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PNOBX Putnam Sustainable Leaders Fund

Filed: 26 Jul 09, 8:00pm
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, DC 20549 
 
SCHEDULE 14A 
(RULE 14a-101) 
 
SCHEDULE 14A INFORMATION 
 
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of the Securities Exchange Act of 1934 
 
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/   / 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 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 
 
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VOTE TODAY

Please vote on matters affecting

your investment in the Putnam funds.

Your prompt response to this

proxy statement is important.

 

 

How to vote 

 


 

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


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

Dear Fellow Shareholder:

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

Please vote today on the following proposals:

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

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

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

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

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

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

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


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

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

Please vote today

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

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

Sincerely yours,

Robert L. Reynolds
President and Chief Executive Officer
Putnam Investments

John A. Hill
Chairman of the Trustees


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


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

PROXY CARD(S) ENCLOSED

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

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

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


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


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

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

-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 

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

[    ], 2009

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

Proposal Proposal Affected Funds Page 
 Description   

 
1. Election of All funds [ ] 
 Trustees   

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


-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 will give you the information you need to vote on the proposals. Much of the information is required under rules of the Securities and Exchange Commission (“SEC”); some of it is technical. If there is anything you don’t understand, please contact us at our toll-free number, 1-866-451-3787, or call your financial advisor.

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

Who is asking for your proxy?

Your proxy is being solicited by the Trustees of the Putnam funds for use at the Special Meeting of Shareholders of each fund to be held on November 19, 2009 and, if your fund’s meeting is adjourned, at any later meetings, for the purposes stated in the Notice of a Special Meeting of Shareholders (see previous pages). The Notice of a Special Meeting of Shareholders, the enclosed proxy card and this Proxy Statement are being mailed on or about[ ], 2009.

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

The Trustees recommend that you vote:

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

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

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

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

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

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

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

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

-7- 


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

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

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

Who is eligible to vote?

Shareholders of record of each fund at the close of business on August 24, 2009 (the “Record Date”) are entitled to be present and to vote at the meeting or any adjourned meeting.

The number of shares of each fund outstanding on the Record Date is shown inAppendix A. Each share is entitled to one vote, with fractional shares voting proportionately. Shares represented by a duly executed proxy will be voted in accordance with your instructions. If a duly executed proxy is submitted without filling in a vote on a proposal, your shares will be voted in accordance with the Trustees’ recommendations. If any other business is brought before your fund’s meeting, your shares will be voted at the discretion of the persons designated on the proxy card.

Shareholders of each fund vote separately with respect to each proposal other than with respect to the election of Trustees, in which case shareholders of each series of a trust vote together as a single class. The name of each trust is indicated in bold on pages [ ] of this proxy statement, with the funds that are series of that trust appearing below its name. The outcome of a vote affecting one fund does not affect any other fund, except where series of a trust vote together as a single class. However, as described below under Proposal 2, if shareholders of a significant number of funds do not approve the proposed new management contracts, the Independent Trustees and Putnam Investment Management, LLC (“Putnam Management”) currently intend to leave the current management contracts in place for all funds and will consider such other actions as may be appropriate in the circumstances. The Independent Trustees and Putnam Management may also determine not to implement t he proposed new contract, even though approved by shareholders, under various circumstances described under Proposal 2. No proposal is contingent upon the outcome of any other proposal.

-8- 


The Proposals

1. ELECTING YOUR FUND’S NOMINEES FOR TRUSTEES

Who are the nominees for Trustees?

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

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

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

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

-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

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

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

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

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Robert J. Darretta(Born 1946)

Trustee since 2007

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

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

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

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Myra R. Drucker(Born 1948)

Trustee since 2004

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

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

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

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

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

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John A. Hill(Born 1942)

Trustee since 1985 and Chairman since 2000

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

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

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

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

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Paul L. Joskow(Born 1947)

Trustee since 1997

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

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

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

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Elizabeth T. Kennan(Born 1938)

Trustee since 1992

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

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

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

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

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Kenneth R. Leibler(Born 1949)

Trustee since 2006

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

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

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

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Robert E. Patterson(Born 1945)

Trustee since 1984

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

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

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

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George Putnam, III(Born 1951)

Trustee since 1984

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

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

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

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W. Thomas Stephens(Born 1942)

Trustee since 2009

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

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

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

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Richard B. Worley(Born 1945)

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Trustee since 2004

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

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

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

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

Interested Trustee

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Robert L. Reynolds* (Born 1952)

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

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

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

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

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

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

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

What are the Trustees’ responsibilities?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

How can shareholders communicate with the Trustees?

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

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

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One Post Office Square
Boston, Massachusetts 02109 

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

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

How often do the Trustees meet?

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

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

Audit and Compliance Committee 12 

Board Policy and Nominating Committee 11 

Brokerage Committee 

Communications, Service and Marketing Committee 

Contract Committee 13 

Distributions Committee 11 

Executive Committee 

Investment Oversight Committees 27 

Investment Oversight Coordinating Committee 14 

Pricing Committee 


What are the Trustees paid for their services?

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

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

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

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

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

What is the voting requirement for electing Trustees?

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

2. APPROVING A PROPOSED NEW MANAGEMENT CONTRACT FOR YOUR FUND

What is this proposal?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

U.S. growth funds International equity funds  

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

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

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

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

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

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

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

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

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

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

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

   EQUITY FUNDS    
 
 
Name of Proposed Current Difference Name of Fund Proposed Current Difference 
Fund Effective Effective   Effective Effective  
 Contractual Contractual   Contractual Contractual  
 Rate Rate   Rate Rate  

 
Putnam 0.492% 0.518% (0.026%) Putnam VT Equity 0.492% 0.650% (0.158%) 
Equity    Income Fund    
Income Fund        
 
The Putnam 0.492% 0.487% 0.005% Putnam VT Growth 0.492% 0.577% (0.085%) 
Fund for    and Income Fund    
Growth and        
Income        

 
Putnam 0.572% 0.700% (0.128%) Putnam VT Growth 0.572% 0.700% (0.128%) 
Growth    Opportunities Fund    
Opportunities        
Fund        
 
Putnam 0.572% 0.570% 0.002% Putnam VT 0.572% 0.650% (0.078%) 
Investors    Investors Fund    
Fund        
 
Putnam New 0.572% 0.574% (0.002%) Putnam VT New 0.572% 0.697% (0.125%) 
Opportunities    Opportunities Fund    
Fund        
 
Putnam 0.572% 0.650% (0.078%) Putnam VT 0.572% 0.650% (0.078%) 
Research    Research Fund    
Fund        

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Name of Proposed Current Difference Name of Fund Proposed Current Difference 
Fund Effective Effective   Effective Effective  
 ContractualContractual    Contractual Contractual  
 Rate Rate   Rate Rate  

 
Putnam 0.572% 0.561% 0.011% Putnam VT Voyager 0.572% 0.659% (0.086%) 
Voyager    Fund    
Fund        

 
Putnam Mid 0.602% 0.700% (0.098%) Putnam VT Mid 0.602% 0.700% (0.098%) 
Cap Value    Cap Value Fund    
Fund        
 
Putnam Vista 0.602% 0.604% (0.002%) Putnam VT Vista 0.602% 0.650% (0.048%) 
Fund    Fund    

 
Putnam 0.642% 0.650% (0.008%) Putnam VT Capital 0.642% 0.650% (0.008%) 
Capital    Opportunities Fund    
Opportunities        
Fund        
  
Putnam 0.642% 0.640% 0.002% Putnam Small Cap 0.642% 1.000% (0.358%) 
Convertible    Growth Fund    
Income-        
Growth Trust        
  
Putnam 0.642% 0.800% (0.158%) Putnam VT Small 0.642% 0.800% (0.158%) 
Small Cap    Cap Value Fund    
Value Fund        

 
Putnam 0.712% 0.800% (0.088%)     
Europe        
Equity Fund        
  
Putnam 0.712% 0.758% (0.046%) Putnam VT Global 0.712% 0.800% (0.088%) 
Global    Equity Fund    
Equity Fund        
  
Putnam 0.712% 0.698% 0.014% Putnam VT 0.712% 0.792% (0.080%) 
International    International Equity    
Equity Fund    Fund    
  
Putnam 0.712% 0.800% (0.088%) Putnam VT 0.712% 0.800% (0.088%) 
International    International    
Growth and    Growth and Income    
Income Fund    Fund    

 
Putnam Asia 0.942% 1.000% (0.058%) Putnam Emerging 0.942% 1.000% (0.058%) 
Pacific    Markets Equity    
Equity Fund    Fund    
  
Putnam 0.942% 1.000% (0.058%) Putnam VT 0.942% 1.000% (0.058%) 
International    International New    
New    Opportunities Fund    
Opportunities        
Fund        
  
Putnam 0.942% 0.948% (0.006%)     
International        
Capital        
Opportunities        
Fund        


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Name of Proposed Current Difference Name of Fund Proposed Current Difference 
Fund Effective Effective   Effective Effective  
 Contractual Contractual   Contractual Contractual  
 Rate Rate   Rate Rate  

 
Putnam 0.642% 0.700% (0.058%) Putnam Global 0.642% 0.700% (0.058%) 
Global    Energy Fund    
Consumer        
Fund        
  
Putnam 0.642% 0.700% (0.058%)     
Global        
Financials        
Fund        
  
Putnam 0.642% 0.637% 0.005% Putnam VT Global 0.642% 0.700% (0.058%) 
Global    Health Care Fund    
Health Care        
Fund        
  
Putnam 0.642% 0.700% (0.058%) Putnam Global 0.642% 0.700% (0.058%) 
Global    Natural Resources    
Industrials    Fund    
Fund        
  
Putnam 0.642% 0.700% (0.058%) Putnam Global 0.642% 0.700% (0.058%) 
Global    Telecommunications    
Technology    Fund    
Fund        
  
Putnam 0.642% 0.700% (0.058%) Putnam VT Global 0.642% 0.700% (0.058%) 
Global    Utilities Fund    
Utilities        
Fund        


FIXED INCOME FUNDS
 
 
Name of Proposed Current Difference Name of Proposed Current Difference 
Fund Effective Effective  Fund Effective Effective  
 Contractual Contractual   Contractual Contractual  
 Rate Rate   Rate Rate  

 
Putnam 0.412% 0.622% (0.210%) Putnam VT 0.412% 0.650% (0.238%) 
American    American    
Government    Government    
Income    Income Fund    
Fund        
  
Putnam 0.412% 0.602% (0.190%) Putnam VT 0.412% 0.650% (0.238%) 
Income    Income Fund    
Fund        
  
Putnam 0.412% 0.504% (0.092%)     
U.S.        
Government        
Income        
Trust        

 
Putnam 0.492% 0.500% (0.008%)     
Tax-Free        
High Yield        
Fund        


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Name of Proposed Current Difference Name of Proposed Current Difference 
Fund Effective Effective  Fund Effective Effective  
 ContractualContractual    Contractual Contractual  
 Rate Rate   Rate Rate  

 
Putnam 0.562% 0.599% (0.036%) Putnam VT 0.562% 0.700% (0.138%) 
Diversified    Diversified    
Income    Income Fund    
Trust        
  
Putnam 0.562% 0.700% (0.138%)     
Global        
Income        
Trust        

 
 
Putnam 0.582% 0.650% (0.068%)     
Floating        
Rate        
Income        
Fund        
  
Putnam 0.582% 0.636% (0.053%) Putnam VT 0.582% 0.700% (0.118%) 
High Yield    High Yield    
Trust    Fund    
  
Putnam 0.582% 0.679% (0.097%)     
High Yield        
Advantage        
Fund        

  
Putnam 0.452% 0.500% (0.048%) Putnam 0.452% 0.500% (0.048%) 
AMT-Free    Arizona Tax    
Municipal    Exempt    
Fund    Income Fund    
  
Putnam 0.452% 0.500% (0.048%) Putnam 0.452% 0.500% (0.048%) 
California    Massachusetts    
Tax Exempt    Tax Exempt    
Income    Income Fund    
Fund        
  
Putnam 0.452% 0.500% (0.048%) Putnam 0.452% 0.500% (0.048%) 
Michigan    Minnesota    
Tax Exempt    Tax Exempt    
Income    Income Fund    
Fund        
  
Putnam 0.452% 0.500% (0.048%) Putnam New 0.452% 0.500% (0.048%) 
New Jersey    York Tax    
Tax Exempt    Exempt    
Income    Income Fund    
Fund        
  
Putnam 0.452% 0.500% (0.048%) Putnam 0.452% 0.500% (0.048%) 
Ohio Tax    Pennsylvania    
Exempt    Tax Exempt    
Income    Income Fund    
Fund        
  
Putnam Tax 0.452% 0.500% (0.048%)     
Exempt        
Income        
Fund        


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MONEY MARKET FUNDS
  
Name Proposed Current Difference Name of Proposed Current Difference 
of Effective Effective  Fund Effective Effective  
Fund Contractual Contractual   Contractual Contractual  
 Rate Rate   Rate Rate  

 
Putnam 0.302% 0.308% (0.006%) Putnam VT 0.302% 0.450% (0.148%) 
Money    Money    
Market    Market    
Fund    Fund    
 
Putnam 0.302% 0.450% (0.148%)     
Tax        
Exempt        
Money        
Market        
Fund        


ASSET ALLOCATION AND SPECIALTY FUNDS
  
Name of Proposed Current Difference Name of Proposed Current Difference 
Fund Effective Effective  Fund Effective Effective  
 Contractual Contractual   Contractual Contractual  
 Rate Rate   Rate Rate  

 
Putnam 0.492% 0.550% (0.058%)     
Absolute        
Return 100        
Fund        

  
Putnam 0.542% 0.654% (0.112%) Putnam 0.542% 0.650% (0.108%) 
Asset    Income    
Allocation:    Strategies    
Conservative    Fund    
Portfolio        
  
Putnam 0.542% 0.624% (0.082%)     
Asset        
Allocation:        
Balanced        
Portfolio        
  
The George 0.542% 0.570% (0.028%) Putnam 0.542% 0.650% (0.108%) 
Putnam    VT The    
Fund of    George    
Boston    Putnam    
    Fund of    
    Boston    

  
Putnam 0.592% 0.650% (0.058%)     
Absolute        
Return 300        
Fund        

  
Putnam 0.612% 0.700% (0.088%) Putnam 0.612% 0.611% 0.001% 
Asset    Asset    
Allocation:    Allocation:    
Equity    Growth    
Portfolio    Portfolio    

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Name of Proposed Current Difference Name of Proposed Current Difference 
Fund Effective Effective  Fund Effective Effective  
 Contractual Contractual   Contractual Contractual  
 Rate Rate   Rate Rate  

 
Putnam VT 0.612% 0.700% (0.088%)     
Global Asset        
Allocation        
Fund        

  
Putnam 0.742% 0.800% (0.058%) Putnam 0.742% 0.800% (0.058%) 
Absolute    Capital    
Return 500    Spectrum    
Fund    Fund    
  
Putnam 0.742% 0.800% (0.058%)     
Equity        
Spectrum        
Fund        

  
Putnam 0.892% 0.950% (0.058%)     
Absolute        
Return 700        
Fund        


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

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

Proposed addition of performance fees

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

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

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

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

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

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

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

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

Changes affecting timing of management fee computation and payment

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

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

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

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

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

Considerations relating to Fund Family fee rate calculations

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

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

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

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

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

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

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

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

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

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

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

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

Considerations relating to standardization of payment terms

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

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

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

General conclusion

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

What are the Trustees recommending?

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

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

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

Approval of the proposed management contract for each fund requires the affirmative vote of the lesser of (a) the holders of 67% or more of the shares of the fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the fund entitled to vote at the meeting are present in person or by proxy, or (b) of the holders of more than 50% of the outstanding shares of the fund entitled to vote at the meeting.

General Plan for Implementation of Proposed Management Contracts

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

If implemented, the proposed management contract for each fund would remain in effect (unless terminated) through June 30, 2010, and would continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of your fund, and

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

For funds with proposed performance adjustments

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

Other Information

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

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

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

3. ADOPTION OF MODERNIZED AND STANDARDIZED FUNDAMENTAL INVESTMENT RESTRICTIONS

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

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

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

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

Affected funds:

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

What is this proposal?

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

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

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

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

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

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

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

Putnam Management believes that this investment flexibility could assist your fund in achieving its investment objective, both because commodities and commodity-linked investments may offer the opportunity for attractive investment returns and because economic exposure to gold or other commodities through these investments may enhance the ability of the fund to diversify risks, particularly to the extent that the returns of commodities are not correlated with the returns of other asset classes in which the fund invests.

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

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

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

What are the Trustees recommending?

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

What is the voting requirement for approving the proposal?

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

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

Affected funds:

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

What is this proposal?

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

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

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

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

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

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

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

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

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

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

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

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

What are the Trustees recommending?

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

What is the voting requirement for approving the proposal?

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

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

Affected funds:

Putnam Global Natural Resources Fund
Putnam Global Utilities Fund

What is this proposal?

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

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

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

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

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

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

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

What are the Trustees recommending?

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

What is the voting requirement for approving the proposal?

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

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

Affected funds:

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

What is this proposal?

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

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

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

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

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

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

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

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

What are the Trustees recommending?

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

What is the voting requirement for approving the proposal?

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

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

Affected funds:

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

What is this proposal?

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

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

OR 

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

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

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

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

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

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

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

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

What are the Trustees recommending?

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

What is the voting requirement for approving the proposal?

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

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

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

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

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

Affected funds:

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

What is this proposal?

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

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

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

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

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

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

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

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

What are the Trustees recommending?

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

What is the voting requirement for approving the proposal?

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

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

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

Affected funds:

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

What is this proposal?

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

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

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

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

What are the Trustees recommending?

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

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

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What is the voting requirement for approving the proposal?

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

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

Affected funds:

Putnam Asset Allocation: Growth Portfolio
Putnam Voyager Fund

What is this proposal?

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

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

WHEREAS:

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

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

[For Putnam Voyager Fund:]

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

[For Putnam Asset Allocation: Growth Portfolio:]

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

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

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

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

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

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

RESOLVED:

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

DISCUSSION:

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

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

The Trustees’ Response to the Shareholder Proposal and Recommendation

Why are the Trustees recommending a vote against the proposals?

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

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

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

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

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

What are the Trustees recommending?

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

What is the voting requirement for approving the shareholder proposal?

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

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

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

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Further Information About Voting and the Special Meeting

Quorum and Methods of Tabulation.The shareholders of each fund vote separately with respect to each proposal other than the election of Trustees (Proposal 1), in which case shareholders of each series of a trust vote together as a single class. Thirty percent of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the meeting. Shares of all classes of each fund vote together as a single class. Votes cast by proxy or in person at the meeting will be counted by persons appointed by your fund as tellers for the meeting. The tellers will count the total number of votes cast for approval of a proposal for purposes of determining whether sufficient affirmative votes have been cast. Shares represented by proxies that reflect abstentions and broker non-votes (i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or the persons ent itled to vote and (ii) the broker or nominee does not have the discretionary voting power on a particular matter) will be counted as shares that are present and entitled to vote on the matter for purposes of determining the presence of a quorum.

The documents that authorize Putnam Fiduciary Trust Company or Putnam Investor Services, Inc. to act as Trustee for certain individual retirement accounts (including traditional, Roth and SEP IRAs, 403(b)(7) accounts and Coverdell Education Savings Accounts) provide that if an account owner does not submit voting instructions for his or her shares, Putnam Fiduciary Trust Company or Putnam Investor Services, Inc. will vote such shares in the same proportions as other shareholders with similar accounts have submitted voting instructions for their shares. Shareholders should be aware that this practice, known as “echo-voting,” may have the effect of increasing the likelihood that a proposal will be acted upon (approved or disapproved) and that Putnam Fiduciary Trust Company or Putnam Investor Services, Inc., each of which is an affiliate of Putnam Management, may benefit indirectly from the approval of the proposed management contracts.

With respect to the election of Trustees, neither abstentions nor broker non-votes have an effect on the outcome of the proposal. With respect to other proposals, abstentions and broker non-votes have the effect of votes against such proposals. For Proposals 2-4, treating broker non-votes as negative votes may result in a proposal not being approved, even though the votes cast in favor would have been sufficient to approve the proposal if some or all of the broker non-votes had been withheld. In certain circumstances in which a fund has received sufficient votes to approve a matter being recommended for approval by the fund’s Trustees, the fund may request that brokers and nominees, in their discretion, withhold submission of broker non-votes in order to avoid the need for solicitation of additional votes in favor of the proposal. A fund may also request that selected brokers and nominees, in their discretion, submit broker non-votes, if doing so is necessary to obtain a q uorum.

Other business.The Trustees know of no matters other than those set forth herein to be brought before the meeting. If, however, any other matters properly come before the meeting, proxies will be voted on such matters in accordance with the judgment of the persons named in the enclosed form of proxy.

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Simultaneous meetings.The meeting of shareholders of your fund is called to be held at the same time as the meetings of shareholders of certain of the other Putnam funds. It is anticipated that all meetings will be held simultaneously.

If any shareholder at the meeting objects to the holding of a simultaneous meeting and moves for an adjournment of the meeting to a time promptly after the simultaneous meetings, the persons named as proxies will vote in favor of such adjournment.

Information for all Putnam fundsexceptfunds that 
are series of Putnam Variable Trust

Solicitation of proxies.In addition to soliciting proxies by mail, Trustees of your fund and employees of Putnam Management, Putnam Investor Services, Inc. and Putnam Retail Management may solicit proxies in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for voting proxies by telephone are designed to authenticate shareholders’ identities, to allow them to authorize the voting of their shares in accordance with their instructions, and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be counted at the meeting. Your fund is unaware of any such challenge at this time. Shareholders would be called at the phone number Putnam Man agement has in its records for their accounts and would be given an opportunity to authorize the proxies to vote their shares at the meeting in accordance with their instructions. To ensure that the shareholders’ instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case the information contained in the confirmation is incorrect.

Shareholders have the opportunity to submit their voting instructions via the Internet by using a program provided by a third-party vendor hired by Putnam Management or by automated telephone service. The giving of a proxy will not affect your right to vote in person should you decide to attend the meeting. To use the Internet, please access the Internet address listed on the proxy card and follow the instructions on the Internet site. To record your voting instructions via automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions, and to confirm that shareholders’ instructions have been recorded properly. Shareholders voting via the Internet should understand that there may be costs associated with electronic access, such as usage charges from Internet access providers and telephone companies, that must be borne by the shareholders.

Your fund’s Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies. Consistent with this policy, your fund may solicit proxies from shareholders who have not voted their shares or who have abstained from voting, including brokers and nominees.

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Revocation of proxies.Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, (iv) in the case of brokers and nominees, by submitting written instructions to your fund’s solicitation agent or the applicable record shareholders, or (v) by attending the meeting and voting in person.

Information for funds that are series of 
Putnam Variable Trust

Voting Process.With respect to funds that are series of Putnam Variable Trust only, as of the Record Date, certain insurance companies (each an “Insurance Company”) were shareholders of record of each fund that is a series of Putnam Variable Trust. Each Insurance Company will vote shares of the fund or funds held by it in accordance with voting instructions received from variable annuity contract and variable life insurance policy owners (collectively, the “Contract Owners”) for whose accounts the shares are held. Accordingly, with respect to funds that are series of Putnam Variable Trust, this proxy statement is also intended to be used by each Insurance Company in obtaining these voting instructions from Contract Owners. In the event that a Contract Owner gives no instructions, the relevant Insurance Company will vote the shares of the appropriate fund attributable to the Contract Owner in the same proportion as shares of th at fund for which it has received instructions. One effect of this system of proportional voting is that, if only a small number of Contract Owners provide voting instructions, this small number of Contract Owners may determine the outcome of a vote for a fund.

Solicitation of proxies.In addition to soliciting proxies and voting instructions by mail, the Trustees of your fund and employees of Putnam Management, Putnam Investor Services Inc., Putnam Retail Management and the Insurance Companies may solicit voting instructions from Contract Owners in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for solicitation of proxies and voting instructions by telephone are designed to authenticate Contract Owners’ identities, to allow them to authorize the voting of their units in accordance with their instructions, and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be counted at the meeti ng. Your fund is unaware of any such challenge at this time. Contract Owners would be called at the phone number Putnam Management has in its records for their accounts (or that Putnam Management obtains from the Insurance Companies) and would be given an opportunity to give their instructions. To ensure that the Contract Owners’ instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case the information contained in the confirmation is incorrect.

Contract Owner Instructions.Each Contract Owner is entitled to instruct his or her insurance company as to how to vote its shares and can do so by marking voting instructions on the ballot enclosed with this proxy statement and then signing, dating and mailing the ballot in the envelope provided. If a ballot is not marked to indicate voting instructions, but is

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signed, dated and returned, it will be treated as an instruction to vote the shares in accordance with the Trustees’ recommendations. Each Insurance Company will vote the shares for which it receives timely voting instructions from Contract Owners in accordance with those instructions and will vote those shares for which it receives no timely voting instructions for and against approval of a proposal, and as an abstention, in the same proportion as the shares for which it receives voting instructions. Shares attributable to accounts retained by each Insurance Company will be voted in the same proportion as votes cast by Contract Owners. Accordingly, there are not expected to be any “broker non-votes.”

Contract Owners have the opportunity to submit their voting instructions via the Internet by utilizing a program provided by a third party vendor hired by Putnam Management or by automated telephone service. The giving of such voting instructions will not affect your right to vote in person should you decide to attend the meeting. To use the Internet, please access the Internet address listed on the proxy card, and follow the instructions on the Internet site. To record your voting instructions via automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate Contract Owners’ identities, to allow Contract Owners to give their voting instructions, and to confirm that their instructions have been recorded properly. Contract Owners voting via the Internet should understand that there may be costs associated with electronic access, such as usage charges from Internet access providers a nd telephone companies, that must be borne by the Contract Owners.

Your fund’s Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies and the giving of voting instructions. Consistent with this policy, your fund may solicit proxies from Contract Owners who have not voted their shares or who have abstained from voting.

Revocation of instructions.Any Contract Owner giving instructions to an Insurance Company has the power to revoke such instructions by mail by providing superseding instructions. All properly executed instructions received in time for the meeting will be voted as specified in the instructions.

Revocation of proxies.Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, or (iv) by attending the meeting and voting in person.

Information for all Putnam funds 

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

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

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

As described in more detail earlier in this proxy statement, the Board Policy and Nominating Committee of the Board of Trustees, which consists of Independent Trustees only, will also consider nominees recommended by shareholders of the fund to serve as Trustees. A shareholder or Contract Owner must submit the names of any such nominees in writing to the fund, to the attention of the Clerk, at the address of the principal offices of the fund.

If a shareholder who wishes to present a proposal at a special shareholder meeting fails to notify the fund within a reasonable time before the fund mails its proxy statement, the persons named as proxies will have discretionary authority to vote on the shareholder’s proposal if it is properly brought before the meeting. If a shareholder makes a timely notification, the proxies may still exercise discretionary voting authority under circumstances consistent with the SEC’s proxy rules. All shareholder proposals must also comply with other requirements of the SEC’s rules and the fund’s Agreement and Declaration of Trust and By-laws.

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

Adjournment. If sufficient votes in favor of one or more of Proposals 1-4, or sufficient votes against Proposal 5, set forth in the Notice of a Special Meeting of Shareholders are not received by the time scheduled for the meeting or if the quorum required for the proposals has not been met, the persons named as proxies may propose adjournments of the meeting with respect to such proposal(s) for a period or periods of not more than 60 days in the aggregate to permit further solicitation of proxies. Any adjournment with respect to a proposal will require the affirmative vote of a majority of the votes cast on the question in person or by proxy at the session of the meeting to be adjourned. The persons named as proxies will vote in favor of such adjournment those proxies that they are entitled to vote in favor of Proposals 1-4 and those proxies they are entitled to vote against Proposal 5. They will vote against any such adjournment those proxies re quired to be voted against Proposals 1-4 and those proxies required to be voted for Proposal 5. Your fund pays the costs of any additional solicitation and of any adjourned session. Any proposal for which sufficient favorable votes have been received by the time of the meeting may be acted upon and considered final regardless of whether the meeting is adjourned to permit additional solicitation with respect to any other proposal.

Duplicate mailings.As permitted by SEC rules, Putnam’s policy is to send a single copy of the proxy statement to shareholders who share the same last name and address, unless a shareholder previously has requested otherwise. Separate proxy cards will be included with the proxy statement for each account registered at that address. If you would prefer to

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

Financial information. Your fund’s Clerk will furnish to you, upon request and without charge, a copy of the fund’s annual report for its most recent fiscal year, and a copy of its semiannual report for any subsequent semiannual period. You may direct such requests to Putnam Investor Services, P.O. Box 8383, Boston, MA 02266-8383 or by phone at 1-800-225-1581. You may also access copies of these reports by visiting Putnam’s website at http://www.putnam.com/individual.

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Fund Information

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

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

Putnam Management provides investment advisory services to other funds that may have investment objectives and policies similar to those of your fund. The table inAppendix Ridentifies these other funds and states their net assets and their current management fee schedules.

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

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

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

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

Payments to Putnam Management or its affiliates. Appendix Sshows amounts paid to Putnam Management or its affiliates during each fund’s most recent fiscal year (ended between July 31, 2008 and June 30, 2009) for the services noted. The funds made no other material payments to Putnam Management or its affiliates during the periods shown.

Limitation of Trustee liability.Your fund’s Declaration of Trust provides that the fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the fund, except if it is determined in the manner specified in the Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the fund or that such indemnification would relieve any officer or Trustee of any liability to the fund or its shareholders arising by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties. Your fund, at its expense, provides liability insurance for the benefit of its Trustees and officers.

Officers and other information.All of the officers of your fund are employees of Putnam Management or its affiliates or serve on the staff of the Office of the Trustees. Because of his positions with Putnam Management or its affiliates, Mr. Reynolds, as well as the other affiliated officers of your fund, will benefit from the management fees and investor servicing fees paid or allowed by your fund. In addition to Mr. Reynolds, the other officers of your fund are as follows:

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 Year first  
Name (year of birth), elected to Business experience 
Office with the fund office during past 5 years 

 
Charles E. Porter (Born 1938)* 1989 Executive Vice President, 
Executive Vice President, Principal  Principal Executive Officer, 
Executive Officer, Associate Treasurer and  Associate Treasurer and 
Compliance Liaison  Compliance Liaison, The 
  Putnam Funds. 
 
Jonathan S. Horwitz (Born 1955)* 2004 Senior Vice President and 
Senior Vice President and Treasurer  Treasurer, The Putnam 
  Funds. 
 
Steven D. Krichmar (Born 1958) 2002 Senior Managing Director, 
Vice President and Principal Financial  Putnam Investments. 
Officer   
 
Janet C. Smith (Born 1965) 2006 Managing Director, Putnam 
Vice President, Assistant Treasurer and  Investments. 
Principal Accounting Officer   
 
Susan G. Malloy (Born 1957) 2007 Managing Director, Putnam 
Vice President and Assistant Treasurer  Investments. 
 
Beth Mazor (Born 1958) 2002 Managing Director, Putnam 
Vice President  Investments. 
 
Robert R. Leveille (Born 1969) 2007 Managing Director, Putnam 
Vice President and Chief Compliance  Investments. 
Officer   
 
Mark C. Trenchard (Born 1962) 2002 Managing Director, Putnam 
Vice President and BSA Compliance  Investments. 
Officer   
 
Francis J. McNamara, III (Born 1955) 2004 Senior Managing Director, 
Vice President and Chief Legal Officer  Putnam Investments, Putnam 
  Management and Putnam 
  Retail Management. 
 
James P. Pappas (Born 1953) 2004 Managing Director, Putnam 
Vice President  Investments and Putnam 
  Management. 
 
Judith Cohen (Born 1945)* 1993 Vice President, Clerk and 
Vice President, Clerk and Assistant  Assistant Treasurer, The 
Treasurer  Putnam Funds. 

-65- 


 Year first  
Name (year of birth), elected to Business experience 
Office with the fund office during past 5 years 

 
Wanda M. McManus (Born 1947)* 1993 Vice President, Senior 
Vice President, Senior Associate Treasurer  Associate Treasurer and 
and Assistant Clerk  Assistant Clerk, The Putnam 
  Funds. 
 
Nancy E. Florek (Born 1957)* 2000 Vice President, Assistant 
Vice President, Assistant Clerk, Assistant  Clerk, Assistant Treasurer 
Treasurer and Proxy Manager  and Proxy Manager, The 
  Putnam Funds. 

*Officers of each fund who are members of the Trustees’ independent administrative staff. Compensation for these individuals is fixed by the Trustees and reimbursed to Putnam Management.

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

-66- 


Below is the form of proxy card for all fundsexcept:

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



The proxy card

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

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


Proposals Please vote by filling in the appropriate boxes below. 

Please vote by filling in the appropriate boxes below. If you do not mark the proposals, your proxy will be voted as the Trustees recommend. 
PLEASE MARK VOTES AS IN THIS EXAMPLE: ■ 

□ To vote on all proposalsas the Trustees recommend, mark this box. (No other vote is necessary.) 


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

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

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on November 19, 2009. 
The proxy statement for this meeting is available at https://www.proxyweb.com/Putnam.

Please sign and date the other side of this card 


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

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



The proxy card

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

[FUND NAME PRINTS HERE]

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


Proposals Please vote by filling in the appropriate boxes below. 

Please vote by filling in the appropriate boxes below. If you do not mark the proposals, your proxy will be voted as the Trustees recommend. 
PLEASE MARK VOTES AS IN THIS EXAMPLE: ■ 

□ To vote on all proposalsas the Trustees recommend, mark this box. (No other vote is necessary.) 


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

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

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on November 19, 2009. 
The proxy statement for this meeting is available at https://www.proxyweb.com/Putnam.

Please sign and date the other side of this card 


APPENDIX A – Number of Shares Outstanding as of the Record Date  
 
 Putnam Absolute Putnam Absolute Putnam Absolute Putnam Absolute Putnam American 
 Return 100 Fund Return 300 Fund Return 500 Fund Return 700 Fund Government Income 
     Fund 

Class A      

Class B      

Class C      

Class M      

Class R      

Class Y      

 
 
 Putnam AMT-Free Putnam Arizona Tax Putnam Asia Pacific Putnam Asset Putnam Asset 
 Municipal Fund Exempt Income Equity Fund Allocation: Allocation: 
  Fund  Balanced Portfolio Conservative 
     Portfolio 

Class A      

Class B      

Class C      

Class M      

Class R -- --    

Class Y      

 
 
 Putnam Asset Putnam Asset Putnam California Putnam Capital Putnam Capital 
 Allocation: Equity Allocation: Growth Tax Exempt Income Opportunities Fund Spectrum Fund 
 Portfolio Portfolio Fund   

Class A      

Class B --     

Class C --     

Class M --     

Class R --  --   

Class Y      


A-1 


 Putnam Convertible Putnam Diversified Putnam Emerging Putnam Equity Putnam Equity 
 Income-Growth Income Trust Markets Equity Fund Income Fund Spectrum Fund 
 Trust     

Class A      

Class B      

Class C      

Class M      

Class R      

Class Y      

 
 
 Putnam Europe Putnam Floating The Putnam Fund for The George Putnam Putnam Global 
 Equity Fund Rate Income Fund Growth and Income Fund of Boston Consumer Fund 

Class A      

Class B      

Class C      

Class M      

Class R      

Class Y      

 
 
 Putnam Global Putnam Global Putnam Global Putnam Global Putnam Global 
 Energy Fund Equity Fund Financials Fund Health Care Fund Income Trust 

Class A      

Class B      

Class C      

Class M      

Class R      

Class Y      

 
 Putnam Global Putnam Global Putnam Global Putnam Global Putnam Global 
 Industrials Fund Natural Resources Technology Fund Telecommunications Utilities Fund 
  Fund  Fund  

Class A      

Class B      

Class C      

Class M      

Class R      

Class Y      


A-2 


 Putnam Growth Putnam High Yield Putnam High Yield Putnam Income Fund Putnam Income 
 Opportunities Fund Advantage Fund Trust  Strategies Fund 

Class A      

Class B      

Class C      

Class M      

Class R      

Class Y      

 
 
 Putnam International Putnam International Putnam International Putnam International Putnam Investors 
 Capital Equity Fund Growth and Income New Opportunities Fund 
 Opportunities Fund  Fund Fund  

Class A      

Class B      

Class C      

Class M      

Class R      

Class Y      

 
 
 Putnam Putnam Michigan Putnam Mid Cap Putnam Minnesota Putnam Money 
 Massachusetts Tax Tax Exempt Income Value Fund Tax Exempt Income Market Fund 
 Exempt Income Fund  Fund  
 Fund     

Class A      

Class B      

Class C      

Class M      

Class R -- --  --  

Class T -- -- -- --  

Class Y     -- 


A-3 


 Putnam Money Putnam New Jersey Putnam New Putnam New York Putnam Ohio Tax 
 Market Liquidity Tax Exempt Income Opportunities Fund Tax Exempt Income Exempt Income 
 Fund Fund  Fund Fund 

Class A      

Class B --     

Class C --     

Class I  -- -- -- -- 

Class M --     

Class P  -- -- -- -- 

Class R  --  -- -- 

Class S  -- -- -- -- 

Class Y --     

 
 
 Putnam Putnam Research Putnam Putnam Putnam 
 Pennsylvania Tax Fund RetirementReady RetirementReady RetirementReady 
 Exempt Income  2010 Fund 2015 Fund 2020 Fund 
 Fund     

Class A      

Class B      

Class C      

Class M      

Class R --     

Class Y      

 
 
 
 Putnam Putnam Putnam Putnam Putnam 
 RetirementReady RetirementReady RetirementReady RetirementReady RetirementReady 
 2025 Fund 2030 Fund 2035 Fund 2040 Fund 2045 Fund 

Class A      

Class B      

Class C      

Class M      

Class R      

Class Y      


A-4 


 Putnam Putnam Putnam Small Cap Putnam Small Cap Putnam Tax Exempt 
 RetirementReady RetirementReady Growth Fund Value Fund Income Fund 
 2050 Fund Maturity Fund    

Class A      

Class B      

Class C      

Class M      

Class R     -- 

Class Y      

 
 
 Putnam Tax Exempt Putnam Tax-Free Putnam U.S. Putnam Vista Fund Putnam Voyager 
 Money Market Fund High Yield Fund Government Income  Fund 
   Trust   

Class A      

Class B --     

Class C --     

Class M --     

Class R -- --    

Class Y --     

 
 
 Putnam VT Putnam VT Capital Putnam VT Putnam VT Equity Putnam VT The 
 American Opportunities Fund Diversified Income Income Fund George Putnam Fund 
 Government Income  Fund  of Boston 
 Fund     

Class IA      

Class IB      

 
 
 Putnam VT Global Putnam VT Global Putnam VT Global Putnam VT Global Putnam VT Growth 
 Asset Allocation Equity Fund Health Care Fund Utilities Fund and Income Fund 
 Fund     

Class IA      

Class IB      

 
 
 Putnam VT Growth Putnam VT High Putnam VT Income Putnam VT Putnam VT 
 Opportunities Fund Yield Fund Fund International Equity International Growth 
    Fund and Income Fund 

Class IA      

Class IB      


A-5 


 Putnam VT Putnam VT Investors Putnam VT Mid Cap Putnam VT Money Putnam VT New 
 International New Fund Value Fund Market Fund Opportunities Fund 
 Opportunities Fund     

Class IA      

Class IB      

 
 
 Putnam VT Research Putnam VT Small Putnam VT Vista Putnam VT Voyager  
 Fund Cap Value Fund Fund Fund  

Class IA      

Class IB      


A-6 


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

The following tables show the number of shares beneficially owned by each Trustee in each fund, as well as the value of those holdings in each fund and across all funds, as of June 30, 2009. In addition, the tables show the number of shares beneficially owned in each fund for the Trustees and officers as a group. Where the number of shares beneficially owned exceeds 1% of the class owned, the percentage is included in parentheses below. None of the Trustees or officers owned shares of Putnam Money Market Liquidity Fund, Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2035 Fund, Putnam VT Global Health Care Fund, Putnam VT Global Utilities Fund, or Putnam VT Money Market Fund as of June 30, 2009. All references in the tables are to Class A shares unless otherwise indicated.

B-1 


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

Trustees/ Dollar Range Shares Dollar Range Shares Dollar Range Shares Dollar Range Shares 
Officers of Shares Beneficially of Shares Beneficially of Shares Beneficially of Shares Beneficially 
 Owned Owned Owned Owned Owned Owned Owned Owned 
 (Class A) (Class A) (Class A) (Class A) (Class A) (Class A) (Class A) (Class A) 

Ravi Akhoury $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 

Jameson A.         
Baxter $10,001-$50,000 999.001 $10,001-$50,000 3,772.453 $10,001-$50,000 3,804.183 $10,001-$50,000 994.036 

Charles B.         
Curtis $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 

Robert J.         
Darretta $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 

Myra R.         
Drucker $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 

John A. Hill $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 

Paul L.         
Joskow $1-$10,000 150.000 $1-$10,000 150.000 $1-$10,000 149.105 $1-$10,000 149.105 

Elizabeth T.         
Kennan $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 

Kenneth R.         
Leibler $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 

Robert E.         
Patterson $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 

George         
Putnam, III $10,001-$50,000 1,000.000 $10,001-$50,000 997.009 $10,001-$50,000 1,013.171 $1-$10,000 808.898 

W. Thomas         
Stephens $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 

Richard B.         
Worley $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 

Robert L.         
Reynolds $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 100.000 

Trustees and     $50,001-    
Officers as a $10,001-$50,000 3,249.001   $100,000 7,055.579   
group $1-$10,000 (Class 960.379   $10,000-$50,000 1,810.724   
 Y Shares) (Class Y Shares) $50,001-$100,000 6,120.261 (Class Y Shares) (Class Y Shares) $10,001-$50,000 3,152.346 


B-2 


 Putnam American Putnam AMT-Free Putnam Arizona Tax Exempt Putnam Asia Pacific Equity 
 Government Income Fund Municipal Fund Income Fund Fund 

Trustees/ Dollar Range Shares Dollar Range Shares Dollar Range Shares Dollar Range Shares 
Officers of Shares Beneficially of Shares Beneficially of Shares Beneficially of Shares Beneficially 
 Owned Owned Owned Owned Owned Owned Owned Owned 
 (Class A) (Class A) (Class A) (Class A) (Class A) (Class A) (Class A) (Class A) 

Ravi Akhoury $1-$10,000 101.451 $1-$10,000 100.915 $1-$10,000 101.016 $1-$10,000 100.000 

Jameson A.         
Baxter $1-$10,000 451.813 $1-$10,000 585.375 $1-$10,000 199.613 $10,001-$50,000 2,569.373 

Charles B.         
Curtis $1-$10,000 137.394 $1-$10,000 144.469 $1-$10,000 142.639 $1-$10,000 100.000 

Robert J.         
Darretta $1-$10,000 109.389 $1-$10,000 107.850 $1-$10,000 109.177 $1-$10,000 100.000 

Myra R.         
Drucker $1-$10,000 120.409 $1-$10,000 121.824 $1-$10,000 123.150 $1-$10,000 100.000 

John A. Hill Over $100,000 12,437.036 $1-$10,000 206.268 $1-$10,000 240.028 $1-$10,000 100.000 

Paul L.         
Joskow $10,001-$50,000 1,617.272 $1-$10,000 165.356 $1-$10,000 178.072 $1-$10,000 259.875 

Elizabeth T.         
Kennan $1-$10,000 147.975 $1-$10,000 122.832 $1-$10,000 119.683 $1-$10,000 512.295 

Kenneth R.         
Leibler $1-$10,000 112.781 $1-$10,000 111.389 $1-$10,000 112.880 $1-$10,000 100.000 

Robert E.         
Patterson $10,001-$50,000 2,299.974 $1-$10,000 122.930 $1-$10,000 124.497 $1-$10,000 100.000 

George         
Putnam, III $10,001-$50,000 3,435.238 $10,001-$50,000 888.401 $10,001-$50,000 1,389.358 $10,001-$50,000 1,027.749 

W. Thomas         
Stephens $1-$10,000 356.077 $1-$10,000 174.108 $1-$10,000 170.021 $1-$10,000 100.000 

Richard B.         
Worley $1-$10,000 120.409 $1-$10,000 121.603 $1-$10,000 122.868 $1-$10,000 100.000 

Robert L.         
Reynolds $1-$10,000 102.212 $1-$10,000 101.754 $1-$10,000 102.169 $1-$10,000 100.000 

Trustees and Over $100,000 22,506.692       
Officers as a Over $100,000 12,851.829     $50,001-  
group (Class Y Shares) (Class Y Shares) $10,001-$50,000 3,075.074 $10,001-$50,000 3,235.171 $100,0005,369.292 


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 FundFund 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 
 FundFundFundFund

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-$100,0007,140.320 (Class Y Shares) (Class Y Shares) (Class Y Shares) (Class Y Shares) (Class Y Shares) (Class Y Shares) 


B-19 


 All Funds 

Trustees/ Dollar Range of Shares Owned 
Officers  

Ravi Akhoury Over $100,000 

Jameson A. Baxter Over $100,000 

Charles B. Curtis Over $100,000 

Robert J. Darretta Over $100,000 

Myra R. Drucker Over $100,000 

John A. Hill Over $100,000 

Paul L. Joskow Over $100,000 

Elizabeth T. Kennan Over $100,000 

Kenneth R. Leibler Over $100,000 

Robert E. Patterson Over $100,000 

George Putnam, III Over $100,000 

W. Thomas Stephens Over $100,000 

Richard B. Worley Over $100,000 

Robert L. Reynolds Over $100,000 

Trustees and Officers as a group Over $100,000 


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

Putnam Variable Trust Paul L. Joskow Robert E. Patterson George Putnam, III 

Putnam VT American Government Income Fund $1-$10,000 
Class IB    

Putnam VT Capital Opportunities Fund $1-$10,000 
Class IB    

Putnam VT Diversified Income Fund $1-$10,000 
Class IB    

Putnam VT Equity Income Fund $1-$10,000 
Class IB    

Putnam VT The George Putnam Fund of Boston $1-$10,000 
Class IB    

Putnam VT Global Asset Allocation Fund $10,001-$50,000 
Class IA    

Putnam VT Global Asset Allocation Fund $1-$10,000 
Class IB    

Putnam VT Global Equity Fund $1-$10,000 
Class IB    


B-20 


Putnam Variable Trust Paul L. Joskow Robert E. Patterson George Putnam, III 

Putnam VT Growth and Income Fund $1-$10,000 
Class IB    

Putnam VT Growth Opportunities Fund $1-$10,000 
Class IB    

Putnam VT High Yield Fund $10,001-$50,000 
Class IA    

Putnam VT High Yield Fund $1-$10,000 
Class IB    

Putnam VT Income Fund $1-$10,000 
Class IB    

Putnam VT International Equity Fund $1-$10,000 
Class IB    

Putnam VT International Growth and Income Fund $1-$10,000 
Class IB    

Putnam VT International New Opportunities Fund $1-$10,000 
Class IB    

Putnam VT Investors Fund $1-$10,000 
Class IB    

Putnam VT Mid Cap Value Fund $1-$10,000 
Class IB    

Putnam VT New Opportunities Fund $1-$10,000 
Class IB    

Putnam VT Research Fund $1-$10,000 
Class IB    

Putnam VT Small Cap Value Fund $1-$10,000 
Class IB    

Putnam VT Vista Fund $1-$10,000 
Class IB    

Putnam VT Voyager Fund $1-$10,000 
Class IB    


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

B-21 


APPENDIX C – Trustee Compensation Table

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

 Aggregate Pension or Aggregate Pension or 
 compensation retirement compensation retirement 
 from the fund ($) benefits accrued from the fund ($) benefits accrued 
  as part of fund  as part of fund 
  expenses ($)  expenses ($) 

Trustees/Year Putnam Absolute Return 100 Fund Putnam Absolute Return 300 Fund 

Ravi Akhoury/2009(5) 1,644 N/A 1,757 N/A 

Jameson A. Baxter/1994(3) 1,736 139 1,855 159 

Charles B. Curtis/2001 1,736 102 1,855 117 

Robert J. Darretta/2007 1,736 N/A 1,855 N/A 

Myra R. Drucker/2004(3) 1,736 N/A 1,855 N/A 

Charles E. Haldeman, Jr./2004(8) N/A 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) N/A N/A 

W. Thomas Stephens/1997(7) 1,370 1,463 

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) N/A 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) N/A N/A 

W. Thomas Stephens/1997(7) 1,486 1,406 

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) N/A 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) N/A 

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 

Charles B. Curtis/2001 1,726 174 1,627 

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) N/A N/A 

John A. Hill/1985(3)(4) 2,099 397 2,115 

Paul L. Joskow/1997(3) 1,789 156 1,627 

Elizabeth T. Kennan/1992(3) 1,823 330 1,627 

Kenneth R. Leibler/2006 1,823 N/A 1,627 N/A 

Robert E. Patterson/1984 1,823 218 1,627 

George Putnam, III/1984 1,823 189 1,627 

Robert L. Reynolds/2008(6) N/A N/A 

W. Thomas Stephens/1997(7) N/A 259 1,283 

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) N/A 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) N/A 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) N/A 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) N/A N/A 

W. Thomas Stephens/1997(7) 1,355 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) N/A 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) N/A 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) N/A 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) N/A N/A 

W. Thomas Stephens/1997(7) 1,318 914 286 

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) N/A 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) N/A N/A 

W. Thomas Stephens/1997(7) 1,713 517 1,302 

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 

Charles B. Curtis/2001 6,437 596 1,634 

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) N/A 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 

Elizabeth T. Kennan/1992(3) 6,545 1,132 1,634 

Kenneth R. Leibler/2006 6,545 N/A 1,634 N/A 

Robert E. Patterson/1984 6,545 758 1,634 

George Putnam, III/1984 6,545 664 1,634 

Robert L. Reynolds/2008(6) N/A N/A 

W. Thomas Stephens/1997(7) 2,213 689 1,289 

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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A N/A 

W. Thomas Stephens/1997(7) 1,280 1,284 

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) N/A 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) N/A N/A 

W. Thomas Stephens/1997(7) 1,475 445 1,286 

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) N/A 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) N/A 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) N/A 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) N/A N/A 

W. Thomas Stephens/1997(7) 1,280 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) N/A 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) N/A N/A 

W. Thomas Stephens/1997(7) 1,283 1,279 

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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A N/A 

W. Thomas Stephens/1997(7) 6,490 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) N/A 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) N/A 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 
 FundIncome 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) N/A 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) N/A 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 

Charles B. Curtis/2001 2,270 230 

Robert J. Darretta/2007 2,669 N/A 

Myra R. Drucker/2004(3) 2,353 N/A 

Charles E. Haldeman, Jr./2004(8) 

John A. Hill/1985(3)(4) 2,925 532 

Paul L. Joskow/1997(3) 2,353 212 

Elizabeth T. Kennan/1992(3) 2,353 437 

Kenneth R. Leibler/2006 2,353 N/A 

Robert E. Patterson/1984 2,353 296 

George Putnam, III/1984 2,353 261 

Robert L. Reynolds/2008(6) N/A 

W. Thomas Stephens/1997(7) 1,389 267 

Richard B. Worley/2004 2,353 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 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) 

Charles B. Curtis/2001 

Robert J. Darretta/2007 

Myra R. Drucker/2004(3) 

Charles E. Haldeman, Jr./2004(8) 

John A. Hill/1985(3)(4) 

Paul L. Joskow/1997(3) 

Elizabeth T. Kennan/1992(3) 

Kenneth R. Leibler/2006 

Robert E. Patterson/1984 

George Putnam, III/1984 

Robert L. Reynolds/2008(6) 

W. Thomas Stephens/1997(7) 

Richard B. Worley/2004 


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) 

Charles B. Curtis/2001 

Robert J. Darretta/2007 

Myra R. Drucker/2004(3) 

Charles E. Haldeman, Jr./2004(8) 

John A. Hill/1985(3)(4) 

Paul L. Joskow/1997(3) 

Elizabeth T. Kennan/1992(3) 

Kenneth R. Leibler/2006 

Robert E. Patterson/1984 

George Putnam, III/1984 

Robert L. Reynolds/2008(6) 

W. Thomas Stephens/1997(7) 

Richard B. Worley/2004 

 
 
 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) 

Charles B. Curtis/2001 

Robert J. Darretta/2007 

Myra R. Drucker/2004(3) 

Charles E. Haldeman, Jr./2004(8) 

John A. Hill/1985(3)(4) 

Paul L. Joskow/1997(3) 

Elizabeth T. Kennan/1992(3) 

Kenneth R. Leibler/2006 

Robert E. Patterson/1984 

George Putnam, III/1984 

Robert L. Reynolds/2008(6) 

W. Thomas Stephens/1997(7) 

Richard B. Worley/2004 


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) 

Charles B. Curtis/2001 

Robert J. Darretta/2007 

Myra R. Drucker/2004(3) 

Charles E. Haldeman, Jr./2004(8) 

John A. Hill/1985(3)(4) 

Paul L. Joskow/1997(3) 

Elizabeth T. Kennan/1992(3) 

Kenneth R. Leibler/2006 

Robert E. Patterson/1984 

George Putnam, III/1984 

Robert L. Reynolds/2008(6) 

W. Thomas Stephens/1997(7) 

Richard B. Worley/2004 

 
 
 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) 2,118 277 

Charles B. Curtis/2001 2,006 203 

Robert J. Darretta/2007 2,118 N/A 

Myra R. Drucker/2004(3) 2,118 N/A 

Charles E. Haldeman, Jr./2004(8) N/A 

John A. Hill/1985(3)(4) 2,437 462 

Paul L. Joskow/1997(3) 2,080 182 

Elizabeth T. Kennan/1992(3) 2,118 385 

Kenneth R. Leibler/2006 2,118 N/A 

Robert E. Patterson/1984 2,118 254 

George Putnam, III/1984 2,118 220 

Robert L. Reynolds/2008(6) N/A 

W. Thomas Stephens/1997(7) N/A 309 

Richard B. Worley/2004 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) N/A 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) N/A 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) N/A 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) N/A 

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) N/A 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) N/A 

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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) N/A 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) 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) 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 

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 

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 

Putnam Absolute Return 300 Fund 

Putnam Absolute Return 500 Fund 

Putnam Absolute Return 700 Fund 

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 

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 

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 

Putnam Convertible Income-Growth Trust 7,215 1,486 28,211 6,636 1,022 


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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 

Putnam Equity Income Fund 9,722 1,999 38,005 8,937 1,377 

Putnam Equity Spectrum Fund 

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 

Putnam Global Energy Fund 

Putnam Global Equity Fund 22,291 4,590 87,157 20,500 3,156 

Putnam Global Financials Fund 

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 

Putnam Global Natural Resources Fund 2,764 562 11,478 2,695 416 

Putnam Global Technology Fund 

Putnam Global Telecommunications Fund 

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 

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 

Putnam RetirementReady 2015 Fund 

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 1,852 446 6,510 1,681 256 

Putnam Small Cap Value Fund 2,580 583 9,658 2,336 357 

Putnam Tax Exempt Income Fund 13,374 2,719 55,571 13,065 2,011 

Putnam Tax Exempt Money Market Fund 1,722 350 7,155 1,682 259 

Putnam Tax-Free High Yield Fund 17,356 3,533 72,097 16,927 2,612 

Putnam U.S. Government Income Trust 17,626 3,583 73,237 17,218 2,651 

Putnam Vista Fund 27,105 5,517 112,596 26,435 4,079 

Putnam Voyager Fund 77,387 15,753 321,473 75,474 11,647 

Putnam VT American Government Income 1,781.63 383.13 6,852.43 1,656.37 253.33 
Fund      

Putnam VT Capital Opportunities Fund 887.81 190.92 3,414.65 825.39 126.24 

Putnam VT Diversified Income Fund 2,393.16 514.64 9,204.49 2,224.91 340.29 

Putnam VT Equity Income Fund 1,210.09 260.22 4,654.20 1,125.01 172.06 

Putnam VT The George Putnam Fund of 2,462.83 529.62 9,472.45 2,289.68 350.19 
Boston      

Putnam VT Global Asset Allocation Fund 4,191.66 901.39 16,121.82 3,896.96 596.02 

Putnam VT Global Equity Fund 7,822.70 1,682.22 30,087.37 7,272.71 1,112.32 

Putnam VT Global Health Care Fund 1,820.73 391.54 7,002.82 1,692.72 258.89 

Putnam VT Global Utilities Fund 4,714.52 1,013.83 18,132.80 4,383.06 670.36 

Putnam VT Growth and Income Fund 20,999.75 4,515.87 80,768.46 19,523.34 2,985.98 

Putnam VT Growth Opportunities Fund 1,497.37 322.00 5,759.14 1,392.10 212.91 

Putnam VT High Yield Fund 5,581.49 1,200.27 21,467.31 5,189.08 793.64 

Putnam VT Income Fund 5,751.28 1,236.78 22,120.37 5,346.93 817.78 

Putnam VT International Equity Fund 3,196.49 687.39 12,294.22 2,971.76 454.51 

Putnam VT International Growth and 2,008.28 431.87 7,724.16 1,867.08 285.56 
Income Fund      


C-28 


Fund Ms. Baxter Ms. Drucker Mr. Hill Dr. Joskow Dr. Kennan 

Putnam VT International New 1,891.06 406.66 7,273.31 1,758.10 268.89 
Opportunities Fund      

Putnam VT Investors Fund 2,333.17 501.73 8,973.76 2,169.14 331.78 

Putnam VT Mid Cap Value Fund 1,035.76 222.73 3,983.71 962.94 147.28 

Putnam VT Money Market Fund 2,233.29 480.26 8,589.59 2,076.27 317.55 

Putnam VT New Opportunities Fund 11,297.36 2,429.43 43,451.50 10,503.09 1,606.39 

Putnam VT Research Fund 1,781.10 383.01 6,850.40 1,655.88 253.26 

Putnam VT Small Cap Value Fund 2,307.47 496.21 8,874.92 2,145.42 328.10 

Putnam VT Vista Fund 2,141.44 460.50 8,236.31 1,990.88 304.49 

Putnam VT Voyager Fund 16,633.12 3,576.85 63,973.67 15,463.71 2,365.08 


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

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

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

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

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

C-29 


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

FORM OF PROPOSED
MANAGEMENT CONTRACT 

This Management Contract is dated as of January 1, 2010 between [NAME OF FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).

In consideration of the mutual covenants herein contained, it is agreed as follows:

1. SERVICES TO BE RENDERED BY MANAGER TO FUND.

(a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f)(2) of the Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund identified from time to time onSchedule Ato this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d) , the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the

D-1 


Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.

(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.

(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability o f the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment disc retion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.

(d) The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space, utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund.

(e) The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.

D-2 


(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.

2. OTHER AGREEMENTS, ETC.

It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.

3. COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER.

The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a fee, based on the Fund’s Average Net Assets, computed and paid monthly at the annual rates set forth onSchedule Battached to this Contract, as from time to time amended. The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each month while this Contract is in effect. The fee is payable for each month within 15 days after the close of the month.

The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.

In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.

D-3 


If the Manager serves for less than the whole of a month, the foregoing compensation will be prorated.

4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.

This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) through June 30, 2010, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.

Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.

Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.

6. CERTAIN DEFINITIONS.

For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.

For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least

D-4 


annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

7. NON-LIABILITY OF MANAGER.

In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.

8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.

A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.

D-5 


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

[NAME OF FUND] 
 
By: 
 
PUTNAM INVESTMENT MANAGEMENT, LLC 
 
By: 

D-6 


Schedule A 

[LIST OF FUNDS] 

D-7 


Schedule B 

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

D-8 


For the following funds only:

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

FORM OF PROPOSED
MANAGEMENT CONTRACT 

This Management Contract is dated as of January 1, 2010 between [NAME OF FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).

In consideration of the mutual covenants herein contained, it is agreed as follows:

1. SERVICES TO BE RENDERED BY MANAGER TO FUND.

(a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f)(2) of the Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund identified from time to time onSchedule Ato this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d) , the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.

(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund