regulatory and litigation matters. The following tables present the amounts the independent auditors billed for aggregate non-audit fees to each fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund in each of the fund’s last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009): PricewaterhouseCoopers LLP: | | | | | Putnam American | Putnam AMT-Free | Putnam Asset Allocation: | | Government Income | Municipal Fund | Balanced Portfolio | | Fund | | |
| Non-Audit Fees | Sept. 30, 2008 -- $84,561 | July 31, 2008 -- $85,734 | Sept. 30, 2008 -- $101,676 | |
| | Sept. 30, 2007 -- $108,911 | July 31, 2007 -- $122,169 | Sept. 30, 2007 -- $126,972 |
| | | | Putnam Asset Allocation: | Putnam Asset Allocation: | Putnam Capital | | Conservative Portfolio | Growth Portfolio | Opportunities Fund |
| Non-Audit Fees | Sept. 30, 2008 -- $100,105 | Sept. 30, 2008 -- $105,633 | April 30, 2009 -- $485,409 | |
| | Sept. 30, 2007 -- $126,557 | Sept. 30, 2007 -- $126,705 | April 30, 2008 -- $51,073 |
| | | | Putnam Europe Equity | The Putnam Fund for | The George Putnam | | Fund | Growth and Income | Fund of Boston |
| Non-Audit Fees | June 30, 2009 -- $[ ] | Oct. 31, 2008 -- $88,106 | July 31, 2008 -- $92,241 | |
| | June 30, 2008 -- $52,468 | Oct. 31, 2007 -- $118,562 | July 31, 2007 -- $129,614 |
| | | | Putnam Global Health | Putnam Global Income | Putnam Global Utilities | | Care Fund | Trust | Fund |
| Non-Audit Fees | Aug. 31, 2008 -- $90,221 | Oct. 31, 2008 -- $95,322 | Oct. 31, 2008 -- $84,828 | |
| | Aug. 31, 2007 -- $125,470 | Oct. 31, 2007 -- $116,104 | Oct. 31, 2007 -- $116,659 |
|
| | | | | Putnam Income | Putnam International | Putnam International | | Strategies Fund | Capital Opportunities | Equity Fund | | | Fund | |
| | Non-Audit Fees | Feb. 28, 2009 -- $373,674 | Aug. 31, 2008 -- $91,025 | June 30, 2009 -- $[ ] | |
| | Feb. 29, 2008 -- $57,774 | Aug. 31, 2007 -- $128,522 | June 30, 2008 -- $68,508 |
| | | | Putnam International | Putnam International | Putnam Massachusetts | | Growth and Income | New Opportunities Fund | Tax Exempt Income | | Fund | | Fund |
| | Non-Audit Fees | June 30, 2009 -- $[ ] | Sept. 30, 2008 -- $89,929 | May 31, 2009 -- $490,392 | |
| | June 30, 2008 -- $56,021 | Sept. 30, 2007 -- $115,725 | May 31, 2008 -- $54,763 |
| | | | Putnam Michigan Tax | Putnam Minnesota Tax | Putnam Money Market | | Exempt Income Fund | Exempt Income Fund | Fund |
| | Non-Audit Fees | May 31, 2009 -- $490,050 | May 31, 2009 -- $490,048 | Sept. 30, 2008 -- $82,168 | |
| | May 31, 2008 -- $54,588 | May 31, 2008 -- $54,583 | Sept. 30, 2007 -- $107,956 |
| | | | Putnam New Jersey Tax | Putnam New | Putnam Ohio Tax | | Exempt Income Fund | Opportunities Fund | Exempt Income Fund |
| | Non-Audit Fees | May 31, 2009 -- $490,254 | June 30, 2009 -- $[ ] | May 31, 2009 -- $490,160 | |
| | May 31, 2008 -- $54,677 | June 30, 2008 -- $51,879 | May 31, 2008 -- $54,632 |
| | | | Putnam Pennsylvania | Putnam | Putnam Small Cap | | Tax Exempt Income | RetirementReady Funds | Growth Fund | | Fund | | |
| | Non-Audit Fees | May 31, 2009 -- $490,177 | July 31, 2008 -- $118,239 | June 30, 2009 -- $[ ] | |
| | May 31, 2008 -- $54,642 | July 31, 2007 -- $143,482 | June 30, 2008 -- $51,466 |
| | | | Putnam Tax Exempt | Putnam Tax-Free High | Putnam Voyager Fund | | Money Market Fund | Yield Fund | |
| | Non-Audit Fees | Sept. 30, 2008 -- $81,081 | July 31, 2008 -- $87,765 | July 31, 2008 -- $85,304 | |
| | Sept. 30, 2007 -- $105,833 | July 31, 2007 -- $123,951 | July 31, 2007 -- $132,427 |
| | | | Putnam Variable Trust | | |
| | | Non-Audit Fees | Dec. 31, 2008 -- $323,628 | | | |
| | | Dec. 31, 2007 -- $209,851 | | |
| |
| | | | KPMG LLP: | | | | | | | | Putnam Arizona Tax | Putnam California Tax | Putnam Convertible | | Exempt Income Fund | Exempt Income Fund | Income-Growth Trust |
| | Non-Audit Fees | May 31, 2009 -- $6,100 | Sept. 30, 2008 -- $74,733 | Oct. 31, 2008 -- $72,633 | |
| | May 31, 2008 -- $74,183 | Sept. 30, 2007 -- $5,450 | Oct. 31, 2007 -- $3,490 |
| | | | Putnam Diversified | Putnam Equity Income | Putnam Floating Rate | | Income Trust | Fund | Income Fund |
| | Non-Audit Fees | Sept. 30, 2008 -- $74,733 | Nov. 30, 2008 -- $72,633 | Feb. 28, 2009 -- $75,283 | |
| | Sept. 30, 2007 -- $5,450 | Nov. 30, 2007 -- $3,550 | Feb. 29, 2008 -- $5,950 |
| | | | | Putnam Global Equity | Putnam Global Natural | Putnam Growth | | Fund | Resources Fund | Opportunities Fund |
| | Non-Audit Fees | Oct. 31, 2008 -- $73,183 | Aug. 30, 2008 -- $72,633 | July 31, 2008 -- $72,633 | |
| | Oct. 31, 2007 -- $4,050 | Aug. 30, 2007 -- $3,550 | July 31, 2007 -- $3,550 |
| | | | Putnam High Yield | Putnam High Yield | Putnam Income Fund | | Advantage Fund | Trust | |
| | Non-Audit Fees | Nov. 30, 2008 -- $72,933 | Aug. 31, 2008 -- $74,733 | Oct. 31, 2008 -- $74,733 | |
| | Nov. 30, 2007 -- $3,800 | Aug. 31, 2007 -- $5,450 | Oct. 31, 2007 -- $5,450 |
| | | | Putnam Investors Fund | Putnam Mid Cap Value | Putnam New York Tax | | | Fund | Exempt Income Fund |
| | Non-Audit Fees | July 31, 2008 -- $72,633 | April 30, 2009 -- $3,900 | Nov. 30, 2008 -- $74,733 | |
| | July 31, 2007 -- $3,550 | April 30, 2008 -- $3,550 | Nov. 30, 2007 -- $5,450 |
| | | | Putnam Research Fund | Putnam Small Cap Value | Putnam Tax Exempt | | | Fund | Income Fund |
| | Non-Audit Fees | July 31, 2008 -- $72,633 | Feb. 28, 2009 -- $72,633 | Sept. 30, 2008 -- $74,733 | |
| | July 31, 2007 -- $3,550 | Feb. 29, 2008 -- $3,550 | Sept. 30, 2007 -- $16,085 |
| | | | Putnam U.S. | Putnam Vista Fund | | | Government Income | | | | Trust | | |
| | | Non-Audit Fees | Sept. 30, 2008 -- $73,183 | July 31, 2008 -- $72,633 | | |
| | | Sept. 30, 2007 -- $19,868 | July 31, 2007 -- $3,550 | |
| |
Pre-Approval Policies of the Audit and Compliance Committee. The Audit and Compliance Committee reviewed information providedof the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures. The Audit and Compliance Committee also has adopted a policy to pre-approve the engagement by Putnam Management and upon completioncertain of this review, recommended, andits affiliates of the Independent Trustees approved, Putnam International Equity Fund’s sub-advisory contract with PAC, effective July 14, 2006. The Trustees considered numerous factors they believe relevantfunds’ independent auditors, even in approving Putnam International Equity Fund’s sub-advisory contract with PAC, including Putnam Management’s belief that the interest of shareholders would be best servedcircumstances where pre-approval is not required by using Putnam’s Tokyo investment professionals who are employed by PAC to provide investment recommendations for certain equity sleeves of Putnam International Equity Fund that are currently managedapplicable law. Any such requests by Putnam Management or PIL,certain of its affiliates are typically submitted in writing to the Committee and PAC’s expertiseexplain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with respect to Asian markets. The Trustees also considered that Japanese securities laws require a sub-advisory relationship amongthe independence of the audit firm.
Since the beginning of the two most recently completed fiscal years of each fund, all work performed by the independent auditors for the funds, Putnam Management PIL and PAC in order for Putnam’s Tokyo investment professionals to provide investment recommendations for Putnam International Equity Fund. The Trustees noted thatany 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 PIL,a member of the Committee pursuant to the pre-approval policies discussed above. The following table presents fees billed to each indicated fund in each of its last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009) by PricewaterhouseCoopers LLP for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (funds not Putnam International Equity Fund, would pay the sub-management fee to PAClisted below were not billed for itssuch services and that the sub-management contra ct with PAC will not reduce the nature, quality or overall level of service provided to Putnam International Equity Fund.during their last two fiscal years): G-4
| | | | | Putnam American | Putnam AMT-Free | Putnam Asset Allocation: | | Government Income | Municipal Fund | Balanced Portfolio | | Fund | | |
| | Tax Fees | Sept. 30, 2008 -- $15,000 | July 31, 2008 -- $15,000 | Sept. 30, 2008 -- $15,000 | |
| | Sept. 30, 2007 -- $26,129 | July 31, 2007 -- $26,129 | Sept. 30, 2007 -- $26,129 |
| | | | | Putnam Asset Allocation: | Putnam Asset Allocation: | Putnam Capital | | Conservative Portfolio | Growth Portfolio | Opportunities Fund |
| | Tax Fees | Sept. 30, 2008 -- $15,000 | Sept. 30, 2008 -- $15,000 | April 30, 2009 -- $415,341 | |
| | Sept. 30, 2007 -- $26,129 | Sept. 30, 2007 -- $26,129 | April 30, 2008 -- $15,000 |
| | | | Putnam Europe Equity | The Putnam Fund for | The George Putnam | | Fund | Growth and Income | Fund of Boston |
| | Tax Fees | June 30, 2009 -- $[ ] | Oct. 31, 2008 -- $15,000 | July 31, 2008 -- $15,000 | |
| | June 30, 2008 -- $15,000 | Oct. 31, 2007 -- $28,129 | July 31, 2007 -- $26,129 |
|
| | | | | Putnam Global Health | Putnam Global Income | Putnam Global Utilities | | Care Fund | Trust | Fund |
| | Tax Fees | Aug. 31, 2008 -- $15,000 | Oct. 31, 2008 -- $15,000 | Oct. 31, 2008 -- $15,000 | |
| | Aug. 31, 2007 -- $26,129 | Oct. 31, 2007 -- $28,129 | Oct. 31, 2007 -- $28,129 |
| | | | Putnam Income | Putnam International | Putnam International | | Strategies Fund | Capital Opportunities | Equity Fund | | | Fund | |
| | Tax Fees | Feb. 28, 2009 -- $302,065 | Aug. 31, 2008 -- $15,000 | June 30, 2009 -- $[ ] | |
| | Feb. 29, 2008 -- $21,129 | Aug. 31, 2007 -- $26,129 | June 30, 2008 -- $15,000 |
| | | | Putnam International | Putnam International | Putnam Massachusetts | | Growth and Income | New Opportunities Fund | Tax Exempt Income | | Fund | | Fund |
| | Tax Fees | June 30, 2009 -- $[ ] | Sept. 30, 2008 -- $15,000 | May 31, 2009 -- $415,341 | |
| | June 30, 2008 -- $15,000 | Sept. 30, 2007 -- $26,129 | May 31, 2008 -- $15,000 |
| | | | Putnam Michigan Tax | Putnam Minnesota Tax | Putnam Money Market | | Exempt Income Fund | Exempt Income Fund | Fund |
| | Tax Fees | May 31, 2009 -- $415,341 | May 31, 2009 -- $415,341 | Sept. 30, 2008 -- $15,000 | |
| | May 31, 2008 -- $15,000 | May 31, 2008 -- $15,000 | Sept. 30, 2007 -- $26,129 |
| | | | Putnam New Jersey Tax | Putnam New | Putnam Ohio Tax | | Exempt Income Fund | Opportunities Fund | Exempt Income Fund |
| | Tax Fees | May 31, 2009 -- $415,341 | June 30, 2009 -- $[ ] | May 31, 2009 -- $415,341 | |
| | May 31, 2008 -- $15,000 | June 30, 2008 -- $15,000 | May 31, 2008 -- $15,000 |
| | | | Putnam Pennsylvania | Putnam | Putnam Small Cap | | Tax Exempt Income | RetirementReady Funds | Growth Fund | | Fund | | |
| | Tax Fees | May 31, 2009 -- $415,341 | July 31, 2008 -- $15,000 | June 30, 2009 -- $[ ] | |
| | May 31, 2008 -- $15,000 | July 31, 2007 -- $26,129 | June 30, 2008 -- $15,000 |
| | | | | Putnam Tax Exempt | Putnam Tax-Free High | Putnam Voyager Fund | | Money Market Fund | Yield Fund | |
| | Tax Fees | Sept. 30, 2008 -- $15,000 | July 31, 2008 -- $15,000 | July 31, 2008 -- $15,000 | |
| | Sept. 30, 2007 -- $26,126 | July 31, 2007 -- $26,129 | July 31, 2007 -- $26,129 |
|
| | | | | Putnam Variable Trust | | |
| | | Tax Fees | Dec. 31, 2008 -- $73,000 | | | |
| | | | Dec. 31, 2007 -- $21,129 | | |
| | |
APPENDIX H R – Other Similar Funds Advised by Putnam Management The following table contains certain information regarding funds for which Putnam Management provides investment advisory services and that may have similar investment objectives and policies to your fund. | | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | | if any) ($) | contract? | Objective |
| Putnam American | 707,703,667 | First $500 million | 0.65% | 4,373,306 | Yes | High current income | Government | | Next $500 million | 0.55% | | | with preservation of | Income Fund | | Next $500 million | 0.50% | | | capital as its | | | Next $5 billion | 0.45% | | | secondary objective. | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
| Putnam AMT-Free | 327,849,054 | The lesser of 0.50%, or | | 1,790,563 | Yes | High current income | Insured Municipal | | First $500 million | 0.60% | | | exempt from federal | Fund | | Next $500 million | 0.50% | | | income tax. | | | Next $500 million | 0.45% | | | | | | Next $5 billion | 0.40% | | | | | | Next $5 billion | 0.375% | | | | | | Next $5 billion | 0.355% | | | | | | Next $5 billion | 0.34% | | | | | | Any excess thereafter | 0.33% | | | |
| Putnam Arizona | 89,150,402 | The lesser of 0.50%, or | | 396,902 | Yes | To provide as high a | Tax Exempt | | First $500 million | 0.60% | | | level of current | Income Fund | | Next $500 million | 0.50% | | | income exempt | | | Next $500 million | 0.45% | | | from federal income | | | Next $5 billion | 0.40% | | | tax and personal | | | Next $5 billion | 0.375% | | | income tax (if any) | | | Next $5 billion | 0.355% | | | of the state of | | | Next $5 billion | 0.34% | | | Arizona as Putnam | | | Any excess over $21.5 billion | 0.33% | | | Management | | | | | | | believes is consistent | | | | | | | with preservation | | | | | | | of capital. |
| Putnam Asset | 2,109,899,934 | First $500 million | 0.70% | 10,841,716 | Yes | Total return. | Allocation: | | Next $500 million | 0.60% | | | | Balanced Portfolio | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess over $21.5 billion | 0.43% | | | |
| Putnam Asset | 985,940,217 | First $500 million | 0.70% | 5,759,923 | Yes | Total return | Allocation: | | Next $500 million | 0.60% | | | consistent with | Conservative | | Next $500 million | 0.55% | | | preservation | Portfolio | | Next $5 billion | 0.50% | | | of capital. | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess over $21.5 billion | 0.43% | | | |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam Absolute | 45,399,046 | First $500 million | 0.55% | Yes | To earn a positive return that | Return 100 Fund | | Next $500 million | 0.45% | | exceeds the rate of inflation, as | | | Next $500 million | 0.40% | | reflected by Treasury bills, by | | | Next $5 billion | 0.35% | | 1% over a reasonable period of | | | Next $5 billion | 0.325% | | time, regardless of market | | | Next $5 billion | 0.305% | | conditions. | | | Next $5 billion | 0.29% | | | | | Any excess thereafter | 0.28% | | | | | | Benchmark: Merrill Lynch US Treasury | | | | | Bill Index (G0BA) | | | | | | Hurdle: 1.00% | | | | | | Maximum Performance Adjustment Rate: | | | | | 0.04% | | | | | | Minimum Performance Adjustment Rate: | | | | | -0.04% | | | |
| Putnam Absolute | 89,117,294 | First $500 million | 0.65% | Yes | To earn a positive return that | Return 300 Fund | | Next $500 million | 0.55% | | exceeds the rate of inflation, as | | | Next $500 million | 0.50% | | reflected by Treasury bills, by | | | Next $5 billion | 0.45% | | 3% over a reasonable period of | | | Next $5 billion | 0.425% | | time, regardless of market | | | Next $5 billion | 0.405% | | conditions. | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | | | | | Benchmark: Merrill Lynch US Treasury | | | | | Bill Index (G0BA) | | | | | | Hurdle: 3.00% | | | | | | Maximum Performance Adjustment Rate: | | | | | 0.12% | | | | | | Minimum Performance Adjustment Rate: | | | | | -0.12% | | | |
| Putnam Absolute | 99,975,969 | First $500 million | 0.80% | Yes | To earn a positive return that | Return 500 Fund | | Next $500 million | 0.70% | | exceeds the rate of inflation, as | | | Next $500 million | 0.65% | | reflected by Treasury bills, by | | | Next $5 billion | 0.60% | | 5% over a reasonable period of | | | Next $5 billion | 0.575% | | time, regardless of market | | | Next $5 billion | 0.555% | | conditions. | | | Next $5 billion | 0.54% | | | | | Any excess thereafter | 0.53% | | | | | | Benchmark: Merrill Lynch US Treasury | | | | | Bill Index (G0BA) | | | | | | Hurdle: 5.00% | | | | | | Maximum Performance Adjustment Rate: | | | | | 0.20% | | | | | | Minimum Performance Adjustment Rate: | | | | | -0.20% | | | |
|
H-1
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective |
| Putnam Asset | 2,156,488,751 | First $500 million | 0.70% | 9,639,295 | Yes | Capital appreciation. | Allocation: | | Next $500 million | 0.60% | | | | Growth Portfolio | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess over $21.5 billion | 0.43% | | | |
| Putnam California | 83,373,293 | The lesser of 0.55%, or | | 531,472 | Yes | To provide as high a | Investment Grade | | First $500 million | 0.65% | | | level of current | Municipal Trust | | Next $500 million | 0.55% | | | income free from | | | Next $500 million | 0.50% | | | federal income tax | | | Next $5 billion | 0.45% | | | and California | | | Next $5 billion | 0.425% | | | personal income | | | Next $5 billion | 0.405% | | | taxes as Putnam | | | Next $5 billion | 0.39% | | | Management believes | | | Any excess thereafter | 0.38% | | | is consistent with | | | | | | | the preservation | | | | | | | of capital. |
| Putnam California | 2,076,820,792 | The lesser of 0.50%, or | | 10,368,635 | Yes | To provide as high a | Tax Exempt | | First $500 million | 0.60% | | | level of current | Income Fund | | Next $500 million | 0.50% | | | income exempt | | | Next $500 million | 0.45% | | | from federal income | | | Next $5 billion | 0.40% | | | tax and California | | | Next $5 billion | 0.375% | | | personal income | | | Next $5 billion | 0.355% | | | tax as Putnam | | | Next $5 billion | 0.34% | | | Management believes | | | Any excess thereafter | 0.33% | | | to be consistent | | | | | | | with the | | | | | | | preservation | | | | | | | of capital. |
| Putnam Capital | 649,313,138 | First $500 million | 0.65% | 4,388,833 | Yes | Capital appreciation. | Appreciation Fund | | Next $500 million | 0.55% | | | | | | Next $500 million | 0.50% | | | | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess over $21.5 billion | 0.38% | | | |
| Putnam Capital | 1,125,906,050 | First $500 million | 0.65% | 6,363,713 | Yes | Long-term growth | Opportunities Fund | | Next $500 million | 0.55% | | | of capital. | | | Next $500 million | 0.50% | | | | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
| Putnam Classic | 766,747,810 | First $500 million | 0.65% | 4,836,159 | Yes | Capital growth. | Equity Fund | | Next $500 million | 0.55% | | | Current income is a | | | Next $500 million | 0.50% | | | secondary goal. | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam Absolute | 62,614,921 | First $500 million | 0.95% | Yes | To earn a positive return that | Return 700 Fund | | Next $500 million | 0.85% | | exceeds the rate of inflation, as | | | Next $500 million | 0.80% | | reflected by Treasury bills, by | | | Next $5 billion | 0.75% | | 7% over a reasonable period of | | | Next $5 billion | 0.725% | | time, regardless of market | | | Next $5 billion | 0.705% | | conditions. | | | Next $5 billion | 0.69% | | | | | Any excess thereafter | 0.68% | | | | | | Benchmark: Merrill Lynch US Treasury | | | | | Bill Index (G0BA) | | | | | | Hurdle: 7.00% | | | | | | Maximum Performance Adjustment Rate: | | | | | 0.28% | | | | | | Minimum Performance Adjustment Rate: | | | | | -0.28% | | | |
| Putnam American | 693,955,987 | First $500 million | 0.65% | Yes | High current income with | Government | | Next $500 million | 0.55% | | preservation of capital as its | Income Fund | | Next $500 million | 0.50% | | secondary objective. | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | |
| Putnam AMT-Free | 349,006,631 | The lesser of 0.50%, or | | Yes | High current income exempt | Municipal Fund | | First $500 million | 0.60% | | from federal income tax. | | | Next $500 million | 0.50% | | | | | Next $500 million | 0.45% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.375% | | | | | Next $5 billion | 0.355% | | | | | Next $5 billion | 0.34% | | | | | Any excess thereafter | 0.33% | | |
| Putnam Arizona | 69,258,090 | The lesser of 0.50%, or | | Yes | To provide as high a level of | Tax Exempt | | First $500 million | 0.60% | | current income exempt from | Income Fund | | Next $500 million | 0.50% | | federal income tax and personal | | | Next $500 million | 0.45% | | income tax (if any) of the state | | | Next $5 billion | 0.40% | | of Arizona as Putnam | | | Next $5 billion | 0.375% | | Management believes is | | | Next $5 billion | 0.355% | | consistent with preservation of | | | Next $5 billion | 0.34% | | capital. | | | Any excess over $21.5 billion | 0.33% | | |
| Putnam Asia | 5,146,126 | First $500 million | 1.00% | Yes | Long-term capital appreciation. | Pacific Equity | | Next $500 million | 0.90% | | | Fund | | Next $500 million | 0.85% | | | | | Next $5 billion | 0.80% | | | | | Next $5 billion | 0.775% | | | | | Next $5 billion | 0.755% | | | | | Next $5 billion | 0.74% | | | | | Next $5 billion | 0.73% | | | | | Next $5 billion | 0.72% | | | | | Next $5 billion | 0.71% | | | | | Next $5 billion | 0.70% | | | | | Next $5 billion | 0.69% | | | | | Next $8.5 billion | 0.68% | | | | | Any excess thereafter | 0.67% | | |
|
H-2
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective |
| Putnam Convertible | 724,297,978 | First $500 million | 0.65% | 4,231,616 | Yes | Current income and | Income-Growth Trust | | Next $500 million | 0.55% | | | capital appreciation. | | | Next $500 million | 0.50% | | | Conservation of | | | Next $5 billion | 0.45% | | | capital is a | | | Next $5 billion | 0.425% | | | secondary objective. | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
| Putnam Discovery | 850,247,984 | First $500 million | 0.70% | 5,497,942 | Yes | Long-term growth | Growth Fund | | Next $500 million | 0.60% | | | of capital. | | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
| Putnam Diversified | 2,770,991,703 | First $500 million | 0.70% | 17,403,729 | Yes | To provide as high a | Income Trust | | Next $500 million | 0.60% | | | level of current | | | Next $500 million | 0.55% | | | income as Putnam | | | Next $5 billion | 0.50% | | | Management believes | | | Next $5 billion | 0.475% | | | is consistent with | | | Next $5 billion | 0.455% | | | preservation | | | Next $5 billion | 0.44% | | | of capital. | | | Any excess thereafter | 0.43% | | | |
| Putnam Equity | 3,842,617,273 | First $500 million | 0.65% | 18,067,258 | Yes | Capital growth and | Income Fund | | Next $500 million | 0.55% | | | current income. | | | Next $500 million | 0.50% | | | | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
| Putnam Europe | 560,853,928 | First $500 million | 0.80% | 4,213,337 | Yes | Capital appreciation. | Equity Fund | | Next $500 million | 0.70% | | | | | | Next $500 million | 0.65% | | | | | | Next $5 billion | 0.60% | | | | | | Next $5 billion | 0.575% | | | | | | Next $5 billion | 0.555% | | | | | | Next $5 billion | 0.54% | | | | | | Any excess thereafter | 0.53% | | | |
| Putnam Floating | 494,289,793 | First $500 million | 0.65% | 1,719,001^ | Yes | High current income. | Rate Income Fund | | Next $500 million | 0.55% | | | Preservation of | | | Next $500 million | 0.50% | | | capital is a | | | Next $5 billion | 0.45% | | | secondary goal. | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Next $5 billion | 0.38% | | | | | | Next $5 billion | 0.37% | | | | | | Next $5 billion | 0.36% | | | | | | Next $5 billion | 0.35% | | | | | | Next $5 billion | 0.34% | | | | | | Next $8.5 billion | 0.33% | | | | | | Any excess thereafter | 0.32% | | | |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam Asset | 1,345,015,388 | First $500 million | 0.70% | Yes | Total return. | Allocation: | | Next $500 million | 0.60% | | | Balanced Portfolio | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess over $21.5 billion | 0.43% | | |
| Putnam Asset | 920,812,497 | First $500 million | 0.70% | Yes | Total return consistent with | Allocation: | | Next $500 million | 0.60% | | preservation of capital. | Conservative | | Next $500 million | 0.55% | | | Portfolio | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess over $21.5 billion | 0.43% | | |
| Putnam Asset | 38,491,592 | First $500 million | 0.70% | Yes | Long-term growth. | Allocation: Equity | | Next $500 million | 0.60% | | | Portfolio | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Next $5 billion | 0.43% | | | | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.39% | | | | | Next $8.5 billion | 0.38% | | | | | Any excess thereafter | 0.37% | | |
| Putnam Asset | 1,578,499,077 | First $500 million | 0.70% | Yes | Capital appreciation. | Allocation: | | Next $500 million | 0.60% | | | Growth Portfolio | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess over $21.5 billion | 0.43% | | |
| Putnam California | 1,609,129,147 | The lesser of 0.50%, or | | Yes | To provide as high a level of | Tax Exempt | | First $500 million | 0.60% | | current income exempt from | Income Fund | | Next $500 million | 0.50% | | federal income tax and | | | Next $500 million | 0.45% | | California personal income tax | | | Next $5 billion | 0.40% | | as Putnam Management believes | | | Next $5 billion | 0.375% | | is consistent with preservation of | | | Next $5 billion | 0.355% | | capital. | | | Next $5 billion | 0.34% | | | | | Any excess thereafter | 0.33% | | |
| Putnam Capital | 229,463,072 | First $500 million | 0.65% | Yes | Long-term growth of capital. | Opportunities | | Next $500 million | 0.55% | | | Fund | | Next $500 million | 0.50% | | | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess over $21.5 billion | 0.38% | | |
|
H-3
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective |
| The Putnam Fund | 15,172,174,430 | First $500 million | 0.65% | 67,376,969 | Yes | Capital growth and | for Growth | | Next $500 million | 0.55% | | | current income. | and Income | | Next $500 million | 0.50% | | | | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Next $5 billion | 0.38% | | | | | | Next $5 billion | 0.37% | | | | | | Next $5 billion | 0.36% | | | | | | Next $5 billion | 0.35% | | | | | | Next $5 billion | 0.34% | | | | | | Next $8.5 billion | 0.33% | | | | | | Any excess over $55 billion | 0.32% | | | |
| The George Putnam | 4,654,483,340 | First $500 million | 0.65% | 23,520,227 | Yes | To provide a | Fund of Boston | | Next $500 million | 0.55% | | | balanced investment | | | Next $500 million | 0.50% | | | composed of a | | | Next $5 billion | 0.45% | | | well-diversified | | | Next $5 billion | 0.425% | | | portfolio of stocks | | | Next $5 billion | 0.405% | | | and bonds which | | | Next $5 billion | 0.39% | | | produce both capital | | | Any excess thereafter | 0.38% | | | growth and | | | | | | | current income. |
| Putnam Global | 2,116,008,457 | First $500 million | 0.80% | 15,165,340 | Yes | Capital appreciation. | Equity Fund | | Next $500 million | 0.70% | | | | | | Next $500 million | 0.65% | | | | | | Next $5 billion | 0.60% | | | | | | Next $5 billion | 0.575% | | | | | | Next $5 billion | 0.555% | | | | | | Next $5 billion | 0.54% | | | | | | Next $5 billion | 0.53% | | | | | | Next $5 billion | 0.52% | | | | | | Next $5 billion | 0.51% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.49% | | | | | | Next $8.5 billion | 0.48% | | | | | | Any excess over $55 billion | 0.47% | | | |
| Putnam Global | 128,502,186 | First $500 million | 0.70% | 528,321 | Yes | High current income | Income Trust | | Next $500 million | 0.60% | | | by investing | | | Next $500 million�� | 0.55% | | | principally in debt | | | Next $5 billion | 0.50% | | | securities of | | | Next $5 billion | 0.475% | | | sovereign and | | | Next $5 billion | 0.455% | | | private issuers | | | Next $5 billion | 0.44% | | | worldwide, including | | | Any excess thereafter | 0.43% | | | supranational issuers. |
| Putnam Global | 627,944,661 | First $500 million | 0.70% | 4,126,921 | Yes | Capital appreciation. | Natural Resources | | Next $500 million | 0.60% | | | | Fund | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam Capital | 21,273,300 | First $500 million | 0.80% | Yes | Total return. | Spectrum Fund | | Next $500 million | 0.70% | | | | | Next $500 million | 0.65% | | | | | Next $5 billion | 0.60% | | | | | Next $5 billion | 0.575% | | | | | Next $5 billion | 0.555% | | | | | Next $5 billion | 0.54% | | | | | Next $5 billion | 0.53% | | | | | Next $5 billion | 0.52% | | | | | Next $5 billion | 0.51% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.49% | | | | | Next $8.5 billion | 0.48% | | | | | Any excess thereafter | 0.47% | | | | | | Benchmark: 50/50 blend (balanced daily) | | | | | of S&P 500 Index and JP Morgan | | | | | Developed High Yield Index | | | | | | Maximum Performance Adjustment Rate: | | | | | 0.32% | | | | | | Minimum Performance Adjustment Rate: | | | | | -0.32% | | | |
| Putnam | 557,632,162 | First $500 million | 0.65% | Yes | Current income and capital | Convertible | | Next $500 million | 0.55% | | appreciation. Conservation of | Income-Growth | | Next $500 million | 0.50% | | capital is a secondary objective. | Trust | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | |
| Putnam | 1,774,578,713 | First $500 million | 0.70% | Yes | To provide as high a level of | Diversified | | Next $500 million | 0.60% | | current income as Putnam | Income Trust | | Next $500 million | 0.55% | | Management believes is | | | Next $5 billion | 0.50% | | consistent with preservation of | | | Next $5 billion | 0.475% | | capital. | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
| Putnam Emerging | 13,609,482 | First $500 million | 1.00% | Yes | Long-term capital appreciation. | Markets Equity | | Next $500 million | 0.90% | | | Fund | | Next $500 million | 0.85% | | | | | Next $5 billion | 0.80% | | | | | Next $5 billion | 0.775% | | | | | Next $5 billion | 0.755% | | | | | Next $5 billion | 0.74% | | | | | Next $5 billion | 0.73% | | | | | Next $5 billion | 0.72% | | | | | Next $5 billion | 0.71% | | | | | Next $5 billion | 0.70% | | | | | Next $5 billion | 0.69% | | | | | Next $8.5 billion | 0.68% | | | | | Any excess thereafter | 0.67% | | |
| Putnam Equity | 2,557,674,404 | First $500 million | 0.65% | Yes | Capital growth and current | Income Fund | | Next $500 million | 0.55% | | income. | | | Next $500 million | 0.50% | | | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | |
|
H-4
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | | if any) ($) | contract? | Objective |
| Putnam Growth | 659,146,436 | First $500 million | 0.70% | 2,913,736 | Yes | Capital appreciation. | Opportunities Fund | | Next $500 million | 0.60% | | | | | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
| Putnam Health | 2,267,488,061 | First $500 million | 0.70% | 14,802,805 | Yes | Capital appreciation. | Sciences Trust | | Next $500 million | 0.60% | | | | | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess over $21.5 billion | 0.43% | | | |
| Putnam High Income | 198,149,622 | First $500 million | 0.70% | 1,372,004 | Yes | To provide high | Securities Fund | | Next $500 million | 0.60% | | | current income as a | | | Next $500 million | 0.55% | | | primary objective | | | Next $5 billion | 0.50% | | | and capital | | | Next $5 billion | 0.475% | | | appreciation as a | | | Next $5 billion | 0.455% | | | secondary objective. | | | Next $5 billion | 0.44% | | | | | | Next $5 billion | 0.43% | | | | | | Next $5 billion | 0.42% | | | | | | Next $5 billion | 0.41% | | | | | | Next $5 billion | 0.40% | | | | | | Next $5 billion | 0.39% | | | | | | Next $8.5 billion | 0.38% | | | | | | Any excess thereafter | 0.37% | | | |
| Putnam High Yield | 801,711,721 | First $500 million | 0.70% | 5,676,755 | Yes | High current | Advantage Fund | | Next $500 million | 0.60% | | | income. Capital | | | Next $500 million | 0.55% | | | growth is a | | | Next $5 billion | 0.50% | | | secondary goal | | | Next $5 billion | 0.475% | | | when consistent | | | Next $5 billion | 0.455% | | | with achieving high | | | Next $5 billion | 0.44% | | | current income. | | | Any excess thereafter | 0.43% | | | |
| Putnam High Yield | 213,917,148 | The lesser of 0.55%, or | | 1,448,462 | Yes | To provide high | Municipal Trust | | First $500 million | 0.65% | | | current income | | | Next $500 million | 0.55% | | | exempt from federal | | | Next $500 million | 0.50% | | | income tax. | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
| Putnam High | 2,357,157,321 | First $500 million | 0.70% | 13,784,128 | Yes | High current | Yield Trust | | Next $500 million | 0.60% | | | income. Capital | | | Next $500 million | 0.55% | | | growth is a | | | Next $5 billion | 0.50% | | | secondary goal. | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam Equity | 7,650,451 | First $500 million | 0.80% | Yes | Capital appreciation. | Spectrum Fund | | Next $500 million | 0.70% | | | | | Next $500 million | 0.65% | | | | | Next $5 billion | 0.60% | | | | | Next $5 billion | 0.575% | | | | | Next $5 billion | 0.555% | | | | | Next $5 billion | 0.54% | | | | | Next $5 billion | 0.53% | | | | | Next $5 billion | 0.52% | | | | | Next $5 billion | 0.51% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.49% | | | | | Next $8.5 billion | 0.48% | | | | | Any excess thereafter | 0.47% | | | | | | Benchmark: S&P 500 Index | | | | | | Maximum Performance Adjustment Rate: | | | | | 0.40% | | | | | | Minimum Performance Adjustment Rate: | | | | | -0.40% | | | |
| Putnam Europe | 194,987,288 | First $500 million | 0.80% | Yes | Capital appreciation. | Equity Fund | | Next $500 million | 0.70% | | | | | Next $500 million | 0.65% | | | | | Next $5 billion | 0.60% | | | | | Next $5 billion | 0.575% | | | | | Next $5 billion | 0.555% | | | | | Next $5 billion | 0.54% | | | | | Any excess thereafter | 0.53% | | |
| Putnam Floating | 319,689,246 | First $500 million | 0.65% | Yes | High current income. | Rate Income Fund | | Next $500 million | 0.55% | | Preservation of capital is a | | | Next $500 million | 0.50% | | secondary goal. | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Next $5 billion | 0.38% | | | | | Next $5 billion | 0.37% | | | | | Next $5 billion | 0.36% | | | | | Next $5 billion | 0.35% | | | | | Next $5 billion | 0.34% | | | | | Next $8.5 billion | 0.33% | | | | | Any excess thereafter | 0.32% | | |
| The Putnam Fund | 4,738,583,964 | First $500 million | 0.65% | Yes | Capital growth and current | for Growth and | | Next $500 million | 0.55% | | income. | Income | | Next $500 million | 0.50% | | | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Next $5 billion | 0.38% | | | | | Next $5 billion | 0.37% | | | | | Next $5 billion | 0.36% | | | | | Next $5 billion | 0.35% | | | | | Next $5 billion | 0.34% | | | | | Next $8.5 billion | 0.33% | | | | | Any excess over $55 billion | 0.32% | | |
|
H-5
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | | if any) ($) | contract? | Objective |
| Putnam Income | 2,447,632,260 | First $500 million | 0.65% | 11,940,410 | Yes | High current income | Fund | | Next $500 million | 0.55% | | | consistent with | | | Next $500 million | 0.50% | | | what Putnam | | | Next $5 billion | 0.45% | | | management | | | Next $5 billion | 0.425% | | | believes to be | | | Next $5 billion | 0.405% | | | prudent risk. | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
| Putnam Income | 13,002,265 | First $500 million | 0.65% | 0* | Yes | Current income | Strategies Fund | | Next $500 million | 0.55% | | | consistent with | | | Next $500 million | 0.50% | | | what Putnam | | | Next $5 billion | 0.45% | | | Management believes | | | Next $5 billion | 0.425% | | | to be prudent risk. | | | Next $5 billion | 0.405% | | | Its secondary | | | Next $5 billion | 0.39% | | | objective is | | | Next $5 billion | 0.38% | | | capital appreciation. | | | Next $5 billion | 0.37% | | | | | | Next $5 billion | 0.36% | | | | | | Next $5 billion | 0.35% | | | | | | Next $5 billion | 0.34% | | | | | | Next $8.5 billion | 0.33% | | | | | | Any excess thereafter | 0.32% | | | |
| Putnam International | 1,783,630,400 | First $500 million | 1.00% | 13,345,775 | Yes | Long-term | Capital | | Next $500 million | 0.90% | | | capital appreciation. | Opportunities Fund | | Next $500 million | 0.85% | | | | | | Next $5 billion | 0.80% | | | | | | Next $5 billion | 0.775% | | | | | | Next $5 billion | 0.755% | | | | | | Next $5 billion | 0.74% | | | | | | Any excess thereafter | 0.73% | | | |
| Putnam International | 7,003,286,336 | First $500 million | 0.80% | 39,425,440 | Yes | Capital appreciation. | Equity Fund | | Next $500 million | 0.70% | | | | | | Next $500 million | 0.65% | | | | | | Next $5 billion | 0.60% | | | | | | Next $5 billion | 0.575% | | | | | | Next $5 billion | 0.555% | | | | | | Next $5 billion | 0.54% | | | | | | Any excess over $21.5 billion | 0.53% | | | |
| Putnam International | 1,037,228,946 | First $500 million | 0.80% | 5,732,946 | Yes | Capital growth. | Growth and | | Next $500 million | 0.70% | | | Current income is a | Income Fund | | Next $500 million | 0.65% | | | secondary objective. | | | Next $5 billion | 0.60% | | | | | | Next $5 billion | 0.575% | | | | | | Next $5 billion | 0.555% | | | | | | Next $5 billion | 0.54% | | | | | | Any excess thereafter | 0.53% | | | |
| Putnam International | 811,831,094 | First $500 million | 1.00% | 6,580,631 | Yes | Long-term | New Opportunities | | Next $500 million | 0.90% | | | capital appreciation. | Fund | | Next $500 million | 0.85% | | | | | | Next $5 billion | 0.80% | | | | | | Next $5 billion | 0.775% | | | | | | Next $5 billion | 0.755% | | | | | | Next $5 billion | 0.74% | | | | | | Any excess thereafter | 0.73% | | | |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| The George | 1,423,537,840 | First $500 million | 0.65% | Yes | To provide a balanced | Putnam Fund of | | Next $500 million | 0.55% | | investment composed of a well- | Boston | | Next $500 million | 0.50% | | diversified portfolio of stocks | | | Next $5 billion | 0.45% | | and bonds which produce both | | | Next $5 billion | 0.425% | | capital growth and current | | | Next $5 billion | 0.405% | | income. | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | |
| Putnam Global | 3,655,680 | First $500 million | 0.70% | Yes | Capital appreciation. | Consumer Fund | | Next $500 million | 0.60% | | | | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Next $5 billion | 0.43% | | | | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.39% | | | | | Next $8.5 billion | 0.38% | | | | | Any excess thereafter | 0.37% | | |
| Putnam Global | 5,195,173 | First $500 million | 0.70% | Yes | Capital appreciation. | Energy Fund | | Next $500 million | 0.60% | | | | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Next $5 billion | 0.43% | | | | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.39% | | | | | Next $8.5 billion | 0.38% | | | | | Any excess thereafter | 0.37% | | |
| Putnam Global | 861,910,917 | First $500 million | 0.80% | Yes | Capital appreciation. | Equity Fund | | Next $500 million | 0.70% | | | | | Next $500 million | 0.65% | | | | | Next $5 billion | 0.60% | | | | | Next $5 billion | 0.575% | | | | | Next $5 billion | 0.555% | | | | | Next $5 billion | 0.54% | | | | | Next $5 billion | 0.53% | | | | | Next $5 billion | 0.52% | | | | | Next $5 billion | 0.51% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.49% | | | | | Next $8.5 billion | 0.48% | | | | | Any excess over $55 billion | 0.47% | | |
|
H-6
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | | if any) ($) | contract? | Objective |
| Putnam Investment | 363,338,832 | The lesser of 0.55%, or | | 2,059,634 | Yes | To provide as high a | Grade Municipal | | First $500 million | 0.65% | | | level of current | Trust | | Next $500 million | 0.55% | | | income exempt | | | Next $500 million | 0.50% | | | from federal income | | | Next $5 billion | 0.45% | | | tax as Putnam | | | Next $5 billion | 0.425% | | | Management believes | | | Next $5 billion | 0.405% | | | to be consistent | | | Next $5 billion | 0.39% | | | with the preservation | | | Any excess thereafter | 0.38% | | | of capital. |
| Putnam Investors | 4,107,665,166 | First $500 million | 0.65% | 19,513,803 | Yes | Long-term growth | Fund | | Next $500 million | 0.55% | | | of capital and any | | | Next $500 million | 0.50% | | | increased income | | | Next $5 billion | 0.45% | | | that results from | | | Next $5 billion | 0.425% | | | this growth. | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess over $21.5 billion | 0.38% | | | |
| Putnam Limited | 439,936,540 | The lesser of 0.50%, or | | 2,392,584 | Yes | As high a level of | Duration | | First $500 million | 0.60% | | | current income as | Government | | Next $500 million | 0.50% | | | Putnam Management | Income Fund | | Next $500 million | 0.45% | | | believes is consistent | | | Next $5 billion | 0.40% | | | with preservation | | | Next $5 billion | 0.375% | | | of capital. | | | Next $5 billion | 0.355% | | | | | | Next $5 billion | 0.34% | | | | | | Any excess over $21.5 billion | 0.33% | | | |
| Putnam Managed | 548,638,387 | The lesser of 0.55%, or | | 3,167,820 | Yes | To provide high | Municipal Income | | First $500 million | 0.65% | | | current income free | Trust | | Next $500 million | 0.55% | | | from federal | | | Next $500 million | 0.50% | | | income tax. | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
| Putnam | 309,261,461 | The lesser of 0.50%, or | | 1,675,201 | Yes | As high a level of | Massachusetts Tax | | First $500 million | 0.60% | | | current income | Exempt Income | | Next $500 million | 0.50% | | | exempt from federal | Fund | | Next $500 million | 0.45% | | | income tax and | | | Next $5 billion | 0.40% | | | personal income tax | | | Next $5 billion | 0.375% | | | (if any) of the | | | Next $5 billion | 0.355% | | | Commonwealth of | | | Next $5 billion | 0.34% | | | Massachusetts as | | | Any excess over $21.5 billion | 0.33% | | | Putnam Management | | | | | | | believes is consistent | | | | | | | with preservation | | | | | | | of capital. |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam Global | 6,258,910 | First $500 million | 0.70% | Yes | Capital appreciation. | Financials Fund | | Next $500 million | 0.60% | | | | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Next $5 billion | 0.43% | | | | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.39% | | | | | Next $8.5 billion | 0.38% | | | | | Any excess thereafter | 0.37% | | |
| Putnam Global | 1,145,221,125 | First $500 million | 0.70% | Yes | Capital appreciation. | Health Care Fund | | Next $500 million | 0.60% | | | | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess over $21.5 billion | 0.43%. | | |
| Putnam Global | 124,792,744 | First $500 million | 0.70% | Yes | High current income by | Income Trust | | Next $500 million | 0.60% | | investing principally in debt | | | Next $500 million | 0.55% | | securities of sovereign and | | | Next $5 billion | 0.50% | | private issuers worldwide, | | | Next $5 billion | 0.475% | | including supranational issuers. | | | Next $5 billion | 0.455% | | Preservation of capital and long- | | | Next $5 billion | 0.44% | | term total return are secondary | | | Any excess thereafter | 0.43% | | objectives, but only to the extent | | | | | | consistent with the objective of | | | | | | seeking high current income. |
| Putnam Global | 3,354,448 | First $500 million | 0.70% | Yes | Capital appreciation. | Industrials Fund | | Next $500 million | 0.60% | | | | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Next $5 billion | 0.43% | | | | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.39% | | | | | Next $8.5 billion | 0.38% | | | | | Any excess thereafter | 0.37% | | |
| Putnam Global | 362,810,929 | First $500 million | 0.70% | Yes | Capital appreciation. | Natural Resources | | Next $500 million | 0.60% | | | Fund | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
|
H-7
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | | if any) ($) | contract? | Objective |
| Putnam Master | 654,273,418 | First $500 million | 0.75% | 4,797,486 | Yes | With equal | Intermediate Income | | Next $500 million | 0.65% | | | emphasis, to | Trust | | Next $500 million | 0.60% | | | provide high current | | | Next $5 billion | 0.55% | | | income and relative | | | Next $5 billion | 0.525% | | | stability of net | | | Next $5 billion | 0.505% | | | asset value. | | | Next $5 billion | 0.49% | | | | | | Next $5 billion | 0.48% | | | | | | Next $5 billion | 0.47% | | | | | | Next $5 billion | 0.46% | | | | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.44% | | | | | | Next $8.5 billion | 0.43% | | | | | | Any excess thereafter | 0.42% | | | |
| Putnam Michigan Tax | 117,691,883 | The lesser of 0.50%, or | | 648,238 | Yes | As high a level of | Exempt Income Fund | | First $500 million | 0.60% | | | current income | | | Next $500 million | 0.50% | | | exempt from federal | | | Next $500 million | 0.45% | | | income tax and | | | Next $5 billion | 0.40% | | | personal income tax | | | Next $5 billion | 0.375% | | | (if any) of the state | | | Next $5 billion | 0.355% | | | of Michigan as | | | Next $5 billion | 0.34% | | | Putnam Management | | | Any excess over $21.5 billion | 0.33% | | | believes is consistent | | | | | | | with preservation | | | | | | | of capital. |
| Putnam Mid Cap | 973,670,094 | First $500 million | 0.70% | 5,871,795 | Yes | Capital appreciation | Value Fund | | Next $500 million | 0.60% | | | and, as a secondary | | | Next $500 million | 0.55% | | | objective, current | | | Next $5 billion | 0.50% | | | income. | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
| Putnam Minnesota | 108,716,812 | The lesser of 0.50%, or | | 538,350 | Yes | As high a level of | Tax Exempt | | First $500 million | 0.60% | | | current income | Income Fund | | Next $500 million | 0.50% | | | exempt from federal | | | Next $500 million | 0.45% | | | income tax and | | | Next $5 billion | 0.40% | | | personal income tax | | | Next $5 billion | 0.375% | | | (if any) of the state | | | Next $5 billion | 0.355% | | | of Minnesota as | | | Next $5 billion | 0.34% | | | Putnam Management | | | Any excess over $21.5 billion | 0.33% | | | believes is consistent | | | | | | | with preservation | | | | | | | of capital. |
| Putnam Money | 3,278,464,902 | First $100 million | 0.50% | 10,390,443 | Yes | As high a rate of | Market Fund | | Next $100 million | 0.40% | | | current income as | | | Next $300 million | 0.35% | | | Putnam Management | | | Next $500 million | 0.325% | | | believes is consistent | | | Next $500 million | 0.30% | | | with preservation of | | | Next $2.5 billion | 0.275% | | | capital and | | | Next $2.5 billion | 0.25% | | | maintenance | | | Next $5 billion | 0.225% | | | of liquidity. | | | Next $5 billion | 0.205% | | | | | | Next $5 billion | 0.19% | | | | | | Any excess thereafter | 0.18% | | | |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam Global | 4,952,166 | First $500 million | 0.70% | Yes | Capital appreciation. | Technology Fund | | Next $500 million | 0.60% | | | | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Next $5 billion | 0.43% | | | | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.39% | | | | | Next $8.5 billion | 0.38% | | | | | Any excess thereafter | 0.37% | | |
| Putnam Global | 2,976,721 | First $500 million | 0.70% | Yes | Capital appreciation. | Telecommunicatio | | Next $500 million | 0.60% | | | ns Fund | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Next $5 billion | 0.43% | | | | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.39% | | | | | Next $8.5 billion | 0.38% | | | | | Any excess thereafter | 0.37% | | |
| Putnam Global | 317,162,123 | First $500 million | 0.70% | Yes | Capital growth and current | Utilities Fund | | Next $500 million | 0.60% | | income. | | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
| Putnam Growth | 292,614,284 | First $500 million | 0.70% | Yes | Capital appreciation. | Opportunities | | Next $500 million | 0.60% | | | Fund | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
| Putnam High | 111,750,042 | First $500 million | 0.70% | Yes | To provide high current income | Income Securities | | Next $500 million | 0.60% | | as a primary objective and | Fund | | Next $500 million | 0.55% | | capital appreciation as a | | | Next $5 billion | 0.50% | | secondary objective. | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Next $5 billion | 0.43% | | | | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.39% | | | | | Next $8.5 billion | 0.38% | | | | | Any excess thereafter | 0.37% | | |
|
H-8
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | | if any) ($) | contract? | Objective |
| Putnam Municipal | 363,454,277 | The lesser of 0.55%, or | | 2,290,901 | Yes | To provide as high a | Bond Fund | | First $500 million | 0.65% | | | level of current | | | Next $500 million | 0.55% | | | income exempt | | | Next $500 million | 0.50% | | | from federal income | | | Next $5 billion | 0.45% | | | tax as Putnam | | | Next $5 billion | 0.425% | | | Management | | | Next $5 billion | 0.405% | | | believes is consistent | | | Next $5 billion | 0.39% | | | with preservation | | | Any excess thereafter | 0.38% | | | of capital. |
| Putnam Municipal | 322,775,012 | The lesser of 0.35%, or | | 1,394,604 | Yes | The fund seeks to | Opportunities Trust** | First $500 million | 0.45% | | | provide as high a | | | Next $500 million | 0.35% | | | level of current | | | Next $500 million | 0.30% | | | income free from | | | Next $5 billion | 0.25% | | | federal income tax | | | Next $5 billion | 0.225% | | | as Putnam | | | Next $5 billion | 0.205% | | | Management believes | | | Next $5 billion | 0.19% | | | is consistent with | | | Any excess thereafter | 0.18% | | | the preservation | | | | | | | of capital. |
| Putnam New Jersey | 204,244,200 | The lesser of 0.50%, or | | 1,101,027 | Yes | As high a level of | Tax Exempt | | First $500 million | 0.60% | | | current income | Income Fund | | Next $500 million | 0.50% | | | exempt from federal | | | Next $500 million | 0.45% | | | income tax and | | | Next $5 billion | 0.40% | | | personal income tax | | | Next $5 billion | 0.375% | | | (if any) of the state | | | Next $5 billion | 0.355% | | | of New Jersey as | | | Next $5 billion | 0.34% | | | Putnam Management | | | Any excess over $21.5 billion | 0.33% | | | believes is | | | | | | | consistent with | | | | | | | preservation | | | | | | | of capital. |
| Putnam New | 4,697,260,397 | First $500 million | 0.70% | 30,814,799 | Yes | Long-term | Opportunities Fund | | Next $500 million | 0.60% | | | capital appreciation. | | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Next $5 billion | 0.43% | | | | | | Next $5 billion | 0.42% | | | | | | Next $5 billion | 0.41% | | | | | | Next $5 billion | 0.40% | | | | | | Next $5 billion | 0.39% | | | | | | Next $8.5 billion | 0.38% | | | | | | Any excess above $55 billion | 0.37% | | | |
| Putnam New | 2,074,162,525 | First $500 million | 0.70% | 11,478,217 | Yes | Long-term | Value Fund | | Next $500 million | 0.60% | | | capital appreciation. | | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam High | 634,071,787 | First $500 million | 0.70% | Yes | High current income. Capital | Yield Advantage | | Next $500 million | 0.60% | | growth is a secondary goal when | Fund | | Next $500 million | 0.55% | | consistent with achieving high | | | Next $5 billion | 0.50% | | current income. | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
| Putnam High | 1,168,635,799 | First $500 million | 0.70% | Yes | High current income. Capital | Yield Trust | | Next $500 million | 0.60% | | growth is a secondary goal when | | | Next $500 million | 0.55% | | consistent with achieving high | | | Next $5 billion | 0.50% | | current income. | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
| Putnam Income | 957,062,896 | First $500 million | 0.65% | Yes | High current income consistent | Fund | | Next $500 million | 0.55% | | with what Putnam Management | | | Next $500 million | 0.50% | | believes to be prudent risk. | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | |
| Putnam Income | 37,552,989 | First $500 million | 0.65% | Yes | Current income consistent with | Strategies Fund | | Next $500 million | 0.55% | | what Putnam management | | | Next $500 million | 0.50% | | believes to be prudent risk. Its | | | Next $5 billion | 0.45% | | secondary objective is capital | | | Next $5 billion | 0.425% | | appreciation. | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Next $5 billion | 0.38% | | | | | Next $5 billion | 0.37% | | | | | Next $5 billion | 0.36% | | | | | Next $5 billion | 0.35% | | | | | Next $5 billion | 0.34% | | | | | Next $8.5 billion | 0.33% | | | | | Any excess thereafter | 0.32% | | |
| Putnam | 1,022,428,205 | First $500 million | 1.00% | Yes | Long-term capital appreciation. | International | | Next $500 million | 0.90% | | | Capital | | Next $500 million | 0.85% | | | Opportunities | | Next $5 billion | 0.80% | | | Fund | | Next $5 billion | 0.775% | | | | | Next $5 billion | 0.755% | | | | | Next $5 billion | 0.74% | | | | | Any excess thereafter | 0.73% | | |
| Putnam | 1,788,163,176 | First $500 million | 0.80% | Yes | Capital appreciation. | International | | Next $500 million | 0.70% | | | Equity Fund | | Next $500 million | 0.65% | | | | | Next $5 billion | 0.60% | | | | | Next $5 billion | 0.575% | | | | | Next $5 billion | 0.555% | | | | | Next $5 billion | 0.54% | | | | | Any excess over $21.5 billion | 0.53% | | |
| Putnam | 352,281,035 | First $500 million | 0.80% | Yes | Capital growth. Current income | International | | Next $500 million | 0.70% | | is a secondary objective. | Growth and | | Next $500 million | 0.65% | | | Income Fund | | Next $5 billion | 0.60% | | | | | Next $5 billion | 0.575% | | | | | Next $5 billion | 0.555% | | | | | Next $5 billion | 0.54% | | | | | Any excess over $21.5 billion | 0.53% | | |
|
H-9
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | | if any) ($) | contract? | Objective |
| Putnam New York | 48,297,644 | The lesser of 0.55%, or | | 302,665 | Yes | To provide as high a | Investment Grade | | First $500 million | 0.65% | | | level of current | Municipal Trust | | Next $500 million | 0.55% | | | income free from | | | Next $500 million | 0.50% | | | federal income tax | | | Next $5 billion | 0.45% | | | and New York state | | | Next $5 billion | 0.425% | | | and city personal | | | Next $5 billion | 0.405% | | | income taxes as | | | Next $5 billion | 0.39% | | | Putnam Management | | | Any excess thereafter | 0.38% | | | believes is consistent | | | | | | | with the preservation | | | | | | | of capital. |
| Putnam New York | 1,158,329,137 | The lesser of 0.50%, or | | 5,972,705 | Yes | As high a level of | Tax Exempt | | First $500 million | 0.60% | | | current income | Income Fund | | Next $500 million | 0.50% | | | exempt from federal | | | Next $500 million | 0.45% | | | income tax and | | | Next $5 billion | 0.40% | | | New York State and | | | Next $5 billion | 0.375% | | | City personal income | | | Next $5 billion | 0.355% | | | taxes as Putnam | | | Next $5 billion | 0.34% | | | Management believes | | | Any excess over $21.5 billion | 0.33% | | | to be consistent | | | | | | | with preservation | | | | | | | of capital. |
| Putnam Ohio Tax | 162,665,349 | The lesser of 0.50%, or | | 849,434 | Yes | As high a level of | Exempt Income Fund | | First $500 million | 0.60% | | | current income | | | Next $500 million | 0.50% | | | exempt from federal | | | Next $500 million | 0.45% | | | income tax and | | | Next $5 billion | 0.40% | | | personal income tax | | | Next $5 billion | 0.375% | | | (if any) of the state | | | Next $5 billion | 0.355% | | | of Ohio as Putnam | | | Next $5 billion | 0.34% | | | Management believes | | | Any excess over $21.5 billion | 0.33% | | | is consistent with | | | | | | | preservation | | | | | | | of capital. |
| Putnam OTC & | 707,529,454 | First $500 million | 0.70% | 6,255,747 | Yes | Capital appreciation. | Emerging Growth | | Next $500 million | 0.60% | | | | Fund | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
| Putnam Pennsylvania | 170,561,420 | The lesser of 0.50%, or | | 926,507 | Yes | As high a level of | Tax Exempt | | First $500 million | 0.60% | | | current income | Income Fund | | Next $500 million | 0.50% | | | exempt from federal | | | Next $500 million | 0.45% | | | income tax and | | | Next $5 billion | 0.40% | | | personal income tax | | | Next $5 billion | 0.375% | | | (if any) of the | | | Next $5 billion | 0.355% | | | Commonwealth of | | | Next $5 billion | 0.34% | | | Pennsylvania as | | | Any excess over $21.5 billion | 0.33% | | | Putnam Management | | | | | | | believes is consistent | | | | | | | with preservation | | | | | | | of capital. |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam | 382,498,348 | First $500 million | 1.00% | Yes | Long-term capital appreciation. | International New | | Next $500 million | 0.90% | | | Opportunities | | Next $500 million | 0.85% | | | Fund | | Next $5 billion | 0.80% | | | | | Next $5 billion | 0.775% | | | | | Next $5 billion | 0.755% | | | | | Next $5 billion | 0.74% | | | | | Any excess thereafter | 0.73% | | |
| Putnam Investors | 1,432,533,133 | First $500 million | 0.65% | Yes | Long-term growth of capital and | Fund | | Next $500 million | 0.55% | | any increased income that results | | | Next $500 million | 0.50% | | from this growth. | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess over $21.5 billion | 0.38% | | |
| Putnam Managed | 367,529,381 | The lesser of 0.55%, or | | Yes | To provide high current income | Municipal Income | | First $500 million | 0.65% | | free from federal income tax. | Trust | | Next $500 million | 0.55% | | | | | Next $500 million | 0.50% | | | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | |
| Putnam | 270,771,414 | The lesser of 0.50%, or | | Yes | To provide as high a level of | Massachusetts Tax | | First $500 million | 0.60% | | current income exempt from | Exempt Income | | Next $500 million | 0.50% | | federal income tax and personal | Fund | | Next $500 million | 0.45% | | income tax (if any) of the | | | Next $5 billion | 0.40% | | Commonwealth of | | | Next $5 billion | 0.375% | | Massachusetts as Putnam | | | Next $5 billion | 0.355% | | Management believes is | | | Next $5 billion | 0.34% | | consistent with preservation of | | | Any excess over $21.5 billion | 0.33% | | capital. |
| Putnam Master | 335,104,367 | First $500 million | 0.75% | Yes | With equal emphasis, to provide | Intermediate | | Next $500 million | 0.65% | | high current income and relative | Income Trust | | Next $500 million | 0.60% | | stability of net asset value. | | | Next $5 billion | 0.55% | | | | | Next $5 billion | 0.525% | | | | | Next $5 billion | 0.505% | | | | | Next $5 billion | 0.49% | | | | | Next $5 billion | 0.48% | | | | | Next $5 billion | 0.47% | | | | | Next $5 billion | 0.46% | | | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.44% | | | | | Next $8.5 billion | 0.43% | | | | | Any excess thereafter | 0.42% | | |
| Putnam Michigan | 84,315,808 | The lesser of 0.50%, or | | Yes | To provide as high a level of | Tax Exempt | | First $500 million | 0.60% | | current income exempt from | Income Fund | | Next $500 million | 0.50% | | federal income tax and personal | | | Next $500 million | 0.45% | | income tax (if any) of the state | | | Next $5 billion | 0.40% | | of Michigan as Putnam | | | Next $5 billion | 0.375% | | Management believes is | | | Next $5 billion | 0.355% | | consistent with preservation of | | | Next $5 billion | 0.34% | | capital. | | | Any excess over $21.5 billion | 0.33% | | |
|
H-10
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | | if any) ($) | contract? | Objective |
| Putnam Premier | 1,290,918,588 | First $500 million | 0.75% | 8,927,294 | Yes | To provide high | Income Trust | | Next $500 million | 0.65% | | | current income. | | | Next $500 million | 0.60% | | | | | | Next $5 billion | 0.55% | | | | | | Next $5 billion | 0.525% | | | | | | Next $5 billion | 0.505% | | | | | | Next $5 billion | 0.49% | | | | | | Next $5 billion | 0.48% | | | | | | Next $5 billion | 0.47% | | | | | | Next $5 billion | 0.46% | | | | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.44% | | | | | | Next $8.5 billion | 0.43% | | | | | | Any excess thereafter | 0.42% | | | |
| Putnam Prime | 6,828,544,083 | | 0.20% | 2,183,172 | Yes | As high a rate of | Money Market | | | | | | current income as | Fund*** | | | | | | Putnam Management | | | | | | | believes is consistent | | | | | | | with preservation | | | | | | | of capital and | | | | | | | maintenance | | | | | | | of liquidity. |
| Putnam Research | 825,539,509 | First $500 million | 0.65% | 5,269,897 | Yes | Capital appreciation. | Fund**** | | Next $500 million | 0.55% | | | | | | Next $500 million | 0.50% | | | | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
| Putnam | 82,508,709 | | 0.05% | 29,736 | Yes | Capital appreciation | RetirementReady | | | | | | and current income | 2010 Fund | | | | | | consistent with a | | | | | | | decreasing emphasis | | | | | | | on capital | | | | | | | appreciation and an | | | | | | | increasing emphasis | | | | | | | on current income | | | | | | | as it approaches its | | | | | | | target date. |
| Putnam | 150,347,628 | | 0.05% | 58,932 | Yes | Capital appreciation | RetirementReady | | | | | | and current income | 2015 Fund | | | | | | consistent with a | | | | | | | decreasing emphasis | | | | | | | on capital | | | | | | | appreciation and an | | | | | | | increasing emphasis | | | | | | | on current income | | | | | | | as it approaches its | | | | | | | target date. |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam Mid Cap | 498,483,964 | First $500 million | 0.70% | Yes | Capital appreciation and, as a | Value Fund | | Next $500 million | 0.60% | | secondary objective, current | | | Next $500 million | 0.55% | | income. | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
| Putnam Minnesota | 88,402,430 | The lesser of 0.50%, or | | Yes | To provide as high a level of | Tax Exempt | | First $500 million | 0.60% | | current income exempt from | Income Fund | | Next $500 million | 0.50% | | federal income tax and personal | | | Next $500 million | 0.45% | | income tax (if any) of the state | | | Next $5 billion | 0.40% | | of Minnesota as Putnam | | | Next $5 billion | 0.375% | | Management believes is | | | Next $5 billion | 0.355% | | consistent with preservation of | | | Next $5 billion | 0.34% | | capital. | | | Any excess over $21.5 billion | 0.33% | | |
| Putnam Money | 2,808,573,765 | First $100 million | 0.50% | Yes | As high a rate of current income | Market Fund | | Next $100 million | 0.40% | | as Putnam Management believes | | | Next $300 million | 0.35% | | is consistent with preservation of | | | Next $500 million | 0.325% | | capital and maintenance of | | | Next $500 million | 0.30% | | liquidity. | | | Next $2.5 billion | 0.275% | | | | | Next $2.5 billion | 0.25% | | | | | Next $5 billion | 0.225% | | | | | Next $5 billion | 0.205% | | | | | Next $5 billion | 0.19% | | | | | Any excess thereafter | 0.18% | | |
| Putnam Money | 2,439,099,233 | 0.25% | Yes | As high a rate of current income | Market Liquidity | | | | | as Putnam Management believes | Fund | | | | | is consistent with preservation of | | | | | | capital, maintenance of liquidity | | | | | | and stability of principal. |
| Putnam Municipal | 459,512,454 | The lesser of 0.55%, or | | Yes | The fund seeks to provide as | Opportunities | | First $500 million | 0.65% | | high a level of current income | Trust | | Next $500 million | 0.55% | | exempt from federal income tax | | | Next $500 million | 0.50% | | as Putnam Management believes | | | Next $5 billion | 0.45% | | is consistent with preservation of | | | Next $5 billion | 0.425% | | capital. | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | |
| Putnam New | 211,818,789 | The lesser of 0.50%, or | | Yes | To provide as high a level of | Jersey Tax | | First $500 million | 0.60% | | current income exempt from | Exempt Income | | Next $500 million | 0.50% | | federal income tax and personal | Fund | | Next $500 million | 0.45% | | income tax (if any) of the state | | | Next $5 billion | 0.40% | | of New Jersey as Putnam | | | Next $5 billion | 0.375% | | Management believes is | | | Next $5 billion | 0.355% | | consistent with preservation of | | | Next $5 billion | 0.34% | | capital. | | | Any excess over $21.5 billion | 0.33% | | |
|
H-11
| | | | | | | Has | | | | | | | | Amount of | compensation | | | | | | | | Management | been waived, | | | | | | | | Fee Paid in the | reduced or | | | | | | | | Most Recent | otherwise | | | | | | | | Fiscal Year | agreed to be | | | | Net Assets | | | | (after applicable | reduced | | | | as of | | | | waivers and | under any | Current | | | December 31, | | | | reimbursements, | applicable | Investment | Fund | | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective |
| Putnam | | 162,096,359 | | | 0.05% | 64,225 | Yes | Capital appreciation | RetirementReady | | | | | | | | and current income | 2020 Fund | | | | | | | | consistent with a | | | | | | | | | decreasing emphasis | | | | | | | | | on capital | | | | | | | | | appreciation and an | | | | | | | | | increasing emphasis | | | | | | | | | on current income | | | | | | | | | as it approaches its | | | | | | | | | target date. |
| Putnam | | 133,811,161 | | | 0.05% | 49,571 | Yes | Capital appreciation | RetirementReady | | | | | | | | and current income | 2025 Fund | | | | | | | | consistent with a | | | | | | | | | decreasing emphasis | | | | | | | | | on capital | | | | | | | | | appreciation and an | | | | | | | | | increasing emphasis | | | | | | | | | on current income | | | | | | | | | as it approaches its | | | | | | | | | target date. |
| Putnam | | 101,690,671 | | | 0.05% | 25,310 | Yes | Capital appreciation | RetirementReady | | | | | | | | and current income | 2030 Fund | | | | | | | | consistent with a | | | | | | | | | decreasing emphasis | | | | | | | | | on capital | | | | | | | | | appreciation and an | | | | | | | | | increasing emphasis | | | | | | | | | on current income | | | | | | | | | as it approaches its | | | | | | | | | target date. |
| Putnam | | 68,748,550 | | | 0.05% | 6,096 | Yes | Capital appreciation | RetirementReady | | | | | | | | and current income | 2035 Fund | | | | | | | | consistent with a | | | | | | | | | decreasing emphasis | | | | | | | | | on capital | | | | | | | | | appreciation and an | | | | | | | | | increasing emphasis | | | | | | | | | on current income | | | | | | | | | as it approaches its | | | | | | | | | target date. |
| Putnam | | 44,524,474 | | | 0.05% | 0† | Yes | Capital appreciation | RetirementReady | | | | | | | | and current income | 2040 Fund | | | | | | | | consistent with a | | | | | | | | | decreasing emphasis | | | | | | | | | on capital | | | | | | | | | appreciation and an | | | | | | | | | increasing emphasis | | | | | | | | | on current income | | | | | | | | | as it approaches its | | | | | | | | | target date. |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam New | 2,357,287,064 | First $500 million | 0.70% | Yes | Long-term capital appreciation. | Opportunities | | Next $500 million | 0.60% | | | Fund | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Next $5 billion | 0.43% | | | | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.39% | | | | | Next $8.5 billion | 0.38% | | | | | Any excess over $55 billion | 0.37% | | |
| Putnam New York | 1,060,256,684 | The lesser of 0.50%, or | | Yes | To provide as high a level of | Tax Exempt | | First $500 million | 0.60% | | current income exempt from | Income Fund | | Next $500 million | 0.50% | | federal income tax and personal | | | Next $500 million | 0.45% | | income tax (if any) of the state | | | Next $5 billion | 0.40% | | of New York as Putnam | | | Next $5 billion | 0.375% | | Management believes is | | | Next $5 billion | 0.355% | | consistent with preservation of | | | Next $5 billion | 0.34% | | capital. | | | Any excess over $21.5 billion | 0.33% | | |
| Putnam Ohio Tax | 149,562,033 | The lesser of 0.50%, or | | Yes | To provide as high a level of | Exempt Income | | First $500 million | 0.60% | | current income exempt from | Fund | | Next $500 million | 0.50% | | federal income tax and personal | | | Next $500 million | 0.45% | | income tax (if any) of the state | | | Next $5 billion | 0.40% | | of Ohio as Putnam Management | | | Next $5 billion | 0.375% | | believes is consistent with | | | Next $5 billion | 0.355% | | preservation of capital. | | | Next $5 billion | 0.34% | | | | | Any excess over $21.5 billion | 0.33% | | |
| Putnam | 171,593,303 | The lesser of 0.50%, or | | Yes | To provide as high a level of | Pennsylvania Tax | | First $500 million | 0.60% | | current income exempt from | Exempt Income | | Next $500 million | 0.50% | | federal income tax and personal | Fund | | Next $500 million | 0.45% | | income tax (if any) of the state | | | Next $5 billion | 0.40% | | of Pennsylvania as Putnam | | | Next $5 billion | 0.375% | | Management believes is | | | Next $5 billion | 0.355% | | consistent with preservation of | | | Next $5 billion | 0.34% | | capital. | | | Any excess over $21.5 billion | 0.33% | | |
| Putnam Premier | 747,096,905 | First $500 million | 0.75% | Yes | To provide high current income. | Income Trust | | Next $500 million | 0.65% | | | | | Next $500 million | 0.60% | | | | | Next $5 billion | 0.55% | | | | | Next $5 billion | 0.525% | | | | | Next $5 billion | 0.505% | | | | | Next $5 billion | 0.49% | | | | | Next $5 billion | 0.48% | | | | | Next $5 billion | 0.47% | | | | | Next $5 billion | 0.46% | | | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.44% | | | | | Next $8.5 billion | 0.43% | | | | | Any excess thereafter | 0.42% | | |
| Putnam Research | 214,086,489 | First $500 million | 0.65% | Yes | Capital appreciation. | Fund | | Next $500 million | 0.55% | | | | | Next $500 million | 0.50% | | | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | |
|
H-12
| | Has | | | | | Amount of | compensation | | | | | Management | been waived, | | | | | Fee Paid in the | reduced or | | | | | Most Recent | otherwise | | | | | Fiscal Year | agreed to be | | | | | | | Net Assets | | (after applicable | reduced | | | Has compensation | | | as of | | waivers and | under any | Current | | been waived, reduced | | | December 31, | | reimbursements, | applicable | Investment | Net Assets as | | or otherwise agreed to | | Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | of June 30, | Current Management | be reduced under any | Current Investment |
|
| 2009 ($) | Fee Schedule | applicable contract? | Objective |
| |
| Putnam | 34,373,111 | | 0.05% | 0† | Yes | Capital appreciation | 21,405,327 | 0.05% | Yes | Capital appreciation and current | RetirementReady | | | and current income | | income consistent with a | 2045 Fund | | | consistent with a | | 2010 Fund | | | decreasing emphasis on capital | | | | decreasing emphasis | | appreciation and an increasing | | | | on capital | | emphasis on current income as it | | | | appreciation and an | | approaches its target date. | | | | increasing emphasis |
| Putnam | | 52,117,244 | 0.05% | Yes | Capital appreciation and current | RetirementReady | | | income consistent with a | 2015 Fund | | | decreasing emphasis on capital | | | | appreciation and an increasing | | | | emphasis on current income as it | | | | approaches its target date. |
| |
| Putnam | | 43,527,529 | 0.05% | Yes | Capital appreciation and current | RetirementReady | | | income consistent with a | 2020 Fund | | | decreasing emphasis on capital | | | | appreciation and an increasing | | | | emphasis on current income as it | | | | approaches its target date. |
| |
| Putnam | | 43,263,091 | 0.05% | Yes | Capital appreciation and current | RetirementReady | | | income consistent with a | 2025 Fund | | | decreasing emphasis on capital | | | | appreciation and an increasing | | | | emphasis on current income as it | | | | approaches its target date. |
| |
| Putnam | | 36,689,269 | 0.05% | Yes | Capital appreciation and current | RetirementReady | | | income consistent with a | 2030 Fund | | | decreasing emphasis on capital | | | | appreciation and an increasing | | | | emphasis on current income as it | | | | approaches its target date. |
| |
| Putnam | | 28,978,834 | 0.05% | Yes | Capital appreciation and current | RetirementReady | | | income consistent with a | 2035 Fund | | | decreasing emphasis on capital | | | | appreciation and an increasing | | | | emphasis on current income as it | | | | approaches its target date. |
| |
| Putnam | | 19,987,367 | 0.05% | Yes | Capital appreciation and current | RetirementReady | | | income consistent with a | 2040 Fund | | | decreasing emphasis on capital | | | | appreciation and an increasing | | | | emphasis on current income as it | | | | approaches its target date. |
| |
| Putnam | | 13,771,032 | 0.05% | Yes | Capital appreciation and current | RetirementReady | | | income consistent with a | 2045 Fund | | | decreasing emphasis on capital | | | | on current income | | appreciation and an increasing | | | | as it approaches its | | emphasis on current income as it | | | | target date. | | approaches its target date. |
|
|
| Putnam | 8,214,863 | | 0.05% | 0† | Yes | Capital appreciation | 6,981,450 | 0.05% | Yes | Capital appreciation and current | RetirementReady | | | and current income | | income consistent with a | 2050 Fund | | | consistent with a | | decreasing emphasis on capital | | | | decreasing emphasis | | appreciation and an increasing | | | | on capital | | emphasis on current income as it | | | | appreciation and an | | approaches its target date. | | | | increasing emphasis |
| | | | on current income | | | | | as it approaches its | | | | | target date. | |
| | Putnam | 48,280,916 | | 0.05% | 0† | Yes | As high a rate of | 13,759,043 | 0.05% | Yes | As high a rate of current income | RetirementReady | | | current income as | | as Putnam Management believes | Maturity Fund | | | Putnam Management | | is consistent with preservation of | | | | believes is | | capital. | | | | consistent with |
| | | | preservation | | | | | of capital. | |
| | Putnam Small Cap | 499,218,523 | First $500 million | 1.00% | 3,840,676 | Yes | Capital appreciation. | | Growth Fund | | Next $500 million | 0.90% | | | | | | | Next $500 million | 0.85% | | | | | | | Next $5 billion | 0.80% | | | | | | | Next $5 billion | 0.775% | | | | | | | Next $5 billion | 0.755% | | | | | | | Next $5 billion | 0.74% | | | | | | | Any excess thereafter | 0.73% | | | | |
| | Putnam Small Cap | 774,255,867 | First $500 million | 0.80% | 6,409,797^ | Yes | Capital appreciation. | | Value Fund | | Next $500 million | 0.70% | | | | | | | Next $500 million | 0.65% | | | | | | | Next $5 billion | 0.60% | | | | | | | Next $5 billion | 0.575% | | | | | | | Next $5 billion | 0.555% | | | | | | | Next $5 billion | 0.54% | | | | | | | Any excess thereafter | 0.53% | | | | |
| | Putnam Tax | 1,200,407,523 | The lesser of 0.50%, or | | 6,301,826 | Yes | As high a level of | | Exempt Income | | First $500 million | 0.60% | | | current income | | Fund | | Next $500 million | 0.50% | | | exempt from federal | | | | Next $500 million | 0.45% | | | income tax as | | | | Next $5 billion | 0.40% | | | Putnam Management | | | | Next $5 billion | 0.375% | | | believes to be | | | | Next $5 billion | 0.355% | | | consistent with | | | | Next $5 billion | 0.34% | | | preservation | | | | Any excess thereafter | 0.33% | | | of capital. | |
| |
H-13
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective |
| Putnam Tax Exempt | 130,101,465 | First $500 million | 0.45% | 390,524 | Yes | As high a level of | Money Market Fund | | Next $500 million | 0.35% | | | current income | | | Next $500 million | 0.30% | | | exempt from federal | | | Next $5 billion | 0.25% | | | income tax as | | | Next $5 billion | 0.225% | | | Putnam Management | | | Next $5 billion | 0.205% | | | believes is | | | Next $5 billion | 0.19% | | | consistent with | | | Any excess thereafter | 0.18% | | | preservation of | | | | | | | capital, maintenance | | | | | | | of liquidity and | | | | | | | stability of principal. |
| Putnam Tax-Free | 192,025,045 | The lesser of 0.55%, or | | 1,177,515 | Yes | The fund seeks to | Health Care Fund | | First $500 million | 0.65% | | | provide as high a | | | Next $500 million | 0.55% | | | level of current | | | Next $500 million | 0.50% | | | income free from | | | Next $5 billion | 0.45% | | | federal income tax | | | Next $5 billion | 0.425% | | | as Putnam | | | Next $5 billion | 0.405% | | | Management | | | Next $5 billion | 0.39% | | | believes is | | | Any excess over $21.5 billion | 0.38% | | | consistent with the | | | | | | | preservation | | | | | | | of capital. |
| Putnam Tax-Free | 1,463,606,993 | The lesser of 0.50%, or | | 7,815,394 | Yes | High current income | High Yield Fund | | First $500 million | 0.60% | | | exempt from federal | | | Next $500 million | 0.50% | | | income tax. | | | Next $500 million | 0.45% | | | | | | Next $5 billion | 0.40% | | | | | | Next $5 billion | 0.375% | | | | | | Next $5 billion | 0.355% | | | | | | Next $5 billion | 0.34% | | | | | | Any excess thereafter | 0.33% | | | |
| Putnam Tax Smart | 282,128,891 | First $500 million | 0.70% | 1,914,939 | Yes | Long-term growth | Equity Fund® | | Next $500 million | 0.60% | | | of capital on an | | | Next $500 million | 0.55% | | | after-tax basis. | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
| Putnam U.S. | 1,209,378,791 | First $500 million | 0.57% | 6,820,873 | Yes | As high a level of | Government | | Next $500 million | 0.475% | | | current income as | Income Trust | | Next $500 million | 0.4275% | | | Putnam Management | | | Any excess over $1.5 billion | 0.38% | | | believes is | | | | | | | consistent with | | | | | | | preservation | | | | | | | of capital. |
| Putnam Utilities | 622,775,796 | First $500 million | 0.70% | 3,727,421 | Yes | Capital growth and | Growth and | | Next $500 million | 0.60% | | | current income. | Income Fund | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam Small Cap | 133,066,612 | First $500 million | 1.00% | Yes | Capital appreciation. | Growth Fund | | Next $500 million | 0.90% | | | | | Next $500 million | 0.85% | | | | | Next $5 billion | 0.80% | | | | | Next $5 billion | 0.775% | | | | | Next $5 billion | 0.755% | | | | | Next $5 billion | 0.74% | | | | | Any excess thereafter | 0.73% | | |
| Putnam Small Cap | 171,802,667 | First $500 million | 0.80% | Yes | Capital appreciation. | Value Fund | | Next $500 million | 0.70% | | | | | Next $500 million | 0.65% | | | | | Next $5 billion | 0.60% | | | | | Next $5 billion | 0.575% | | | | | Next $5 billion | 0.555% | | | | | Next $5 billion | 0.54% | | | | | Any excess thereafter | 0.53% | | |
| Putnam Tax | 1,111,795,828 | The lesser of 0.50%, or | | Yes | As high a level of current | Exempt Income | | First $500 million | 0.60% | | income exempt from federal | Fund | | Next $500 million | 0.50% | | income tax as Putnam | | | Next $500 million | 0.45% | | Management believes to be | | | Next $5 billion | 0.40% | | consistent with preservation of | | | Next $5 billion | 0.375% | | capital. | | | Next $5 billion | 0.355% | | | | | Next $5 billion | 0.34% | | | | | Any excess over $21.5 billion | 0.33% | | |
| Putnam Tax | 69,187,935 | First $500 million | 0.45% | Yes | As high a level of current | Exempt Money | | Next $500 million | 0.35% | | income exempt from federal | Market Fund | | Next $500 million | 0.30% | | income tax as Putnam | | | Next $5 billion | 0.25% | | Management believes to be | | | Next $5 billion | 0.225% | | consistent with preservation of | | | Next $5 billion | 0.205% | | capital, maintenance of liquidity | | | Next $5 billion | 0.19% | | and stability of principal. | | | Any excess thereafter | 0.18% | | |
| Putnam Tax-Free | 863,838,724 | The lesser of 0.50%, or | | Yes | High current income exempt | High Yield Fund | | First $500 million | 0.60% | | from federal income tax. | | | Next $500 million | 0.50% | | | | | Next $500 million | 0.45% | | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.375% | | | | | Next $5 billion | 0.355% | | | | | Next $5 billion | 0.34% | | | | | Any excess thereafter | 0.33% | | |
| Putnam U.S. | 1,238,499,306 | First $500 million | 0.57% | Yes | As high a level of current | Government | | Next $500 million | 0.475% | | income as Putnam Management | Income Trust | | Next $500 million | 0.4275% | | believes is consistent with | | | Any excess over $1.5 billion | 0.38% | | preservation of capital. |
| Putnam Vista | 922,889,772 | First $500 million | 0.65% | Yes | Capital appreciation. | Fund | | Next $500 million | 0.55% | | | | | Next $500 million | 0.50% | | | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess over $21.5 billion | 0.38% | | |
|
H-14
| | | | | Has | | | | | | | Amount of | compensation | | | | | | | Management | been waived, | | | | | | | Fee Paid in the | reduced or | | | | | | | Most Recent | otherwise | | | | | | | Fiscal Year | agreed to be | | | | | | Net Assets | | | (after applicable | reduced | | | Has compensation | | | as of | | | waivers and | under any | Current | | been waived, reduced | | | December 31, | | | reimbursements, | applicable | Investment | Net Assets as | | or otherwise agreed to | | Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective | of June 30, | Current Management | be reduced under any | Current Investment |
|
| 2009 ($) | Fee Schedule | applicable contract? | Objective | Putnam Vista Fund | 2,389,026,658 | First $500 million | 0.65% | 14,101,874 | Yes | Capital appreciation. | | | | Next $500 million | 0.55% | | | |
| | | Next $500 million | 0.50% | | | | | | | Next $5 billion | 0.45% | | | | | | | Next $5 billion | 0.425% | | | | | | | Next $5 billion | 0.405% | | | | | | | Next $5 billion | 0.39% | | | | | | | Any excess over $21.5 billion | 0.38% | | | | |
| | Putnam Voyager Fund | 8,241,571,476 | First $500 million | 0.70% | 51,035,233 | Yes | Capital appreciation. | | | | Next $500 million | 0.60% | | | | | Putnam Voyager | | 2,853,168,159 | First $500 million | 0.70% | Yes | Capital appreciation. | Fund | | | Next $500 million | 0.60% | | | | Next $500 million | 0.55% | | | | | Next $500 million | 0.55% | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.50% | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.475% | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.455% | | | | Next $5 billion | 0.44% | | | | | Next $5 billion | 0.44% | | | | Next $5 billion | 0.43% | | | | | Next $5 billion | 0.43% | | | | Next $5 billion | 0.42% | | | | | Next $5 billion | 0.42% | | | | Next $5 billion | 0.41% | | | | | Next $5 billion | 0.41% | | | | Next $5 billion | 0.40% | | | | | Next $5 billion | 0.40% | | | | Next $5 billion | 0.39% | | | | | Next $5 billion | 0.39% | | | | Next $8.5 billion | 0.38% | | | | | Next $8.5 billion | 0.38% | | | | Above $55 billion | 0.37% | | | | | Any excess over $55 billion | 0.37% | |
| Putnam VT | 149,012,146 | First $500 million | 0.65% | 693,021 | Yes | High current income | 151,768,814 | First $500 million | 0.65% | Yes | High current income with | American | | Next $500 million | 0.55% | | | with preservation of | | Next $500 million | 0.55% | | preservation of capital as a | Government | | Next $500 million | 0.50% | | | capital as a | | Next $500 million | 0.50% | | secondary objective. | Income Fund | | Next $5 billion | 0.45% | | | secondary objective. | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | | Next $5 billion | 0.39% | | | | Next $5 billion | 0.38% | | | | | Next $5 billion | 0.38% | | | | Next $5 billion | 0.37% | | | | | Next $5 billion | 0.37% | | | | Next $5 billion | 0.36% | | | | | Next $5 billion | 0.36% | | | | Next $5 billion | 0.35% | | | | | Next $5 billion | 0.35% | | | | Any excess thereafter | 0.34% | | | | | Any excess thereafter | 0.34% | |
| Putnam VT Capital | 50,843,215 | First $500 million | 0.65% | 225,344 | Yes | Capital appreciation. | | Appreciation Fund | | Next $500 million | 0.55% | | | | | Putnam VT | | 20,881,561 | First $500 million | 0.65% | Yes | Long-term growth of capital. | Capital | | | Next $500 million | 0.55% | | Opportunities | | | Next $500 million | 0.50% | | Fund | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | |
| |
| Putnam VT | | 394,540,191 | First $500 million | 0.70% | Yes | As high a level of current | Diversified | | | Next $500 million | 0.60% | | income as Putnam Management | Income Fund | | | Next $500 million | 0.55% | | believes is consistent with | | | | Next $5 billion | 0.50% | | preservation of capital. | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | |
| |
| Putnam VT Equity | | 359,696,288 | First $500 million | 0.65% | Yes | Capital growth and current | Income Fund | | | Next $500 million | 0.55% | | income. | | | Next $500 million | 0.50% | | | | | Next $500 million | 0.50% | | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.45% | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.425% | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.405% | | | | Next $5 billion | 0.39% | | | | | Next $5 billion | 0.39% | | | | Next $5 billion | 0.38% | | | | | Any excess thereafter | 0.38% | | | | Next $5 billion | 0.37% | | | |
| Putnam VT The | | 208,322,777 | First $500 million | 0.65% | Yes | To provide a balanced | George Putnam | | | Next $500 million | 0.55% | | investment composed of a well | Fund of Boston | | | Next $500 million | 0.50% | | diversified portfolio of stocks | | | Next $5 billion | 0.36% | | | | | Next $5 billion | 0.45% | | and bonds which produce both | | | Next $5 billion | 0.35% | | | | | Next $5 billion | 0.425% | | capital growth and current | | | Next $5 billion | 0.34% | | | | | Next $5 billion | 0.405% | | income. | | | Next $8.5 billion | 0.33% | | | | | Next $5 billion | 0.39% | | | | Any excess thereafter | 0.32% | | | | | Any excess thereafter | 0.38% | |
|
H-15
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective |
| Putnam VT Capital | 46,989,019 | First $500 million | 0.65% | 222,790 | Yes | Long-term growth | Opportunities Fund | | Next $500 million | 0.55% | | | of capital. | | | Next $500 million | 0.50% | | | | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
| Putnam VT Discovery | 36,740,778 | First $500 million | 0.70% | 105,127 | Yes | Long-term growth | Growth Fund | | Next $500 million | 0.60% | | | of capital. | | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Next $5 billion | 0.43% | | | | | | Next $5 billion | 0.42% | | | | | | Next $5 billion | 0.41% | | | | | | Next $5 billion | 0.40% | | | | | | Next $5 billion | 0.39% | | | | | | Next $8.5 billion | 0.38% | | | | | | Any excess thereafter | 0.37% | | | |
| Putnam VT | 479,813,483 | First $500 million | 0.70% | 2,933,530 | Yes | As high a level of | Diversified | | Next $500 million | 0.60% | | | current income as | Income Fund | | Next $500 million | 0.55% | | | Putnam Management | | | Next $5 billion | 0.50% | | | believes is consistent | | | Next $5 billion | 0.475% | | | with preservation | | | Next $5 billion | 0.455% | | | of capital. | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
| Putnam VT Equity | 241,424,798 | First $500 million | 0.65% | 1,326,897 | Yes | Capital growth and | Income Fund | | Next $500 million | 0.55% | | | current income. | | | Next $500 million | 0.50% | | | | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
| Putnam VT The | 608,279,822 | First $500 million | 0.65% | 3,969,447 | Yes | To provide a balanced | George Putnam | | Next $500 million | 0.55% | | | investment composed | Fund of Boston | | Next $500 million | 0.50% | | | of a well diversified | | | Next $5 billion | 0.45% | | | portfolio of stocks | | | Next $5 billion | 0.425% | | | and bonds which | | | Next $5 billion | 0.405% | | | produce both capital | | | Next $5 billion | 0.39% | | | growth and | | | Any excess thereafter | 0.38% | | | current income. |
| Putnam VT Global | 400,137,286 | First $500 million | 0.70% | 2,392,952 | Yes | A high level of | Asset Allocation | | Next $500 million | 0.60% | | | long-term total | Fund | | Next $500 million | 0.55% | | | return consistent | | | Next $5 billion | 0.50% | | | with preservation | | | Next $5 billion | 0.475% | | | of capital. | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam VT Global | 201,896,046 | First $500 million | 0.70% | Yes | A high level of long-term total | Asset Allocation | | Next $500 million | 0.60% | | return consistent with | Fund | | Next $500 million | 0.55% | | preservation of capital. | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
| Putnam VT Global | 224,213,688 | First $500 million | 0.80% | Yes | Capital appreciation. | Equity Fund | | Next $500 million | 0.70% | | | | | Next $500 million | 0.65% | | | | | Next $5 billion | 0.60% | | | | | Next $5 billion | 0.575% | | | | | Next $5 billion | 0.555% | | | | | Next $5 billion | 0.54% | | | | | Any excess thereafter | 0.53% | | |
| Putnam VT Global | 127,814,985 | First $500 million | 0.70% | Yes | Capital appreciation. | Health Care Fund | | Next $500 million | 0.60% | | | | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
| Putnam VT Global | 173,031,611 | First $500 million | 0.70% | Yes | Capital growth and current | Utilities Fund | | Next $500 million | 0.60% | | income. | | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
| Putnam VT | 1,297,384,949 | First $500 million | 0.65% | Yes | Capital growth and current | Growth and | | Next $500 million | 0.55% | | income. | Income Fund | | Next $500 million | 0.50% | | | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | |
| Putnam VT | 23,646,157 | First $500 million | 0.70% | Yes | Capital appreciation. | Growth | | Next $500 million | 0.60% | | | Opportunities | | Next $500 million | 0.55% | | | Fund | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Next $5 billion | 0.43% | | | | | Any excess thereafter | 0.42% | | |
| Putnam VT High | 373,059,178 | First $500 million | 0.70% | Yes | High current income. Capital | Yield Fund | | Next $500 million | 0.60% | | growth is a secondary goal when | | | Next $500 million | 0.55% | | consistent with achieving high | | | Next $5 billion | 0.50% | | current income. | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
|
H-16
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective |
| Putnam VT Global | 608,067,124 | First $500 million | 0.80% | 4,692,325 | Yes | Capital appreciation. | Equity Fund | | Next $500 million | 0.70% | | | | | | Next $500 million | 0.65% | | | | | | Next $5 billion | 0.60% | | | | | | Next $5 billion | 0.575% | | | | | | Next $5 billion | 0.555% | | | | | | Next $5 billion | 0.54% | | | | | | Any excess thereafter | 0.53% | | | |
| Putnam VT Growth | 4,101,216,725 | First $500 million | 0.65% | 20,729,712 | Yes | Capital growth and | and Income Fund | | Next $500 million | 0.55% | | | current income. | | | Next $500 million | 0.50% | | | | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
| Putnam VT Growth | 50,923,698 | First $500 million | 0.70% | 243,122 | Yes | Capital appreciation. | Opportunities Fund | | Next $500 million | 0.60% | | | | | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Next $5 billion | 0.43% | | | | | | Any excess thereafter | 0.42% | | | |
| Putnam VT Health | 270,659,925 | First $500 million | 0.70% | 2,204,609 | Yes | Capital appreciation. | Sciences Fund | | Next $500 million | 0.60% | | | | | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
| Putnam VT High | 599,035,287 | First $500 million | 0.70% | 3,720,493 | Yes | High current income. | Yield Fund | | Next $500 million | 0.60% | | | Capital growth is a | | | Next $500 million | 0.55% | | | secondary goal | | | Next $5 billion | 0.50% | | | when consistent | | | Next $5 billion | 0.475% | | | with achieving high | | | Next $5 billion | 0.455% | | | current income. | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
| Putnam VT | 737,543,099 | First $500 million | 0.65% | 3,498,163 | Yes | High current income | Income Fund | | Next $500 million | 0.55% | | | consistent with what | | | Next $500 million | 0.50% | | | Putnam Management | | | Next $5 billion | 0.45% | | | believes to be | | | Next $5 billion | 0.425% | | | prudent risk. | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam VT | 419,704,417 | First $500 million | 0.65% | Yes | High current income consistent | Income Fund | | Next $500 million | 0.55% | | with what Putnam Management | | | Next $500 million | 0.50% | | believes to be prudent risk. | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | |
| Putnam VT | 544,173,598 | First $500 million | 0.80% | Yes | Capital appreciation. | International | | Next $500 million | 0.70% | | | Equity Fund | | Next $500 million | 0.65% | | | | | Next $5 billion | 0.60% | | | | | Next $5 billion | 0.575% | | | | | Next $5 billion | 0.555% | | | | | Next $5 billion | 0.54% | | | | | Any excess thereafter | 0.53% | | |
| Putnam VT | 161,602,131 | First $500 million | 0.80% | Yes | Capital growth. Current income | International | | Next $500 million | 0.70% | | is a secondary objective. | Growth and | | Next $500 million | 0.65% | | | Income Fund | | Next $5 billion | 0.60% | | | | | Next $5 billion | 0.575% | | | | | Next $5 billion | 0.555% | | | | | Next $5 billion | 0.54% | | | | | Any excess thereafter | 0.53% | | |
| Putnam VT | 71,925,489 | First $500 million | 1.00% | Yes | Long-term capital appreciation. | International New | | Next $500 million | 0.90% | | | Opportunities | | Next $500 million | 0.85% | | | Fund | | Next $5 billion | 0.80% | | | | | Next $5 billion | 0.775% | | | | | Next $5 billion | 0.755% | | | | | Next $5 billion | 0.74% | | | | | Any excess thereafter | 0.73% | | |
| Putnam VT | 248,880,420 | First $500 million | 0.65% | Yes | Long-term growth of capital and | Investors Fund | | Next $500 million | 0.55% | | any increased income that results | | | Next $500 million | 0.50% | | from this growth. | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | |
| Putnam VT Mid | 32,999,590 | First $500 million | 0.70% | Yes | Capital appreciation and, as a | Cap Value Fund | | Next $500 million | 0.60% | | secondary objective, current | | | Next $500 million | 0.55% | | income. | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
| Putnam VT | 404,476,263 | First $500 million | 0.45% | Yes | As high a rate of current income | Money Market | | Next $500 million | 0.35% | | as Putnam Management believes | Fund | | Next $500 million | 0.30% | | is consistent with preservation of | | | Next $5 billion | 0.25% | | capital and maintenance of | | | Next $5 billion | 0.225% | | liquidity, | | | Next $5 billion | 0.205% | | | | | Next $5 billion and | 0.19% | | | | | Any excess thereafter | 0.18% | | |
|
H-17
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective |
| Putnam VT | 1,267,657,390 | First $500 million | 0.80% | 8,271,996 | Yes | Capital appreciation. | International | | Next $500 million | 0.70% | | | | Equity Fund | | Next $500 million | 0.65% | | | | | | Next $5 billion | 0.60% | | | | | | Next $5 billion | 0.575% | | | | | | Next $5 billion | 0.555% | | | | | | Next $5 billion | 0.54% | | | | | | Any excess thereafter | 0.53% | | | |
| Putnam VT | 460,469,163 | First $500 million | 0.80% | 2,838,706 | Yes | Capital growth. | International Growth | | Next $500 million | 0.70% | | | Current income is a | and Income Fund | | Next $500 million | 0.65% | | | secondary objective. | | | Next $5 billion | 0.60% | | | | | | Next $5 billion | 0.575% | | | | | | Next $5 billion | 0.555% | | | | | | Next $5 billion | 0.54% | | | | | | Any excess thereafter | 0.53% | | | |
| Putnam VT | 287,674,855 | First $500 million | 1.00% | 2,485,049 | Yes | Long-term | International New | | Next $500 million | 0.90% | | | capital appreciation. | Opportunities Fund | | Next $500 million | 0.85% | | | | | | Next $5 billion | 0.80% | | | | | | Next $5 billion | 0.775% | | | | | | Next $5 billion | 0.755% | | | | | | Next $5 billion | 0.74% | | | | | | Any excess thereafter | 0.73% | | | |
| Putnam VT | 494,282,635 | First $500 million | 0.65% | 3,216,355 | Yes | Long-term growth | Investors Fund | | Next $500 million | 0.55% | | | of capital and any | | | Next $500 million | 0.50% | | | increased income | | | Next $5 billion | 0.45% | | | that results from | | | Next $5 billion | 0.425% | | | this growth. | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
| Putnam VT Mid | 95,124,663 | First $500 million | 0.70% | 634,565 | Yes | Capital appreciation | Cap Value Fund | | Next $500 million | 0.60% | | | and, as a secondary | | | Next $500 million | 0.55% | | | objective, current | | | Next $5 billion | 0.50% | | | income. | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
| Putnam VT Money | 399,752,655 | First $500 million | 0.45% | 1,529,264 | Yes | As high a rate of | Market Fund | | Next $500 million | 0.35% | | | current income as | | | Next $500 million | 0.30% | | | Putnam Management | | | Next $5 billion | 0.25% | | | believes is consistent | | | Next $5 billion | 0.225% | | | with preservation of | | | Next $5 billion | 0.205% | | | capital and | | | Next $5 billion | 0.19% | | | maintenance | | | Any excess thereafter | 0.18% | | | of liquidity. |
| Putnam VT New | 1,291,099,249 | First $500 million | 0.70% | 8,663,759 | Yes | Long-term | Opportunities Fund | | Next $500 million | 0.60% | | | capital appreciation. | | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
|
| | | | | | | | | | Has compensation | | | | | | been waived, reduced | | | Net Assets as | | | or otherwise agreed to | | Fund | of June 30, | Current Management | be reduced under any | Current Investment | | 2009 ($) | Fee Schedule | applicable contract? | Objective |
| Putnam VT New | 515,123,447 | First $500 million | 0.70% | Yes | Long-term capital appreciation. | Opportunities | | Next $500 million | 0.60% | | | Fund | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
| Putnam VT | 63,206,346 | First $500 million | 0.65% | Yes | Capital appreciation. | Research Fund | | Next $500 million | 0.55% | | | | | Next $500 million | 0.50% | | | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | |
| Putnam VT Small | 225,069,717 | First $500 million | 0.80% | Yes | Capital appreciation. | Cap Value Fund | | Next $500 million | 0.70% | | | | | Next $500 million | 0.65% | | | | | Next $5 billion | 0.60% | | | | | Next $5 billion | 0.575% | | | | | Next $5 billion | 0.555% | | | | | Next $5 billion | 0.54% | | | | | Any excess thereafter | 0.53% | | |
| Putnam VT Vista | 166,258,852 | First $500 million | 0.65% | Yes | Capital appreciation. | Fund | | Next $500 million | 0.55% | | | | | Next $500 million | 0.50% | | | | | Next $5 billion | 0.45% | | | | | Next $5 billion | 0.425% | | | | | Next $5 billion | 0.405% | | | | | Next $5 billion | 0.39% | | | | | Any excess thereafter | 0.38% | | |
| Putnam VT | 852,750,034 | First $500 million | 0.70% | Yes | Capital appreciation. | Voyager Fund | | Next $500 million | 0.60% | | | | | Next $500 million | 0.55% | | | | | Next $5 billion | 0.50% | | | | | Next $5 billion | 0.475% | | | | | Next $5 billion | 0.455% | | | | | Next $5 billion | 0.44% | | | | | Any excess thereafter | 0.43% | | |
|
H-18
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective |
| Putnam VT New | 679,407,446 | First $500 million | 0.70% | 4,475,605 | Yes | Long-term | Value Fund | | Next $500 million | 0.60% | | | capital appreciation. | | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
| Putnam VT OTC & | 79,065,231 | First $500 million | 0.70% | 575,537 | Yes | Capital appreciation. | Emerging Growth | | Next $500 million | 0.60% | | | | Fund | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
| Putnam VT | 177,820,555 | First $500 million | 0.65% | 1,213,099 | Yes | Capital appreciation. | Research Fund | | Next $500 million | 0.55% | | | | | | Next $500 million | 0.50% | | | | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
| Putnam VT Small | 978,000,195 | First $500 million | 0.80% | 6,827,461 | Yes | Capital appreciation. | Cap Value Fund | | Next $500 million | 0.70% | | | | | | Next $500 million | 0.65% | | | | | | Next $5 billion | 0.60% | | | | | | Next $5 billion | 0.575% | | | | | | Next $5 billion | 0.555% | | | | | | Next $5 billion | 0.54% | | | | | | Any excess thereafter | 0.53% | | | |
| Putnam VT Utilities | 382,902,568 | First $500 million | 0.70% | 2,437,187 | Yes | Capital growth and | Growth and Income | | Next $500 million | 0.60% | | | current income. | Fund | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
| Putnam VT | 420,426,636 | First $500 million | 0.65% | 3,006,605 | Yes | Capital appreciation. | Vista Fund | | Next $500 million | 0.55% | | | | | | Next $500 million | 0.50% | | | | | | Next $5 billion | 0.45% | | | | | | Next $5 billion | 0.425% | | | | | | Next $5 billion | 0.405% | | | | | | Next $5 billion | 0.39% | | | | | | Any excess thereafter | 0.38% | | | |
|
H-19
| | | | | Has | | | | | | Amount of | compensation | | | | | | Management | been waived, | | | | | | Fee Paid in the | reduced or | | | | | | Most Recent | otherwise | | | | | | Fiscal Year | agreed to be | | | Net Assets | | | (after applicable | reduced | | | as of | | | waivers and | under any | Current | | December 31, | | | reimbursements, | applicable | Investment | Fund | 2006 ($) | Current Management Fee Schedule | if any) ($) | contract? | Objective |
| Putnam VT | 1,860,346,341 | First $500 million | 0.70% | 11,832,070 | Yes | Capital appreciation. | Voyager Fund | | Next $500 million | 0.60% | | | | | | Next $500 million | 0.55% | | | | | | Next $5 billion | 0.50% | | | | | | Next $5 billion | 0.475% | | | | | | Next $5 billion | 0.455% | | | | | | Next $5 billion | 0.44% | | | | | | Any excess thereafter | 0.43% | | | |
|
* Due to expense limitations in effect during the fund’s fiscal year ended 02/28/06, Putnam Income Strategies Fund did not pay a management fee to Putnam Management. Figures for the fund’s most recent fiscal year are not yet available.
** The management fee schedule for Putnam Municipal Opportunities Trust represents fees paid only for investment advisory services. As described in this proxy statement, the fund also paid administrative fees to Putnam Management for administrative services.
*** The management fee schedule for Putnam Prime Money Market Fund represents fees paid only for investment advisory services. As described in this proxy statement, the fund also pays administrative fees to Putnam Management for administrative services.
****A revised management contract for Putnam Research Fund was approved by shareholders on December 14, 2006 to remove the incentive fee component from the management fee. Under the fund’s previous management contract, the fund paid Putnam Management a quarterly fee consisting of an asset-based component and an incentive component. The asset-based fee was subject to a performance adjustment based on the investment performance of the fund compared to the Standard & Poor’s 500 (S&P 500) composite Stock Price Index. Performance was calculated for these purposes at the beginning of each calendar quarter, for the thirty-six month period immediately preceding such quarter or the life of the fund, if shorter. The applicable asset-based fee was increased or decreased for each calendar quarter by an incentive payment or penalty at the annual rate of 0.01% of the fund’s average net assets for each 1.00% increment by which the fund outperformed or underp erformed the S&P 500 in excess of 3.00%, subject to a maximum increase or decrease of 0.07% of average net assets. The revised management contract provides for an eighteen-month transition period during which the fund’s fee will be the lesser of (i) the asset-based fee and (ii) the performance-adjusted fee that would have been calculated under the previous contract. The fund is currently in this transition period, which will end on June 30, 2008, after which the asset-based management fee will apply without performance-based adjustments.
† Due to expense limitations in effect during the most recent fiscal year, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2050 Fund and Putnam RetirementReady Maturity Fund did not pay management fees to Putnam Management.
^ Amounts for fiscal year ended 02/28/06. Figures for the fund’s most recent fiscal year are not yet available.
H-20
The following table contains certain information regarding other funds for which Putnam Management provides investment advisory services as a sub-adviser. Unlike the other funds addressed in this proxy statement, Putnam Management does not provide administrative or other services to these funds. | | | | | Has | | | | | | | | | compensation | | | | | | | | | | | | been waived, | | | | Has | | | | | | | reduced or | | | | compensation | | | | | | | otherwise | | | | been waived, | | | | | | Amount of | agreed to be | | | | reduced or | | | Net Assets | | | Sub-Advisory | reduced | | | | otherwise | | | as of | | | Fee Paid in the | under any | Current | | | agreed to be | | | December 31, | | | Most Recent | applicable | Investment | Fiscal | Net Assets as of | | reduced under | Current | | Fund | 2006 ($) | Sub-Advisory Fee Rate | Fiscal Year ($) | contract? | Objective | Year | June 30, 2009 | | any applicable | Investment | Fiscal |
|
| ($) | Fee Schedule | | contract? | Objective | Year | Met Investors | 44,828,654 | 0.54% of average daily net assets†† | | 244,961 | | No | Long-term | Dec. 31, 2006 | | Series Trust: | | | | | | growth of capital. | | | Met/Putnam | | | | | | | | Capital | | | | | | | | Opportunities | | | | | | | | Portfolio | | | | | | | |
|
|
| Valic Company I: | 432,979,141 | 0.50% of average daily net assets†† | | 17,697√ | | No | Capital | May 31,2006 | 212,897,488 | 0.44% of average daily net assets* | No | Capital | 5/31/08 | Global Equity Fund | | | | | | appreciation. | | | appreciation. | |
|
|
| | | | Valic Company I: | 185,427,002 | 0.63% of average daily net assets†† | | 14,918√ | | No | To produce | May 31, 2006 | 73,822,112 | 0.59% of average daily net assets* | No | To produce | 5/31/08 | Small Cap Special | | | | | | growth of capital | | | growth of capital | | Values Fund√√ | | | | | | by investing | | | Values Fund^ | | | by investing | | | | | | | | primarily in | | | primarily in | | | | | | | | common stocks. | | | common stocks. | |
|
|
| Seasons Series Trust | 393,715,244 | 0.45% of average daily net assets†† | | 1,728,770 �� | | Yes | Capital | May 31, 2006 | | — Asset Allocation: | | | | | | appreciation. | | | Seasons Series | | 200,879,804 | 0.40% of average daily net assets* | Yes | Capital | 3/31/08 | Trust - Asset | | | appreciation. | | Allocation: | | | Diversified Growth | | | | | | | | Portfolio | | | | | | | |
|
|
| JNL/Putnam | 141,960,660 | First $150 million | 0.45% | | 694,815 | | No | Long-term | May 31, 2006 | | Equity Fund | | Next $150 million | 0.35% | | | capital growth. | | | | | Excess thereafter | 0.30% | | | | |
| | JNL/Putnam Midcap | 31,233,273 | First $250 million | 0.475% | | 188,472 | | No | Capital | May 31, 2006 | | Growth Fund | | Excess thereafter | 0.40% | | | appreciation. | | |
|
| | SunAmerica Series | 234,230,726 | First $100 million | 0.85% | | 1,891,099 | | No | Long-term capital | Jan. 31, 2007 | 232,332,264 | First $100 million | 0.85% | No | Long-term capital | 1/31/09 | Trust Emerging | | Next $100 million | 0.80% | | | appreciation. | | | Next $100 million | 0.80% | | appreciation. | | Markets Portfolio | | Excess thereafter | 0.75% | | | | | Over $200 million | 0.75% | |
| |
| | | |
|
| | SunAmerica Series | 455,306,042 | First $150 million | 0.65% | | 2,227,733 | | No | Growth of capital, | Jan. 31, 2007 | 348,290,019 | First $150 million | 0.65% | Yes | Growth of capital | 1/31/09 | Trust: International | | Next $150 million | 0.55% | | | and secondarily, | | | Next $150 million | 0.55% | | and secondarily, | | Growth & Income | | Excess thereafter | 0.45% | | | current income. | | | Over $300 million | 0.45% | | current income. | | Portfolio | | | | | | | |
|
|
| SunAmerica Series | 170,785,085 | First $150 million | 0.50% | | 709,398 | | Yes | Capital | Jan. 31, 2007 | | Trust: Putnam Growth: | Next $150 million | 0.45% | | | appreciation. | | | Voyager Portfolio | | Excess thereafter | 0.35% | | | | |
|
| | Nationwide | | 63,581,438 | -- ** | | No | Long term | 12/31/08 | Variable Insurance | | | growth of capital. | | Trust - NVIT Multi- | | | Manager Small | | | Company Fund^^ | | |
†† The effective annual management fee rate is provided for these funds as the management fee schedule for each fund is not publicly disclosed.
√These amounts represent fees paid by each fund for a partial fiscal year, since each fund’s inception was December 5, 2005.
√√^Putnam Management currently sub-advises approximately 50% of the fund’s assets, with the remainder being advised by another investment adviser. The net assets provided here represent only those assets of the fund sub-advised by Putnam Management. The fee rate is a blended fee charged by all the sub-advisers.
H-21^^Putnam Management is one of seven sub-advisers on this fund. The net assets provided here represent only those assets of the fund sub-advised by Putnam Management.
* The effective annual management fee rate is provided for these funds as the management fee schedule is not publicly disclosed. ** The sub-advisory fee rate is not publicly disclosed for this fund. The aggregate fees paid to all sub-advisers for the fiscal year ended 12/31/08 were $3,526,365, a portion of which was paid to Putnam Management.
APPENDIX I S – Payments to Putnam ManagementandManagement and its Affiliates The following fees were paid by the funds to Putnam Management and its affiliates during each fund’s most recent fiscal year (ended between July 31, 2008 and June 30, 2009) (other than under a management contract). These services will continue to be provided after the proposed management contract is approved; however, the funds have retained State Street Bank and Trust Company as custodian, and it is expected thatapproved. | | | | | | Fees paid to Putnam | | | | | Investor Services, | | Fees paid to Putnam | | | Inc. (and/or to | Fees paid to | Retail Management | | | Putnam Fiduciary | Putnam Fiduciary | Limited Partnership | | | Trust Company) for | Trust Company | pursuant to | | | serving as investor | for custody | distribution plans | | Fund | servicing agent ($) * | expenses ($) | ($) | Fiscal Year End |
| | Putnam Absolute Return | 8,568 | -- | 16,072 | October 31, 2009 | 100 Fund † | | | | |
| | Putnam Absolute Return | 15,825 | -- | 35,146 | October 31, 2009 | 300 Fund † | | | | |
| | Putnam Absolute Return | 43,454 | -- | 40,459 | October 31, 2009 | 500 Fund † | | | | |
| | Putnam Absolute Return | 30,832 | -- | 24,893 | October 31, 2009 | 700 Fund † | | | | |
| | Putnam American | 1,276,862 | 5,727 | 1,937,582 | September 30, 2008 | Government Income | | | | | Fund | | | | |
| | Putnam AMT-Free | 180,821 | 3,020 | 892,443 | July 31, 2008 | Municipal Fund | | | | |
| | Putnam Arizona Tax | 42,005 | -- | 194,976 | May 31, 2009 | Exempt Income Fund | | | | |
| | Putnam Asia Pacific | -- | -- | -- | April 30, 2010 | Equity Fund √ | | | | |
| | Putnam Asset | 4,191,909 | 20,234 | 2,223,129 | September 30, 2008 | Allocation: Balanced | | | | | Portfolio | | | | |
| | Putnam Asset | 2,198,843 | 12,382 | 819,547 | September 30, 2008 | Allocation: Conservative | | | | | Portfolio | | | | |
| | Putnam Asset | 30,725 | -- | -- | May 31, 2009 | Allocation: Equity | | | | | Portfolio | | | | |
| | Putnam Asset | 6,335,059 | 50,218 | 2,790,171 | September 30, 2008 | Allocation: Growth | | | | | Portfolio | | | | |
| | Putnam California Tax | 747,727 | 14,482 | 4,598,981 | September 30, 2008 | Exempt Income Fund | | | | |
|
| | | | | | Fees paid to Putnam | | | | | Investor Services, | | Fees paid to Putnam | | | Inc. (and/or to | Fees paid to | Retail Management | | | Putnam Fiduciary | Putnam Fiduciary | Limited Partnership | | | Trust Company) for | Trust Company | pursuant to | | | serving as investor | for custody | distribution plans | | Fund | servicing agent ($) * | expenses ($) | ($) | Fiscal Year End |
| | Putnam Capital | 1,984,818 | -- | 1,267,109 | April 30, 2009 | Opportunities Fund | | | | |
| | Putnam Capital | -- | -- | -- | April 30, 2010 | Spectrum Fund √ | | | | |
| | Putnam Convertible | 1,078,779 | 3,160 | 2,350,971 | October 31, 2008 | Income-Growth Trust | | | | |
| | Putnam Diversified | 3,830,065 | 21,305 | 9,426,878 | September 30, 2008 | Income Trust | | | | |
| | Putnam Emerging | 1,613 | -- | 3,838 | August 31, 2009 | Markets Equity Fund † | | | | |
| | Putnam Equity Income | 7,927,097 | 10,045 | 10,240,899 | November 30, 2008 | Fund | | | | |
| | Putnam Equity Spectrum | -- | -- | -- | April 30, 2010 | Fund √ | | | | |
| | Putnam Europe Equity | [ ] | -- | [ ] | June 30, 2009 | Fund | | | | |
| | Putnam Floating Rate | 478,650 | -- | 1,303,765 | February 28, 2009 | Income Fund | | | | |
| | The Putnam Fund for | 23,692,008 | 45,938 | 26,291,920 | October 31, 2008 | Growth and Income | | | | |
| | The George Putnam | 7,954,095 | 40,791 | 11,968,159 | July 31, 2008 | Fund of Boston | | | | |
| | Putnam Global | 2,548 | -- | 1,452 | August 31, 2009 | Consumer Fund † | | | | |
| | Putnam Global Energy | 2,669 | -- | 1,572 | August 31, 2009 | Fund † | | | | |
| | Putnam Global Equity | 5,317,391 | 11,528 | 5,713,682 | October 31, 2008 | Fund | | | | |
| | Putnam Global | 2,470 | -- | 1,335 | August 31, 2009 | Financials Fund † | | | | |
| | Putnam Global Health | 5,696,910 | 12,112 | 5,973,150 | August 31, 2008 | Care Fund | | | | |
| | Putnam Global Income | 335,921 | 6,552 | 530,797 | October 31, 2008 | Trust | | | | |
| | Putnam Global | 2,563 | -- | 1,434 | August 31, 2009 | Industrials Fund † | | | | |
|
| | | | | | Fees paid to Putnam | | | | | Investor Services, | | Fees paid to Putnam | | | Inc. (and/or to | Fees paid to | Retail Management | | | Putnam Fiduciary | Putnam Fiduciary | Limited Partnership | | | Trust Company) for | Trust Company | pursuant to | | | serving as investor | for custody | distribution plans | | Fund | servicing agent ($) * | expenses ($) | ($) | Fiscal Year End |
| | Putnam Global Natural | 1,670,189 | 6,049 | 2,905,096 | August 31, 2008 | Resources Fund | | | | |
| | Putnam Global | 2,596 | -- | 1,505 | August 31, 2009 | Technology Fund † | | | | |
| | Putnam Global | 2,534 | -- | 1,430 | August 31, 2009 | Telecommunications | | | | | Fund † | | | | |
| | Putnam Global Utilities | 1,153,160 | 2,716 | 1,822,795 | October 31, 2008 | Fund | | | | |
| | Putnam Growth | 2,008,857 | 5,745 | 2,327,243 | July 31, 2008 | Opportunities Fund | | | | |
| | Putnam High Yield | 803,023 | 2,596 | 2,221,540 | November 30, 2008 | Advantage Fund | | | | |
| | Putnam High Yield Trust | 3,644,786 | 15,136 | 5,695,719 | August 31, 2008 |
| | Putnam Income Fund | 5,439,448 | 12,312 | 4,043,555 | October 31, 2008 |
| | Putnam Income | 102,425 | -- | 75,641 | February 28, 2009 | Strategies Fund | | | | |
| | Putnam International | 5,547,073 | 27,449 | 7,992,825 | August 31, 2008 | Capital Opportunities | | | | | Fund | | | | |
| | Putnam International | [ ] | -- | [ ] | June 30, 2009 | Equity Fund | | | | |
| | Putnam International | [ ] | -- | [ ] | June 30, 2009 | Growth and Income | | | | | Fund | | | | |
| | Putnam International | 2,747,737 | 13,557 | 2,592,610 | September 30, 2008 | New Opportunities Fund | | | | |
| | Putnam Investors Fund | 11,566,623 | 34,108 | 9,319,908 | July 31, 2008 |
| | Putnam Massachusetts | 153,502 | -- | 798,875 | May 31, 2009 | Tax Exempt Income | | | | | Fund | | | | |
| | Putnam Michigan Tax | 62,776 | -- | 246,090 | May 31, 2009 | Exempt Income Fund | | | | |
| | Putnam Mid Cap Value | 2,344,311 | -- | 1,999,985 | April 30, 2009 | Fund | | | | |
| | Putnam Minnesota Tax | 69,545 | -- | 265,924 | May 31, 2009 | Exempt Income Fund | | | | |
|
| | | | | | Fees paid to Putnam | | | | | Investor Services, | | Fees paid to Putnam | | | Inc. (and/or to | Fees paid to | Retail Management | | | Putnam Fiduciary | Putnam Fiduciary | Limited Partnership | | | Trust Company) for | Trust Company | pursuant to | | | serving as investor | for custody | distribution plans | | Fund | servicing agent ($) * | expenses ($) | ($) | Fiscal Year End |
| | Putnam Money Market | 7,972,332 | 21,924 | 823,226 | September 30, 2008 | Fund | | | | |
| | Putnam New Jersey Tax | 122,067 | -- | 652,245 | May 31, 2009 | Exempt Income Fund | | | | |
| | Putnam New | 10,069,048 | -- | 7,043,070 | June 30, 2009 | Opportunities Fund | | | | |
| | Putnam New York Tax | 641,744 | 3,336 | 2,794,953 | November 30, 2008 | Exempt Income Fund | | | | |
| | Putnam Ohio Tax | 97,892 | -- | 406,337 | May 31, 2009 | Exempt Income Fund | | | | |
| | Putnam Pennsylvania | 108,854 | -- | 483,972 | May 31, 2009 | Tax Exempt Income | | | | | Fund | | | | |
| | Putnam Research Fund | 2,224,115 | 7,830 | 2,267,365 | July 31, 2008 |
| | Putnam Small Cap | [ ] | -- | [ ] | June 30, 2009 | Growth Fund | | | | |
| | Putnam Small Cap Value | 1,113,619 | -- | 891,597 | February 28, 2009 | Fund | | | | |
| | Putnam Tax Exempt | 838,686 | 7,317 | 3,035,353 | September 30, 2008 | Income Fund | | | | |
| | Putnam Tax Exempt | 74,906 | 1,204 | 0 | September 30, 2008 | Money Market Fund | | | | |
| | Putnam Tax-Free High | 872,829 | 12,461 | 3,433,079 | July 31, 2008 | Yield Fund | | | | |
| | Putnam U.S. | 2,187,056 | 76,194 | 4,221,785 | September 30, 2008 | Government Income | | | | | Trust | | | | |
| | Putnam Vista Fund | 5,714,701 | 22,558 | 2,418,647 | July 31, 2008 |
| | Putnam Voyager Fund | 22,171,336 | 60,833 | 16,260,442 | July 31, 2008 |
| | Putnam VT American | 46,457 | -- | 158,892 | December 31, 2008 | Government Income | | | | | Fund | | | | |
| | Putnam VT Capital | 8,866 | -- | 38,540 | December 31, 2008 | Opportunities Fund | | | | |
| | Putnam VT Diversified | 123,344 | -- | 522,128 | December 31, 2008 | Income Fund | | | | |
|
| | | | | | Fees paid to Putnam | | | | | Investor Services, | | Fees paid to Putnam | | | Inc. (and/or to | Fees paid to | Retail Management | | | Putnam Fiduciary | Putnam Fiduciary | Limited Partnership | | | Trust Company) for | Trust Company | pursuant to | | | serving as investor | for custody | distribution plans | | Fund | servicing agent ($) * | expenses ($) | ($) | Fiscal Year End |
| | Putnam VT Equity | 59,884 | -- | 232,463 | December 31, 2008 | Income Fund | | | | |
| | Putnam VT The George | 111,864 | -- | 477,424 | December 31, 2008 | Putnam Fund of Boston | | | | |
| | Putnam VT Global Asset | 88,600 | -- | 202,804 | December 31, 2008 | Allocation Fund | | | | |
| | Putnam VT Global | 117,805 | -- | 125,831 | December 31, 2008 | Equity Fund | | | | |
| | Putnam VT Global | 50,404 | -- | 249,427 | December 31, 2008 | Health Care Fund | | | | |
| | Putnam VT Global | 89,965 | -- | 118,016 | December 31, 2008 | Utilities Fund | | | | |
| | Putnam VT Growth and | 653,985 | -- | 1,050,080 | December 31, 2008 | Income Fund | | | | |
| | Putnam VT Growth | 9,857 | -- | 47,315 | December 31, 2008 | Opportunities Fund | | | | |
| | Putnam VT High Yield | 129,590 | -- | 311,855 | December 31, 2008 | Fund | | | | |
| | Putnam VT Income Fund | 168,214 | -- | 595,172 | December 31, 2008 |
| | Putnam VT International | 271,855 | -- | 1,551,772 | December 31, 2008 | Equity Fund | | | | |
| | Putnam VT International | 92,125 | -- | 233,086 | December 31, 2008 | Growth and Income | | | | | Fund | | | | |
| | Putnam VT International | 60,736 | -- | 294,220 | December 31, 2008 | New Opportunities Fund | | | | |
| | Putnam VT Investors | 102,466 | -- | 526,428 | December 31, 2008 | Fund | | | | |
| | Putnam VT Mid Cap | 16,763 | -- | 46,793 | December 31, 2008 | Value Fund | | | | |
| | Putnam VT Money | 143,196 | -- | 569,542 | December 31, 2008 | Market Fund | | | | |
| | Putnam VT New | 235,900 | -- | 226,522 | December 31, 2008 | Opportunities Fund | | | | |
| | Putnam VT Research | 30,418 | -- | 152,625 | December 31, 2008 | Fund | | | | |
|
| | | | | | Fees paid to Putnam | | | | | Investor Services, | | Fees paid to Putnam | | | Inc. (and/or to | Fees paid to | Retail Management | | | Putnam Fiduciary | Putnam Fiduciary | Limited Partnership | | | Trust Company) for | Trust Company | pursuant to | | | serving as investor | for custody | distribution plans | | Fund | servicing agent ($) * | expenses ($) | ($) | Fiscal Year End |
| | Putnam VT Small Cap | 108,508 | -- | 638,383 | December 31, 2008 | Value Fund | | | | |
| | Putnam VT Vista Fund | 72,372 | -- | 344,406 | December 31, 2008 |
| | Putnam VT Voyager | 333,859 | -- | 627,641 | December 31, 2008 | Fund | | | | |
|
* Prior to December 31, 2008, these investor servicing services were provided by Putnam Investor Services, a division of Putnam Fiduciary Trust Company’s service as custodian will terminate during theCompany, which is an affiliate of Putnam Management. † Since these funds have not yet completed their first halffull fiscal year of 2007 when all of the funds’ assets in its custody or the custody of its sub-custodians have been transferred into State Street Bank and Trust Company’s safekeeping. Also, as described in this proxy statement, Putnam Prime Money Market Fund and Putnam Municipal Opportunities Trust paid administrative services fees to Putnam Management. Please refer to the footnotes tooperation, these particular funds inAppendix Efor information about the administrative servicesamounts represent fees paid to Putnam Management during the most recentfor a partial fiscal year.
| | | Fees paid to | | | | Fees paid to | Fees paid to | Putnam Retail | | | | Putnam Fiduciary | Putnam | Management | | | | Trust Company | Fiduciary | Limited | | | | for serving as | Trust Company | Partnership | | | | investor servicing | for serving as | pursuant to | | | Fund | agent ($)* | custodian ($)* | distribution plans ($) | | Fiscal Year End |
| Putnam American Government Income Fund | 1,306,503 | 236,148 | 2,407,457 | | September 30, 2006 |
| Putnam AMT-Free Insured Municipal Fund | 168,922 | 116,080 | 1,281,572 | | July 31, 2006 |
| Putnam Arizona Tax Exempt Income Fund | 38,915 | 46,131 | 283,374 | | May 31, 2006 |
| Putnam Asset Allocation: Balanced Portfolio | 3,197,418 | 722,008 | 7,690,831 | | September 30, 2006 |
| Putnam Asset Allocation: Conservative Portfolio | 1,751,830 | 450,008 | 2,498,757 | | September 30, 2006 |
| Putnam Asset Allocation: Growth Portfolio | 3,385,542 | 1,560,157 | 7,209,776 | | September 30, 2006 |
| Putnam California Investment Grade Municipal Trust | 34,777 | 41,090 | Not Applicable | | April 30, 2006 |
| Putnam California Tax Exempt Income Fund | 687,684 | 169,424 | 5,547,728 | | September 30, 2006 |
| Putnam Capital Appreciation Fund | 2,448,787 | 219,444 | 3,461,183 | | May 31, 2006 |
| Putnam Capital Opportunities Fund | 3,432,751 | 347,870 | 3,827,544 | | April 30, 2006 |
| Putnam Classic Equity Fund | 1,952,796 | 175,325 | 3,180,135 | | November 30, 2006 |
| Putnam Convertible Income-Growth Trust | 781,757 | 137,389 | 2,235,945 | | October 31, 2006 |
| Putnam Discovery Growth Fund | 5,314,129 | 180,530 | 4,788,597 | | December 31, 2006 |
| Putnam Diversified Income Trust | 3,299,040 | 581,814 | 14,908,977 | | September 30, 2006 |
| Putnam Equity Income Fund | 6,951,658 | 245,063 | 14,113,121 | | November 30, 2006 |
| Putnam Europe Equity Fund | 1,372,486 | 573,492 | 2,634,957 | | June 30, 2006 |
| Putnam Floating Rate Income Fund** | 175,806 | 129,462 | 1,244,466 | | February 28, 2006 |
| The Putnam Fund for Growth and Income | 26,869,135 | 599,513 | 51,322,232 | | October 31, 2006 |
| The George Putnam Fund of Boston | 9,125,947 | 480,131 | 18,216,870 | | July 31, 2006 |
| Putnam Global Equity Fund | 5,695,273 | 1,368,894 | 8,397,834 | | October 31, 2006 |
| Putnam Global Income Trust | 254,473 | 130,104 | 546,850 | | October 31, 2006 |
| Putnam Global Natural Resources Fund | 1,043,084 | 301,780 | 2,729,494 | | August 31, 2006 |
| Putnam Growth Opportunities Fund | 5,034,903 | 170,468 | 4,889,338 | | July 31, 2006 |
| Putnam Health Sciences Trust | 6,313,802 | 507,220 | 12,527,764 | | August 31, 2006 |
| Putnam High Income Securities Fund | 96,278 | 137,361 | Not Applicable | | August 31, 2006 |
| Putnam High Yield Advantage Fund | 701,060 | 188,244 | 3,305,078 | | November 30, 2006 |
| Putnam High Yield Municipal Trust | 86,711 | 104,108 | Not Applicable | | March 31, 2006 |
| Putnam High Yield Trust | 3,593,375 | 247,504 | 9,404,607 | | August 31, 2006 |
|
I- 1
| | | | | Fees paid to | | | | | Fees paid to | | Fees paid to | Putnam Retail | | | | | Putnam Fiduciary | | Putnam | Management | | | | | Trust Company | | Fiduciary | Limited | | | | | for serving as | | Trust Company | Partnership | | | | | investor servicing | | for serving as | pursuant to | | | Fund | | agent ($)* | | custodian ($)* | distribution plans ($) | | Fiscal Year End |
| Putnam Income Fund | | 5,188,989 | | 406,144 | 6,057,170 | | October 31, 2006 |
| Putnam Income Strategies Fund** | | 1,014 | | 6,428 | 9,348 | | February 28, 2006 |
| Putnam International Capital Opportunities Fund | | 3,486,799 | | 1,655,998 | 7,485,283 | | August 31, 2006 |
| Putnam International Equity Fund | | 15,299,530 | | 6,653,687 | 24,900,584 | | June 30, 2006 |
| Putnam International Growth and Income Fund | | 2,170,028 | | 851,927 | 3,774,490 | | June 30, 2006 |
| Putnam International New Opportunities Fund | | 2,552,793 | | 777,569 | 3,072,562 | | September 30, 2006 |
| Putnam Investment Grade Municipal Trust | | 112,961 | | 124,251 | Not Applicable | | November 30, 2006 |
| Putnam Investors Fund | | 11,541,559 | | 295,418 | 16,725,612 | | July 31, 2006 |
| Putnam Limited Duration Government Income Fund | | 1,035,304 | | 174,392 | 1,485,486 | | November 30, 2006 |
| Putnam Managed Municipal Income Trust | | 188,595 | | 145,207 | Not Applicable | | October 31, 2006 |
| Putnam Massachusetts Tax Exempt Income Fund | | 141,481 | | 110,395 | 1,112,889 | | May 31, 2006 |
| Putnam Master Intermediate Income Trust | | 340,900 | | 289,863 | Not Applicable | | September 30, 2006 |
| Putnam Michigan Tax Exempt Income Fund | | 75,770 | | 56,902 | 411,398 | | May 31, 2006 |
| Putnam Mid Cap Value Fund | | 2,439,108 | | 144,668 | 4,523,402 | | April 30, 2006 |
| Putnam Minnesota Tax Exempt Income Fund | | 78,884 | | 54,736 | 405,217 | | May 31, 2006 |
| Putnam Money Market Fund | | 7,108,735 | | 26,396 | 1,813,923 | | September 30, 2006 |
| Putnam Municipal Bond Fund | | 118,092 | | 126,202 | Not Applicable | | April 30, 2006 |
| Putnam Municipal Opportunities Trust | | 105,176 | | 117,534 | Not Applicable | | April 30, 2006 |
| Putnam New Jersey Tax Exempt Income Fund | | 109,963 | | 87,009 | 815,048 | | May 31, 2006 |
| Putnam New Opportunities Fund | | 18,449,214 | | 284,869 | 19,722,612 | | June 30, 2006 |
| Putnam New Value Fund | | 4,874,321 | | 175,324 | 8,846,785 | | August 31, 2006 |
| Putnam New York Investment Grade Municipal Trust | | 19,398 | | 26,438 | Not Applicable | | April 30, 2006 |
| Putnam New York Tax Exempt Income Fund | | 572,969 | | 147,793 | 2,977,860 | | November 30, 2006 |
| Putnam Ohio Tax Exempt Income Fund | | 96,299 | | 91,003 | 504,029 | | May 31, 2006 |
| Putnam OTC & Emerging Growth Fund | | 5,529,799 | | 169,354 | 4,424,411 | | July 31, 2006 |
| Putnam Pennsylvania Tax Exempt Income Fund | | 107,359 | | 78,985 | 613,022 | | May 31, 2006 |
| Putnam Premier Income Trust | | 677,416 | | 366,332 | Not Applicable | | July 31, 2006 |
| Putnam Prime Money Market Fund | | 320,694 | | 49,161 | 10,226 | | September 30, 2006 |
| Putnam Research Fund | | 3,274,639 | | 168,708 | 4,752,048 | | July 31, 2006 |
| Putnam RetirementReady 2010 Fund | | Not Applicable | | Not Applicable | 108,176 | | July 31, 2006 |
| Putnam RetirementReady 2015 Fund | | Not Applicable | | Not Applicable | 153,376 | | July 31, 2006 |
| Putnam RetirementReady 2020 Fund | | Not Applicable | | Not Applicable | 175,406 | | July 31, 2006 |
| Putnam RetirementReady 2025 Fund | | Not Applicable | | Not Applicable | 143,679 | | July 31, 2006 |
| Putnam RetirementReady 2030 Fund | | Not Applicable | | Not Applicable | 100,250 | | July 31, 2006 |
| Putnam RetirementReady 2035 Fund | | Not Applicable | | Not Applicable | 67,617 | | July 31, 2006 |
| Putnam RetirementReady 2040 Fund | | Not Applicable | | Not Applicable | 42,154 | | July 31, 2006 |
| Putnam RetirementReady 2045 Fund | | Not Applicable | | Not Applicable | 29,079 | | July 31, 2006 |
| Putnam RetirementReady 2050 Fund | | Not Applicable | | Not Applicable | 3,856 | | July 31, 2006 |
| Putnam RetirementReady Maturity Fund | | Not Applicable | | Not Applicable | 74,474 | | July 31, 2006 |
| Putnam Small Cap Growth Fund | | 1,303,853 | | 172,809 | 1,727,604 | | June 30, 2006 |
|
I- 2
| | | | Fees paid to | | | | | Fees paid to | Fees paid to | Putnam Retail | | | | | Putnam Fiduciary | Putnam | Management | | | | | Trust Company | Fiduciary | Limited | | | | | for serving as | Trust Company | Partnership | | | | | investor servicing | for serving as | pursuant to | | | Fund | | agent ($)* | custodian ($)* | distribution plans ($) | | Fiscal Year End |
| Putnam Small Cap Value Fund** | | 1,721,218 | 189,821 | 4,206,106 | | February 28, 2006 |
| Putnam Tax Exempt Income Fund | | 619,569 | 157,244 | 2,965,084 | | September 30, 2006 |
| Putnam Tax Exempt Money Market Fund | | 92,314 | 7,225 | Not Applicable | | September 30, 2006 |
| Putnam Tax-Free Health Care Fund | | 96,730 | 89,104 | Not Applicable | | May 31, 2006 |
| Putnam Tax-Free High Yield Fund | | 876,144 | 181,530 | 4,924,806 | | July 31, 2006 |
| Putnam Tax Smart Equity Fund® | | 308,021 | 136,425 | 1,725,253 | | October 31, 2006 |
| Putnam U.S. Government Income Trust | | 1,912,986 | 524,492 | 4,893,122 | | September 30, 2006 |
| Putnam Utilities Growth and Income Fund | | 969,213 | 343,106 | 1,921,475 | | October 31, 2006 |
| Putnam Vista Fund | | 7,285,460 | 292,982 | 10,325,341 | | July 31, 2006 |
| Putnam Voyager Fund | | 30,585,086 | 398,461 | 32,965,281 | | July 31, 2006 |
| Putnam VT American Government Income Fund | | 48,941 | 114,013 | 173,639 | | December 31, 2006 |
| Putnam VT Capital Appreciation Fund | | 15,725 | 65,351 | 57,034 | | December 31, 2006 |
| Putnam VT Capital Opportunities Fund | | 12,527 | 54,559 | 46,005 | | December 31, 2006 |
| Putnam VT Discovery Growth Fund | | 11,659 | 63,423 | 65,208 | | December 31, 2006 |
| Putnam VT Diversified Income Fund | | 145,032 | 268,013 | 425,943 | | December 31, 2006 |
| Putnam VT Equity Income Fund | | 61,671 | 104,545 | 236,721 | | December 31, 2006 |
| Putnam VT The George Putnam Fund of Boston | | 194,190 | 268,645 | 744,815 | | December 31, 2006 |
| Putnam VT Global Asset Allocation Fund | | 118,715 | 433,160 | 193,024 | | December 31, 2006 |
| Putnam VT Global Equity Fund | | 178,611 | 512,462 | 184,854 | | December 31, 2006 |
| Putnam VT Growth and Income Fund | | 1,270,937 | 311,396 | 1,981,707 | | December 31, 2006 |
| Putnam VT Growth Opportunities Fund | | 15,810 | 48,399 | 75,526 | | December 31, 2006 |
| Putnam VT Health Sciences Fund | | 95,118 | 155,996 | 444,903 | | December 31, 2006 |
| Putnam VT High Yield Fund | | 181,736 | 189,665 | 413,089 | | December 31, 2006 |
| Putnam VT Income Fund | | 231,988 | 265,541 | 738,885 | | December 31, 2006 |
| Putnam VT International Equity Fund | | 338,452 | 1,358,361 | 1,823,795 | | December 31, 2006 |
| Putnam VT International Growth and Income Fund | | 121,377 | 546,929 | 291,287 | | December 31, 2006 |
| Putnam VT International New Opportunities Fund | | 82,490 | 369,808 | 400,747 | | December 31, 2006 |
| Putnam VT Investors Fund | | 148,076 | 182,489 | 563,681 | | December 31, 2006 |
| Putnam VT Mid Cap Value Fund | | 27,834 | 51,386 | 73,775 | | December 31, 2006 |
| Putnam VT Money Market Fund | | 110,530 | 135,076 | 411,984 | | December 31, 2006 |
| Putnam VT New Opportunities Fund | | 415,595 | 187,781 | 381,899 | | December 31, 2006 |
| Putnam VT New Value Fund | | 200,902 | 140,816 | 676,015 | | December 31, 2006 |
| Putnam VT OTC & Emerging Growth Fund | | 25,507 | 60,623 | 91,357 | | December 31, 2006 |
| Putnam VT Research Fund | | 56,664 | 91,120 | 272,176 | | December 31, 2006 |
| Putnam VT Small Cap Value Fund | | 276,850 | 215,429 | 1,582,848 | | December 31, 2006 |
| Putnam VT Utilities Growth and Income Fund | | 113,131 | 278,585 | 146,590 | | December 31, 2006 |
| Putnam VT Vista Fund | | 167,571 | 190,972 | 628,075 | | December 31, 2006 |
| Putnam VT Voyager Fund | | 569,884 | 211,176 | 1,114,380 | | December 31, 2006 |
|
* Excludes custody credits and investor servicing credits.
** Amounts for fiscal year ended 02/28/06.√ Figures for the fund’s most recent fiscal year are not publicly available as these funds have not yet available.completed an annual or semiannual reporting period.
I- 3
APPENDIX JT –5% Beneficial Ownership As of February 9, 2007,June 30, 2009, to the knowledge of the Putnam funds, no person owned beneficially or of record 5% or more of any class of shares of any Putnam fund, except as shown in the tables below. Additional ownership information for the Putnam closed-end funds is shown separately at the end of this Appendix J. Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam American Government Income Fund | | | CLASS C | | |
| | Bickley Printing SEP IRA Plan | | | 1225 Norton Ave | | | Glendale, CA 91202-2030 | 32,166.81 | 8.90% | | CLASS M | | |
| | Harold Azmelian, Philip Arpiarian & | | | Armen Kalbian As TTEE | | | Holy Cross Church Endowment Trst | | | 770 Anderson Ave Apt 15K | | | Cliffside Pk, NJ 07010-2169 | 22,881.20 | 9.70% | | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 52,560.96 | 22.30% | | Travel Store, Inc.** | 18,454.00 | 7.84% | | American Broadcast EFCU 401(K) & | | | Profit Sharing Plan* | 16,565.00 | 7.04% | | CLASS R | | |
| | MCB Trust Services As Agent For | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 6,299.05 | 97.80% | | CLASS Y | | |
| | Building Service Local 32b-J | | | Supplemental Retirement Savings Plan** | 605,464.00 | 57.29% | | Putnam Investments Profit Sharing Plan* | 188,566.00 | 17.84% |
| | Putnam AMT-Free Insured Municipal Fund | | | CLASS A | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 937,040.19 | 5.10% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 2,570,441.82 | 14.10% | | | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 178,615.89 | 5.80% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 212,789.69 | 6.90% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 258,300.36 | 8.40% | | CLASS C | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 98,771.20 | 17.20% | | J.J.B. Hilliard, W.L. Lyons, Inc | | | 501 S.4th Street | | | Louisville, KY 40202 | 41,802.53 | 7.30% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS C | | |
| | NFS LLC FEBO | | | its Customers | | | 5769 Pray St | | | Bonita, CA 91902 | 31,698.04 | 5.50% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 32,385.59 | 44.70% | | Pershing LLC | | | P. O. Box 2052 | | | Jersey City, NJ 07303 | 13,828.44 | 19.00% | | Joan M Novak & Eugene S. Novak | | | 2091 E Parkview Cir | | | Hoffman Est, IL 60169-2644 | 4,915.46 | 6.70% |
| | Putnam Arizona Tax Exempt Income Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 1,635,301.84 | 19.50% | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 67,236.23 | 6.60% | | CLASS C | | |
| | Putnam LLC | | | The Putnam Companies, Inc. | | | One Post Office Square | | | Boston, MA 02109-2106 | 1,098.02 | 100.00% | | CLASS M | | |
| LPL Financial Services | | | 9785 Towne Centre Drive | | | San Diego, CA 92121-1968 | 28,739.25 | 19.40% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 31,196.03 | 21.10% | | Pershing LLC | | | P.O. Box 2052 | | | Jersey City, NJ 07303-9998 | 19,602.04 | 13.20% | | L & F Investments Ltd Partnership | | | 4121 N 64th Pl | | | Scottsdale, AZ 85251-3109 | 33,437.68 | 22.70% |
| | Putnam Asset Allocation: Balanced Portfolio | | | CLASS A | | |
| Mercer Trust Company | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 9,371,204.58 | 7.60% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 12,828,440.93 | 10.50% |
J-1
Shareholder Name | Percentage | and Address | Holdings | Owned | | Putnam Asset Allocation: Balanced Portfolio, continued | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 596,561.87 | 5.10% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 1,121,584.97 | 9.60% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 264,326.80 | 8.80% | | CLASS R | | |
| | Counsel Trust Co | | | Corporate Benefit Services Of | | | American And Affiliates Retirement Plan | | | 336 4th Ave Ste 5 | | | PIttsburgh, PA 15222-2004 | 558,406.74 | 66.50% | | | | CLASS Y | | |
| | IBEW Local 3** | 3,682,426.00 | 23.87% | | Kinder Morgan Savings Plan** | 2,708,037.00 | 17.56% | | Ironworkers St. Louis District | | | Council Annuity Trust Fund** | 1,146,805.00 | 7.43% | | Cenveo Corporation 401(K) Plan** | 897,297.00 | 5.82% | | Arch Coal, Inc. Employee Thrift Plan** | 854,655.00 | 5.54% | | Putnam Investments | | | Profit Sharing Plan* | 824,774.00 | 5.35% | | Genlyte Thomas Group Retirement | | | Savings And Investment Plan** | 791,025.00 | 5.13% | | United Way Of Massachusetts | | | 51 Sleeper St. | | | Boston, MA 02210-1208 | 779,157.00 | 5.00% |
| | Putnam Asset Allocation: Conservative Portfolio | | | CLASS A | | |
| | Ironworkers St. Louis District | | | Council Annuity Trust Fund** | 3,367,899.00 | 7.08% | | Edward D. Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 3,156,069.00 | 6.60% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 485,679.63 | 5.50% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 383,578.45 | 7.50% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 320,521.96 | 6.30% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 408,205.01 | 8.00% | | CLASS M | | |
| | Mercer Trust Company | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 85,547.78 | 6.80% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 74,227.36 | 6.00% | | National City Bank | | | P.O. Box 94984 | | | Cleveland, OH 44101-4984 | 228,185.22 | 18.40% | | CLASS R | | |
| | MG Trust Company As Agent For | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 8,218.71 | 6.80% | | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 20,601.75 | 17.10% | | MG Trust Company FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 7,249.71 | 6.00% | | Counsel Trust Co | | | Corporate Benefit Services | | | Of America And Affiliates | | | Retirement Plan | | | 336 4th Ave Ste 5 | | | PIttsburgh, PA 15222-2004 | 31,902.23 | 26.80% | CLASS Y | | |
| | Building Service Local 32b-J | | | Supplemental Retirement | | | Savings Plan** | 37,485,779.00 | 89.47% |
| | Putnam Asset Allocation: Growth Portfolio | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 12,325,377.19 | 12.20% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 1,505,905.82 | 5.10% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 1,112,482.10 | 8.20% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 1,919,512.93 | 14.20% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 186,629.23 | 5.70% | | CLASS R | | |
| | Counsel Trust Co | | | Corporate Benefit Services | | | Of American And Affiliates | | | Retirement Plan | | | 336 4th Ave Ste 5 | | | PIttsburgh, PA 15222-2004 | 192,346.35 | 36.90% |
J-2
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS Y | | |
| | IBEW Local 3** | 4,835,022.00 | 36.67% | | Kinder Morgan Savings Plan** | 2,109,804.00 | 16.00% | | Putnam Investments | | | Profit Sharing Plan* | 1,854,414.00 | 14.07% | | Ironworkers St. Louis District | | | Council Annuity Trust Fund** | 1,599,228.00 | 12.13% | | Cenveo Corporation 401(K) Plan** | 879,500.00 | 6.67% |
| | Putnam California Investment Grade Municipal Trust | | COMMON SHARES | | |
| | Cede & Co Fast | | | 20 Bowling Green | | | New York, NY 10004-1408 | 4,293,448.79 | 95.00% |
| | Putnam California Tax Exempt Income Fund | | | CLASS A | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 21,321,710.75 | 9.00% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 17,371,696.27 | 7.30% | | | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 1,354,535.44 | 10.50% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 1,130,699.39 | 8.80% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 268,293.77 | 9.90% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 346,116.45 | 12.80% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 191,262.38 | 27.20% | | Kathleen L Bernath, as Trustee | | | Of The Edward & Kathleen Bernath | | | Revocable Trust | | | 650 Harrison Ave | | | Claremont, CA 91711-4538 | 37,496.86 | 5.30% | | William L Rosenberg, as Trustee | | | Rosenberg Family Trust | | | 4754 La Villa Marina | | | Marina Dl Rey, CA 90292-7049 | 63,519.47 | 9.00% | | Dawn Brenner, as Trustee | | | Simms Survivor Trust | | | Grant Bennett Associates | | | 425 River Park Dr Ste 250 | | | Sacramento, CA 95815 | 42,034.28 | 5.90% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam Capital Appreciation Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 2,092,848.38 | 8.90% | | CLASS C | | |
| | UBS Financial Services Inc. FBO | | | its Customers | | | Montgomery Pulmonary Consultants PA | | | 1440 Narrow Lane Pkwy | | | Montgomery, AL 36111-2654 | 9,353.40 | 5.40% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 31,300.47 | 5.10% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 1,509.68 | 32.60% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 2,312.41 | 49.90% | | Julianna R Kinstler | | | 223 E Wisconsin Ave | | | Monticello, WI 53570-9632 | 286.71 | 6.20% | | | | CLASS Y | | |
| | Putnam Investments Profit | | | Sharing Plan* | 236,920.00 | 75.10% | | Putnam Investments** | 31,040.00 | 9.84% |
| | Putnam Capital Opportunities Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 4,519,578.42 | 10.90% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 825,313.08 | 5.00% | | CLASS C | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 148,509.35 | 5.00% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 87,590.84 | 6.20% | | CLASS R | | |
| | MCB Trust Services As Agent For | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 11,955.82 | 7.10% | | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 19,019.52 | 11.30% |
J-3
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam Capital Opportunities Fund, continued | | | CLASS R | | |
| | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 30,455.20 | 18.00% | | CLASS Y | | |
| | Ohio Tuition Trust Authority/ | | | College Advantage Program*** | 11,242,432.00 | 31.70% |
| | Putnam Classic Equity Fund | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 9,127,506.06 | 22.40% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 730,619.77 | 11.30% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 367,860.58 | 20.40% | | CLASS R | | |
| | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 833.71 | 33.60% | | Trustlynx & Co | | | P.O. Box 173736 | | | Denver, CO 80217-3736 | 1,449.18 | 58.50% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 284,837.00 | 78.28% |
| | Putnam Convertible Income-Growth Trust | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 3,915,801.31 | 12.20% | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 121,822.36 | 5.10% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 144,529.65 | 6.10% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 170,971.62 | 7.20% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 79,363.54 | 6.10% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 439,968.63 | 34.10% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 25,671.50 | 8.50% | | Nationwide Trust Co | | | C/O IPO Portfolio Accounting | | | P.O. Box 182029 | | | Columbus, OH 43218-2029 | 16,486.10 | 5.40% | | CLASS R | | |
| | MG Trust Company Cust | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 32,926.36 | 55.50% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 3,309.08 | 5.50% | | Reliance Trust Company | | | P.O. Box 48529 | | | Atlanta, GA 30362-1529 | 17,849.27 | 30.10% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 222,631.00 | 17.76% | | Madison Paper Industries Savings & | | | Investment Plan** | 95,412.00 | 7.61% |
| | Putnam Discovery Growth Fund | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 2,460,000.57 | 9.50% | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 731,207.18 | 5.70% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 135,360.24 | 8.00% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 71,537.95 | 6.80% | | CLASS R | | |
| MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 600.62 | 14.50% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 3,244.52 | 78.40% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 386,717.00 | 76.51% | | Putnam Investments** | 36,581.00 | 7.24% |
J-4
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam Diversified Income Trust | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 13,538,140.81 | 9.70% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 1,556,245.16 | 6.20% | | CLASS C | | |
| | SMBC Friend Securities Co., Ltd | | | Foreign Securities Dept | | | 7-12 Kabuto-Cho Nihonbashi, | | | CHUO-KU | | | Tokyo 103 Japan | 5,782,900.00 | 49.70% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 798,898.53 | 6.80% | | | | CLASS M | | |
| | SMBC Friend Securities Co., Ltd | | | Foreign Securities Dept | | | 7-12 Kabuto-Cho Nihonbashi, | | | CHUO-KU | | | Tokyo 103 Japan | 91,082,520.00 | 97.30% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 19,962.07 | 23.00% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 37,020.27 | 42.50% | | CLASS Y | | |
| | Marsh & McLennan Deferred | | | Compensation Plans | | | 1166 Avenue Of The Americas | | | New York, NY 10036-2774 | 758,765.00 | 47.37% | | Putnam Investments Profit Sharing Plan* | 518,652.00 | 31.15% |
| | Putnam Equity Income Fund | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 37,931,042.36 | 24.10% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 4,408,083.78 | 13.30% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 307,531.42 | 5.50% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 417,653.61 | 7.40% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 667,002.28 | 20.70% | | CLASS R | | |
| | Martin Prakken & Tom O’Connell, | | | Blueprint Automation Ret Pln | | | 16037 Innovation Dr | | | Colonial Hgts, VA 23834-5951 | 13,936.94 | 5.10% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 29,226.65 | 10.70% | | Hartford Life Insurance | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 31,936.51 | 11.70% | | CLASS Y | | |
| | IBEW Local 3** | 3,545,775.00 | 22.13% | | Marsh & McLennan Supplemental | | | Retirement Plan** | 3,393,455.00 | 21.18% | | Emerson Electric Co. Employee | | | Savings Investment Plan** | 1,876,013.00 | 11.71% |
| | Putnam Europe Equity Fund | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 817,402.34 | 5.70% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 19,014.05 | 9.10% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 23,756.63 | 11.40% | | CLASS M | | |
| | SMBC Friend Securities Co., Ltd | | | Foreign Securities Dept | | | 7-12 Kabuto-Cho Nihonbashi, | | | CHUO-KU | | | Tokyo 103 Japan | 130,450.00 | 28.60% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 1,489.38 | 78.20% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 224,234.00 | 69.79% | | Putnam Investments** | 37,594.00 | 11.70% |
| | Putnam Floating Rate Income Fund | | | CLASS A | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 2,192,572.81 | 6.40% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 5,710,932.18 | 16.80% |
J-5
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam Floating Rate Income Fund, continued | | | CLASS A | | |
| | Charles Schwab & Co Inc | | | 101 Montgomery St | | | San Francisco, CA 94022-3120 | 1,947,843.94 | 5.70% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 1,207,960.68 | 10.80% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 3,502,943.68 | 31.30% | | CLASS M | | |
| | McDonald Investments Inc | | | (FBO its Customers) | | | 4900 Tiedeman Rd | | | Brooklyn, OH 44144 | 100,359.63 | 13.60% | | NFS LLC FEBO | | | its Customers | | | 5769 Pray St | | | Bonita, CA 91902 | 72,558.72 | 9.90% | | Pershing LLC | | | P. O. Box 2052 | | | Jersey City, NJ 07303 | 50,049.45 | 6.80% | | Morgan Stanley DW Inc. FBO | | | its Customers | | | P.O. Box 250 Church Street Station | | | New York, NY 10008-0250 | 78,133.63 | 10.60% | | | | CLASS R | | |
| | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 22,857.71 | 69.30% | | Pershing LLC | | | P. O. Box 2052 | | | Jersey City, NJ 07303 | 3,299.00 | 10.00% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 188,627.00 | 54.54% | | Putnam Investments** | 139,302.00 | 40.27% |
| | The Putnam Fund for Growth and Income | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 73,509,660.93 | 12.40% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 6,362,082.59 | 8.30% | | CLASS C | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 249,475.66 | 5.20% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 286,637.16 | 6.00% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 849,730.86 | 16.00% | | CLASS R | | |
| | MG Trust Company As Agent For | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 4,372.41 | 6.10% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 22,061.49 | 30.60% | | CLASS Y | | |
| | Electrical Contractors Association And | | | Local Union 134, IBEW Joint | | | Pension Trust Of Chicago** | 9,728,228.00 | 14.67% | | Abbott Laboratories Stock | | | Retirement Programs** | 7,393,069.00 | 11.15% |
| | The George Putnam Fund of Boston | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 31,807,107.59 | 17.60% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy, | | | Maryland Hts, MO 63043-3003 | 3,469,674.47 | 11.60% | | CLASS C | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 279,122.58 | 6.90% | | CLASS M | | |
| | Carwash & Co | | | ADP/State St Collective Trust | | | 200 Newport Avenue Ext, | | | Quincy, MA 02171-2102 | 7,083,002.28 | 68.00% | | CLASS R | | |
| | MG Trust Company Cust | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 5,231.18 | 5.00% | | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 11,740.95 | 11.30% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 13,190.13 | 12.50% | | MG Trust Company As Agent For | | | its Customers | | | P.O. Box 10699 | | | Fargo, ND 58106-0699 | 25,414.78 | 24.50% | | CLASS Y | | |
| | Abbott Laboratories Stock | | | Retirement Programs** | 3,887,847.00 | 18.16% | | IBEW Local 3** | 2,614,706.00 | 12.22% | | Marsh & McLennan Supplemental | | | Retirement Plan** | 2,107,279.00 | 9.85% |
J-6
Shareholder Name | | Percentage | and Address | Holdings | Owned | | The George Putnam Fund of Boston, continued | | | CLASS Y | | |
| | Electrical Contractors Association And | | | Local Union 134, IBEW Joint Pension | | | Trust Of Chicago** | 1,323,838.00 | 6.19% | | Cenveo Corporation 401(K) Plan** | 1,211,292.00 | 5.66% | | The Canadaigua Brands, Inc. 401(K) | | | And Profit Sharing Plan** | 1,163,239.00 | 5.43% |
| | Putnam Global Equity Fund | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 13,205,302.77 | 8.50% | | CLASS C | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 186,523.37 | 6.00% | | | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 217,202.27 | 7.40% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 47,942.22 | 40.10% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 8,829.14 | 7.30% | | MG Trust Company As Agent For | | | its Customers | | | P.O. Box 10699 | | | Fargo, ND 58106-0699 | 28,305.74 | 23.70% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 1,023,118.00 | 41.74% | | Marsh & McLennan Deferred | | | Compensation Plans | | | 1166 Avenue Of The Americas | | | New York, NY 10036-2774 | 581,636.00 | 23.73% | | Putnam Investments** | 323,948.00 | 13.22% |
| | Putnam Global Income Trust | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 558,663.42 | 7.80% | | CLASS C | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 37,112.90 | 15.00% | | CLASS M | | |
| | Mitsubishi UFJ Securities Co Ltd | | | Marunouchi Building 2-4-1 | | | Marunouchi Chiyoda-Ku | | | Tokyo 100-6317 Japan 104 | 1,417,900.00 | 83.60% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 3,765.04 | 36.40% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 4,724.50 | 45.60% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 162,556.00 | 72.28% | | Putnam Investments** | 45,470.00 | 20.22% |
| | Putnam Global Natural Resources Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 1,142,000.65 | 7.20% | | CLASS B | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 194,271.03 | 5.10% | | | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 40,437.09 | 5.20% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 54,105.86 | 7.00% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 18,409.47 | 7.00% | | CLASS R | | |
| | MG Trust Company Cust | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 5,779.84 | 6.20% | | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 8,945.36 | 9.50% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 8,924.01 | 9.40% | | Capital Bank & Trust Co | | | Hillerich & Bradsby | | | 8515 E Orchard Rd # 2T2 | | | Greenwood Vlg, CO 80111-5002 | 13,217.59 | 14.10% | | MLPF&S For The Sole Benefit | | | Of Its Customers, | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 4,740.14 | 5.00% | | Reliance Trust Company | | | P.O. Box 48529 | | | Atlanta, GA 30362-1529 | 5,991.19 | 6.40% | | Wachovia Bank Various Retirement Plans | | | 1525 West Wt Harris Blvd | | | Charlotte, NC 28288-1151 | 6,433.38 | 6.90% |
J-7
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam Global Natural Resources Fund, continued | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 293,572.00 | 60.98% | | Putnam Investments** | 73,269.00 | 15.22% |
| | Putnam Growth Opportunities Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 2,112,021.68 | 8.50% | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 918,723.11 | 5.30% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 131,431.00 | 7.10% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 138,270.20 | 7.50% | | | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 32,837.85 | 5.00% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 408.91 | 5.60% | | MG Trust Company Trustee | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 490.82 | 6.80% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 5,008.79 | 69.50% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 446,666.00 | 81.87% | | Putnam Investments** | 27,438.00 | 5.03% |
| | Putnam Health Sciences Trust | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 3,029,024.60 | 10.40% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 2,269,683.05 | 7.80% | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 473,264.44 | 5.60% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 572,007.59 | 6.80% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 79,260.65 | 12.00% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 81,335.73 | 12.30% | | CLASS M | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 33,563.70 | 7.50% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 30,231.28 | 6.70% | | CLASS R | | |
| | Wachovia Bank | | | 1525 West Wt Harris Blvd | | | Charlotte, NC 28288 | 775.47 | 5.70% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 1,900.40 | 13.90% | | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 739.48 | 5.40% | | Capital Bank & Trust Co Hancock | | | Concrete Products Inc | | | 8515 E Orchard Rd # 2T2 | | | Greenwood Vlg, CO 80111-5002 | 2,033.30 | 14.90% | | | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 188,688.00 | 54.71% | | Putnam Investments** | 55,513.00 | 16.18% |
| | Putnam High Income Securities Fund | | | COMMON SHARES | | |
| | Cede & Co Fast | | | 20 Bowling Green | | | New York, NY 10004-1408 | 20,309,109.29 | 94.20% |
| | Putnam High Yield Advantage Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 8,501,964.89 | 12.30% | | Hartford Life Insurance | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 5,584,317.22 | 8.10% | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 188,490.57 | 7.80% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 212,054.56 | 8.80% |
J-8
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam High Yield Advantage Fund, continued | | | CLASS M | | |
| | Mitsubishi UFJ Securities Co Ltd | | | Marunouchi Building 2-4-1 | | | Marunouchi Chiyoda-Ku | | | Tokyo 100-6317 Japan | 52,087,286.00 | 97.10% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 682,831.00 | 40.27% | | Marsh & McLennan Deferred | | | Compensation Plans | | | 1166 Avenue Of The Americas | | | New York, NY 10036-2774 | 602,851.00 | 35.56% | | Spectraserv Inc 401k and | | | Profit Sharing Plan** | 159,363.00 | 9.40% |
| | Putnam High Yield Municipal Trust | | | COMMON SHARES | | |
| | Cede & Co Fast | | | 20 Bowling Green | | | New York, NY 10004-1408 | 19,082,078.58 | 90.20% |
| | Putnam High Yield Trust | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 41,735,991.99 | 19.40% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 3,921,329.56 | 11.00% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 426,605.74 | 5.30% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 569,240.08 | 7.00% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 269,115.22 | 10.90% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 24,539.09 | 25.00% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 23,129.08 | 23.50% | | Orchard Trust Co c/o Great West Life | | | & Annuity | | | 8515 E Orchard Rd # 2T2 | | | Greenwood Vlg, CO 80111-5002 | 5,765.30 | 5.80% | | CLASS Y | | |
| | Ohio Tuition Trust Authority/ | | | College Advantage Program*** | 12,180,258.00 | 44.50% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam Income Fund | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 15,803,891.84 | 13.70% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 1,511,310.10 | 7.20% | | CLASS C | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 256,487.72 | 8.10% | | CLASS M | | |
| | Mizuho Investors Securities | | | Investment Trust Division | | | Shibusawa City Place | | | 1-13-16 Kayaba-Cho Nihonbashi | | | CHUO-KU Tokyo Japan | 43,631,300.00 | 95.90% | | | | CLASS R | | |
| | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 54,922.00 | 43.90% | | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 18,470.58 | 14.70% | | CLASS Y | | |
| | Ohio Tuition Trust Authority/ | | | College Advantage Program*** | 9,112,237.00 | 5.10% |
| | Putnam Income Strategies Fund | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 81,742.80 | 7.30% | | Putnam LLC | | | One Post Office Square | | | Boston, MA 02109-2106 | 549,326.00 | 49.40% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 8,980.49 | 9.90% | | Pershing LLC | | | P. O. Box 2052 | | | Jersey City, NJ 07303 | 23,334.49 | 25.60% | | American Enterprise Investment Svcs | | | P.O Box 9446 | | | Minneapolis, MN 55440 | 11,447.61 | 12.50% | | CLASS C | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 35,084.00 | 38.50% | | Pershing LLC | | | P. O. Box 2052 | | | Jersey City, NJ 07303 | 9,871.96 | 10.70% |
J-9
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam Income Strategies Fund, continued | | | CLASS M | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 1,020.62 | 6.90% | | AG Edwards & Sons Inc | | | 1 N Jefferson Ave | | | Saint Louis, MO 63103 | 2,977.56 | 20.20% | | Gloria J Callihan | | | 3469 Elmhurst Cir | | | Uniontown, OH 44685-8143 | 1,983.14 | 13.40% | | Robert F Klingensmith | | | 3370 Bristol Ln | | | Cuyahoga Fls, OH 44223-3348 | 3,726.71 | 25.30% | | Thomas A Romes & Anne E. Romes | | | 615 Slingerland Dr | | | Schaumburg, IL 60193-2362 | 3,100.56 | 21.00% | | Walter Callihan | | | 3469 Elmhurst Cir | | | Uniontown, OH 44685-8143 | 991.57 | 6.70% | CLASS R | | |
| | Putnam LLC | | | One Post Office Square | | | Boston, MA 02109-2106 | 100.00 | 100.00% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 9,397.00 | 95.81% |
| | Putnam International Capital Opportunities Fund | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 2,625,157.19 | 8.50% | | Charles Schwab & Co Inc | | | 101 Montgomery St | | | San Francisco, CA 94022-3120 | 1,786,905.55 | 5.80% | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 720,441.83 | 5.90% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 681,086.34 | 5.60% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 346,447.25 | 13.60% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, Fl 32246-6484 | 295,698.46 | 11.60% | | CLASS R | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 9,323.32 | 12.80% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS R | | |
| | MG Trust Company As Agent For | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 8,563.97 | 11.70% | | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 4,737.45 | 6.40% | | GPC As Agent For Comms Web Systems | | | 401k Plan | | | P.O. Box 79377 | | | Atlanta, GA 30357-7377 | 6,388.96 | 8.80% | | CLASS Y | | |
| | Ohio Tuition Trust Authority/ | | | College Advantage Program*** | 787,271.00 | 35.50% | | Putnam Investments Profit Sharing Plan* | 614,703.00 | 27.88% | | Putnam Investments** | 120,581.00 | 5.47% |
| | Putnam International Equity Fund | | | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 9,873,131.41 | 7.80% | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 2,374,202.80 | 6.60% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 2,639,722.68 | 7.30% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 985,872.69 | 10.70% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 1,671,268.85 | 18.20% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 172,758.96 | 5.70% | | CLASS R | | |
| | MG Trust Company | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 17,181.88 | 10.80% | | GPC As Agent For Chinburg | | | Builders Inc 401k Plan | | | P.O. Box 79377 | | | Atlanta, GA 30357-7377 | 8,020.00 | 5.00% | | Emjay Corporation Plans Of | | | RPSA Customers C/O Great-West | | | 8515 E Orchard Rd # 2T2 | | | Greenwood Vlg, CO 80111-5002 | 25,081.36 | 15.80% | | Hartford Life Insurance | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 31,298.28 | 19.70% |
J-10
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam International Equity Fund, continued | | | CLASS Y | | |
| | Abbott Laboratories Stock | | | Retirement Programs** | | 13.55% | | Ohio Tuition Trust Authority/ | | | College Advantage Program*** | | 9.40% | | Marsh & McLennan Supplemental | | | Retirement Plan** | | 5.62% |
| | Putnam International Growth and Income Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 15,733,147.52 | 31.30% | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 670,212.38 | 5.70% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 1,649,042.06 | 14.10% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 632,507.82 | 5.40% | | | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 284,676.91 | 10.20% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 430,994.81 | 15.50% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 282,721.54 | 21.40% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 28,312.22 | 33.50% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 13,500.47 | 15.90% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 479,940.00 | 44.67% | | Putnam Investments** | 409,371.00 | 38.10% |
| | Putnam Investment Grade Municipal Trust | | | COMMON SHARES | | |
| | Cede & Co Fast | | | 20 Bowling Green | | | New York, NY 10004-1408 | 18,578,261.76 | 91.80% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam International New Opportunities Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 3,499,239.87 | 9.50% | | CLASS B | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 427,723.80 | 5.50% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 85,460.10 | 8.00% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 90,428.48 | 8.50% | | CLASS M | | |
| Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 107,988.85 | 9.20% | | CLASS R | | |
| | MLPF&S For The Sole Benefit Of | | | its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 1,460.47 | 6.10% | | MG Trust Company Cust | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 7,770.05 | 32.40% | | MG Trust Company | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 2,783.15 | 11.60% | | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 5,890.25 | 24.50% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 1,284.24 | 5.30% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 925,841.00 | 86.50% | | Putnam Investments** | 68,370.00 | 6.39% |
| | Putnam Investors Fund | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 17,414,401.79 | 10.70% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 2,682,090.33 | 5.00% | | CLASS C | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 681,853.00 | 14.10% |
J-11
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam Investors Fund, continued | | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 331,759.87 | 6.80% | | CLASS M | | |
| | Mercer Trust Company | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 164,883.21 | 5.40% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 191,279.33 | 6.30% | | CLASS R | | |
| | MG Trust Company Cust | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 7,211.60 | 9.10% | | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 28,598.84 | 36.00% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 13,754.48 | 17.30% | | | | CLASS Y | | |
| | Ohio Tuition Trust Authority/ | | | College Advantage Program*** | 10,085,385.00 | 22.50% | | IBEW Local 3** | 6,767,272.00 | 15.23% |
| | Putnam Limited Duration Government Income Fund | | CLASS A | | |
| | Boston Safe Deposit & Tr Co TTEE | | | Marsh & McLennan Employer | | | 1166 Avenue Of The Americas | | | New York, NY 10036-2708 | 2,774,735.24 | 7.00% | | Marsh & McLennan Co Inc. | | | 1166 Avenue Of The Americas | | | New York, NY 10036-2708 | 2,560,430.16 | 6.50% | | CLASS B | | |
| | MLPF&S For The Sole Benefit Of | | | its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 704,423.70 | 5.70% | | CLASS M | | |
| | Janney Montgomery Scott LLC | | | 1801 Market Street | | | Philadelphia, PA 19103 | 67,680.89 | 5.90% | | Concetta Lacorte, Joann Ambrosio & | | | Ann Marie Derario | | | 9005 165th Ave | | | Howard Beach, NY 11414-3737 | 71,687.65 | 6.30% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 14,062.71 | 36.10% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 19,206.69 | 49.30% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS Y | | |
| | Electrical Contractors Association And | | | Local Union 134, IBEW Joint Pension | | | Trust Of Chicago** | 30,476,187.00 | 95.66% |
| | Putnam Managed Municipal Income Trust | | | COMMON SHARES | | |
| | Cede & Co Fast | | | 20 Bowling Green | | | New York, NY 10004-1408 | 40,310,303.64 | 90.20% |
| | Putnam Massachusetts Tax Exempt Income Fund | | | CLASS A | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 1,403,572.48 | 5.30% | | CLASS B | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 396,892.57 | 8.70% | | | | CLASS C | | |
| | Jeanne Craig | | | 28 Tower Hill Rd | | | Braintree, MA 02184-5315 | 27,844.61 | 6.10% | | Joan A Fitzgerald, Elaine Greene | | | JTWROS TOD, Walter D Fitzgerald, III | | | 40 Rockingham Ave Apt 214 | | | West Roxbury, MA 02132-4523 | 30,132.02 | 6.60% | | NFS LLC FEBO, Joe G Naylor, Maile Naylor | | 1083 Beacon St Apt 4 | | | Brookline, MA 02446 | 131,022.12 | 28.60% | | Elizabeth F Oshea TOD | | | Multiple Beneficiaries | | | P.O. Box 719 | | | Dennis, MA 02638-0719 | 26,489.03 | 5.80% | | CLASS M | | |
| | NFS LLC FEBO, Andrea Matoes | | | 238 Plymouth Ave | | | E Wareham, MA 02538 | 59,043.96 | 11.80% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 29,314.38 | 5.90% | | UBS Financial Services Inc. FBO, | | | John M. Whittier Jr GST, | | | Bancroft R Wheeler TTEE | | | 155 Seaport Blvd 7th Floor | | | Boston, MA 02210-2698 | 72,016.00 | 14.50% | | Leonard Joiner & Leigh A Joiner JTWROS | | | 150 Hampshire Rd | | | Methuen, MA 01844-1117 | 33,481.00 | 6.70% |
| | Putnam Master Intermediate Income Trust | | | COMMON SHARES | | |
| | Cede & Co Fast | | | 20 Bowling Green | | | New York, NY 10004-1408 | 87,198,558.59 | 95.40% |
J-12
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam Michigan Tax Exempt Income Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 2,292,562.25 | 20.60% |
| | Putnam Michigan Tax Exempt Income Fund, continued | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 113,485.59 | 6.60% | | CLASS C | | |
| | Raymond James & Assoc Inc | | | 880 Carillon Pkwy | | | St Petersburg, FL 33716 | 2,639.35 | 70.10% | | Putnam LLC | | | The Putnam Companies, Inc. | | | One Post Office Square | | | Boston, MA 02109-2106 | 1,122.21 | 29.80% | | | | CLASS M | | |
| | Frank R Farkas | | | 840 Ducey Ave | | | Muskegon, MI 49442-2102 | 23,432.95 | 16.60% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 9,353.41 | 6.60% | | Pauline B Pickford Trust | | | 64 Pleasant St | | | Oxford, MI 48371-4648 | 14,317.89 | 10.10% | | UBS Financial Services Inc. FBO, | | | Robert E. Hunter Trust | | | 5470 Waterfield Ct | | | Ann Arbor, MI 48108-2749 | 10,032.16 | 7.10% | | AG Edwards & Sons Inc | | | 1 N Jefferson Ave | | | Saint Louis, MO 63103 | 16,603.41 | 11.80% | | AG Edwards & Sons Inc FBO | | | its Customers | | | 1 N Jefferson Ave | | | Saint Louis, MO 63103 | 46,004.92 | 32.60% |
| | Putnam Mid Cap Value Fund | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 4,563,143.89 | 10.70% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 876,811.77 | 5.50% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 49,902.02 | 5.20% | | CLASS R | | |
| | AST Trust Company Cust | | | Anderson Zurmuehlen & Co 401k | | | P.O. Box 52129 | | | Phoenix, AZ 85072-2129 | 25,381.29 | 7.00% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS R | | |
| | MFS Heritage Trust Co FBO, Certain | | | Company Benefit Plans | | | P.O. Box 55824 | | | Boston, MA 02205-5824 | 18,557.60 | 5.10% | | GPC As Agent For DMG Inc. | | | 401k Plan & Trust | | | P.O. Box 79377 | | | Atlanta, GA 30357-7377 | 45,642.71 | 12.70% | | CLASS R | | |
| | Capital Bank & Trust Co | | | Hillerich & Bradsby | | | 8515 E Orchard Rd # 2T2 | | | Greenwood Vlg, CO 80111-5002 | 24,121.68 | 6.70% | | CLASS Y | | |
| | Marsh & McLennan Supplemental | | | Retirement Plan** | 2,075,797.00 | 65.23% | | Putnam Investments Profit Sharing Plan* | 638,891.00 | 20.08% | | Marsh & McLennan Deferred | | | Compensation Plans | | | 1166 Avenue Of The Americas | | | New York, NY 10036-2774 | 246,603.00 | 7.76% |
| | Putnam Minnesota Tax Exempt Income Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 2,550,777.62 | 24.70% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 130,657.17 | 7.50% | | CLASS C | | |
| | Putnam LLC | | | The Putnam Companies, Inc. | | | One Post Office Square | | | Boston, MA 02109-2106 | 1,125.02 | 100.00% | | CLASS M | | |
| | LPL Financial Services | | | 9785 Towne Centre Dr | | | San Diego, CA 92121 | 9,793.50 | 12.90% | | Stifel Nicolaus & Co Inc, Richard E & | | | Charlotte A Wuttke | | | 501 North Broadway | | | St Louis, MO 63102 | 8,402.97 | 11.00% | | Barbara A Aune | | | 2510 Oregon Ave S | | | St Loius Park, MN 55426-2608 | 4,511.77 | 5.90% | | Barbara J Greenhalgh | | | 2224 E 36th St | | | Minneapolis, MN 55407-3015 | 3,974.23 | 5.20% | | Gertrude L Palubicki | | | 576 E 2nd St | | | Winona, MN 55987-4217 | 10,788.38 | 14.20% | | James T Biesanz Jr | | | 270 W Broadway St | | | Winona, MN 55987-5224 | 4,593.98 | 6.00% | | Mernab & Company | | | P.O. Box 248 | | | Winona, MN 55987-0248 | 4,593.51 | 6.00% |
J-13
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam Minnesota Tax Exempt Income Fund | | | CLASS M | | |
| | Scott K Biesanz | | | 724 Washington St | | | Winona, MN 55987-3350 | 4,593.99 | 6.00% | | Steven T Biesanz | | | 11 Knollwood Ln | | | Winona, MN 55987-9303 | 4,593.98 | 6.00% |
| | Putnam Money Market Fund | | | | CLASS M | | |
| | Mercer Trust Company | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 5,374,937.35 | 13.50% | | CLASS R | | |
| | Pershing LLC | | | P. O. Box 2052 | | | Jersey City, NJ 07303 | 145,910,080.14 | 96.80% | | CLASS T | | |
| Mercer Trust Company | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 4,165,894.21 | 33.00% | | MG Trust Company | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 2,759,727.09 | 21.90% |
| | Putnam Municipal Bond Fund | | | | COMMON SHARES | | |
| | Cede & Co Fast | | | 20 Bowling Green | | | New York, NY 10004-1408 | 15,797,882.01 | 94.10% |
| | Putnam Municipal Opportunities Trust | | | COMMON SHARES | | |
| | Cede & Co Fast | | | 20 Bowling Green | | | New York, NY 10004-1408 | 14,524,380.40 | 95.70% |
| | Putnam New Jersey Tax Exempt Income Fund | | | CLASS A | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 1,539,482.67 | 8.90% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 1,360,352.20 | 7.90% | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 382,219.59 | 8.50% | | CLASS C | | |
| | Putnam LLC | | | The Putnam Companies, Inc. | | | One Post Office Square | | | Boston, Ma 02109-2106 | 1,091.55 | 16.70% | | UBS Financial Services Inc. FBO | | | its Customers | | | P.O. Box 3321 | | | Weehawken, NJ 07086-8154 | 5,434.78 | 83.20% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS M | | |
| | Shaila Y Karandikar | | | 203 Sherwood Ct | | | Somerset, NJ 08873-6029 | 21,367.52 | 12.70% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 19,576.32 | 11.60% | | CLASS M | | |
| | Leonard Cavaliere & | | | Joseph Cavaliere JTWROS | | | 21 King George Rd | | | Warren, NJ 07059-7014 | 13,688.77 | 8.10% | | Marie Franklin Marsh Exec | | | 683 Rt 579 | | | Pittstown, NJ 08867 | 66,842.56 | 39.80% |
| | Putnam New Opportunities Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 4,292,680.74 | 6.00% | | | | CLASS C | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 52,182.88 | 6.60% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 82,978.87 | 5.30% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 8,353.65 | 25.10% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 4,364.54 | 13.20% | | GPC As Agent For Chinburg | | | Builders Inc 401k Plan | | | P.O. Box 79377 | | | Atlanta, GA 30357-7377 | 5,747.85 | 17.40% | | CLASS Y | | |
| | IBEW Local 3** | 3,896,791.00 | 47.92% | | United Technology Carriers** | 1,438,457.00 | 17.69% | | Marsh & McLennan Supplemental | | | Retirement Plan** | 574,225.00 | 7.06% | | Putnam Investments Profit Sharing Plan* | 461,519.00 | 5.67% |
| | Putnam New Value Fund | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 20,686,008.05 | 28.10% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 2,610,553.58 | 12.10% |
J-14
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam New Value Fund, continued | | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 336,850.66 | 9.00% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 569,822.38 | 15.30% | | CLASS M | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 128,220.60 | 7.20% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 377,251.33 | 21.20% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 22,730.23 | 17.10% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 32,097.08 | 24.30% | | Union Bank Of California N.A., | | | C Ceronix Inc PSP | | | P.O. Box 85484 | | | San Diego, CA 92186-5484 | 13,372.75 | 10.10% | | | | CLASS Y | | |
| | Ohio Tuition Trust Authority/ | | | College Advantage Program*** | 5,231,927.00 | 77.40% | | Putnam Investments Profit Sharing Plan* | 825,301.00 | 12.27% |
| | Putnam New York Investment Grade Municipal Trust | | COMMON SHARES | | |
| | Cede & Co Fast | | | 20 Bowling Green | | | New York, NY 10004-1408 | 2,606,021.83 | 93.80% |
| | Putnam New York Tax Exempt Income Fund | | | CLASS A | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 9,090,340.21 | 7.30% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 11,326,818.45 | 9.00% | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 471,385.07 | 6.90% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 483,768.19 | 7.10% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 120,582.81 | 9.50% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS C | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 257,484.93 | 20.30% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 32,386.37 | 12.00% | | CLASS M | | |
| | NFS LLC FEBO | | | its Customers | | | Joan Gramolini | | | 208 West Street | | | Mamaroneck, NY 10543 | 28,166.17 | 10.40% | | Albert Detiberiis, Louise Detiberiis, | | | Paul Detiberiis & Louis Detiberiis JTWROS | | | 8905 103rd Ave | | | Ozone Park, NY 11417-1358 | 29,656.43 | 11.00% | | Pershing LLC | | | P.O. Box 2052 | | | Jersey City, NY 07303-9998 | 84,485.70 | 31.30% |
| | Putnam Ohio Tax Exempt Income Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 3,045,736.47 | 19.10% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 124,627.35 | 7.30% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, Fl 32246-6484 | 176,952.21 | 10.40% | | CLASS C | | |
| | LPL Financial Services | | | 9785 Towne Centre Dr | | | San Diego, CA 92121 | 929.20 | 21.80% | | Putnam LLC | | | The Putnam Companies, Inc. | | | One Post Office Square | | | Boston, MA 02109-2106 | 1,111.73 | 26.10% | | Dean Witter For The Benefit Of | | | its Customers | | | P.O. Box 250 Church Street Station | | | New York, NY 10008-0250 | 2,209.25 | 51.90% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 29,555.79 | 19.30% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 17,687.58 | 11.50% | | UBS Financial Services Inc. FBO | | | Pine Hills Golf Club Inc | | | 433 West 130th Street | | | Hinckley, OH 44233-9566 | 56,763.50 | 37.10% |
J-15
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam OTC & Emerging Growth Fund | | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 88,721.40 | 5.90% | | CLASS M | | |
| | Mercer Trust Company | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 119,356.83 | 6.80% | | Carwash & Co ADP/State St Collective Trust | | 200 Newport Avenue Ext | | | Quincy, MA 02171-2102 | 133,715.89 | 7.80% | | CLASS R | | |
| | MLPF&S For The Sole Benefit Of | | | its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 3,573.67 | 19.20% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 10,936.63 | 58.70% | | D Nederveld & J Mckelvey TTEES | | | 5925 Imperial Pkwy Ste 226 | | | Mulberry, FL 33860-8690 | 1,289.94 | 6.90% | | Trustlynx & Co | | | P.O. Box 173736 | | | Denver, CO 80217-3736 | 969.74 | 5.20% | | | | CLASS Y | | |
| | Chicago District Council Of Carpenters | | | Pension Fund Supplemental Annuity Plan* | 2,325,671.00 | 45.36% | | Putnam Investments Profit Sharing Plan* | 1,218,509.00 | 23.77% | | The Idaho Power Company | | | Employee Savings Plan** | 638,153.00 | 12.45% |
| | Putnam Pennsylvania Tax Exempt Income Fund | | | CLASS A | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 815,461.02 | 5.20% | | CLASS C | | |
| | NFS LLC FEBO David W Stracener, | | | Tod Myrna F Stracener | | | 1566 Carousel Dr | | | Warminster, PA 18974 | 11,049.21 | 32.30% | | J.J.B. Hilliard, W.L. Lyons, Inc | | | George P Fertenbaugh | | | 500 West Jefferson Street | | | Louisville, KY 40202 | 10,893.24 | 31.90% | | Kim L Szoke | | | 4827 N Cypress Rd | | | Walnutport, PA 18088-9117 | 5,538.28 | 16.20% | | Randal L Szoke | | | 4827 N Cypress Rd | | | Walnutport, PA 18088-9117 | 5,538.28 | 16.20% | | CLASS M | | |
| | Lawrence A Dangelo & | | | Elizabeth B Dangelo JTWROS | | | 906 General Howe Dr | | | West Chester, PA 19382-7106 | 28,034.17 | 11.00% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS M | | |
| | J.J.B. Hilliard, W.L. Lyons, Inc | | | Jill F Willcox | | | 501 S.4th Street | | | Louisville, KY 40202 | 16,718.21 | 6.60% | | John J Handley & Joyce A Handley | | | Ten In Comm | | | RR 3 Box 294-4 | | | Dallas, PA 18612-9454 | 102,150.68 | 40.30% | | UBS Financial Services Inc. | | | FBO Mary N Stewart | | | Light House Point-Apt 316 | | | 500 Chapel Harbor Drive | | | Pittsburgh, PA 15238-3144 | 32,422.63 | 12.70% |
| | Putnam Premier Income Trust | | | | COMMON SHARES | | |
| | Cede & Co Fast | | | 20 Bowling Green | | | New York, NY 10004-1408 | 167,609,373.23 | 93.70% |
| | Putnam Prime Money Market Fund | | | CLASS A | | |
| | The Putnam Companies, Inc. | | | One Post Office Square | | | Boston, MA 02108-2106 | 1,091.28 | 100.00% | | CLASS I | | |
| | Band & Co C/O US Bank | | | P.O. Box 1787 | | | Milwaukee, WI 53201-1787 | 140,843,767.48 | 5.60% | | Bear Stearns Securities Corp | | | 1 Metrotech Ctr | | | Brooklyn, NY 11201-3831 | 276,317,506.89 | 11.10% | | Goldman Sachs Global Cash Svcs | | | 71 S Wacker Dr Ste 500 | | | Chicago, IL 60606-4673 | 508,853,807.57 | 20.50% | | Hare & Co | | | C/O Bank Of New York | | | 1 Wall St Fl 3 | | | New York, NY 10005 | 448,653,089.53 | 18.10% | | Mellon Bank | | | One Freedom Valley Drive | | | Oaks, PA 19456 | 644,200,818.59 | 26.00% | | CLASS P | | |
| | The George Putnam Fund of Boston | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 213,232,130.00 | 9.00% | | Putnam Income Fund | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 210,012,399.00 | 8.90% | | Putnam Premier Income Trust | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 180,912,188.00 | 7.70% | | Putnam Master Intermediate | | | Income Trust | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 134,746,325.00 | 5.70% | | Putnam Asset Allocation: | | | Growth Portfolio | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 122,418,253.00 | 5.20% |
J-16
Shareholder Name | | Percentage | and Address | Holdings | Owned | | | Putnam Prime Money Market Fund, continued | | | CLASS P | | |
| | Putnam Asset Allocation: | | | Balanced Portfolio | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 296,067,637.00 | 12.60% | | Putnam Asset Allocation: | | | Conservative Portfolio | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 117,488,972.00 | 5.00% | | PYXIS ABS | | | c/o Maples Finance Limited | | | P.O. Box 1039GT | | | Queensgate House, South Church St. | | | George Town, Grand Cayman | | | Cayman Islands | 130,000,000.00 | 5.50% | | CLASS R | | |
| | | | Putnam LLC | | | One Post Office Square | | | Boston, MA 02109-2106 | 1,084.00 | 100.00% | | | | CLASS S | | |
| | Putnam LLC | | | One Post Office Square | | | Boston , MA 02109-2106 | 1,095.00 | 100.00% |
| | Putnam Research Fund | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 3,421,284.12 | 11.60% | | CLASS B | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 686,594.71 | 5.30% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 97,808.65 | 5.10% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 112,741.37 | 5.90% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 66,473.96 | 8.30% | | CLASS R | | |
| | Transamerica Life Insurance Company | | | 1150 S Olive St | | | Los Angeles, CA 90015-2209 | 11,311.54 | 78.40% | | CLASS Y | | |
| | Marsh & McLennan Supplemental | | | Retirement Plan** | 2,394,507.00 | 51.61% | | Ardent Health Services** | 1,313,185.00 | 28.30% | | Putnam Investments Profit Sharing Plan* | 415,217.00 | 8.95% | | Lovelace Pension Plan** | 283,713.00 | 6.11% |
| | Putnam RetirementReady 2010 Fund | | | CLASS A | | |
| | The TXI Inc. Retirement Plan** | 133,899.00 | 17.38% | | Radio Shack 401(K) Plan** | 111,288.00 | 14.45% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS B | | |
| | First Baptist Church Of West | | | 13350 Maxella Ave Unit 3 | | | Marina Dl Rey, CA 90292 | 608.17 | 13.10% | | USD LLC | | | 1415 Franklin Ave | | | River Forest, IL 60305 | 342.16 | 7.40% | | Unified School District 409 | | | 17727 286th Rd | | | Atchison, KS 66002 | 1,206.78 | 26.10% | | Cheryl S. Smith | | | 435 E Shoreline Dr | | | North Augusta, SC 29841 | 245.67 | 5.30% | | Hua Hsing Wei | | | 9146 Emperor Ave | | | San Gabriel, CA 91775 | 281.20 | 6.10% | | LPL Financial Services | | | 9785 Towne Centre Dr | | | San Diego, CA 92121 | 465.12 | 10.00% | | CLASS C | | |
| Mark J Ruthenberg | | | 1001 N Stockton Hill Rd Apt B | | | Kingman, AZ 86401 | 124.17 | 11.20% | | Shin Nan Ho | | | 14321 Don Julian Rd | | | City Industry, CA 91746 | 123.48 | 11.20% | | Nancy A. Smith | | | 49 E 27th Cir | | | Fayetteville, AR 72701 | 65.41 | 5.90% | | City Of Taunton | | | 75 Bayview Ave | | | Berkley, MA 02779 | 389.62 | 35.30% | | Peggy J. Ward | | | 8609 Jenner Ln S | | | Cottage Grove, MN 55016 | 75.13 | 6.80% | | Midland Schools | | | 913 Country Club Dr | | | Maquoketa, IA 52060 | 59.84 | 5.40% | | CLASS M | | |
| | California State University | | | 1205 Riverside Dr | | | Fullerton, CA 92831 | 130.56 | 5.30% | | Dora G. Cota | | | 2109 Hillcrest St | | | Carlsbad, NM 88220 | 177.50 | 7.30% | | Midland Schools | | | 913 Country Club Dr | | | Maquoketa, IA 52060 | 738.41 | 30.50% | | Sarah A. Dobroth | | | P.O. Box 368 | | | Grover Beach, CA 93483 | 187.25 | 7.70% | | CLASS R | | |
| | MG Trust Company Cust | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 930.79 | 24.10% | | MG Trust Company Trustee | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 1,211.73 | 31.40% | | Wachovia Bank Various Retirement Plans | | | 1525 West Wt Harris Blvd | | | Charlotte, NC 28288-1151 | 359.25 | 9.30% |
J-17
Shareholder Name | | Percentage | and Address | Holdings | Owned | | | Putnam RetirementReady 2010 Fund, continued | | | | | CLASS A | | |
| Union Bank Tr Nominee FBO | | | its Customers | | | P.O. Box 85484 | | | San Diego, CA 92186-5484 | 1,282.29 | 33.30% | | | | CLASS Y | | |
| Quebecor World (USA) Inc. 401(K) Plan** | 114,297.00 | 22.30% | | | | First Hawaiian Future Plan** | 104,803.00 | 20.45% | | | | Ardent Health Services** | 55,186.00 | 10.77% | | | | Genlyte Thomas Group Retirement | | | Savings And Investment Plan** | 44,503.00 | 8.68% | | | | Briggs & Stratton Corporation Employee | | | Savings And Investment Plan** | 40,291.00 | 7.86% | | | | National Waterworks, Inc. | | | Retirement Savings Plan** | 30,781.00 | 6.01% | | | | The Canadaigua Brands, Inc. 401(K) | | | And Profit Sharing Plan** | 28,787.00 | 5.62% | | | | Church & Dwight Co., Inc.** | 33,110.00 | 6.46% |
| Putnam RetirementReady 2015 Fund | | | | | CLASS A | | |
| Asbestos Workers Local No. 6* | 247,961.00 | 18.01% | | | | Radio Shack 401(K) Plan** | 195,899.00 | 14.23% | | | | The TXI Inc. Retirement Plan** | 106,907.00 | 7.76% | | | | CLASS B | | |
| Dean C. Holmquist | | | 1255 Brighton Sq | | | Saint Paul, MN 55112 | 608.81 | 5.50% | | | | HSBC Securities (USA) Inc. | | | 452 Fifth Avenue | | | New York, NY 10018 | 890.86 | 8.10% | | | | NFS LLC FEBO | | | its Customers | | | 77 Rocky Rd E | | | Harwinton, CT 06791 | 763.62 | 7.00% | | | | Pershing LLC | | | P.O. Box 2052 | | | Jersey City, NJ 07303-9998 | 2,545.03 | 23.30% | | | | CLASS C | | |
| Kathy W. Rodgers | | | 127 Township Road 1266 | | | Proctorville, OH 45669 | 1,119.34 | 31.40% | | | | James Schall | | | 9396 Jonathan Rd | | | Woodbury, MN 55125 | 235.27 | 6.60% | | | | Judy A. Schall | | | 9396 Jonathan Rd | | | Woodbury, MN 55125 | 235.27 | 6.60% | | | | Ann Dobroth | | | P.O. Box 368 | | | Grover Beach, CA 93483 | 1,122.56 | 31.50% | | | | CLASS M | | | |
| Mercer Trust Company | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 176.68 | 7.20% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS M | | |
| | Jackie L. Hallack | | | 10120 Arrowhead Dr Apt 7 | | | Jacksonville, FL 32257 | 219.46 | 9.00% | | Doris M. Foster | | | 1827 Miami Ave | | | Kingman, AZ 86401 | 791.00 | 32.60% | | Terry A. Stewart | | | 215 Ridge Rock Rd | | | Sedona, AZ 86351 | 353.45 | 14.50% | | Sarah A. Dobroth | | | P.O. Box 368 | | | Grover Beach, CA 93483 | 166.98 | 6.80% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 231.53 | 77.20% | | Wachovia Bank Various Retirement Plans | | | 1525 West Wt Harris Blvd | | | Charlotte, NC 28288-1151 | 22.33 | 7.40% | | | | CLASS Y | | |
| | First Hawaiian Future Plan** | 163,575.00 | 19.95% | | Quebecor World (USA) Inc. 401(K) Plan** | 150,493.00 | 18.35% | | Church & Dwight Co., Inc.** | 104,823.00 | 12.78% | | The Canadaigua Brands, Inc. 401(K) | | | And Profit Sharing Plan** | 96,333.00 | 11.75% | | Ardent Health Services** | 92,087.00 | 11.23% | | Briggs & Stratton Corporation Employee | | | Savings And Investment Plan** | 53,135.00 | 6.47% |
| | Putnam RetirementReady 2020 Fund | | | CLASS A | | |
| | Radio Shack 401(K) Plan** | 233,578.00 | 16.12% | | The TXI Inc. Retirement Plan** | 103,808.00 | 7.17% | | CLASS B | | |
| | Patricia A. Eaton | | | 14 Woods Ln | | | Lancaster, MA 01523 | 869.70 | 8.10% | | NFS LLC FEBO | | | its Customers | | | 5769 Pray St | | | Bonita, CA 91902 | 586.82 | 5.50% | | Paul H. Batchelder Ira | | | P.O. Box 438 | | | Drexel, MO 64742 | 555.90 | 5.20% | | CLASS C | | |
| | George A. Ozuna | | | 405 Happy Trl | | | Shavano Park, TX 78231 | 582.33 | 27.10% | | Nancy A. Smith | | | 49 E 27th Cir | | | Fayetville, AR 72701 | 141.21 | 6.50% | | Mark E. Hall | | | 5121 N Bank Rd | | | Crescent City, CA 95531 | 331.25 | 15.40% | | Victoria A. Skajewski | | | 6176 Gettysburg Ave N | | | New Hope, MN 55428 | 123.69 | 5.70% |
J-18
Shareholder Name | | Percentage | and Address | Holdings | Owned | | | Putnam RetirementReady 2020 Fund, continued | | | | | CLASS C | | |
| Kristine Dierks | | | 697 Blue Jay Ln | | | Hudson, WI 54016 | 156.90 | 7.30% | | | | Todd Dierks | | | 697 Blue Jay Ln | | | Hudson, WI 54016 | 156.90 | 7.30% | | | | CLASS M | | |
| John J. McClary | | | 205 E 26th St | | | Yuma, AZ 85364 | 509.35 | 5.90% | | | | Margaret C. Smith | | | 4425 Saddleback St | | | Cocoa, FL 32927 | 620.04 | 7.20% | | | | Barstow Unified School District | | | 481 McBroom Ave | | | Barstow, CA 92311 | 569.17 | 6.60% | | | | Beverly R Mracek | | | 6505 E Crumb Rd | | | Kingman, AZ 86401-6565 | 1,110.77 | 13.00% | | | | Sarah A Dobroth | | | P.O. Box 368 | | | Grover Beach, CA 93483 | 555.06 | 6.50% | | | | CLASS R | | |
| MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 761.14 | 34.40% | | | | Wachovia Bank | | | Various Retirement Plans | | | 1525 West Wt Harris Blvd | | | Charlotte, NC 28288-1151 | 1,298.78 | 59.30% | | | | CLASS Y | | |
| Quebecor World (USA) Inc. 401(K) Plan** | 199,833.00 | 24.47% | | | | First Hawaiian Future Plan** | 127,167.00 | 15.57% | | | | Ardent Health Services** | 107,728.00 | 13.19% | | | | The Canadaigua Brands, Inc. 401(K) | | | | | | And Profit Sharing Plan** | 80,310.00 | 9.83% | | | | Church & Dwight Co., Inc.** | 84,010.00 | 10.29% | | | | Briggs & Stratton Corporation Employee | | | | | | Savings And Investment Plan** | 77,745.00 | 9.52% |
| Putnam RetirementReady 2025 Fund | | | | | CLASS A | | |
| Radio Shack 401(K) Plan** | 208,704.00 | 20.84% | | | | DS Waters Of America LP** | 83,399.00 | 8.33% | | | | The TXI Inc. Retirement Plan** | 75,616.00 | 7.55% | | | | CLASS B | | |
| Daniel L Kiskis | | | 4968 S Ridgeside Cir | | | Ann Arbor, MI 48105-9447 | 1,156.91 | 8.70% | | | | LPL Financial Services | | | 9785 Towne Centre Drive | | | San Diego, CA 92121-1968 | 1,031.58 | 7.70% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS B | | |
| | Memorial Medical Center (IL) | | | 2500 E Lake Shore Dr | | | Springfield, IL 62712-5500 | 1,094.45 | 8.20% | | NFS LLC FEBO | | | its Customers | | | 2653 Sawmill Rd | | | Hickory Grove, SC 29717 | 1,570.12 | 11.70% | | James E Rembert | | | P.O. Box 101 | | | Greenwood, IL 60425 | 698.24 | 5.20% | | CLASS C | | |
| | Debra F Parsons | | | 19 Webster Ave | | | Wheeling, WV 26003 | 171.05 | 8.80% | | George A Ozuna | | | 405 Happy Trl | | | Shavano Park, TX 78231 | 543.46 | 28.00% | | Muriel B Quesenberry | | | 5105 E Camelback Loop | | | Kingman, AZ 86409 | 226.62 | 11.60% | | Otto Eachus | | | 805 Mason Dr | | | Roswell, NM 88201 | 331.43 | 17.00% | | | | CLASS M | | |
| | Barbara M Toth | | | 2151 Chinook Dr | | | Kingman, AZ 86401 | 227.11 | 5.40% | | Joan S Walker | | | 2490 Avalon Ln | | | Lk Havasu City, AZ 86404 | 226.03 | 5.40% | | Susan M Stalhut | | | 3089 W Carmichael Rd | | | Kingman, AZ 86413 | 389.39 | 9.40% | | Corinne C Kovacsics | | | 3620 S Pima Dr | | | Flagstaff, AZ 86001 | 338.01 | 8.10% | | Robyn S Allen | | | 3815 N Melody St | | | Kingman, AZ 86409 | 229.23 | 5.50% | | Sarah A Dobroth | | | P.O. Box 368 | | | Grover Beach, CA 93483 | 388.44 | 9.40% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 1,832.06 | 88.90% | | CLASS Y | | |
| | Quebecor World (USA) Inc. 401(K) Plan** | 170,363.00 | 22.83% | | Ardent Health Services** | 107,363.00 | 14.39% | | First Hawaiian Future Plan** | 100,349.00 | 13.45% | | The Canadaigua Brands, Inc. 401(K) | | | And Profit Sharing Plan** | 78,835.00 | 10.57% | | Church & Dwight Co., Inc.** | 60,280.00 | 8.08% | | Kohl’s Department Stores, Inc.** | 43,362.00 | 5.81% | | Briggs & Stratton Corporation Employee | | | Savings And Investment Plan** | 47,435.00 | 6.36% |
J-19
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam RetirementReady 2030 Fund | | | CLASS A | | |
| | Radio Shack 401(K) Plan** | 125,612.00 | 15.49% | | DS Waters Of America LP** | 68,040.00 | 8.39% | | DR Horton, Inc. Profit Sharing Plan** | 53,930.00 | 6.65% | | CLASS B | | |
| | Hamilton Southeastern Schools | | | 1371 Bentley Way | | | Carmel, IN 46032 | 745.73 | 9.30% | | John B Adams | | | 40 Northeast St | | | New Columbia, PA 17856 | 495.38 | 6.10% | | Elliot Popper | | | 4275 Congressional Dr | | | Myrtle Beach, SC 29579 | 601.67 | 7.50% | | Matthew Finn | | | 4647 Hannover Ave | | | Saint Louis, MO 63123 | 410.19 | 5.10% | | Cuzin G Inc | | | 584 Fieldstone Ln | | | Ballwin, MO 63011 | 661.07 | 8.20% | | John F Keating | | | 7330 Darien Ln | | | Darien, IL 60561 | 777.05 | 9.70% | | | | CLASS C | | |
| | Karla J Stein | | | 1026 Atkins St | | | Porterville, CA 93257 | 123.79 | 21.50% | | Amy Disbury | | | 108 Miller Dr | | | East Syracuse, NY 13057 | 142.60 | 24.80% | | Randall L Case | | | 11194 Thornberry Dr | | | Freeland, MI 48623 | 43.81 | 7.60% | | Noah R Ring | | | 27 Kirkwood Dr | | | Newton, PA 18940 | 74.61 | 13.00% | | Michelle L Kvernmo | | | 503 Grindstone Ln | | | Dundas, MN 55019 | 64.42 | 11.20% | | Steve Kvernmo | | | 503 Grindstone Ln | | | Dundas, MN 55019 | 75.56 | 13.10% | | CLASS M | | |
| | Mercer Trust Company | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 9,259.38 | 89.20% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 696.77 | 36.20% | | Wachovia Bank Various Retirement Plans | | | 1525 West Wt Harris Blvd | | | Charlotte, NC 28288-1151 | 942.41 | 49.30% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | | | CLASS Y | | |
| Quebecor World (USA) Inc. 401(K) Plan** | 108,781.00 | 21.36% | | | | First Hawaiian Future Plan** | 91,181.00 | 17.91% | | | | Ardent Health Services** | 54,862.00 | 10.77% | | | | The Canadaigua Brands, Inc. 401(K) | | | | | | And Profit Sharing Plan** | 44,176.00 | 8.67% | | | | Church & Dwight Co., Inc.** | 43,473.00 | 8.54% | | | | Kohl’s Department Stores, Inc.** | 38,383.00 | 7.54% | | | | National Waterworks, Inc. | | | | | | Retirement Savings Plan** | 25,958.00 | 5.10% | | | | Briggs & Stratton Corporation Employee | | | | | | Savings And Investment Plan** | 33,259.00 | 6.41% |
| | | Putnam RetirementReady 2035 Fund | | | | | CLASS A | | |
| Radio Shack 401(K) Plan** | 80,724.00 | 14.24% | | | | DR Horton, Inc. Profit Sharing Plan** | 60,399.00 | 10.65% | | | | DS Waters Of America LP** | 58,875.00 | 10.38% | | | | ASML US Employees Savings** | 33,638.00 | 5.94% | | | | CLASS B | | |
| USD LLC | | | 1415 Franklin Ave | | | River Forest, IL 60305 | 796.34 | 13.50% | | | | Primevest Financial Services (FB) | | | 400 First Street So Suite 300 | | | St Cloud, MN 56302 | 314.95 | 5.30% | | | | HSBC Securities (USA) Inc. | | | 452 Fifth Avenue | | | New York, NY 10018 | 751.00 | 12.70% | | | | Michelle M Presby | | | 77 Arnold Rd | | | South China, ME 04358 | 359.82 | 6.10% | | | | Pershing LLC | | | P. O. Box 2052 | | | Jersey City, NJ 07303 | 301.13 | 5.10% | | | | CLASS C | | |
| Laura L Weber | | | 118 Atglen St | | | Lyndora, PA 16045 | 322.56 | 43.30% | | | | Brian J McVay | | | 2748 Bradfordt Dr # 316 | | | W Melbourne, FL 32904 | 63.28 | 8.50% | | | | Joy P Olson-McVay | | | 2748 Bradfordt Dr # 316 | | | W Melbourne, FL 32904 | 63.28 | 8.50% | | | | San Diego Unified School Dist | | | 7445 Charmant Dr Unit 1714 | | | San Diego, CA 92122 | 207.29 | 27.90% | | | | Karen Nixon | | | 993 Mount View Rd | | | Wheeling, WV 26003 | 64.85 | 8.70% | | | | CLASS M | | |
| Mercer Trust Company | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 52.20 | 6.90% |
J-20
Shareholder Name | | Percentage | and Address | Holdings | Owned | | | Putnam RetirementReady 2035 Fund, continued | | | | | CLASS M | | |
| Mark J Ruthenberg | | | 1001 N Stockton Hill Rd Apt B | | | Kingman, AZ 86401 | 81.66 | 10.80% | | | | Daryl M Eason | | | 12415 Pathos Ln | | | San Diego, CA 92129 | 307.77 | 40.60% | | | | Otto G Eachus | | | 805 Mason Dr | | | Roswell, NM 88201 | 77.35 | 10.20% | | | | Sarah A Dobroth | | | P.O. Box 368 | | | Grover Beach, CA 93483 | 124.99 | 16.50% | | | | CLASS R | | |
| MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 1,133.16 | 59.70% | | | | Wachovia Bank Various Retirement Plans | | | 1525 West Wt Harris Blvd | | | Charlotte, NC 28288-1151 | 509.23 | 26.90% | | | | CLASS Y | | |
| The Canadaigua Brands, Inc. 401(K) | | | And Profit Sharing Plan** | 61,117.00 | 18.04% | | | | Quebecor World (USA) Inc. 401(K) Plan** | 57,305.00 | 16.92% | | | | Ardent Health Services** | 43,585.00 | 12.87% | | | | Kohl’s Department Stores, Inc.** | 38,206.00 | 11.28% | | | | First Hawaiian Future Plan** | 33,960.00 | 10.03% | | | | Church & Dwight Co., Inc.** | 29,147.00 | 8.61% | | | | Briggs & Stratton Corporation Employee | | | Savings And Investment Plan** | 19,190.00 | 5.67% |
| Putnam RetirementReady 2040 Fund | | | | | CLASS A | | |
| Radio Shack 401(K) Plan** | 51,303.00 | 13.10% | | | | DR Horton, Inc. Profit Sharing Plan** | 49,462.00 | 12.63% | | | | DS Waters Of America LP** | 46,559.00 | 11.89% | | | | CLASS B | | |
| Jacob Hoida | | | 1006 Hillside Cir | | | Verona, WI 53593 | 203.23 | 6.90% | | | | Lauren M Hall | | | 11941 Havermale Rd | | | New Lebanon, OH 45345 | 246.52 | 8.40% | | | | Ryan Hall | | | 11941 Havermale Rd | | | New Lebanon, OH 45345 | 251.21 | 8.60% | | | | Heather M Prondzinski | | | 19685 Near Mountain Blvd | | | Excelsior, MN 55331 | 147.94 | 5.00% | | | | Joel J Klein | | | 22102 Stonehedge St | | | Boyds, MD 20841 | 209.92 | 7.20% | | | | Mark J Funk | | | 36022 Rimcrest Rd | | | Freeport, MN 56331 | 352.29 | 12.00% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS B | | |
| | David J Walters | | | 583 Halverson Ct | | | Jacksonville, FL 32225 | 332.50 | 11.40% | | Deborah L Gruneberg | | | 825 Foxland Dr | | | Pittsburgh, PA 15243 | 188.78 | 6.40% | | Pershing LLC | | | P. O. Box 2052 | | | Jersey City, NJ 07303 | 227.17 | 7.70% | | CLASS C | | |
| | John P Dold | | | 14536 55th St NE | | | Saint Michael, MN 55376 | 8.21 | 17.50% | | Victoria D Dold | | | 14536 55th St NE | | | Saint Michael, MN 55376 | 8.21 | 17.50% | | Heather M Preston | | | 17486 308th St | | | Shafer, MN 55074 | 4.23 | 9.00% | | John R Preston | | | 17486 308th St | | | Shafer, MN 55074 | 4.23 | 9.00% | | Putnam LLC | | | The Putnam Companies, Inc. | | | One Post Office Square | | | Boston, MA 02109-2106 | 18.08 | 38.60% | | | | CLASS M | | |
| | Mercer Trust Company | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 362.42 | 65.20% | | Mark J Ruthenberg | | | 1001 N Stockton Hill Rd Apt B | | | Kingman, AZ 86401 | 106.14 | 19.00% | | Tatyana T Ruthenberg | | | 1001 N Stockton Hill Rd Apt B | | | Kingman, AZ 86401 | 33.24 | 5.90% | | California State Univ Fullerton | | | 1548 E Brookdale Pl | | | Fullerton, CA 92831 | 34.48 | 6.20% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 832.42 | 69.70% | | Wachovia Bank Various Retirement Plans | | | 1525 West Wt Harris Blvd | | | Charlotte, NC 28288-1151 | 204.61 | 17.10% | | CLASS Y | | |
| | The Canadaigua Brands, Inc. 401(K) | | | And Profit Sharing Plan** | 27,941.00 | 15.63% | | Quebecor World (USA) Inc. 401(K) Plan** | 27,926.00 | 15.62% | | First Hawaiian Future Plan** | 24,743.00 | 13.84% | | Church & Dwight Co., Inc.** | 21,180.00 | 11.85% | | Kohl’s Department Stores, Inc.** | 18,665.00 | 10.44% | | Ardent Health Services** | 13,323.00 | 7.45% | | Putnam Investments Profit Sharing Plan* | 11,933.00 | 6.68% | | Briggs & Stratton Corporation Employee | | | Savings And Investment Plan** | 12,972.00 | 7.26% |
J-21
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam RetirementReady 2045 Fund | | | CLASS A | | |
| | Radio Shack 401(K) Plan** | 46,758.00 | 16.26% | | DR Horton, Inc. Profit Sharing Plan** | 32,299.00 | 11.23% | | DS Waters Of America LP** | 25,895.00 | 9.00% | | ASML US Employees Savings** | 16,850.00 | 5.86% | | CLASS A | | |
| | Angela L Bragg | | | 18811 Arrowhead Ave | | | Cleveland, OH 44119 | 158.74 | 9.60% | | Suzann K Benge | | | 21417 Naples St NW | | | Elk River, MN 55330 | 111.22 | 6.70% | | Jason J Pidgeon | | | 35 Bilodeau Pkwy | | | Burlington, VT 05401 | 109.71 | 6.60% | | J.J.B. Hilliard, W.L. Lyons, Inc | | | 501 S.4th Street | | | Louisville, KY 40202 | 181.26 | 11.00% | | NFS LLC FEBO | | | its Customers | | | 5769 Pray St | | | Bonita, CA 91902 | 236.30 | 14.40% | | Carmen R Grair | | | 7905 Via Stefano | | | Burbank, CA 91504 | 238.09 | 14.50% | | George Grair | | | 7905 Via Stefano | | | Burbank, CA 91504 | 234.59 | 14.30% | CLASS C | | |
| | Julie F Wilson | | | 1014 W Orangewood Ave | | | Phoenix, AZ 85021 | 30.18 | 19.10% | | Lyrics HQ | | | 611 S Port St | | | Baltimore, MD 21224 | 106.09 | 67.40% | | Precision Inc | | | 7118 E 30th St | | | Tucson, AZ 85710 | 11.54 | 7.30% | | CLASS M | | |
| | Mercer Trust Company | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 84.77 | 98.30% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 356.87 | 35.20% | | Wachovia Bank Various Retirement Plans | | | 1525 West Wt Harris Blvd | | | Charlotte, NC 28288-1151 | 562.11 | 55.50% | | CLASS Y | | |
| | First Hawaiian Future Plan** | 52,299.00 | 32.79% | | Quebecor World (USA) Inc. 401(K) Plan** | 22,785.00 | 14.28% | | Kohl’s Department Stores, Inc.** | 17,143.00 | 10.75% | | The Canadaigua Brands, Inc. 401(K) | | | And Profit Sharing Plan** | 17,071.00 | 10.70% | | Ardent Health Services** | 10,221.00 | 6.41% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS Y | | |
| | Church & Dwight Co., Inc.** | 10,194.00 | 6.39% | | Briggs & Stratton Corporation Employee | | | Savings And Investment Plan** | 9,566.00 | 6.00% |
| | Putnam RetirementReady 2050 Fund | | | CLASS A | | |
| | Radio Shack 401(K) Plan** | 12,465.00 | 10.70% | | DR Horton, Inc. Profit Sharing Plan** | 9,448.00 | 8.11% | | Western States Asbestos Workers’ | | | Individual Account Plan* | 7,435.00 | 6.38% | | ASML US Employees Savings** | 7,399.00 | 6.35% | | IBEW Local 150 Supplemental Pension Fund** | 7,283.00 | 6.25% | | IBEW Local 38 401k Retirement Plan** | 6,209.00 | 5.33% | | CLASS B | | |
| | Arlington Storage Corp | | | 15 Bennett St | | | Canisteo, NY 14823 | 282.67 | 14.30% | | Derek C Kulwicki | | | 1709 Mead Ln | | | Moore, OK 73170 | 121.05 | 6.10% | | Jia Tzong Kou | | | 19158 Shakespeare Dr | | | Walnut, CA 91789 | 221.12 | 11.20% | | Hsuen-Ting Ho | | | 2944 Castle Rock Rd | | | Diamond Bar, CA 91765 | 240.12 | 12.20% | | Stephen J Hoffman | | | 3450 N Lake Shore Dr Apt 2910 | | | Chicago, IL 60657 | 139.20 | 7.00% | | NFS LLC FEBO | | | its Customers | | | 5769 Pray St | | | Bonita, CA 91902 | 189.35 | 9.60% | | Brett A Beal | | | 6800 W Fortuna St | | | Wichita, KS 67215 | 183.62 | 9.30% | | | | CLASS C | | |
| | Putnam LLC | | | The Putnam Companies, Inc. | | | One Post Office Square | | | Boston, MA 02109-2106 | 20.99 | 100.00% | | CLASS M | | |
| | Mercer Trust Company | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 15.89 | 42.90% | | Putnam LLC | | | The Putnam Companies, Inc. | | | One Post Office Square | | | Boston, MA 02109-2106 | 21.10 | 57.00% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 286.11 | 71.70% | | MG Trust Company Trustee | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 58.52 | 14.60% |
J-22
Shareholder Name | | Percentage | and Address | Holdings | Owned | | | Putnam RetirementReady 2050 Fund | | | | | CLASS R | | |
| Putnam LLC | | | The Putnam Companies, Inc. | | | One Post Office Square | | | Boston, MA 02109-2106 | 21.22 | 5.30% | | | | CLASS Y | | |
| Quebecor World (USA) Inc. 401(K) Plan** | 8,335.00 | 21.76% | | | | Kohl’s Department Stores, Inc.** | 7,324.00 | 19.11% | | | | Briggs & Stratton Corporation Employee | | | Savings And Investment Plan** | 4,372.00 | 11.31% | | | | Church & Dwight Co., Inc.** | 4,023.00 | 10.50% | | | | The Canadaigua Brands, Inc. 401(K) | | | And Profit Sharing Plan** | 3,528.00 | 9.21% | | | | Genlyte Thomas Group Retirement | | | Savings & Investment Plan** | 2,466.00 | 6.44% | | | | Mechanical Union Savings Trust 401(K) Plan** | 2,031.00 | 5.30% |
| Putnam RetirementReady Maturity Fund | | | | | CLASS A | | |
| IBEW Local 150 Supplemental Pension Plan** | 115,715.00 | 20.90% | | | | The TXI Inc. Retirement Plan** | 82,847.00 | 14.97% | | | | Radio Shack 401(K) Plan** | 44,196.00 | 7.98% | | | | Roofers Local Union 33 Thrift Fund** | 28,424.00 | 5.13% | | | | CLASS B | | |
| Donna E Mansell | | | 4907 Cassia St | | | Boise, ID 83705-1907 | 200.63 | 7.30% | | | | Mabel R Adams | | | 2012 N 24th St | | | Boise, ID 83702-0205 | 330.09 | 12.10% | | | | Putnam LLC | | | One Post Office Square | | | Boston, MA 02109-2106 | 1,831.00 | 67.10% | | | | CLASS C | | |
| Donna J Fritz | | | 336 Brook Dr | | | Romeo, MI 48065 | 454.91 | 95.90% | | | | CLASS M | | |
| Mercer Trust Company | | | 1 Investors Way | | | Norwood, MA 02062-1599 | 1,371.66 | 84.80% | | | | James T Brewer Jr | | | RR 1 Box 275 | | | Williamstown, WV 26187 | 226.22 | 13.90% | | | | CLASS R | | |
| MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 1,139.17 | 92.30% | | | | CLASS Y | | |
| Quebecor World (USA) Inc. 401(K) Plan** | 40,631.00 | 23.97% | | | | Ardent Health Services** | 29,098.00 | 17.17% | | | | First Hawaiian Future Plan** | 27,732.00 | 16.36% | | | | Kohl’s Department Stores, Inc.** | 12,236.00 | 7.22% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS Y | | |
| | National Waterworks, Inc. | | | Retirement Savings Plan** | 11,810.00 | 6.97% | | The Canadaigua Brands, Inc. 401(K) | | | And Profit Sharing Plan** | 10,809.00 | 6.38% | | Church & Dwight Co., Inc.** | 9,170.00 | 5.41% | | Briggs & Stratton Corporation Employee | | | Savings And Investment Plan** | 8,625.00 | 5.09% |
| | Putnam Small Cap Growth Fund | | | | CLASS A | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 907,310.35 | 5.50% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 53,444.05 | 5.50% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 195,992.98 | 20.40% | | | | CLASS M | | |
| | Counsel Trust Co Beneco, Inc Polaris | | | Plus Master#2 DBA Mid Atlantic Trust | | | The Times Building | | | 336 4th Ave St 5 | | | PIttsburgh, PA 15222-2004 | 50,783.63 | 20.60% | | CLASS R | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 36,077.96 | 7.70% | | NFS LLC FEBO | | | its Customers | | | P.O. Box 1467 | | | Muncie, IN 47308-1467 | 197,084.00 | 42.20% | | Hartford Life Insurance | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 30,053.46 | 6.40% | | CLASS Y | | |
| | Rio Tinto America Inc.** | 712,571.00 | 48.69% | | Putnam Investments Profit Sharing Plan* | 409,830.00 | 28.01% | | The Idaho Power Company | | | Employee Savings Plan** | 143,622.00 | 9.81% | | Putnam Investments** | 78,108.00 | 5.34% | | Madison Paper Industries Savings & | | | Investment Plan** | 74,684.00 | 5.10% |
| | Putnam Small Cap Value Fund | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 2,169,386.96 | 6.90% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 2,690,997.11 | 8.60% |
J-23
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam Small Cap Value Fund, continued | | | CLASS B | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 623,509.92 | 6.10% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 141,060.40 | 5.50% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 256,953.59 | 10.00% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 31,478.21 | 6.80% | | CLASS Y | | |
| Putnam Investments Profit Sharing Plan* | 1,281,537.00 | 46.22% | | Building Service Local 32b-J Supplemental | | | Retirement Savings Plan** | 693,249.00 | 25.00% | | Wells Fargo — Retirement Plan Services | | | P.O. Box 1533 | | | Minneapolis, MN 55480-1533 | 278,034.00 | 10.03% | | National Waterworks, Inc. | | | Retirement Savings Plan* | 151,927.00 | 5.48% | | Putnam Investments** | 151,076.00 | 5.45% |
| | Putnam Tax Exempt Income Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 30,876,638.29 | 23.90% | | CLASS B | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 277,981.50 | 6.20% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 372,009.70 | 8.30% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 300,193.65 | 6.70% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 71,982.36 | 7.20% | | Primevest Financial Services | | | (FBO its Customers) | | | D Emil Mihelich | | | 400 First Street So | | | Suite 300, P.O. Box 283 | | | St Cloud, MN 56302 | 101,479.59 | 10.10% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 64,025.57 | 6.40% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 173,190.65 | 30.40% | | L & F Investments Ltd Partnership | | | 4121 N 64th Pl | | | Scottsdale, AZ 85251-3109 | 35,682.27 | 6.20% |
| | Putnam Tax-Free Health Care Fund | | | COMMON SHARES | | |
| | Cede & Co Fast | | | 20 Bowling Green | | | New York, NY 10004-1408 | 12,555,870.01 | 93.40% |
| | Putnam Tax-Free High Yield Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 16,753,981.04 | 17.10% | | CLASS B | | |
| Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 549,009.80 | 5.20% | | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 1,080,532.92 | 10.20% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 852,599.63 | 8.10% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 92,928.50 | 5.90% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 257,601.66 | 16.30% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 184,128.53 | 20.90% | | Pershing LLC | | | P.O. Box 2052 | | | Jersey City, NJ 07303-9998 | 46,702.74 | 5.30% |
| | Putnam Tax Smart Equity Fund® | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 907,628.06 | 7.60% | | CLASS B | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 651,291.80 | 8.00% |
J-24
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam Tax Smart Equity Fund®, continued | | | CLASS C | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 375,163.05 | 13.20% | | CLASS M | | |
| | Pershing LLC | | | P.O. Box 2052 | | | Jersey City, NJ 07303-9998 | 18,250.27 | 5.40% | | Stephen M Schwartz & | | | Valerie B Schwartz JTWROS | | | 5922 New England Woods Dr | | | Burke, VA 22015-2910 | 24,917.95 | 7.40% |
| | Putnam U.S. Government Income Trust | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 3,956,317.55 | 5.00% | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 110,884.74 | 9.70% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 136,312.66 | 12.00% | | CLASS M | | |
| | Mitsubishi UFJ Securities Co Ltd | | | Marunouchi Building 2-4-1 | | | Marunouchi Chiyoda-Ku | | | Tokyo 100-6317 Japan | 1,866,450.00 | 82.00% | | CLASS R | | |
| | MG Trust Company Cust | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 13,417.41 | 31.20% | | MG Trust Company As Agent For | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 7,611.00 | 17.60% | | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 4,797.29 | 11.00% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 5,988.60 | 13.90% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 137,549.00 | 40.55% | | Ann M. Gray | | | 6031 Dundee Dr. | | | Huntington Beach, CA 92647-2408 | 18,245.00 | 5.30% |
| | Putnam Utilities Growth and Income Fund | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 5,155,422.56 | 12.90% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 32,483.05 | 12.80% | | CLASS R | | |
| | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 14,029.30 | 52.00% | | MG Trust Company As Agent For | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 1,681.50 | 6.20% | | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 6,442.95 | 23.60% | | CLASS Y | | |
| | Putnam Investments Profit Sharing Plan* | 197,634.00 | 66.22% |
| | Putnam Vista Fund | | | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 8,023,595.74 | 5.20% | | CLASS M | | |
| | Fleet Bank | | | Automotive Supply Assn PSP | | | P.O. Box 105779 | | | Atlanta, GA 30348-5779 | 132,469.58 | 5.00% | | CLASS R | | |
| | MG Trust Company Cust. FBO | | | its Customers | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 43,154.41 | 24.60% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 14,403.07 | 8.30% | | Reliance Trust Company | | | P.O. Box 48529 | | | Atlanta, GA 30362-1529 | 37,940.50 | 21.90% | | CLASS Y | | |
| | Emerson Electric Co. Employee | | | Savings Investment Plan** | 5,169,331.00 | 32.05% | | First Hawaiian Future Plan** | 2,445,542.00 | 15.16% | | Putnam Investments Profit Sharing Plan* | 1,481,125.00 | 9.18% | | Briggs & Stratton Corporation Employee | | | Savings And Investment Plan** | 1,323,347.00 | 8.21% | | Arch Coal, Inc. Employee Thrift Plan** | 887,439.00 | 5.50% |
| | Putnam Voyager Fund | | | | CLASS A | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 22,243,919.17 | 7.50% | | CLASS C | | |
| | Citigroup Global Markets Inc | | | 333 W 34th St | | | New York, NY 10001-2402 | 204,537.43 | 5.20% |
J-25
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam Voyager Fund, continued | | | | CLASS C | | |
| | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 204,628.07 | 5.20% | | CLASS M | | |
| | Edward D Jones & Co | | | 201 Progress Pkwy | | | Maryland Hts, MO 63043-3003 | 256,465.11 | 7.80% | | CLASS R | | |
| | MG Trust Company | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 20,045.72 | 17.70% | | MG Trust Custodian | | | 700 17th St Ste 300 | | | Denver, CO 80202-3531 | 6,993.56 | 6.10% | | Transamerica Life Insurance Company | | | 1150 S Olive St #T-04-05 | | | Los Angeles, CA 90015-2209 | 14,093.23 | 12.40% | | MLPF&S For The Sole Benefit | | | Of Its Customers | | | 4800 Deer Lake Dr E Fl 3 | | | Jacksonville, FL 32246-6484 | 6,503.48 | 5.70% | | Hartford Life Insurance | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 18,469.20 | 16.30% | | | | CLASS Y | | |
| | Abbott Laboratories Stock | | | Retirement Programs** | 10,842,670.00 | 14.13% |
| | Putnam VT American Government Income Fund | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 7,095,432.48 | 100.00% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 4,281,106.32 | 75.70% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 499,514.31 | 8.80% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 868,585.45 | 15.30% |
| | Putnam VT Capital Appreciation Fund | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 2,930,173.61 | 100.00% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 1,726,037.05 | 73.40% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS IB | | |
| | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 118,800.72 | 5.00% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 504,295.33 | 21.40% |
| | Putnam VT Capital Opportunities Fund | | | CLASS IA | | |
| | Hartford Life & Annuity | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 929,191.01 | 59.20% | | Hartford Life Ins Co | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 633,586.46 | 40.40% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 523,752.08 | 40.80% | | Hartford Life & Annuity | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 604,728.32 | 47.10% | | Hartford Life Ins Co | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 112,199.39 | 8.70% |
| | Putnam VT Discovery Growth Fund | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 1,866,144.84 | 100.00% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 2,709,136.37 | 64.70% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 565,328.43 | 13.50% |
| | Putnam VT Diversified Income Fund | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 31,786,088.62 | 98.90% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 9,252,018.14 | 42.30% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 9,728,774.18 | 44.50% |
| | Putnam VT Equity Income Fund | | | | CLASS IA | | |
| | Hartford Life & Annuity | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 5,568,157.55 | 67.40% |
J-26
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam VT Equity Income Fund, continued | | | CLASS IA | | |
| | Hartford Life Ins Co | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 2,655,979.74 | 32.10% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 2,347,623.60 | 32.80% | | Metlife Investors VA | | | 501 Boylston St | | | Boston MA 02116-3769 | 2,546,924.91 | 35.60% | | Hartford Life & Annuity | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 1,406,503.15 | 19.60% | | Hartford Life Ins Co | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 442,979.99 | 6.20% |
| | Putnam VT The George Putnam Fund of Boston | | | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 24,806,333.40 | 99.40% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 16,668,306.31 | 72.70% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 1,315,271.52 | 5.70% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 4,599,069.08 | 20.00% |
| | Putnam VT Global Asset Allocation Fund | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 18,225,157.29 | 98.00% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 3,173,145.26 | 58.30% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 569,536.83 | 10.40% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 1,693,534.83 | 31.10% |
| | Putnam VT Global Equity Fund | | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 37,660,012.16 | 99.60% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 4,301,492.52 | 76.10% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | CLASS IB | | |
| | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 481,250.24 | 8.50% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 542,610.58 | 9.60% |
| | Putnam VT Growth and Income Fund | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 107,637,933.52 | 98.60% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 17,407,811.89 | 66.00% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 1,585,431.39 | 6.00% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 3,328,817.82 | 12.60% |
| | Putnam VT Growth Opportunities Fund | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 3,952,666.76 | 100.00% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 3,878,869.41 | 70.90% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 357,054.31 | 6.50% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 949,158.01 | 17.30% |
| | Putnam VT Health Sciences Fund | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 8,181,821.52 | 100.00% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 4,828,255.40 | 43.40% | | AXP IDS Life | | | 1497 AXP Financial Ctr | | | Minneapolis, MN 55474-0014 | 3,929,863.12 | 35.30% | | Lincoln National Variable | | | 1300 S Clinton St | | | Fort Wayne, IN 46802-3506 | 786,419.64 | 7.00% |
| | Putnam VT High Yield Fund | | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 43,456,956.56 | 82.00% |
J-27
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam VT High Yield Fund, continued | | | CLASS IA | | |
| | CUNA Mutual Life Insurance Co | | | 2000 Heritage Way | | | Waverly, IA 50677-9208 | 8,691,424.97 | 16.40% | | CLASS IB | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 3,627,322.55 | 16.90% | | AXP IDS Life | | | 1497 AXP Financial Ctr | | | Minneapolis, MN 55474-0014 | 2,491,401.07 | 11.60% | | Lincoln Benefit Life Co | | | C/O Allstate Financial | | | 544 Lakeview Pkwy | | | Vernon Hills IL 60061-1826 | 1,357,559.62 | 6.30% | | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 12,322,599.94 | 57.50% |
| | Putnam VT High Yield Fund, continued | | | CLASS IB | | |
| | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 1,312,486.28 | 6.10% |
| | Putnam VT Income Fund | | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 32,773,774.96 | 97.50% | | CLASS IB | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 4,530,096.55 | 19.00% | | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 16,894,536.26 | 71.10% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 2,241,264.54 | 9.40% |
| | Putnam VT International Equity Fund | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 19,447,896.83 | 99.80% | | CLASS IB | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 11,402,974.62 | 27.30% | | AXP IDS Life | | | 1497 AXP Financial Ctr | | | Minneapolis, MN 55474-0014 | 5,231,867.88 | 12.50% | | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 11,886,913.92 | 28.50% | | Allstate Northbrook Life | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 4,105,117.21 | 9.80% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam VT International Growth and Income Fund | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 15,814,893.10 | 95.60% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 3,808,317.76 | 54.20% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 1,314,029.50 | 18.70% | | Lincoln Benefit Life Co | | | C/O Allstate Financial | | | 544 Lakeview Pkwy | | | Vernon Hills, IL 60061-1826 | 729,606.45 | 10.30% |
| | Putnam VT International New Opportunities Fund | | CLASS IA | | |
| Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 6,285,900.99 | 99.80% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 2,165,990.45 | 23.80% | | AXP IDS Life | | | 1497 AXP Financial Ctr | | | Minneapolis, MN 55474-0014 | 6,191,223.39 | 68.00% |
| | Putnam VT Investors Fund | | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 20,456,346.18 | 99.90% | | CLASS IB | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 3,745,382.96 | 19.60% | | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 13,883,552.60 | 72.90% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 1,376,807.94 | 7.20% |
| | Putnam VT Mid Cap Value Fund | | | | CLASS IA | | |
| | Hartford Life & Annuity | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 2,024,253.98 | 56.60% | | Hartford Life Ins Co | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 1,547,171.85 | 43.30% | | CLASS IB | | |
| | Hartford Life & Annuity | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 348,537.24 | 19.80% | | Hartford Life Ins Co | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 207,352.73 | 11.70% |
J-28
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam VT Mid Cap Value Fund, continued | | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 1,122,580.12 | 63.80% |
| | Putnam VT Money Market Fund | | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 194,520,160.61 | 97.50% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 150,296,267.08 | 77.70% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 24,911,354.44 | 12.80% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 10,698,882.56 | 5.50% |
| | Putnam VT New Opportunities Fund | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 32,765,721.51 | 60.10% | | AXP IDS Life | | | 1497 AXP Financial Ctr | | | Minneapolis, MN 55474-0014 | 19,772,338.10 | 36.20% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 5,310,476.30 | 74.70% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 521,107.21 | 7.30% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 1,221,581.28 | 17.10% |
| | Putnam VT New Value Fund | | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 20,164,202.43 | 99.20% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 10,883,868.73 | 67.60% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 898,100.01 | 5.50% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 3,365,490.29 | 20.90% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam VT OTC & Emerging Growth Fund | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 5,314,658.57 | 92.10% | | Hartford Life Ins Co | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 453,137.81 | 7.80% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 4,036,520.76 | 83.60% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 302,544.67 | 6.20% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 489,219.28 | 10.10% |
| | Putnam VT Research Fund | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 5,354,857.10 | 100.00% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 6,291,983.53 | 80.60% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 481,755.55 | 6.10% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 975,410.91 | 12.50% |
| | Putnam VT Small Cap Value Fund | | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 9,951,766.86 | 100.00% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 4,634,579.30 | 15.30% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 7,784,427.24 | 25.70% | | AXP American Enterprise Life | | | 1497 AXP Financial Ctr | | | Minneapolis, MN 55474-0014 | 1,725,242.87 | 5.70% | | Metlife Insurance Company | | | 1 City Pl | | | Hartford, CT 06103-3432 | 9,228,161.40 | 30.50% | | Metlife Life And Annuity Company | | | 1 City Pl | | | Hartford, CT 06103-3432 | 2,995,260.97 | 9.90% |
J-29
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam VT Small Cap Value Fund, continued | | | CLASS IB | | |
| | Northbrook Life Insurance Co | | | 3100 Sanders Rd Ste K4A | | | Northbrook, IL 60062-7155 | 1,945,337.16 | 6.40% |
| | Putnam VT Utilities Growth and Income Fund | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 17,603,657.85 | 99.90% | | CLASS IB | | |
| | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 2,808,555.23 | 81.30% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 303,108.69 | 8.70% | | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 340,853.63 | 9.80% |
| | Putnam VT Vista Fund | | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 11,572,456.79 | 97.10% | | CLASS IB | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 1,216,012.88 | 7.70% | | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 5,791,881.79 | 37.00% | | AXP American Enterprise Life | | | 1497 AXP Financial Ctr | | | Minneapolis, MN 55474-0014 | 822,661.46 | 5.20% | | AXP IDS Life | | | 1497 AXP Financial Ctr | | | Minneapolis, MN 55474-0014 | 6,491,044.81 | 41.50% |
Shareholder Name | | Percentage | and Address | Holdings | Owned | | Putnam VT Voyager Fund | | | | CLASS IA | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 45,527,624.87 | 99.20% | | CLASS IB | | |
| | Hartford Life | | | P.O. Box 2999 | | | Hartford, CT 06104-2999 | 1,785,382.20 | 13.00% | | Allstate Life Insurance Co | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 8,977,114.04 | 65.80% | | Allstate Life Of NY | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 703,036.17 | 5.10% | | Allstate Northbrook Life | | | 3100 Sanders Rd | | | Northbrook, IL 60062-7155 | 832,192.61 | 6.10% | | Principal Financial Group PFLX | | | 711 High St | | | Des Moines, IA 50392-0001 | 840,714.88 | 6.10% |
* The address for the name listed is: c/o Putnam Fiduciary Trust Company, as trustee or agent, One Post Office Square, Boston, MA 02109.
** The address for the name listed is: c/o Mercer Trust Company, as trustee or agent, Investor’s Way, Norwood, MA 02062.
*** The address for the name listed is: c/o Putnam Fiduciary Trust Company, as service provider, One Post Office Square, Boston, MA 02109.
J-30
Additional ownership information for Putnam closed-end funds
In addition to the holdings information listed above for the Putnam closed-end funds, as of February 9, 2007, to the knowledge of the funds, the following additional persons owned beneficially or of record more than 5% of the common shares of certain Putnam closed-end funds.
| | | | | Fund | Share Class | Shareholder Name | Holdings | Percentage | Fund | | and Address | Holdings | Owned |
| Putnam High Income Securities FundAbsolute | | Wachovia Corporation | 1,153,575.00 | 5.12%1 | | | One Wachovia Center | | | Return 100 Fund | | Charlotte, NC 28288-0137 | | |
| Putnam High Income Securities Fund | | First Trust Portfolios L.P., | 1,189,605.00 | 5.30%2 | Putnam Absolute | | First Trust Advisors L.P., and | | | | | The Charger CorporationReturn 300 Fund | | | | | 1001 Warrenville Road | | | | | Lisle, IL 60532 | | |
| Putnam High Yield Municipal Trust | | Roumell Asset Management, LLC | 1,281,699.00 | 5.98%3 | Putnam Absolute | | 2 Wisconsin Circle, Suite 660 | | | Return 500 Fund | | Chevy Chase, MD 20815 | | |
| Putnam Investment Grade Municipal Trust | | Karpus Management, Inc., d/b/a | 1,515,280.00 | 7.27%4 | Putnam Absolute | | Karpus Investment Management | | | | | 183 Sully’s TrailReturn 700 Fund | | | | | Pittsford, NY 14534 | | |
| Putnam Master Intermediate Income Trust | | Wachovia Corporation | 5,280,935.67 | 5.73%5 | Putnam American | | One Wachovia Center | | | Government Income | | Charlotte, NC 28288-0137 | | | Fund | | | | |
| Putnam Municipal Opportunities Trust | | First Trust Portfolios L.P., | 965,099.00 | 6.10%6 | Putnam AMT-Free | | First Trust Advisors L.P., and | | | | | The Charger CorporationMunicipal Fund | | | | | 1001 Warrenville Road | | | | | Lisle, IL 60532 | | |
| Putnam New York Investment Grade | | Karpus Management, Inc., d/b/a | 308,665.00 | 11.21%7 | Municipal TrustPutnam Arizona Tax | | Karpus Investment Management | | | Exempt Income | | 183 Sully’s Trail | | | Fund | | Pittsford, NY 14534 | | |
| Putnam Tax-Free Health Care Fund | | Bulldog Investors General Partnership | 1,384,487.00 | 10.21%8 | Putnam Asia Pacific | | 60 Heritage Drive | | | Equity Fund | | Pleasantville, NY 10570 | | |
|
1Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on February 6, 2007.
2Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on February 9, 2006.
3Based on information oabtained from a Schedule 13D filed with the Securities and Exchange Commission on December 29, 2006. The 1,281,699 shares are deemed to be owned beneficially by Roumell Asset Management, LLC solely as a result of its discretionary power over such shares as investment adviser. In addition, James C. Roumell and Deborah Billet-Roumell have beneficial ownership of 4,700 shares of common stock, representing less than 1% of outstanding shares.
4Based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on February 9, 2007. Shares reported may include shares owned by certain affiliates of Karpus Investment Management.
5Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on February 6, 2007.
6Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on January 26, 2007.
7Based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on February 9, 2007. As of March 6, 2007, Karpus Investment Management owned 326,615 common shares of the fund, representing 11.77% of outstanding common shares (based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on March 6, 2007). Shares reported may include shares owned by certain affiliates of Karpus Investment Management.
8Based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on November 21, 2006; includes beneficial ownership of shares owned by Opportunity Income Plus L.P., Andrew Dakos, and Phillip Goldstein.
J-31
APPENDIX K
Security Ownership
The following tables set forth for each Trustee, and for the Trustees and officers as a group, the amount of equity securities owned in each Putnam fund as of February 9, 2007 (except as otherwise indicated). Where the number of shares beneficially owned exceeds 1% of the class owned, the percentage is included in parentheses below. None of the Trustees or officers owned shares of Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2035 Fund, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2050 Fund, Putnam RetirementReady Maturity Fund, Putnam VT Health Sciences Fund, Putnam VT Money Market Fund, or Putnam VT Utilities Growth and Income Fund as of that date. Additional ownership information for the funds that are series of Putnam Variable Trust is shown separately at the end of this Appendix J.
| | Shares | | Shares | | Shares | | Shares | | | Beneficially | | Beneficially | | Beneficially | | Beneficially | Trustees | | Owned | | Owned | | Owned | | Owned |
| | | Putnam American | | Putnam AMT-Free | | Putnam Arizona | | Putnam Asset | | | Government | | Insured | | Tax Exempt | | Allocation: | | | Income Fund | | Municipal Fund | | Income Fund | | Balanced Portfolio |
| | | Class A | Class Y | | Class A | | Class A | | Class A | Class Y |
| John A. Hill | | 13,823.002 | — | | 187.630 | | 215.206 | | 373,492.363 | — |
| Jameson Adkins Baxter | | 404.423 | — | | 532.513 | | 178.937 | | 13,578.820 | — |
| Charles B. Curtis | | 122.983 | — | | 131.409 | | 127.887 | | 117.321 | — |
| Myra R. Drucker | | 107.777 | — | | 110.796 | | 110.369 | | 103.753 | — |
| Charles E. Haldeman, Jr. | | 1,277.084 | — | | 786.056 | | 1,274.400 | | 1.519.211 | — |
| Paul L. Joskow | | 1,460.590 | — | | 150.413 | | 159.633 | | 21,997.748 | — |
| Elizabeth T. Kennan | | 132.454 | — | | 111.710 | | 111.880 | | 349.248 | — |
| Kenneth R. Leibler | | 100.951 | — | | 101.337 | | 101.154 | | 100.455 | — |
| Robert E. Patterson | | 2,058.733 | — | | 111.804 | | 111.597 | | 1.170.508 | — |
| George Putnam, III | | 3,074.922 | — | | 808.167 | | 1,245.684 | | 2.954.054 | — |
| W. Thomas Stephens | | 318.728 | — | | 158.418 | | 152.442 | | 43,361.340 | — |
| Richard B. Worley | | 107.777 | — | | 110.601 | | 110.121 | | 103.753 | — |
| Trustees and Officers | | 22,989.424 | 10,630.749 | | 3,300.854 | | 3,899.310 | | 458,848.574 | 13,129.392 | as a group | | | (1.01%) | | | | | | | |
|
K-1
| | Shares | | Shares | | Shares | | Shares | | | Beneficially | | Beneficially | | Beneficially | | Beneficially | Trustees | | Owned | | Owned | | Owned | | Owned |
| | | | | | | | | | | | | Putnam | | | Putnam Asset | | Putnam Asset | | Putnam California | | California | | | Allocation: | | Allocation: | | Investment Grade | | Tax Exempt | | | Conservative Portfolio | | Growth Portfolio | | Municipal Trust | | Income Fund |
| | | Class A | | Class Y | | Class A | | Class Y | | Common | | Class A |
| John A. Hill | | 111,994.998 | | — | | 6,209.773 | | — | | 224.592 | | 187.514 |
| Jameson Adkins Baxter | | 1,228.577 | | — | | 21,262.989 | | — | | 188.704 | | 235.702 |
| Charles B. Curtis | | 14,097.461 | | — | | 116.151 | | — | | 117.774 | | 136.190 |
| Myra R. Drucker | | 106.957 | | — | | 5,278.448 | | — | | 109.068 | | 114.668 |
| Charles E. Haldeman, Jr. | | 537,246.818 | | — | | 1,045.575 | | — | | 243.000 | | 1,444.841 | | | (1.13%) | | | | | | | | | | |
| Paul L. Joskow | | 248.471 | | — | | 1,080.277 | | — | | 100.000 | | 182.342 |
| Elizabeth T. Kennan | | 346.043 | | — | | 2,060.923 | | — | | 201.338 | | 134.329 |
| Kenneth R. Leibler | | 100.772 | | — | | 100.570 | | — | | 100.000 | | 101.437 |
| Robert E. Patterson | | 1,234.123 | | — | | 2,246.213 | | — | | 100.000 | | 116.075 |
| George Putnam, III | | 4,537.829 | | — | | 25,641.662 | | — | | 1,100.000 | | 1,479.584 |
| W. Thomas Stephens | | 5,056.591 | | — | | 102.567 | | — | | 100.000 | | 164.812 |
| Richard B. Worley | | 106.957 | | — | | 102.567 | | — | | 102.960 | | 114.444 |
| Trustees and Officers | | 676,305.597 | | 323.931 | | 71,164.731 | | 54,970.239 | | 2,687.436 | | 4,411.938 | as a group | | (1.42%) | | | | | | | | | | |
| | | | Shares | | Shares | | Shares | | | Beneficially | | Beneficially | | Beneficially | Trustees | | Owned | | Owned | | Owned |
| | | Putnam Capital | | Putnam Capital | | Putnam Classic | | | Appreciation Fund | | Opportunities Fund | | Equity Fund |
| | | Class A | | Class Y | | Class A | | Class Y | | Class A | | Class Y |
| John A. Hill | | 8,246.533 | | — | | 18,783.858 | | — | | 14,469.495 | | — |
| Jameson Adkins Baxter | | 313.753 | | — | | — | | — | | 4,895.534 | | — |
| Charles B. Curtis | | 103.245 | | — | | 140.848 | | — | | 110.584 | | — |
| Myra R. Drucker | | 100.414 | | — | | 132.315 | | — | | 102.809 | | — |
| Charles E. Haldeman, Jr. | | 654.057 | | — | | 1,318.134 | | — | | — | | 1,050.623 |
| Paul L. Joskow | | 605.292 | | — | | 242.941 | | — | | 2,410.818 | | — |
| Elizabeth T. Kennan | | 252.970 | | — | | 1,461.152 | | — | | 197.645 | | — |
| Kenneth R. Leibler | | 100.000 | | — | | 112.703 | | — | | 100.598 | | — |
| Robert E. Patterson | | 484.635 | | — | | 2,010.019 | | — | | 708.459 | | — |
| George Putnam, III | | 1,243.373 | | — | | 1,577.716 | | — | | 6,509.541 | | — |
| W. Thomas Stephens | | 137.950 | | — | | 132.315 | | — | | 148.112 | | — |
| Richard B. Worley | | 100.414 | | — | | 132.315 | | — | | 102.809 | | — |
| Trustees and Officers | | 12,442.123 | | 7,753.123 | | 35,109.626 | | 10,238.954 | | 29,756.404 | | 8,648.264 | as a group | | | | (2.46%) | | | | | | | | (2.38%) |
|
K-2
| | Shares | | Shares | | Shares | | | Beneficially | | Beneficially | | Beneficially | Trustees | | Owned | | Owned | | Owned |
| | | Putnam Convertible | | Putnam Discovery | | Putnam Diversified | | | Income-Growth Trust | | Growth Fund | | Income Trust |
| | | Class A | | Class Y | | Class A | | Class Y | | Class A | | Class Y |
| John A. Hill | | 32,061.700 | | — | | 2,303.388 | | — | | 1,953.567 | | — |
| Jameson Adkins Baxter | | 7,969.065 | | — | | 7,048.603 | | — | | 1,128.750 | | — |
| Charles B. Curtis | | 124.126 | | — | | 199.733 | | — | | 248.125 | | — |
| Myra R. Drucker | | 107.759 | | — | | 100.000 | | — | | 115.849 | | — |
| Charles E. Haldeman, Jr. | | 904.871 | | — | | 696.286 | | — | | — | | 32,019.160 |
| Paul L. Joskow | | 686.473 | | — | | 360.285 | | — | | 387.474 | | — |
| Elizabeth T. Kennan | | 1,071.157 | | — | | 113.856 | | — | | 750.000 | | — |
| Kenneth R. Leibler | | 100.678 | | — | | 100.000 | | — | | 101.360 | | — |
| Robert E. Patterson | | 3,485.678 | | — | | 799.281 | | — | | 1,404.333 | | — |
| George Putnam, III | | 13,051.715 | | — | | 2,101.545 | | — | | 5,434.823 | | — |
| W. Thomas Stephens | | 208.558 | | — | | 208.686 | | — | | 349.475 | | — |
| Richard B. Worley | | 106.899 | | — | | 100.000 | | — | | 115.849 | | — |
| Trustees and Officers | | 61,086.152 | | 19,890.021 | | 14,837.343 | | 3,384.176 | | 11,989.605 | | 40,204.574 | as a group | | | | (1.59%) | | | | | | | | (2.42%) |
| | | | Shares | | Shares | | Shares | | | Beneficially | | Beneficially | | Beneficially | Trustees | | Owned | | Owned | | Owned |
| | | Putnam Equity | | Putnam Europe | | Putnam Floating Rate | | | Income Fund | | Equity Fund | | Income Fund |
| | | Class A | | Class Y | | Class A | | Class Y | | Class A | | Class Y |
| John A. Hill | | 13,569.172 | | — | | 523.756 | | — | | 549,196.252 | | — | | | | | | | | | | | (1.62%) | | |
| Jameson Adkins Baxter | | 3,390.567 | | — | | 2,290.402 | | — | | 2,200.690 | | — |
| Charles B. Curtis | | 136.833 | | — | | 109.809 | | — | | 107.284 | | — |
| Myra R. Drucker | | 125.419 | | — | | 104.751 | | — | | 112.041 | | — |
| Charles E. Haldeman, Jr. | | 1,049.823 | | 3,551.283 | | 743.434 | | — | | 1,150.494 | | — |
| Paul L. Joskow | | 8,180.125 | | — | | 489.440 | | — | | 9,503.469 | | — |
| Elizabeth T. Kennan | | 359.837 | | — | | 542.203 | | — | | 105.439 | | — |
| Kenneth R. Leibler | | 112.173 | | — | | 102.172 | | — | | 101.707 | | — |
| Robert E. Patterson | | 1,650.075 | | — | | 2,033.819 | | — | | 1,069.397 | | — |
| George Putnam, III | | 8,415.606 | | — | | 977.920 | | — | | 3,849.695 | | — |
| W. Thomas Stephens | | 191.040 | | — | | 140.795 | | — | | 134,975.747 | | — |
| Richard B. Worley | | 125.002 | | — | | 104.751 | | — | | 111.850 | | — |
| Trustees and Officers | | 46,071.331 | | 12,890.841 | | 8,623.288 | | 280.283 | | 702,484.065 | | 66,837.482 | as a group | | | | | | | | | | (2.07%) | | (19.32%) |
|
K-3
| | Shares | | Shares | | | | Shares | | | Beneficially | | Beneficially | | | | Beneficially | Trustees | | Owned | | Owned | | | | Owned |
| | | The Putnam Fund for | | The George Putnam Fund | | | | Putnam Global | | | Growth and Income | | of Boston | | | | Equity Fund |
| | | Class A | | Class Y | | Class A | | Class Y | | | | Class A | | Class Y |
| John A. Hill | | 11,786.523 | | — | | 25,757.193 | | — | | | | 51,073.375 | | — |
| Jameson Adkins Baxter | | 16,850.506 | | — | | 11,742.687 | | — | | | | 9,945.299 | | — |
| Charles B. Curtis | | 130.983 | | — | | 293.279 | | — | | | | 438.950 | | — |
| Myra R. Drucker | | 118.625 | | — | | 117.435 | | — | | | | 102.668 | | — |
| Charles E. Haldeman, Jr. | | 972.775 | | — | | 738.172 | | — | | | | 1,478.755 | | — |
| Paul L. Joskow | | 8,802.201 | | — | | 1,994.013 | | — | | | | 633.784 | | — |
| Elizabeth T. Kennan | | 285.325 | | — | | 1,442.227 | | — | | | | 4,987.810 | | — |
| Kenneth R. Leibler | | 113.330 | | — | | 109.686 | | — | | | | 101.588 | | — |
| Robert E. Patterson | | 602.556 | | — | | 1,254.030 | | — | | 14,611.566 | | — |
| George Putnam, III | | 36,058.016 | | — | | 12,879.370 | | — | | 31,866.947 | | — |
| W. Thomas Stephens | | 188.904 | | — | | 301.759 | | — | | | | 641.484 | | — |
| Richard B. Worley | | 118.625 | | — | | 117.435 | | — | | | | 102.668 | | — |
| Trustees and Officers | | 76,065.887 | | 19,172.389 | | 58,169.654 | | 4,583.433 | | 117,081.043 | | 2,301.460 | as a group | |
| | | | Shares | | Shares | | Shares | | Shares | | | Beneficially | | Beneficially | | Beneficially | | Beneficially | Trustees | | Owned | | Owned | | Owned | | Owned |
| | | Putnam Global | | Putnam Global Natural | | Putnam Growth | | Putnam Health | | | Income Trust | | Resources Fund | | Opportunities Fund | | Sciences Trust |
| | | Class A | | Class A | | Class Y | | Class A | | Class Y | | Class A | | Class Y |
| John A. Hill | | 154.607 | | 8,768.918 | | — | | 2,538.040 | | — | | 4,656.855 | | — |
| Jameson Adkins Baxter | | 159.620 | | 1,008.625 | | — | | 479.604 | | — | | 178.569 | | — |
| Charles B. Curtis | | 134.289 | | 160.312 | | — | | 105.939 | | — | | 126.934 | | — |
| Myra R. Drucker | | 111.402 | | 141.232 | | — | | 100.867 | | — | | 126.934 | | — |
| Charles E. Haldeman, Jr. | | 967.131 | | 661.434 | | — | | 890.000 | | 3,977.847 | | 237.662 | | — |
| Paul L. Joskow | | 184.791 | | 174.550 | | — | | 840.579 | | — | | 555.030 | | — |
| Elizabeth T. Kennan | | 350.369 | | 1,137.652 | | — | | 100.867 | | — | | 126.934 | | — |
| Kenneth R. Leibler | | 100.969 | | 112.147 | | — | | 100.000 | | — | | 110.546 | | — |
| Robert E. Patterson | | 810.440 | | 390.728 | | — | | 2,146.569 | | — | | 292.114 | | — |
| George Putnam, III | | 3,871.242 | | 1,714.971 | | — | | 2,785.949 | | — | | 2,897.889 | | — |
| W. Thomas Stephens | | 168.477 | | 211.480 | | — | | 101.894 | | — | | 175.468 | | — |
| Richard B. Worley | | 111.170 | | 141.232 | | — | | 100.867 | | — | | 126.934 | | — |
| Trustees and Officers | | 7,124.507 | | 14,623.281 | | 5,054.012 | | 10,373.246 | | 3,977.847 | | 9,631.325 | | 9,051.754 | as a group | | | | | | (1.05%) | | | | | | | | | (2.63%) |
|
K-4
| | Shares | | Shares | | Shares | | | Shares | | | Beneficially | | Beneficially | | Beneficially | | | Beneficially | Trustees | | Owned | | Owned | | Owned | | | Owned |
| | | Putnam High Income | | Putnam High Yield | | Putnam High Yield | | | Putnam High | | | Securities Fund | | Advantage Fund | | Municipal Trust | | | Yield Trust |
| | | Common | | | Class A | | Class Y | | | Common | | | | | Class A | | Class Y |
| John A. Hill | | 86,341.603 | | | 448.064 | | — | | 223.227 | | | 3,247.157 | | — |
| Jameson Adkins Baxter | | 1,619.792 | | | 2,625.395 | | — | | 203.997 | | | 21,036.989 | | — |
| Charles B. Curtis | | 395.447 | | | 163.381 | | — | | 115.649 | | | | | 450.564 | | — |
| Myra R. Drucker | | 361.503 | | | 117.953 | | — | | 106.505 | | | | | 242.777 | | — |
| Charles E. Haldeman, Jr. | | 841.000 | | | 364.706 | | — | | 500.000 | | | 2,059.289 | | — |
| Paul L. Joskow | | 334.178 | | | 3,766.751 | | — | | 100.000 | | | 7,105.469 | | — |
| Elizabeth T. Kennan | | 451.380 | | | 519.984 | | — | | 201.315 | | | | | 931.284 | | — |
| Kenneth R. Leibler | | 100.000 | | | 102.258 | | — | | 100.000 | | | | | 101.832 | | — |
| Robert E. Patterson | | 1,084.356 | | | 9,231.793 | | — | | 300.000 | | | 7,182.140 | | — |
| George Putnam, III | | 1,670.000 | | | 3,550.811 | | — | | 2,100.000 | | | 24,842.086 | | — |
| W. Thomas Stephens | | 334.178 | | | 240.281 | | — | | 100.000 | | | | | 663.835 | | — |
| Richard B. Worley | | 337.591 | | | 117.953 | | — | | 100.889 | | | | | 235.868 | | — |
| Trustees and Officers | | 93,871.028 | | | 21,249.330 | | 358.933 | | 4,151.582 | | | 68,515.481 | | 15,976.865 | as a group | | | | | | | | | | | | | | | | |
| | | | Shares | | Shares | | Shares | | | Shares | | | Beneficially | | Beneficially | | Beneficially | | | Beneficially | Trustees | | Owned | | Owned | | Owned | | | Owned |
| | | | | Putnam Income | | Putnam International | | Putnam International | | | Putnam Income Fund | | Strategies Fund | | Capital Opportunities Fund | | Equity Fund |
| | | Class A | | | | | Class A | | Class A | | Class Y | | Class A | | Class Y |
| John A. Hill | | 19,337.397 | | | 25,142.622 | | 9,678.404 | | | — | | 23,622.060 | | — | | | | | | | | (2.26%) | | | | | | | | | |
| Jameson Adkins Baxter | | 4,201.791 | | | | | 5,175.344 | | 6,710.478 | | | — | | 9,770.372 | | — |
| Charles B. Curtis | | 128.161 | | | | | 105.993 | | 111.068 | | | — | | 220.229 | | — |
| Myra R. Drucker | | 109.159 | | | | | 105.683 | | 104.977 | | | — | | 110.651 | | — |
| Charles E. Haldeman, Jr. | | 2,328.993 | | | | | 203.425 | | 745.715 | | | — | | 746.663 | | — |
| Paul L. Joskow | | 218.357 | | | | | 503.803 | | 426.876 | | | — | | 6,666.243 | | — |
| Elizabeth T. Kennan | | 369.677 | | | | | 546.217 | | 1,652.780 | | | — | | 2,409.760 | | — |
| Kenneth R. Leibler | | 101.164 | | | | | 101.568 | | 102.024 | | | — | | 106.953 | | — |
| Robert E. Patterson | | 1,538.650 | | | | | 1,010.337 | | 1,829.646 | | | — | | 4,032.718 | | — |
| George Putnam, III | | 6,272.696 | | | | | 3,022.820 | | 1,168.739 | | | — | | 3,320.198 | | — |
| W. Thomas Stephens | | 161.461 | | | | | 105.993 | | 125.616 | | | — | | 198.180 | | — |
| Richard B. Worley | | 109.159 | | | | | — | | 104.977 | | | — | | 110.651 | | — |
| Trustees and Officers | | 34,876.665 | | | 36,023.805 | | 22,761.300 | | 8,595.540 | | 68,535.121 | | 9,585.550 | as a group | | | | | | | (3.24%) | | | | | | | | | |
|
K-5
| | Shares | | Shares | | Shares | | Shares | | | Beneficially | | Beneficially | | Beneficially | | Beneficially | Trustees | | Owned | | Owned | | Owned | | Owned |
| | | | | | | | | | | Putnam Investment | | | | | | | Putnam International | | Putnam International | | Grade | | Putnam | | | Growth and Income Fund | | New Opportunities Fund | | Municipal Trust | | Investors Fund |
| | | Class A | | Class Y | | Class A | | Class Y | | Common | | Class A | | Class Y |
| John A. Hill | | 5,702.890 | | — | | 1,279.259 | | — | | 225.245 | | 29,699.767 | | — |
| Jameson Adkins Baxter | | 4,974.728 | | — | | 2,538.625 | | — | | 212.401 | | 14,122.693 | | — |
| Charles B. Curtis | | 117.918 | | — | | 104.533 | | — | | 119.333 | | 103.824 | | — |
| Myra R. Drucker | | 112.265 | | — | | 102.316 | | — | | 106.124 | | 1,869.479 | | — |
| Charles E. Haldeman, Jr. | | 1,614.759 | | — | | 1,075.395 | | — | | 330.000 | | 966.796 | | — |
| Paul L. Joskow | | 849.299 | | — | | 1,417.629 | | — | | 100.000 | | 8,572.119 | | — |
| Elizabeth T. Kennan | | 728.007 | | — | | 202.289 | | — | | 109.015 | | 4,203.469 | | — |
| Kenneth R. Leibler | | 110.097 | | — | | 100.444 | | — | | 100.000 | | 100.216 | | — |
| Robert E. Patterson | | 6,209.416 | | — | | 3,957.003 | | — | | 300.000 | | 4,784.644 | | — |
| George Putnam, III | | 2,490.577 | | — | | 7,173.199 | | — | | 1,500.000 | | 7,939.431 | | — |
| W. Thomas Stephens | | 167.302 | | — | | 151.442 | | — | | 180.672 | | 117.268 | | — |
| Richard B. Worley | | 112.265 | | — | | 102.316 | | — | | 100.822 | | 101.376 | | — |
| Trustees and Officers | | 23,316.587 | | 3,177.074 | | 18,972.767 | | 14,264.833 | | 3,383.612 | | 81,272.731 | | 65,794.112 | as a group | | | | | | | | (1.33%) | | | | | | |
| | | | Shares | | Shares | | Shares | | Shares | | Shares | | Shares | | | Beneficially | | Beneficially | | Beneficially | | Beneficially | | Beneficially | | Beneficially | Trustees | | Owned | | Owned | | Owned | | Owned | | Owned | | Owned |
| | | Putnam Limited | | Putnam | | Putnam | | Putnam | | Putnam | | | | | | | Duration | | Managed | | Massachusetts | | Master | | Michigan | | Putnam | | | Government | | Municipal | | Tax Exempt | | Intermediate | | Tax Exempt | | Mid Cap | | | Income Fund | | Income Trust | | Income Fund | | Income Trust | | Income Fund | | Value Fund |
| | | Class A | | Common | | Class A | | Common | | Class A | | Class A | | Class Y |
| John A. Hill | | 1,564.506 | | 225.663 | | 171.456 | | 442.687 | | 164.230 | | 138.524 | | — |
| Jameson Adkins Baxter | | 2,888.428 | | 212.250 | | 186.434 | | 461.972 | | 180.430 | | 3,624.800 | | — |
| Charles B. Curtis | | 124.017 | | 117.170 | | 128.988 | | 119.146 | | 128.683 | | 134.808 | | — |
| Myra R. Drucker | | 108.227 | | 106.671 | | 111.173 | | 106.798 | | 109.099 | | 127.198 | | — |
| Charles E. Haldeman, Jr. | | 2,228.809 | | 450.000 | | 1,247.201 | | 510.000 | | 1,294.030 | | 1,462.201 | | — |
| Paul L. Joskow | | 289.058 | | 100.000 | | 12,693.301 | | 100.000 | | 161.108 | | 152.730 | | — |
| Elizabeth T. Kennan | | 771.156 | | 108.920 | | 112.331 | | 270.436 | | 110.378 | | 623.395 | | — |
| Kenneth R. Leibler | | 101.061 | | 100.000 | | 101.118 | | 100.000 | | 101.049 | | 112.193 | | — |
| Robert E. Patterson | | 873.531 | | 300.000 | | 101.496 | | 587.000 | | 110.334 | | 1,593.851 | | — |
| George Putnam, III | | 4,813.954 | | 1,800.000 | | 5,967.938 | | 2,178.000 | | 1,284.848 | | 2,721.327 | | — |
| W. Thomas Stephens | | 147.690 | | 100.000 | | 155.925 | | 100.000 | | 152.728 | | 127.198 | | — |
| Richard B. Worley | | 108.139 | | 100.891 | | 110.948 | | 100.931 | | 108.900 | | 127.198 | | — |
| Trustees and Officers | | 14,018.576 | | 3,721.565 | | 35,026.462 | | 5,076.970 | | 3,905.817 | | 18,178.815 | | 10,410.120 | as a group | | | | | | | | | | | | | | |
|
K-6
| | Shares | | Shares | | Shares | | Shares | | Shares | | | Beneficially | | Beneficially | | Beneficially | | Beneficially | | Beneficially | Trustees | | Owned | | Owned | | Owned | | Owned | | Owned |
| | | | | | | | | | | | | Putnam | | | | | | | | | | | Putnam | | New Jersey | | | Putnam Minnesota | | | | | | Putnam | | Municipal | | Tax Exempt | | | Tax Exempt | | Putnam | | Municipal | | Opportunities | | Income | | | Income Fund | | Money Market Fund | | Bond Fund | | Trust | | Fund |
| | | Class A | | Class A | | Class R | | Common | | Common | | Class A |
| John A. Hill | | 219.763 | | 906,249.650 | | 76,931.310 | | 322.603 | | 226.131 | | 227.595 |
| Jameson Adkins Baxter | | 179.111 | | 121,091.870 | | — | | 3,570.000 | | 207.003 | | 183.577 |
| Charles B. Curtis | | 127.254 | | 399,904.680 | | — | | 121.003 | | 121.225 | | 126.582 |
| Myra R. Drucker | | 109.477 | | 107.980 | | 12.880 | | 106.735 | | 106.349 | | 109.346 |
| Charles E. Haldeman, Jr. | | 1,294.671 | | — | | 8,385.310 | | 250.000 | | 270.000 | | 1,277.404 |
| Paul L. Joskow | | 162.518 | | 294,174.600 | | — | | 196.000 | | 100.000 | | 158.564 |
| Elizabeth T. Kennan | | 110.683 | | 14,556.200 | | — | | 189.709 | | 119.793 | | 110.425 |
| Kenneth R. Leibler | | 101.085 | | 7,677.000 | | — | | 100.000 | | 100.000 | | 101.092 |
| Robert E. Patterson | | 110.714 | | 187,507.700 | | — | | 293.000 | | 100.000 | | 110.435 |
| George Putnam, III | | 1,293.642 | | 612,594.980 | | — | | 1,184.000 | | 1,300.000 | | 1,246.818 |
| W. Thomas Stephens | | 152.042 | | 2,468.300 | | — | | 196.000 | | 100.000 | | 150.959 |
| Richard B. Worley | | 109.268 | | 107.950 | | 9,630.200 | | 100.811 | | 100.805 | | 109.125 |
| Trustees and Officers | | 3,970.228 | | 3,439,303.440 | | 94,959.700 | | 6,629.861 | | 2,851.306 | | 3,911.922 | as a group | | | | | | | | | | | | |
| | | | Shares | | Shares | | Shares | | Shares | | | Beneficially | | Beneficially | | Beneficially | | Beneficially | Trustees | | Owned | | Owned | | Owned | | Owned |
| | | | | | | | | | | Putnam | | Putnam | | | | | | | | | | | New York | | New York | | | Putnam New | | Putnam New | | Investment Grade | | Tax Exempt | | | Opportunities Fund | | Value Fund | | Municipal Trust | | Income Fund |
| | | Class A | | Class Y | | | Class A | | Class Y | | Common | | Class A |
| John A. Hill | | 6,660.309 | | — | | | 5,971.716 | | — | | 71,595.182 | | 5,190.748 | | | | | | | | | | | (2.58%) | | |
| Jameson Adkins Baxter | | 1,733.616 | | — | | | 11,286.655 | | — | | 186.650 | | 559.437 |
| Charles B. Curtis | | 104.835 | | — | | | 123.592 | | — | | 116.241 | | 264.359 |
| Myra R. Drucker | | 100.000 | | — | | | 1,571.520 | | — | | 105.266 | | 112.375 |
| Charles E. Haldeman, Jr. | | 293.214 | | — | | | 1,047.856 | | 3,205.655 | | 280.000 | | 1,360.257 |
| Paul L. Joskow | | 980.800 | | — | | | 728.260 | | — | | 100.000 | | 344.800 |
| Elizabeth T. Kennan | | 100.000 | | — | | | 2,473.418 | | — | | 189.263 | | 243.453 |
| Kenneth R. Leibler | | 100.000 | | — | | | 108.289 | | — | | 100.000 | | 101.325 |
| Robert E. Patterson | | 1,038.444 | | — | | | 1,528.107 | | — | | 100.000 | | 113.637 |
| George Putnam, III | | 763.162 | | — | | | 12,017.915 | | — | | 1,200.000 | | 1,403.735 |
| W. Thomas Stephens | | 133.948 | | — | | | 165.765 | | — | | 100.000 | | 160.978 |
| Richard B. Worley | | 100.000 | | — | | | 115.245 | | — | | 100.714 | | 112.142 |
| Trustees and Officers | | 12,709.436 | | 2,714.411 | | | 40,761.847 | | 32,786.176 | | 74,173.316 | | 9,967.246 | as a group | | | | | | | | | | (2.67%) | | |
|
K-7
| Shares | | Shares | | Shares | | Shares | | Shares | | Shares | | Beneficially | | Beneficially | | Beneficially | | Beneficially | | Beneficially | | Beneficially | Trustees | Owned | | Owned | | Owned | | Owned | | Owned | | Owned |
| | | | | | | | Putnam | | Putnam | | | | | | | | Putnam Ohio | | Putnam OTC | | Pennsylvania | | Premier | | Putnam Prime | | | | | | Tax Exempt | | & Emerging | | Tax Exempt | | Income | | Money | | Putnam | | Income Fund | | Growth Fund | | Income Fund | | Trust | | Market Fund | | Research Fund |
| | Class A | | Class A | | Class Y | | | Class A | | Common | | Class I | | Class A | | Class Y | |
| John A. Hill | 236.582 | | 3,926.695 | | — | | | 233.554 | | 3,693.640 | | 50,067,211.230^ | | 5,636.398 | | — | | | | | | | | | | | | | (2.03%) | | | | |
| Jameson Adkins Baxter | 179.752 | | 3,818.078 | | — | | | 186.671 | | 496.412 | | — | | 418.083 | | — | |
| Charles B. Curtis | 125.685 | | 105.121 | | — | | | 126.936 | | 242.603 | | — | | 105.882 | | — | |
| Myra R. Drucker | 109.498 | | 100.000 | | — | | | 109.345 | | 215.100 | | — | | 100.873 | | — | |
| Charles E. Haldeman, Jr. | 1,286.975 | | 1,664.025 | | — | | | 1,302.086 | | 1,005.000 | | — | | 856.937 | | — | |
| Paul L. Joskow | 162.056 | | 129.574 | | — | | | 163.644 | | 201.176 | | — | | 5,546.414 | | — | |
| Elizabeth T. Kennan | 110.735 | | 1,141.113 | | — | | | 110.619 | | 292.060 | | — | | 146.694 | | — | |
| Kenneth R. Leibler | 101.104 | | 100.000 | | — | | | 101.078 | | 100.000 | | — | | 100.109 | | — | |
| Robert E. Patterson | 110.686 | | 1,453.803 | | — | | | 110.615 | | 803.529 | | — | | 145.779 | | — | |
| George Putnam, III | 1,276.313 | | 11,392.960 | | — | | | 1,273.698 | | 2,505.000 | | — | | 1,753.253 | | — | |
| W. Thomas Stephens | 152.421 | | 144.331 | | — | | | 156.187 | | 201.176 | | — | | 100.873 | | — | |
| Richard B. Worley | 109.308 | | 100.000 | | — | | | 109.172 | | 202.877 | | — | | 100.873 | | — | |
| Trustees and Officers | 3,961.115 | | 24,138.024 | | 10,857.414 | | | 3,983.605 | | 9,958.573 | | 50,067,211.230^ | | 15,012.168 | | 7,020.033 | | as a group | | | | | | | | | | | (2.03%) | | | | |
| | | Shares | | Shares | | Shares | | Shares | | | | Shares | | Beneficially | | Beneficially | | Beneficially | | Beneficially | | | | Beneficially | Trustees | Owned | | Owned | | Owned | | Owned | | | | Owned |
| | Putnam | | Putnam | | Putnam | | Putnam | | | | Putnam | | RetirementReady | | RetirementReady | | RetirementReady | | RetirementReady | | | | RetirementReady | | 2010 Fund | | 2015 Fund | | 2020 Fund | | 2025 Fund | | | | 2045 Fund |
| | Class A | | | Class A | | | Class A | | | Class A | | | | | Class A | |
| John A. Hill | | — | | | — | | | | — | | | — | | | | | — | |
| Jameson Adkins Baxter | | — | | | — | | | 360.422 | | | — | | | | | — | |
| Charles B. Curtis | | — | | | — | | | 112.471 | | | — | | | | | — | |
| Myra R. Drucker | | — | | | — | | | 1,194.810 | | | — | | | | | — | |
| Charles E. Haldeman, Jr. | 199.250 | | | — | | | | — | | | — | | | | | — | |
| Paul L. Joskow | | — | | | 173.076 | | | | — | | | — | | | | | — | |
| Elizabeth T. Kennan | | — | | | — | | | | — | | | — | | | | | 106.147 | |
| Kenneth R. Leibler | | — | | | 106.842 | | | | — | | | — | | | | | — | |
| Robert E. Patterson | | — | | | — | | | 163.521 | | | — | | | | | — | |
| George Putnam, III | | — | | | — | | | | — | | | 347.268 | | | | | — | |
| W. Thomas Stephens | | — | | | 113.435 | | | | — | | | — | | | | | — | |
| Richard B. Worley | | — | | | — | | | | — | | | — | | | | | — | |
| Trustees and Officers | 199.250 | | | 393.353 | | | 1,831.224 | | | 347.268 | | | | | 106.147 | | as a group | | | | | | | | | | | | | | | |
| ^Reflects holdings as of 02/12/07. | | | | | | | | | | | | | | |
K-8
| | Shares | | Shares | | Shares | | Shares | | | Beneficially | | Beneficially | | Beneficially | | Beneficially | Trustees | | Owned | | Owned | | Owned | | Owned |
| | | | | | | | | | | Putnam | | Putnam | | | | | | | | | | | Tax Exempt | | Tax Exempt | | | Putnam Small Cap | | Putnam Small Cap | | Income | | Money Market | | | Growth Fund | | Value Fund | | Fund | | Fund |
| | | Class A | | Class Y | | Class A | | Class Y | | Class A | | Class A |
| John A. Hill | | 3,244.878 | | — | | 22,526.691 | | — | | 586.373 | | 3,840,684.230 | | | | | | | | | | | | | (4.84%) |
| Jameson Adkins Baxter | | 801.254 | | — | | 3,643.596 | | — | | 1,597.921 | | 2,167.660 |
| Charles B. Curtis | | 609.294 | | — | | 175.356 | | — | | 129.943 | | 1,615.540 |
| Myra R. Drucker | | 113.645 | | — | | 162.329 | | — | | 110.621 | | 148,756.870 |
| Charles E. Haldeman, Jr. | | 848.486 | | — | | — | | 1,110.407 | | 1,345.180 | | 10,778.420 |
| Paul L. Joskow | | 4,883.960 | | — | | 4,591.973 | | — | | 168.716 | | 3,335.600 |
| Elizabeth T. Kennan | | 454.581 | | — | | 2,200.972 | | — | | 128.631 | | 158.510 |
| Kenneth R. Leibler | | 106.092 | | — | | 120.604 | | — | | 101.140 | | 100.910 |
| Robert E. Patterson | | 511.712 | | — | | 1,451.981 | | — | | 184.993 | | 100.000 |
| George Putnam, III | | 5,766.333 | | — | | 2,579.539 | | — | | 1,779.841 | | 10,451.820 |
| W. Thomas Stephens | | 113.645 | | — | | 162.329 | | — | | 158.390 | | 181,638.740 |
| Richard B. Worley | | 113.645 | | — | | 162.329 | | — | | 110.373 | | 105.890 |
| Trustees and Officers | | 21,502.617 | | 9,742.964 | | 37,777.699 | | 19,951.538 | | 6,402.122 | | 4,502,847.100 | as a group | | | | | | | | | | | | (5.68%) |
| | | | Shares | Shares | | Shares | | Shares | | Shares | | | Beneficially | Beneficially | | Beneficially | | Beneficially | | Beneficially | Trustees | | Owned | Owned | | Owned | | Owned | | Owned |
| | | Putnam | Putnam | | Putnam | | Putnam | | Putnam | | | Tax-Free | Tax-Free | | Tax Smart | | U.S. Government | | Utilities Growth | | | Health Care Fund | High Yield Fund | | Equity Fund® | | Income Trust | | and Income Fund |
| | | Common | | Class A | | Class A | | Class A | | Class B | | Class A |
| John A. Hill | | 219.176 | | 402.179 | | 7,985.816 | | 728.436 | | — | | 3,399.876 |
| Jameson Adkins Baxter | | 582.481 | | 1,276.060 | | 1,239.863 | | 197.129 | | — | | 649.544 |
| Charles B. Curtis | | 115.789 | | 224.331 | | 102.377 | | 1,228.561 | | 2,539.689 | | 118.186 |
| Myra R. Drucker | | 105.244 | | 187.262 | | 100.163 | | 108.946 | | — | | 104.935 |
| Charles E. Haldeman, Jr. | | 270.000 | | 1,888.364 | | 1,185.698 | | 881.754 | | — | | 1,266.451 |
| Paul L. Joskow | | 100.000 | | 279.554 | | 5,400.929 | | 173.315 | | — | | 997.481 |
| Elizabeth T. Kennan | | 108.110 | | 189.648 | | 106.867 | | 184.771 | | — | | 116.304 |
| Kenneth R. Leibler | | 100.000 | | 101.333 | | 100.000 | | 100.992 | | — | | 100.352 |
| Robert E. Patterson | | 100.000 | | 189.753 | | 2,239.580 | | 1,424.248 | | — | | 718.950 |
| George Putnam, III | | 500.000 | | 2,696.560 | | 6,405.434 | | 2,850.746 | | — | | 2,179.026 |
| W. Thomas Stephens | | 100.000 | | 276.236 | | 100.163 | | 156.023 | | — | | 170.019 |
| Richard B. Worley | | 100.725 | | 186.791 | | 100.163 | | 108.946 | | — | | 104.387 |
| Trustees and Officers | | 2,401.525 | | 7,898.071 | | 25,067.053 | | 8,143.867 | | 2,539.689 | | 9,925.511 | as a group | | | | | | | | | | | | |
|
K-9
| | Shares | | Shares | | | Beneficially | | Beneficially | Trustees | | Owned | | Owned |
| | | Putnam Vista Fund | | Putnam Voyager Fund |
| | | Class A | Class Y | | Class A | Class Y |
| John A. Hill | | 48,265.800 | — | | 23,528.436 | — |
| Jameson Adkins Baxter | | 14,111.419 | — | | 8,201.140 | — |
| Charles B. Curtis | | 108.696 | — | | 109.618 | — |
| Myra R. Drucker | | 2,234.927 | — | | 100.707 | — |
| Charles E. Haldeman, Jr. | | 1,759.930 | — | | 927.312 | — |
| Paul L. Joskow | | 2,016.190 | — | | 3,248.819 | — |
| Elizabeth T. Kennan | | 5,005.941 | — | | 299.547 | — |
| Kenneth R. Leibler | | 100.000 | — | | 100.000 | — |
| Robert E. Patterson | | 1,479.233 | — | | 5,000.471 | — |
| George Putnam, III | | 5,233.274 | — | | 2,198.233 | — |
| W. Thomas Stephens | | 177.190 | — | | 149.155 | — |
| Richard B. Worley | | 100.000 | — | | 100.707 | — |
| Trustees and Officers | | 80,592.600 | 31,280.167 | | 50,697.156 | 15,412.564 | as a group | | | | | | |
|
Additional ownership information for funds that are series of Putnam Variable Trust
As of February 9, 2007, except as shown below, the Trustees, and the Trustees and officers as a group, did not own variable annuity contracts or variable life insurance policies that invested in the funds that are series of Putnam Variable Trust.* This table shows the value of the Trustees’ indirect beneficial ownership interest in these funds.
| Putnam Variable Asset | | | | | Allocation: | | | | | Balanced Portfolio | | | | |
| | Putnam Asset | | | | | Allocation: | | | | | Conservative | | | | | Portfolio | | | | |
| | Putnam Asset | | | | | Allocation: Equity | | | | | Portfolio | | | | |
| | Putnam Asset | | | | | Allocation: Growth | | | | | Portfolio | | | | |
| | Putnam California | | | | | Tax Exempt Income | | | | | Fund | | | | |
| | Putnam Capital | | | | | Opportunities Fund | | | | |
| | Putnam Capital | | | | | Spectrum Fund | | | | |
| | Putnam Convertible | | | | | Income-Growth | | | | | Trust | | Paul L. Joskow | | |
| | Putnam Diversified | | | | | Income Trust | | | | |
| | Putnam Emerging | | | | | Markets Equity | | | | | Fund | | | | |
| | Robert E. Patterson | | | Fund | Share Class | Shareholder Name | Holdings | Percentage | | | and Address | | Owned |
| Putnam Equity | | | | | Income Fund | | | | |
| | Putnam Equity | | | | | Spectrum Fund | | | | |
| | Putnam Europe | | | | | Equity Fund | | | | |
| | Putnam Floating | | | | | Rate Income Fund | | | | |
| | The Putnam Fund | | | | | for Growth and | | | | | Income | | | | |
| | The George Putnam III | | | | | Fund of Boston | | | | |
| | Putnam Global | | | | | Consumer Fund | | | | |
| | Putnam Global | | | | | Energy Fund | | | | |
| | Putnam Global | | | | | Equity Fund | | | | |
| | Putnam Global | | | | | Financials Fund | | | | |
| | Putnam Global | | | | | Health Care Fund | | | | |
| | Putnam Global | | | | | Income Trust | | | | |
| | Putnam Global | | | | | Industrials Fund | | | | |
| | Putnam Global | | | | | Natural Resources | | | | | Fund | | | | |
| | Putnam Global | | | | | Technology Fund | | | | |
| | Putnam Global | | | | | Telecommunications | | | | | Fund | | | | |
| | Putnam Global | | | | | Utilities Fund | | | | |
| | Putnam Growth | | | | | Opportunities Fund | | | | |
| | Putnam High Yield | | | | | Advantage Fund | | | | |
| | Putnam High Yield | | | | | Trust | | | | |
| | Putnam Income | | | | | Fund | | | | |
| | Putnam Income | | | | | Strategies Fund | | | | |
| | Putnam | | | | | International Capital | | | | | Opportunities Fund | | | | |
| | | | | Fund | Share Class | Shareholder Name | Holdings | Percentage | | | and Address | | Owned |
| Putnam | | | | | International Equity | | | | | Fund | | | | |
| | Putnam | | | | | International | | | | | Growth and Income | | | | | Fund | | | | |
| | Putnam | | | | | International New | | | | | Opportunities Fund | | | �� | |
| | Putnam Investors | | | | | Fund | | | | |
| | Putnam | | | | | Massachusetts Tax | | | | | Exempt Income | | | | | Fund | | | | |
| | Putnam Michigan | | | | | Tax Exempt Income | | | | | Fund | | | | |
| | Putnam Mid Cap | | | | | Value Fund | | | | |
| | Putnam Minnesota | | | | | Tax Exempt Income | | | | | Fund | | | | |
| | Putnam Money | | | | | Market Fund | | | | |
| | Putnam Money | | | | | Market Liquidity | | | | | Fund | | | | |
| | Putnam New Jersey | | | | | Tax Exempt Income | | | | | Fund | | | | |
| | Putnam New | | | | | Opportunities Fund | | | | |
| | Putnam New York | | | | | Tax Exempt Income | | | | | Fund | | | | |
| | Putnam Ohio Tax | | | | | Exempt Income | | | | | Fund | | | | |
| | Putnam | | | | | Pennsylvania Tax | | | | | Exempt Income | | | | | Fund | | | | |
| | Putnam Research | | | | | Fund | | | | |
| | Putnam | | | | | RetirementReady | | | | | 2010 Fund | | | | |
| | Putnam | | | | | RetirementReady | | | | | 2015 Fund | | | | |
| | | | | Fund | Share Class | Shareholder Name | Holdings | Percentage | | | and Address | | Owned |
| Putnam | | | | | RetirementReady | | | | | 2020 Fund | | | | |
| | Putnam | | | | | RetirementReady | | | | | 2025 Fund | | | | |
| | Putnam | | | | | RetirementReady | | | | | 2030 Fund | | | | |
| | Putnam | | | | | RetirementReady | | | | | 2035 Fund | | | | |
| | Putnam | | | | | RetirementReady | | | | | 2040 Fund | | | | |
| | Putnam | | | | | RetirementReady | | | | | 2045 Fund | | | | |
| | Putnam | | | | | RetirementReady | | | | | 2050 Fund | | | | |
| | Putnam | | | | | RetirementReady | | | | | Maturity Fund | | | | |
| | Putnam Small Cap | | | | | Growth Fund | | | | |
| | Putnam Small Cap | | | | | Value Fund | | | | |
| | Putnam Tax Exempt | | | | | Income Fund | | | | |
| | Putnam Tax Exempt | | | | | Money Market Fund | | | | |
| | Putnam Tax-Free | | | | | High Yield Fund | | | | |
| | Putnam U.S. | | | | | Government Income | | | | | Trust | | | | |
| | Putnam Vista Fund | | | | |
| | Putnam Voyager | | | | | Fund | | | | |
| | Putnam VT American Government Income Fund | | | | | | | Class IBAmerican | | $1-$10,000 | | — | Government Income | — | | | | Fund | | | | |
| | Putnam VT Capital Appreciation Fund | | | | | | | Class IBOpportunities Fund | | $1-$10,000 | | — | | — |
| | Putnam VT Capital Opportunities Fund | | | | | | | Class IB | | $1-$10,000 | | — | | — |
| | Putnam VT Discovery Growth Fund | Diversified Income | | | | | | Class IB | | $1-$10,000 | | — | | — |
| | Putnam VT Diversified Income Fund | | | | | | | Class IB | | $1-$10,000 | | — | | — |
| | Putnam VT Equity Income Fund | | | | | | | Class IB Income Fund | | | | |
| | $1-$10,000 | | — | Fund | Share Class | —Shareholder Name | Holdings | Percentage | | | and Address | | Owned |
| | Putnam VT The | | | | | George Putnam | | | | | Fund of Boston | | | | | | | Class IB | | $1-$10,000 | | — | | — |
| | Putnam VT Global Asset Allocation Fund | | | | | | | Class IAAsset Allocation | | — | | — | | $10,001-$50,000 | Class IBFund | | $1-$10,000 | | — | | — |
| | Putnam VT Global Equity Fund | | | | | | | Class IBEquity Fund | | $1-$10,000 | | — |
| | Putnam VT Global | — | | | | Health Care Fund | | | | |
| | Putnam VT Global | | | | | Utilities Fund | | | | |
| | Putnam VT Growth | | | | | and Income Fund | | | | | | | Class IB | | $1-$10,000 | | — | | — |
| | Putnam VT Growth Opportunities Fund | | | | | | | Class IBOpportunities Fund | | $1-$10,000 | | — | | — |
| | Putnam VT High Yield Fund | | | | | | | Class IAYield Fund | | — | | $10,001-$50,000 | | — | Class IB | | $1-$10,000 | | — | | — |
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*As reflected in the tables above, Trustees own shares of the retail Putnam funds that are counterparts to the Putnam Variable Trust’s various portfolios.
K-10
Putnam Variable Trust | Paul L. Joskow | Robert E. Patterson | George Putnam, III |
| | Putnam VT Income Fund | | | | | Class IBFund | $1-$10,000 | — | — | |
| | Putnam VT International Equity Fund | | | | | Class IBInternational Equity | $1-$10,000 | — | — | | Fund | | | | |
| | Putnam VT International Growth and Income Fund | | | | | Class IBInternational | $1-$10,000 | — | — | | Growth and Income | | | | | Fund | | | | |
| | Putnam VT | | | | | International New | | | | | Opportunities Fund | | | | Class IB | $1-$10,000 | — | — |
| | Putnam VT | | | | | Investors Fund | | | | Class IB | $1-$10,000 | — | — |
| | Putnam VT Mid | | | | | Cap Value Fund | | | | | Class IB
| | Putnam VT Money | $1-$10,000 | — | — | | Market Fund | | | | |
| | Putnam VT New | | | | | Opportunities Fund | | | | Class IB | $1-$10,000 | — | — |
| | Putnam VT New Value Fund | | | | | Class IB | $1-$10,000 | — | — |
| | Putnam VT OTC & Emerging Growth Fund | | | | Class IB | $1-$10,000 | — | — |
| | Putnam VT Research Fund | | | | Class IB | $1-$10,000 | — | — |
| | Putnam VT Small | | | | | Cap Value Fund | | | | Class IB | $1-$10,000 | — | — |
| | Putnam VT Vista Fund | | | | | Class IBFund | $1-$10,000 | — | — | |
| | Putnam VT Voyager Fund | | | | | Class IBFund | $1-$10,000 | — | — |
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K-11
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One Post Office Square
Boston, Massachusetts 02109
1-800-225-1581
Putnam Retail Management
www.putnam.com
242548 3/07
The proxy ballot
To vote by mail | To vote by telephone | To vote on the Web | | | | | Read the proxy statement and | Read the proxy statement and | Read the proxy statement. | have the proxy ballot at hand. | have the proxy ballot at hand. | Check the appropriate boxes | Call 1-888-221-0697. | | on the reverse side. | | Go tohttp://www.proxyweb.com | | Follow the automated | /Putnam | Sign and date the proxy ballot. | telephone directions. There | | Return the proxy ballot in the | is no need for you to return | Follow the instructions on | envelope provided. | your proxy ballot. | the site. | | | | | | There is no need for you to | |
| | | return your proxy ballot. |
|
By signing below, you as a Putnam fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at the meeting of the shareholders of the above-referenced fund. The meeting will take place on May 15, 2007 at 11:00 a.m. Boston time, and may be adjourned to later times or dates.Your vote is being solicited on behalf of the Trustees.When you complete and sign the proxy ballot, your proxies will vote exactly as you have indicated on the other side of this card.If you simply sign the proxy ballot, or don’t vote on the specific proposal, your shares will be automatically voted as the Trustees recommend.Your proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.
Sign your name exactly as it appears on this card. If you own shares jointly,
each owner should sign. When signing as executor, administrator, attorney, trustee,
guardian, or as custodian for a minor, please give your full title as such. If you are
signing for a corporation, please sign the full corporate name and indicate the
signer’s office. If you are a partner, sign in the partnership name.
| Please place an X in the appropriate box using black or blue ink or | Proposal | number 2 pencil. Please do not use a fine point pen. | |
| | If you do not mark the proposal, your shares will be voted as the Trustees recommend. | | | | THE TRUSTEES RECOMMEND A VOTEFORTHIS PROPOSAL | | | | | | | FOR | AGAINST | ABSTAIN | 1. Approving a new management contract for your fund. | | 0 | 0 | 0 |
If you have any questions on the proposal, please call 1-866-905-2396. Please sign and date the other side of this card.
ezVoteSMConsolidated Proxy Ballot
The top half of this form is your EzVote Consolidated Proxy. It reflects all of your accounts registered to the same Social Security or Tax I.D. number at this address. By voting and signing the Consolidated Proxy Ballot, you are voting all of these accounts in the same manner as indicated on the reverse side of the form.
By signing below, you as a Putnam fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at a meeting of the shareholders of the Putnam funds. The meeting will take place on May 15, 2007 at 11:00 a.m. Boston time, and may be adjourned to later times or dates.Your vote is being solicited on behalf of the Trustees.When you complete and sign the proxy ballot, your proxies will vote exactly as you have indicated on the other side of this card.If you simply sign the proxy ballot, or don’t vote on the specific proposal, your shares will be automatically voted as the Trustees recommend.Your proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.
Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer’s office. If you are a partner, sign in the partnership name.
putnam 2007 EZ - dh
DETACH CONSOLIDATED PROXY BALLOT AT PERFORATION BELOW
Your vote is important. For your convenience, you can vote your proxy in any of these three ways:
1 | | 2 | | 3 | | TELEPHONE | INTERNET | MAIL | Call us toll-free at | Go to | Mail in the proxy card. | 1-888-221-0697 | http://www.proxyweb.com/Putnam | • | Please sign and date your proxy ballot. | • | Follow the automated telephone direction. | • | Follow the instructions on the site. | • | Detach the ballot from this proxy form. | • | There is no need for you to return your | • | There is no need for you to return your | • | Return the ballot in the postage-paid | | proxy ballot. | | proxy ballot. | | envelope provided. |
INDIVIDUAL PROXY BALLOTS
On the reverse side of this form (and on accompanying pages, if necessary) you will find individual proxy ballots, one for each of your accounts. If you would wish to vote each of these accounts separately, sign in the signature box below, mark each individual ballot to indicate your vote, detach the form at the perforation above and return the individual proxy ballots portion only.
N O T E : If you elect to vote each account separately,do not return the Consolidated Proxy Ballot above.
Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer’s office. If you are a partner, sign in the partnership name.
putnam 2007 IND - dh
| Please place an X in the appropriate box using black or blue ink or | Proposal | number 2 pencil. Please do not use a fine point pen. | |
| | If you do not mark the proposal, your shares will be voted as the Trustees recommend. | | | | THE TRUSTEES RECOMMEND A VOTEFORTHIS PROPOSAL | | | | | | | FOR | AGAINST | ABSTAIN | 1. Approving a new management contract for your fund. | | 0 | 0 | 0 |
If you have any questions on the proposal, please call 1-866-905-2396. | Please sign and date the other side of this card. |
putnam 2007 EZ - dh
DETACH CONSOLIDATED PROXY BALLOT AT PERFORATION BELOW
INDIVIDUAL BALLOTS
NOTE: IF YOU HAVE USED THE CONSOLIDATED BALLOT ABOVE, DO NOT VOTE THE INDIVIDUAL BALLOTS BELOW.
JOHN Q. PUBLIC | | | | | | | JOHN Q. PUBLIC | | | | | 123 MAIN STREET | | | | | | | 123 MAIN STREET | | | | | ANYTOWN, MA 02030 | | | | | | | ANYTOWN, MA 02030 | | | | | | FUNDNAME PRINTS HERE | | | | | | | FUNDNAME PRINTS HERE | | | | | | | | FOR | AGAINST | ABSTAIN | | | | | FOR | AGAINST | ABSTAIN | 1. Approving a new management | | 0 | 0 | 0 | | 1. | Approving a new management | | 0 | 0 | 0 | contract for your fund. | | | | | | | contract for your fund. | | | | | | | | | JOHN Q. PUBLIC | | | | | | | JOHN Q. PUBLIC | | | | | 123 MAIN STREET | | | | | | | 123 MAIN STREET | | | | | ANYTOWN, MA 02030 | | | | | | | ANYTOWN, MA 02030 | | | | | | FUNDNAME PRINTS HERE | | | | | | | FUNDNAME PRINTS HERE | | | | | | | | FOR | AGAINST | ABSTAIN | | | | | FOR | AGAINST | ABSTAIN | 1. Approving a new management | | 0 | 0 | 0 | | 1. | Approving a new management | | 0 | 0 | 0 | contract for your fund. | | | | | | | contract for your fund. | | | | |
putnam 2007 IND - dh
March 14, 2007
Dear Putnam Fund Shareholder:
Please find enclosed proxy materials for a Special Meeting of Shareholders of your fund to be held on Tuesday, May 15, 2007. The proxy cards for your accounts are enclosed along with a copy of the Notice of a Special Meeting of Shareholders and Proxy Statement dated March 9, 2007.
You may cast your votes in one of two ways:
Option 1. If you wish to vote all of your accounts (registered to the same Social Security or Tax I.D. number at your address) in the same manner, you may simply indicate that vote below in this letter, sign it in the space provided and (a) return it in the enclosed postage paid envelope provided, or (b) fax it, toll-free to our proxy agent at 1-877-226-7171.
Option 2. If you wish to vote each account individually, mark your votes on each account’s proxy card enclosed in this package, sign the cards and return the cards by using the enclosed postage paid envelope.
Your vote is important. Thank you for your prompt attention to this matter.
Consolidated Proxy Ballot
By voting and signing the Consolidated Proxy Ballot,
you are voting all of your accounts in the same manner.
By signing below, you as a Putnam fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at a meeting of the shareholders of the Putnam funds. The meeting will take place on May 15, 2007 at 11:00 a.m. Boston time, and may be adjourned to later times or dates.Your vote is being solicited on behalf of the Trustees.When you complete and sign the proxy ballot, your proxies will vote exactly as you have indicated on the other side of this card.If you simply sign the proxy ballot, or don’t vote on the specific proposal, your shares will be automatically voted as the Trustees recommend.Your proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.
Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer’s office. If you are a partner, sign in the partnership name.
| | Please place an X in the appropriate box using black or blue ink | Proposal | or number 2 pencil. Please do not use a fine point pen. |
| If you do not mark the proposal, your shares will be voted as the Trustees recommend. | | | | THE TRUSTEES RECOMMEND A VOTEFORTHIS PROPOSAL | | | | | | | | FOR | AGAINST | ABSTAIN | 1. Approving a new management contract for your fund. | | 0 | 0 | 0 |
If you have any questions on the proposal, please call 1-866-905-2396. | Please sign and date this card in the space above.T-5 |
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