SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(A)
of the Securities Exchange Act of 1934

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 14A
(RULE 14a-101)
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(A)
of the Securities Exchange Act of 1934
Filed by the Registrant / X /
Filed by a Party other than the Registrant /    /
Check the appropriate box:
/ X / Filed by a Party other than the Registrant /     / Check the appropriate box: / /  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 (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): 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:    (5) Total fee paid:    /   /  Fee paid previously with preliminary materials.    /   /  Check box if any part of the fee is offset as provided by Exchange Act Rule    0-11(a)(2) and identify the filing for which the offsetting fee was paid    previously. Identify the previous filing by registration statement    number, or the form or schedule and the date of its filing.    (1) Amount Previously Paid:    (2) Form, Schedule or Registration Statement No.:  (3) Filing Party:  (4) Date Filed:  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 How to vote  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.  -2-  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,  -3-  Proposal Proposal Affected Funds Page Description shareholders of these 13 funds also are being asked to  approve proposed new management contracts that have  each, but not both, Fund Family breakpoints and  performance fees separately. The Trustees recommend  that shareholders of these funds vote FOR each of the  three alternatives, but intend to implement a new  management contract that includes both Fund Family  breakpoints and performance fees if that alternative is  approved by shareholders.  3.A.  Approving an  Putnam Absolute Return 100 Fund  [ ]  amendment to  Putnam Absolute Return 300 Fund  certain funds’  Putnam Absolute Return 500 Fund  fundamental  Putnam Absolute Return 700 Fund  investment  Putnam Asia Pacific Equity Fund  restrictions  Putnam Asset Allocation: Balanced Portfolio  with respect  Putnam Asset Allocation: Conservative Portfolio  to investments  Putnam Asset Allocation: Equity Portfolio  in  Putnam Asset Allocation: Growth Portfolio  commodities  Putnam Capital Spectrum Fund  Putnam Emerging Markets Equity Fund  Putnam Equity Spectrum Fund  Putnam Global Consumer Fund  Putnam Global Energy Fund  Putnam Global Financials Fund  Putnam Global Health Care Fund Putnam Global Industrials Fund Putnam Global Natural Resources Fund  Putnam Global Technology Fund Putnam Global Telecommunications Fund  Putnam Global Utilities Fund  Putnam Income Strategies Fund Putnam VT Global Asset Allocation Fund  Putnam VT Global Health Care Fund  Putnam VT Global Utilities Fund 3.B.  Approving an  Putnam Europe Equity Fund  [ ]  amendment to  Putnam Global Utilities Fund  certain funds’  Putnam Growth Opportunities Fund  fundamental  Putnam International Capital Opportunities Fund  investment  Putnam International Equity Fund  restrictions  Putnam New Opportunities Fund  with respect  to  diversification  of  investments  -4-  Proposal Proposal Affected Funds Page Description 3.C.  Approving an  Putnam Global Natural Resources Fund  [ ]  amendment to  Putnam Global Utilities Fund  certain funds’  fundamental  investment  restrictions  with respect  to the  acquisition of  voting  securities  3.D.  Approving an  Putnam Europe Equity Fund  [ ]  amendment to  Putnam Global Natural Resources Fund  certain funds’  Putnam Growth Opportunities Fund  fundamental  Putnam International Capital Opportunities Fund  investment  Putnam International Equity Fund  restrictions  Putnam New Jersey Tax Exempt Income Fund  with respect  Putnam New Opportunities Fund  to borrowing  Putnam Vista Fund  3.E.  Approving an  Putnam Europe Equity Fund  [ ]  amendment to  Putnam Global Natural Resources Fund  certain funds’  Putnam Growth Opportunities Fund  fundamental  Putnam International Capital Opportunities Fund  investment  Putnam International Equity Fund  restrictions  Putnam New Jersey Tax Exempt Income Fund  with respect  Putnam New Opportunities Fund  to making  Putnam Vista Fund  loans  4.A.  Approving an  The Putnam Fund for Growth and Income  [ ]  amendment to  The George Putnam Fund of Boston  certain funds’  Putnam Money Market Fund  agreements  Putnam Tax Exempt Income Fund  and  declarations  of trust with  respect to the  duration of  the trust  4.B.  Approving an  The Putnam Fund for Growth and Income  [ ]  amendment to  The George Putnam Fund of Boston  certain funds’  agreements  and  -5-  Proposal Proposal Affected Funds Page Description declarations  of trust with  respect to  redemption at  the option of  the trust  5.  Considering a  Putnam Asset Allocation: Growth Portfolio  [ ]  shareholder  Putnam Voyager Fund  proposal for  two funds  requesting  that the Board  institute  procedures to  prevent the  funds from  holding  investments in  companies  that, in the  judgment of  the Board,  substantially  contribute to  genocide or  crimes against  humanity  -6-  Proxy Statement This document 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. 3 *►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; -7-  4.B. FOR approving an amendment to certain funds’ agreements and declarations of trust with respect to redemption at the option of the trust; and 5. AGAINST approving a shareholder proposal for two funds requesting that the Board institute procedures to prevent the funds from holding investments in companies that, in the judgment of the Board, substantially contribute to genocide or crimes against humanity. Please see the table beginning on page [ ] for a list of the affected funds for each proposal. *Who is eligible to vote? Shareholders of record of each fund at the close of business on 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. -8-  The Proposals 1. ELECTING YOUR FUND’S NOMINEES FOR TRUSTEES ►Who are the nominees for Trustees? The Board Policy and Nominating Committee of the Trustees of the fund makes recommendations concerning the nominees for Trustees of your fund. The Board Policy and Nominating Committee consists solely of Trustees who are not “interested persons” (as defined in the 1940 Act) of your fund or of Putnam Management. Those Trustees who are not “interested persons” of your fund or Putnam Management are referred to as “Independent Trustees” throughout this Proxy Statement. The Board of Trustees, based on the recommendation of the Board Policy and Nominating Committee, has fixed the number of Trustees of your fund at 14 and recommends that you vote for the election of the nominees described in the following pages. Each nominee is currently a Trustee of your fund and of the other Putnam funds. Your fund does not regularly hold an annual shareholder meeting, but may from time to time schedule a special meeting. In addition, your fund has voluntarily undertaken to hold a shareholder meeting at least every five years for the purpose of electing your fund’s Trustees. The last such meeting was held in 2004, and the next such meeting is expected to be held in 2014. The nominees for Trustees and their backgrounds are shown in the following pages. This information includes each nominee’s name, year of birth, principal occupation(s) during the past 5 years, and other information about the nominee’s professional background, including other directorships the nominee holds. Each Trustee oversees all of the Putnam funds and serves until the election and qualification of his or her successor, or until he or she sooner dies, resigns, retires at age 72, or is removed. The address of all of the Trustees is One Post Office Square, Boston, Massachusetts 02109. At June 30, 2009, there were 104 Putnam funds. -9-  ► 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 -10-  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 -11-  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 -12-  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 -13-  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). -14-  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) -15-  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. -16-  * 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 -17-  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 -18-  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 -19-  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? -20-  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)  -21-  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. -22-  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.) -23-  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 -24-  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  -25-  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 4 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 5 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. 6 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 -26-  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                -27-  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                -28-  Name of  Proposed  Current  Difference  Name of Fund  Proposed  Current  Difference  Fund  Effective  Effective      Effective  Effective      Contractual  Contractual      Contractual  Contractual      Rate  Rate      Rate  Rate      Putnam  0.642%  0.700%  (0.058%)  Putnam Global  0.642%  0.700%  (0.058%)  Global        Energy Fund        Consumer                Fund                   Putnam  0.642%  0.700%  (0.058%)          Global                Financials                Fund                   Putnam  0.642%  0.637%  0.005%  Putnam VT Global  0.642%  0.700%  (0.058%)  Global        Health Care Fund        Health Care                Fund                   Putnam  0.642%  0.700%  (0.058%)  Putnam Global  0.642%  0.700%  (0.058%)  Global        Natural Resources        Industrials        Fund        Fund                   Putnam  0.642%  0.700%  (0.058%)  Putnam Global  0.642%  0.700%  (0.058%)  Global        Telecommunications        Technology        Fund        Fund                   Putnam  0.642%  0.700%  (0.058%)  Putnam VT Global  0.642%  0.700%  (0.058%)  Global        Utilities Fund        Utilities                Fund                FIXED INCOME FUNDS     Name of  Proposed  Current  Difference  Name of  Proposed  Current  Difference  Fund  Effective  Effective    Fund  Effective  Effective      Contractual  Contractual      Contractual  Contractual      Rate  Rate      Rate  Rate      Putnam  0.412%  0.622%  (0.210%)  Putnam VT  0.412%  0.650%  (0.238%)  American        American        Government        Government        Income        Income Fund        Fund                   Putnam  0.412%  0.602%  (0.190%)  Putnam VT  0.412%  0.650%  (0.238%)  Income        Income Fund        Fund                   Putnam  0.412%  0.504%  (0.092%)          U.S.                Government                Income                Trust                  Putnam  0.492%  0.500%  (0.008%)          Tax-Free                High Yield                Fund                -29-  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                -30-  MONEY MARKET FUNDS    Name  Proposed  Current  Difference  Name of  Proposed  Current  Difference  of  Effective  Effective    Fund  Effective  Effective    Fund  Contractual  Contractual      Contractual  Contractual      Rate  Rate      Rate  Rate      Putnam  0.302%  0.308%  (0.006%)  Putnam VT  0.302%  0.450%  (0.148%)  Money        Money        Market        Market        Fund        Fund          Putnam  0.302%  0.450%  (0.148%)          Tax                Exempt                Money                Market                Fund                ASSET ALLOCATION AND SPECIALTY FUNDS    Name of  Proposed  Current  Difference  Name of  Proposed  Current  Difference  Fund  Effective  Effective    Fund  Effective  Effective      Contractual  Contractual      Contractual  Contractual      Rate  Rate      Rate  Rate      Putnam  0.492%  0.550%  (0.058%)          Absolute                Return 100                Fund                   Putnam  0.542%  0.654%  (0.112%)  Putnam  0.542%  0.650%  (0.108%)  Asset        Income        Allocation:        Strategies        Conservative        Fund        Portfolio                   Putnam  0.542%  0.624%  (0.082%)          Asset                Allocation:                Balanced                Portfolio                   The George  0.542%  0.570%  (0.028%)  Putnam  0.542%  0.650%  (0.108%)  Putnam        VT The        Fund of        George        Boston        Putnam                Fund of                Boston           Putnam  0.592%  0.650%  (0.058%)          Absolute                Return 300                Fund                   Putnam  0.612%  0.700%  (0.088%)  Putnam  0.612%  0.611%  0.001%  Asset        Asset        Allocation:        Allocation:        Equity        Growth        Portfolio        Portfolio        -31-  Name of  Proposed  Current  Difference  Name of  Proposed  Current  Difference  Fund  Effective  Effective    Fund  Effective  Effective      Contractual  Contractual      Contractual  Contractual      Rate  Rate      Rate  Rate      Putnam VT  0.612%  0.700%  (0.088%)          Global Asset                Allocation                Fund                   Putnam  0.742%  0.800%  (0.058%)  Putnam  0.742%  0.800%  (0.058%)  Absolute        Capital        Return 500        Spectrum        Fund        Fund           Putnam  0.742%  0.800%  (0.058%)          Equity                Spectrum                Fund                   Putnam  0.892%  0.950%  (0.058%)          Absolute                Return 700                Fund                As shown in the foregoing table, based on June 30, 2009 net asset levels, the proposed management contract would provide for payment of a management fee rate that is lower for almost all funds, and in many cases materially lower, than the management fee rate payable under the current management contract. For a small number of funds, the management fee rate would be slightly higher under the proposed contract at these asset levels, but by only immaterial amounts. In the aggregate, the financial impact on Putnam Management of implementing this proposed change for all funds at June 30, 2009 net asset levels is a reduction in annual management fee revenue of approximately $[ ]. (Putnam Management has already incurred a significant portion of this revenue reduction through the waiver of a portion of its current management fees for certain funds pending shareholder consideration of the proposed management contracts. Putnam is not obliged to continue such waivers beyond July 31, 2010 in the event that the proposed contracts are not approved by shareholders.) The management fee rate payable under the proposed management contract for each affected fund is calculated on a fundamentally different basis than the fee rate under its current contract. As a result, the differences in effective fee rates between the current and the proposed contracts and the financial impact on Putnam Management’s fee revenues in the future will vary depending on future changes in the net assets of each fund (in the case of the current contract) and in the aggregate net assets of the Fund Family (in the case of the proposed contract). For further discussion of the potential impact of future changes in asset levels, see “What factors did the Independent Trustees consider in evaluating the proposed management contracts?” below. Proposed addition of performance fees Certain of the Putnam funds (the “Absolute Return” and “Spectrum” funds) already have management fee rates that vary based on the performance of the fund in relation to the -32-  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 -33-  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, -34-  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 7 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. -35-  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. -36-  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 -37-  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? -38-  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 -39-  (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 8 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. 9 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. 10 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. -40-  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 -41-  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 -42-  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 12 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? -43-  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 -44-  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: -45-  “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. -46-  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? -47-  The Trustees unanimously recommend that shareholders approve an amendment to each affected fund’s fundamental investment restriction with respect to borrowing. ► What is the voting requirement for approving the proposal? Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected fund, or (2) 67% or more of the shares of the affected fund present at the meeting if more than 50% of the outstanding shares of the affected fund are present at the meeting in person or by proxy. 3.E. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO MAKING LOANS Affected funds: Putnam Europe Equity Fund Putnam Global Natural Resources Fund Putnam Growth Opportunities Fund Putnam International Capital Opportunities Fund Putnam International Equity Fund Putnam New Jersey Tax Exempt Income Fund Putnam New Opportunities Fund Putnam Vista Fund ► What is this proposal? The Trustees recommend that each affected fund’s fundamental investment restriction with respect to making loans be revised to reflect the standard restriction used by other Putnam funds. This change would remove any limitations on each affected fund’s ability to enter into repurchase agreements and securities loans and would clarify that each affected fund is permitted (subject to the limitation discussed in Proposal 3.D.) to participate in the proposed interfund lending program first described in Proposal 3.D. Each affected fund currently has one of the following fundamental investment restrictions which states that such affected fund may not: “Make loans, except by purchase of debt obligations in which the fund may invest consistent with its investment policies, by entering into repurchase agreements, or by lending its portfolio securities.” (All affected funds except Putnam Growth Opportunities Fund and Putnam International Capital Opportunities Fund) OR  “Make loans, except by purchase of debt obligations in which the fund may invest consistent with its investment policies, by entering into repurchase agreements with respect to not more than 25% of its total assets (taken at current value) or through the lending of its portfolio securities with respect to not more than 25% of its total assets (taken at current value).” (Putnam Growth Opportunities Fund and International Capital Opportunities Fund) -48-  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? -49-  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 -50-  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. -51-  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. -52-  ► 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:] -53-  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. -54-  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 -55-  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. -56-  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. -57-  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. -58-  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 15 instructions by telephone are designed to authenticate Contract Owners’ identities, to allow them to authorize the voting of their units in accordance with their instructions, and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be 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 -59-  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 -60-  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 16 the fund, to the attention of the Clerk, at the address of the principal offices of the fund. If a shareholder who wishes to present a proposal at a special shareholder meeting fails to notify the fund within a reasonable time before the fund mails its proxy statement, the persons named as proxies will have discretionary authority to vote on the shareholder’s proposal if it is properly brought before the meeting. If a shareholder makes a timely notification, the proxies may still exercise discretionary voting authority under circumstances consistent with the SEC’s proxy rules. All shareholder proposals must also comply with other requirements of the SEC’s rules and the fund’s Agreement and Declaration of Trust. Information for all Putnam closed-end 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 17 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 -61-  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. -62-  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. -63-  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 -64-  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. -65-  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. -66-  Below is the form of proxy card for all fundsexcept: Putnam Asia Pacific Equity Fund  Putnam International Growth and Income Fund  Putnam Emerging Markets Equity Fund  Putnam International New Opportunities Fund  Putnam Europe Equity Fund  Putnam New Opportunities Fund  Putnam Global Equity Fund  Putnam Small Cap Growth Fund  Putnam Growth Opportunities Fund  Putnam Vista Fund  Putnam International Capital Opportunities Fund  Putnam Voyager Fund  Putnam International Equity Fund  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  A-1  Putnam Convertible  Putnam Diversified  Putnam Emerging  Putnam Equity  Putnam Equity  Income-Growth  Income Trust  Markets Equity Fund  Income Fund  Spectrum Fund  Trust  Class A  Class B  Class C  Class M  Class R  Class Y  Putnam Europe  Putnam Floating  The Putnam Fund for  The George Putnam  Putnam Global  Equity Fund  Rate Income Fund  Growth and Income  Fund of Boston  Consumer Fund  Class A  Class B  Class C  Class M  Class R  Class Y  Putnam Global  Putnam Global  Putnam Global  Putnam Global  Putnam Global  Energy Fund  Equity Fund  Financials Fund  Health Care Fund  Income Trust  Class A  Class B  Class C  Class M  Class R  Class Y  Putnam Global  Putnam Global  Putnam Global  Putnam Global  Putnam Global  Industrials Fund  Natural Resources  Technology Fund  Telecommunications  Utilities Fund  Fund  Fund  Class A  Class B  Class C  Class M  Class R  Class Y  A-2  Putnam Growth  Putnam High Yield  Putnam High Yield  Putnam Income Fund  Putnam Income  Opportunities Fund  Advantage Fund  Trust  Strategies Fund  Class A  Class B  Class C  Class M  Class R  Class Y  Putnam International  Putnam International  Putnam International  Putnam International  Putnam Investors  Capital  Equity Fund  Growth and Income  New Opportunities  Fund  Opportunities Fund  Fund  Fund  Class A  Class B  Class C  Class M  Class R  Class Y  Putnam  Putnam Michigan  Putnam Mid Cap  Putnam Minnesota  Putnam Money  Massachusetts Tax  Tax Exempt Income  Value Fund  Tax Exempt Income  Market Fund  Exempt Income  Fund  Fund  Fund  Class A  Class B  Class C  Class M  Class R  --  --  --  Class T  --  --  --  --  Class Y  --  A-3  Putnam Money  Putnam New Jersey  Putnam New  Putnam New York  Putnam Ohio Tax  Market Liquidity  Tax Exempt Income  Opportunities Fund  Tax Exempt Income  Exempt Income  Fund  Fund  Fund  Fund  Class A  Class B  --  Class C  --  Class I  --  --  --  --  Class M  --  Class P  --  --  --  --  Class R  --  --  --  Class S  --  --  --  --  Class Y  --  Putnam  Putnam Research  Putnam  Putnam  Putnam  Pennsylvania Tax  Fund  RetirementReady  RetirementReady  RetirementReady  Exempt Income  2010 Fund  2015 Fund  2020 Fund  Fund  Class A  Class B  Class C  Class M  Class R  --  Class Y  Putnam  Putnam  Putnam  Putnam  Putnam  RetirementReady  RetirementReady  RetirementReady  RetirementReady  RetirementReady  2025 Fund  2030 Fund  2035 Fund  2040 Fund  2045 Fund  Class A  Class B  Class C  Class M  Class R  Class Y  A-4  Putnam  Putnam  Putnam Small Cap  Putnam Small Cap  Putnam Tax Exempt  RetirementReady  RetirementReady  Growth Fund  Value Fund  Income Fund  2050 Fund  Maturity Fund  Class A  Class B  Class C  Class M  Class R  --  Class Y  Putnam Tax Exempt  Putnam Tax-Free  Putnam U.S.  Putnam Vista Fund  Putnam Voyager  Money Market Fund  High Yield Fund  Government Income  Fund  Trust  Class A  Class B  --  Class C  --  Class M  --  Class R  --  --  Class Y  --  Putnam VT  Putnam VT Capital  Putnam VT  Putnam VT Equity  Putnam VT The  American  Opportunities Fund  Diversified Income  Income Fund  George Putnam Fund  Government Income  Fund  of Boston  Fund  Class IA  Class IB  Putnam VT Global  Putnam VT Global  Putnam VT Global  Putnam VT Global  Putnam VT Growth  Asset Allocation  Equity Fund  Health Care Fund  Utilities Fund  and Income Fund  Fund  Class IA  Class IB  Putnam VT Growth  Putnam VT High  Putnam VT Income  Putnam VT  Putnam VT  Opportunities Fund  Yield Fund  Fund  International Equity  International Growth  Fund  and Income Fund  Class IA  Class IB  A-5  Putnam VT  Putnam VT Investors  Putnam VT Mid Cap  Putnam VT Money  Putnam VT New  International New  Fund  Value Fund  Market Fund  Opportunities Fund  Opportunities Fund  Class IA  Class IB  Putnam VT Research  Putnam VT Small  Putnam VT Vista  Putnam VT Voyager  Fund  Cap Value Fund  Fund  Fund  Class IA  Class IB  A-6  APPENDIX B -- Dollar Range and Number of Shares Beneficially Owned The following tables show the number of shares beneficially owned by each Trustee in each fund, as well as the value of those holdings in each fund and across all funds, as of June 30, 2009. In addition, the tables show the number of shares beneficially owned in each fund for the Trustees and officers as a group. Where the number of shares beneficially owned exceeds 1% of the class owned, the percentage is included in parentheses below. None of the Trustees or officers owned shares of Putnam Money Market Liquidity Fund, Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2035 Fund, Putnam VT Global Health Care Fund, Putnam VT Global Utilities Fund, or Putnam VT Money Market Fund as of June 30, 2009. All references in the tables are to Class A shares unless otherwise indicated. B-1    Putnam Absolute Return  Putnam Absolute Return 300  Putnam Absolute Return 500  Putnam Absolute Return 700    100 Fund  Fund  Fund  Fund  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  Jameson A.                  Baxter  $10,001-$50,000  999.001  $10,001-$50,000  3,772.453  $10,001-$50,000  3,804.183  $10,001-$50,000  994.036  Charles B.                  Curtis  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  Robert J.                  Darretta  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  Myra R.                  Drucker  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  John A. Hill  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  Paul L.                  Joskow  $1-$10,000  150.000  $1-$10,000  150.000  $1-$10,000  149.105  $1-$10,000  149.105  Elizabeth T.                  Kennan  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  Kenneth R.                  Leibler  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  Robert E.                  Patterson  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  George                  Putnam, III  $10,001-$50,000  1,000.000  $10,001-$50,000  997.009  $10,001-$50,000  1,013.171  $1-$10,000  808.898  W. Thomas                  Stephens  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  Richard B.                  Worley  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  Robert L.                  Reynolds  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  Trustees and          $50,001-        Officers as a  $10,001-$50,000  3,249.001      $100,000  7,055.579      group  $1-$10,000 (Class  960.379      $10,000-$50,000  1,810.724        Y Shares)  (Class Y Shares)  $50,001-$100,000  6,120.261  (Class Y Shares)  (Class Y Shares)  $10,001-$50,000  3,152.346  B-2    Putnam American  Putnam AMT-Free  Putnam Arizona Tax Exempt  Putnam Asia Pacific Equity    Government Income Fund  Municipal Fund  Income Fund  Fund  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  101.451  $1-$10,000  100.915  $1-$10,000  101.016  $1-$10,000  100.000  Jameson A.                  Baxter  $1-$10,000  451.813  $1-$10,000  585.375  $1-$10,000  199.613  $10,001-$50,000  2,569.373  Charles B.                  Curtis  $1-$10,000  137.394  $1-$10,000  144.469  $1-$10,000  142.639  $1-$10,000  100.000  Robert J.                  Darretta  $1-$10,000  109.389  $1-$10,000  107.850  $1-$10,000  109.177  $1-$10,000  100.000  Myra R.                  Drucker  $1-$10,000  120.409  $1-$10,000  121.824  $1-$10,000  123.150  $1-$10,000  100.000  John A. Hill  Over $100,000  12,437.036  $1-$10,000  206.268  $1-$10,000  240.028  $1-$10,000  100.000  Paul L.                  Joskow  $10,001-$50,000  1,617.272  $1-$10,000  165.356  $1-$10,000  178.072  $1-$10,000  259.875  Elizabeth T.                  Kennan  $1-$10,000  147.975  $1-$10,000  122.832  $1-$10,000  119.683  $1-$10,000  512.295  Kenneth R.                  Leibler  $1-$10,000  112.781  $1-$10,000  111.389  $1-$10,000  112.880  $1-$10,000  100.000  Robert E.                  Patterson  $10,001-$50,000  2,299.974  $1-$10,000  122.930  $1-$10,000  124.497  $1-$10,000  100.000  George                  Putnam, III  $10,001-$50,000  3,435.238  $10,001-$50,000  888.401  $10,001-$50,000  1,389.358  $10,001-$50,000  1,027.749  W. Thomas                  Stephens  $1-$10,000  356.077  $1-$10,000  174.108  $1-$10,000  170.021  $1-$10,000  100.000  Richard B.                  Worley  $1-$10,000  120.409  $1-$10,000  121.603  $1-$10,000  122.868  $1-$10,000  100.000  Robert L.                  Reynolds  $1-$10,000  102.212  $1-$10,000  101.754  $1-$10,000  102.169  $1-$10,000  100.000  Trustees and  Over $100,000  22,506.692              Officers as a  Over $100,000  12,851.829          $50,001-    group  (Class Y Shares)  (Class Y Shares)  $10,001-$50,000  3,075.074  $10,001-$50,000  3,235.171  $100,000 5,369.292  B-3    Putnam Asset Allocation:  Putnam Asset Allocation:  Putnam Asset Allocation:  Putnam Asset Allocation:    Balanced Portfolio  Conservative Portfolio  Equity Portfolio  Growth Portfolio  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  102.003  $1-$10,000  101.314  $1-$10,000  100.000  $1-$10,000  100.000  Jameson A.                  Baxter  Over $100,000  25,710.917  $10,001-$50,000  1,344.237  None  0.000  Over $100,000  34,932.084  Charles B.                  Curtis  $1-$10,000  128.059  Over $100,000  14,111.008  None  0.000  Over $100,000  13,095.372  Robert J.                  Darretta  $1-$10,000  108.362  $1-$10,000  107.879  None  0.000  $1-$10,000  107.198  Myra R.              $50,001-    Drucker  $10,001-$50,000  4,143.598  $1-$10,000  117.024  None  0.000  $100,000  9,713.900  John A. Hill              $50,001-      Over $100,000  402,575.918  Over $100,000  122,538.767  None  0.000  $100,000  6,619.158  Paul L.                  Joskow  Over $100,000  28,499.751  $1-$10,000  271.864  None  0.000  $10,001-$50,000  1,149.293  Elizabeth T.              $50,001-    Kennan  $1-$10,000  381.207  $1-$10,000  378.620  None  0.000  $100,000  5,405.355  Kenneth R.                  Leibler  $1-$10,000  109.647  $1-$10,000  110.258  None  0.000  $1-$10,000  107.588  Robert E.                  Patterson  $10,001-$50,000  1,277.619  $10,001-$50,000  1,350.310  None  0.000  $10,001-$50,000  2,402.978  George                  Putnam, III  $10,001-$50,000  3,224.376  $10,001-$50,000  4,965.041  None  0.000  Over $100,000  26,391.289  W. Thomas                  Stephens  $1-$10,000  100.810  $10,001-$50,000  5,532.640  None  0.000  $1-$10,000  109.726  Richard B.                  Worley  $1-$10,000  113.250  $1-$10,000  117.024  None  0.000  $1-$10,000  109.726  Robert L.              $1-$10,000  100.000  Reynolds              $10,001-$50,000  4,646.164 (Class    $1-$10,000  102.003  $1-$10,000  102.183  $1-$10,000  100.000  (Class Y Shares)  Y Shares)  Trustees and  Over $100,000  466,577.521  Over $100,000  151,148.169      Over $100,000  106,671.544  Officers as a  Over $100,000  236,158.697   $10,001-$50,000  4,741.469     Over $100,000  62,288.841  group  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares) $1-$10,000  200.000  (Class Y Shares)  (Class Y Shares)  B-4    Putnam California Tax  Putnam Capital  Putnam Capital Spectrum  Putnam Convertible Income-    Exempt Income Fund  Opportunities Fund  Fund  Growth Trust  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  101.101  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  102.139  Jameson A.                  Baxter  $1-$10,000  262.805  $10,001-$50,000  2,099.255  $10,001-$50,000  1,664.448  Over $100,000  7,482.259  Charles B.                  Curtis  $1-$10,000  151.828  $1-$10,000  156.590  $1-$10,000  133.779  $1-$10,000  134.481  Robert J.                  Darretta  $1-$10,000  109.158  $1-$10,000  111.177  $1-$10,000  100.000  $1-$10,000  106.954  Myra R.                  Drucker  $1-$10,000  127.872  $1-$10,000  147.103  $1-$10,000  100.000  $1-$10,000  116.748  John A. Hill  $1-$10,000  209.054  Over $100,000  20,763.436  Over $100,000  6,752.194  Over $100,000  38,286.046  Paul L.                  Joskow  $1-$10,000  203.342  $1-$10,000  270.093  $1-$10,000  167.224  $10,001-$50,000  2,135.670  Elizabeth T.                  Kennan  $1-$10,000  143.242  $10,001-$50,000  1,624.457  $1-$10,000  330.688  $10,001-$50,000  1,603.346  Kenneth R.                  Leibler  $1-$10,000  113.096  $1-$10,000  125.300  $1-$10,000  100.000  $1-$10,000  109.077  Robert E.              $50,001-    Patterson  $1-$10,000  129.406  $10,001-$50,000  2,234.669  $1-$10,000  100.000  $100,000  3,776.440  George                  Putnam, III  $10,001-$50,000  1,649.763  $10,001-$50,000  1,754.049  $10,001-$50,000  1,003.344  Over $100,000  14,624.437  W. Thomas                  Stephens  $1-$10,000  183.752  $1-$10,000  147.103  $1-$10,000  100.000  $1-$10,000  225.954  Richard B.                  Worley  $1-$10,000  127.630  $1-$10,000  147.103  $1-$10,000  100.000  $1-$10,000  115.815  Robert L.                  Reynolds  $1-$10,000  102.117  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  102.139  Trustees and      Over $100,000  29,780.335  Over $100,000  10,851.677  Over $100,000  70,169.718  Officers as a      $50,001-$100,000  9,801.682  Over $100,000  24,098.930  Over $100,000  33,049.404  group  $10,001-$50,000  3,614.166  (Class Y Shares)  (Class Y Shares) (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  B-5    Putnam Diversified Income  Putnam Emerging Markets  Putnam Equity Income Fund  Putnam Equity Spectrum    Trust  Equity Fund      Fund  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  103.732  $1-$10,000  100.000  $1-$10,000  100.996  $1-$10,000  100.000  Jameson A.  $50,001-                Baxter  $100,000  10,627.176  $10,001-$50,000  3,692.762  Over $100,000  13,607.496  $10,001-$50,000  1,668.892  Charles B.                  Curtis  $1-$10,000  297.985  $1-$10,000  100.000  $1-$10,000  273.907  $1-$10,000  135.044  Robert J.                  Darretta  $1-$10,000  116.897  $1-$10,000  100.000  $1-$10,000  208.222  $1-$10,000  100.000  Myra R.                  Drucker  $1-$10,000  1,414.816  $1-$10,000  100.000  $10,001-$50,000  2,353.318  $1-$10,000  100.000  John A. Hill  Over $100,000  165,242.437  $1-$10,000  500.000  Over $100,000  21,175.440  Over $100,000  6,821.282  Paul L.                  Joskow  $1-$10,000  465.336  $1-$10,000  158.983  Over $100,000  17,686.574  $1-$10,000  168.805  Elizabeth T.  $50,001-                Kennan  $100,000  9,253.229  $1-$10,000  571.431  $10,001-$50,000  1,593.759  $1-$10,000  198.807  Kenneth R.                  Leibler  $1-$10,000  121.728  $1-$10,000  100.000  $1-$10,000  231.033  $1-$10,000  100.000  Robert E.                  Patterson  $10,001-$50,000  1,686.528  $1-$10,000  100.000  $10,001-$50,000  3,338.147  $1-$10,000  100.000  George                  Putnam, III  $10,001-$50,000  6,526.946  $10,001-$50,000  1,503.759  Over $100,000  57,154.871  $10,001-$50,000  1,005.362  W. Thomas                  Stephens  $1-$10,000  419.702  $1-$10,000  100.000  $1-$10,000  376.099  $1-$10,000  100.000  Richard B.                  Worley  $1-$10,000  139.123  $1-$10,000  100.000  $1-$10,000  252.400  $1-$10,000  100.000  Robert L.                  Reynolds  $1-$10,000  105.729  $1-$10,000  100.000  $1-$10,000  100.996  $1-$10,000  100.000  Trustees and      $50,001-            Officers as a  Over $100,000  302,453.434  $100,000  7,326.935  Over $100,000  123,118.914      group  Over $100,000  77,521.530  Over $100,000  15,164.699  Over $100,000  35,235.215        (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  Over $100,000  10,798.192  B-6    Putnam Europe Equity Fund  Putnam Floating Rate  The Putnam Fund for  The George Putnam Fund of        Income Fund  Growth and Income  Boston  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.919  $1-$10,000  100.941  $1-$10,000  101.043  Jameson A.                  Baxter  $10,001-$50,000  2,789.669  $10,001-$50,000  2,524.656  Over $100,000  14,369.217  Over $100,000  14,452.830  Charles B.                  Curtis  $1-$10,000  133.974  $1-$10,000  123.105  $1-$10,000  272.006  $1-$10,000  361.780  Robert J.                  Darretta  $1-$10,000  122.007  $1-$10,000  111.153  $1-$10,000  222.649  $1-$10,000  121.972  Myra R.                  Drucker  $1-$10,000  127.803  $1-$10,000  128.533  $1-$10,000  248.998  $1-$10,000  144.863  John A. Hill  $1-$10,000  639.019  $1-$10,000  102.156  Over $100,000  32,662.080  Over $100,000  25,013.813  Paul L.                  Joskow  $1-$10,000  593.546  $1-$10,000  227.089  Over $100,000  13,163.607  $10,001-$50,000  2,448.268  Elizabeth T.                  Kennan  $10,001-$50,000  936.112  $1-$10,000  121.004  $1-$10,000  549.345  $1-$10,000  797.507  Kenneth R.                  Leibler  $1-$10,000  124.657  $1-$10,000  116.642  $1-$10,000  240.257  $1-$10,000  135.307  Robert E.                  Patterson  $10,001-$50,000  2,473.942  $1-$10,000  1,226.814  $10,001-$50,000  1,416.221  $10,001-$50,000  1,479.845  George                  Putnam, III  $10,001-$50,000  1,193.131  $10,001-$50,000  4,416.485  Over $100,000  14,093.755  Over $100,000  39,223.546  W. Thomas      $50,001-            Stephens  $1-$10,000  171.780  $100,000  8,142.333  $1-$10,000  380.935  $1-$10,000  372.239  Richard B.                  Worley  $1-$10,000  127.803  $1-$10,000  128.296  $1-$10,000  248.998  $1-$10,000  144.863  Robert L.                  Reynolds  $1-$10,000  100.000  $1-$10,000  101.976  $1-$10,000  100.941  $1-$10,000  102.604  Trustees and              Over $100,000    Officers as a      Over $100,000  18,276.508  Over $100,000  78,105.912  $50,001-  86,653.129  group      Over $100,000  55,754.996  Over $100,000  19,937.263  $100,000 (Class  7,906.376 (Class    Over $100,000  10,194.720  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  Y Shares)  Y Shares)  B-7    Putnam Global Consumer  Putnam Global Energy Fund  Putnam Global Equity Fund  Putnam Global Financials    Fund          Fund  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  Jameson A.          $50,001-        Baxter  $1-$10,000  526.870  $1-$10,000  482.160  $100,000  11,227.448  $1-$10,000  574.053  Charles B.                  Curtis  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  451.962  $1-$10,000  100.000  Robert J.                  Darretta  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  102.965  $1-$10,000  100.000  Myra R.                  Drucker  $1-$10,000  100.000  $1-$10,000  100.000  $10,001-$50,000  3,355.073  $1-$10,000  100.000  John A. Hill  $1-$10,000  100.000  $1-$10,000  100.000  Over $100,000  38,624.589  $1-$10,000  100.000  Paul L.                  Joskow  $1-$10,000  146.056  $1-$10,000  138.376  $1-$10,000  652.572  $1-$10,000  144.788  Elizabeth T.                  Kennan  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  1,194.835  $1-$10,000  100.000  Kenneth R.                  Leibler  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  104.598  $1-$10,000  100.000  Robert E.          $50,001-        Patterson  $1-$10,000  100.000  $1-$10,000  100.000  $100,000  11,106.153  $1-$10,000  100.000  George                  Putnam, III  $10,001-$50,000  1,126.126  $10,001-$50,000  1,111.111  Over $100,000  34,309.815  $10,001-$50,000  1,396.648  W. Thomas                  Stephens  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  660.501  $1-$10,000  100.000  Richard B.                  Worley  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  105.713  $1-$10,000  100.000  Robert L.                  Reynolds  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  Trustees and          Over $100,000        Officers as a          $50,001-  103,265.797  $10,001-$50,000  3,215.489  group          $100,000 (Class  8,361.135 (Class  Over $100,000  25,063.017    $10,001-$50,000  2,899.052  $10,001-$50,000  2,831.647  Y Shares)  Y Shares)  (Class Y Shares)  (Class Y Shares)  B-8    Putnam Global Health Care  Putnam Global Income Trust  Putnam Global Industrials  Putnam Global Natural    Fund      Fund  Resources Fund  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $50,001-                  $100,000  1,333.350  $1-$10,000  102.312  $1-$10,000  100.000  $1-$10,000  100.000  Jameson A.                  Baxter  $1-$10,000  228.195  $10,001-$50,000  1,059.711  $1-$10,000  520.833  $10,001-$50,000  1,439.019  Charles B.                  Curtis  $1-$10,000  162.208  $1-$10,000  152.934  $1-$10,000  100.000  $1-$10,000  228.718  Robert J.                  Darretta  $1-$10,000  127.791  $1-$10,000  111.704  $1-$10,000  100.000  $1-$10,000  142.671  Myra R.                  Drucker  $1-$10,000  162.208  $1-$10,000  126.874  $1-$10,000  100.000  $1-$10,000  201.496  John A. Hill  Over $100,000  4,588.034  $1-$10,000  176.079  $1-$10,000  100.000  Over $100,000  12,510.731  Paul L.                  Joskow  $10,001-$50,000  705.778  $1-$10,000  210.448  $1-$10,000  140.845  $1-$10,000  249.031  Elizabeth T.                  Kennan  $1-$10,000  162.208  $1-$10,000  399.023  $1-$10,000  100.000  $10,001-$50,000  2,103.902  Kenneth R.                  Leibler  $1-$10,000  141.266  $1-$10,000  114.987  $1-$10,000  100.000  $1-$10,000  160.002  Robert E.                  Patterson  $10,001-$50,000  371.480  $10,001-$50,000  922.979  $1-$10,000  100.000  $1-$10,000  556.234  George      $50,001-            Putnam, III  Over $100,000  4,448.910  $100,000  4,408.805  $10,001-$50,000  1,234.568  $10,001-$50,000  2,446.772  W. Thomas                  Stephens  $1-$10,000  224.231  $1-$10,000  191.873  $1-$10,000  100.000  $1-$10,000  301.720  Richard B.                  Worley  $1-$10,000  162.208  $1-$10,000  126.607  $1-$10,000  100.000  $1-$10,000  201.496  Robert L.                  Reynolds  $1-$10,000  100.000  $1-$10,000  103.487  $1-$10,000  100.000  $1-$10,000  100.000  Trustees and      $50,001-            Officers as a  Over $100,000  12,942.730  $100,000  8,207.823      Over $100,000  20,741.792  group   Over $100,000  4,575.853 (Class  Over $100,000  13,406.264      Over $100,000  7,781.644 (Class    (Class Y Shares)  Y Shares)  (Class Y Shares)  (Class Y Shares)  $10,001-$50,000  2,996.246  (Class Y Shares)  Y Shares)  B-9    Putnam Global Technology  Putnam Global Telecommunications  Putnam Global Utilities  Putnam Growth    Fund  Fund Fund  Opportunities Fund  Trustees/  Dollar Range  Shares  Dollar Range of  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  Shares Owned  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  (Class A)  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  101.451  $1-$10,000  100.000  Jameson A.                  Baxter  $1-$10,000  478.011  $1-$10,000  531.915  $1-$10,000  686.316  $1-$10,000  479.604  Charles B.                  Curtis  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  124.878  $1-$10,000  105.939  Robert J.                  Darretta  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  104.968  $1-$10,000  100.000  Myra R.                  Drucker  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  110.876  $1-$10,000  100.867  John A. Hill  $1-$10,000  100.000  $1-$10,000  100.000  $10,001-$50,000  3,577.554  $10,001-$50,000  2,532.828  Paul L.                  Joskow  $1-$10,000  141.509  $1-$10,000  147.929  $10,001-$50,000  1,047.059  $1-$10,000  834.652  Elizabeth T.                  Kennan  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  122.891  $1-$10,000  100.867  Kenneth R.                  Leibler  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  106.034  $1-$10,000  100.000  Robert E.                  Patterson  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  759.653  $10,001-$50,000  2,146.569  George                  Putnam, III  $10,001-$50,000  1,084.599  $10,001-$50,000  1,173.709  $10,001-$50,000  2,302.391  $10,001-$50,000  2,785.949  W. Thomas                  Stephens  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  179.645  $1-$10,000  101.894  Richard B.                  Worley  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  110.298  $1-$10,000  100.867  Robert L.                  Reynolds  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  101.451  $1-$10,000  100.000  Trustees and          $50,001-        Officers as a          $100,000  9,435.465  Over $100,000  9,772.107  group          $1-$10,000  548.835 (Class Y  $10,001-$50,000  1,117.922 (Class    $10,001-$50,000  2,804.119 $10,001-$50,000  2,953.553  (Class Y Shares)  Shares)  (Class Y Shares)  Y Shares)  B-10    Putnam High Yield  Putnam High Yield Trust  Putnam Income Fund  Putnam Income Strategies    Advantage Fund          Fund  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  103.082  $1-$10,000  103.139  $1-$10,000  102.907  $1-$10,000  102.134  Jameson A.                  Baxter  $10,001-$50,000  3,180.238  Over $100,000  23,324.278  $10,001-$50,000  4,937.261  $10,001-$50,000  6,049.886  Charles B.                  Curtis  $1-$10,000  199.006  $1-$10,000  539.814  $1-$10,000  151.476  $1-$10,000  123.903  Robert J.                  Darretta  $1-$10,000  117.935  $1-$10,000  117.628  $1-$10,000  115.377  $1-$10,000  114.596  Myra R.                  Drucker  $1-$10,000  143.673  $1-$10,000  296.035  $1-$10,000  129.018  $1-$10,000  123.540  John A. Hill  $50,001-                  $100,000  19,007.694  Over $100,000  17,431.120  Over $100,000  177,776.464  Over $100,000  29,391.280  Paul L.      $50,001-            Joskow  $10,001-$50,000  4,555.602  $100,000  8,601.853  $1-$10,000  258.071  $1-$10,000  588.939  Elizabeth T.                  Kennan  $1-$10,000  633.369  $1-$10,000  853.422  $10,001-$50,000  4,277.182  $10,001-$50,000  2,263.790  Kenneth R.                  Leibler  $1-$10,000  124.554  $1-$10,000  124.170  $1-$10,000  119.566  $1-$10,000  118.732  Robert E.  $50,001-    $50,001-            Patterson  $100,000  11,244.766  $100,000  8,706.869  $10,001-$50,000  1,810.768  $1-$10,000  1,181.065  George                  Putnam, III  $10,001-$50,000  4,325.059  Over $100,000  25,640.666  $10,001-$50,000  7,413.692  $10,001-$50,000  3,533.617  W. Thomas                  Stephens  $1-$10,000  292.670  $1-$10,000  500.037  $1-$10,000  190.829  $1-$10,000  123.903  Richard B.                  Worley  $1-$10,000  143.673  $1-$10,000  287.614  $1-$10,000  129.018  $1-$10,000  116.510  Robert L.                  Reynolds  $1-$10,000  104.753  $1-$10,000  104.862  $1-$10,000  104.464  $1-$10,000  103.301  Trustees and  Over $100,000  44,176.074  Over $100,000  88,486.291  Over $100,000  221,439.013      Officers as a  $10,001-$50,000  2,142.788  Over $100,000  45,682.860  Over $100,000  233,156.662      group  (Class Y Shares)  (Class Y Shares) (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  Over $100,000  43,935.196  B-11    Putnam International Capital  Putnam International Equity  Putnam International  Putnam International New    Opportunities Fund  Fund  Growth and Income Fund  Opportunities Fund  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  Jameson A.          $50,001-        Baxter  Over $100,000  9,436.596  Over $100,000  12,046.543  $100,000  8,756.289  $10,001-$50,000  3,588.827  Charles B.                  Curtis  Over $100,000  4,681.229  Over $100,000  6,641.256  $1-$10,000  142.429  $1-$10,000  105.952  Robert J.                  Darretta  $1-$10,000  107.496  $1-$10,000  123.413  $1-$10,000  120.787  $1-$10,000  101.357  Myra R.                  Drucker  $1-$10,000  112.847  $1-$10,000  136.557  $1-$10,000  135.602  $1-$10,000  103.705  John A. Hill  $10,001-$50,000  858.114  Over $100,000  23,671.129  Over $100,000  18,043.415  $50,001-$100,000  5,031.033  Paul L.      $50,001-            Joskow  $10,001-$50,000  458.875  $100,000  3,436.552  $1-$10,000  1,019.160  $10,001-$50,000  1,426.685  Elizabeth T.                  Kennan  $10,001-$50,000  1,659.332  $1-$10,000  561.098  $1-$10,000  879.333  $1-$10,000  205.034  Kenneth R.                  Leibler  $1-$10,000  109.672  $1-$10,000  131.994  $1-$10,000  132.981  $1-$10,000  101.807  Robert E.      $50,001-    $50,001-        Patterson  $10,001-$50,000  1,966.800  $100,000  4,968.024  $100,000  7,500.133  $10,001-$50,000  4,010.708  George      $50,001-            Putnam, III  $10,001-$50,000  1,850.698  $100,000  5,509.071  $10,001-$50,000  3,008.279  $50,001-$100,000  7,270.555  W. Thomas                  Stephens  $1-$10,000  135.033  $1-$10,000  244.579  $1-$10,000  202.078  $1-$10,000  153.497  Richard B.                  Worley  $1-$10,000  112.847  $1-$10,000  136.557  $1-$10,000  135.602  $1-$10,000  103.705  Robert L.                  Reynolds  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  Trustees and      Over $100,000            Officers as a  Over $100,000  22,738.588  $50,001-  63,064.443  Over $100,000  41,355.435  Over $100,000  23,822.031  group  Over $100,000  12,346.292  $100,000 (Class  3,486.918 (Class  $10,001-$50,000  5,274.831 (Class  Over $100,000  10,679.712    (Class Y Shares)  (Class Y Shares)  Y Shares)  Y Shares)  (Class Y Shares)  Y Shares)  (Class Y Shares)  (Class Y Shares)  B-12    Putnam Investors Fund  Putnam Massachusetts Tax  Putnam Michigan Tax  Putnam Mid Cap Value        Exempt Income Fund  Exempt Income Fund  Fund  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.942  $1-$10,000  100.944  $1-$10,000  100.000  Jameson A.                  Baxter  Over $100,000  16,562.067  $1-$10,000  207.487  $1-$10,000  198.223  $10,001-$50,000  2,397.257  Charles B.                  Curtis  $1-$10,000  339.611  $1-$10,000  143.568  $1-$10,000  141.360  $1-$10,000  161.508  Robert J.                  Darretta  $1-$10,000  329.050  $1-$10,000  108.990  $1-$10,000  107.757  $1-$10,000  119.807  Myra R.                  Drucker  $10,001-$50,000  3,020.863  $1-$10,000  123.764  $1-$10,000  119.852  $1-$10,000  152.392  John A. Hill  Over $100,000  48,193.893  $1-$10,000  190.802  $1-$10,000  180.460  $1-$10,000  165.961  Paul L.  $50,001-                Joskow  $100,000  9,840.702  $1-$10,000  171.960  $1-$10,000  176.980  $1-$10,000  182.980  Elizabeth T.                  Kennan  $10,001-$50,000  3,384.795  $1-$10,000  125.063  $1-$10,000  116.606  $1-$10,000  469.860  Kenneth R.                  Leibler  $1-$10,000  329.267  $1-$10,000  112.570  $1-$10,000  111.035  $1-$10,000  134.415  Robert E.  $50,001-                Patterson  $100,000  7,311.853  $1-$10,000  102.483  $1-$10,000  121.197  $10,001-$50,000  1,909.536  George  $50,001-                Putnam, III  $100,000  6,168.940  $50,001-$100,000  6,641.649  $10,001-$50,000  1,411.609  $10,001-$50,000  3,260.326  W. Thomas                  Stephens  $1-$10,000  400.824  $1-$10,000  173.513  $1-$10,000  167.770  $1-$10,000  152.392  Richard B.                  Worley  $1-$10,000  331.175  $1-$10,000  123.526  $1-$10,000  119.649  $1-$10,000  152.392  Robert L.                  Reynolds  $1-$10,000  100.000  $1-$10,000  102.359  $1-$10,000  101.799  $1-$10,000  100.000  Trustees and              $50,001-    Officers as a  Over $100,000  98,924.856          $100,000  9,718.732  group  Over $100,000  36,678.952          Over $100,000  19,698.384    (Class Y Shares)  (Class Y Shares)  Over $100,000  23,998.416  $10,001-$50,000  3,175.241  (Class Y Shares)  (Class Y Shares)  B-13    Putnam Minnesota Tax  Putnam Money Market Fund  Putnam New Jersey Tax  Putnam New Opportunities    Exempt Income Fund      Exempt Income Fund  Fund  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury      $50,001-              $1-$10,000  100.862  $100,000  75,337.280  $1-$10,000  100.933  $1-$10,000  100.000  Jameson A.      $50,001-            Baxter  $1-$10,000  196.300  $100,000  99,711.210  $1-$10,000  202.377  Over $100,000  4,514.129  Charles B.                  Curtis  $1-$10,000  139.454  Over $100,000  141,570.540  $1-$10,000  139.535  $1-$10,000  184.036  Robert J.                  Darretta  $1-$10,000  107.486  Over $100,000  507,962.080  $1-$10,000  107.966  $1-$10,000  139.653  Myra R.                  Drucker  $1-$10,000  120.113  $1-$10,000  115.700  $1-$10,000  120.527  $1-$10,000  139.653  John A. Hill  $1-$10,000  240.878  Over $100,000  212,767.220  $1-$10,000  250.914  $10,001-$50,000  1,401.936  Paul L.                  Joskow  $1-$10,000  178.223  Over $100,000  236,964.630  $1-$10,000  174.813  $10,001-$50,000  1,116.807  Elizabeth T.                  Kennan  $1-$10,000  117.004  $1-$10,000  9,252.070  $1-$10,000  121.732  $1-$10,000  145.147  Kenneth R.                  Leibler  $1-$10,000  110.840  $1-$10,000  3,659.470  $1-$10,000  111.440  $1-$10,000  139.653  Robert E.                  Patterson  $1-$10,000  121.426  Over $100,000  106,747.040  $1-$10,000  121.743  $10,001-$50,000  626.801  George                  Putnam, III  $10,001-$50,000  1,418.280  Over $100,000  397,841.990  $10,001-$50,000  1,374.548  $50,001-$100,000  1,596.493  W. Thomas                  Stephens  $1-$10,000  166.739  Over $100,000  369,501.420  $1-$10,000  166.428  $1-$10,000  216.699  Richard B.                  Worley  $1-$10,000  119.882  $1-$10,000  2,909.210  $1-$10,000  120.286  $1-$10,000  139.653  Robert L.      $50,001-            Reynolds  $1-$10,000  101.650  $100,000  53,904.380  $1-$10,000  101.758  $1-$10,000  100.000  Trustees and              Over $100,000  11,498.645  Officers as a               Over $100,000   4,588.332  group  $10,001-$50,000  3,239.137  Over $100,000  3,029,030.470  $10,001-$50,000  3,215.000  (Class Y Shares)   (ClassY Shares)  B-14    Putnam New York Tax  Putnam Ohio Tax Exempt  Putnam Pennsylvania Tax  Putnam Research Fund    Exempt Income Fund  Income Fund  Exempt Income Fund      Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  100.998  $1-$10,000  100.942  $1-$10,000  100.930  $1-$10,000  100.000  Jameson A.                  Baxter  $1-$10,000  942.274  $1-$10,000  198.159  $1-$10,000  205.231  $1-$10,000  423.972  Charles B.                  Curtis  $1-$10,000  489.182  $1-$10,000  138.557  $1-$10,000  139.567  $1-$10,000  107.374  Robert J.                  Darretta  $1-$10,000  108.317  $1-$10,000  108.001  $1-$10,000  107.773  $1-$10,000  101.409  Myra R.                  Drucker  $1-$10,000  308.202  $1-$10,000  120.704  $1-$10,000  120.283  $1-$10,000  102.294  John A. Hill              $50,001-      Over $100,000  118,827.202  $1-$10,000  260.776  $1-$10,000  256.779  $100,000  5,687.307  Paul L.              $50,001-    Joskow  Over $100,000  15,812.553  $1-$10,000  178.636  $1-$10,000  179.888  $100,000  5,586.933  Elizabeth T.                  Kennan  $1-$10,000  564.439  $1-$10,000  117.293  $1-$10,000  121.671  $1-$10,000  148.760  Kenneth R.                  Leibler  $1-$10,000  270.390  $1-$10,000  111.434  $1-$10,000  111.178  $1-$10,000  101.519  Robert E.                  Patterson  $1-$10,000  297.907  $1-$10,000  121.999  $1-$10,000  121.666  $1-$10,000  145.779  George                  Putnam, III  $10,001-$50,000  3,612.024  $10,001-$50,000  1,406.875  $10,001-$50,000  1,400.350  $10,001-$50,000  1,777.948  W. Thomas                  Stephens  $1-$10,000  178.271  $1-$10,000  168.022  $1-$10,000  171.705  $1-$10,000  102.294  Richard B.                  Worley  $1-$10,000  300.011  $1-$10,000  120.488  $1-$10,000  120.095  $1-$10,000  102.294  Robert L.                  Reynolds  $1-$10,000  101.909  $1-$10,000  101.801  $1-$10,000  101.798  $1-$10,000  100.000  Trustees and              Over $100,000  14,587.883  Officers as a              $10,001-$50,000  3,915.314  group  Over $100,000  141,913.679  $10,001-$50,000  3,253.687  $10,001-$50,000  3,258.914  (Class Y Shares)  (Class Y Shares)  B-15    Putnam RetirementReady 2010  Putnam RetirementReady 2015  Putnam RetirementReady 2020  Putnam RetirementReady 2025    Fund Fund Fund Fund Trustees/  Dollar Range of  Shares  Dollar Range of  Shares  Dollar Range of  Shares  Dollar Range of  Shares  Officers  Shares Owned  Beneficially  Shares Owned  Beneficially  Shares Owned  Beneficially  Shares Owned  Beneficially    (Class Y)  Owned  (Class A)  Owned  (Class A)  Owned  (Class A)  Owned      (Class Y)    (Class A)    (Class A)    (Class A)  Ravi                  Akhoury  None  0.000  None  0.000  None  0.000  None  0.000  Jameson A.                  Baxter  None  0.000  None  0.000  $10,001-$50,000  1,376.352  None  0.000  Charles B.                  Curtis  None  0.000  None  0.000  $1-$10,000  429.495  None  0.000  Robert J.                  Darretta  None  0.000  None  0.000  None  0.000  $1-$10,000  403.896  Myra R.                  Drucker  None  0.000  None  0.000  $50,001-$100,000  5,770.369  None  0.000  John A.                  Hill  None  0.000  None  0.000  None  0.000  None  0.000  Paul L.                  Joskow  None  0.000  $1-$10,000  636.384  None  0.000  None  0.000  Elizabeth                  T. Kennan  None  0.000  None  0.000  None  0.000  None  0.000  Kenneth R.                  Leibler  None  0.000  $1-$10,000  392.844  None  0.000  None  0.000  Robert E.                  Patterson  None  0.000  None  0.000  $1-$10,000  624.441  None  0.000  George                  Putnam, III  None  0.000  None  0.000  None  0.000  $10,001-$50,000  1,402.248  W. Thomas                  Stephens  None  0.000  $1-$10,000  417.087  None  0.000  None  0.000  Richard B.                  Worley  None  0.000  None  0.000  $1-$10,000  300.000  None  0.000  Robert L.                  Reynolds  None  0.000  None  0.000  None  0.000  None  0.000  Trustees                and      $10,001-$50,000   1,446.315          Officers as      $10,001-$50,000  3,183.074 (Class Y          a group  $1-$10,000  275.545  (Class Y Shares)  Shares)  Over $100,000  8,500.657  $10,001-$50,000  1,806.144  B-16    Putnam RetirementReady  Putnam RetirementReady  Putnam RetirementReady  Putnam RetirementReady    2040 Fund  2045 Fund  2050 Fund  Maturity Fund  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  None  0.000  None  0.000  None  0.000  $1-$10,000  305.566  Jameson A.                  Baxter  None  0.000  None  0.000  None  0.000  None  0.000  Charles B.                  Curtis  None  0.000  None  0.000  None  0.000  None  0.000  Robert J.                  Darretta  None  0.000  None  0.000  None  0.000  None  0.000  Myra R.                  Drucker  None  0.000  None  0.000  None  0.000  None  0.000  John A. Hill  None  0.000  None  0.000  $10,001-$50,000  1,567.470  None  0.000  Paul L.                  Joskow  None  0.000  None  0.000  None  0.000  None  0.000  Elizabeth T.                  Kennan  None  0.000  $1-$10,000  449.202  None  0.000  None  0.000  Kenneth R.                  Leibler  None  0.000  None  0.000  None  0.000  None  0.000  Robert E.                  Patterson  None  0.000  None  0.000  None  0.000  None  0.000  George                  Putnam, III  None  0.000  None  0.000  None  0.000  None  0.000  W. Thomas                  Stephens  None  0.000  None  0.000  None  0.000  None  0.000  Richard B.                  Worley  None  0.000  None  0.000  None  0.000  None  0.000  Robert L.                  Reynolds  $1-$10,000  300.000  None  0.000  None  0.000  None  0.000  Trustees and                  Officers as a                  group  $1-$10,000  300.000  $1-$10,000  449.202  $10,001-$50,000  1,567.470  $1-$10,000  305.566  B-17    Putnam Small Cap Growth  Putnam Small Cap Value  Putnam Tax Exempt Income  Putnam Tax Exempt Money    Fund  Fund  Fund  Market Fund  Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  101.072  $1-$10,000  100.000  Jameson A.                  Baxter  $10,001-$50,000  924.796  $10,001-$50,000  4,927.330  $10,001-$50,000  3,031.339  $1-$10,000  2,269.450  Charles B.                  Curtis  $1-$10,000  703.239  $1-$10,000  238.558  $1-$10,000  498.339  $1-$10,000  1,691.310  Robert J.                  Darretta  $1-$10,000  115.419  $1-$10,000  136.042  $1-$10,000  108.746  $1-$10,000  102.880  Myra R.                  Drucker  $1-$10,000  131.168  $1-$10,000  220.835  $1-$10,000  443.754  Over $100,000  127,877.190  John A. Hill  $50,001-                  $100,000  7,187.490  Over $100,000  30,510.193  $1-$10,000  1,132.478  Over $100,000  1,666,716.040  Paul L.                  Joskow  $1-$10,000  136.997  $10,001-$50,000  3,010.159  $1-$10,000  537.406  $1-$10,000  3,492.030  Elizabeth T.                  Kennan  $1-$10,000  524.672  $1-$10,000  838.497  $1-$10,000  451.195  $1-$10,000  165.450  Kenneth R.                  Leibler  $1-$10,000  122.450  $1-$10,000  164.073  $1-$10,000  274.899  $1-$10,000  105.790  Robert E.                  Patterson  $1-$10,000  590.611  $10,001-$50,000  1,975.309  $1-$10,000  513.207  $1-$10,000  100.000  George                  Putnam, III  Over $100,000  9,590.839  $10,001-$50,000  3,509.266  $10,001-$50,000  5,196.480  $10,001-$50,000  10,942.710  W. Thomas                  Stephens  $1-$10,000  131.168  $1-$10,000  220.835  $1-$10,000  357.511  Over $100,000  209,630.850  Richard B.                  Worley  $1-$10,000  131.168  $1-$10,000  220.835  $1-$10,000  435.055  $1-$10,000  110.860  Robert L.                  Reynolds  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  102.088  $1-$10,000  100.000  Trustees and  Over $100,000  20,574.150  Over $100,000  46,171.932          Officers as a  $10,001-$50,000  2,883.484  Over $100,000  19,796.557          group  (Class Y Shares)  (Class Y Shares) (Class Y Shares)  (Class Y Shares)  Over $100,000  13,183.569  Over $100,000  2,236,076.350  B-18    Putnam Tax-Free High Yield  Putnam U.S. Government  Putnam Vista Fund  Putnam Voyager Fund    Fund  Income Trust          Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially    Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned    (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  Ravi Akhoury  $1-$10,000  101.448  $1-$10,000  101.561  $1-$10,000  100.000  $1-$10,000  100.000  Jameson A.              $50,001-    Baxter  $10,001-$50,000  1,449.197  $10,001-$50,000  2,290.777  Over $100,000  16,568.336  $100,000  6,391.651  Charles B.      $50,001-            Curtis  $1-$10,000  254.773  $100,000  4,068.861  $1-$10,000  199.673  $1-$10,000  109.618  Robert J.                  Darretta  $1-$10,000  110.947  $1-$10,000  109.089  $1-$10,000  186.546  $1-$10,000  100.000  Myra R.                  Drucker  $1-$10,000  212.672  $1-$10,000  168.298  $10,001-$50,000  2,321.473  $1-$10,000  100.707  John A. Hill  $1-$10,000  456.734  Over $100,000  9,100.127  Over $100,000  14,987.079  Over $100,000  23,945.141  Paul L.              $50,001-    Joskow  $1-$10,000  317.479  $1-$10,000  318.241  $10,001-$50,000  2,113.340  $100,000  3,223.712  Elizabeth T.                  Kennan  $1-$10,000  215.378  $1-$10,000  539.540  $10,001-$50,000  3,040.750  $1-$10,000  591.262  Kenneth R.                  Leibler  $1-$10,000  115.058  $1-$10,000  156.288  $1-$10,000  186.546  $1-$10,000  100.000  Robert E.                  Patterson  $1-$10,000  215.494  $10,001-$50,000  1,965.619  $10,001-$50,000  2,737.438  $10,001-$50,000  2,048.427  George                  Putnam, III  $10,001-$50,000  3,062.465  $10,001-$50,000  3,067.300  Over $100,000  15,858.696  $10,001-$50,000  2,198.233  W. Thomas                  Stephens  $1-$10,000  313.735  Over $100,000  80,444.418  $1-$10,000  302.102  $1-$10,000  149.155  Richard B.                  Worley  $1-$10,000  212.144  $1-$10,000  168.257  $1-$10,000  186.546  $1-$10,000  100.707  Robert L.                  Reynolds  $1-$10,000  102.796  $1-$10,000  102.369  $1-$10,000  100.000  $1-$10,000  100.000  Trustees and      Over $100,000  102,600.745  Over $100,000  62,294.019  Over $100,000  40,545.741  Officers as a      Over $100,000  93,191.139  Over $100,000  42,258.272  Over $100,000  18,332.787  group  $50,001-$100,000 7,140.320  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  B-19  All Funds Trustees/ Dollar Range of Shares Owned Officers Ravi Akhoury  Over $100,000  Jameson A. Baxter  Over $100,000  Charles B. Curtis  Over $100,000  Robert J. Darretta  Over $100,000  Myra R. Drucker  Over $100,000  John A. Hill  Over $100,000  Paul L. Joskow  Over $100,000  Elizabeth T. Kennan  Over $100,000  Kenneth R. Leibler  Over $100,000  Robert E. Patterson  Over $100,000  George Putnam, III  Over $100,000  W. Thomas Stephens  Over $100,000  Richard B. Worley  Over $100,000  Robert L. Reynolds  Over $100,000  Trustees and Officers as a group  Over $100,000  As of 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  B-20  Putnam Variable Trust Paul L. Joskow  Robert E. Patterson  George Putnam, III  Putnam VT Growth and Income Fund  $1-$10,000  -  -  Class IB  Putnam VT Growth Opportunities Fund  $1-$10,000  -  -  Class IB  Putnam VT High Yield Fund  -  $10,001-$50,000  -  Class IA  Putnam VT High Yield Fund  $1-$10,000  -  -  Class IB  Putnam VT Income Fund  $1-$10,000  -  -  Class IB  Putnam VT International Equity Fund  $1-$10,000  -  -  Class IB  Putnam VT International Growth and Income Fund  $1-$10,000  -  -  Class IB  Putnam VT International New Opportunities Fund  $1-$10,000  -  -  Class IB  Putnam VT Investors Fund  $1-$10,000  -  -  Class IB  Putnam VT Mid Cap Value Fund  $1-$10,000  -  -  Class IB  Putnam VT New Opportunities Fund  $1-$10,000  -  -  Class IB  Putnam VT Research Fund  $1-$10,000  -  -  Class IB  Putnam VT Small Cap Value Fund  $1-$10,000  -  -  Class IB  Putnam VT Vista Fund  $1-$10,000  -  -  Class IB  Putnam VT Voyager Fund  $1-$10,000  -  -  Class IB  *As reflected in the tables above, Trustees own shares of 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  B-21  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 ($)  Trustees/Year  Putnam Absolute Return 500 Fund  Putnam Absolute Return 700 Fund  Ravi Akhoury/2009(5)  1,785  N/A  1,689  N/A  Jameson A. Baxter/1994(3)  1,884  165  1,783  147  Charles B. Curtis/2001  1,884  122  1,783  109  Robert J. Darretta/2007  1,884  N/A  1,783  N/A  Myra R. Drucker/2004(3)  1,884  N/A  1,783  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,449  275  2,317  246  Paul L. Joskow/1997(3)  1,884  108  1,783  97  Elizabeth T. Kennan/1992(3)  1,884  230  1,783  206  Kenneth R. Leibler/2006  1,884  N/A  1,783  N/A  Robert E. Patterson/1984  1,884  151  1,783  135  George Putnam, III/1984  1,884  129  1,783  116  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,486  0  1,406  0  Richard B. Worley/2004  1,884  N/A  1,783  N/A  C-1    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam American Government Income  Putnam AMT-Free Municipal Fund  Fund Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  2,023  324  2,039  270  Charles B. Curtis/2001  2,023  234  1,974  194  Robert J. Darretta/2007  1,939  N/A  2,283  N/A  Myra R. Drucker/2004(3)  2,023  N/A  2,039  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,605  540  2,521  450  Paul L. Joskow/1997(3)  2,023  214  2,039  179  Elizabeth T. Kennan/1992(3)  2,023  445  2,039  369  Kenneth R. Leibler/2006  2,023  N/A  2,039  N/A  Robert E. Patterson/1984  2,023  299  2,039  250  George Putnam, III/1984  2,023  263  2,039  220  Robert L. Reynolds/2008(6)  0  N/A  0  0  W. Thomas Stephens/1997(7)  880  271  1,149  225  Richard B. Worley/2004  2,023  N/A  2,039  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Arizona Tax Exempt Income  Putnam Asia Pacific Equity Fund  Fund Ravi Akhoury/2009(5)  582  N/A  1,541  N/A  Jameson A. Baxter/1994(3)  1,823  238  1,627  4  Charles B. Curtis/2001  1,726  174  1,627  3  Robert J. Darretta/2007  1,823  N/A  1,627  N/A  Myra R. Drucker/2004(3)  1,823  N/A  1,627  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,099  397  2,115  7  Paul L. Joskow/1997(3)  1,789  156  1,627  3  Elizabeth T. Kennan/1992(3)  1,823  330  1,627  6  Kenneth R. Leibler/2006  1,823  N/A  1,627  N/A  Robert E. Patterson/1984  1,823  218  1,627  4  George Putnam, III/1984  1,823  189  1,627  3  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  N/A  259  1,283  0  Richard B. Worley/2004  1,823  N/A  1,627  N/A  C-2    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Asset Allocation: Balanced  Putnam Asset Allocation:    Portfolio  Conservative Portfolio  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  3,573  579  2,461  394  Charles B. Curtis/2001  3,573  418  2,461  285  Robert J. Darretta/2007  3,418  N/A  2,358   N/A  Myra R. Drucker/2004(3)  3,573  N/A  2,461  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  4,621  965  3,168  657  Paul L. Joskow/1997(3)  3,573  383  2,461  261  Elizabeth T. Kennan/1992(3)  3,573  795  2,461  541  Kenneth R. Leibler/2006  3,573  N/A  2,461  N/A  Robert E. Patterson/1984  3,573  535  2,461  364  George Putnam, III/1984  3,573  470  2,461  320  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,593  484  1,079  330  Richard B. Worley/2004  3,573  N/A  2,461  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Asset Allocation: Equity  Putnam Asset Allocation: Growth    Portfolio  Portfolio  Ravi Akhoury/2009(5)  1,627  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  1,717  86  3,961  638  Charles B. Curtis/2001  1,717  63  3,961  461  Robert J. Darretta/2007  1,717  N/A  3,788  N/A  Myra R. Drucker/2004(3)  1,717  N/A  3,961  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,232  143  5,105  1,064  Paul L. Joskow/1997(3)  1,717  56  3,961  422  Elizabeth T. Kennan/1992(3)  1,717  120  3,961  876  Kenneth R. Leibler/2006  1,717  N/A  3,961  N/A  Robert E. Patterson/1984  1,717  78  3,961  590  George Putnam, III/1984  1,717  67  3,961  519  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,355  0  1,769  534  Richard B. Worley/2004  1,717  N/A  3,961  N/A  C-3    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam California Tax Exempt Income  Putnam Capital Opportunities Fund  Fund Ravi Akhoury/2009(5)  N/A  N/A  357  N/A  Jameson A. Baxter/1994(3)  3,302  527  2,681  346  Charles B. Curtis/2001  3,302  380  2,546  252  Robert J. Darretta/2007  3,165  N/A  2,681  N/A  Myra R. Drucker/2004(3)  3,302  N/A  2,681  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  4,262  878  3,097  576  Paul L. Joskow/1997(3)  3,302  348  2,637  227  Elizabeth T. Kennan/1992(3)  3,302  723  2,681  478  Kenneth R. Leibler/2006  3,302  N/A  2,681  N/A  Robert E. Patterson/1984  3,302  486  2,681  317  George Putnam, III/1984  3,302  428  2,681  276  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,437  440  N/A  346  Richard B. Worley/2004  3,302  N/A  2,681  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Capital Spectrum Fund  Putnam Convertible Income-Growth        Trust Ravi Akhoury/2009(5)  1,582  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  1,671  17  2,756  342  Charles B. Curtis/2001  1,671  12  2,709  247  Robert J. Darretta/2007  1,671  N/A  2,668  N/A  Myra R. Drucker/2004(3)  1,671  N/A  2,756  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,172  28  3,285  570  Paul L. Joskow/1997(3)  1,671  11  2,756  226  Elizabeth T. Kennan/1992(3)  1,671  24  2,756  470  Kenneth R. Leibler/2006  1,671  N/A  2,756  N/A  Robert E. Patterson/1984  1,671  15  2,756  315  George Putnam, III/1984  1,671  13  2,756  277  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,318  0  914  286  Richard B. Worley/2004  1,671  N/A  2,756  N/A  C-4    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Diversified Income Trust  Putnam Emerging Markets Equity        Fund Ravi Akhoury/2009(5)  N/A  N/A  1,563  N/A  Jameson A. Baxter/1994(3)  3,826  619  1,650  124  Charles B. Curtis/2001  3,826  447  1,650  91  Robert J. Darretta/2007  3,660  N/A  1,650  N/A  Myra R. Drucker/2004(3)  3,825  N/A  1,650  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  4,950  1,031  2,145  207  Paul L. Joskow/1997(3)  3,826  409  1,650  81  Elizabeth T. Kennan/1992(3)  3,826  849  1,650  173  Kenneth R. Leibler/2006  3,826  N/A  1,650  N/A  Robert E. Patterson/1984  3,826  571  1,650  113  George Putnam, III/1984  3,826  503  1,650  97  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,713  517  1,302  0  Richard B. Worley/2004  3,826  N/A  1,650  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Equity Income Fund  Putnam Equity Spectrum Fund  Ravi Akhoury/2009(5)  N/A  N/A  1,547  N/A  Jameson A. Baxter/1994(3)  6,545  823  1,634  6  Charles B. Curtis/2001  6,437  596  1,634  5  Robert J. Darretta/2007  6,329  N/A  1,634  N/A  Myra R. Drucker/2004(3)  6,545  N/A  1,634  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  7,825  1,371  2,124  10  Paul L. Joskow/1997(3)  6,545  543  1,634  4  Elizabeth T. Kennan/1992(3)  6,545  1,132  1,634  9  Kenneth R. Leibler/2006  6,545  N/A  1,634  N/A  Robert E. Patterson/1984  6,545  758  1,634  6  George Putnam, III/1984  6,545  664  1,634  5  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  2,213  689  1,289  0  Richard B. Worley/2004  6,545  N/A  1,634  N/A  C-5    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Europe Equity Fund  Putnam Floating Rate Income Fund  Ravi Akhoury/2009(5)  677  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  2,217  291  2,233  286  Charles B. Curtis/2001  2,100  213  2,117  208  Robert J. Darretta/2007  2,217  N/A  2,233  N/A  Myra R. Drucker/2004(3)  2,217  N/A  2,233  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,554  485  2,639  476  Paul L. Joskow/1997(3)  2,177  191  2,194  188  Elizabeth T. Kennan/1992(3)  2,217  404  2,233  395  Kenneth R. Leibler/2006  2,217  N/A  2,233  N/A  Robert E. Patterson/1984  2,217  267  2,233  263  George Putnam, III/1984  2,217  231  2,233  229  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  N/A  325  185  265  Richard B. Worley/2004  2,217  N/A  2,233  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  The Putnam Fund for Growth and  The George Putnam Fund of Boston  Income Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  15,272  1,969  6,531  887  Charles B. Curtis/2001  15,041  1,423  6,297  638  Robert J. Darretta/2007  14,709  N/A  7,408  N/A  Myra R. Drucker/2004(3)  15,272  N/A  6,531  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  18,450  3,281  8,116  1,477  Paul L. Joskow/1997(3)  15,272  1,301  6,531  587  Elizabeth T. Kennan/1992(3)  15,272  2,705  6,531  1,213  Kenneth R. Leibler/2006  15,272  N/A  6,531  N/A  Robert E. Patterson/1984  15,272  1,817  6,531  820  George Putnam, III/1984  15,272  1,596  6,531  725  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  5,642  1,647  3,881  740  Richard B. Worley/2004  15,272  N/A  6,531  N/A  C-6    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year       Putnam Global Consumer Fund  Putnam Global Energy Fund  Ravi Akhoury/2009(5)  1,537  N/A  1,541  N/A  Jameson A. Baxter/1994(3)  1,623  120  1,627  120  Charles B. Curtis/2001  1,623  88  1,627  89  Robert J. Darretta/2007  1,623  N/A  1,627  N/A  Myra R. Drucker/2004(3)  1,623  N/A  1,627  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,110  200  2,115  201  Paul L. Joskow/1997(3)  1,623  79  1,627  79  Elizabeth T. Kennan/1992(3)  1,623  167  1,627  168  Kenneth R. Leibler/2006  1,623  N/A  1,627  N/A  Robert E. Patterson/1984  1,623  110  1,627  110  George Putnam, III/1984  1,623  94  1,627  95  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,280  0  1,284  0  Richard B. Worley/2004  1,623  N/A  1,627  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year             Putnam Global Equity Fund       Putnam Global Financials Fund  Ravi Akhoury/2009(5)  N/A  N/A  1,544  N/A  Jameson A. Baxter/1994(3)  4,180  531  1,630  121  Charles B. Curtis/2001  4,113  384  1,630  89  Robert J. Darretta/2007  4,035  N/A  1,630  N/A  Myra R. Drucker/2004(3)  4,180  N/A  1,630  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  5,001  886  2,119  202  Paul L. Joskow/1997(3)  4,180  351  1,630  79  Elizabeth T. Kennan/1992(3)  4,180  730  1,630  169  Kenneth R. Leibler/2006  4,180  N/A  1,630  N/A  Robert E. Patterson/1984  4,180  490  1,630  111  George Putnam, III/1984  4,180  430  1,630  95  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,475  445  1,286  0  Richard B. Worley/2004  4,180  N/A  1,630  N/A  C-7    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Global Health Care Fund  Putnam Global Income Trust  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  3,917  527  1,873  233  Charles B. Curtis/2001  3,780  380  1,841  169  Robert J. Darretta/2007  3,786  N/A  1,813  N/A  Myra R. Drucker/2004(3)  3,917  N/A  1,873  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  4,866  878  2,233  389  Paul L. Joskow/1997(3)  3,917  349  1,873  154  Elizabeth T. Kennan/1992(3)  3,917  722  1,873  321  Kenneth R. Leibler/2006  3,917  N/A  1,873  N/A  Robert E. Patterson/1984  3,917  487  1,873  215  George Putnam, III/1984  3,917  429  1,873  189  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  2,275  440  626  195  Richard B. Worley/2004  3,917  N/A  1,873  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Global Industrials Fund  Putnam Global Natural Resources        Fund Ravi Akhoury/2009(5)  1,536  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  1,622  120  2,719  361  Charles B. Curtis/2001  1,622  88  2,635  260  Robert J. Darretta/2007  1,622  N/A  2,629  N/A  Myra R. Drucker/2004(3)  1,622  N/A  2,719  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,109  200  3,350  601  Paul L. Joskow/1997(3)  1,622  78  2,719  239  Elizabeth T. Kennan/1992(3)  1,622  167  2,719  495  Kenneth R. Leibler/2006  1,622  N/A  2,719  N/A  Robert E. Patterson/1984  1,622  109  2,719  333  George Putnam, III/1984  1,622  94  2,719  294  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,280  0  1,496  301  Richard B. Worley/2004  1,622  N/A  2,719  N/A  C-8    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Global Technology Fund  Putnam Global Telecommunications        Fund Ravi Akhoury/2009(5)  1,540  N/A  1,535  N/A  Jameson A. Baxter/1994(3)  1,626  120  1,621  120  Charles B. Curtis/2001  1,626  89  1,621  88  Robert J. Darretta/2007  1,626  N/A  1,621  N/A  Myra R. Drucker/2004(3)  1,626  N/A  1,621  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,114  201  2,107  200  Paul L. Joskow/1997(3)  1,626  79  1,621  78  Elizabeth T. Kennan/1992(3)  1,626  168  1,621  167  Kenneth R. Leibler/2006  1,626  N/A  1,621  N/A  Robert E. Patterson/1984  1,626  110  1,621  109  George Putnam, III/1984  1,626  95  1,621  94  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,283  0  1,279  0  Richard B. Worley/2004  1,626  N/A  1,621  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year           Putnam Global Utilities Fund  Putnam Growth Opportunities Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  2,522  316  2,296  307  Charles B. Curtis/2001  2,480  228  2,218  221  Robert J. Darretta/2007  2,438  N/A  2,584  N/A  Myra R. Drucker/2004(3)  2,522  N/A  2,296  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  3,010  526  2,845  511  Paul L. Joskow/1997(3)  2,522  209  2,296  203  Elizabeth T. Kennan/1992(3)  2,522  434  2,296  420  Kenneth R. Leibler/2006  2,522  N/A  2,296  N/A  Robert E. Patterson/1984  2,522  291  2,296  284  George Putnam, III/1984  2,522  256  2,296  251  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  858  264  1,323  256  Richard B. Worley/2004  2,522  N/A  2,296  N/A  C-9    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam High Yield Advantage Fund               Putnam High Yield Trust  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  2,676  336  4,219  564  Charles B. Curtis/2001  2,630  243  4,078  407  Robert J. Darretta/2007  2,591  N/A  4,079  N/A  Myra R. Drucker/2004(3)  2,676  N/A  4,219  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  3,194  559  5,232  940  Paul L. Joskow/1997(3)  2,676  222  4,219  373  Elizabeth T. Kennan/1992(3)  2,676  462  4,219  773  Kenneth R. Leibler/2006  2,676  N/A  4,219  N/A  Robert E. Patterson/1984  2,676  309  4,219  522  George Putnam, III/1984  2,676  271  4,219  460  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  877  281  2,399  471  Richard B. Worley/2004  2,676  N/A  4,219  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Income Fund       Putnam Income Strategies Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  4,772  595  1,756  224  Charles B. Curtis/2001  4,694  430  1,662  163  Robert J. Darretta/2007  4,618  N/A  1,756  N/A  Myra R. Drucker/2004(3)  4,772  N/A  1,756  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  5,705  992  2,070  373  Paul L. Joskow/1997(3)  4,772  393  1,724  147  Elizabeth T. Kennan/1992(3)  4,772  818  1,756  309  Kenneth R. Leibler/2006  4,772  N/A  1,756  N/A  Robert E. Patterson/1984  4,772  549  1,756  206  George Putnam, III/1984  4,772  482  1,756  179  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,593  498  147  209  Richard B. Worley/2004  4,772  N/A  1,756  N/A  C-10    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam International Capital  Putnam International Equity Fund  Opportunities Fund Ravi Akhoury/2009(5)  N/A  N/A  2,140  N/A  Jameson A. Baxter/1994(3)  4,388  585  8,245  1,070  Charles B. Curtis/2001  4,244  422  7,833  782  Robert J. Darretta/2007  4,240  N/A  8,245  N/A  Myra R. Drucker/2004(3)  4,388  N/A  8,245  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  5,418  975  9,502  1,783  Paul L. Joskow/1997(3)  4,388  387  8,112  703  Elizabeth T. Kennan/1992(3)  4,388  802  8,245  1,483  Kenneth R. Leibler/2006  4,388  N/A  8,245  N/A  Robert E. Patterson/1984  4,388  541  8,245  981  George Putnam, III/1984  4,388  476  8,245  851  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  2,493  489  N/A  1,112  Richard B. Worley/2004  4,388  N/A  8,245  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam International Growth and  Putnam International New    Income Fund  Opportunities Fund  Ravi Akhoury/2009(5)  822  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  2,875  374  2,110  343  Charles B. Curtis/2001  2,724  274  2,110  248  Robert J. Darretta/2007  2,875  N/A  2,018  N/A  Myra R. Drucker/2004(3)  2,875  N/A  2,110  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  3,311  624  2,730  572  Paul L. Joskow/1997(3)  2,824  246  2,110  227  Elizabeth T. Kennan/1992(3)  2,875  519  2,110  471  Kenneth R. Leibler/2006  2,875  N/A  2,110  N/A  Robert E. Patterson/1984  2,875  343  2,110  317  George Putnam, III/1984  2,875  297  2,110  279  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  N/A  409  950  287  Richard B. Worley/2004  2,875  N/A  2,110  N/A  C-11    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Investors Fund  Putnam Massachusetts Tax Exempt        Income Fund  Ravi Akhoury/2009(5)  N/A  N/A  771  N/A  Jameson A. Baxter/1994(3)  5,830  798  2,270  296  Charles B. Curtis/2001  5,618  574  2,150  217  Robert J. Darretta/2007  6,659  N/A  2,270  N/A  Myra R. Drucker/2004(3)  5,830  N/A  2,270  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  7,264  1,330  2,618  494  Paul L. Joskow/1997(3)  5,830  529  2,228  195  Elizabeth T. Kennan/1992(3)  5,830  1,092  2,270  411  Kenneth R. Leibler/2006  5,830  N/A  2,270  N/A  Robert E. Patterson/1984  5,830  739  2,270  272  George Putnam, III/1984  5,830  653  2,270  235  Robert L. Reynolds/2008(6)  0  0  0  N/A  W. Thomas Stephens/1997(7)  3,518  666  N/A  321  Richard B. Worley/2004  5,830  N/A  2,270  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Michigan Tax Exempt Income  Putnam Mid Cap Value Fund  Fund Ravi Akhoury/2009(5)  599  N/A  462  N/A  Jameson A. Baxter/1994(3)  1,865  243  2,984  386  Charles B. Curtis/2001  1,766  178  2,824  282  Robert J. Darretta/2007  1,865  N/A  2,984  N/A  Myra R. Drucker/2004(3)  1,865  N/A  2,984  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,148  406  3,435  643  Paul L. Joskow/1997(3)  1,831  160  2,929  254  Elizabeth T. Kennan/1992(3)  1,865  338  2,984  534  Kenneth R. Leibler/2006  1,865  N/A  2,984  N/A  Robert E. Patterson/1984  1,865  223  2,984  354  George Putnam, III/1984  1,865  194  2,984  308  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  N/A  265  N/A  392  Richard B. Worley/2004  1,865  N/A  2,984  N/A  C-12    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Minnesota Tax Exempt Income  Putnam Money Market Fund  Fund Ravi Akhoury/2009(5)  601  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  1,865  243  5,137  816  Charles B. Curtis/2001  1,766  178  5,137  589  Robert J. Darretta/2007  1,865  N/A  4,932  N/A  Myra R. Drucker/2004(3)  1,865  N/A  5,137  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,148  406  6,583  1,360  Paul L. Joskow/1997(3)  1,831  160  5,137  540  Elizabeth T. Kennan/1992(3)  1,865  337  5,137  1,120  Kenneth R. Leibler/2006  1,865  N/A  5,137  N/A  Robert E. Patterson/1984  1,865  223  5,137  754  George Putnam, III/1984  1,865  194  5,137  663  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  N/A  265  2,183  682  Richard B. Worley/2004  1,865  N/A  5,137  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Money Market Liquidity Fund  Putnam New Jersey Tax Exempt        Income Fund  Ravi Akhoury/2009(5)  7,792  N/A  711  N/A  Jameson A. Baxter/1994(3)  8,227  1,911  2,116  276  Charles B. Curtis/2001  8,227  1,408  2,004  202  Robert J. Darretta/2007  8,227  N/A  2,116  N/A  Myra R. Drucker/2004(3)  8,227  N/A  2,116  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  10,695  3,187  2,439  460  Paul L. Joskow/1997(3)  8,227  1,251  2,076  181  Elizabeth T. Kennan/1992(3)  8,227  2,669  2,116  382  Kenneth R. Leibler/2006  8,227  N/A  2,116  N/A  Robert E. Patterson/1984  8,227  1,746  2,116  253  George Putnam, III/1984  8,227  1,500  2,116  219  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  6,490  0  N/A  300  Richard B. Worley/2004  8,227  N/A  2,116  N/A  C-13    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam New Opportunities Fund  Putnam New York Tax Exempt        Income Fund  Ravi Akhoury/2009(5)  2,570  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  7,425  994  3,343  418  Charles B. Curtis/2001  7,037  728  3,285  303  Robert J. Darretta/2007  7,425  N/A  3,239  N/A  Myra R. Drucker/2004(3)  7,425  N/A  3,343  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  8,579  1,657  4,035  697  Paul L. Joskow/1997(3)  7,286  652  3,343  276  Elizabeth T. Kennan/1992(3)  7,425  1,380  3,343  575  Kenneth R. Leibler/2006  7,425  N/A  3,343  N/A  Robert E. Patterson/1984  7,425  911  3,343  385  George Putnam, III/1984  7,425  788  3,343  337  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  N/A  1,080  1,082  350  Richard B. Worley/2004  7,425  N/A  3,343  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Ohio Tax Exempt Income  Putnam Pennsylvania Tax Exempt    Fund Income Fund  Ravi Akhoury/2009(5)  661  N/A  670  N/A  Jameson A. Baxter/1994(3)  2,003  261  2,022  264  Charles B. Curtis/2001  1,897  191  1,915  193  Robert J. Darretta/2007  2,003  N/A  2,022  N/A  Myra R. Drucker/2004(3)  2,003  N/A  2,022  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,308  436  2,330  439  Paul L. Joskow/1997(3)  1,966  172  1,985  173  Elizabeth T. Kennan/1992(3)  2,003  362  2,022  366  Kenneth R. Leibler/2006  2,003  N/A  2,022  N/A  Robert E. Patterson/1984  2,003  240  2,022  242  George Putnam, III/1984  2,003  208  2,022  210  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  N/A  284  N/A  287  Richard B. Worley/2004  2,003  N/A  2,022  N/A  C-14    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Research Fund  Putnam RetirementReady 2010 Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  2,353  319  0  0  Charles B. Curtis/2001  2,270  230  0  0  Robert J. Darretta/2007  2,669  N/A  0  0  Myra R. Drucker/2004(3)  2,353  N/A  0  0  Charles E. Haldeman, Jr./2004(8)  0  0  0  0  John A. Hill/1985(3)(4)  2,925  532  0  0  Paul L. Joskow/1997(3)  2,353  212  0  0  Elizabeth T. Kennan/1992(3)  2,353  437  0  0  Kenneth R. Leibler/2006  2,353  N/A  0  0  Robert E. Patterson/1984  2,353  296  0  0  George Putnam, III/1984  2,353  261  0  0  Robert L. Reynolds/2008(6)  0  N/A  0  0  W. Thomas Stephens/1997(7)  1,389  267  0  0  Richard B. Worley/2004  2,353  N/A  0  0        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam RetirementReady 2015 Fund  Putnam Retirement Ready 2020 Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  0  0  0  0  Charles B. Curtis/2001  0  0  0  0  Robert J. Darretta/2007  0  0  0  0  Myra R. Drucker/2004(3)  0  0  0  0  Charles E. Haldeman, Jr./2004(8)  0  0  0  0  John A. Hill/1985(3)(4)  0  0  0  0  Paul L. Joskow/1997(3)  0  0  0  0  Elizabeth T. Kennan/1992(3)  0  0  0  0  Kenneth R. Leibler/2006  0  0  0  0  Robert E. Patterson/1984  0  0  0  0  George Putnam, III/1984  0  0  0  0  Robert L. Reynolds/2008(6)  0  0  0  0  W. Thomas Stephens/1997(7)  0  0  0  0  Richard B. Worley/2004  0  0  0  0  C-15    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam RetirementReady 2025 Fund  Putnam RetirementReady 2030 Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  0  0  0  0  Charles B. Curtis/2001  0  0  0  0  Robert J. Darretta/2007  0  0  0  0  Myra R. Drucker/2004(3)  0  0  0  0  Charles E. Haldeman, Jr./2004(8)  0  0  0  0  John A. Hill/1985(3)(4)  0  0  0  0  Paul L. Joskow/1997(3)  0  0  0  0  Elizabeth T. Kennan/1992(3)  0  0  0  0  Kenneth R. Leibler/2006  0  0  0  0  Robert E. Patterson/1984  0  0  0  0  George Putnam, III/1984  0  0  0  0  Robert L. Reynolds/2008(6)  0  0  0  0  W. Thomas Stephens/1997(7)  0  0  0  0  Richard B. Worley/2004  0  0  0  0        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam RetirementReady 2035 Fund  Putnam RetirementReady 2040 Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  0  0  0  0  Charles B. Curtis/2001  0  0  0  0  Robert J. Darretta/2007  0  0  0  0  Myra R. Drucker/2004(3)  0  0  0  0  Charles E. Haldeman, Jr./2004(8)  0  0  0  0  John A. Hill/1985(3)(4)  0  0  0  0  Paul L. Joskow/1997(3)  0  0  0  0  Elizabeth T. Kennan/1992(3)  0  0  0  0  Kenneth R. Leibler/2006  0  0  0  0  Robert E. Patterson/1984  0  0  0  0  George Putnam, III/1984  0  0  0  0  Robert L. Reynolds/2008(6)  0  0  0  0  W. Thomas Stephens/1997(7)  0  0  0  0  Richard B. Worley/2004  0  0  0  0  C-16    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam RetirementReady 2045 Fund  Putnam RetirementReady 2050 Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  0  0  0  0  Charles B. Curtis/2001  0  0  0  0  Robert J. Darretta/2007  0  0  0  0  Myra R. Drucker/2004(3)  0  0  0  0  Charles E. Haldeman, Jr./2004(8)  0  0  0  0  John A. Hill/1985(3)(4)  0  0  0  0  Paul L. Joskow/1997(3)  0  0  0  0  Elizabeth T. Kennan/1992(3)  0  0  0  0  Kenneth R. Leibler/2006  0  0  0  0  Robert E. Patterson/1984  0  0  0  0  George Putnam, III/1984  0  0  0  0  Robert L. Reynolds/2008(6)  0  0  0  0  W. Thomas Stephens/1997(7)  0  0  0  0  Richard B. Worley/2004  0  0  0  0        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam RetirementReady Maturity     Putnam Small Cap Growth Fund  Fund Ravi Akhoury/2009(5)  N/A  N/A  635  N/A  Jameson A. Baxter/1994(3)  0  0  2,118  277  Charles B. Curtis/2001  0  0  2,006  203  Robert J. Darretta/2007  0  0  2,118  N/A  Myra R. Drucker/2004(3)  0  0  2,118  N/A  Charles E. Haldeman, Jr./2004(8)  0  0  0  N/A  John A. Hill/1985(3)(4)  0  0  2,437  462  Paul L. Joskow/1997(3)  0  0  2,080  182  Elizabeth T. Kennan/1992(3)  0  0  2,118  385  Kenneth R. Leibler/2006  0  0  2,118  N/A  Robert E. Patterson/1984  0  0  2,118  254  George Putnam, III/1984  0  0  2,118  220  Robert L. Reynolds/2008(6)  0  0  0  N/A  W. Thomas Stephens/1997(7)  0  0  N/A  309  Richard B. Worley/2004  0  0  2,118  N/A  C-17    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Small Cap Value Fund  Putnam Tax Exempt Income Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  2,223  285  2,661  424  Charles B. Curtis/2001  2,107  208  2,661  306  Robert J. Darretta/2007  2,223  N/A  2,549  N/A  Myra R. Drucker/2004(3)  2,223  N/A  2,661  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,637  476  3,588  706  Paul L. Joskow/1997(3)  2,183  188  2,661  280  Elizabeth T. Kennan/1992(3)  2,223  394  2,661  581  Kenneth R. Leibler/2006  2,223  N/A  2,661  N/A  Robert E. Patterson/1984  2,223  262  2,661  391  George Putnam, III/1984  2,223  229  2,661  344  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  189  265  1,164  354  Richard B. Worley/2004  2,223  N/A  2,661  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam Tax Exempt Money Market  Putnam Tax-Free High Yield Fund  Fund Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  1,344  218  3,311  439  Charles B. Curtis/2001  1,344  158  3,201  316  Robert J. Darretta/2007  1,287  N/A  3,718  N/A  Myra R. Drucker/2004(3)  1,344  N/A  3,311  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  1,738  364  4,098  732  Paul L. Joskow/1997(3)  1,344  144  3,311  291  Elizabeth T. Kennan/1992(3)  1,344  300  3,311  601  Kenneth R. Leibler/2006  1,344  N/A  3,311  N/A  Robert E. Patterson/1984  1,344  202  3,311  406  George Putnam, III/1984  1,344  177  3,311  359  Robert L. Reynolds/2008(6)  0  N/A  0  0  W. Thomas Stephens/1997(7)  596  183  1,874  367  Richard B. Worley/2004  1,344  N/A  3,311  N/A  C-18    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam U.S. Government Income Trust  Putnam Vista Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  2,708  443  3,939  532  Charles B. Curtis/2001  2,708  320  3,799  383  Robert J. Darretta/2007  2,595  N/A  4,475  N/A  Myra R. Drucker/2004(3)  2,708  N/A  3,939  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  3,528  739  4,902  887  Paul L. Joskow/1997(3)  2,708  293  3,939  353  Elizabeth T. Kennan/1992(3)  2,708  608  3,939  729  Kenneth R. Leibler/2006  2,708  N/A  3,939  N/A  Robert E. Patterson/1984  2,708  409  3,939  493  George Putnam, III/1984  2,708  360  3,939  435  Robert L. Reynolds/2008(6)  0  N/A  0  0  W. Thomas Stephens/1997(7)  1,185  370  2,330  444  Richard B. Worley/2004  2,708  N/A  3,939  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year                   Putnam Voyager Fund  Putnam VT American Government        Income Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  9,379  1,276  1,878  240  Charles B. Curtis/2001  9,034  918  1,846  174  Robert J. Darretta/2007  10,734  N/A  1,818  N/A  Myra R. Drucker/2004(3)  9,379  N/A  1,878  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  11,692  2,127  2,240  401  Paul L. Joskow/1997(3)  9,379  846  1,878  159  Elizabeth T. Kennan/1992(3)  9,379  1,746  1,878  331  Kenneth R. Leibler/2006  9,379  N/A  1,878  N/A  Robert E. Patterson/1984  9,379  1,181  1,878  221  George Putnam, III/1984  9,379  1,044  1,878  193  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  5,610  1,065  629  201  Richard B. Worley/2004  9,379  N/A  1,878  N/A  C-19    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam VT Capital Opportunities Fund  Putnam VT Diversified Income Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  1,695  216  2,302  294  Charles B. Curtis/2001  1,666  157  2,263  214  Robert J. Darretta/2007  1,639  N/A  2,227  N/A  Myra R. Drucker/2004(3)  1,695  N/A  2,302  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,023  360  2,748  491  Paul L. Joskow/1997(3)  1,695  143  2,302  194  Elizabeth T. Kennan/1992(3)  1,695  298  2,302  406  Kenneth R. Leibler/2006  1,695  N/A  2,302  N/A  Robert E. Patterson/1984  1,695  199  2,302  271  George Putnam, III/1984  1,695  174  2,302  237  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  578  181  776  247  Richard B. Worley/2004  1,695  N/A  2,302  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam VT Equity Income Fund  Putnam VT The George Putnam Fund        of Boston  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  1,965  251  2,258  288  Charles B. Curtis/2001  1,932  182  2,221  209  Robert J. Darretta/2007  1,900  N/A  2,182  N/A  Myra R. Drucker/2004(3)  1,965  N/A  2,258  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,345  418  2,701  481  Paul L. Joskow/1997(3)  1,965  166  2,258  190  Elizabeth T. Kennan/1992(3)  1,965  346  2,258  398  Kenneth R. Leibler/2006  1,965  N/A  2,258  N/A  Robert E. Patterson/1984  1,965  231  2,258  266  George Putnam, III/1984  1,965  202  2,258  232  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  670  210  783  242  Richard B. Worley/2004  1,965  N/A  2,258  N/A  C-20    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam VT Global Asset Allocation       Putnam VT Global Equity Fund  Fund Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  2,123  271  2,304  294  Charles B. Curtis/2001  2,087  197  2,266  213  Robert J. Darretta/2007  2,053  N/A  2,226  N/A  Myra R. Drucker/2004(3)  2,123  N/A  2,304  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,535  452  2,754  489  Paul L. Joskow/1997(3)  2,123  179  2,304  194  Elizabeth T. Kennan/1992(3)  2,123  374  2,304  405  Kenneth R. Leibler/2006  2,123  N/A  2,304  N/A  Robert E. Patterson/1984  2,123  250  2,304  270  George Putnam, III/1984  2,123  218  2,304  236  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  724  227  801  246  Richard B. Worley/2004  2,123  N/A  2,304  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam VT Global Health Care Fund  Putnam VT Global Utilities Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  1,193  244  2,133  272  Charles B. Curtis/2001  1,880  177  2,097   198  Robert J. Darretta/2007  1,850  N/A  2,062  N/A  Myra R. Drucker/2004(3)  1,193  N/A  2,133  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,284  407  2,547  454  Paul L. Joskow/1997(3)  1,193  161  2,133  179  Elizabeth T. Kennan/1992(3)  1,193  336  2,133  375  Kenneth R. Leibler/2006  1,193  N/A  2,133  N/A  Robert E. Patterson/1984  1,193  225  2,133  251  George Putnam, III/1984  1,193  197  2,133  219  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  651  205  731  228  Richard B. Worley/2004  1,193  N/A  2,133  N/A  C-21    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam VT Growth and Income Fund  Putnam VT Growth Opportunities        Fund Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  5,224  666  1,700  217  Charles B. Curtis/2001  5,142  484  1,671  157  Robert J. Darretta/2007  5,038  N/A  1,644  N/A  Myra R. Drucker/2004(3)  5,224  N/A  1,700  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  6,293  1,111  2,029  361  Paul L. Joskow/1997(3)  5,224  439  1,700  143  Elizabeth T. Kennan/1992(3)  5,224  918  1,700  299  Kenneth R. Leibler/2006  5,224  N/A  1,700  N/A  Robert E. Patterson/1984  5,224  614  1,700  200  George Putnam, III/1984  5,224  536  1,700  175  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,885  558  580  182  Richard B. Worley/2004  5,224  N/A  1,700  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam VT High Yield Fund               Putnam VT Income Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  2,342  299  2,547  326  Charles B. Curtis/2001  2,302  217  2,505  237  Robert J. Darretta/2007  2,265  N/A  2,464  N/A  Myra R. Drucker/2004(3)  2,342  N/A  2,547  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,797  499  3,044  544  Paul L. Joskow/1997(3)  2,342  197  2,547  215  Elizabeth T. Kennan/1992(3)  2,342  413  2,547  450  Kenneth R. Leibler/2006  2,342  N/A  2,547  N/A  Robert E. Patterson/1984  2,342  276  2,547  301  George Putnam, III/1984  2,342  241  2,547  263  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  793  251  865  273  Richard B. Worley/2004  2,342  N/A  2,547  N/A  C-22    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam VT International Equity Fund  Putnam VT International Growth and        Income Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  3,138  400  2,161  276  Charles B. Curtis/2001  3,088  291  2,125  200  Robert J. Darretta/2007  3,031  N/A  2,088  N/A  Myra R. Drucker/2004(3)  3,138  N/A  2,161  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  3,755  667  2,582  460  Paul L. Joskow/1997(3)  3,138  264  2,161  182  Elizabeth T. Kennan/1992(3)  3,138  552  2,161  380  Kenneth R. Leibler/2006  3,138  N/A  2,161  N/A  Robert E. Patterson/1984  3,138  369  2,161  254  George Putnam, III/1984  3,138  322  2,161  222  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,098  335  749  231  Richard B. Worley/2004  3,138  N/A  2,161  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam VT International New  Putnam VT Investors Fund  Opportunities Fund Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  1,985  253  2,194  280  Charles B. Curtis/2001  1,952  184  2,157  203  Robert J. Darretta/2007  1,918  N/A  2,121  N/A  Myra R. Drucker/2004(3)  1,985  N/A  2,194  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,371  422  2,620  467  Paul L. Joskow/1997(3)  1,985  167  2,194  185  Elizabeth T. Kennan/1992(3)  1,985  349  2,194  386  Kenneth R. Leibler/2006  1,985  N/A  2,194  N/A  Robert E. Patterson/1984  1,985  233  2,194  258  George Putnam, III/1984  1,985  204  2,194  225  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  688  212  747  235  Richard B. Worley/2004  1,985  N/A  2,194  N/A  C-23    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam VT Mid Cap Value Fund  Putnam VT Money Market Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  1,741  222  2,341  301  Charles B. Curtis/2001  1,683  161  2,302  219  Robert J. Darretta/2007  1,711  N/A  2,268  N/A  Myra R. Drucker/2004(3)  1,683  N/A  2,341  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,078  370  2,790  502  Paul L. Joskow/1997(3)  1,741  146  2,341  199  Elizabeth T. Kennan/1992(3)  1,741  306  2,341  415  Kenneth R. Leibler/2006  1,741  N/A  2,341  N/A  Robert E. Patterson/1984  1,741  204  2,341  277  George Putnam, III/1984  1,741  179  2,341  243  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  596  186  766  252  Richard B. Worley/2004  1,741  N/A  2,341  N/A        Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam VT New Opportunities Fund  Putnam VT Research Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  2,942  375  1,813  231  Charles B. Curtis/2001  2,893  272  1,782  168  Robert J. Darretta/2007  2,842  N/A  1,752  N/A  Myra R. Drucker/2004(3)  2,942  N/A  1,813  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  3,522  624  2,165  385  Paul L. Joskow/1997(3)  2,942  247  1,813  153  Elizabeth T. Kennan/1992(3)  2,942  516  1,813  319  Kenneth R. Leibler/2006  2,942  N/A  1,813  N/A  Robert E. Patterson/1984  2,942  345  1,813  213  George Putnam, III/1984  2,942  301  1,813  186  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  1,022  314  622  194  Richard B. Worley/2004  2,942  N/A  1,813  N/A  C-24    Aggregate  Pension or  Aggregate  Pension or    compensation  retirement  compensation  retirement    from the fund ($)  benefits accrued  from the fund ($)  benefits accrued      as part of fund    as part of fund      expenses ($)    expenses ($)  Trustees/Year  Putnam VT Small Cap Value Fund  Putnam VT Vista Fund  Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A  Jameson A. Baxter/1994(3)  2,243  286  2,047  261  Charles B. Curtis/2001  2,206  208  2,013  189  Robert J. Darretta/2007  2,168  N/A  1,979  N/A  Myra R. Drucker/2004(3)  2,243  N/A  2,047  N/A  Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A  John A. Hill/1985(3)(4)  2,699  477  2,447  435  Paul L. Joskow/1997(3)  2,243  189  2,047  172  Elizabeth T. Kennan/1992(3)  2,243  395  2,047  360  Kenneth R. Leibler/2006  2,243  N/A  2,047  N/A  Robert E. Patterson/1984  2,243  264  2,047  240  George Putnam, III/1984  2,243  231  2,047  210  Robert L. Reynolds/2008(6)  0  N/A  0  N/A  W. Thomas Stephens/1997(7)  772  240  706  219  Richard B. Worley/2004  2,243  N/A  2,047  N/A        Aggregate  Pension or        compensation  retirement        from the fund ($)  benefits accrued          as part of fund          expenses ($)        Trustees/Year  Putnam VT Voyager Fund        Ravi Akhoury/2009(5)  N/A  N/A        Jameson A. Baxter/1994(3)  3,476  442        Charles B. Curtis/2001  3,419  321        Robert J. Darretta/2007  3,356  N/A        Myra R. Drucker/2004(3)  3,476  N/A        Charles E. Haldeman, Jr./2004(8)  0  N/A        John A. Hill/1985(3)(4)  4,164  737        Paul L. Joskow/1997(3)  3,476  292        Elizabeth T. Kennan/1992(3)  3,476  609        Kenneth R. Leibler/2006  3,476  N/A        Robert E. Patterson/1984  3,476  407        George Putnam, III/1984  3,476  356        Robert L. Reynolds/2008(6)  0  N/A        W. Thomas Stephens/1997(7)  1,217  370        Richard B. Worley/2004  3,476  N/A        C-25    Estimated annual             benefits from all  Total compensation    Putnam funds upon  from all Putnam       retirement ($) (1)  funds ($) (2)  Trustees/Year  For All Funds  Ravi Akhoury/2009(5)  N/A  N/A  Jameson A. Baxter/1994(3)  110,500  295,000  Charles B. Curtis/2001  113,900  280,000  Robert J. Darretta/2007  N/A  295,000  Myra R. Drucker/2004(3)  N/A  295,500  Charles E. Haldeman, Jr./2004(8)  N/A  0  John A. Hill/1985(3)(4)  161,700  393,439  Paul L. Joskow/1997(3)  113,400  290,000  Elizabeth T. Kennan/1992(3)  108,000  295,000  Kenneth R. Leibler/2006  N/A  295,000  Robert E. Patterson/1984  106,500  295,000  George Putnam, III/1984  130,300  295,000  Robert L. Reynolds/2008(6)  N/A  0  W. Thomas Stephens/1997(7)  107,100  72,500  Richard B. Worley/2004  N/A  295,000  (1) Estimated benefits for each Trustee are based on Trustee fee rates for calendar years 2003, 2004 and 2005. (2) As of December 31, 2008 there were 103 funds in the Putnam family. For Mr. Hill, amounts shown also include compensation for service through June 25, 2008 as Chairman of TH Lee, Putnam Emerging Opportunities Portfolio, a closed-end fund advised by an affiliate of Putnam Management. (3) Certain Trustees are also owed compensation deferred pursuant to a Trustee Compensation Deferral Plan. As of each fund's fiscal year end (ended between July 31, 2008 and June 30, 2009), the total amounts of deferred compensation payable by each fund listed below, including income earned on such amounts, to these Trustees were (in dollars): Fund  Ms. Baxter  Ms. Drucker  Mr. Hill  Dr. Joskow  Dr. Kennan  Putnam Absolute Return 100 Fund  0  0  0  0  0  Putnam Absolute Return 300 Fund  0  0  0  0  0  Putnam Absolute Return 500 Fund  0  0  0  0  0  Putnam Absolute Return 700 Fund  0  0  0  0  0  Putnam American Government Income  9,059  1,842  37,639  8,849  1,362  Fund            Putnam AMT-Free Municipal Fund  4,810  979  19,979  4,691  724  Putnam Arizona Tax Exempt Income Fund  1,832  441  6,432  1,661  254  Putnam Asia Pacific Equity Fund  0  0  0  0  0  Putnam Asset Allocation: Balanced  9,325  1,896  38,748  9,110  1,402  Portfolio            Putnam Asset Allocation: Conservative  3,661  744  15,210  3,576  551  Portfolio            Putnam Asset Allocation: Equity Portfolio  0  0  0  0  0  Putnam Asset Allocation: Growth Portfolio  8,342  1,696  34,660  8,149  1,254  Putnam California Tax Exempt Income  14,371  2,921  59,712  14,038  2,161  Fund            Putnam Capital Opportunities Fund  3,624  873  12,704  3,286  502  Putnam Capital Spectrum Fund  0  0  0  0  0  Putnam Convertible Income-Growth Trust  7,215  1,486  28,211  6,636  1,022  C-26  Fund  Ms. Baxter  Ms. Drucker  Mr. Hill  Dr. Joskow  Dr. Kennan  Putnam Diversified Income Trust  20,695  4,207  85,991  20,216  3,112  Putnam Emerging Markets Equity Fund  0  0  0  0  0  Putnam Equity Income Fund  9,722  1,999  38,005  8,937  1,377  Putnam Equity Spectrum Fund  0  0  0  0  0  Putnam Europe Equity Fund  8,161  1,965  28,682  7,408  1,129  Putnam Floating Rate Income Fund  1,010  228  3,782  915  140  The Putnam Fund for Growth and Income  75,214  15,488  294,080  69,170  10,649  The George Putnam Fund of Boston  28,332  5,767  117,694  27,632  4,264  Putnam Global Consumer Fund  0  0  0  0  0  Putnam Global Energy Fund  0  0  0  0  0  Putnam Global Equity Fund  22,291  4,590  87,157  20,500  3,156  Putnam Global Financials Fund  0  0  0  0  0  Putnam Global Health Care Fund  21,774  4,428  90,428  21,230  3,278  Putnam Global Income Trust  3,901  803  15,252  3,587  552  Putnam Global Industrials Fund  0  0  0  0  0  Putnam Global Natural Resources Fund  2,764  562  11,478  2,695  416  Putnam Global Technology Fund  0  0  0  0  0  Putnam Global Telecommunications Fund  0  0  0  0  0  Putnam Global Utilities Fund  7,413  1,527  28,986  6,818  1,050  Putnam Growth Opportunities Fund  11,361  2,313  47,193  11,080  1,710  Putnam High Yield Advantage Fund  9,103  1,872  35,586  8,368  1,289  Putnam High Yield Trust  22,708  4,618  94,306  22,141  3,419  Putnam Income Fund  12,422  2,558  48,570  11,424  1,759  Putnam Income Strategies Fund  733  166  2,746  664  102  Putnam International Capital Opportunities  5,788  1,177  24,038  5,644  871  Fund            Putnam International Equity Fund  26,370  6,350  92,679  23,936  3,649  Putnam International Growth and Income  5,129  1,235  18,024  4,655  710  Fund            Putnam International New Opportunities  10,694  2,174  44,434  10,446  1,608  Fund            Putnam Investors Fund  25,812  5,254  107,224  25,174  3,885  Putnam Massachusetts Tax Exempt Fund  2,101  506  7,377  1,905  291  Putnam Michigan Tax Exempt Income  1,836  442  6,447  1,665  254  Fund            Putnam Mid Cap Value Fund  2,892  697  10,140  2,622  400  Putnam Minnesota Tax Exempt Income  1,825  439  6,406  1,654  253  Fund            Putnam Money Market Fund  14,941  3,037  62,080  14,595  2,247  Putnam Money Market Liquidity Fund  0  0  0  0  0  Putnam New Jersey Tax Exempt Income  1,948  469  6,841  1,767  270  Fund            Putnam New Opportunities Fund  68,300  16,446  240,044  61,994  9,451  C-27  Fund  Ms. Baxter  Ms. Drucker  Mr. Hill  Dr. Joskow  Dr. Kennan  Putnam New York Tax Exempt Income  8,665  1,782  33,874  7,966  1,227  Fund            Putnam Ohio Tax Exempt Income Fund  1,886  454  6,622  1,710  261  Putnam Pennsylvania Tax Exempt Income  1,905  459  6,689  1,727  264  Fund            Putnam Research Fund  5,066  1,031  21,046  4,941  763  Putnam RetirementReady 2010 Fund  0  0  0  0  0  Putnam RetirementReady 2015 Fund  0  0  0  0  0  Putnam RetirementReady 2020 Fund  0  0  0  0  0  Putnam RetirementReady 2025 Fund  0  0  0  0  0  Putnam RetirementReady 2030 Fund  0  0  0  0  0  Putnam RetirementReady 2035 Fund  0  0  0  0  0  Putnam RetirementReady 2040 Fund  0  0  0  0  0  Putnam RetirementReady 2045 Fund  0  0  0  0  0  Putnam RetirementReady 2050 Fund  0  0  0  0  0  Putnam RetirementReady Maturity Fund  0  0  0  0  0  Putnam Small Cap Growth Fund  1,852  446  6,510  1,681  256  Putnam Small Cap Value Fund  2,580  583  9,658  2,336  357  Putnam Tax Exempt Income Fund  13,374  2,719  55,571  13,065  2,011  Putnam Tax Exempt Money Market Fund  1,722  350  7,155  1,682  259  Putnam Tax-Free High Yield Fund  17,356  3,533  72,097  16,927  2,612  Putnam U.S. Government Income Trust  17,626  3,583  73,237  17,218  2,651  Putnam Vista Fund  27,105  5,517  112,596  26,435  4,079  Putnam Voyager Fund  77,387  15,753  321,473  75,474  11,647  Putnam VT American Government Income  1,781.63  383.13  6,852.43  1,656.37  253.33  Fund            Putnam VT Capital Opportunities Fund  887.81  190.92  3,414.65  825.39  126.24  Putnam VT Diversified Income Fund  2,393.16  514.64  9,204.49  2,224.91  340.29  Putnam VT Equity Income Fund  1,210.09  260.22  4,654.20  1,125.01  172.06  Putnam VT The George Putnam Fund of  2,462.83  529.62  9,472.45  2,289.68  350.19  Boston            Putnam VT Global Asset Allocation Fund  4,191.66  901.39  16,121.82  3,896.96  596.02  Putnam VT Global Equity Fund  7,822.70  1,682.22  30,087.37  7,272.71  1,112.32  Putnam VT Global Health Care Fund  1,820.73  391.54  7,002.82  1,692.72  258.89  Putnam VT Global Utilities Fund  4,714.52  1,013.83  18,132.80  4,383.06  670.36  Putnam VT Growth and Income Fund  20,999.75  4,515.87  80,768.46  19,523.34  2,985.98  Putnam VT Growth Opportunities Fund  1,497.37  322.00  5,759.14  1,392.10  212.91  Putnam VT High Yield Fund  5,581.49  1,200.27  21,467.31  5,189.08  793.64  Putnam VT Income Fund  5,751.28  1,236.78  22,120.37  5,346.93  817.78  Putnam VT International Equity Fund  3,196.49  687.39  12,294.22  2,971.76  454.51  Putnam VT International Growth and  2,008.28  431.87  7,724.16  1,867.08  285.56  Income Fund            C-28  Fund  Ms. Baxter  Ms. Drucker  Mr. Hill  Dr. Joskow  Dr. Kennan  Putnam VT International New  1,891.06  406.66  7,273.31  1,758.10  268.89  Opportunities Fund            Putnam VT Investors Fund  2,333.17  501.73  8,973.76  2,169.14  331.78  Putnam VT Mid Cap Value Fund  1,035.76  222.73  3,983.71  962.94  147.28  Putnam VT Money Market Fund  2,233.29  480.26  8,589.59  2,076.27  317.55  Putnam VT New Opportunities Fund  11,297.36  2,429.43  43,451.50  10,503.09  1,606.39  Putnam VT Research Fund  1,781.10  383.01  6,850.40  1,655.88  253.26  Putnam VT Small Cap Value Fund  2,307.47  496.21  8,874.92  2,145.42  328.10  Putnam VT Vista Fund  2,141.44  460.50  8,236.31  1,990.88  304.49  Putnam VT Voyager Fund  16,633.12  3,576.85  63,973.67  15,463.71  2,365.08  (4) Includes additional compensation to Mr. Hill for service as Chairman of the Trustees of the Funds. (5) Mr. Akhoury was elected to the Board of Trustees of the Putnam funds on February 12, 2009. (6) Mr. Reynolds was elected to the Board of Trustees of the Putnam funds on September 12, 2008. (7) Mr. Stephens, who retired from the Board of Trustees of the Putnam funds on March 31, 2008, was re-elected to the Board of Trustees of the Putnam funds on May 14, 2009. Upon his retirement, Mr. Stephens became entitled to receive annual retirement benefit payments from the funds commencing on January 15, 2009. In connection with his re-election to the Board of Trustees, Mr. Stephens has agreed to suspend the balance of his retirement benefit payments for the duration of his service as a Trustee. (8) Mr. Haldeman retired from the Board of Trustees of the Putnam funds on June 30, 2009. C-29  APPENDIX D –Forms of Proposed Management Contract For the following funds only: Putnam AMT-Free Municipal Fund Putnam Global Financials Fund Putnam Money Market Fund Putnam VT Global Equity Fund Putnam American Government Income Fund Putnam Global Health Care Fund Putnam New Jersey Tax Exempt Income Fund Putnam VT Global Health Care Fund Putnam Arizona Tax Exempt Income Fund Putnam Global Industrials Fund Putnam New York Tax Exempt Income Fund Putnam VT Global Utilities Fund Putnam Asset Allocation: Balanced Portfolio Putnam Global Income Trust Putnam Ohio Tax Exempt Income Fund Putnam VT Growth and Income Fund Putnam Asset Allocation: Conservative Putnam Global Natural Resources Fund Putnam Pennsylvania Tax Exempt Income Putnam VT Growth Opportunities Fund Portfolio Putnam Global Technology Fund Fund Putnam VT High Yield Fund Putnam Asset Allocation: Equity Portfolio Putnam Global Telecommunications Fund Putnam Research Fund Putnam VT Income Fund Putnam Asset Allocation: Growth Portfolio Putnam Global Utilities Fund Putnam Small Cap Value Fund Putnam VT International Equity Fund Putnam California Tax Exempt Income Fund Putnam High Yield Advantage Fund Putnam Tax Exempt Income Fund Putnam VT International Growth and Putnam Capital Opportunities Fund Putnam High Yield Trust Putnam Tax Exempt Money Market Fund Income Fund Putnam Convertible Income-Growth Trust Putnam Income Fund Putnam Tax-Free High Yield Fund Putnam VT International New Putnam Diversified Income Trust Putnam Income Strategies Fund Putnam U.S. Government Income Trust Opportunities Fund Putnam Equity Income Fund Putnam Investors Fund Putnam VT American Government Income Putnam VT Investors Fund Putnam Floating Rate Income Fund Putnam Massachusetts Tax Exempt Income Fund Putnam VT Mid Cap Value Fund The Putnam Fund for Growth and Income Fund Putnam VT Capital Opportunities Fund Putnam VT Money Market Fund The George Putnam Fund of Boston Putnam Michigan Tax Exempt Income Fund Putnam VT Diversified Income Fund Putnam VT New Opportunities Fund Putnam Global Consumer Fund Putnam Mid Cap Value Fund Putnam VT Equity Income Fund Putnam VT Research Fund Putnam Global Energy Fund Putnam Minnesota Tax Exempt Income Fund Putnam VT The George Putnam Fund of Putnam VT Small Cap Value Fund Boston Putnam VT Vista Fund Putnam VT Global Asset Allocation Fund Putnam VT Voyager Fund FORM OF PROPOSED MANAGEMENT CONTRACT This Management Contract is dated as of ____________, 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 D-1  Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees. (b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct 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. D-2  (f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract. 2. OTHER AGREEMENTS, ETC. It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with 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. B-2 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 B-3 (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. D-3  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 D-4  annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff. 7. NON-LIABILITY OF MANAGER. In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder. 8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS. A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund. B-5 D-5  IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written. [NAME OF FUND]  By:  PUTNAM INVESTMENT MANAGEMENT, LLC  By:  D-6  [NAME OF FUND] By: ___________________________ PUTNAM INVESTMENT MANAGEMENT, LLC By: ___________________________ B-6 Schedule A Schedule B Schedule A [LIST OF FUNDS]  D-7  Schedule B [FEE SCHEDULE.SCHEDULE: SeeAppendix EFto this proxy statement for each fund’s detailed fee information.]  B-7 D-8  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 Fund These funds are currently party to separate investment management and administrative services contracts with the Manager. Each fund’s current investment management contract, in comparison with its proposed new management contract, does not include provisions relating to administrative services. If the proposed new management contracts for these funds are approved, these funds’ administrative services contracts will be terminated and the funds will receive administrative (and investment management) services under the proposed new management contract. Sub-Advisers and Sub-Administrators All Putnam funds None of the funds’ current management contracts specifically address the Manager’s ability to delegate responsibilities to sub-advisers or sub-administrators. A provision is included in the proposed new management contracts for all of the funds that explicitly recognizes the Manager’s ability to delegate responsibilities, in accordance with current interpretations and guidance of the SEC’s staff. In addition, the proposed new management contract provides that a delegation of the Manager’s responsibilities permitted under the contract is not deemed to constitute an “assignment” that would automatically cause the contract to terminate. The funds do not anticipate any change in the Manager’s delegation of responsibilities as a result of these changes. C-1 Fees Putnam Municipal Opportunities Trust Putnam Prime Money Market Fund The current management contracts and the proposed new management contracts for these funds provide that the fund will pay the Manager compensation for the Manager’s investment management services rendered, for the facilities furnished to the fund, and for the expenses borne by the Manager in connection with providing such services and facilities, including placing orders with brokers or dealers for the purchase and sale of portfolio investments for the fund. As mentioned above, the proposed new management contracts for these funds also address the provision of administrative services. Thus, the proposed new management contracts for these funds include the fees for both investment and administrative services. There is no change in the aggregate fees that each of these funds will pay to the Manager for investment management and administrative services. Please refer toAppendix Efor information about the applicable fee rates. 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 Fund The current management contracts for these funds do not address a reduction of management fees through an expense limitation voluntarily agreed to in writing by the Manager in the event that the expenses of the fund exceed any expense limitation which the Manager may have declared to be effective. The proposed new management contracts include a provision addressing the possibility that management fees may be reduced where expenses of the fund exceed any voluntary expense limitations assumed by the Manager. Term and Termination All Putnam funds The current management contracts provide that either party may terminate the contract as to a fund by not more than 60 days’ nor less than 30 days’ written notice. Each proposed new management contract provides that either party to it may terminate the contract as to a fund at any time by not less than 60 days’ written notice, which, from the funds’ perspective, provides a more reasonable period of time during which to seek a new investment adviser if the Manager terminates the contract. All Putnam funds Each proposed new management contract provides that it is effective upon execution and will remain in full force and effect as to a fund continuously thereafter, unless terminated automatically in the event of assignment or by either party to the contract by written notice (as described above), through June 30, 2008, and that after June 30, 2008 it will continue from year to year so long as its continuance is approved at least annually in a specified manner. The current management contracts’ provisions addressing effective period and termination do not contain any reference to June 30, 2008 but are otherwise substantively the same as the provisions in the proposed new management contract. C-2 APPENDIX D Management Contracts: Dates and Approvals The following table contains information regarding the date of each fund’s current management contract, the date on which it was last approved by shareholders and the purpose for that submission. Except as noted, for each fund listed below, the date on which the continuance of its management contract was last approved by the Board of Trustees was June 9, 2006. 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. D-9  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- D-10  administrator, and no delegation will relieve the Manager of any of its obligations under this Contract. 2. OTHER AGREEMENTS, ETC. It is understood that any of the shareholders, Trustees, officers and employees of 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. D-11  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 D-12  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. D-13  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:  D-14  Schedule A [LIST OF FUNDS] D-15  Schedule B [FEE SCHEDULE:  Putnam Absolute Return 100 Fund Putnam Absolute Return 500 Fund Putnam Absolute Return 300 Fund Putnam Absolute Return 700 Fund Putnam Capital Spectrum Fund Putnam Equity Spectrum Fund 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.] D-16  Schedule C [This Schedule C is included for the following funds only: Putnam Absolute Return 100 Fund Putnam Absolute Return 500 Fund Putnam Absolute Return 300 Fund Putnam Absolute Return 700 Fund] 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 D-17  calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of 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. D-18  Schedule C [This Schedule C is included for the following funds only: Putnam Capital Spectrum Fund Putnam Equity Spectrum Fund] Commencing with the thirteenth whole calendar month of the Fund’s operations, the Fund’s Base Fee computed in accordance withSchedule Bwill be adjusted, on a monthly basis, upward or 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 D-19  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. D-20  Schedule C [This Schedule C is included for each of the following funds for which Proposal 2A or Proposal 2C is approved by shareholders and implemented: Putnam Asia Pacific Equity Fund Putnam International Growth and Income Fund Putnam Emerging Markets Equity Fund Putnam International New Opportunities Fund Putnam Europe Equity Fund Putnam New Opportunities Fund Putnam Global Equity Fund Putnam Small Cap Growth Fund Putnam Growth Opportunities Fund Putnam Vista Fund Putnam International Capital Opportunities Fund Putnam Voyager Fund] Putnam International Equity Fund Commencing with the thirteenth whole calendar month after the later of 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. D-21  Measuring Class.The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Per iod, it may only be used in calculating that portion of the 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. D-22  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%  E-1  Fund  Management Fee Rate    Fund  Management Fee Rate      Putnam Asset  First $500 million  0.70%  Putnam Asset  First $500 million  0.70%  Allocation: Equity  Next $500 million  0.60%  Allocation: Growth  Next $500 million  0.60%  Portfolio  Next $500 million  0.55%  Portfolio  Next $500 million  0.55%    Next $5 billion  0.50%    Next $5 billion  0.50%    Next $5 billion  0.475%    Next $5 billion  0.475%    Next $5 billion  0.455%    Next $5 billion  0.455%    Next $5 billion  0.44%    Next $5 billion  0.44%    Next $5 billion  0.43%    Any excess over $21.5 billion  0.43%    Next $5 billion  0.42%          Next $5 billion  0.41%          Next $5 billion  0.40%          Next $5 billion  0.39%          Next $8.5 billion  0.38%          Any excess thereafter  0.37%        Putnam California  The lesser of 0.50%, or    Putnam Capital  First $500 million  0.65%  Tax Exempt Income  First $500 million  0.60%  Opportunities Fund  Next $500 million  0.55%  Fund  Next $500 million  0.50%    Next $500 million  0.50%    Next $500 million  0.45%    Next $5 billion  0.45%    Next $5 billion  0.40%    Next $5 billion  0.425%    Next $5 billion  0.375%    Next $5 billion  0.405%    Next $5 billion  0.355%    Next $5 billion  0.39%    Next $5 billion  0.34%    Any excess over $21.5 billion  0.38%    Any excess thereafter  0.33%        Putnam Capital  First $500 million  0.80%  Putnam Convertible  First $500 million  0.65%  Spectrum Fund  Next $500 million  0.70%  Income-Growth Trust  Next $500 million  0.55%    Next $500 million  0.65%    Next $500 million  0.50%    Next $5 billion  0.60%    Next $5 billion  0.45%    Next $5 billion  0.575%    Next $5 billion  0.425%    Next $5 billion  0.555%    Next $5 billion  0.405%    Next $5 billion  0.54%    Next $5 billion  0.39%    Next $5 billion  0.53%    Any excess thereafter  0.38%    Next $5 billion  0.52%          Next $5 billion  0.51%          Next $5 billion  0.50%          Next $5 billion  0.49%          Next $8.5 billion  0.48%          Any excess thereafter  0.47%            Benchmark: 50/50 blend (balanced daily) of S&P 500          Index and JP Morgan Developed High Yield Index          Maximum Performance Adjustment Rate: 0.32%          Minimum Performance Adjustment Rate: -0.32%        Putnam Diversified  First $500 million  0.70%  Putnam Emerging  First $500 million  1.00%  Income Trust  Next $500 million  0.60%  Markets Equity Fund  Next $500 million  0.90%    Next $500 million  0.55%    Next $500 million  0.85%    Next $5 billion  0.50%    Next $5 billion  0.80%    Next $5 billion  0.475%    Next $5 billion  0.775%    Next $5 billion  0.455%    Next $5 billion  0.755%    Next $5 billion  0.44%    Next $5 billion  0.74%    Any excess thereafter  0.43%    Next $5 billion  0.73%          Next $5 billion  0.72%          Next $5 billion  0.71%          Next $5 billion  0.70%          Next $5 billion  0.69%          Next $8.5 billion  0.68%          Any excess thereafter  0.67%  E-2 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%        E-6 Fund  Management Fee Rate    Fund  Management Fee Rate      Putnam Vista Fund  First $500 million  0.65%  Putnam Voyager  First $500 million  0.70%    Next $500 million  0.55%  Fund  Next $500 million  0.60%    Next $500 million  0.50%    Next $500 million  0.55%    Next $5 billion  0.45%    Next $5 billion  0.50%    Next $5 billion  0.425%    Next $5 billion  0.475%    Next $5 billion  0.405%    Next $5 billion  0.455%    Next $5 billion  0.39%    Next $5 billion  0.44%    Any excess over $21.5 billion  0.38%    Next $5 billion  0.43%          Next $5 billion  0.42%          Next $5 billion  0.41%          Next $5 billion  0.40%          Next $5 billion  0.39%          Next $8.5 billion  0.38%          Any excess over $55 billion  0.37%  Putnam VT American  First $500 million  0.65%  Putnam VT Capital  First $500 million  0.65%  Government Income  Next $500 million  0.55%  Opportunities Fund  Next $500 million  0.55%  Fund  Next $500 million  0.50%    Next $500 million  0.50%    Next $5 billion  0.45%    Next $5 billion  0.45%    Next $5 billion  0.425%    Next $5 billion  0.425%    Next $5 billion  0.405%    Next $5 billion  0.405%    Next $5 billion  0.39%    Next $5 billion  0.39%    Next $5 billion  0.38%    Any excess thereafter  0.38%    Next $5 billion  0.37%          Next $5 billion  0.36%          Next $5 billion  0.35%          Any excess thereafter  0.34%        Putnam VT  First $500 million  0.70%  Putnam VT Equity  First $500 million  0.65%  Diversified Income  Next $500 million  0.60%  Income Fund  Next $500 million  0.55%  Fund  Next $500 million  0.55%    Next $500 million  0.50%    Next $5 billion  0.50%    Next $5 billion  0.45%    Next $5 billion  0.475%    Next $5 billion  0.425%    Next $5 billion  0.455%    Next $5 billion  0.405%    Next $5 billion  0.44%    Next $5 billion  0.39%    Any excess thereafter  0.43%    Any excess thereafter  0.38%  Putnam VT The  First $500 million  0.65%  Putnam VT Global  First $500 million  0.70%  George Putnam Fund  Next $500 million  0.55%  Asset Allocation  Next $500 million  0.60%  of Boston  Next $500 million  0.50%  Fund  Next $500 million  0.55%    Next $5 billion  0.45%    Next $5 billion  0.50%    Next $5 billion  0.425%    Next $5 billion  0.475%    Next $5 billion  0.405%    Next $5 billion  0.455%    Next $5 billion  0.39%    Next $5 billion  0.44%    Any excess thereafter  0.38%    Any excess thereafter  0.43%  Putnam VT Global  First $500 million  0.80%  Putnam VT Global  First $500 million  0.70%  Equity Fund  Next $500 million  0.70%  Health Care Fund  Next $500 million  0.60%    Next $500 million  0.65%    Next $500 million  0.55%    Next $5 billion  0.60%    Next $5 billion  0.50%    Next $5 billion  0.575%    Next $5 billion  0.475%    Next $5 billion  0.555%    Next $5 billion  0.455%    Next $5 billion  0.54%    Next $5 billion  0.44%    Any excess thereafter  0.53%    Any excess thereafter  0.43%  Putnam VT Global  First $500 million  0.70%  Putnam VT Growth  First $500 million  0.65%  Utilities Fund  Next $500 million  0.60%  and Income Fund  Next $500 million  0.55%    Next $500 million  0.55%    Next $500 million  0.50%    Next $5 billion  0.50%    Next $5 billion  0.45%    Next $5 billion  0.475%    Next $5 billion  0.425%    Next $5 billion  0.455%    Next $5 billion  0.405%    Next $5 billion  0.44%    Next $5 billion  0.39%    Any excess thereafter  0.43%    Any excess thereafter  0.38%  Putnam VT Growth  First $500 million  0.70%  Putnam VT High  First $500 million  0.70%  Opportunities Fund  Next $500 million  0.60%  Yield Fund  Next $500 million  0.60%    Next $500 million  0.55%    Next $500 million  0.55%    Next $5 billion  0.50%    Next $5 billion  0.50%    Next $5 billion  0.475%    Next $5 billion  0.475%    Next $5 billion  0.455%    Next $5 billion  0.455%    Next $5 billion  0.44%    Next $5 billion  0.44%    Next $5 billion  0.43%    Any excess thereafter  0.43%    Any excess thereafter  0.42%          E-7 Fund  Management Fee Rate    Fund  Management Fee Rate      Putnam VT Income  First $500 million  0.65%  Putnam VT  First $500 million  0.80%  Fund  Next $500 million  0.55%  International Equity  Next $500 million  0.70%    Next $500 million  0.50%  Fund  Next $500 million  0.65%    Next $5 billion  0.45%    Next $5 billion  0.60%    Next $5 billion  0.425%    Next $5 billion  0.575%    Next $5 billion  0.405%    Next $5 billion  0.555%    Next $5 billion  0.39%    Next $5 billion  0.54%    Any excess thereafter  0.38%    Any excess thereafter  0.53%  Putnam VT  First $500 million  0.80%  Putnam VT  First $500 million  1.00%  International Growth  Next $500 million  0.70%  International New  Next $500 million  0.90%  and Income Fund  Next $500 million  0.65%  Opportunities Fund  Next $500 million  0.85%    Next $5 billion  0.60%    Next $5 billion  0.80%    Next $5 billion  0.575%    Next $5 billion  0.775%    Next $5 billion  0.555%    Next $5 billion  0.755%    Next $5 billion  0.54%    Next $5 billion  0.74%    Any excess thereafter  0.53%    Any excess thereafter  0.73%  Putnam VT Investors  First $500 million  0.65%  Putnam VT Mid Cap  First $500 million  0.70%  Fund  Next $500 million  0.55%  Value Fund  Next $500 million  0.60%    Next $500 million  0.50%    Next $500 million  0.55%    Next $5 billion  0.45%    Next $5 billion  0.50%    Next $5 billion  0.425%    Next $5 billion  0.475%    Next $5 billion  0.405%    Next $5 billion  0.455%    Next $5 billion  0.39%    Next $5 billion  0.44%    Any excess thereafter  0.38%    Any excess thereafter  0.43%  Putnam VT Money  First $500 million  0.45%  Putnam VT New  First $500 million  0.70%  Market Fund  Next $500 million  0.35%  Opportunities Fund  Next $500 million  0.60%    Next $500 million  0.30%    Next $500 million  0.55%    Next $5 billion  0.25%    Next $5 billion  0.50%    Next $5 billion  0.225%    Next $5 billion  0.475%    Next $5 billion  0.205%    Next $5 billion  0.455%    Next $5 billion and  0.19%    Next $5 billion  0.44%    Any excess thereafter  0.18%    Any excess thereafter  0.43%  Putnam VT Research  First $500 million  0.65%  Putnam VT Small  First $500 million  0.80%  Fund  Next $500 million  0.55%  Cap Value Fund  Next $500 million  0.70%    Next $500 million  0.50%    Next $500 million  0.65%    Next $5 billion  0.45%    Next $5 billion  0.60%    Next $5 billion  0.425%    Next $5 billion  0.575%    Next $5 billion  0.405%    Next $5 billion  0.555%    Next $5 billion  0.39%    Next $5 billion  0.54%    Any excess thereafter  0.38%    Any excess thereafter  0.53%  Putnam VT Vista  First $500 million  0.65%  Putnam VT Voyager  First $500 million  0.70%  Fund  Next $500 million  0.55%  Fund  Next $500 million  0.60%    Next $500 million  0.50%    Next $500 million  0.55%    Next $5 billion  0.45%    Next $5 billion  0.50%    Next $5 billion  0.425%    Next $5 billion  0.475%    Next $5 billion  0.405%    Next $5 billion  0.455%    Next $5 billion  0.39%    Next $5 billion  0.44%    Any excess thereafter  0.38%    Any excess thereafter  0.43%  E-8  APPENDIX F – Proposed Fee Schedules Fund Family Fee Schedules             Putnam Europe Equity                Fund                Putnam Global Equity  Putnam Capital              Fund  Opportunities Fund        Putnam Asia Pacific Equity      Putnam International  Putnam Convertible        Fund      Equity Fund  Income-Growth Trust        Putnam Emerging Markets      Putnam International  Putnam Small Cap        Equity Fund      Growth and Income Fund  Growth Fund        Putnam International    Putnam Absolute  Putnam VT Global Equity  Putnam Small Cap Value        Capital Opportunities Fund    Return 500 Fund  Fund  Fund        Putnam International New    Putnam Capital  Putnam VT International  Putnam VT Capital  Total Open-End  Opportunities Fund    Spectrum Fund  Equity Fund  Opportunities Fund  Mutual Fund Average Putnam VT International  Putnam Absolute Return  Putnam Equity  Putnam VT International  Putnam VT Small Cap  Net Assets ($B)* New Opportunities Fund  700 Fund  Spectrum Fund  Growth and Income Fund  Value Fund  1st  5  B  1.080%  1.030%  0.880%  0.850%  0.780%  Next  5  B  1.030%  0.980%  0.830%  0.800%  0.730%  Next  10  B  0.980%  0.930%  0.780%  0.750%  0.680%  Next  10  B  0.930%  0.880%  0.730%  0.700%  0.630%  Next  50  B  0.880%  0.830%  0.680%  0.650%  0.580%  Next  50  B  0.860%  0.810%  0.660%  0.630%  0.560%  Next  100  B  0.850%  0.800%  0.650%  0.620%  0.550%  Any excess thereafter  0.845%  0.795%  0.645%  0.615%  0.545%  F-1      Putnam Global Consumer            Fund            Putnam Global Energy Fund            Putnam Global Financials            Fund            Putnam Global Health Care            Fund            Putnam Global Industrials            Fund            Putnam Global Natural            Resources Fund            Putnam Global Technology            Fund            Putnam Global            Telecommunications Fund  Putnam Asset Allocation:  Putnam Mid Cap Value        Putnam Global Utilities Fund  Equity Portfolio  Fund        Putnam VT Global Health  Putnam Asset Allocation:  Putnam Vista Fund    Total Open-End  Care Fund  Growth Portfolio  Putnam VT Vista Fund    Mutual Fund Average Putnam VT Global Utilities  Putnam VT Global Asset  Putnam VT Mid Cap  Putnam Absolute Return  Net Assets ($B)*  Fund  Allocation Fund  Value Fund  300 Fund  1st  5 B  0.780%  0.750%  0.740%  0.730%  Next  5  B  0.730%  0.700%  0.690%  0.680%  Next  10  B  0.680%  0.650%  0.640%  0.630%  Next  10  B  0.630%  0.600%  0.590%  0.580%  Next  50 B  0.580%  0.550%  0.540%  0.530%  Next  50  B  0.560%  0.530%  0.520%  0.510%  Next  100  B  0.550%  0.520%  0.510%  0.500%  Any excess thereafter  0.545%  0.515%  0.505%  0.495%  F-2          Putnam Growth                Opportunities Fund                Putnam Investors Fund                Putnam New Opportunities                Fund    Putnam Asset Allocation:            Putnam Research Fund    Balanced Portfolio            Putnam Voyager Fund    The George Putnam Fund            Putnam VT Investors Fund    of Boston          Putnam Floating Rate Income  Putnam VT New  Putnam Diversified  Putnam VT The George          Fund  Opportunities Fund  Income Trust  Putnam Fund of Boston          Putnam High Yield Trust  Putnam VT Research Fund  Putnam Global Income  Putnam Asset Allocation:    Total Open-End  Putnam High Yield Advantage  Putnam VT Growth  Trust  Conservative Portfolio    Mutual Fund Average Fund  Opportunities Fund  Putnam VT Diversified  Putnam Income Strategies  Putnam Absolute Return  Net Assets ($B)* Putnam VT High Yield Fund  Putnam VT Voyager Fund  Income Fund  Fund  100 Fund  1st  5  B  0.720%  0.710%  0.700%  0.680%  0.630%  Next  5  B  0.670%  0.660%  0.650%  0.630%  0.580%  Next  10  B  0.620%  0.610%  0.600%  0.580%  0.530%  Next  10  B  0.570%  0.560%  0.550%  0.530%  0.480%  Next  50  B  0.520%  0.510%  0.500%  0.480%  0.430%  Next  50  B  0.500%  0.490%  0.480%  0.460%  0.410%  Next  100  B  0.490%  0.480%  0.470%  0.450%  0.400%  Any excess thereafter  0.485%  0.475%  0.465%  0.445%  0.395%  F-3          Putnam AMT-Free              Municipal Fund              Putnam Arizona Tax              Exempt Income Fund              Putnam California Tax              Exempt Income Fund              Putnam Massachusetts              Tax Exempt Income              Fund              Putnam Michigan Tax              Exempt Income Fund              Putnam Minnesota Tax              Exempt Income Fund              Putnam New Jersey Tax            Exempt Income Fund            Putnam New York Tax            Putnam Equity Income  Exempt Income Fund  Putnam American        Fund  Putnam Ohio Tax  Government Income Fund        The Putnam Fund for   Exempt Income Fund  Putnam Income Fund  Putnam Money Market         Growth and Income  Putnam Pennsylvania  Putnam U.S. Government  Fund    Putnam VT Equity Income  Tax Exempt Income  Income Trust  Putnam Tax Exempt  Total Open-End    Fund   Fund   Putnam VT American  Money Market Fund   Mutual Fund Average Putnam Tax-Free High Yield  Putnam VT Growth and  Putnam Tax Exempt  Government Income Fund  Putnam VT Money Market  Net Assets ($B)*  Fund  Income Fund  Income Fund  Putnam VT Income Fund  Fund  1st  5 B  0.630%  0.630%  0.590%  0.550%  0.440%  Next  5  B  0.580%  0.580%  0.540%  0.500%  0.390%  Next  10  B  0.530%  0.530%  0.490%  0.450%  0.340%  Next  10  B  0.480%  0.480%  0.440%  0.400%  0.290%  Next  50 B  0.430%  0.430%  0.390%  0.350%  0.240%  Next  50  B  0.410%  0.410%  0.370%  0.330%  0.220%  Next  100  B  0.400%  0.400%  0.360%  0.320%  0.210%  Any excess thereafter  0.395%  0.395%  0.355%  0.315%  0.205%  * "Total Open-End Mutual Fund Average Net Assets" means the 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 A Putnam 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%  F-4  APPENDIX G – Proposed Benchmarks Fund Name Proposed Benchmark Proposed Maximum Annualized Performance Adjustment Rate Putnam Asia Pacific Equity Morgan Stanley Capital 0.21% Fund International (MSCI) All Country (AC) Asia Pacific  Index (Net Dividends)*  Putnam Emerging Markets Morgan Stanley Capital 0.21% Equity Fund International (MSCI) Emerging Markets (EM) Index (Net Dividends)* Putnam Europe Equity Fund Morgan Stanley Capital 0.15% International (MSCI) Europe Index (Net Dividends)*  Putnam Global Equity Fund Morgan Stanley Capital 0.15% International (MSCI) World Index (Net Dividends)* Putnam Growth Russell 1000 Growth Index 0.12% Opportunities Fund Putnam International S&P Developed/Ex-U.S. 0.21% Capital Opportunities Fund SmallCap Index Putnam International Equity Morgan Stanley Capital 0.15% Fund International (MSCI) EAFE Index (Net Dividends)* Putnam International S&P Developed/Ex-U.S. 0.15% Growth and Income Fund LargeMidCap Value Index Putnam International New Morgan Stanley Capital 0.21% Opportunities Fund International (MSCI) EAFE Growth Index (Net Dividends)* Putnam New Opportunities Russell 3000 Growth Index 0.12% Fund Putnam Small Cap Growth Russell 2000 Growth Index 0.18% Fund Putnam Vista Fund Russell Midcap Growth Index 0.12% Putnam Voyager Fund Russell 1000 Growth Index 0.12% * Morgan Stanley Capital International (MSCI) publishes two versions of these indices reflecting the reinvestment of dividends using two different methodologies: gross dividends and net dividends. While both versions reflect reinvested dividends, they differ with respect to the manner in which taxes associated with dividends payments are treated. In calculating the net dividends version, MSCI incorporates reinvested dividends applying the withholding tax rate applicable to foreign non-resident institutional investors that do not benefit from double taxation treaties. Putnam Management believes that the net dividends version better reflects the returns U.S. investors might expect were they to invest directly in the component securities of each index. G-1 APPENDIX H – Funds Proposed to Change to Monthly Management Fees Putnam American Government Income Fund  Putnam Tax Exempt Income Fund  Putnam Arizona Tax Exempt Income Fund  Putnam Tax Exempt Money Market Fund  Putnam Asset Allocation: Balanced Portfolio  Putnam U.S. Government Income Trust  Putnam Asset Allocation: Conservative  Putnam Vista Fund  Portfolio  Putnam Voyager Fund  Putnam Asset Allocation: Growth Portfolio  Putnam VT American Government Income  Putnam California Tax Exempt Income Fund  Fund  Putnam Capital Opportunities Fund  Putnam VT Diversified Income Trust  Putnam Convertible Income-Growth Trust  Putnam VT The George Putnam Fund of  Putnam Diversified Income Trust  Boston  Putnam Equity Income Fund  Putnam VT Global Asset Allocation Fund  Putnam Europe Equity Fund  Putnam VT Global Equity Fund  Putnam Fund for Growth and Income  Putnam VT Global Health Care Fund  Putnam The George Putnam Fund of Boston  Putnam VT Global Utilities Fund  Putnam Global Health Care Fund  Putnam VT Growth and Income Fund  Putnam Global Income Trust  Putnam VT Growth Opportunities Fund  Putnam Global Utilities Fund  Putnam VT High Yield Fund  Putnam Growth Opportunities Fund  Putnam VT Income Fund  Putnam High Yield Advantage Fund  Putnam VT International Equity Fund  Putnam High Yield Trust  Putnam VT International Growth and  Putnam Income Fund  Income Fund  Putnam International Capital Opportunities  Putnam VT International New Opportunities  Fund  Fund  Putnam International Equity Fund  Putnam VT Investors Fund  Putnam International Growth and Income  Putnam VT Money Market Fund  Fund  Putnam VT New Opportunities Fund  Putnam International New Opportunities Fund  Putnam VT Research Fund  Putnam Investors Fund  Putnam VT Small Cap Value Fund  Putnam Massachusetts Tax Exempt Income  Putnam VT Vista Fund  Fund  Putnam VT Voyager Fund  Putnam Michigan Tax Exempt Income Fund  Putnam Mid Cap Value Fund  Putnam Minnesota Tax Exempt Income Fund  Putnam Money Market Fund  Putnam New Jersey Tax Exempt Income Fund  Putnam New Opportunities Fund  Putnam New York Tax Exempt Income Fund  Putnam Ohio Tax Exempt Income Fund  Putnam Pennsylvania Tax Exempt Income  Fund  Putnam Research Fund  Putnam Small Cap Growth Fund  Putnam Small Cap Value Fund  H-1  APPENDIX I – Description of Contract Approval Process 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. I-1  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 I-2  conclusions with respect to Putnam Management’s strategic pricing proposal and accordingly their considerations discussed below address only their reasons for recommending the continuance of the current contractual arrangements. Management fee schedules and categories; total expenses The Trustees reviewed the management (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 I-3  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 I-4  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 I-5  `Trustees considered a change made, at Putnam Management’s request, to the Putnam funds’ brokerage allocation policy commencing in 2009, which increased the permitted soft dollar allocation to third-party services over what had been authorized in previous years. The Trustees noted that a portion of available soft dollars continue to be allocated to the payment of fund expenses, although the amount allocated for this purpose has declined in recent years. The Trustees indicated their continued intent to monitor regulatory developments in this area with the assistance of their Brokerage Committee and also indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage and trends in industry practice to ensure that the principle of seeking “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. I-6  Schedule A The funds ranked in the following percentiles in management fees and total expenses (less any applicable 12b-1 fees for open-end funds, and excluding charges and expenses at the insurance company separate account level for the funds of Putnam Variable Trust) as of December 31, 2008 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds): Actual Management Fee Total Expenses (percentile rank) (percentile rank) Putnam Absolute Return 100 Fund  N/A  N/A  Putnam Absolute Return 300 Fund  N/A  N/A  Putnam Absolute Return 500 Fund  N/A  N/A  Putnam Absolute Return 700 Fund  N/A  N/A  Putnam American Government Income Fund  46th  42nd  Putnam AMT-Free Municipal Fund  76th  52nd  Putnam Arizona Tax Exempt Income Fund  17th  67th  Putnam Asset Allocation: Balanced Portfolio  34th  31st  Putnam Asset Allocation: Conservative Portfolio  71st  59th  Putnam Asset Allocation: Growth Portfolio  35th  50th  Putnam California Tax Exempt Income Fund  58th  38th  Putnam Capital Opportunities Fund  7th  24th  Putnam Convertible Income-Growth Trust  50th  21st  Putnam Diversified Income Trust  56th  40th  Putnam Emerging Markets Equity Fund  N/A  N/A  Putnam Equity Income Fund  7th  21st  Putnam Europe Equity Fund  40th  40th  Putnam Floating Rate Income Fund  80th  33rd  The Putnam Fund for Growth and Income  14th  28th  The George Putnam Fund of Boston  38th  45th  Putnam Global Consumer Fund  N/A  N/A  Putnam Global Energy Fund  N/A  N/A  Putnam Global Equity Fund  19th  29th  Putnam Global Financials Fund  N/A  N/A  Putnam Global Health Care Fund  15th  22nd  Putnam Global Income Trust  10th  48th  Putnam Global Industrials Fund  N/A  N/A  Putnam Global Natural Resources Fund  28th  20th  Putnam Global Telecommunications Fund  N/A  N/A  Putnam Global Technology Fund  N/A  N/A  Putnam Global Utilities Fund  67th  40th  Putnam Growth Opportunities Fund  10th  52nd  Putnam High Income Securities Fund  1st  1st  Putnam High Yield Advantage Fund  90th  55th  Putnam High Yield Trust  66th  41st  Putnam Income Fund  31st  38th  Putnam Income Strategies Fund  1st  1st  Putnam International Capital Opportunities Fund  34th  21st  Putnam International Equity Fund  10th  3rd  Putnam International Growth and Income Fund  31st  28th  Putnam International New Opportunities Fund  24th  62nd  Putnam Investors Fund  28th  62nd  Putnam Managed Municipal Income Trust  33rd  50th  Putnam Massachusetts Tax Exempt Income Fund  58th  42nd  Putnam Master Intermediate Income Trust  67th  33rd  Putnam Michigan Tax Exempt Income Fund  43rd  57th  Putnam Mid Cap Value Fund  21st  45th  Putnam Minnesota Tax Exempt Income Fund  33rd  67th  I-7  Actual Management Fee Total Expenses (percentile rank) (percentile rank) Putnam Money Market Fund  34th  59th  Putnam Municipal Opportunities Trust  50th  57th  Putnam New Jersey Tax Exempt Income Fund  58th  83rd  Putnam New Opportunities Fund  10th  34th  Putnam New York Tax Exempt Income Fund  65th  35th  Putnam Ohio Tax Exempt Income Fund  58th  50th  Putnam Pennsylvania Tax Exempt Income Fund  67th  53rd  Putnam Premier Income Trust  67th  1st  Putnam Research Fund  24th  62nd  Putnam RetirementReady Maturity Fund*  86th  36th  Putnam RetirementReady 2010 Fund*  88th  25th  Putnam RetirementReady 2015 Fund*  90th  30th  Putnam RetirementReady 2020 Fund*  92nd  62nd  Putnam RetirementReady 2025 Fund*  88th  63rd  Putnam RetirementReady 2030 Fund*  92nd  50th  Putnam RetirementReady 2035 Fund*  89th  44th  Putnam RetirementReady 2040 Fund*  89th  67th  Putnam RetirementReady 2045 Fund*  99th  83rd  Putnam RetirementReady 2050 Fund*  99th  67th  Putnam Small Cap Growth Fund  38th  45th  Putnam Small Cap Value Fund  34th  55th  Putnam Tax Exempt Income Fund  90th  72nd  Putnam Tax Exempt Money Market Fund  8th  63rd  Putnam Tax-Free High Yield Fund  38th  24th  Putnam U.S. Government Income Trust  69th  54th  Putnam Vista Fund  10th  14th  Putnam Voyager Fund  17th  55th  Putnam VT American Government Income Fund  19th  56th  Putnam VT Capital Opportunities Fund  3rd  52nd  Putnam VT Diversified Income Fund  21st  50th  Putnam VT Equity Income Fund  22nd  22nd  Putnam VT The George Putnam Fund of Boston  58th  46th  Putnam VT Global Asset Allocation Fund  48th  48th  Putnam VT Global Equity Fund  32nd  37th  Putnam VT Global Health Care Fund  25th  6th  Putnam VT Global Utilities Fund  50th  38th  Putnam VT Growth and Income Fund  7th  3rd  Putnam VT Growth Opportunities Fund  1st  21st  Putnam VT High Yield Fund  52nd  28th  Putnam VT Income Fund  39th  36th  Putnam VT International Equity Fund  41st  34th  Putnam VT International Growth and Income Fund  34th  17th  Putnam VT International New Opportunities Fund  72nd  66th  Putnam VT Investors Fund  38th  38th  Putnam VT Mid Cap Value Fund  11th  44th  Putnam VT Money Market Fund  38th  48th  Putnam VT New Opportunities Fund  33rd  25th  Putnam VT Research Fund  14th  45th  Putnam VT Small Cap Value Fund  48th  55th  Putnam VT Vista Fund  14th  24th  Putnam VT Voyager Fund  34th  41st  * For these funds, the Actual Management Fee percentile rankings are reasonable.for the parent-level management fees only, while the Total Expenses percentile rankings include the expenses of the underlying funds. I-8  Schedule B 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. I-9  One-year period Three-year period Five-year period percentile rank percentile rank percentile rank (# of funds in (# of funds in (# of funds in category) category) category) Putnam Investors Fund  79th ( 851 )  95th ( 720 )  81st ( 606 )  Putnam Managed Municipal Income Trust  50th ( 15 )  60th ( 14 )  73rd ( 14 )  Putnam Massachusetts Tax Exempt Income Fund  35th ( 41 )  31st ( 37 )  27th ( 36 )  Putnam Master Intermediate Income Trust  86th ( 6 )  86th ( 6 )  86th ( 6 )  Putnam Michigan Tax Exempt Income Fund  26th ( 22 )  33rd ( 17 )  38th ( 17 )  Putnam Mid Cap Value Fund  80th ( 353 )  76th ( 285 )  80th ( 212 )  Putnam Minnesota Tax Exempt Income Fund  40th ( 41 )  26th ( 37 )  27th ( 35 )  Putnam Money Market Fund  9th ( 328 )  8th ( 305 )  11th ( 286 )  Putnam Municipal Opportunities Trust  60th ( 60 )  60th ( 59 )  66th ( 59 )  Putnam New Jersey Tax Exempt Income Fund  17th ( 45 )  18th ( 37 )  32nd ( 36 )  Putnam New Opportunities Fund  23rd ( 506 )  59th ( 386 )  57th ( 320 )  Putnam New York Tax Exempt Income Fund  50th ( 98 )  36th ( 93 )  37th ( 93 )  Putnam Ohio Tax Exempt Income Fund  35th ( 36 )  31st ( 31 )  34th ( 31 )  Putnam Pennsylvania Tax Exempt Income Fund  19th ( 56 )  22nd ( 48 )  28th ( 48 )  Putnam Premier Income Trust  72nd ( 6 )  72nd ( 6 )  72nd ( 6 )  Putnam Research Fund  66th ( 851 )  84th ( 720 )  85th ( 606 )  Putnam RetirementReady Maturity Fund  92nd ( 431 )  92nd ( 321 )  N/A  Putnam RetirementReady 2010 Fund  53rd ( 170 )  83rd ( 93 )  N/A  Putnam RetirementReady 2015 Fund  53rd ( 110 )  68th ( 45 )  N/A  Putnam RetirementReady 2020 Fund  61st ( 153 )  83rd ( 77 )  N/A  Putnam RetirementReady 2025 Fund  50th ( 87 )  61st ( 32 )  N/A  Putnam RetirementReady 2030 Fund  48th ( 143 )  78th ( 74 )  N/A  Putnam RetirementReady 2035 Fund  56th ( 87 )  59th ( 28 )  N/A  Putnam RetirementReady 2040 Fund  47th ( 130 )  74th ( 66 )  N/A  Putnam RetirementReady 2045 Fund  52nd ( 77 )  60th ( 19 )  N/A  Putnam RetirementReady 2050 Fund  42nd ( 84 )  67th ( 14 )  N/A  Putnam Small Cap Growth Fund  60th ( 603 )  85th ( 507 )  66th ( 406 )  Putnam Small Cap Value Fund  79th ( 321 )  87th ( 264 )  79th ( 217 )  Putnam Tax Exempt Income Fund  62nd ( 228 )  54th ( 208 )  42nd ( 199 )  Putnam Tax Exempt Money Market Fund  47th ( 108 )  40th ( 93 )  38th ( 84 )  Putnam Tax-Free High Yield Fund  61st ( 106 )  45th ( 82 )  43rd ( 77 )  Putnam U.S. Government Income Trust  93rd ( 64 )  92nd ( 58 )  92nd ( 57 )  Putnam Vista Fund  53rd ( 602 )  91st ( 522 )  74th ( 419 )  Putnam Voyager Fund  19th ( 803 )  64th ( 679 )  74th ( 567 )  Putnam VT American Government Income Fund  60th ( 68 )  59th ( 59 )  77th ( 55 )  Putnam VT Capital Opportunities Fund  55th ( 130 )  76th ( 112 )  64th ( 95 )  Putnam VT Diversified Income Fund  99th ( 59 )  97th ( 52 )  96th ( 44 )  Putnam VT Equity Income Fund  20th ( 69 )  29th ( 63 )  38th ( 55 )  Putnam VT The George Putnam Fund of Boston  97th ( 191 )  96th ( 158 )  95th ( 92 )  Putnam VT Global Asset Allocation Fund  70th ( 197 )  80th ( 139 )  76th ( 90 )  Putnam VT Global Equity Fund  88th ( 38 )  57th ( 29 )  78th ( 26 )  Putnam VT Global Health Care Fund  12th (35)  71st (33)  56th (28)  Putnam VT Global Utilities Fund  7th (32)  17th (30)  49th (26)  Putnam VT Growth and Income Fund  72nd ( 119 )  96th ( 112 )  89th ( 96 )  Putnam VT Growth Opportunities Fund  17th ( 224 )  41st ( 203 )  82nd ( 189 )  Putnam VT High Yield Fund  67th ( 103 )  58th ( 95 )  44th ( 79 )  Putnam VT Income Fund  90th ( 39 )  90th ( 38 )  90th ( 37 )  Putnam VT International Equity Fund  57th ( 111 )  56th ( 97 )  77th ( 92 )  Putnam VT International Growth and Income Fund  69th ( 60 )  68th ( 54 )  63rd ( 52 )  Putnam VT International New Opportunities Fund  23rd ( 80 )  36th ( 66 )  50th ( 51 )  Putnam VT Investors Fund  69th ( 229 )  90th ( 211 )  83rd ( 185 )  Putnam VT Mid Cap Value Fund  81st ( 83 )  74th ( 74 )  70th ( 62 )  Putnam VT Money Market Fund  13th ( 106 )  14th ( 103 )  15th ( 99 )  Putnam VT New Opportunities Fund  18th ( 149 )  52nd ( 129 )  53rd ( 106 )  Putnam VT Research Fund  53rd ( 229 )  79th ( 211 )  88th ( 185 )  Putnam VT Small Cap Value Fund  93rd ( 53 )  92nd ( 47 )  88th ( 38 )  Putnam VT Vista Fund  50th ( 143 )  87th ( 132 )  73rd ( 118 )  I-10  One-year period Three-year period Five-year period percentile rank percentile rank percentile rank (# of funds in (# of funds in (# of funds in category) category) category) Putnam VT Voyager Fund  9th ( 224 )  57th ( 203 )  75th ( 189 )  † Because these are new funds, performance information for the one-year period was not yet available. I-11  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  J-1  Date of Current  Date Current Management  Purpose of Last Submission of Current  Fund  Management  Contract Last Submitted to  Management Contract to Shareholder  Contract  Shareholder Vote  Vote  Putnam Global  October 17,  December 31, 2008  Organization of the fund  Energy Fund  2008  Putnam Global  October 17,  December 31, 2008  Organization of the fund  Financials Fund  2008  Putnam Global  October 17,  December 31, 2008  Organization of the fund  Industrials Fund  2008  Putnam Global  September 1,  May 28, 2009  Change in frequency of fee calculation  Natural Resources  2009  and payment  Fund  Putnam Global  October 17,  December 31, 2008  Organization of the fund  Technology Fund  2008  Putnam Global  October 17,  December 31, 2008  Organization of the fund  Telecommunications  2008  Fund  The following is a brief description of the terms of your fund’s current management contract. SeeAppendix Efor the current management fee rate(s). Subject to the control of the Trustees and under your fund’s management contract, Putnam Management also manages, supervises and conducts the other affairs and business of the fund, furnishes office space and equipment, provides bookkeeping and clerical services (including determination of your fund’s net asset value, but excluding shareholder accounting services) and places all orders for the purchase and sale of your fund’s portfolio securities. Putnam Management may place fund portfolio transactions with broker-dealers that furnish Putnam Management, without cost to it, certain research, statistical and quotation services of value to Putnam Management and its affiliates in advising your fund and other clients. In so doing, Putnam Management may cause a fund to pay greater brokerage commissions than it might otherwise pay. Putnam Management’s compensation under the management contract may be reduced in any year if your fund’s expenses exceed the limits on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the fund are qualified for offer or sale. The term “expenses” is defined in the statutes or regulations of such jurisdictions, and generally excludes brokerage commissions, taxes, interest, extraordinary expenses and payments made under the fund’s distribution plans. Under the fund’s management contract, Putnam Management may reduce its compensation to the extent that your fund’s expenses exceed such lower expense limitation as Putnam Management may, by notice to the fund, declare to be effective. For the purpose of determining any such limitation on Putnam Management’s compensation, expenses of the fund shall not reflect the application of commissions or cash management credits that may reduce designated fund expenses. J-2  In addition to the fee paid to Putnam Management, your fund reimburses Putnam Management for the compensation and related expenses of certain officers of the fund and their assistants who provide certain services for the fund and the other Putnam funds, each of which bears an allocated share of the foregoing costs. The aggregate amount of all such payments and reimbursements is determined annually by the Trustees. Putnam Management pays all other salaries of officers of the fund. The fund pays all expenses not assumed by Putnam Management including, without limitation, auditing, legal, custodial, investor servicing and shareholder reporting expenses. The fund pays the cost of typesetting for its prospectuses and the cost of printing and mailing any prospectuses sent to its shareholders. The fund’s management contract provides that Putnam Management shall not be subject to any liability to the fund or to any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties on the part of Putnam Management. The fund’s management contract may be terminated without penalty by vote of the Trustees or the shareholders of your fund, or by Putnam Management, on 60 days’ written notice. It may be amended only by a vote of the shareholders of the fund. The fund’s management contract also terminates without payment of any penalty in the event of its assignment. The fund’s management contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders, and, in either case, by a majority of the Independent Trustees. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a “majority of the outstanding voting securities” as defined in the Investment Company Act of 1940. J-3  APPENDIX K – Comparative Expense Tables All mutual funds pay ongoing fees for investment management and other services. These charges, expressed as a percentage of fund assets, are known as the total annual fund operating expenses. The following tables describe the total annual fund operating expenses that you may pay (1) if you buy and hold shares of Putnam Investors Fund under the current management contract and pro forma expenses that you would pay under the proposed management contract, or (2) if you buy and hold shares of Putnam International New Opportunities Fund under the current management contract and pro forma expenses that you would pay under the proposed management contract with (a) both Fund Family breakpoints and performance fees, (b) Fund Family breakpoints only, or (c) performance fees only. All tables reflect projected expenses based on the funds’ current expense limitations and assume fund assets and Fund Family assets as of June 30, 2009 throughout the period. In the case of Putnam International New Opportunities Fund, two of the three pro forma presentations assume a performance adjustment based on the fund’s performance relative to that of its benchmark index for the period beginning with the fund’s first fiscal year prior to its most recently completed fiscal year. The examples below take the maximum up-front sales charge (or applicable contingent deferred sales charge) and the annual operating expenses shown in the table for each share class and translate them into dollar amounts, showing the cumulative effect of these costs over time. This is intended to help you more easily compare the cost of investing in the fund, under the current management contract and the proposed management contract, to the cost of investing in other mutual funds. The example makes certain assumptions. It assumes that you invest $10,000 in the fund for the time periods shown and then, except as shown for class B shares and class C shares, redeem all your shares at the end of those periods. It also assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. The example is hypothetical; your actual costs and returns may be higher or lower. K-1  PUTNAM INVESTORS FUND   How do these fees and expenses look in dollar terms?   Total Annual Fund Operating Expenses*(expenses that are deducted from fund  Example: Sales charge plus annual operating expenses on a $10,000 investment  assets) over time   Class    Management  Distribution  Other  Total          Class    1 year  3 years  5 years  10 years     Fees   and Service   Expenses^  Annual       (12b-1) Fees  Fund  A  Current  $697  $955  $1,232  $2,021         Operating              Expenses    Pro Forma  $697  $955  $1,232  $2,021    A  Current   0.57%    0.25%   0.45%  1.27%  B  Current  $705  $934  $1,288  $2,155*          Pro Forma    0.57%   0.25%   0.45%  1.27%    Pro Forma  $705  $934  $1,288  $2,155*    B  Current  0.57%  1.00%  0.45%  2.02%  B (no redemption)  Current  $205  $634  $1,088  $2,155*        Pro Forma  0.57%  1.00%  0.45%  2.02%    Pro Forma  $205  $634  $1,088  $2,155*    C  Current  0.57%  1.00%  0.45%  2.02%  C  Current  $305  $634  $1,088  $2,348          Pro Forma  0.57%  1.00%  0.45%  2.02%    Pro Forma  $305  $634  $1,088  $2,348  M  Current  0.57%  0.75%  0.45%  1.77%  C (no redemption)  Current  $205  $634  $1,088  $2,348          Pro Forma  0.57%  0.75%  0.45%  1.77%    Pro Forma  $205  $634  $1,088  $2,348  R  Current  0.57%  0.50%  0.45%  1.52%  M  Current  $524  $888  $1,276  $2,361          Pro Forma  0.57%  0.50%  0.45%  1.52%    Pro Forma  $524  $888  $1,276  $2,361  Y  Current  0.57%  N/A  0.45%  1.02%  R  Current  $155  $480  $829  $1,813      Pro Forma    0.57%   N/A   0.45%   1.02%    Pro Forma  $155  $480  $829  $1,813  Y  Current  $104  $325  $563  $1,248      Pro Forma  $104  $325  $563  $1,248        * Reflects Putnam Management’s contractual obligation, from August 1, 2009 through * Reflects conversion of class B shares to class A shares, which pay lower 12b-1 fees.    at least July 31, 2010, to limit the fund’s investor servicing fees to an annual rate of    Conversion occurs eight years after purchase.        0.375% of the fund’s average net assets. Putnam Management has also contractually    agreed, from August 1, 2009 through July 31, 2010, to limit the fund’s other           expenses (not including brokerage, interest, taxes, investment-related expenses,                 extraordinary expenses and payments under the fund’s investor servicing contract,                investment management contractand distribution plans) to an annual rate of 0.20%                of the fund’s average net assets.                          ^ Includes estimated expenses attributable to the fund’s investments in other     investment companies that the fund bears indirectly.             K-2  PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND Total Annual Fund Operating Expenses*(expenses that are deducted from fund assets) Class    Management  Distribution and Service  Other  Total Annual Fund  Expense Reimbursement  Net Expenses      Fees  (12b-1) Fees  Expenses^  Operating Expenses        A  Current  1.00%  0.25%  0.49%  1.74%  (0.06%)  1.68%      Pro Forma (with both Fund Family breakpoints  0.86%  0.25%  0.49%  1.60%  0.00%  1.60%    and performance fees)                  Pro Forma (with Fund Family breakpoints only)  0.94%  0.25%  0.49%  1.68%  0.00%  1.68%      Pro Forma (with performance fees only)  0.92%  0.25%  0.49%  1.66%  (0.06% )  1.60%  B  Current  1.00%  1.00%  0.49%  2.49%  (0.06%)  2.43%      Pro Forma (with both Fund Family breakpoints  0.86%  1.00%  0.49%  2.35%  0.00%  2.35%    and performance fees)                  Pro Forma (with Fund Family breakpoints only)  0.94%  1.00%  0.49%  2.43%  0.00%  2.43%      Pro Forma (with performance fees only)  0.92%  1.00%  0.49%  2.41%  (0.06%)  2.35%  C  Current  1.00%  1.00%  0.49%  2.49%  (0.06%)  2.43%      Pro Forma (with both Fund Family breakpoints  0.86%  1.00%  0.49%  2.35%  0.00%  2.35%    and performance fees)                  Pro Forma (with Fund Family breakpoints only)  0.94%  1.00%  0.49%  2.43%  0.00%  2.43%      Pro Forma (with performance fees only)  0.92%  1.00%  0.49%  2.41%  (0.06%)  2.35%  M  Current  1.00%  0.75%  0.49%  2.24%  (0.06%)  2.18%      Pro Forma (with both Fund Family breakpoints  0.86%  0.75%  0.49%  2.10%  0.00%  2.10%    and performance fees)                  Pro Forma (with Fund Family breakpoints only)  0.94%  0.75%  0.49%  2.18%  0.00%  2.18%      Pro Forma (with performance fees only)  0.92%  0.75%  0.49%  2.16%  (0.06%)  2.10%  R  Current  1.00%  0.50%  0.49%  1.99%  (0.06%)  1.93%      Pro Forma (with both Fund Family breakpoints  0.86%  0.50%  0.49%  1.85%  0.00%  1.85%    and performance fees)                  Pro Forma (with Fund Family breakpoints only)  0.94%  0.50%  0.49%  1.93%  0.00%  1.93%      Pro Forma (with performance fees only)  0.92%  0.50%  0.49%  1.91%  (0.06%)  1.85%  Y  Current  1.00%  N/A  0.49%  1.49%  (0.06%)  1.43%      Pro Forma (with both Fund Family breakpoints  0.86%  N/A  0.49%  1.35%  0.00%  1.35%    and performance fees)                  Pro Forma (with Fund Family breakpoints only)  0.94%  N/A  0.49%  1.43%  0.00%  1.43%      Pro Forma (with performance fees only)  0.92%  N/A  0.49%  1.41%  (0.06%)  1.35%  * Reflects Putnam Management’s contractual obligations, from August 1, 2009 through at least July 31, 2010, to limit the fund’s management fee to an annual rate of 0.942% of the fund’s average net assets and investor servicing fees to an annual rate of 0.375% of the fund’s average net assets. PutnamManagement has also contractually agreed, from August 1, 2009 through July 31, 2010, to limit the fund’s other expenses (not including brokerage, interest, taxes, investment-related expenses, extraordinary expenses and payments under the fund’s investor servicing contract, investmentmanagement contract and distribution plans) to an annual rate of 0.20% of the fund’s average net assets. ^ Includes estimated expenses attributable to the fund’s investments in other investment companies that the fund bears indirectly. K-3  How do these fees and expenses look in dollar terms? Example: Sales charge plus annual operating expenses on a $10,000 investment over time+ Class    1 year  3 years  5 years  10 years  A  Current  $736  $1,086  $1,459  $2,504      Pro Forma (with both Fund Family breakpoints and performance fees)  $728  $1,051  $1,396  $2,366      Pro Forma (with Fund Family breakpoints only)  $736  $1,074  $1,435  $2,448      Pro Forma (with performance fees only)  $728  $1,063  $1,420  $2,423  B  Current  $746  $1,070  $1,520  $2,637*      Pro Forma (with both Fund Family breakpoints and performance fees)  $738  $1,033  $1,455  $2,499*      Pro Forma (with Fund Family breakpoints only)  $746  $1,058  $1,496  $2,581*      Pro Forma (with performance fees only)  $738  $1,046  $1,480  $2,556*  B (no redemption)  Current  $246  $770  $1,320  $2,637*      Pro Forma (with both Fund Family breakpoints and performance fees)  $238  $733  $1,255  $2,499*      Pro Forma (with Fund Family breakpoints only)  $246  $758  $1,296  $2,581*      Pro Forma (with performance fees only)  $238  $746  $1,280  $2,556*  C  Current  $346  $770  $1,320  $2,821      Pro Forma (with both Fund Family breakpoints and performance fees)  $338  $733  $1,255  $2,686      Pro Forma (with Fund Family breakpoints only)  $346  $758  $1,296  $2,766      Pro Forma (with performance fees only)  $338  $746  $1,280  $2,742  C (no redemption)  Current  $246  $770  $1,320  $2,821      Pro Forma (with both Fund Family breakpoints and performance fees)  $238  $733  $1,255  $2,686      Pro Forma (with Fund Family breakpoints only)  $246  $758  $1,296  $2,766      Pro Forma (with performance fees only)  $238  $746  $1,280  $2,742  M  Current  $563  $1,020  $1,503  $2,830      Pro Forma (with both Fund Family breakpoints and performance fees)  $556  $985  $1,439  $2,696      Pro Forma (with Fund Family breakpoints only)  $563  $1,008  $1,479  $2,775      Pro Forma (with performance fees only)  $556  $997  $1,463  $2,751  R  Current  $196  $619  $1,067  $2,312      Pro Forma (with both Fund Family breakpoints and performance fees)  $188  $582  $1,001  $2,169      Pro Forma (with Fund Family breakpoints only)  $196  $606  $1,042  $2,254      Pro Forma (with performance fees only)  $188  $594  $1,026  $2,228  Y  Current  $146  $465  $808  $1,774      Pro Forma (with both Fund Family breakpoints and performance fees)  $137  $428  $739  $1,624      Pro Forma (with Fund Family breakpoints only)  $146  $452  $782  $1,713      Pro Forma (with performance fees only)  $137  $440  $765  $1,686  + Reflects Putnam Management’s contractual obligation to limit fund expenses from August 1, 2009 through at least July 31, 2010. * Reflects conversion of class B shares to class A shares, which pay lower 12b-1 fees. Conversion occurs eight years after purchase. K-4  APPENDIX L – Comparison of Management Fees Comparison of Management Fees The following table shows: (1) the annual dollar amount of the actual management fees that would be paid by each fund, before any applicable waivers, under the current management contract assuming fund net assets as of June 30, 2009; (2) the annual dollar amount of the pro forma management fees that would be paid by each fund, before any applicable waivers, under the proposed management contract, in the case of funds for which a performance fee is proposed, with (a) both Fund Family breakpoints and performance fees, (b) Fund Family breakpoints only, or (c) performance fees only, in each case assuming fund and Fund Family net assets as of June 30, 2009; and (3) the difference between these actual and pro forma dollar amounts, expressed as a percentage of the actual management fees (before waivers). Such percentage difference is positive when the amount of the pro forma management fees would have been larger than the amount of the actual management fees paid by the fund, and (negative) when the amount of the pro forma management fees would have been smaller than the amount of the actual management fees paid by the fund. In the case of funds for which a management contract providing for performance adjustment is proposed, pro forma expenses under the proposed management contract assume a performance adjustment based on the fund’s performance relative to that of its benchmark index for the period beginning with the fund’s first fiscal year prior to its most recently completed fiscal year.1 1For funds for which the current management contract includes a performance adjustment but which do not yet have at least 13 complete calendar months of operations, no performance adjustments are shown. L-1        Difference        Difference    Actual  Pro Forma  Between Pro    Actual  Pro Forma  Between Pro    Management  Management  Forma and    Management    Management Forma and    Fee Before  Fee Before  Actual    Fee Before  Fee Before  Actual    Waiver  Waiver  Management    Waiver  Waiver  Management        Fee Before        Fee Before  Fund  ($)  ($)  Waiver  Fund  ($)  ($)  Waiver    Putnam Absolute  249,695  223,437  (11%)  Putnam Absolute  579,262  527,718  (9%)  Return 100        Return 300 Fund*        Fund*                  Putnam Absolute  799,808  741,983  (7%)  Putnam Absolute  594,842  558,626  (6%)  Return 500        Return 700 Fund*        Fund*                  Putnam  4,316,758  2,860,220  (34%)  Putnam AMT-Free  1,745,033  1,578,074  (10%)  American        Municipal Fund        Government                Income Fund                  Putnam Arizona  346,290  313,159  (10%)  Putnam Asset  8,397,585  7,292,157  (13%)  Tax Exempt        Allocation:        Income Fund        Balanced Portfolio          Putnam Asset  6,024,875  4,992,292  (17%)  Putnam Asset  269,441  235,631  (13%)  Allocation:        Allocation: Equity        Conservative        Portfolio*        Portfolio                  Putnam Asset  9,642,495  9,662,966  0%  Putnam California  8,045,646  7,275,864  (10%)  Allocation:        Tax Exempt Income        Growth Portfolio        Fund          Putnam Capital  1,491,510  1,473,524  (1%)  Putnam Capital  170,186  157,882  (7%)  Opportunities        Spectrum Fund*        Fund                  Putnam  3,566,979  3,580,900  0%  Putnam Diversified  10,622,893  9,976,000  (6%)  Convertible        Income Trust        Income-Growth                Trust                  Putnam Equity  13,259,536  12,587,892  (5%)  Putnam Equity  61,204  56,779  (7%)  Income Fund        Spectrum Fund*          Putnam Floating  2,077,980  1,860,591  (10%)  The Putnam Fund  23,073,628  23,321,492  1%  Rate Income        for Growth and        Fund        Income          The George  8,117,687  7,717,876  (5%)  Putnam Global  25,590  23,475  (8%)  Putnam Fund of        Consumer Fund*        Boston                  Putnam Global  36,366  33,361  (8%)  Putnam Global  43,812  40,192  (8%)  Energy Fund*        Financials Fund*          Putnam Global  7,298,716  7,354,171  1%  Putnam Global  873,549  701,537  (20%)  Health Care        Income Trust        Fund                  Putnam Global  23,481  21,541  (8%)  Putnam Global  2,539,677  2,329,833  (8%)  Industrials        Natural Resources        Fund*        Fund          Putnam Global  34,665  31,801  (8%)  Putnam Global  20,837  19,115  (8%)  Technology        Telecommunications        Fund*        Fund*          Putnam Global  2,220,135  2,036,693  (8%)  Putnam High Yield  4,304,431  3,691,323  (14%)  Utilities Fund        Advantage Fund        L-2        Difference        Difference    Actual  Pro Forma  Between Pro    Actual  Pro Forma  Between Pro    Management    Management Forma and    Management    Management Forma and    Fee Before  Fee Before  Actual    Fee Before  Fee Before  Actual    Waiver  Waiver  Management    Waiver  Waiver  Management        Fee Before        Fee Before  Fund  ($)  ($)  Waiver  Fund  ($)  ($)  Waiver    Putnam High  7,427,497  6,803,349  (8%)  Putnam Income  5,763,846  3,944,646  (32%)  Yield Trust        Fund          Putnam Income  244,094  203,537  (17%)  Putnam Investors  8,162,666  8,196,405  0%  Strategies Fund        Fund          Putnam  1,353,857  1,224,324  (10%)  Putnam Michigan  421,579  381,244  (10%)  Massachusetts        Tax Exempt Income        Tax Exempt        Fund        Income Fund                  Putnam Mid Cap  3,489,388  3,001,679  (14%)  Putnam Minnesota  442,012  399,722  (10%)  Value Fund        Tax Exempt Income                Fund          Putnam Money  8,921,077  8,758,378  (2%)  Putnam New Jersey  1,059,094  957,763  (10%)  Market Fund        Tax Exempt Income                Fund          Putnam New  5,301,283  4,794,074  (10%)  Putnam Ohio Tax  747,810  676,262  (10%)  York Tax        Exempt Income        Exempt Income        Fund        Fund                  Putnam  857,967  775,879  (10%)  Putnam Research  1,391,562  1,224,921  (12%)  Pennsylvania        Fund        Tax Exempt                Income Fund                  Putnam Small  1,374,421  1,103,251  (20%)  Putnam Tax Exempt  5,558,979  5,027,114  (10%)  Cap Value Fund        Income Fund          Putnam Tax  311,346  209,059  (33%)  Putnam Tax-Free  4,319,194  4,251,483  (2%)  Exempt Money        High Yield Fund        Market Fund                  Putnam U.S.  6,244,584  5,104,619  (18%)  Putnam VT  986,497  625,533  (37%)  Government        American        Income Trust        Government Income                Fund          Putnam VT  135,730  134,093  (1%)  Putnam VT  2,761,781  2,217,954  (20%)  Capital        Diversified Income        Opportunities        Fund        Fund                  Putnam VT  2,338,026  1,770,287  (24%)  Putnam VT The  1,354,098  1,129,446  (17%)  Equity Income        George Putnam        Fund        Fund of Boston          Putnam VT  1,413,272  1,235,930  (13%)  Putnam VT Global  1,793,710  1,596,764  (11%)  Global Asset        Equity Fund        Allocation Fund                  Putnam VT  894,705  820,779  (8%)  Putnam VT Global  1,211,221  1,111,143  (8%)  Global Health        Utilities Fund        Care Fund                  Putnam VT  7,486,925  6,385,231  (15%)  Putnam VT Growth  165,523  135,294  (18%)  Growth and        Opportunities Fund        Income Fund                  Putnam VT High  2,611,414  2,171,807  (17%)  Putnam VT Income  2,728,079  1,729,861  (37%)  Yield Fund        Fund        L-3        Difference        Difference    Actual  Pro Forma  Between Pro    Actual  Pro Forma  Between Pro    Management    Management Forma and    Management  Management  Forma and    Fee Before  Fee Before  Actual    Fee Before  Fee Before  Actual    Waiver  Waiver  Management    Waiver  Waiver  Management        Fee Before        Fee Before  Fund  ($)  ($)  Waiver  Fund  ($)  ($)  Waiver    Putnam VT  4,309,215  3,875,396  (10%)  Putnam VT  1,292,817  1,150,868  (11%)  International        International        Equity Fund        Growth and Income                Fund          Putnam VT  719,255  677,654  (6%)  Putnam VT  1,617,723  1,423,998  (12%)  International        Investors Fund        New                Opportunities                Fund                  Putnam VT Mid  230,997  198,711  (14%)  Putnam VT Money  1,820,143  1,222,172  (33%)  Cap Value Fund        Market Fund          Putnam VT New  3,590,741  2,947,339  (18%)  Putnam VT  410,841  361,642  (12%)  Opportunities        Research Fund        Fund                  Putnam VT  1,800,558  1,445,311  (20%)  Putnam VT Vista  1,080,683  1,001,147  (7%)  Small Cap Value        Fund        Fund                  Putnam VT  5,616,500  4,879,108  (13%)          Voyager Fund                *Reflects twelve months of operations for comparative purposes. The fund has not completed twelve months of activity as of June 30, 2009. L-4  FUNDS SUBJECT TO PROPOSALS 2.A., 2.B., and 2.C.     Actual  Pro Forma  Difference  Pro Forma  Difference  Pro Forma  Difference    Management  Management  Between Pro  Management  Between Pro  Management  Between Pro  Fund  Fee Before  Fee Before  Forma (with  Fee Before  Forma (with  Fee Before  Forma (with    Waiver  Waiver  both Fund  Waiver  Fund Family  Waiver  performance      (with both  Family  (with Fund  breakpoints  (with  fees only) and    ($)  Fund Family  breakpoints  Family  only) and  performance  Actual      breakpoints  and  breakpoints  Actual  fees only)  Management      and  performance  only)  Management    Fee Before      performance  fees) and    Fee Before  ($)  Waiver      fees)  Actual  ($)  Waiver            Management              ($)  Fee Before                Waiver              Putnam Asia  51,461  48,485  (6%)  48,485  (6%)  51,461  0%  Pacific Equity                Fund*†                  Putnam  136,095  128,223  (6%)  128,223  (6%)  136,095  0%  Emerging                Markets Equity                Fund*†                  Putnam Europe  1,559,898  1,235,365  (21%)  1,388,625  (11%)  1,406,638  (10%)  Equity Fund                  Putnam Global  6,533,376  5,825,325  (11%)  6,138,199  (6%)  6,220,503  (5%)  Equity Fund                  Putnam Growth  2,048,300  1,327,966  (35%)  1,674,227  (18%)  1,702,040  (17%)  Opportunities                Fund                  Putnam  9,690,640  10,553,112  9%  9,632,926  (1%)  10,610,825  9%  International                Capital                Opportunities                Fund                  Putnam  12,478,979  11,106,042  (11%)  12,734,612  2%  10,850,409  (13%)  International                Equity Fund                  Putnam  2,818,248  2,031,558  (28%)  2,508,810  (11%)  2,340,996  (17%)  International                Growth and                Income Fund                L-5    Actual  Pro Forma  Difference  Pro Forma  Difference  Pro Forma  Difference    Management  Management  Between Pro  Management  Between Pro  Management  Between Pro  Fund  Fee Before  Fee Before  Forma (with  Fee Before  Forma (with  Fee Before  Forma (with    Waiver  Waiver  both Fund  Waiver  Fund Family  Waiver  performance      (with both  Family  (with Fund  breakpoints  (with  fees only) and    ($)  Fund Family  breakpoints  Family  only) and  performance  Actual      breakpoints  and  breakpoints  Actual  fees only)  Management      and  performance  only)  Management    Fee Before      performance  fees) and    Fee Before  ($)  Waiver      fees)  Actual  ($)  Waiver            Management              ($)  Fee Before                Waiver              Putnam  3,824,983  3,313,245  (13%)  3,603,753  (6%)  3,534,476  (8%)  International                New                Opportunities                Fund                  Putnam New  13,536,435  11,629,950  (14%)  13,487,492  0%  11,678,893  (14%)  Opportunities                Fund                  Putnam Small  1,330,666  619,906  (53%)  854,503  (36%)  1,096,070  (18%)  Cap Growth                Fund                  Putnam Vista  5,575,894  4,449,820  (20%)  5,557,288  0%  4,468,426  (20%)  Fund                  Putnam Voyager  16,015,841  12,924,708  (19%)  16,324,733  2%  12,615,816  (21%)  Fund                *Reflects twelve months of operations for comparative purposes. The fund has not completed twelve months of activity as of June 30, 2009. †Performance period for this fund is less than twelve months. No performance fee can be calculated. L-6  Appendix M–Current Fundamental Investment Restrictions with Respect to Investments in Commodities Putnam Absolute Return 100 Fund Putnam Global Consumer Fund Putnam Absolute Return 300 Fund Putnam Global Energy Fund Putnam Absolute Return 500 Fund Putnam Global Financials Fund Putnam Absolute Return 700 Fund Putnam Global Industrials Fund Putnam Capital Spectrum Fund Putnam Global Technology Fund Putnam Emerging Markets Equity Fund Putnam Global Telecommunications Fund Putnam Equity Spectrum Fund “Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. (This restriction shall not prevent the fund from purchasing or selling financial instruments representing interests in commodities or the values of which are determined by reference to commodities, but which do not involve the delivery of physical commodities to or by the fund, or from entering into financial futures contracts, options, foreign exchange contracts and other financial transactions.)” Putnam 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.” M-1  Putnam Global Health Care Fund Putnam Global Natural Resources Fund Putnam Global Utilities Fund Putnam VT Global Health Care Fund Putnam VT Global Utilities Fund “Purchase or sell commodities or commodity contracts, except that the fund may purchase and sell financial futures contracts and options and may enter into foreign exchange contracts and other financial transactions not involving physical commodities.” M-2  Appendix N–Current Fundamental Investment Restrictions with Respect to Diversification of Investments Putnam Europe Equity Fund Putnam International Equity Fund “With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities.” Putnam New Opportunities Fund “With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest and principal by the U.S. government or its agencies or instrumentalities.” Putnam Global Utilities Fund “With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies.” Putnam Growth Opportunities Fund Putnam International Capital Opportunities Fund “With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its political subdivisions.” N-1  Appendix O–Current Fundamental Investment Restrictions with Respect to Borrowing 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.)” O-1  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 P-1  Section 3. This Trust shall terminate in any event upon the expiration of twenty-one (21) years after the death of the last survivor of the six original Trustees named hereunder and of their children living as of October 1, 1957, provided, however, that the Trustees shall have the power and authority to terminate this Trust at an earlier date by an instrument in writing setting forth such termination and by written notice thereof mailed, postage prepaid, to the beneficiaries at their addresses as the same appear upon the records of the Trustees. Upon the termination of this Trust either by expiration or otherwise the Trustees shall make provision for the payment of the expenses and liabilities of the Trust and of the Trustees and upon the surrender of the certificates representing the shares of this Trust then outstanding distribute the remaining assets, or sell and dispose of all or any part thereof and distribute the net proceeds thereof in cash and securities, or both, among the holders of such shares in proportion to their holdings, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of shares of the Trust, provided that any distribution to the beneficiaries of a particular class of shares shall be made to such beneficiaries pro rata in proportion to the number of shares of such class held by each of them. *  *  *  Putnam Money Market Fund Article IX Miscellaneous Termination of Trust Section 4. The Trust may be terminated at any time by the Trustees by written notice to the Shareholders, and if not terminated earlier, shall terminate twenty years after the death of the last survivor of the initial Trustees and the following persons: Ted Lawrence Benjamin, born October 7, 1966 Michael Steven Benjamin, born March 10, 1963 Robert Andrew Benjamin, born September 4, 1960 164 Prospect Street Belmont, Massachusetts (Children of Edward A. Benjamin) Sarah Caroline Ellis, born August 11, 1974 45 Leewood Road Wellesley, Massachusetts (Daughter of Douglass N. Ellis, Jr.) Russell A. Gaudreau, born July 3, 1972 302 Commonwealth Avenue Boston, Massachusetts (Son of Russell A. Gaudreau, Jr.) P-2  Catherine Annesley Hanlon, born February 3, 1965 Susan Nelson Hanlon, born March 8, 1967 Jonathan Roger Hanlon, born December 21, 1970 Jennifer LaTourette Hanlon, born October 16, 1975 13 Moulton Duxbury, Massachusetts (Children of Francis X. Hanlon) Eloise Paul Lawrence, born June 2, 1973 Abbott Wells Lawrence, born August 22, 1970 25 West Cedar Street Boston, Massachusetts (Children of Edward P. Lawrence) Sarah Edgerly Pike, born September 26, 1967 William Abbott Pike, born August 2, 1966 Margaret Pike, born August 10, 1962 Susan Wendell Pike, born December 19, 1960 John Richmond Pike, born June 13, 1959 Conant Road Lincoln, Massachusetts (Children of John A. Pike) *  *  *  Putnam Tax Exempt Income Fund Article IX Miscellaneous Termination of Trust Section 4. The Trust may be terminated at any time by the Trustees by written notice to the Shareholders, and if not terminated earlier, shall terminate twenty years after the death of the last survivor of the initial Trustees and the following persons: Ted Lawrence Benjamin, born October 7, 1966 Michael Steven Benjamin, born March 10, 1963 Robert Andrew Benjamin, born September 4, 1960 164 Prospect Street Belmont, Massachusetts (Children of Edward A. Benjamin) Steven Yard Davenport, born May 22, 1975 27 Bogle Street Weston, Massachusetts (Son of David S. Davenport) P-3  Sarah Caroline Ellis, born August 11, 1974 45 Leewood Road Wellesley, Massachusetts (Daughter of Douglass N. Ellis, Jr.) Russell A. Gaudreau, born July 3, 1972 302 Commonwealth Avenue Boston, Massachusetts (Son of Russell A. Gaudreau, Jr.) Catherine Annesley Hanlon, born February 3, 1965 Susan Nelson Hanlon, born March 8, 1967 Jonathan Roger Hanlon, born December 21, 1970 Jennifer LaTourette Hanlon, born October 16, 1975 13 Moulton Road Duxbury, Massachusetts (Children of Francis X. Hanlon) Eloise Paul Lawrence, born June 2, 1973 Abbott Wells Lawrence, born August 22, 1970 25 West Cedar Street Boston, Massachusetts (Children of Edward P. Lawrence) Sarah Edgerly Pike, born September 26, 1967 William Abbott Pike, born August 2, 1966 Margaret Pike, born August 10, 1962 Susan Wendell Pike, born December 19, 1960 John Richmond Pike, born June 13, 1959 Conant Road Lincoln, Massachusetts (Children of John A. Pike) P-4  APPENDIX Q – Independent Public Accountants As listed below, the Trustees have selected PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts 02110, or KPMG, 99 High Street, Boston, Massachusetts 02110, as the independent registered public accounting firm for each fund’s current fiscal year. These firms are among the country’s preeminent independent registered public accounting firms. Each firm was selected primarily on the basis of its expertise as auditors of investment companies, the quality of its audit services and the competitiveness of its fees. Representatives of each of PricewaterhouseCoopers LLP and KPMG LLP are expected to be present at the meeting and to have the opportunity to make a statement and respond to appropriate questions. The following table presents fees billed to each indicated fund in each of its last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009) by PricewaterhouseCoopers LLP: Putnam American Putnam AMT-Free Putnam Asset Allocation: Government Income Fund Municipal Fund Balanced Portfolio Audit Fees  Sept. 30, 2008 -- $123,407  July 31, 2008 -- $72,501  Sept. 30, 2008 -- $253,212  Sept. 30, 2007 -- $87,131  July 31, 2007 -- $67,036  Sept. 30, 2007 -- $205,254  Audit-Related Fees  Sept. 30, 2008 -- $0  July 31, 2008 -- $0  Sept. 30, 2008 -- $0  Sept. 30, 2007 -- $78  July 31, 2007 -- $10  Sept. 30, 2007 -- $143  Tax Fees  Sept. 30, 2008 -- $6,126  July 31, 2008 -- $7,408  Sept. 30, 2008 -- $22,753  Sept. 30, 2007 -- $5,389  July 31, 2007 -- $6,774  Sept. 30, 2007 -- $20,703  All Other Fees *  Sept. 30, 2008 -- $196  July 31, 2008 -- $87  Sept. 30, 2008 -- $684  Sept. 30, 2007 -- $237  July 31, 2007 -- $169  Sept. 30, 2007 -- $2,919  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam American Government Income Fund: $196 and $175. Putnam AMT-Free Municipal Fund: $87 and $41. Putnam Asset Allocation: Balanced Portfolio: $684 and $562. These fees were reimbursed to the fund by Putnam Investment Management, LLC (“Putnam Management”). Putnam Asset Allocation: Putnam Asset Allocation: Putnam Capital Conservative Portfolio Growth Portfolio Opportunities Fund Audit Fees  Sept. 30, 2008 -- $224,421  Sept. 30, 2008 -- $261,803  April 30, 2009 -- $78,270  Sept. 30, 2007 -- $172,380  Sept. 30, 2007 -- $207,427  April 30, 2008 -- $82,521  Audit-Related Fees  Sept. 30, 2008 -- $0  Sept. 30, 2008 -- $0  April 30, 2009 -- $0  Sept. 30, 2007 -- $36  Sept. 30, 2007 -- $231  April 30, 2008 -- $0  Tax Fees  Sept. 30, 2008 -- $21,548  Sept. 30, 2008 -- $26,627  April 30, 2009 -- $3,584  Sept. 30, 2007 -- $20,703  Sept. 30, 2007 -- $21,401  April 30, 2008 -- $3,421  All Other Fees *  Sept. 30, 2008 -- $318  Sept. 30, 2008 -- $768  April 30, 2009 -- $866  Sept. 30, 2007 -- $2,612  Sept. 30, 2007 -- $1,866  April 30, 2008 -- $590  Q-1  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Asset Allocation: Conservative Portfolio: $318 and $259. Putnam Asset Allocation: Growth Portfolio: $768 and $575. Putnam Capital Opportunities Fund: $866 and $890. These fees were reimbursed to the fund by Putnam Management. Putnam Europe Equity The Putnam Fund for The George Putnam Fund Growth and Income Fund of Boston Audit Fees  June 30, 2009 -- $[ ]  Oct. 31, 2008 -- $309,209  July 31, 2008 -- $338,593  June 30, 2008 -- $82,622  Oct. 31, 2007 -- $366,894  July 31, 2007 -- $261,656  Audit-Related Fees  June 30, 2009 $[ ]  Oct. 31, 2008 -- $0  July 31, 2008 -- $0  June 30, 2008 -- $0  Oct. 31, 2007 -- $1,454  July 31, 2007 -- $313  Tax Fees  June 30, 2009 -- $[ ]  Oct. 31, 2008 -- $5,892  July 31, 2008 -- $12,755  June 30, 2008 -- $5,245  Oct. 31, 2007 -- $6,883  July 31, 2007 -- $9,550  All Other Fees *  June 30, 2009 -- $[ ]  Oct. 31, 2008 -- $3,975  July 31, 2008 -- $1,247  June 30, 2008 -- $161  Oct. 31, 2007 -- $5,019  July 31, 2007 -- $4,535  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Europe Equity Fund: $[ ] and $161. The Putnam Fund for Growth and Income: $3,975 and $3,707. The George Putnam Fund of Boston: $1,247 and $2,992. These fees were reimbursed to the fund by Putnam Management. Putnam Global Health Putnam Global Income Putnam Global Utilities Care Fund Trust Fund Audit Fees  Aug. 31, 2008 -- $95,606  Oct. 31, 2008 -- $177,421  Oct. 31, 2008 -- $76,808  Aug. 31, 2007 -- $92,222  Oct. 31, 2007 -- $129,686  Oct. 31, 2007 -- $72,341  Audit-Related Fees  Aug. 31, 2008 -- $0  Oct. 31, 2008 -- $0  Oct. 31, 2008 -- $0  Aug. 31, 2007 -- $352  Oct. 31, 2007 -- $19  Oct. 31, 2007 -- $64  Tax Fees  Aug. 31, 2008 -- $11,409  Oct. 31, 2008 -- $17,046  Oct. 31, 2008 -- $6,412  Aug. 31, 2007 -- $9,154  Oct. 31, 2007 -- $10,836  Oct. 31, 2007 -- $11,470  All Other Fees *  Aug. 31, 2008 -- $572  Oct. 31, 2008 -- $36  Oct. 31, 2008 -- $177  Aug. 31, 2007 -- $748  Oct. 31, 2007 -- $43  Oct. 31, 2007 -- $218  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Global Health Care Fund: $575 and $555. Putnam Global Income Trust: $36 and $31. Putnam Global Utilities Fund: $177 and $159. These fees were reimbursed to the fund by Putnam Management. Q-2  Putnam Income Putnam International Putnam International Strategies Fund Capital Opportunities Equity Fund Fund Audit Fees  Feb. 28, 2009 -- $101,699  Aug. 31, 2008 -- $116,023  June 30, 2009 -- $[ ]  Feb. 29, 2008 -- $92,828  Aug. 31, 2007 -- $95,986  June 30, 2008 -- $232,792  Audit-Related Fees  Feb. 28, 2009 -- $0  Aug. 31, 2008 -- $0  June 30, 2009 -- $[ ]  Feb. 29, 2008 -- $0  Aug. 31, 2007 -- $225  June 30, 2008 -- $0  Tax Fees  Feb. 28, 2009 -- $5,084  Aug. 31, 2008 -- $12,165  June 30, 2009 -- $[ ]  Feb. 29, 2008 -- $4,581  Aug. 31, 2007 -- $12,443  June 30, 2008 -- $19,434  All Other Fees *  Feb. 28, 2009 -- $0  Aug. 31, 2008 -- $621  June 30, 2009 -- $[ ]  Feb. 29, 2008 -- $0  Aug. 31, 2007 -- $638  June 30, 2008 -- $2,012  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam International Capital Opportunities Fund: $621 and $466. Putnam International Equity Fund: $[ ] and $2,012. These fees were reimbursed to the fund by Putnam Management. Putnam International Putnam International Putnam Massachusetts Growth and Income New Opportunities Fund Tax Exempt Income Fund Fund Audit Fees  June 30, 2009 -- $[ ]  Sept. 30, 2008 -- $85,862  May 31, 2009 -- $64,228  June 30, 2008 -- $88,373  Sept. 30, 2007 -- $80,538  May 31, 2008 -- $57,166  Audit-Related Fees  June 30, 2009 -- $[ ]  Sept. 30, 2008 -- $0  May 31, 2009 -- $0  June 30, 2008 -- $0  Sept. 30, 2007 -- $155  May 31, 2008 -- $0  Tax Fees  June 30, 2009 -- $[ ]  Sept. 30, 2008 -- $11,446  May 31, 2009 -- $8,044  June 30, 2008 -- $8,623  Sept. 30, 2007 -- $12,085  May 31, 2008 -- $7,620  All Other Fees *  June 30, 2009 -- $[ ]  Sept. 30, 2008 -- $244  May 31, 2009 -- $523  June 30, 2008 -- $336  Sept. 30, 2007 -- $278  May 31, 2008 -- $82  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam International Growth and Income Fund: $[ ] and $336. Putnam International New Opportunities Fund: $244 and $204. Putnam Massachusetts Tax Exempt Income Fund: $523 and $82. These fees were reimbursed to the fund by Putnam Management. Q-3  Putnam Michigan Tax Putnam Minnesota Tax Putnam Money Market Exempt Income Fund Exempt Income Fund Fund Audit Fees  May 31, 2009 -- $55,152  May 31, 2009 -- $57,337  Sept. 30, 2008 -- $148,400  May 31, 2008 -- $50,078  May 31, 2008 -- $51,994  Sept. 30, 2007 -- $119,165  Audit-Related Fees  May 31, 2009 -- $0  May 31, 2009 -- $0  Sept. 30, 2008 -- $0  May 31, 2008 -- $0  May 31, 2008 -- $0  Sept. 30, 2007 -- $352  Tax Fees  May 31, 2009 -- $8,044  May 31, 2009 -- $8,044  Sept. 30, 2008 -- $2,864  May 31, 2008 -- $7,494  May 31, 2008 -- $7,491  Sept. 30, 2007 -- $3,274  All Other Fees *  May 31, 2009 -- $181  May 31, 2009 -- $179  Sept. 30, 2008 -- $1,065  May 31, 2008 -- $32  May 31, 2008 -- $30  Sept. 30, 2007 -- $1,123  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Michigan Tax Exempt Income Fund: $181 and $32. Putnam Minnesota Tax Exempt Income Fund: $179 and $30. Putnam Money Market Fund: $1,065 and $1,123. These fees were reimbursed to the fund by Putnam Management. Putnam New Jersey Tax Putnam New Putnam Ohio Tax Exempt Income Fund Opportunities Fund Exempt Income Fund Audit Fees  May 31, 2009 -- $61,059  June 30, 2009 -- $[ ]  May 31, 2009 -- $61,646  May 31, 2008 -- $54,374  June 30, 2008 -- $154,131  May 31, 2008 -- $55,367  Audit-Related Fees  May 31, 2009 -- $0  June 30, 2009 -- $0  May 31, 2009 -- $0  May 31, 2008 -- $0  June 30, 2008 -- $0  May 31, 2008 -- $0  Tax Fees  May 31, 2009 -- $8,044  June 30, 2009 -- $[ ]  May 31, 2009 -- $8,044  May 31, 2008 -- $7,558  June 30, 2008 -- $3,596  May 31, 2008 -- $7,526  All Other Fees *  May 31, 2009 -- $386  June 30, 2009 -- $[ ]  May 31, 2009 -- $291  May 31, 2008 -- $57  June 30, 2008 -- $1,221  May 31, 2008 -- $44  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam New Jersey Tax Exempt Income Fund: $386 and $57. Putnam New Opportunities Fund: $[ ] and $1,221. Putnam Ohio Tax Exempt Income Fund: $291 and $44. These fees were reimbursed to the fund by Putnam Management. Q-4  Putnam Pennsylvania Putnam Putnam Small Cap Tax Exempt Income RetirementReady Funds Growth Fund Fund Audit Fees  May 31, 2009 -- $59,679  July 31, 2008 -- $162,647  June 30, 2009 -- $[ ]  May 31, 2008 -- $53,493  July 31, 2007 -- $130,587  June 30, 2008 -- $69,620  Audit-Related Fees  May 31, 2009 -- $0  July 31, 2008 -- $0  June 30, 2009 -- $[ ]  May 31, 2008 -- $0  July 31, 2007 -- $0  June 30, 2008 -- $0  Tax Fees  May 31, 2009 -- $8,044  July 31, 2008 -- $40,000  June 30, 2009 -- $[ ]  May 31, 2008 -- $7,533  July 31, 2007 -- $28,266  June 30, 2008 -- $4,260  All Other Fees *  May 31, 2009 -- $308  July 31, 2008 -- $0  June 30, 2009 -- $[ ]  May 31, 2008 -- $47  July 31, 2007 -- $0  June 30, 2008 -- $144  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Pennsylvania Tax Exempt Income Fund: $308 and $47. Putnam Small Cap Growth Fund: $[ ] and $144. These fees were reimbursed to the fund by Putnam Management. Putnam Tax Exempt Putnam Tax-Free High Putnam Voyager Fund Money Market Fund Yield Fund Audit Fees  Sept. 30, 2008 -- $60,542  July 31, 2008 -- $105,371  July 31, 2008 -- $212,512  Sept. 30, 2007 -- $53,714  July 31, 2007 -- $101,968  July 31, 2007 -- $200,657  Audit-Related Fees  Sept. 30, 2008 -- $0  July 31, 2008 -- $0  July 31, 2008 -- $0  Sept. 30, 2007 -- $7  July 31, 2007 -- $46  July 31, 2007 -- $1,405  Tax Fees  Sept. 30, 2008 -- $2,819  July 31, 2008 -- $9,140  July 31, 2008 -- $5,064  Sept. 30, 2007 -- $2,592  July 31, 2007 -- $7,921  July 31, 2007 -- $4,395  All Other Fees *  Sept. 30, 2008 -- $22  July 31, 2008 -- $386  July 31, 2008 -- $2,001  Sept. 30, 2007 -- $27  July 31, 2007 -- $769  July 31, 2007 -- $11,411  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Tax Exempt Money Market Fund: $22 and $20. Putnam Tax-Free High Yield Fund: $386 and $640. Putnam Voyager Fund: $2,001 and $10,736. These fees were reimbursed to the fund by Putnam Management. Q-5  Putnam Variable Trust Audit Fees  Dec. 31, 2008 -- $2,074,378  Dec. 31, 2007 -- $1,758,423  Audit-Related Fees  Dec. 31, 2008 -- $0  Dec. 31, 2007 -- $1,953  Tax Fees  Dec. 31, 2008 -- $137,860  Dec. 31, 2007 -- $123,564  All Other Fees *  Dec. 31, 2008 -- $14,222  Dec. 31, 2007 -- $8,704  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year: Putnam Variable Trust: $14,222 and $8,704. These fees were reimbursed to the fund by Putnam Management. The following table presents fees billed to each indicated fund in each of its last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009) by KPMG LLP: Putnam Arizona Tax Putnam California Tax Putnam Convertible Exempt Income Fund Exempt Income Fund Income-Growth Trust Audit Fees  May 31, 2009 -- $40,642  Sept. 30, 2008 -- $53,100  Oct. 31, 2008 -- $40,600  May 31, 2008 -- $50,350  Sept. 30, 2007 -- $54,050  Oct. 31, 2007 -- $37,550  Audit-Related Fees  May 31, 2009 -- $0  Sept. 30, 2008 -- $0  Oct. 31, 2008 -- $0  May 31, 2008 -- $0  Sept. 30, 2007 -- $0  Oct. 31, 2007 -- $0  Tax Fees  May 31, 2009 -- $6,100  Sept. 30, 2008 -- $6,000  Oct. 31, 2008 -- $3,900  May 31, 2008 -- $5,450  Sept. 30, 2007 -- $5,450  Oct. 31, 2007 -- $3,550  All Other Fees  May 31, 2009 -- $0  Sept. 30, 2008 -- $0  Oct. 31, 2008 -- $0  May 31, 2008 -- $0  Sept. 30, 2007 -- $0  Oct. 31, 2007 -- $0  Putnam Diversified Putnam Equity Income Putnam Floating Rate Income Trust Fund Income Fund Audit Fees  Sept. 30, 2008 -- $97,075  Nov. 30, 2008 -- $47,200  Feb. 28, 2009 -- $85,975  Sept. 30, 2007 -- $80,800  Nov. 30, 2007 -- $43,650  Feb. 29, 2008 -- $76,750  Audit-Related Fees  Sept. 30, 2008 -- $0  Nov. 30, 2008 -- $0  Feb. 28, 2009 -- $0  Sept. 30, 2007 -- $0  Nov. 30, 2007 -- $0  Feb. 29, 2008 -- $0  Tax Fees  Sept. 30, 2008 -- $6,000  Nov. 30, 2008 -- $3,900  Feb. 28, 2009 -- $6,550  Sept. 30, 2007 -- $5,450  Nov. 30, 2007 -- $3,550  Feb. 29, 2008 -- $5,950  All Other Fees  Sept. 30, 2008 -- $0  Nov. 30, 2008 -- $0  Feb. 28, 2009 -- $0  Sept. 30, 2007 -- $0  Nov. 30, 2007 -- $0  Feb. 29, 2008 -- $0  Q-6  Putnam Global Equity Putnam Global Natural Putnam Growth Fund Resources Fund Opportunities Fund Audit Fees  Oct. 31, 2008 -- $54,050  Aug. 30, 2008 -- $43,100  July 31, 2008 -- $40,600  Oct. 31, 2007 -- $49,950  Aug. 30, 2007 -- $39,850  July 31, 2007 -- $38,701*  Audit-Related Fees  Oct. 31, 2008 -- $0  Aug. 30, 2008 -- $0  July 31, 2008 -- $0  Oct. 31, 2007 -- $0  Aug. 30, 2007 -- $0  July 31, 2007 -- $0  Tax Fees  Oct. 31, 2008 -- $4,450  Aug. 30, 2008 -- $3,900  July 31, 2008 -- $3,900  Oct. 31, 2007 -- $4,050  Aug. 30, 2007 -- $3,550  July 31, 2007 -- $3,550  All Other Fees  Oct. 31, 2008 -- $0  Aug. 30, 2008 -- $0  July 31, 2008 -- $0  Oct. 31, 2007 -- $0  Aug. 30, 2007 -- $0  July 31, 2007 -- $0  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters. Putnam Growth Opportunities Fund: $1,151 These fees were reimbursed to the fund by Putnam Management. Putnam High Yield Putnam High Yield Putnam Income Fund Advantage Fund Trust Audit Fees  Nov. 30, 2008 -- $75,475  Aug. 31, 2008 -- $66,000  Oct. 31, 2008 -- $100,675  Nov. 30, 2007 -- $69,650  Aug. 31, 2007 -- $61,050  Oct. 31, 2007 -- $93,178  Audit-Related Fees  Nov. 30, 2008 -- $0  Aug. 31, 2008 -- $0  Oct. 31, 2008 -- $0  Nov. 30, 2007 -- $0  Aug. 31, 2007 -- $0  Oct. 31, 2007 -- $0  Tax Fees  Nov. 30, 2008 -- $4,200  Aug. 31, 2008 -- $6,000  Oct. 31, 2008 -- $6,000  Nov. 30, 2007 -- $3,800  Aug. 31, 2007 -- $5,450  Oct. 31, 2007 -- $5,450  All Other Fees  Nov. 30, 2008 -- $0  Aug. 31, 2008 -- $0  Oct. 31, 2008 -- $0  Nov. 30, 2007 -- $0  Aug. 31, 2007 -- $0  Oct. 31, 2007 -- $0  Putnam Investors Fund Putnam Mid Cap Value Putnam New York Tax Fund Exempt Income Fund Audit Fees  July 31, 2008 -- $43,900  April 30, 2009 -- $40,925  Nov. 30, 2008 -- $57,500  July 31, 2007 -- $47,174 *  April 30, 2008 -- $37,550  Nov. 30, 2007 -- $58,450  Audit-Related Fees  July 31, 2008 -- $0  April 30, 2009 -- $0  Nov. 30, 2008 -- $0  July 31, 2007 -- $0  April 30, 2008 -- $0  Nov. 30, 2007 -- $0  Tax Fees  July 31, 2008 -- $3,900  April 30, 2009 -- $3,900  Nov. 30, 2008 -- $6,000  July 31, 2007 -- $3,550  April 30, 2008 -- $3,550  Nov. 30, 2007 -- $5,450  All Other Fees  July 31, 2008 -- $0  April 30, 2009 -- $0  Nov. 30, 2008 -- $0  July 31, 2007 -- $0  April 30, 2008 -- $0  Nov. 30, 2007 -- $0  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters. Putnam Investors Fund: $6,624 These fees were reimbursed to the fund by Putnam Management. Q-7  Putnam Research Fund Putnam Small Cap Value Putnam Tax Exempt Fund Income Fund Audit Fees  July 31, 2008 -- $42,000  Feb. 28, 2009 -- $44,412  Sept. 30, 2008 -- $53,100  July 31, 2007 -- $40,321 *  Feb. 29, 2008 -- $42,050  Sept. 30, 2007 -- $59,050  Audit-Related Fees  July 31, 2008 -- $0  Feb. 28, 2009 -- $0  Sept. 30, 2008 -- $0  July 31, 2007 -- $0  Feb. 29, 2008 -- $0  Sept. 30, 2007 -- $10,635 **  Tax Fees  July 31, 2008 -- $3,900  Feb. 28, 2009 -- $3,900  Sept. 30, 2008 -- $6,000  July 31, 2007 -- $3,550  Feb. 29, 2008 -- $3,550  Sept. 30, 2007 -- $5,450  All Other Fees  July 31, 2008 -- $0  Feb. 28, 2009 -- $0  Sept. 30, 2008 -- $0  July 31, 2007 -- $0  Feb. 29, 2008 -- $0  Sept. 30, 2007 -- $0  * Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters. Putnam Research Fund: $6,624 These fees were reimbursed to the fund by Putnam Management. **Fees billed to the fund for services relating to a fund merger. Putnam U.S. Putnam Vista Fund Government Income Trust Audit Fees  Sept. 30, 2008 -- $90,725  July 31, 2008 -- $40,600  Sept. 30, 2007 -- $85,073  July 31, 2007 -- $41,778  Audit-Related Fees  Sept. 30, 2008 -- $0  July 31, 2008 -- $0  Sept. 30, 2007 -- $15,818 **  July 31, 2007 -- $0  Tax Fees  Sept. 30, 2008 -- $4,450  July 31, 2008 -- $3,900  Sept. 30, 2007 -- $4,050  July 31, 2007 -- $3,550  All Other Fees  Sept. 30, 2008 -- $0  July 31, 2008 -- $0  Sept. 30, 2007 -- $0  July 31, 2007 -- $0  **Fees billed to the fund for services relating to a fund merger. As of the date of this proxy statement, the following funds had not yet completed a full fiscal year of operations: Putnam Absolute Return 500 Fund, Putnam Absolute Return 700 Fund, Putnam Asset Allocation: Equity Portfolio, and Putnam Capital Spectrum Fund (each audited by PricewaterhouseCoopers LLP); and Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam Asia Pacific Equity Fund, Putnam Equity Spectrum Fund, Putnam Emerging Markets Equity Fund, Putnam Global Consumer Fund, Putnam Global Energy Fund, Putnam Global Financials Fund, Putnam Global Industrials Fund, Putnam Global Technology Fund, Putnam Global Telecommunications Fund, and Putnam Money Market Liquidity Fund (each audited by KPMG LLP). Audit Fees represent fees billed for a fund’s last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements. Q-8  Audit-Related Fees represent fees billed in a fund’s last two fiscal years for services traditionally performed by the fund’s independent registered public accounting firm, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation. Tax Fees represent fees billed in a fund’s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities. All Other Fees represent fees billed for services relating to analysis of proposed market timing distributions, recordkeeping fees and regulatory and litigation matters. The following tables present the amounts the independent auditors billed for aggregate non-audit fees to each fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund in each of the fund’s last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009): PricewaterhouseCoopers LLP: Putnam American Putnam AMT-Free Putnam Asset Allocation: Government Income Municipal Fund Balanced Portfolio Fund Non-Audit Fees  Sept. 30, 2008 -- $84,561  July 31, 2008 -- $85,734  Sept. 30, 2008 -- $101,676  Sept. 30, 2007 -- $108,911  July 31, 2007 -- $122,169  Sept. 30, 2007 -- $126,972  Putnam Asset Allocation: Putnam Asset Allocation: Putnam Capital Conservative Portfolio Growth Portfolio Opportunities Fund Non-Audit Fees  Sept. 30, 2008 -- $100,105  Sept. 30, 2008 -- $105,633  April 30, 2009 -- $485,409  Sept. 30, 2007 -- $126,557  Sept. 30, 2007 -- $126,705  April 30, 2008 -- $51,073  Putnam Europe Equity The Putnam Fund for The George Putnam Fund Growth and Income Fund of Boston Non-Audit Fees  June 30, 2009 -- $[ ]  Oct. 31, 2008 -- $88,106  July 31, 2008 -- $92,241  June 30, 2008 -- $52,468  Oct. 31, 2007 -- $118,562  July 31, 2007 -- $129,614  Putnam Global Health Putnam Global Income Putnam Global Utilities Care Fund Trust Fund Non-Audit Fees  Aug. 31, 2008 -- $90,221  Oct. 31, 2008 -- $95,322  Oct. 31, 2008 -- $84,828  Aug. 31, 2007 -- $125,470  Oct. 31, 2007 -- $116,104  Oct. 31, 2007 -- $116,659  Q-9  Putnam Income Putnam International Putnam International Strategies Fund Capital Opportunities Equity Fund Fund Non-Audit Fees  Feb. 28, 2009 -- $373,674  Aug. 31, 2008 -- $91,025  June 30, 2009 -- $[ ]  Feb. 29, 2008 -- $57,774  Aug. 31, 2007 -- $128,522  June 30, 2008 -- $68,508  Putnam International Putnam International Putnam Massachusetts Growth and Income New Opportunities Fund Tax Exempt Income Fund Fund Non-Audit Fees  June 30, 2009 -- $[ ]  Sept. 30, 2008 -- $89,929  May 31, 2009 -- $490,392  June 30, 2008 -- $56,021  Sept. 30, 2007 -- $115,725  May 31, 2008 -- $54,763  Putnam Michigan Tax Putnam Minnesota Tax Putnam Money Market Exempt Income Fund Exempt Income Fund Fund Non-Audit Fees  May 31, 2009 -- $490,050  May 31, 2009 -- $490,048  Sept. 30, 2008 -- $82,168  May 31, 2008 -- $54,588  May 31, 2008 -- $54,583  Sept. 30, 2007 -- $107,956  Putnam New Jersey Tax Putnam New Putnam Ohio Tax Exempt Income Fund Opportunities Fund Exempt Income Fund Non-Audit Fees  May 31, 2009 -- $490,254  June 30, 2009 -- $[ ]  May 31, 2009 -- $490,160  May 31, 2008 -- $54,677  June 30, 2008 -- $51,879  May 31, 2008 -- $54,632  Putnam Pennsylvania Putnam Putnam Small Cap Tax Exempt Income RetirementReady Funds Growth Fund Fund Non-Audit Fees  May 31, 2009 -- $490,177  July 31, 2008 -- $118,239  June 30, 2009 -- $[ ]  May 31, 2008 -- $54,642  July 31, 2007 -- $143,482  June 30, 2008 -- $51,466  Putnam Tax Exempt Putnam Tax-Free High Putnam Voyager Fund Money Market Fund Yield Fund Non-Audit Fees  Sept. 30, 2008 -- $81,081  July 31, 2008 -- $87,765  July 31, 2008 -- $85,304  Sept. 30, 2007 -- $105,833  July 31, 2007 -- $123,951  July 31, 2007 -- $132,427  Putnam Variable Trust Non-Audit Fees  Dec. 31, 2008 -- $323,628  Dec. 31, 2007 -- $209,851  Q-10  KPMG LLP: Putnam Arizona Tax Putnam California Tax Putnam Convertible Exempt Income Fund Exempt Income Fund Income-Growth Trust Non-Audit Fees  May 31, 2009 -- $6,100  Sept. 30, 2008 -- $74,733  Oct. 31, 2008 -- $72,633  May 31, 2008 -- $74,183  Sept. 30, 2007 -- $5,450  Oct. 31, 2007 -- $3,490  Putnam Diversified Putnam Equity Income Putnam Floating Rate Income Trust Fund Income Fund Non-Audit Fees  Sept. 30, 2008 -- $74,733  Nov. 30, 2008 -- $72,633  Feb. 28, 2009 -- $75,283  Sept. 30, 2007 -- $5,450  Nov. 30, 2007 -- $3,550  Feb. 29, 2008 -- $5,950  Putnam Global Equity Putnam Global Natural Putnam Growth Fund Resources Fund Opportunities Fund Non-Audit Fees  Oct. 31, 2008 -- $73,183  Aug. 30, 2008 -- $72,633  July 31, 2008 -- $72,633  Oct. 31, 2007 -- $4,050  Aug. 30, 2007 -- $3,550  July 31, 2007 -- $3,550  Putnam High Yield Putnam High Yield Putnam Income Fund Advantage Fund Trust Non-Audit Fees  Nov. 30, 2008 -- $72,933  Aug. 31, 2008 -- $74,733  Oct. 31, 2008 -- $74,733  Nov. 30, 2007 -- $3,800  Aug. 31, 2007 -- $5,450  Oct. 31, 2007 -- $5,450  Putnam Investors Fund Putnam Mid Cap Value Putnam New York Tax Fund Exempt Income Fund Non-Audit Fees  July 31, 2008 -- $72,633  April 30, 2009 -- $3,900  Nov. 30, 2008 -- $74,733  July 31, 2007 -- $3,550  April 30, 2008 -- $3,550  Nov. 30, 2007 -- $5,450  Putnam Research Fund Putnam Small Cap Value Putnam Tax Exempt Fund Income Fund Non-Audit Fees  July 31, 2008 -- $72,633  Feb. 28, 2009 -- $72,633  Sept. 30, 2008 -- $74,733  July 31, 2007 -- $3,550  Feb. 29, 2008 -- $3,550  Sept. 30, 2007 -- $16,085  Putnam U.S. Putnam Vista Fund Government Income Trust Non-Audit Fees  Sept. 30, 2008 -- $73,183  July 31, 2008 -- $72,633  Sept. 30, 2007 -- $19,868  July 31, 2007 -- $3,550  Q-11  Pre-Approval Policies of the Audit and Compliance Committee. The Audit and Compliance Committee 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  Q-12  Putnam Global Health Putnam Global Income Putnam Global Utilities Care Fund Trust Fund Tax Fees  Aug. 31, 2008 -- $15,000  Oct. 31, 2008 -- $15,000  Oct. 31, 2008 -- $15,000  Aug. 31, 2007 -- $26,129  Oct. 31, 2007 -- $28,129  Oct. 31, 2007 -- $28,129  Putnam Income Putnam International Putnam International Strategies Fund Capital Opportunities Equity Fund Fund Tax Fees  Feb. 28, 2009 -- $302,065  Aug. 31, 2008 -- $15,000  June 30, 2009 -- $[ ]  Feb. 29, 2008 -- $21,129  Aug. 31, 2007 -- $26,129  June 30, 2008 -- $15,000  Putnam International Putnam International Putnam Massachusetts Growth and Income New Opportunities Fund Tax Exempt Income Fund Fund Tax Fees  June 30, 2009 -- $[ ]  Sept. 30, 2008 -- $15,000  May 31, 2009 -- $415,341  June 30, 2008 -- $15,000  Sept. 30, 2007 -- $26,129  May 31, 2008 -- $15,000  Putnam Michigan Tax Putnam Minnesota Tax Putnam Money Market Exempt Income Fund Exempt Income Fund Fund Tax Fees  May 31, 2009 -- $415,341  May 31, 2009 -- $415,341  Sept. 30, 2008 -- $15,000  May 31, 2008 -- $15,000  May 31, 2008 -- $15,000  Sept. 30, 2007 -- $26,129  Putnam New Jersey Tax Putnam New Putnam Ohio Tax Exempt Income Fund Opportunities Fund Exempt Income Fund Tax Fees  May 31, 2009 -- $415,341  June 30, 2009 -- $[ ]  May 31, 2009 -- $415,341  May 31, 2008 -- $15,000  June 30, 2008 -- $15,000  May 31, 2008 -- $15,000  Putnam Pennsylvania Putnam Putnam Small Cap Tax Exempt Income RetirementReady Funds Growth Fund Fund Tax Fees  May 31, 2009 -- $415,341  July 31, 2008 -- $15,000  June 30, 2009 -- $[ ]  May 31, 2008 -- $15,000  July 31, 2007 -- $26,129  June 30, 2008 -- $15,000  Putnam Tax Exempt Putnam Tax-Free High Putnam Voyager Fund Money Market Fund Yield Fund Tax Fees  Sept. 30, 2008 -- $15,000  July 31, 2008 -- $15,000  July 31, 2008 -- $15,000  Sept. 30, 2007 -- $26,126  July 31, 2007 -- $26,129  July 31, 2007 -- $26,129  Q-13  Putnam Variable Trust Tax Fees  Dec. 31, 2008 -- $73,000  Dec. 31, 2007 -- $21,129  Q-14  APPENDIX H R – Other Similar Funds Advised by Putnam Management The following table contains certain information regarding funds for which Putnam Management provides investment advisory services and that may have similar investment objectives and policies to your fund.           Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $5 billion  0.54%          Any excess thereafter  0.53%          Benchmark: Merrill Lynch US Treasury          Bill Index (G0BA)            Hurdle: 5.00%            Maximum Performance Adjustment Rate:          0.20%            Minimum Performance Adjustment Rate:          -0.20%        H-1 R-1            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $8.5 billion  0.68%          Any excess thereafter  0.67%      H-2 R-2            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $21.5 billion  0.38%      H-3 R-3            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $5 billion  0.39%          Any excess thereafter  0.38%      H-4 R-4            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $55 billion  0.32%      H-5 R-5            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $55 billion  0.47%      H-6 R-6            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $5 billion  0.44%          Any excess thereafter  0.43%      H-7 R-7            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $8.5 billion  0.38%          Any excess thereafter  0.37%      H-8 R-8            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $21.5 billion  0.53%      H-9 R-9            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements, applicable  Investment  Fund  2006 ($)  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 $21.5 billion  0.33%      H-10 R-10            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $21.5 billion  0.33%      H-11 R-11          Has          Amount of  compensation          Management  been waived,          Fee Paid in the  reduced or          Most Recent  otherwise          Fiscal Year  agreed to be      Net Assets    (after applicable  reduced      as of    waivers and  under any  Current    December 31,    reimbursements,  applicable  Investment  Fund  2006 ($)  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 $5 billion  0.39%          Any excess thereafter  0.38%      H-12 R-12    Has      Amount of  compensation      Management  been waived,      Fee Paid in the  reduced or      Most Recent  otherwise      Fiscal Year  agreed to be    Net Assets    (after applicable  reduced      Has compensation    as of    waivers and  under any  Current    been waived, reduced    December 31,    reimbursements,  applicable  Investment  Net Assets as    or otherwise agreed to    Fund 2006 ($)  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 $5 billion  0.34%      preservation    Any excess thereafter  0.33%      of capital.  H-13 R-13            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $21.5 billion  0.38%      H-14 R-14          Has          Amount of  compensation          Management  been waived,          Fee Paid in the  reduced or          Most Recent  otherwise          Fiscal Year  agreed to be    Net Assets      (after applicable  reduced      Has compensation    as of      waivers and  under any  Current    been waived, reduced    December 31,      reimbursements,  applicable  Investment  Net Assets as    or otherwise agreed to    Fund 2006 ($)  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 $5 billion  0.39%      Any excess thereafter  0.32%          Any excess thereafter  0.38%    H-15 R-15            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $5 billion  0.44%          Any excess thereafter  0.43%      H-16 R-16            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $5 billion and  0.19%          Any excess thereafter  0.18%      H-17 R-17            Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $5 billion  0.39%            Any excess thereafter  0.38%        R-18  H-19           Has            Amount of  compensation            Management  been waived,            Fee Paid in the  reduced or            Most Recent  otherwise            Fiscal Year  agreed to be      Net Assets      (after applicable  reduced      as of      waivers and  under any  Current    December 31,      reimbursements,  applicable  Investment  Fund  2006 ($)  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 $3,526,365, a portion of which was paid to Putnam Management. R-19  APPENDIX I S – Payments to Putnam ManagementandManagement and its Affiliates The following fees were paid by the funds to Putnam Management and its affiliates during each fund’s most recent fiscal year (ended between July 31, 2008 and June 30, 2009) (other than under a management contract). These services will continue to be provided after the proposed management contract is approved; however, the funds have retained State Street Bank and Trust Company as custodian, and it is expected thatapproved.   Fees paid to Putnam          Investor Services,    Fees paid to Putnam      Inc. (and/or to  Fees paid to  Retail Management      Putnam Fiduciary  Putnam Fiduciary  Limited Partnership      Trust Company) for  Trust Company  pursuant to      serving as investor  for custody  distribution plans    Fund  servicing agent ($) *  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          S-1    Fees paid to Putnam          Investor Services,    Fees paid to Putnam      Inc. (and/or to  Fees paid to  Retail Management      Putnam Fiduciary  Putnam Fiduciary  Limited Partnership      Trust Company) for  Trust Company  pursuant to      serving as investor  for custody  distribution plans    Fund  servicing agent ($) *  expenses ($)  ($)  Fiscal Year End    Putnam Capital  1,984,818  --  1,267,109  April 30, 2009  Opportunities Fund            Putnam Capital  --  --  --  April 30, 2010  Spectrum Fund √            Putnam Convertible  1,078,779  3,160  2,350,971  October 31, 2008  Income-Growth Trust            Putnam Diversified  3,830,065  21,305  9,426,878  September 30, 2008  Income Trust            Putnam Emerging  1,613  --  3,838  August 31, 2009  Markets Equity Fund †            Putnam Equity Income  7,927,097  10,045  10,240,899  November 30, 2008  Fund            Putnam Equity Spectrum  --  --  --  April 30, 2010  Fund √            Putnam Europe Equity  [ ]  --  [ ]  June 30, 2009  Fund            Putnam Floating Rate  478,650  --  1,303,765  February 28, 2009  Income Fund            The Putnam Fund for  23,692,008  45,938  26,291,920  October 31, 2008  Growth and Income            The George Putnam  7,954,095  40,791  11,968,159  July 31, 2008  Fund of Boston            Putnam Global  2,548  --  1,452  August 31, 2009  Consumer Fund †            Putnam Global Energy  2,669  --  1,572  August 31, 2009  Fund †            Putnam Global Equity  5,317,391  11,528  5,713,682  October 31, 2008  Fund            Putnam Global  2,470  --  1,335  August 31, 2009  Financials Fund †            Putnam Global Health  5,696,910  12,112  5,973,150  August 31, 2008  Care Fund            Putnam Global Income  335,921  6,552  530,797  October 31, 2008  Trust            Putnam Global  2,563  --  1,434  August 31, 2009  Industrials Fund †          S-2    Fees paid to Putnam          Investor Services,    Fees paid to Putnam      Inc. (and/or to  Fees paid to  Retail Management      Putnam Fiduciary  Putnam Fiduciary  Limited Partnership      Trust Company) for  Trust Company  pursuant to      serving as investor  for custody  distribution plans    Fund  servicing agent ($) *  expenses ($)  ($)  Fiscal Year End    Putnam Global Natural  1,670,189  6,049  2,905,096  August 31, 2008  Resources Fund            Putnam Global  2,596  --  1,505  August 31, 2009  Technology Fund †            Putnam Global  2,534  --  1,430  August 31, 2009  Telecommunications          Fund †            Putnam Global Utilities  1,153,160  2,716  1,822,795  October 31, 2008  Fund            Putnam Growth  2,008,857  5,745  2,327,243  July 31, 2008  Opportunities Fund            Putnam High Yield  803,023  2,596  2,221,540  November 30, 2008  Advantage Fund            Putnam High Yield Trust  3,644,786  15,136  5,695,719  August 31, 2008    Putnam Income Fund  5,439,448  12,312  4,043,555  October 31, 2008    Putnam Income  102,425  --  75,641  February 28, 2009  Strategies Fund            Putnam International  5,547,073  27,449  7,992,825  August 31, 2008  Capital Opportunities          Fund            Putnam International  [ ]  --  [ ]  June 30, 2009  Equity Fund            Putnam International  [ ]  --  [ ]  June 30, 2009  Growth and Income          Fund            Putnam International  2,747,737  13,557  2,592,610  September 30, 2008  New Opportunities Fund            Putnam Investors Fund  11,566,623  34,108  9,319,908  July 31, 2008    Putnam Massachusetts  153,502  --  798,875  May 31, 2009  Tax Exempt Income          Fund            Putnam Michigan Tax  62,776  --  246,090  May 31, 2009  Exempt Income Fund            Putnam Mid Cap Value  2,344,311  --  1,999,985  April 30, 2009  Fund            Putnam Minnesota Tax  69,545  --  265,924  May 31, 2009  Exempt Income Fund          S-3    Fees paid to Putnam          Investor Services,    Fees paid to Putnam      Inc. (and/or to  Fees paid to  Retail Management      Putnam Fiduciary  Putnam Fiduciary  Limited Partnership      Trust Company) for  Trust Company  pursuant to      serving as investor  for custody  distribution plans    Fund  servicing agent ($) *  expenses ($)  ($)  Fiscal Year End    Putnam Money Market  7,972,332  21,924  823,226  September 30, 2008  Fund            Putnam New Jersey Tax  122,067  --  652,245  May 31, 2009  Exempt Income Fund            Putnam New  10,069,048  --  7,043,070  June 30, 2009  Opportunities Fund            Putnam New York Tax  641,744  3,336  2,794,953  November 30, 2008  Exempt Income Fund            Putnam Ohio Tax  97,892  --  406,337  May 31, 2009  Exempt Income Fund            Putnam Pennsylvania  108,854  --  483,972  May 31, 2009  Tax Exempt Income          Fund            Putnam Research Fund  2,224,115  7,830  2,267,365  July 31, 2008    Putnam Small Cap  [ ]  --  [ ]  June 30, 2009  Growth Fund            Putnam Small Cap Value  1,113,619  --  891,597  February 28, 2009  Fund            Putnam Tax Exempt  838,686  7,317  3,035,353  September 30, 2008  Income Fund            Putnam Tax Exempt  74,906  1,204  0  September 30, 2008  Money Market Fund            Putnam Tax-Free High  872,829  12,461  3,433,079  July 31, 2008  Yield Fund            Putnam U.S.  2,187,056  76,194  4,221,785  September 30, 2008  Government Income          Trust            Putnam Vista Fund  5,714,701  22,558  2,418,647  July 31, 2008    Putnam Voyager Fund  22,171,336  60,833  16,260,442  July 31, 2008    Putnam VT American  46,457  --  158,892  December 31, 2008  Government Income          Fund            Putnam VT Capital  8,866  --  38,540  December 31, 2008  Opportunities Fund            Putnam VT Diversified  123,344  --  522,128  December 31, 2008  Income Fund          S-4    Fees paid to Putnam          Investor Services,    Fees paid to Putnam      Inc. (and/or to  Fees paid to  Retail Management      Putnam Fiduciary  Putnam Fiduciary  Limited Partnership      Trust Company) for  Trust Company  pursuant to      serving as investor  for custody  distribution plans    Fund  servicing agent ($) *  expenses ($)  ($)  Fiscal Year End    Putnam VT Equity  59,884  --  232,463  December 31, 2008  Income Fund            Putnam VT The George  111,864  --  477,424  December 31, 2008  Putnam Fund of Boston            Putnam VT Global Asset  88,600  --  202,804  December 31, 2008  Allocation Fund            Putnam VT Global  117,805  --  125,831  December 31, 2008  Equity Fund            Putnam VT Global  50,404  --  249,427  December 31, 2008  Health Care Fund            Putnam VT Global  89,965  --  118,016  December 31, 2008  Utilities Fund            Putnam VT Growth and  653,985  --  1,050,080  December 31, 2008  Income Fund            Putnam VT Growth  9,857  --  47,315  December 31, 2008  Opportunities Fund            Putnam VT High Yield  129,590  --  311,855  December 31, 2008  Fund            Putnam VT Income Fund  168,214  --  595,172  December 31, 2008    Putnam VT International  271,855  --  1,551,772  December 31, 2008  Equity Fund            Putnam VT International  92,125  --  233,086  December 31, 2008  Growth and Income          Fund            Putnam VT International  60,736  --  294,220  December 31, 2008  New Opportunities Fund            Putnam VT Investors  102,466  --  526,428  December 31, 2008  Fund            Putnam VT Mid Cap  16,763  --  46,793  December 31, 2008  Value Fund            Putnam VT Money  143,196  --  569,542  December 31, 2008  Market Fund            Putnam VT New  235,900  --  226,522  December 31, 2008  Opportunities Fund            Putnam VT Research  30,418  --  152,625  December 31, 2008  Fund          S-5    Fees paid to Putnam          Investor Services,    Fees paid to Putnam      Inc. (and/or to  Fees paid to  Retail Management      Putnam Fiduciary  Putnam Fiduciary  Limited Partnership      Trust Company) for  Trust Company  pursuant to      serving as investor  for custody  distribution plans    Fund  servicing agent ($) *  expenses ($)  ($)  Fiscal Year End    Putnam VT Small Cap  108,508  --  638,383  December 31, 2008  Value Fund            Putnam VT Vista Fund  72,372  --  344,406  December 31, 2008    Putnam VT Voyager  333,859  --  627,641  December 31, 2008  Fund          * Prior to December 31, 2008, these investor servicing services were provided by Putnam Investor Services, a division of Putnam Fiduciary Trust Company’s service as custodian will terminate during theCompany, which is an affiliate of Putnam Management. † Since these funds have not yet completed their first halffull fiscal year of 2007 when all of the funds’ assets in its custody or the custody of its sub-custodians have been transferred into State Street Bank and Trust Company’s safekeeping. Also, as described in this proxy statement, Putnam Prime Money Market Fund and Putnam Municipal Opportunities Trust paid administrative services fees to Putnam Management. Please refer to the footnotes tooperation, these particular funds inAppendix Efor information about the administrative servicesamounts represent fees paid to Putnam Management during the most recentfor a partial fiscal year.                   Fees paid to      Fees paid to  Fees paid to  Putnam Retail      Putnam Fiduciary  Putnam  Management      Trust Company  Fiduciary  Limited      for serving as  Trust Company  Partnership             investor servicing  for serving as  pursuant to    Fund  agent ($)*  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 S-6  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  T-1  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  T-2  Fund Share Class Shareholder Name Holdings Percentage and Address Owned Putnam  International Equity  Fund  Putnam  International  Growth and Income  Fund  Putnam  International New  Opportunities Fund  �� Putnam Investors  Fund  Putnam  Massachusetts Tax  Exempt Income  Fund  Putnam Michigan  Tax Exempt Income  Fund  Putnam Mid Cap  Value Fund  Putnam Minnesota  Tax Exempt Income  Fund  Putnam Money  Market Fund  Putnam Money  Market Liquidity  Fund  Putnam New Jersey  Tax Exempt Income  Fund  Putnam New  Opportunities Fund  Putnam New York  Tax Exempt Income  Fund  Putnam Ohio Tax  Exempt Income  Fund  Putnam  Pennsylvania Tax  Exempt Income  Fund  Putnam Research  Fund  Putnam  RetirementReady  2010 Fund  Putnam  RetirementReady  2015 Fund  T-3  Fund Share Class Shareholder Name Holdings Percentage and Address Owned Putnam  RetirementReady  2020 Fund  Putnam  RetirementReady  2025 Fund  Putnam  RetirementReady  2030 Fund  Putnam  RetirementReady  2035 Fund  Putnam  RetirementReady  2040 Fund  Putnam  RetirementReady  2045 Fund  Putnam  RetirementReady  2050 Fund  Putnam  RetirementReady  Maturity Fund  Putnam Small Cap  Growth Fund  Putnam Small Cap  Value Fund  Putnam Tax Exempt  Income Fund  Putnam Tax Exempt  Money Market Fund  Putnam Tax-Free  High Yield Fund  Putnam U.S.  Government Income  Trust  Putnam Vista Fund  Putnam Voyager  Fund      Putnam VT American Government Income Fund        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  T-4  $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  —  —  *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  —  —  K-11 This page intentionally left blank. This page intentionally left blank. This page intentionally left blank. This page intentionally left blank. This page intentionally left blank. This page intentionally left blank. This page intentionally left blank. 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