SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant / X /
Filed by a party other than the Registrant / /
Check the appropriate box:
/ / Preliminary Proxy Statement
/ / Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e) (2))
/ X / Definitive Proxy Statement
/ / Definitive Additional Materials
/ / Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12
PUTNAM ASSET ALLOCATION FUNDS
PUTNAM CAPITAL APPRECIATION FUND
PUTNAM CLASSIC EQUITY FUND
PUTNAM CONVERTIBLE INCOME-GROWTH TRUST
PUTNAM DISCOVERY GROWTH FUND
PUTNAM EQUITY INCOME FUND
PUTNAM EUROPE EQUITY FUND
THE GEORGE PUTNAM FUND OF BOSTON
PUTNAM FUNDS TRUST
PUTNAM GLOBAL EQUITY FUND
PUTNAM GLOBAL NATURAL RESOURCES FUND
THE PUTNAM FUND FOR GROWTH AND INCOME
PUTNAM HEALTH SCIENCES TRUST
PUTNAM INTERNATIONAL EQUITY FUND
PUTNAM INVESTMENT FUNDS
PUTNAM INVESTORS FUND
PUTNAM NEW OPPORTUNITIES FUND
PUTNAM OTC & EMERGING GROWTH FUND
TAX SMART FUNDS TRUST
PUTNAM UTILITIES GROWTH AND INCOME FUND
PUTNAM VISTA FUND
PUTNAM VOYAGER FUND
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement,
if other than Registrant)
Payment of Filing Fee (Check the appropriate box):
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statement number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
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The proxy statement
This proxy statement can help you decide how you want to vote on
important issues relating to your Putnam fund. When you complete and
sign your proxy ballot, the Trustees of the funds will vote on your
behalf exactly as you have indicated. If you simply sign the proxy
ballot, it will be voted in accordance with the Trustees'
recommendations on pages 8 and 9 of the proxy statement. The Trustees
recommend that shareholders vote in favor of the proposals described in
this document and listed on your proxy ballot.
Please take a few moments and decide how you want to vote. When
shareholders don't return their proxies in sufficient numbers, follow-up
solicitations are required, which cost your fund money.
You can vote by returning your proxy ballot in the envelope provided. Or
you can call our toll-free number, or go to the Web. See your proxy ballot
for the phone number and Web address. If you have proxy related questions,
please call 1-877-832-6360 or contact your financial advisor.
PUTNAM INVESTMENTS
[SCALE LOGO OMITTED]
Table of contents
A Message from the Chairman 1
Notice of Shareholder Meeting 3
Trustees' Recommendations 8
PROXY CARD ENCLOSED
If you have any questions, please contact us
at 1-800-225-1581 or call your financial advisor.
[GRAPHIC OMITTED: PHOTO OF JOHN A. HILL]
A Message from the Chairman
Dear Fellow Shareholder:
I am writing to you to ask for your vote on important matters that
affect your investment in the Putnam funds. While you are, of course,
welcome to join us at your fund's meeting, most shareholders cast their
vote by filling out and signing the enclosed proxy card(s), by calling
or by voting via the Internet. We are asking for your vote on the
election of Trustees and, for certain funds, the additional matters
indicated on page 4.
As you may know, the SEC recently adopted rules designed to enhance the
independence and effectiveness of mutual fund trustees. Although
trustees do not manage fund portfolios, they play an important role in
protecting fund shareholders, and are responsible for approving the fees
paid to the fund's investment adviser and its affiliates, reviewing
overall fund expenses, selecting the fund's auditors, monitoring
conflicts of interests, overseeing the fund's compliance with federal
securities laws and voting proxies relating to the fund's portfolio
securities.
Your fund's Trustees believe that these responsibilities are best
carried out by a board that is independent of the fund's investment
adviser both in fact and in spirit. The new SEC rules effectively
require most funds to have a board of trustees whose independent
trustees (i.e., trustees who are not "interested persons" of the fund or
its investment adviser) constitute at least 75% of the board and whose
chairman is independent. Your fund has met both of these requirements
since July 1, 2000. We strongly supported these rules when initially
proposed by the SEC and are pleased that other fund families will soon
also be held to these standards.
It is also noteworthy that your fund's Trustees have been strong
proponents of other reforms in the mutual fund industry. We supported
new SEC rules requiring funds to make their proxy voting records
available to shareholders, and the Putnam funds were one of the first
major fund families to begin disclosing their proxy voting guidelines.
We also were one of the first mutual fund boards to end the practice of
using fund brokerage commissions to reward brokers for selling fund
shares.
In the proxy statement, you will also notice that your fund's
independent Trustees have nominated three new individuals to serve as
Trustees of your fund. Two of the three new nominees are independent,
and all three have had outstanding careers as leaders in the investment
management industry.
Although we would like very much to have each shareholder attend this
meeting, we realize that it may not be possible. Whether or not you plan
to be present, we need your vote. We urge you to record your voting
instructions by telephone, via the Internet or by completing, signing
and returning the enclosed proxy card(s) promptly. A postage-paid
envelope is enclosed for mailing, and Internet voting instructions are
listed at the top of your proxy card(s).
I'm sure that you, like most people, lead a busy life and are tempted to
put this proxy aside for another day. Please don't. When shareholders do
not vote their proxies, their fund may have to incur the expense of
follow-up solicitations. All shareholders benefit from the speedy return
of proxies.
Your vote is important to us. We appreciate the time and consideration I
am sure you will give these important matters. If you have questions
about the proposals, please call a Putnam customer service
representative at 1-800-225-1581 or contact your financial advisor.
Sincerely yours,
/S/ John A. Hill
John A. Hill, Chairman
Notice of a Meeting of Shareholders
To the Shareholders of:
PUTNAM ASSET ALLOCATION: BALANCED PORTFOLIO
PUTNAM ASSET ALLOCATION: CONSERVATIVE PORTFOLIO
PUTNAM ASSET ALLOCATION: GROWTH PORTFOLIO
PUTNAM CAPITAL APPRECIATION FUND
PUTNAM CAPITAL OPPORTUNITIES FUND
PUTNAM CLASSIC EQUITY FUND
PUTNAM CONVERTIBLE INCOME-GROWTH TRUST
PUTNAM DISCOVERY GROWTH FUND
PUTNAM EQUITY INCOME FUND
PUTNAM EUROPE EQUITY FUND
THE GEORGE PUTNAM FUND OF BOSTON
PUTNAM GLOBAL EQUITY FUND
PUTNAM GLOBAL NATURAL RESOURCES FUND
THE PUTNAM FUND FOR GROWTH AND INCOME
PUTNAM GROWTH OPPORTUNITIES FUND
PUTNAM HEALTH SCIENCES TRUST
PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND
PUTNAM INTERNATIONAL EQUITY FUND
PUTNAM INTERNATIONAL GROWTH AND INCOME FUND
PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
PUTNAM INVESTORS FUND
PUTNAM MID CAP VALUE FUND
PUTNAM NEW OPPORTUNITIES FUND
PUTNAM NEW VALUE FUND
PUTNAM OTC & EMERGING GROWTH FUND
PUTNAM RESEARCH FUND
PUTNAM SMALL CAP GROWTH FUND
PUTNAM SMALL CAP VALUE FUND
PUTNAM TAX SMART EQUITY FUND
PUTNAM UTILITIES GROWTH AND INCOME FUND
PUTNAM VISTA FUND
PUTNAM VOYAGER FUND
* 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 Meeting of Shareholders of your fund will be held on November 11, 2004
at 11:00 a.m., Boston time, at the principal offices of the funds on the
eighth floor of One Post Office Square, Boston, Massachusetts 02109, to
consider the following:
1. Electing your fund's nominees for Trustees;
2.A. Approving an amendment to certain funds' fundamental investment
restrictions with respect to borrowing;
2.B. Approving an amendment to certain funds' fundamental investment
restrictions with respect to making loans;
2.C. Approving an amendment to certain funds' fundamental investment
restrictions with respect to diversification of investments;
2.D. Approving an amendment to certain funds' fundamental investment
restrictions with respect to issuance of senior securities;
2.E. Approving an amendment to a fund's investment objective and
3. Approving an amendment to certain funds' Agreements and
Declarations of Trust.
By the Trustees
John A. Hill, Chairman
George Putnam, III, President
Jameson A. Baxter
Charles B. Curtis
Ronald J. Jackson
Paul L. Joskow
Elizabeth T. Kennan
John H. Mullin, III
Robert E. Patterson
A.J.C. Smith
W. Thomas Stephens
We urge you to mark, sign, date and mail the enclosed proxy in the
postage-paid envelope provided or record your voting instructions by
telephone or via the Internet so that you will be represented at the
meeting.
September 3, 2004
Pro- Proposal
posal Description Affected Funds Page
- --------------------------------------------------------------------------------------------------------------
1. Election of
Trustees All funds 10
- --------------------------------------------------------------------------------------------------------------
2.A. Approving an Putnam Asset Allocation: Putnam Health Sciences Trust 52
amendment Balanced Portfolio Putnam International
to certain Putnam Asset Allocation: Capital Opportunities Fund
funds' Conservative Portfolio Putnam International
fundamental Putnam Asset Allocation: Equity Fund
investment Growth Portfolio Putnam International
restrictions Putnam Capital Growth and Income Fund
with respect Appreciation Fund Putnam International
to borrowing Putnam Classic Equity Fund New Opportunities Fund
Putnam Convertible Putnam Investors Fund
Income-Growth Trust Putnam New Opportunities Fund
Putnam Discovery Growth Fund Putnam New Value Fund
Putnam Equity Income Fund Putnam OTC &
Putnam Europe Equity Fund Emerging Growth Fund
The George Putnam Putnam Research Fund
Fund of Boston Putnam Utilities Growth
Putnam Global Equity Fund and Income Fund
Putnam Global Natural Putnam Vista Fund
Resources Fund Putnam Voyager Fund
The Putnam Fund
for Growth and Income
Putnam Growth
Opportunities Fund
- --------------------------------------------------------------------------------------------------------------
2.B. Approving Putnam Asset Allocation: Putnam Health Sciences Trust 54
an amendment Balanced Portfolio Putnam International
to certain funds' Putnam Asset Allocation: Capital Opportunities Fund
fundamental Conservative Portfolio Putnam International Equity Fund
investment Putnam Asset Allocation: Putnam International
restrictions Growth Portfolio Growth and Income Fund
with respect Putnam Capital Putnam International
to making Appreciation Fund New Opportunities Fund
loans Putnam Classic Equity Fund Putnam Investors Fund
Putnam Convertible Putnam New Opportunities Fund
Income-Growth Trust Putnam New Value Fund
Putnam Discovery Growth Fund Putnam OTC & Emerging Growth Fund
Putnam Equity Income Fund Putnam Research Fund
Putnam Europe Equity Fund Putnam Utilities
The George Putnam Fund of Boston Growth and Income Fund
Putnam Global Equity Fund Putnam Vista Fund
Putnam Global Putnam Voyager Fund
Natural Resources Fund
The Putnam Fund for
Growth and Income
Putnam Growth
Opportunities Fund
- --------------------------------------------------------------------------------------------------------------
2.C. Approving All funds 57
an amendment
to certain funds'
fundamental
investment
restrictions
with respect to
diversification
of investment
- --------------------------------------------------------------------------------------------------------------
2.D. Approving Putnam Capital Putnam New Value Fund 59
an amendment Opportunities Fund Putnam Research Fund
to certain funds' Putnam Classic Equity Fund Putnam Small Cap Growth Fund
fundamental Putnam Global Putnam Small Cap Value Fund
investment Natural Resources Fund Putnam Tax Smart Equity Fund
restrictions Putnam Growth
with respect Opportunities Fund
to issuance Putnam International
of senior Capital Opportunities Fund
securities Putnam International
New Opportunities Fund
- --------------------------------------------------------------------------------------------------------------
2.E. Approving Putnam Equity Income Fund 61
an amendment
to a fund's
investment
objective
- --------------------------------------------------------------------------------------------------------------
3. Approving All funds except 62
an amendment Putnam Tax Smart Equity Fund
to certain funds'
Agreements and
Declarations of
Trust
- --------------------------------------------------------------------------------------------------------------
Proxy statement
This document will give you the information you need to vote on the
proposals. Much of the information is required under rules of the
Securities and Exchange Commission ("SEC"); some of it is technical. If
there is anything you don't understand, please contact us at our
toll-free number, 1-800-225-1581, or call your financial advisor.
* Who is asking for your vote?
The enclosed proxy is solicited by the Trustees of the Putnam funds for
use at the Meeting of Shareholders of each fund to be held on November
11, 2004, and, if your fund's meeting is adjourned, at any later
meetings, for the purposes stated in the Notice of Meeting (see previous
pages). The Notice of Meeting, the proxy and the proxy statement are
being mailed on or about September 3, 2004.
* How do your fund's Trustees recommend that shareholders vote on these
proposals?
The Trustees recommend that you vote
1. For electing your fund's nominees for Trustees;
2.A. For approving an amendment to certain funds' fundamental investment
restrictions with respect to borrowing;
2.B. For approving an amendment to certain funds' fundamental
investment restrictions with respect to making loans;
2.C. For approving an amendment to certain funds' fundamental investment
restrictions with respect to diversification of investments;
2.D. For approving an amendment to certain funds' fundamental investment
restrictions with respect to issuance of senior securities;
2.E. For approving an amendment to a fund's investment objective and
3. For approving an amendment to certain funds' Agreements and
Declarations of Trust.
Please see the table beginning on page 6 for a list of the affected
funds for each proposal.
* Who is eligible to vote?
Shareholders of record of each affected fund at the close of business on
August 13, 2004 are entitled to be present and to vote at the meeting or
any adjourned meeting.
Each share is entitled to one vote. Shares represented by your duly
executed proxy will be voted in accordance with your instructions. If
you sign the proxy, but don't fill in a vote, your shares will be voted
in accordance with the Trustees' recommendations. If any other business
is brought before your fund's meeting, your shares will be voted at the
Trustees' discretion.
Shareholders of each fund vote separately with respect to each proposal
other than the election of Trustees and the amendment to a trust's
agreement and declaration of trust, where in each case shareholders of
each series of a trust vote together as a single class. The outcome of a
vote affecting one fund does not affect any other fund, except where
series of a trust vote together.
The Proposals
I. Election of Trustees
* Who are the nominees for Trustees?
The Board Policy and Nominating Committee of the Trustees of each fund
makes recommendations concerning the nominees for Trustees of that fund.
The Board Policy and Nominating Committee consists solely of Trustees
who are not "interested persons" (as defined in the Investment Company
Act of 1940, as amended (the "1940 Act")) of your fund or Putnam
Investment Management, LLC, your fund's investment manager ("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 Policy and Nominating Committee of each fund has fixed the
number of Trustees of each fund at 14 and recommends that you vote for
the election of the nominees described in the following pages.
The 14 nominees for election as Trustees at the shareholder meeting of
your fund who receive the greatest number of votes from shareholders
will be elected as Trustees of your fund.
The nominees for Trustees and their backgrounds are shown in the
following pages. This information includes each nominee's name, date of
birth, principal occupation(s) during the past five years and other
information about the nominee's professional background, including other
directorships the nominee holds. Each Trustee oversees all of the Putnam
funds and serves until the election and qualification of his or her
successor, or until he or she sooner dies, resigns or is removed. Each
nominee other than Ms. Drucker and Messrs. Haldeman and Worley currently
serves as a Trustee of your fund. The address of all of the Trustees and
nominees is One Post Office Square, Boston, Massachusetts 02109. At
December 31, 2003, there were 101 Putnam funds.
Jameson A. Baxter (9/6/43),
Trustee since 1994
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- --------------------------------------------
Ms. Baxter is the President of Baxter Associates, Inc., a private
investment firm that she founded in 1986.
Ms. Baxter serves as a Director of ASHTA Chemicals, Inc., Banta
Corporation (a printing and digital imaging firm), Ryerson Tull, Inc. (a
steel service corporation), Advocate Health Care and BoardSource,
formerly the National Center for Nonprofit Boards. She is Chairman
Emeritus of the Board of Trustees, Mount Holyoke College, having served
as Chairman for five years and as a board member for thirteen years.
Until 2002, Ms. Baxter was a Director of Intermatic Corporation (a
manufacturer of energy control products).
Ms. Baxter has held various positions in investment banking and
corporate finance, including Vice President and Principal of the Regency
Group, and Vice President of and Consultant to First Boston Corporation.
She is a graduate of Mount Holyoke College.
Charles B. Curtis (4/27/40),
Trustee since 2001
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- --------------------------------------------
Mr. Curtis is President and Chief Operating Officer of the Nuclear
Threat Initiative (a private foundation dealing with national security
issues) and serves as Senior Advisor to the United Nations Foundation.
Mr. Curtis is a member of the Council on Foreign Relations and the
Trustee Advisory Council of the Applied Physics Laboratory, Johns
Hopkins University. Until 2003, Mr. Curtis was a member of the Electric
Power Research Institute Advisory Council and the University of Chicago
Board of Governors for Argonne National Laboratory. Prior to 2002, Mr.
Curtis was a Member of the Board of Directors of the Gas Technology
Institute and the Board of Directors of the Environment and Natural
Resources Program Steering Committee, John F. Kennedy School of
Government, Harvard University. Until 2001, Mr. Curtis was a member of
the Department of Defense Policy Board and Director of EG&G Technical
Services, Inc. (a fossil energy research and development support
company).
From August 1997 to December 1999, Mr. Curtis was a Partner at Hogan &
Hartson L.L.P., a Washington, D.C. law firm. Prior to May 1997, Mr.
Curtis was Deputy Secretary of Energy. He served as Chairman of the
Federal Energy Regulatory Commission from 1977 to 1981 and has held
positions on the staff of the U.S. House of Representatives, the U.S.
Treasury Department and the SEC.
Myra R. Drucker (1/16/48)
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- ------------------------------------------
Ms. Drucker is a Vice Chair of the Board of Trustees of Sarah Lawrence
College, a Trustee of Commonfund (a not-for-profit firm specializing in
asset management for educational endowments and foundations) and a
member of the Investment Committee of the Kresge Foundation (a
charitable trust). She is also Chair of the New York Stock Exchange
(NYSE) Pension Managers Advisory Committee and a member of the Executive
Committee of the Committee on Investment of Employee Benefit Assets.
Until August 31, 2004, Ms. Drucker was Managing Director and a member of
the Board of Directors of General Motors Asset Management and Chief
Investment Officer of General Motors Trust Bank. Ms. Drucker also served
as a member of the NYSE Corporate Accountability and Listing Standards
Committee and the NYSE/NASD IPO Advisory Committee.
Prior to joining General Motors Asset Management in 2001, Ms. Drucker
held various executive positions in the investment management industry.
Ms. Drucker served as Chief Investment Officer of Xerox Corporation (a
technology and service company in the document industry), where she was
responsible for the investment of the company's pension assets. Ms.
Drucker was also Staff Vice President and Director of Trust Investments
for International Paper (a paper, paper distribution, packaging and
forest products company) and previously served as Manager of Trust
Investments for Xerox Corporation. Ms. Drucker received a B.A. degree in
Literature and Psychology from Sarah Lawrence College and pursued
graduate studies in economics, statistics and portfolio theory at Temple
University.
John A. Hill (1/31/42),
Trustee since 1985 and Chairman since 2000
[GRAPHIC OMITTED: PHOTO OF JOHN A. HILL]
- ---------------------------------------
Mr. Hill is Vice Chairman of First Reserve Corporation, a private equity
buyout firm that specializes in energy investments in the diversified
worldwide energy industry.
Mr. Hill is a Director of Devon Energy Corporation, TransMontaigne Oil
Company, Continuum Health Partners of New York and various private
companies controlled by First Reserve Corporation, as well as a Trustee
of TH Lee, Putnam Investment Trust (a closed-end investment company
advised by an affiliate of Putnam Management). He is also a Trustee of
Sarah Lawrence College.
Prior to acquiring First Reserve Corporation in 1983, Mr. Hill held
executive positions in investment banking and investment management with
several firms and with the federal government, including Deputy
Associate Director of the Office of Management and Budget and Deputy
Director of the Federal Energy Administration. He is active in various
business associations, including the Economic Club of New York, and
lectures on energy issues in the United States and Europe. Mr. Hill
holds a B.A. degree in Economics from Southern Methodist University and
pursued graduate studies there as a Woodrow Wilson Fellow.
Ronald J. Jackson (12/17/43),
Trustee since 1996
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- --------------------------------------------
Mr. Jackson is a private investor.
Mr. Jackson is President of the Kathleen and Ronald J. Jackson
Foundation (a charitable trust). He is also a member of the Board of
Overseers of WGBH (a public television and radio station) as well as a
member of the Board of Overseers of the Peabody Essex Museum.
Mr. Jackson is the former Chairman, President and Chief Executive
Officer of Fisher-Price, Inc. (a major toy manufacturer), from which he
retired in 1993. He previously served as President and Chief Executive
Officer of Stride-Rite, Inc. (a manufacturer and distributor of
footwear) and of Kenner Parker Toys, Inc. (a major toy and game
manufacturer). Mr. Jackson was President of Talbots, Inc. (a distributor
of women's apparel) and has held financial and marketing positions with
General Mills, Inc. and Parker Brothers (a toy and game company). Mr.
Jackson is a graduate of the University of Michigan Business School.
Paul L. Joskow (6/30/47),
Trustee since 1997
[GRAPHIC OMITTED: PHOTO OF PAUL L. JOSKOW]
- -----------------------------------------
Dr. Joskow is the Elizabeth and James Killian Professor of Economics and
Management, and Director of the Center for Energy and Environmental
Policy Research at the Massachusetts Institute of Technology.
Dr. Joskow serves as a Director of National Grid Transco (a UK-based
holding company with interests in electric and gas transmission and
distribution and telecommunications infrastructure) and TransCanada
Corporation (an energy company focused on natural gas transmission and
power services). He also serves on the board of the Whitehead Institute
for Biomedical Research (a non-profit research institution) and has been
President of the Yale University Council since 1993. Prior to February
2002, he was a Director of State Farm Indemnity Company (an automobile
insurance company), and, prior to March 2000, he was a Director of New
England Electric System (a public utility holding company).
Dr. Joskow has published five books and numerous articles on topics in
industrial organization, government regulation of industry and
competition policy. He is active in industry restructuring,
environmental, energy, competition and privatization policies -- serving
as an advisor to governments and corporations worldwide. Dr. Joskow
holds a Ph.D. and M. Phil from Yale University and B.A. from Cornell
University.
Elizabeth T. Kennan (2/25/38),
Trustee since 1992
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- ----------------------------------------------
Dr. Kennan is a Partner of Cambus-Kenneth Farm (thoroughbred horse and
cattle breeding). She is President Emeritus of Mount Holyoke College.
Dr. Kennan served as Chairman and is now Lead Director of Northeast
Utilities and is a Director of Talbots, Inc. She has served as Director
on a number of other boards, including Bell Atlantic, Chastain Real
Estate, Shawmut Bank, Berkshire Life Insurance and Kentucky Home Life
Insurance. She is a Trustee of the National Trust for Historic
Preservation, of Centre College and of Midway College in Midway,
Kentucky. She is also a member of The Trustees of Reservations. Dr.
Kennan has served on the oversight committee of the Folger Shakespeare
Library, as President of Five Colleges Incorporated, as a Trustee of
Notre Dame University and is active in various educational and civic
associations.
As a member of the faculty of Catholic University for twelve years,
until 1978, Dr. Kennan directed the post-doctoral program in Patristic
and Medieval Studies, taught history and published numerous articles.
Dr. Kennan holds a Ph.D. from the University of Washington in Seattle,
an M.S. from St. Hilda's College at Oxford University and an A.B. from
Mount Holyoke College. She holds several honorary doctorates.
John H. Mullin, III (6/15/41),
Trustee since 1997
[GRAPHIC OMITTED: PHOTO OF JOHN H. MULLIN, III
- ----------------------------------------------
Mr. Mullin is the Chairman and CEO of Ridgeway Farm (a limited liability
company engaged in timber and farming).
Mr. Mullin serves as a Director of The Liberty Corporation (a
broadcasting company), Progress Energy, Inc. (a utility company,
formerly known as Carolina Power & Light) and Sonoco Products, Inc. (a
packaging company). Mr. Mullin is Trustee Emeritus of The National
Humanities Center and Washington & Lee University, where he served as
Chairman of the Investment Committee. Prior to May 2001, he was a
Director of Graphic Packaging International Corp. Prior to February
2004, he was a Director of Alex Brown Realty, Inc.
Mr. Mullin is also a past Director of Adolph Coors Company; ACX
Technologies, Inc.; Crystal Brands, Inc.; Dillon, Read & Co., Inc.;
Fisher-Price, Inc.; and The Ryland Group, Inc. Mr. Mullin is a graduate
of Washington & Lee University and The Wharton Graduate School,
University of Pennsylvania.
Robert E. Patterson (3/15/45),
Trustee since 1984
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- ----------------------------------------------
Mr. Patterson is Senior Partner of Cabot Properties, L.P. and Chairman
of Cabot Properties, Inc.
Mr. Patterson serves as Chairman of the Joslin Diabetes Center and as a
Director of Brandywine Trust Company. Prior to June 2003, he was a
Trustee of Sea Education Association. Prior to December 2001, he was
President and Trustee of Cabot Industrial Trust (a publicly traded real
estate investment trust), prior to February 1998, he was Executive Vice
President and Director of Acquisitions of Cabot Partners Limited
Partnership (a registered investment adviser involved in institutional
real estate investments) and, prior to 1990, he served as Executive Vice
President of Cabot, Cabot & Forbes Realty Advisors, Inc. (the
predecessor company of Cabot Partners) and as a Senior Vice President of
the Beal Companies (a real estate management, investment and development
firm).
Mr. Patterson practiced law and held various positions in state
government and was the founding Executive Director of the Massachusetts
Industrial Finance Agency. Mr. Patterson is a graduate of Harvard
College and Harvard Law School.
W. Thomas Stephens (9/2/42),
Trustee since 1997
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Mr. Stephens serves on a number of corporate boards.
Effective November 2004, Mr. Stephens is expected to become Chief
Executive Officer of Boise Cascade, L.L.C. (a paper, forest product and
timberland assets company). Mr. Stephens serves as a Director of Xcel
Energy Incorporated (a public utility company) and TransCanada Pipelines
Limited. Until 2004, Mr. Stephens was a Director of Qwest Communications
and Norske Canada, Inc. (a paper manufacturer). Until 2003, Mr. Stephens
was a Director of Mail-Well, Inc. (a diversified printing company). He
served as Chairman of Mail-Well until 2001 and as CEO of
MacMillan-Bloedel, Ltd. (a forest products company) until 1999.
Prior to 1996, Mr. Stephens was Chairman and Chief Executive Officer of
Johns Manville Corporation. He holds B.S. and M.S. degrees from the
University of Arkansas.
Richard B. Worley (11/15/45)
[GRAPHIC OMITTED: PHOTO OF RICHARD B. WORLEY]
- --------------------------------------------
Mr. Worley is Managing Partner of Permit Capital LLC, an investment
management firm.
Mr. Worley serves on the Executive Committee of the University of
Pennsylvania Medical Center, is a Trustee of The Robert Wood Johnson
Foundation (a philanthropic organization devoted to health care issues)
and is a Director of The Colonial Williamsburg Foundation (a historical
preservation organization). Mr. Worley also serves on the investment
committees of Mount Holyoke College and World Wildlife Fund (a wildlife
conservation organization).
Prior to joining Permit Capital LLC in 2002, Mr. Worley served as Chief
Strategic Officer of Morgan Stanley Investment Management. He previously
served as President, Chief Executive Officer and Chief Investment
Officer of Morgan Stanley Dean Witter Investment Management and as a
Managing Director of Morgan Stanley, a financial services firm. Mr.
Worley also was the Chairman of Miller Anderson & Sherrerd, an
investment management firm. Mr. Worley holds a B.S. degree from
University of Tennessee and pursued graduate studies in economics at the
University of Texas.
* Interested Trustees
Charles E. Haldeman, Jr.* (10/29/48)
[GRAPHIC OMITTED: PHOTO OF CHARLES E. HALDEMAN, JR.]
- ---------------------------------------------------
Mr. Haldeman is President and Chief Executive Officer of Putnam, LLC
("Putnam Investments"). He is a member of Putnam Investments' Executive
Board of Directors and Advisory Council. Prior to November 2003, Mr.
Haldeman served as Co-Head of Putnam Investments' Investment Division.
Prior to joining Putnam Investments in 2002, Mr. Haldeman held executive
positions in the investment management industry. Mr. Haldeman previously
served as Chief Executive Officer of Delaware Investments and President
& Chief Operating Officer of United Asset Management. Mr. Haldeman was
also a partner and director of Cooke & Bieler, Inc. (an investment
management firm). Mr. Haldeman currently serves as a Trustee of
Dartmouth College and as Emeritus Trustee of Abington Memorial Hospital.
Mr. Haldeman is a graduate of Dartmouth College, Harvard Law School and
Harvard Business School. Mr. Haldeman is also a Chartered Financial
Analyst (CFA) charterholder.
George Putnam III* (8/10/51),
Trustee since 1984 and President since 2000
[GRAPHIC OMITTED: PHOTO OF GEORGE PUTNAM III]
- --------------------------------------------
Mr. Putnam is President of New Generation Research, Inc. (a publisher of
financial advisory and other research services) and of New Generation
Advisers, Inc. (a registered investment 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, Shore Country
Day School, and until 2002 was a Trustee of the Sea Education
Association.
Mr. Putnam previously worked as an attorney with the law firm of Dechert
LLP (formerly known as Dechert Price & Rhoads) in Philadelphia. He is a
graduate of Harvard College, Harvard Business School and Harvard Law
School.
A.J.C. Smith* (4/13/34),
Trustee since 1986
[GRAPHIC OMITTED: PHOTO OF A.J.C. SMITH]
- ---------------------------------------
Mr. Smith is the Chairman of Putnam Investments and Director of and
Consultant to Marsh & McLennan Companies, Inc.
Mr. Smith is also a Director of Trident Corp. (a limited partnership
with over thirty institutional investors). He is also a Trustee of the
Carnegie Hall Society, the Educational Broadcasting Corporation, and the
National Museums of Scotland. He is Chairman of the Central Park
Conservancy and a Member of the Board of Overseers of the Joan and
Sanford I. Weill Graduate School of Medical Sciences of Cornell
University. Prior to May 2000 and November 1999, Mr. Smith was Chairman
and CEO, respectively, of Marsh & McLennan Companies, Inc.
- ------------------------------------------------------------------------
* Nominees who are or may be deemed to be "interested persons" (as
defined in the 1940 Act) of a fund, Putnam Management, Putnam Retail
Management Limited Partnership ("Putnam Retail Management") or Marsh &
McLennan Companies, Inc., the parent company of Putnam Investments and
its affiliated companies. Messrs. Haldeman, Putnam and Smith are deemed
"interested persons" by virtue of their positions as officers of each
fund, Putnam Management, Putnam Retail Management or Marsh & McLennan
Companies, Inc. and as shareholders of Marsh & McLennan Companies, Inc.
Mr. Haldeman is President and Chief Executive Officer of Putnam
Investments. Mr. Putnam, III is the President of each of the funds. Mr.
Smith is the Chairman of Putnam Investments and serves as a Director of
and Consultant to Marsh & McLennan Companies, Inc. The balance of the
nominees are not "interested persons."
Ms. Drucker and Mr. Haldeman were each recommended for consideration as
a nominee for Trustee of your fund by an Independent Trustee. Mr. Worley
was recommended for consideration as a nominee for Trustee of your fund
by a third-party search firm that was engaged by the Trustees. The
third-party search firm assisted the Trustees in identifying and
evaluating potential nominees.
The 14 nominees for Trustees will be elected as Trustees of your fund.
The current Trustees serve until their successors are elected and
qualified. Each of the nominees has agreed to serve as a Trustee if
elected. If any of the nominees is unavailable for election at the time
of the meeting, which is not anticipated, the Trustees may vote for
other nominees at their discretion, or the Trustees may fix the number
of Trustees at fewer than 14 for your fund.
* What are the Trustees' responsibilities?
Your fund's Trustees are responsible for the general oversight of your
fund's affairs and for assuring that your fund is managed in the best
interests of its shareholders. The Trustees regularly review your fund's
investment performance as well as the quality of other services provided
to your fund and its shareholders by Putnam Management and its
affiliates, including administration, distribution, custody and
shareholder servicing. At least annually, the Trustees review and
evaluate the fees and operating expenses paid by your fund for these
services and negotiate changes that they deem appropriate. In carrying
out these responsibilities, the Trustees are assisted by an independent
administrative staff and by your fund's independent auditors,
independent counsel and other experts as appropriate, selected by and
responsible to the Trustees.
The 1940 Act and the rules and regulations promulgated thereunder
require that your fund have a minimum proportion of trustees who are not
"interested persons" (as defined in the 1940 Act) 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. Eleven of the 14 nominees for election as
Trustee would be 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 Pricing Committee) are authorized to act for the Trustees as
specified in their charters. The other committees review and evaluate
matters specified in their charters and make recommendations to the
Trustees as they deem appropriate. Each committee may utilize the
resources of your fund's independent staff, counsel and auditors as well
as other experts. The committees meet as often as necessary, either in
conjunction with regular meetings of the Trustees or otherwise. The
membership and chairperson of each committee are appointed by the
Trustees upon recommendation of the Board Policy and Nominating
Committee.
Audit and Pricing Committee. The Audit and Pricing Committee provides
oversight on matters relating to the preparation of the funds' financial
statements, compliance matters and Code of Ethics issues. This oversight
is discharged by regularly meeting with management and the funds'
independent auditors and keeping current on industry developments.
Duties of this Committee also include the review and evaluation of all
matters and relationships pertaining to the funds' independent auditors,
including their independence. The members of the Audit and Pricing
Committee of your fund include only Independent Trustees. The Committee
also reviews the funds' policies and procedures for achieving accurate
and timely pricing of the funds' shares, including oversight of fair
value determinations of individual securities made by Putnam Management
or other designated agents of the funds. The Committee oversees
compliance by money market funds with Rule 2a-7, interfund transactions
pursuant to Rule 17a-7 and the correction of occasional pricing errors.
The Committee also receives reports regarding the liquidity of portfolio
securities. The Trustees have adopted a written charter for the Audit
and Pricing Committee. The Committee currently consists of Drs. Joskow
(Chairperson) and Kennan and Messrs. Patterson and Stephens.
Board Policy and Nominating Committee. The Board Policy and Nominating
Committee reviews policy matters pertaining to the operations of the
Board of Trustees and its committees, the compensation of the Trustees
and their staff and the conduct of legal affairs for the Putnam funds.
The Committee also oversees the voting of proxies associated with
portfolio investments of the Putnam funds, with the goal of ensuring
that these proxies are voted in the best interest of the funds'
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 who 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 meetings of
shareholders," and provided the shareholders' recommendations otherwise
comply with applicable securities laws, including Rule 14a-8 under the
Securities Exchange Act of 1934, as amended (the "1934 Act").
The Committee consists only of Independent Trustees. The Trustees have
adopted a written charter for the Board Policy and Nominating Committee,
a copy of which is attached to this proxy statement as Exhibit A. The
Committee currently consists of Dr. Kennan (Chairperson), Ms. Baxter and
Messrs. Hill, Mullin and Patterson.
Brokerage and Custody Committee. The Brokerage and Custody Committee
reviews the policies and procedures of the funds regarding the execution
of portfolio transactions for the funds, including policies regarding
the allocation of brokerage commissions and soft dollar credits. The
Committee reviews periodic reports regarding the funds' activities
involving derivative securities, and reviews and evaluates matters
relating to the funds' custody arrangements. The Committee currently
consists of Messrs. Jackson (Chairperson), Curtis and Mullin, Ms. Baxter
and Dr. Kennan.
Communication, Service and Marketing Committee. This Committee examines
the quality, cost and levels of services provided to the shareholders of
the Putnam funds. The Committee also reviews communications sent from
the funds to their shareholders, including shareholder reports,
prospectuses, newsletters and other materials. In addition, the
Committee oversees marketing and sales communications of the funds'
distributor. The Committee currently consists of Messrs. Putnam
(Chairperson), Smith and Stephens and Dr. Joskow.
Contract Committee. The Contract Committee reviews and evaluates, at
least annually, all arrangements pertaining to (i) the engagement of
Putnam Management and its affiliates to provide services to the funds,
(ii) the expenditure of the funds' assets for distribution purposes
pursuant to the distribution plans of the open-end funds, and (iii) the
engagement of other persons to provide material services to the funds,
including in particular those instances where the cost of services is
shared between the funds and Putnam Management and its affiliates or
where Putnam Management or its affiliates have a material interest. The
Committee recommends to the Trustees such changes in arrangements as it
deems appropriate. The Committee also reviews the conversion of Class B
shares into Class A shares of the open-end funds in accordance with
procedures approved by the Trustees. After review and evaluation, the
Committee recommends to the Trustees the proposed organization of new
fund products and proposed structural changes to existing funds. The
Committee consists only of Independent Trustees. The Committee currently
consists of Ms. Baxter (Chairperson), Messrs. Curtis, Jackson and Mullin
and Dr. Kennan.
Distributions Committee. This Committee oversees all fund distributions
and approves the amount and timing of distributions paid by all the
funds to the shareholders when the Trustees are not in session. The
Committee also meets regularly with representatives of Putnam Management
and its affiliates to review distribution levels and the funds'
distribution policies. The Committee currently consists of Messrs.
Patterson (Chairperson) and Jackson and Dr. Joskow.
Executive Committee. The functions of the Executive Committee are
twofold. The first is to ensure that the funds' business may be
conducted at times when it is not feasible to convene a meeting of the
Trustees or for the Trustees to act by written consent. The Committee
may exercise any or all of the power and authority of the Trustees when
the Trustees are not in session. The second is to establish annual and
ongoing goals, objectives and priorities for the Board of Trustees and
to ensure coordination of all efforts between the Trustees and Putnam
Management and its affiliates on behalf of the shareholders of the
Putnam funds. The Committee currently consists of Messrs. Hill
(Chairperson), Jackson and Putnam, Dr. Joskow and Ms. Baxter.
Investment Oversight Committees. These Committees regularly meet with
investment personnel of Putnam Management to review the investment
performance and strategies of the Putnam funds in light of their stated
investment objectives and policies. Each such Committee will, among its
duties, identify any compliance issues that are unique to the category
of funds under its review and work with the appropriate board committees
to ensure that any such issues are properly addressed. Investment
Oversight Committee A currently consists of Ms. Baxter (Acting
Chairperson) and Mr. Smith. Investment Oversight Committee B currently
consists of Messrs. Curtis (Chairperson), Hill and Stephens. Investment
Committee C currently consists of Messrs. Mullin (Chairperson) and
Putnam, and Dr. Kennan. Investment Oversight Committee D currently
consists of Messrs. Patterson (Chairperson), Jackson and Joskow.
* How large a stake do the Trustees and nominees have in the Putnam
funds?
The Trustees believe each Trustee should, over time, have a significant
investment in the Putnam funds. The Trustees allocate their investments
among the Putnam funds based on their own investment needs. Except as
noted, the table below shows the number of shares beneficially owned by
each current Trustee and nominee and the value of each Trustee's and
each nominee's holdings in each fund and in all of the Putnam funds as
of June 30, 2004. As a group, the Trustees owned shares of the Putnam
funds valued at over $40 million as of June 30, 2004.
TRUSTEE/NOMINEE HOLDINGS TABLE
Dollar Shares Dollar Shares Dollar Shares
Range of Beneficially Range of Beneficially Range of Beneficially
Trustees/Nominees Shares Owned Owned Shares Owned Owned Shares Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------
Putnam Asset Allocation: Putnam Asset Allocation: Putnam Asset Allocation:
Balanced Portfolio Conservative Portfolio Growth Portfolio
- ---------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $1-$10,000 180.145 $1-$10,000 190.105 $1-$10,000 355.477
- ---------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 112.712 $1-$10,000 133.775 $1-$10,000 113.244
- ---------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.* $10,001-$50,000 1,459.542 $10,001-$50,000 1,197.820 $10,001-$50,000 1,019.417
- ---------------------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 20,906.944 $1-$10,000 446.935 $1-$10,000 442.089
- ---------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 333.567 $1-$10,000 153.456 $1-$10,000 820.551
- ---------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $10,001-$50,000 1,783.22 $1-$10,000 230.962 $1-$10,000 875.678
- ---------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 335.530 $1-$10,000 321.669 $1-$10,000 455.450
- ---------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $1-$10,000 327.998 $1-$10,000 382.184 $1-$10,000 319.132
- ---------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $10,001-$50,000 1,124.534 $10,001-$50,000 1,147.178 $10,001-$50,000 1,144.164
- ---------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 1,128.658 $10,001-$50,000 1,147.178 $10,001-$50,000 1,156.813
- ---------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 170.336 $1-$10,000 172.664 $1-$10,000 178.221
- ---------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens Over $100,000 89,673.064 $10,001-$50,000 4,700.348 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------
Richard B. Worley -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Dollar Shares Dollar Shares Dollar Shares
Range of Beneficially Range of Beneficially Range of Beneficially
Trustees/Nominees Shares Owned Owned Shares Owned Owned Shares Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------
Putnam Capital Putnam Capital Putnam Classic
Appreciation Fund Opportunities Fund Equity Fund
- ---------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 715.569 $1-$10,000 346.416 Over $100,000 16,328.122
- ---------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 102.820 $1-$10,000 106.449 $1-$10,000 107.314
- ---------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.* $10,001-$50,000 651.365 $10,001-$50,000 996.205 $10,001-$50,000 1,013.18
- ---------------------------------------------------------------------------------------------------------------------------
John A. Hill $50,001-$100,000 4,681.075 $50,001-$100,000 5,992.578 Over $100,000 10,435.097
- ---------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 262.089 $1-$10,000 207.450 $1-$10,000 234.306
- ---------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $10,001-$50,000 723.839 $1-$10,000 183.608 $10,001-$50,000 2,020.29
- ---------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 251.929 $10,001-$50,000 1,104.294 $1-$10,000 191.797
- ---------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $50,001-$100,000 4,561.863 $50,001-$100,000 6,584.101 $10,001-$50,000 2,769.75
- ---------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $1-$10,000 482.640 $1-$10,000 837.144 $1-$10,000 687.503
- ---------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 1,238.256 $10,001-$50,000 1,192.389 $50,001-$100,000 6,316.991
- ---------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 284.565 $1-$10,000 100.000 $1-$10,000 236.905
- ---------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 137.383 $1-$10,000 100.000 $1-$10,000 143.732
- ---------------------------------------------------------------------------------------------------------------------------
Richard B. Worley -- -- -- -- -- --
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Dollar Shares Dollar Shares Dollar Shares
Range of Beneficially Range of Beneficially Range of Beneficially
Trustees/Nominees Shares Owned Owned Shares Owned Owned Shares Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------
Putnam Convertible Putnam Discovery Putnam Equity
Income-Growth Trust Growth Fund Income Fund
- ---------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 1,631.226 Over $100,000 12,579.229 $10,001-$50,000 2,726.503
- ---------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 115.191 $10,001-$50,000 1,383.006 $1-$10,000 109.101
- ---------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.* $10,001-$50,000 878.769 $10,001-$50,000 696.286 $10,001-$50,000 925.560
- ---------------------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 24,183.105 $10,001-$50,000 2,303.388 Over $100,000 10,823.609
- ---------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 431.317 $1-$10,000 243.964 $1-$10,000 299.929
- ---------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $10,001-$50,000 835.066 $1-$10,000 360.285 $50,001-$100,000 5,588.703
- ---------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $10,001-$50,000 994.039 $10,001-$50,000 675.427 $10,001-$50,000 1,498.501
- ---------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $10,001-$50,000 2,077.602 $10,001-$50,000 2,987.873 $10,001-$50,000 2,392.515
- ---------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $10,001-$50,000 1,732.636 $10,001-$50,000 799.281 $10,001-$50,000 1,315.648
- ---------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 1,324.257 $10,001-$50,000 2,101.545 $10,001-$50,000 1,414.878
- ---------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 364.960 $1-$10,000 323.142 $1-$10,000 502.204
- ---------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 193.543 $1-$10,000 208.686 $1-$10,000 152.322
- ---------------------------------------------------------------------------------------------------------------------------
Richard B. Worley -- -- -- -- -- --
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Dollar Shares Dollar Shares Dollar Shares
Range of Beneficially Range of Beneficially Range of Beneficially
Trustees/Nominees Shares Owned Owned Shares Owned Owned Shares Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------
Putnam Europe The George Putnam Putnam Global
Equity Fund Fund of Boston Equity Fund
- ---------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 1,215.293 $50,001-$100,000 4,084.25 $50,001-$100,000 7,703.029
- ---------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 104.829 $1-$10,000 248.590 $10,001-$50,000 5,286.432
- ---------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.* $10,001-$50,000 727.628 $10,001-$50,000 625.693 $10,001-$50,000 1,440.329
- ---------------------------------------------------------------------------------------------------------------------------
John A. Hill $1-$10,000 500.000 Over $100,000 19,796.222 Over $100,000 29,842.829
- ---------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 244.253 $50,001-$100,000 5,410.934 $1-$10,000 208.270
- ---------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $1-$10,000 533.109 $10,001-$50,000 1,729.101 $1-$10,000 700.412
- ---------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 361.022 $10,001-$50,000 1,155.086 $10,001-$50,000 3,889.666
- ---------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $10,001-$50,000 665.610 $50,001-$100,000 5,249.942 $50,001-$100,000 8,909.351
- ---------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $10,001-$50,000 1.958.550 $10,001-$50,000 1,092.513 $50,001-$100,000 10,394.483
- ---------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 933.566 $50,001-$100,000 5,592.022 Over $100,000 29,645.314
- ---------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 159.520 $10,001-$50,000 1,330.678 $10,001-$50,000 2,311.026
- ---------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 134.409 $1-$10,000 257.335 $1-$10,000 624.816
- ---------------------------------------------------------------------------------------------------------------------------
Richard B. Worley -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Dollar Shares Dollar Shares Dollar Shares
Range of Beneficially Range of Beneficially Range of Beneficially
Trustees/Nominees Shares Owned Owned Shares Owned Owned Shares Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------
Putnam Global The Putnam Fund Putnam Growth
Natural Resources Fund for Growth and Income Opportunities Fund
- ---------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 920.093 Over $100,000 9,350.354 $10,001-$50,000 1,537.221
- ---------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 113.510 $10,001-$50,000 1,924.766 $1-$10,000 105.029
- ---------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.* $10,001-$50,000 468.332 $10,001-$50,000 817.797 $10,001-$50,000 882.353
- ---------------------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 6,145.952 Over $100,000 9,913.376 $10,001-$50,000 2,516.579
- ---------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $10,001-$50,000 448.000 Over $100,000 34,075.751 $1-$10,000 193.855
- ---------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $1-$10,000 123.590 Over $100,000 7,489.43 $1-$10,000 578.797
- ---------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $10,001-$50,000 805.519 $10,001-$50,000 603.004 $10,001-$50,000 1,007.462
- ---------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $10,001-$50,000 654.818 $50,001-$100,000 4,528.036 $10,001-$50,000 1,152.083
- ---------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $1-$10,000 281.389 $1-$10,000 522.329 $1-$10,000 688.172
- ---------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 1,214.292 Over $100,000 42,571.034 $10,001-$50,000 2,762.012
- ---------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 266.030 Over $100,000 6,875.284 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 149.739 Over $100,000 12,731.639 $1-$10,000 101.018
- ---------------------------------------------------------------------------------------------------------------------------
Richard B. Worley -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Dollar Shares Dollar Shares Dollar Shares
Range of Beneficially Range of Beneficially Range of Beneficially
Trustees/Nominees Shares Owned Owned Shares Owned Owned Shares Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------
Putnam Health Putnam International Putnam International
Sciences Trust Capital Opportunities Fund Equity Fund
- ---------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter Over $100,000 2,167.541 Over $100,000 6,392.319 Over $100,000 11,214.114
- ---------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 100.000 $1-$10,000 105.802 $1-$10,000 199.030
- ---------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.* $10,001-$50,000 187.233 $10,001-$50,000 710.359 $10,001-$50,000 698.125
- ---------------------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 3,670.194 Over $100,000 8,211.346 Over $100,000 14,909.236
- ---------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 100.000 $1-$10,000 214.242 $1-$10,000 253.162
- ---------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $10,001-$50,000 436.772 $1-$10,000 406.637 Over $100,000 5,866.594
- ---------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 100.000 $10,001-$50,000 1,197.934 $10,001-$50,000 940.734
- ---------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $50,001-$100,000 1,091.876 Over $100,000 5,036.801 $10,001-$50,000 2,350.4
- ---------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $10,001-$50,000 230.980 $1-$10,000 427.582 $50,001-$100,000 2,868.286
- ---------------------------------------------------------------------------------------------------------------------------
George Putnam, III $50,001-$100,000 939.498 $10,001-$50,000 1,113.326 $10,001-$50,000 749.876
- ---------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $10,001-$50,000 455.658 $1-$10,000 100.000 $1-$10,000 244.999
- ---------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 138.237 $1-$10,000 119.660 $1-$10,000 179.103
- ---------------------------------------------------------------------------------------------------------------------------
Richard B. Worley -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Dollar Shares Dollar Shares Dollar Shares
Range of Beneficially Range of Beneficially Range of Beneficially
Trustees/Nominees Shares Owned Owned Shares Owned Owned Shares Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------
Putnam International Growth Putnam International
and Income Fund New Opportunities Fund Putnam Investors Fund
- ---------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $1-$10,000 679.096 $10,001-$50,000 2,191.36 Over $100,000 13,204.415
- ---------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 105.036 $1-$10,000 102.166 $1-$10,000 102.415
- ---------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.* $10,001-$50,000 1,438.354 $10,001-$50,000 1,051.051 $10,001-$50,000 953.678
- ---------------------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 22,658.411 $1-$10,000 200.000 Over $100,000 25,057.65
- ---------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 518.251 $1-$10,000 313.103 Over $100,000 73,275.389
- ---------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $1-$10,000 483.927 $10,001-$50,000 1,243.015 $50,001-$100,000 7,015.402
- ---------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 221.427 $1-$10,000 197.710 $10,001-$50,000 1,359.807
- ---------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $1-$10,000 954.473 $10,001-$50,000 3,546.812 Over $100,000 8,659.24
- ---------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $1-$10,000 855.164 $10,001-$50,000 1,335.641 $10,001-$50,000 1,314.557
- ---------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 2,218.493 $10,001-$50,000 1,387.061 $10,001-$50,000 2,437.122
- ---------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 100.000 $1-$10,000 100.000 $50,001-$100,000 8,623.297
- ---------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 149.025 $1-$10,000 148.014 $1-$10,000 115.677
- ---------------------------------------------------------------------------------------------------------------------------
Richard B. Worley -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Dollar Shares Dollar Shares Dollar Shares
Range of Beneficially Range of Beneficially Range of Beneficially
Trustees/Nominees Shares Owned Owned Shares Owned Owned Shares Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------
Putnam Mid Cap Putnam New Putnam New
Value Fund Opportunities Fund Value Fund
- ---------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 2,053.445 $50,001-$100,000 1,734.607 Over $100,000 6,881.741
- ---------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 105.982 $50,001-$100,000 2,254.69 $1-$10,000 107.243
- ---------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.* $10,001-$50,000 1,149.541 $10,001-$50,000 293.214 $10,001-$50,000 909.242
- ---------------------------------------------------------------------------------------------------------------------------
John A. Hill $1-$10,000 108.904 $50,001-$100,000 2,385.464 $50,001-$100,000 3,872.531
- ---------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 352.798 $1-$10,000 204.570 $1-$10,000 233.773
- ---------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $1-$10,000 120.072 $10,001-$50,000 1,111.62 $1-$10,000 584.206
- ---------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 490.096 $1-$10,000 100.000 $10,001-$50,000 1,333.438
- ---------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III Over $100,000 8,192.574 Over $100,000 3,542.493 $10,001-$50,000 2638.549
- ---------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $1-$10,000 680.668 $10,001-$50,000 1,038.444 $10,001-$50,000 1,325.964
- ---------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 2,139.429 $10,001-$50,000 763.162 $10,001-$50,000 1,398.657
- ---------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 100.000 $10,001-$50,000 638.496 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 100.000 $1-$10,000 133.948 $1-$10,000 143.838
- ---------------------------------------------------------------------------------------------------------------------------
Richard B. Worley -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Dollar Shares Dollar Shares Dollar Shares
Range of Beneficially Range of Beneficially Range of Beneficially
Trustees/Nominees Shares Owned Owned Shares Owned Owned Shares Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------
Putnam OTC & Putnam Putnam Small Cap
Emerging Growth Fund Research Fund Growth Fund
- ---------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 2,704.695 $1-$10,000 414.462 $10,001-$50,000 705.048
- ---------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 105.121 $1-$10,000 104.965 $10,001-$50,000 536.136
- ---------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.* $10,001-$50,000 1,664.025 $10,001-$50,000 849.515 $10,001-$50,000 746.609
- ---------------------------------------------------------------------------------------------------------------------------
John A. Hill $10,001-$50,000 1,951.847 $50,001-$100,000 3,902.146 $10,001-$50,000 2,144.691
- ---------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $10,001-$50,000 1,968.372 Over $100,000 8,167.352 $1-$10,000 206.855
- ---------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $1-$10,000 129.574 $50,001-$100,000 5,449.857 $50,001-$100,000 4,297.547
- ---------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 1,141.113 $10,001-$50,000 867.630 $10,001-$50,000 915.840
- ---------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III $10,001-$50,000 6,484.530 $10,001-$50,000 849.291 $50,001-$100,000 3,996.697
- ---------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $1-$10,000 259.060 $1-$10,000 145.779 $1-$10,000 450.272
- ---------------------------------------------------------------------------------------------------------------------------
George Putnam, III $50,001-$100,000 10,112.953 $10,001-$50,000 1,738.068 $10,001-$50,000 1,235.585
- ---------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $10,001-$50,000 3,094.300 $1-$10,000 148.213 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 144.331 $1-$10,000 100.000 $1-$10,000 100.000
- ---------------------------------------------------------------------------------------------------------------------------
Richard B. Worley -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Dollar Shares Dollar Shares Dollar Shares
Range of Beneficially Range of Beneficially Range of Beneficially
Trustees/Nominees Shares Owned Owned Shares Owned Owned Shares Owned Owned
- ---------------------------------------------------------------------------------------------------------------------------
Putnam Small Cap Putnam Tax Smart Putnam Utilities Growth
Value Fund Equity Fund and Income Fund
- ---------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter $10,001-$50,000 1,867.779 $10,001-$50,000 1,237.843 $1-$10,000 618.997
- ---------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 108.025 $1-$10,000 102.210 $1-$10,000 112.628
- ---------------------------------------------------------------------------------------------------------------------------
Myra R. Drucker -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.* $10,001-$50,000 687.510 $10,001-$50,000 1,183.766 $10,001-$50,000 1,206.897
- ---------------------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 13,881.248 $10,001-$50,000 2,475.685 $10,001-$50,000 3,240.898
- ---------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 460.660 Over $100,000 11,558.341 $1-$10,000 816.839
- ---------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow $50,001-$100,000 2,828.795 $50,001-$100,000 5,392.129 $1-$10,000 912.907
- ---------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $10,001-$50,000 1,355.865 $1-$10,000 106.693 $1-$10,000 110.835
- ---------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III Over $100,000 6,633.668 $10,001-$50,000 3,840.080 $10,001-$50,000 2,307.695
- ---------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson $1-$10,000 488.256 $1-$10,000 943.821 $1-$10,000 685.142
- ---------------------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 1,095.726 $10,001-$50,000 1,305.767 $10,001-$50,000 2,076.560
- ---------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 248.838
- ---------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 100.000 $1-$10,000 100.000 $1-$10,000 162.025
- ---------------------------------------------------------------------------------------------------------------------------
Richard B. Worley -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Dollar Shares Dollar Shares Dollar
Range of Beneficially Range of Beneficially Range of
Trustees/Nominees Shares Owned Owned Shares Owned Owned Shares Owned
- ---------------------------------------------------------------------------------------------------------------
Putnam Vista Fund Putnam Voyager Fund All Funds
- ---------------------------------------------------------------------------------------------------------------
Jameson A. Baxter Over $100,000 13,673.755 $50,001-$100,000 5,759.153 Over $100,000
- ---------------------------------------------------------------------------------------------------------------
Charles B. Curtis $1-$10,000 108.696 $1-$10,000 108.848 Over $100,000
- ---------------------------------------------------------------------------------------------------------------
Myra R. Drucker -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------
Charles E. Haldeman, Jr.* $10,001-$50,000 1,759.930 $10,001-$50,000 920.802 Over $100,000
- ---------------------------------------------------------------------------------------------------------------
John A. Hill Over $100,000 24,573.347 Over $100,000 23,371.655 Over $100,000
- ---------------------------------------------------------------------------------------------------------------
Ronald J. Jackson $1-$10,000 565.702 Over $100,000 8,722.033 Over $100,000
- ---------------------------------------------------------------------------------------------------------------
Paul L. Joskow $10,001-$50,000 1,657.718 Over $100,000 6,528.631 Over $100,000
- ---------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan $1-$10,000 662.864 $1-$10,000 297.444 Over $100,000
- ---------------------------------------------------------------------------------------------------------------
John H. Mullin, III $50,001-$100,000 10,343.971 $50,001-$100,000 5,970.143 Over $100,000
- ---------------------------------------------------------------------------------------------------------------
Robert E. Patterson $10,001-$50,000 1,479.233 $50,001-$100,000 3,829.659 Over $100,000
- ---------------------------------------------------------------------------------------------------------------
George Putnam, III $10,001-$50,000 4,475.699 $10,001-$50,000 2,182.800 Over $100,000
- ---------------------------------------------------------------------------------------------------------------
A.J.C. Smith $10,001-$50,000 3,322.336 $50,001-$100,000 3,762.124 Over $100,000
- ---------------------------------------------------------------------------------------------------------------
W. Thomas Stephens $1-$10,000 177.190 $1-$10,000 148.108 Over $100,000
- ---------------------------------------------------------------------------------------------------------------
Richard B. Worley -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------
* Holdings data for Mr. Haldeman are as of July 31, 2004.
At June 30, 2004, the nominees for Trustees and officers of each fund
owned less than 1% of the outstanding shares of each class of each fund
on that date.
* What are some of the ways in which the Trustees represent shareholder
interests?
Among other ways, the Trustees seek to represent shareholder interests:
* by carefully reviewing your fund's investment performance on an
individual basis with your fund's investment team;
* by carefully reviewing the quality of the various other services
provided to the funds and their shareholders by Putnam Management and
its affiliates;
* by discussing with senior management of Putnam Management steps being
taken to address any performance deficiencies;
* by conducting an in-depth review of the fees paid by each fund and by
negotiating with Putnam Management to ensure that such fees remain
reasonable and competitive with those of other mutual funds, while at
the same time providing Putnam Management sufficient resources to
continue to provide high quality services in the future;
* by reviewing brokerage costs and fees, allocations among brokers, soft
dollar expenditures and similar expenses of each fund;
* by monitoring potential conflicts between the funds and Putnam
Management and its affiliates to ensure that the funds continue to be
managed in the best interests of their shareholders and
* by monitoring potential conflicts among funds to ensure that
shareholders continue to realize the benefits of participation in a
large and diverse family of funds.
* How can shareholders communicate with the Trustees?
The Board of Trustees provides a process for shareholders to send
communications to the Trustees. Shareholders may direct communications
to the Board of Trustees as a whole or to specified individual Trustees
by submitting them in writing to the following address:
The Putnam Funds
Attention: "Board of Trustees" or any specified Trustee(s)
One Post Office Square
Boston, Massachusetts 02109
The written communication must include the shareholder's name, be signed
by the shareholder, refer to the Putnam fund(s) in which the shareholder
holds shares and include the class and number of shares held by the
shareholder as of a recent date.
The Office of the Trustees will respond to all correspondence sent to
Trustees; however, due to the volume of correspondence, all
communications are not sent directly to the Trustees. The correspondence
is reviewed, summarized and presented to the Trustees on a periodic
basis.
* How often do the Trustees meet?
The Trustees meet each month (except August) over a two-day period to
review the operations of each Putnam fund. 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 Chief Investment
Officers, Portfolio Leaders and Portfolio Members to review recent
performance and the current investment climate for selected funds. These
meetings ensure that each fund's performance is reviewed in detail at
least twice a year. During 2003, the average Trustee participated in
approximately 49 committee and board meetings. The Contract Committee
typically meets on several additional occasions during the year to carry
out its responsibilities. Other committees, including the Executive
Committee, may also meet on special occasions as the need arises. The
number of times each committee met during calendar year 2003 is shown in
the table below:
Audit and Pricing Committee 15
- ---------------------------------------------------------
Board Policy and Nominating Committee 7
- ---------------------------------------------------------
Brokerage and Custody Committee 4
- ---------------------------------------------------------
Communication, Service and Marketing Committee 9
- ---------------------------------------------------------
Contract Committee 14
- ---------------------------------------------------------
Distributions Committee 6
- ---------------------------------------------------------
Executive Committee 1
- ---------------------------------------------------------
Investment Oversight Committees 30
- ---------------------------------------------------------
Your fund does not have a policy with respect to Trustees' attendance at
shareholder meetings. The funds are not required under their Agreements
and Declarations of Trust to hold annual meetings, but have voluntarily
undertaken to hold such meetings at least every five years.
* What are the Trustees paid for their services?
Each Independent Trustee of your fund receives a fee for his or her
services. Each Independent Trustee also receives fees for serving as
Trustee of the other Putnam funds. Each Trustee receives an annual
retainer fee and an additional meeting fee for each Trustees' meeting
attended. Independent Trustees who serve on board committees receive
additional fees for attendance at certain committee meetings and for
special services rendered in that connection. All of the current
Independent Trustees are Trustees of all the Putnam funds and receive
fees for their services from each fund.
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, estimates that committee and Trustee meeting time,
together with the appropriate preparation, requires the equivalent of at
least three business days per Trustee meeting. The following table shows
the fees paid to each current Trustee by your fund for its most recent
fiscal year and the fees paid to each current Trustee by all of the
Putnam funds during calendar year 2003:
COMPENSATION TABLE
Retirement Retirement Retirement Retirement
benefits benefits benefits benefits
Aggregate accrued as Aggregate accrued as Aggregate accrued as Aggregate accrued as
compensation part of compensation part of compensation part of compensation part of
from the fund from the fund from the fund from the fund
fund (1) expenses fund (1) expenses fund (1) expenses fund (1) expenses
- --------------------------------------------------------------------------------------------------------------------------
Putnam Asset Putnam Putnam Asset Putnam
Allocation: Asset Allocation: Allocation: Capital
Trustees Balanced Portfolio Conservative Portfolio Growth Portfolio Appreciation Fund
- --------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter/
1994 (5) $2,519 $789 $1,558 $434 $2,309 $668 $1,688 $481
- --------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis/
2001 2,470 632 1,529 345 2,264 549 1,634 523
- --------------------------------------------------------------------------------------------------------------------------
John A. Hill/
1985 (5)(7) 4,246 936 2,614 515 3,892 787 2,970 583
- --------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson/
1996 (5) 2,471 732 1,531 402 2,264 618 1,676 468
- --------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow/
1997 (5) 2,495 606 1,542 335 2,286 496 1,746 335
- --------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan/
1992 2,483 963 1,524 530 2,275 811 1,608 601
- --------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III/
1997 (5) 2,501 926 1,545 512 2,292 759 1,622 515
- --------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson/
1984 2,501 524 1,545 288 2,292 442 1,632 327
- --------------------------------------------------------------------------------------------------------------------------
George Putnam, III/
1984 (7) 3,088 431 1,905 237 2,830 363 2,027 268
- --------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith/
1997 (6) -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens/
1997 (5) 2,455 848 1,516 470 2,250 694 1,651 468
- --------------------------------------------------------------------------------------------------------------------------
Retirement Retirement Retirement Retirement
benefits benefits benefits benefits
Aggregate accrued as Aggregate accrued as Aggregate accrued as Aggregate accrued as
compensation part of compensation part of compensation part of compensation part of
from the fund from the fund from the fund from the fund
fund (1) expenses fund (1) expenses fund (1) expenses fund (1) expenses
- --------------------------------------------------------------------------------------------------------------------------
Putnam Capital Putnam Classic Putnam Convertible Putnam
Opportunities Equity Income-Growth Discovery
Trustees Fund Fund Trust Growth Fund
- --------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter/
1994 (5) $2,424 $576 $2,386 $731 $1,347 $396 $3,146 $958
- --------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis/
2001 2,343 631 2,360 633 1,333 334 3,112 851
- --------------------------------------------------------------------------------------------------------------------------
John A. Hill/
1985 (5)(7) 4,295 700 4,020 851 2,269 463 5,299 1,107
- --------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson/
1996 (5) 2,407 561 2,395 673 1,352 365 3,158 879
- --------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow/
1997 (5) 2,499 402 2,361 500 1,333 282 3,149 627
- --------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan/
1992 2,315 721 2,343 878 1,323 478 3,091 1,143
- --------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III/
1997 (5) 2,323 618 2,369 771 1,338 433 3,124 970
- --------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson/
1984 2,339 392 2,372 479 1,339 260 3,127 625
- --------------------------------------------------------------------------------------------------------------------------
George Putnam, III/
1984 (7) 2,912 322 2,939 392 1,660 214 3,878 510
- --------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith/
1986 (6) -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens/
1997 (5) 2,375 561 2,337 700 1,319 394 3,081 878
- --------------------------------------------------------------------------------------------------------------------------
Retirement Retirement Retirement Retirement
benefits benefits benefits benefits
Aggregate accrued as Aggregate accrued as Aggregate accrued as Aggregate accrued as
compensation part of compensation part of compensation part of compensation part of
from the fund from the fund from the fund from the fund
fund (1) expenses fund (1) expenses fund (1) expenses fund (1) expenses
- --------------------------------------------------------------------------------------------------------------------------
Putnam Putnam The George Putnam
Equity Europe Putnam Fund of Global
Trustees Income Fund Equity Fund Boston Equity Fund
- --------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter/
1994 (5) $3,298 $789 $1,733 $536 $5,050 $1,476 $4,508 $1,449
- --------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis/
2001 3,264 685 1,697 382 4,953 1,121 4,458 1,196
- --------------------------------------------------------------------------------------------------------------------------
John A. Hill/
1985 (5)(7) 5,530 917 2,859 653 8,511 1,771 7,594 1,705
- --------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson/
1996 (5) 3,313 726 1,693 503 4,955 1,376 4,524 1,340
- --------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow/
1997 (5) 3,251 537 1,712 474 5,003 1,212 4,460 1,066
- --------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan/
1992 3,226 946 1,728 670 4,976 1,821 4,427 1,757
- --------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III/
1997 (5) 3,274 828 1,717 718 5,013 1,845 4,475 1,635
- --------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson/
1984 3,279 517 1,717 362 5,013 987 4,480 957
- --------------------------------------------------------------------------------------------------------------------------
George Putnam, III/
1984 (7) 4,055 423 2,119 301 6,192 817 5,553 786
- --------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith/
1986 (6) -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens/
1997 (5) 3,226 752 1,700 663 4,922 1,698 4,415 1,493
- ----------------------------------------------------------------------------------------------------------------------------
Retirement Retirement Retirement Retirement
benefits benefits benefits benefits
Aggregate accrued as Aggregate accrued as Aggregate accrued as Aggregate accrued as
compensation part of compensation part of compensation part of compensation part of
from the fund from the fund from the fund from the fund
fund (1) expenses fund (1) expenses fund (1) expenses fund (1) expenses
- --------------------------------------------------------------------------------------------------------------------------
Putnam The Putnam Putnam Growth Putnam
Global Natural Fund for Growth Opportunities Health
Trustees Resources Fund and Income Fund Sciences Trust
- --------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter/
1994 (5) $1,031 $264 $10,730 $3,330 $3,128 $1,047 $4,763 $1,390
- --------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis/
2001 1,012 211 10,609 2,796 3,066 776 4,670 1,101
- --------------------------------------------------------------------------------------------------------------------------
John A. Hill/
1985 (5)(7) 1,677 314 18,080 3,902 5,275 1,263 8,029 1,653
- --------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson/
1996 (5) 1,013 245 10,766 3,073 3,065 978 4,670 1,291
- --------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow/
1997 (5) 1,022 204 10,612 2,389 3,096 884 4,716 1,084
- --------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan/
1992 1,017 323 10,534 4,023 3,083 1,298 4,694 1,701
- --------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III/
1997 (5) 1,024 311 10,650 3,669 3,105 1,344 4,728 1,655
- --------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson/
1984 1,024 175 10,663 2,193 3,105 702 4,728 924
- --------------------------------------------------------------------------------------------------------------------------
George Putnam, III/
1984 (7) 1,244 145 13,213 1,799 3,832 582 5,838 762
- --------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith/
1986 (6) -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens/
1997 (5) 1,007 285 10,508 3,344 3,048 1,239 4,647 1,518
- ----------------------------------------------------------------------------------------------------------------------------
Retirement Retirement Retirement Retirement
benefits benefits benefits benefits
Aggregate accrued as Aggregate accrued as Aggregate accrued as Aggregate accrued as
compensation part of compensation part of compensation part of compensation part of
from the fund from the fund from the fund from the fund
fund (1) expenses fund (1) expenses fund (1) expenses fund (1) expenses
- --------------------------------------------------------------------------------------------------------------------------
Putnam Putnam Putnam Putnam
International International International International
Capital Equity Growth and New Opportunities
Trustees Opportunities Fund Fund Income Fund Fund
- --------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter/
1994 (5) $2,617 $744 $6,919 $2,041 $1,465 $409 $1,930 $567
- --------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis/
2001 2,566 594 6,777 1,501 1,434 305 1,889 452
- --------------------------------------------------------------------------------------------------------------------------
John A. Hill/
1985 (5)(7) 4,413 883 11,514 2,466 2,437 493 3,252 672
- --------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson/
1996 (5) 2,566 691 6,762 1,908 1,431 382 1,881 526
- --------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow/
1997 (5) 2,592 574 6,847 1,739 1,449 344 1,906 437
- --------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan/
1992 2,580 909 6,914 2,534 1,464 507 1,908 692
- --------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III/
1997 (5) 2,598 877 6,862 2,641 1,453 522 1,917 669
- --------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson/
1984 2,598 494 6,862 1,370 1,453 274 1,917 376
- --------------------------------------------------------------------------------------------------------------------------
George Putnam, III/
1984 (7) 3,209 407 8,486 1,137 1,796 227 2,363 310
- --------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith/
1986 (6) -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens/
1997 (5) 2,551 804 6,785 2,436 1,436 481 1,879 613
- ----------------------------------------------------------------------------------------------------------------------------
Retirement Retirement Retirement Retirement
benefits benefits benefits benefits
Aggregate accrued as Aggregate accrued as Aggregate accrued as Aggregate accrued as
compensation part of compensation part of compensation part of compensation part of
from the fund from the fund from the fund from the fund
fund (1) expenses fund (1) expenses fund (1) expenses fund (1) expenses
- --------------------------------------------------------------------------------------------------------------------------
Putnam Putnam Putnam New Putnam
Investors Mid Cap Opportunities New
Trustees Fund Value Fund Fund Value Fund
- --------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter/
1994 (5) $5,386 $1,617 $1,545 $427 $7,394 $2,254 $2,364 $666
- --------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis/
2001 5,279 1,233 1,495 450 7,239 1,644 2,319 532
- --------------------------------------------------------------------------------------------------------------------------
John A. Hill/
1985 (5)(7) 9,087 1,938 2,720 513 12,277 2,729 3,986 789
- --------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson/
1996 (5) 5,277 1,507 1,534 411 7,218 2,109 2,319 617
- --------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow/
1997 (5) 5,333 1,321 1,591 294 7,310 1,939 2,342 512
- --------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan/
1992 5,312 1,993 1,472 529 7,385 2,803 2,330 813
- --------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III/
1997 (5) 5,347 2,012 1,483 453 7,330 2,942 2,347 783
- --------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson/
1984 5,347 1,080 1,493 288 7,330 1,515 2,347 442
- --------------------------------------------------------------------------------------------------------------------------
George Putnam, III/
1984 (7) 6,601 894 1,855 236 9,054 1,258 2,952 364
- --------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith/
1986 (6) -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens/
1997 (5) 5,250 1,850 1,511 411 7,251 2,716 2,304 718
- ----------------------------------------------------------------------------------------------------------------------------
Retirement Retirement Retirement Retirement
benefits benefits benefits benefits
Aggregate accrued as Aggregate accrued as Aggregate accrued as Aggregate accrued as
compensation part of compensation part of compensation part of compensation part of
from the fund from the fund from the fund from the fund
fund (1) expenses fund (1) expenses fund (1) expenses fund (1) expenses
- --------------------------------------------------------------------------------------------------------------------------
Putnam OTC & Putnam Small Cap Putnam Small Cap
Trustees Emerging Growth Fund Putnam Research Fund Growth Fund Value Fund
- --------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter/
1994 (5) $3,032 $1,005 $2,603 $738 $411 $80 $1,464 $447
- --------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis/
2001 2,972 747 2,552 568 403 66 1,445 433
- --------------------------------------------------------------------------------------------------------------------------
John A. Hill/
1985 (5)(7) 5,113 1,211 4,388 883 685 94 2,383 527
- --------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson/
1996 (5) 2,972 939 2,552 687 402 74 1,461 420
- --------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow/
1997 (5) 3,002 846 2,578 596 407 59 1,449 300
- --------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan/
1992 2,988 1,245 2,565 908 411 97 1,433 543
- --------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III/
1997 (5) 3,010 1,286 2,583 908 408 91 1,445 463
- --------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson/
1984 3,010 674 2,583 493 408 53 1,450 297
- --------------------------------------------------------------------------------------------------------------------------
George Putnam, III/
1984 (7) 3,715 558 3,190 407 505 44 1,800 243
- --------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith/
1986 (6) -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens/
1997 (5) 2,955 1,185 2,536 835 403 83 1,431 420
- ----------------------------------------------------------------------------------------------------------------------------
Retirement Retirement Retirement Retirement
benefits benefits benefits benefits
Aggregate accrued as Aggregate accrued as Aggregate accrued as Aggregate accrued as
compensation part of compensation part of compensation part of compensation part of
from the fund from the fund from the fund from the fund
fund (1) expenses fund (1) expenses fund (1) expenses fund (1) expenses
- --------------------------------------------------------------------------------------------------------------------------
Putnam Tax Smart Putnam Utilities Growth Putnam Putnam
Equity Fund and Income Fund Vista Fund Voyager Fund
- --------------------------------------------------------------------------------------------------------------------------
Jameson A. Baxter/
1994 (5) $872 $274 $1,396 $451 $4,552 $1,344 $10,472 $3,114
- --------------------------------------------------------------------------------------------------------------------------
Charles B. Curtis/
2001 862 227 1,380 371 4,463 1,025 10,266 2,372
- --------------------------------------------------------------------------------------------------------------------------
John A. Hill/
1985 (5)(7) 1,469 322 2,351 531 7,676 1,611 17,658 3,734
- --------------------------------------------------------------------------------------------------------------------------
Ronald J. Jackson/
1996 (5) 875 253 1,401 417 4,462 1,253 10,264 2,902
- --------------------------------------------------------------------------------------------------------------------------
Paul L. Joskow/
1997 (5) 862 200 1,381 332 4,507 1,098 10,368 2,547
- --------------------------------------------------------------------------------------------------------------------------
Elizabeth T. Kennan/
1992 856 332 1,370 547 4,487 1,657 10,320 3,840
- --------------------------------------------------------------------------------------------------------------------------
John H. Mullin, III/
1997 (5) 866 306 1,386 510 4,519 1,671 10,395 3,878
- --------------------------------------------------------------------------------------------------------------------------
Robert E. Patterson/
1984 867 181 1,387 298 4,519 898 10,395 2,080
- --------------------------------------------------------------------------------------------------------------------------
George Putnam, III/
1984 (7) 1,074 148 1,719 245 5,579 743 12,832 1,721
- --------------------------------------------------------------------------------------------------------------------------
A.J.C. Smith/
1986 (6) -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
W. Thomas Stephens/
1997 (5) 854 280 1,367 465 4,436 1,537 10,205 3,568
- ----------------------------------------------------------------------------------------------------------------------------
Estimated Total
annual benefits compensation
from all from
Putnam funds all Putnam
upon retirement (2) funds (3)(4)
- -------------------------------------------------------------
Trustees For All Funds
- -------------------------------------------------------------
Jameson A. Baxter/
1994 (5) $100,000 $215,500
- -------------------------------------------------------------
Charles B. Curtis/
2001 100,000 210,250
- -------------------------------------------------------------
John A. Hill/
1985 (5)(7) 200,000 413,625
- -------------------------------------------------------------
Ronald J. Jackson/
1996 (5) 100,000 214,500
- -------------------------------------------------------------
Paul L. Joskow/
1997 (5) 100,000 215,250
- -------------------------------------------------------------
Elizabeth T. Kennan/
1992 100,000 207,000
- -------------------------------------------------------------
John H. Mullin, III/
1997 (5) 100,000 208,750
- -------------------------------------------------------------
Robert E. Patterson/
1984 100,000 206,500
- -------------------------------------------------------------
George Putnam, III/
1984 (7) 125,000 260,500
- -------------------------------------------------------------
A.J.C. Smith/
1986 (6) -- --
- -------------------------------------------------------------
W. Thomas Stephens/
1997 (5) 100,000 206,500
- -------------------------------------------------------------
(1) Includes an annual retainer and an attendance fee for each meeting
attended.
(2) Assumes that each Trustee retires at the normal retirement date. For
Trustees who are not within three years of retirement, estimated
benefits for each Trustee are based on Trustee fee rates in effect
during calendar 2003.
(3) As of December 31, 2003, there were 101 funds in the Putnam family.
For Mr. Hill, amounts shown also include compensation for service as a
trustee of TH Lee, Putnam Emerging Opportunities Portfolio, a closed-end
fund advised by an affiliate of Putnam Management.
(4) Includes amounts (ranging from $2,000 to $11,000 per Trustee) for
which the Putnam funds were reimbursed by Putnam Management for special
Board and committee meetings in connection with certain regulatory and
other matters relating to alleged improper trading by certain Putnam
Management employees and participants in certain 401(k) plans
administered by Putnam Fiduciary Trust Company.
(5) Includes compensation deferred pursuant to a Trustee Compensation
Deferral Plan. As of the dates indicated below, the total amounts of
deferred compensation payable by the fund, including income earned on
such amounts, were as follows:
Putnam Putnam Putnam Putnam Putnam
Asset Asset Asset Capital Capital
Allocation: Allocation: Allocation: Appre- Oppor-
Balanced Conservative Growth ciation tunities
Portfolio Portfolio Portfolio Fund Fund
(Sept. 30, (Sept. 30, (Sept. 30, (May 31, (April 30,
2003) 2003) 2003) 2003) 2003)
- -----------------------------------------------------------------------------------
Baxter $5,888 $1,165 $4,963 $8,909 $905
- -----------------------------------------------------------------------------------
Hill 16,268 3,219 13,712 23,602 2,398
- -----------------------------------------------------------------------------------
Jackson 8,290 1,640 6,988 11,914 1,211
- -----------------------------------------------------------------------------------
Joskow 6,216 1,230 5,240 9,069 921
- -----------------------------------------------------------------------------------
Mullin 6,735 1,333 5,677 10,207 1,037
- -----------------------------------------------------------------------------------
Stephens 2,645 523 2,229 3,993 406
- -----------------------------------------------------------------------------------
Putnam
Putnam Convertible Putnam Putnam Putnam
Classic Income- Discovery Equity Europe
Equity Growth Growth Income Equity
Fund Trust Fund Fund Fund
(Nov. 30, (Oct. 31, (Dec, 31, (Nov. 30, (June 30,
2003) 2003) 2003) 2003) 2003)
- -----------------------------------------------------------------------------------
Baxter $9,991 $6,665 $10,668 $7,353 $6,392
- -----------------------------------------------------------------------------------
Hill 28,685 19,137 30,722 21,111 16,933
- -----------------------------------------------------------------------------------
Jackson 14,722 9,826 15,756 10,835 8,552
- -----------------------------------------------------------------------------------
Joskow 10,871 7,249 11,624 8,000 6,513
- -----------------------------------------------------------------------------------
Mullin 11,421 7,621 12,193 8,406 7,321
- -----------------------------------------------------------------------------------
Stephens 4,484 2,993 4,798 3,300 2,870
- -----------------------------------------------------------------------------------
The
The Putnam Putnam Putnam
George Putnam Global Fund for Growth
Putnam Global Natural Growth Oppor-
Fund Equity Resources and tunities
of Boston Fund Fund Income Fund
(July 31, (Oct. 31, (Aug. 31, (Oct. 31, (July 31,
2003) 2003) 2003) 2003) 2003)
- -----------------------------------------------------------------------------------
Baxter $19,003 $22,888 $616 $75,982 $7,336
- -----------------------------------------------------------------------------------
Hill 52,508 65,719 1,702 218,171 20,270
- -----------------------------------------------------------------------------------
Jackson 26,755 33,745 867 112,025 10,328
- -----------------------------------------------------------------------------------
Joskow 20,034 24,894 650 82,644 7,734
- -----------------------------------------------------------------------------------
Mullin 21,753 26,171 705 86,881 8,397
- -----------------------------------------------------------------------------------
Stephens 8,528 10,277 276 34,117 3,292
- -----------------------------------------------------------------------------------
Putnam Putnam Putnam
Inter- Inter- Inter-
national Putnam national national
Putnam Capital Inter- Growth New
Health Oppor- national and Oppor-
Sciences tunities Equity Income tunities
Trust Fund Fund Fund Fund
(Aug. 31, (Aug. 31, (June 30, (June 30, (Sept. 30,
2003) 2003) 2003) 2003) 2003)
- -----------------------------------------------------------------------------------
Baxter $15,201 $1,730 $18,253 $2,767 $8,719
- -----------------------------------------------------------------------------------
Hill 42,001 4,780 48,351 7,328 24,088
- -----------------------------------------------------------------------------------
Jackson 21,393 2,435 24,419 3,701 12,275
- -----------------------------------------------------------------------------------
Joskow 16,033 1,825 18,598 2,819 9,205
- -----------------------------------------------------------------------------------
Mullin 17,397 1,980 20,903 3,168 9,973
- -----------------------------------------------------------------------------------
Stephens 6,817 776 8,195 1,242 3,916
- -----------------------------------------------------------------------------------
Putnam Putnam
Putnam New Putnam OTC &
Putnam Mid Cap Oppor- New Emerging
Investors Value tunities Value Growth
Fund Fund Fund Fund Fund
(July 31, (April 30, (June 30, (Aug. 31, (July 31,
2003) 2003) 2003) 2003) 2003)
- -----------------------------------------------------------------------------------
Baxter $17,124 $652 $51,669 $4,404 $16,520
- -----------------------------------------------------------------------------------
Hill 47,316 1,727 136,866 12,170 45,647
- -----------------------------------------------------------------------------------
Jackson 24,109 872 69,123 6,199 23,259
- -----------------------------------------------------------------------------------
Joskow 18,053 663 52,645 4,646 17,416
- -----------------------------------------------------------------------------------
Mullin 19,602 747 59,171 5,041 18,910
- -----------------------------------------------------------------------------------
Stephens 7,684 292 23,197 1,975 7,413
- -----------------------------------------------------------------------------------
Putnam
Utilities
Putnam Putnam Putnam Growth
Putnam Small Cap Small Cap Tax Smart and
Research Growth Value Equity Income
Fund Fund Fund Fund Fund
(July 31, (June 30, (Feb. 29, (Oct. 31, (Oct. 31,
2003) 2003) 2004) 2003) 2003)
- -----------------------------------------------------------------------------------
Baxter $1,710 $179 $1,563 $709 $7,024
- -----------------------------------------------------------------------------------
Hill 4,725 474 4,672 2,035 20,168
- -----------------------------------------------------------------------------------
Jackson 2,408 240 2,414 1,045 10,356
- -----------------------------------------------------------------------------------
Joskow 1,803 182 1,733 771 7,640
- -----------------------------------------------------------------------------------
Mullin 1,957 205 1,786 811 8,031
- -----------------------------------------------------------------------------------
Stephens 767 80 527 318 3,154
- -----------------------------------------------------------------------------------
Putnam Putnam
Vista Voyager
Fund Fund
(July 31, (July 31,
2003) 2003)
- -----------------------------------------
Baxter $19,769 $58,337
- -----------------------------------------
Hill 54,625 161,193
- -----------------------------------------
Jackson 27,834 82,134
- -----------------------------------------
Joskow 20,842 61,502
- -----------------------------------------
Mullin 22,630 66,778
- -----------------------------------------
Stephens 8,871 26,179
- -----------------------------------------
(6) Marsh & McLennan Companies, Inc. compensates Mr. Smith for his
service as Trustee. Mr. Smith has waived any retirement benefits that he
is entitled to receive under the Retirement Plan for Trustees of the
Putnam funds.
(7) Includes additional compensation to Messrs. Hill and Putnam for
service as Chairman of the Trustees and President of the funds,
respectively.
Under a Retirement Plan for Trustees of the Putnam funds (the "Plan"),
each Trustee who retires with at least five years of service as a
Trustee of the funds is entitled to receive an annual retirement benefit
equal to one-half of the average annual compensation paid to such
Trustee for the last three years of service prior to retirement. This
retirement benefit is payable during a Trustee's lifetime, beginning the
year following retirement, for a number of years equal to such Trustee's
years of service. A death benefit, also available under the Plan,
assures that the Trustee and his or her beneficiaries will receive
benefit payments for the lesser of an aggregate period of (i) ten years
or (ii) such Trustee's total years of service.
The Plan Administrator (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.
2. ADOPTION OF STANDARDIZED FUNDAMENTAL INVESTMENT RESTRICTIONS
As described in the following proposals, the Trustees recommend that
shareholders of the affected funds approve revisions to certain
fundamental investment restrictions currently observed by such funds.
Generally, the purpose of these proposed changes is to increase each
fund's investment flexibility and reduce administrative and compliance
burdens by simplifying and making uniform these fundamental investment
restrictions across all Putnam funds.
Background. The 1940 Act requires registered investment companies like
the funds to have "fundamental" investment restrictions governing
certain of their investment practices. Investment companies may also
voluntarily designate restrictions relating to other investment
practices as fundamental. "Fundamental" investment restrictions can be
changed only by a shareholder vote.
The 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 process of
monitoring the funds' compliance with investment restrictions will be
simplified.
To the extent multiple proposals apply to the same fund, the adoption of
any of these proposals is not contingent on the adoption of any other
proposal.
2.A. AMENDING FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO BORROWING.
Affected funds:
Putnam Asset Allocation: Balanced Portfolio
Putnam Asset Allocation: Conservative Portfolio
Putnam Asset Allocation: Growth Portfolio
Putnam Capital Appreciation Fund
Putnam Classic Equity Fund
Putnam Convertible Income-Growth Trust
Putnam Discovery Growth Fund
Putnam Equity Income Fund
Putnam Europe Equity Fund
The George Putnam Fund of Boston
Putnam Global Equity Fund
Putnam Global Natural Resources Fund
The Putnam Fund for Growth and Income
Putnam Growth Opportunities Fund
Putnam Health Sciences Trust
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam International Growth and Income Fund
Putnam International New Opportunities Fund
Putnam Investors Fund
Putnam New Opportunities Fund
Putnam New Value Fund
Putnam OTC & Emerging Growth Fund
Putnam Research Fund
Putnam Utilities Growth and Income Fund
Putnam Vista Fund
Putnam Voyager Fund
The Trustees recommend that each affected fund's fundamental investment
restriction with respect to borrowing be revised to reflect the standard
restriction expected to be used by other Putnam funds. Under the 1940
Act, a fund may borrow up to 33 1/3% of its total assets. Generally,
each of the affected fund's current restriction is more restrictive.
Exhibit B lists the current fundamental investment restrictions with
respect to borrowing of each of the affected funds. The proposed
fundamental investment restriction is set forth below:
"The fund may not. . . [b]orrow money in excess of 33 1/3% of the value
of its total assets (not including the amount borrowed) at the time the
borrowing is made."
If the proposed change is approved, each affected fund will not be
restricted to borrowing only for redemption requests or for
extraordinary or emergency purposes, and would not be limited to
borrowing only from banks. The new restriction would not prohibit an
affected fund from borrowing for leveraging purposes, although Putnam
Management currently has no intention of borrowing for such purposes. If
an affected fund were to borrow money, its net assets would tend to
increase or decrease to a greater extent with market changes than if the
fund had not borrowed money.
Putnam Management believes that this enhanced flexibility could assist
each affected fund in achieving its investment objective. In
circumstances in which an affected fund's available cash is not
sufficient to meet, among other things, shareholder redemptions, Putnam
Management believes that it may be advantageous at times for an affected
fund to borrow money instead of raising cash by selling its portfolio
securities, which could be disruptive to the fund's investment strategy.
In a separate proposal (see Proposal 2.B below), shareholders of these
affected funds are being asked to approve an amendment to each affected
fund's restriction on lending. The proposed revisions would, subject to
the limitations discussed below, permit an affected fund to participate
in an "interfund lending program," which would allow the fund, through a
master loan agreement, to lend available cash to and borrow from other
Putnam funds. As stated above, certain of the affected funds may
currently borrow money only from banks. Each affected fund would be able
to borrow money under the interfund lending program only if the interest
rate on the loan is more favorable to the fund than the interest rates
otherwise available for short-term bank loans, as well as being more
favorable to the lending fund than available repurchase agreement rates.
Putnam Management believes that the ability to engage in such borrowing
transactions will allow an affected fund to pay lower interest rates on
its borrowings. An affected fund could, in certain circumstances, have
its loan recalled by a lending fund on one day's notice. In these
circumstances, the affected fund might have to borrow from a bank at a
higher interest rate if loans were not available from other Putnam
funds.
The Putnam funds have received an exemptive order from the SEC which
permits interfund lending between Putnam funds so long as certain
conditions are satisfied.
Required Vote. Approval of this proposal requires the affirmative vote
of the lesser of (1) more than 50% of the outstanding shares of the
affected fund, or (2) 67% or more of the shares of the affected fund
present at the meeting if more than 50% of the outstanding shares of the
affected fund are present at the meeting in person or by proxy.
2.B. AMENDING FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT
TO MAKING LOANS.
Affected funds:
Putnam Asset Allocation: Balanced Portfolio
Putnam Asset Allocation: Conservative Portfolio
Putnam Asset Allocation: Growth Portfolio
Putnam Capital Appreciation Fund
Putnam Classic Equity Fund
Putnam Convertible Income-Growth Trust
Putnam Discovery Growth Fund
Putnam Equity Income Fund
Putnam Europe Equity Fund
The George Putnam Fund of Boston
Putnam Global Equity Fund
Putnam Global Natural Resources Fund
The Putnam Fund for Growth and Income
Putnam Growth Opportunities Fund
Putnam Health Sciences Trust
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam International Growth and Income Fund
Putnam International New Opportunities Fund
Putnam Investors Fund
Putnam New Opportunities Fund
Putnam New Value Fund
Putnam OTC & Emerging Growth Fund
Putnam Research Fund
Putnam Utilities Growth and Income Fund
Putnam Vista Fund
Putnam Voyager Fund
The Trustees 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, to remove any
limitations on each affected fund's ability to enter into repurchase
agreements and securities loans and to clarify that each affected fund
is permitted (subject to the limitation discussed above) to participate
in the proposed interfund lending program described in Proposal 2.A.
Each affected fund currently has one of the following 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 Classic Equity Fund, Putnam Growth
Opportunities Fund, Putnam International Capital Opportunities Fund,
Putnam International New Opportunities Fund, Putnam New Value Fund and
Putnam Research Fund.)
OR
"Make loans, except by purchase of debt obligations in which the fund
may invest consistent with its investment policies, by entering into
repurchase agreements with respect to not more than 25% of its total
assets (taken at current value) or through the lending of its portfolio
securities with respect to no more than 25% of its total assets (taken
at current value)." (Putnam Classic Equity Fund, Putnam Growth
Opportunities Fund, Putnam International Capital Opportunities Fund,
Putnam International New Opportunities Fund, Putnam New Value Fund and
Putnam Research Fund.)
The proposed amended fundamental investment restriction is set forth
below:
"The fund may not. . . [m]ake loans, except by purchase of debt
obligations in which the fund may invest consistent with its investment
policies (including without limitation debt obligations issued by other
Putnam funds), by entering into repurchase agreements, or by lending its
portfolio securities."
Following the amendment, each affected fund may, consistent with its
investment objective and policies and applicable law, enter into
repurchase agreements and securities loans without limit. Putnam
Management believes that this increased investment flexibility could
assist each affected fund in achieving its investment objective.
When a fund enters into a repurchase agreement, it typically purchases a
security for a relatively short period (usually not more than one week),
which the seller agrees to repurchase at a fixed time and price,
representing the fund's cost plus interest. When a fund enters into a
securities loan, it lends certain of its portfolio securities to
broker-dealers or other parties, typically in exchange for a portion of
the interest earned on the collateral posted by the borrower. These
transactions must be fully collateralized at all times, but involve some
risk to the fund if the borrower should default on its obligation. If
the borrower in these transactions should become involved in bankruptcy
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 would be able to
participate in an interfund lending program and make loans to other
Putnam funds for short-term purposes. As discussed in Proposal 2.A, a
fund would only make loans under the program if it could receive an
interest rate higher than those available for repurchase agreements.
There is a risk that a fund could experience a delay in obtaining prompt
repayment of a loan and, unlike repurchase agreements, the fund would
not necessarily have received collateral for its loan. A delay in
obtaining prompt payment could cause a fund to miss an investment
opportunity or to incur costs to borrow money to replace the delayed
payment.
Required vote. Approval of this proposal requires the affirmative vote
of the lesser of (1) more than 50% of the outstanding shares of 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.
2.C. AMENDING FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO
DIVERSIFICATION OF INVESTMENTS.
Affected funds: All funds
The Trustees recommend that each affected fund's fundamental investment
restriction with respect to the diversification of its investments be
revised to reflect the standard restrictions expected to be used by the
other Putnam funds, depending on whether the affected fund is a
"diversified" fund or a "non-diversified" fund.
Under the 1940 Act, a "diversified" fund generally may not, with respect
to 75% of its total assets, invest more than 5% of its total assets in
the securities of any one issuer (except U.S. government securities,
cash, cash items or the securities of other regulated investment
companies). The remaining 25% of the fund's total assets is not subject
to this restriction.
A "non-diversified" fund is not subject to the 1940 Act restriction
discussed above, but is only subject to the rules under the Internal
Revenue Code of 1986, as amended (the "Code"), which require that a fund
diversify its holdings at the end of each fiscal quarter such that, with
respect to 50% of the fund's total assets, the fund does not have more
than 5% of its total assets invested in any one issuer. The remaining
50% of the fund's assets is not subject to this 5% limitation, although
with respect to that portion of its assets the fund may not invest more
than 25% in any issuer. Neither of these Code requirements applies to
U.S. government securities, cash, cash items or the securities of other
regulated investment companies.
Exhibit C lists the current fundamental investment restrictions with
respect to diversification of investments of each of the affected funds.
The proposed amended fundamental investment restrictions are set forth
below:
"The fund may not ... [w]ith respect to 50% of its total assets, invest
in securities of any issuer if, immediately after such investment, more
than 5% of the total assets of the fund (taken at current value) would
be invested in the securities of such issuer; provided that this
limitation does not apply to obligations issued or guaranteed as to
interest or principal by the U.S. government or its agencies or
instrumentalities or to securities issued by other investment
companies." (Putnam Health Sciences Trust only.)
OR
"The fund may not ... [w]ith respect to 75% of its total assets, invest
in securities of any issuer if, immediately after such investment, more
than 5% of the total assets of the fund (taken at current value) would
be invested in the securities of such issuer; provided that this
limitation does not apply to obligations issued or guaranteed as to
interest or principal by the U.S. government or its agencies or
instrumentalities or to securities issued by other investment
companies." (For all funds except Putnam Health Sciences Trust.)
If the proposed change is approved, each affected fund will continue to
be able to invest up to 25% of its total assets in the securities of any
one issuer. The amended restrictions would continue to exclude from its
limitations U.S. government securities, cash and cash items, and would
also exclude from its limitations securities of other investment
companies. The proposed changes would not result in a "diversified" fund
becoming a "non-diversified" fund, or a "non-diversified" fund becoming
a "diversified" fund.
The purpose of these proposed changes is to reduce administrative and
compliance burdens by simplifying and making uniform these fundamental
investment restrictions with respect to diversification of investments.
The proposed revisions would also permit each affected fund to invest in
shares of Putnam money market funds, Putnam short-term bond funds or
other Putnam entities that operate as cash management investment
vehicles in excess of the limitations discussed above, by excluding from
these limitations securities of other investment companies.
The Putnam funds have received an exemptive order from the SEC which
permits "cash sweep" arrangements in which a fund invests all or a
portion of its available cash in a Putnam cash management investment
vehicle, such as a Putnam money market fund, rather than directly in
short-term instruments. If the proposed change is approved, each
affected fund will be able to invest up to 25% of its total assets in a
Putnam money market fund or other Putnam cash management investment
vehicle, in accordance with the conditions set forth in the SEC
exemptive order. Putnam Management believes that use of a Putnam money
market fund or other Putnam cash management investment vehicle to invest
an affected fund's uninvested cash and cash collateral from securities
lending arrangements may achieve greater efficiencies, reduce fund
management expenses and increase returns. Moreover, use of a Putnam
money market fund or other Putnam cash management investment vehicle in
these instances would permit an affected fund's management team to focus
on the management of the principal investments of the fund.
Required Vote. Approval of this proposal requires the affirmative vote
of the lesser of (1) more than 50% of the outstanding shares of the
affected fund, or (2) 67% or more of the shares of the affected fund
present at the meeting if more than 50% of the outstanding shares of the
affected fund are present at the meeting in person or by proxy.
2.D. AMENDING FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO
THE ISSUANCE OF SENIOR SECURITIES.
Affected funds:
Putnam Capital Opportunities Fund
Putnam Classic Equity Fund
Putnam Global Natural Resources Fund
Putnam Growth Opportunities Fund
Putnam International Capital Opportunities Fund
Putnam International New Opportunities Fund
Putnam New Value Fund
Putnam Research Fund
Putnam Small Cap Growth Fund
Putnam Small Cap Value Fund
Putnam Tax Smart Equity Fund
The Trustees recommend that each of the affected funds' fundamental
investment restriction with respect to the issuance of senior securities
be revised to reflect the standard restriction expected to be used by
the other Putnam funds and to make it clear that a fund is not
restricted from borrowing money consistent with its investment policies.
Generally, a "senior security" is a security which has priority over any
other security as to distribution of assets or dividends and technically
includes all indebtedness over 5% of the fund's assets. Each affected
fund currently has one of the following fundamental investment
restrictions which states that such fund may not:
"Issue any class of securities which is senior to the fund's shares of
beneficial interest." (All affected funds except Putnam Global Natural
Resources Fund.)
OR
"Issue senior securities (except insofar as the fund may be deemed to be
doing so by virtue of [the fund's fundamental investment restrictions
with respect to diversification of investments and lending])." (Putnam
Global Natural Resources Fund only.)
The proposed amended fundamental investment restriction is set forth
below:
"The fund may not... [i]ssue any class of securities which is senior to
the fund's shares of beneficial interest, except for permitted
borrowings."
The 1940 Act imposes limitations on an investment company's ability to
issue senior securities. This revised investment restriction is intended
to simplify and standardize the language of the funds' policies
concerning senior securities, and to permit each fund to take full
advantage of all investment flexibility permitted under applicable law.
Required vote. Approval of this proposal requires the affirmative vote
of the lesser of (1) more than 50% of the outstanding shares of 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.
2.E. AMENDING A FUND'S INVESTMENT OBJECTIVE
Affected fund: Putnam Equity Income Fund
The Trustees recommend that the affected fund's shareholders approve an
amendment to the affected fund's investment objective, which, as
disclosed in the affected fund's prospectus, states:
The fund seeks current income. Capital growth is a secondary objective
when consistent with seeking current income.
The proposed new investment objective of the affected fund is the
following:
The fund seeks capital growth and current income.
Putnam Management believes that the affected fund's current investment
objective, which gives priority to current income, could under certain
circumstances impair the management team's ability to pursue total
return. Putnam Management believes that, by restating the fund's
investment objective to give greater emphasis to capital growth, the
affected fund's management team will be able, consistent with the
affected fund's non-fundamental policy of investing at least 80% of the
fund's net assets in common stocks and other equity investments that
offer potential for current income, to give more weight to stocks that
Putnam Management believes have the potential to contribute to the
capital growth of the affected fund. The non-fundamental policy may not
be changed without providing at least 60 days' advance notice to
shareholders.
If approved, the proposed investment objective is not expected to have a
material effect on the investment strategy of the affected fund in the
near term, although it may over time lead to increased investments in
growth stocks. Growth stocks may trade at a higher multiple of current
earnings than other stocks. The values of such stocks may be more
sensitive to changes in current or expected earnings than the values of
other stocks. If the management team's assessment of the prospects for a
company's earnings growth is wrong, or if its judgment of how other
investors will value the company's earnings growth is wrong, then the
price of the company's stock may fall or not approach the value that the
management team has placed on it.
Required Vote. Approval of this proposal requires the affirmative vote
of the lesser of (1) more than 50% of the outstanding shares of the
affected fund, or (2) 67% 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. APPROVING AN AMENDMENT TO DECLARATIONS OF TRUST.
Affected funds: All funds except Putnam Tax Smart Equity Fund
The Trustees of each of the trusts of which a fund is a series (the
"Trusts") and of each fund that is not a series of a Trust (each a
"Fund") have approved and recommend shareholder authorization of a
proposal to amend each Trust's and each Fund's Agreement and Declaration
of Trust (each a "Declaration of Trust") to expressly provide that the
Trust or Fund may pay redemption proceeds in-kind (i.e., by delivering
portfolio securities rather than cash). Each Trust's and each Fund's
Declaration of Trust provides that it may be amended by the Trustees
when authorized by a Trust's or Fund's shareholders.
Exhibit D lists the Article and Section of each Declaration of Trust
that would be revised by the proposed amendment to each Declaration of
Trust. The proposed amendments to each Declaration of Trust are set
forth below:
Article VI
Distributions, Redemptions and Repurchases
* * *
Redemption and Repurchases
Section 2. The Trust shall purchase such Shares as are offered by any
Shareholder for redemption, upon the presentation of any certificate for
the Shares to be purchased, a proper instrument of transfer and a
request directed to the Trust or a person designated by the Trust that
the Trust purchase such Shares, or in accordance with such other
procedures for redemption as the Trustees may from time to time
authorize; and the Trust will pay therefor the net asset value thereof,
as next determined in accordance with the Bylaws, less any redemption
charge fixed by the Trustees. Payment for said Shares shall be made by
the Trust to the Shareholder within seven days after the date on which
the request is made. The obligation set forth in this Section 2 is
subject to the provision that in the event that any time the New York
Stock Exchange is closed for other than customary weekends or holidays,
or, if permitted by the rules of the Securities and Exchange Commission,
during periods when trading on the Exchange is restricted or during any
emergency which makes it impractical for the Trust to dispose of its
investments or to determine fairly the value of its net assets, or
during any other period permitted by order of the Securities and
Exchange Commission for the protection of investors, such obligation may
be suspended or postponed by the Trustees. The Trust may also purchase
or repurchase Shares at a price not exceeding the net asset value of
such Shares in effect when the purchase or repurchase or any contract to
purchase or repurchase is made. Payment for any redemption, purchase or
repurchase may be made in cash or in other property, or in any
combination thereof. The composition of any such payment shall be
determined by the Trust in its sole discretion, and the Trust shall have
no obligation to effect a pro rata division of cash or other property in
making any such payment. In no event shall the Trust be liable for any
delay of any other person in transferring securities or other property
selected for delivery as all or part of any payment. (All affected funds
except The Putnam Fund for Growth and Income and The George Putnam Fund
of Boston.)
OR
Article IV
Rights and Privileges of Beneficiaries
* * *
Right to Sell Shares to Trust
Section 4. The Trust shall purchase such shares as are offered by any
beneficiary for redemption, upon the presentation of any certificate for
the shares to be purchased, a proper instrument of transfer and a
request directed to the Trust or a person designated by the Trust that
the Trust purchase such shares, or in accordance with such other
procedures for redemption as the Trustees may from time to time
authorize; and the Trust will pay therefor the net asset value thereof,
as next determined in accordance with the Bylaws, less any redemption
charge fixed by the Trustees. Payment for said shares shall be made by
the Trust to the beneficiary within seven days after the date on which
the request is made. The obligation set forth in this Section 4 is
subject to the provision that in the event that any time the New York
Stock Exchange is closed for other than customary weekends or holidays,
or, if permitted by the rules of the Securities and Exchange Commission,
during periods when trading on the Exchange is restricted or during any
emergency which makes it impractical for the Trust to dispose of its
investments or to determine fairly the value of its net assets, or
during any other period permitted by order of the Securities and
Exchange Commission for the protection of investors, such obligation may
be suspended or postponed by the Trustees. The Trust may also purchase
or repurchase shares at a price not exceeding the net asset value of
such shares in effect when the purchase or repurchase or any contract to
purchase or repurchase is made. Payment for any redemption, purchase or
repurchase may be made in cash or in other property, or in any
combination thereof. The composition of any such payment shall be
determined by the Trust in its sole discretion, and the Trust shall have
no obligation to effect a pro rata division of cash or other property in
making any such payment. In no event shall the Trust be liable for any
delay of any other person in transferring securities or other property
selected for delivery as all or part of any payment. (The Putnam Fund
for Growth and Income.)
OR
Article IV
Rights and Privileges of Beneficiaries
* * *
Right to Sell Shares to Trust
Section 4. The Trust shall purchase such shares as are offered by any
beneficiary for redemption, upon the presentation of any certificate for
the shares to be purchased, a proper instrument of transfer and a
request directed to the Trust or a person designated by the Trust that
the Trust purchase such shares, or in accordance with such other
procedures for redemption as the Trustees may from time to time
authorize; and the Trust will pay therefor the liquidating value
thereof, as next determined in accordance with the Bylaws, less any
redemption charge fixed by the Trustees. Payment for said shares shall
be made by the Trust to the beneficiary within seven days after the date
on which the request is made. The obligation set forth in this Section 4
is subject to the provision that in the event that any time the New York
Stock Exchange is closed for other than customary weekends or holidays,
or, if permitted by the rules of the Securities and Exchange Commission,
during periods when trading on the Exchange is restricted or during any
emergency which makes it impractical for the Trust to dispose of its
investments or to determine fairly the value of its net assets, or
during any other period permitted by order of the Securities and
Exchange Commission for the protection of investors, such obligation may
be suspended or postponed by the Trustees. The Trust may also purchase
or repurchase shares at a price not exceeding the liquidating value of
such shares in effect when the purchase or repurchase or any contract to
purchase or repurchase is made. Payment for any redemption, purchase or
repurchase may be made in cash or in other property, or in any
combination thereof. The composition of any such payment shall be
determined by the Trust in its sole discretion, and the Trust shall have
no obligation to effect a pro rata division of cash or other property in
making any such payment. In no event shall the Trust be liable for any
delay of any other person in transferring securities or other property
selected for delivery as all or part of any payment. (The George Putnam
Fund of Boston.)
Putnam Management recommends the proposed change to modernize and
standardize this provision of each Trust's or Fund's Declaration of
Trust. The Declarations of Trust are currently silent on the matter of
the permitted form of redemption payments and could be construed as
permitting only a cash payment. Although the Trusts and Funds have no
current intention to redeem their shares other than for cash, Putnam
Management believes that the explicit authority to pay a redemption
wholly or partially in kind may benefit a Fund's or Trust's remaining
shareholders in circumstances where a fund is facing significant
redemptions. If shares are redeemed in kind, the redeeming shareholder
would incur brokerage costs in converting the portfolio securities into
cash. If the proposal is approved by a Trust's or Fund's shareholders,
such Trust or Fund intends to file an election with the SEC under Rule
18f-1 under the 1940 Act, which will commit the Trust or Fund to pay in
cash any requests for redemption by a single shareholder during any
90-day period of up to the lesser of $250,000 or 1% of the Trust's or
Fund's net asset value at the beginning of the 90-day period.
Required Vote. For each Trust, all shares will vote together as a single
class, and approval of this proposal requires the affirmative vote of
shareholders holding a majority of the shares of the Trust entitled to
vote.
For each Fund that operates as the sole series of Trust, approval of
this proposal requires the affirmative vote of shareholders holding a
majority of the shares of such Fund outstanding.
Further information about voting and the meeting
Quorum and methods of tabulation. The shareholders of each fund vote
separately with respect to each proposal other than the election of
Trustees (Proposal 1) and approving the amendment to a Trust's
Declaration of Trust (Proposal 3), in which case shareholders of each
series of a Trust vote together as a single class. In the case of each
fund, 30% of the shares entitled to vote constitutes a quorum for the
transaction of business with respect to any proposal at the meeting
(unless otherwise noted in the proxy statement). Votes cast by proxy or
in person at the meeting will be counted by persons appointed by your
fund as tellers for the meeting. The tellers will count the total number
of votes cast "for" approval of a proposal for purposes of determining
whether sufficient affirmative votes have been cast. Shares represented
by proxies that reflect abstentions and "broker non-votes" (i.e., shares
held by brokers or nominees as to which (i) instructions have not been
received from the beneficial owners or the persons entitled to vote and
(ii) the broker or nominee does not have the discretionary voting power
on a particular matter) will be counted as shares that are present and
entitled to vote on the matter for purposes of determining the presence
of a quorum. With respect to the election of Trustees, neither
abstentions nor broker non-votes have an effect on the outcome of the
proposal. With respect to any other proposals, abstentions and broker
non-votes have the effect of a vote "against" the proposal.
Other business. The Trustees know of no matters other than those set
forth herein to be brought before the meeting. If, however, any other
matters properly come before the meeting, it is the Trustees' intention
that proxies will be voted on such matters in accordance with the
judgment of the persons named in the enclosed form of proxy.
Simultaneous meetings. The meeting of shareholders of your fund is
called to be held at the same time as the meetings of shareholders of
certain of the other Putnam funds. It is anticipated that all meetings
will be held simultaneously.
If any shareholder at the meeting objects to the holding of a
simultaneous meeting and moves for an adjournment of the meeting to a
time promptly after the simultaneous meetings, the persons named as
proxies will vote in favor of such adjournment.
Solicitation of proxies. In addition to soliciting proxies by mail, the
Trustees of your fund and employees of Putnam Management, Putnam
Fiduciary Trust Company and Putnam Retail Management may solicit proxies
in person or by telephone. Your fund may arrange to have PFPC Inc., a
proxy solicitation firm, call you to record your voting instructions by
telephone. The procedures for voting proxies by telephone are designed
to authenticate shareholders' identities, to allow them to authorize the
voting of their shares in accordance with their instructions and to
confirm that their instructions have been properly recorded. Your fund
has been advised by counsel that these procedures are consistent with
the requirements of applicable law. If these procedures were subject to
a successful legal challenge, such votes would not be counted at the
meeting. Your fund is unaware of any such challenge at this time.
Shareholders would be called at the phone number Putnam Management has
in its records for their accounts, and would be asked for their Social
Security number or other identifying information. The shareholders would
then be given an opportunity to authorize the proxies to vote their
shares at the meeting in accordance with their instructions. To ensure
that the shareholders' instructions have been recorded correctly, they
will also receive a confirmation of their instructions in the mail. A
special toll-free number will be available in case the information
contained in the confirmation is incorrect.
Shareholders have the opportunity to submit their voting instructions
via the Internet by utilizing a program provided by a third party vendor
hired by Putnam Management or by automated telephone service. The giving
of such a proxy will not affect your right to vote in person should you
decide to attend the meeting. To use the Internet, please access the
Internet address listed on your proxy card, and follow the instructions
on the internet site. To record your voting instructions via automated
telephone service, call the toll-free number listed on your proxy card.
The Internet and telephone voting procedures are designed to
authenticate shareholder identities, to allow shareholders to give their
voting instructions and to confirm that shareholders' instructions have
been recorded properly. Shareholders voting via the Internet should
understand that there may be costs associated with electronic access,
such as usage charges from Internet access providers and telephone
companies, that must be borne by the shareholders.
Your fund's Trustees have adopted a general policy of maintaining
confidentiality in the voting of proxies. Consistent with this policy,
your fund may solicit proxies from shareholders who have not voted their
shares or who have abstained from voting.
Persons holding shares as nominees will, upon request, be reimbursed for
their reasonable expenses in soliciting instructions from their
principals. The Putnam funds have retained at their own expense PFPC
Inc., 4400 Computer Drive, Westborough, Massachusetts 01581, to aid in
the solicitation of instructions for registered and nominee accounts,
for a fee expected not to exceed $1.3 million plus reasonable
out-of-pocket expenses for mailing. The expenses of the preparation of
proxy statements and related materials, including printing and delivery
costs, are borne by each fund.
Revocation of proxies. Proxies, including proxies given by telephone or
over the Internet, may be revoked at any time before they are voted
either (i) by a written revocation received by the Clerk of your fund,
(ii) by properly executing a later-dated proxy, (iii) by recording
later-dated voting instructions via the Internet or (iv) by attending
the meeting and voting in person.
Date for receipt of shareholders' proposals for subsequent meetings of
shareholders. Your fund does not regularly hold annual shareholder
meetings, but may from time to time schedule special meetings. In
addition, your fund has voluntarily undertaken to hold shareholder
meetings at least every five years. In accordance with the regulations
of the SEC, in order to be eligible for inclusion in the fund's proxy
statement for such a meeting, a shareholder proposal must be received a
reasonable time before the fund prints and mails its proxy statement.
The Board Policy and Nominating Committee will also consider nominees
recommended by shareholders of the fund to serve as Trustees. A
shareholder 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 proxies solicited for the
meeting will have discretionary authority to vote on the shareholder's
proposal if it is properly brought before the meeting. If a shareholder
makes a timely notification, the proxies may still exercise
discretionary voting authority under circumstances consistent with the
SEC's proxy rules. All shareholder proposals must also comply with other
requirements of the SEC's rules and the fund's Declaration of Trust.
Adjournment. If sufficient votes in favor of any of the proposals set
forth in the Notice of the Meeting are not received by the time
scheduled for the meeting, the persons named as proxies may propose
adjournments of the meeting for a period or periods of not more than 60
days in the aggregate to permit further solicitation of proxies. Any
adjournment will require the affirmative vote of a majority of the votes
cast on the question in person or by proxy at the session of the meeting
to be adjourned. The persons named as proxies will vote in favor of
adjournment those proxies that they are entitled to vote in favor of the
proposals. They will vote against any such adjournment those proxies
required to be voted against the proposals. Your fund pays the costs of
any additional solicitation and of any adjourned session. Any proposals
for which sufficient favorable votes have been received by the time of
the meeting may be acted upon and considered final regardless of whether
the meeting is adjourned to permit additional solicitation with respect
to any other proposal.
Financial information. Your fund will furnish to you upon request and
without charge, a copy of the fund's annual report for its most recent
fiscal year, and a copy of its semiannual report for any subsequent
semiannual period. Such requests may be directed to Putnam Investor
Services, P.O. Box 41203, Providence, RI 02940-1203 or 1-800-225-1581.
Fund Information
Putnam Investments. Putnam Investment Management, LLC, the fund's
investment manager, is a subsidiary of Putnam Management Trust, which is
in turn owned by Putnam Investments. Putnam Investments Limited, the
sub-manager for Putnam Europe Equity Fund and Putnam International
Equity Fund, is a subsidiary of The Putnam Advisory Company, LLC, which
is in turn owned by Putnam Investments. Putnam Investments is a
wholly-owned subsidiary of Putnam Investments Trust, a holding company
that, except for a minority stake owned by employees, is in turn owned
by Marsh & McLennan Companies, Inc., a leading professional services
firm that includes risk and insurance services, investment management
and consulting businesses. Putnam Fiduciary Trust Company, the fund's
investor servicing agent and custodian and Putnam Retail Management
Limited Partnership, the fund's principal underwriter, are also
subsidiaries of Putnam Investments. The address of Putnam Investments
Trust, Putnam Investments, Putnam Investment Management, LLC, Putnam
Retail Management Limited Partnership and Putnam Fiduciary Trust Company
is One Post Office Square, Boston, Massachusetts 02109. The address of
Putnam Investments Limited is Cassini House, 57-59 St. James's Street,
London SW1A 1LD, United Kingdom. The address of the executive offices of
Marsh & McLennan Companies, Inc. is 1166 Avenue of the Americas, New
York, New York 10036.
Litigation. Exhibit E to this proxy statement describes the pending
legal proceedings in which the Trustees have been named as parties
adverse to your fund as of June 30, 2004.
Limitation of Trustee liability. The Declaration of Trust of each fund
provides that the fund will indemnify its Trustees and officers against
liabilities and expenses incurred in connection with litigation in which
they may be involved because of their offices with the fund, except if
it is determined in the manner specified in the Declaration of Trust
that they have not acted in good faith in the reasonable belief that
their actions were in the best interests of the fund or that such
indemnification would relieve any officer or Trustee of any liability to
the fund or its shareholders arising by reason of willful misfeasance,
bad faith, gross negligence or reckless disregard of his or her duties.
Your fund, at its expense, provides liability insurance for the benefit
of its Trustees and officers.
Independent registered public accounting firm. As listed below, the
Trustees have selected PricewaterhouseCoopers LLP, 125 High Street,
Boston, Massachusetts 02110, or KPMG, 99 High Street, Boston,
Massachusetts 02110, as the independent registered public accounting
firm for each fund's current fiscal year. These firms are among the
country's preeminent independent registered public accounting firms.
Each firm was selected primarily on the basis of its expertise as
auditors of investment companies, the quality of its audit services and
the competitiveness of its fees. Representatives of each of
PricewaterhouseCoopers LLP and KPMG LLP are expected to be present at
the meeting to make statements and to respond to appropriate questions.
The following table presents fees billed in each of the last two fiscal
years for services rendered to a fund by PricewaterhouseCoopers LLP:
Putnam Asset Allocation: Putnam Asset Allocation: Putnam Asset Allocation:
Balanced Portfolio Conservative Portfolio Growth Portfolio
- -------------------------------------------------------------------------------------------------------
Audit Sept. 30, 2003 -- $95,156 Sept. 30, 2003 -- $78,060 Sept. 30, 2003 -- $94,290
Fees Sept. 30, 2002 -- $77,227 Sept. 30, 2002 -- $75,741 Sept. 30, 2002 -- $79,144
- -------------------------------------------------------------------------------------------------------
Audit-Related Sept. 30, 2003 -- $0 Sept. 30, 2003 -- $0 Sept. 30, 2003 -- $0
Fees Sept. 30, 2002 -- $0 Sept. 30, 2002 -- $0 Sept. 30, 2002 -- $0
- -------------------------------------------------------------------------------------------------------
Tax Fees Sept. 30, 2003 -- $11,878 Sept. 30, 2003 -- $11,606 Sept. 30, 2003 -- $17,555
Sept. 30, 2002 -- $9,680 Sept. 30, 2002 -- $9,625 Sept. 30, 2002 -- $20,680
- -------------------------------------------------------------------------------------------------------
All Other Sept. 30, 2003 -- $0 Sept. 30, 2003 -- $0 Sept. 30, 2003 -- $0
Fees Sept. 30, 2002 -- $336 Sept. 30, 2002 -- $91 Sept. 30, 2002 -- $413
- -------------------------------------------------------------------------------------------------------
Putnam Capital Putnam Capital Putnam Discovery
Appreciation Fund Opportunities Fund Growth Fund
- -------------------------------------------------------------------------------------------------------
Audit May 31, 2004 -- $47,050 April 30, 2004 -- $49,479 Dec. 31, 2003 -- $63,857
Fees May 31, 2003 -- $54,238 April 30, 2003 -- $41,353 Dec. 31, 2002 -- $61,643
- -------------------------------------------------------------------------------------------------------
Audit-Related May 31, 2004 -- $0 April 30, 2004 -- $0 Dec. 31, 2003 -- $0
Fees May 31, 2003 -- $0 April 30, 2003 -- $0 Dec. 31, 2002 -- $45,700
- -------------------------------------------------------------------------------------------------------
Tax Fees May 31, 2004 -- $3,174 April 30, 2004 -- $3,166 Dec. 31, 2003 -- $3,447
May 31, 2003 -- $3,231 April 30, 2003 -- $3,072 Dec. 31, 2002 -- $4,124
- -------------------------------------------------------------------------------------------------------
All Other May 31, 2004 -- $158 April 30, 2004 -- $219 Dec. 31, 2003 -- $0
Fees May 31, 2003 -- $0 April 30, 2003 -- $0 Dec. 31, 2002 -- $1,841
- -------------------------------------------------------------------------------------------------------
Putnam Europe The George Putnam The Putnam Fund for
Equity Fund Fund of Boston Growth and Income
- -------------------------------------------------------------------------------------------------------
Audit June 30, 2004 -- $57,486 July 31, 2003 -- $93,273 Oct. 31, 2003 -- $136,327
Fees June 30, 2003 -- $61,214 July 31, 2002 -- $78,456 Oct. 31, 2002 -- $122,644
- -------------------------------------------------------------------------------------------------------
Audit-Related June 30, 2004 -- $0 July 31, 2003 -- $47,876 Oct. 31, 2003 -- $0
Fees June 30, 2003 -- $0 July 31, 2002 -- $0 Oct. 31, 2002 -- $0
- -------------------------------------------------------------------------------------------------------
Tax Fees June 30, 2004 -- $4,213 July 31, 2003 -- $6,908 Oct. 31, 2003 -- $5,108
June 30, 2003 -- $5,310 July 31, 2002 -- $5,473 Oct. 31, 2002 -- $22,204
- -------------------------------------------------------------------------------------------------------
All Other June 30, 2004 -- $118 July 31, 2003 -- $0 Oct. 31, 2003 -- $0
Fees June 30, 2003 -- $0 July 31, 2002 -- $1,112 Oct. 31, 2002 -- $9,129
- -------------------------------------------------------------------------------------------------------
Putnam
Putnam Health International Capital Putnam International
Sciences Trust Opportunities Fund Equity Fund
- -------------------------------------------------------------------------------------------------------
Audit Aug. 31, 2003 -- $70,076 Aug. 31, 2003 -- $66,461 June 30, 2004 -- $111,614
Fees Aug. 31, 2002 -- $63,127 Aug. 31, 2002 -- $56,354 June30, 2003 -- $85,176
- -------------------------------------------------------------------------------------------------------
Audit-Related Aug. 31, 2003 -- $0 Aug. 31, 2003 -- $0 June 30, 2004 -- $0
Fees Aug. 31, 2002 -- $0 Aug. 31, 2002 -- $0 June30, 2003 -- $0
- -------------------------------------------------------------------------------------------------------
Tax Fees Aug. 31, 2003 -- $4,631 Aug. 31, 2003 -- $6,200 June 30, 2004 -- $19,483
Aug. 31, 2002 -- $3,783 Aug. 31, 2002 -- $5,796 June30, 2003 -- $28,967
- -------------------------------------------------------------------------------------------------------
All Other Aug. 31, 2003 -- $0 Aug. 31, 2003 -- $0 June 30, 2004 -- $1,530
Fees Aug. 31, 2002 -- $2,790 Aug. 31, 2002 -- $1,043 June30, 2003 -- $0
- -------------------------------------------------------------------------------------------------------
Putnam Putnam
International Growth International New Putnam New
and Income Fund Opportunities Fund Opportunities Fund
- -------------------------------------------------------------------------------------------------------
Audit June 30, 2004 -- $53,069 Sept. 30, 2003 -- $55,285 June 30, 2004 -- $96,366
Fees June 30, 2003 -- $45,457 Sept. 30, 2002 -- $61,806 June 30, 2003 -- $98,833
- -------------------------------------------------------------------------------------------------------
Audit-Related June 30, 2004 -- $0 Sept. 30, 2003 -- $0 June 30, 2004 -- $0
Fees June 30, 2003 -- $0 Sept. 30, 2002 -- $0 June 30, 2003 -- $0
- -------------------------------------------------------------------------------------------------------
Tax Fees June 30, 2004 -- $5,075 Sept. 30, 2003 -- $7,197 June 30, 2004 -- $3,868
June 30, 2003 -- $3,903 Sept. 30, 2002 -- $11,391 June 30, 2003 -- $6,831
- -------------------------------------------------------------------------------------------------------
All Other June 30, 2004 -- $120 Sept. 30, 2003 -- $0 June 30, 2004 -- $1,637
Fees June 30, 2003 -- $0 Sept. 30, 2002 -- $1,236 June 30, 2003 -- $0
- -------------------------------------------------------------------------------------------------------
Putnam New Putnam OTC & Putnam Small Cap
Value Fund Emerging Growth Fund Growth Fund
- -------------------------------------------------------------------------------------------------------
Audit Aug. 31, 2003 -- $40,890 July 31, 2003 -- $66,963 June 30, 2004 -- $35,742
Fees Aug. 31, 2002 -- $46,082 July 31, 2002 -- $66,435 June 30, 2003 -- $31,825
- -------------------------------------------------------------------------------------------------------
Audit-Related Aug. 31, 2003 -- $0 July 31, 2003 -- $0 June 30, 2004 -- $0
Fees Aug. 31, 2002 -- $0 July 31, 2002 -- $0 June 30, 2003 -- $0
- -------------------------------------------------------------------------------------------------------
Tax Fees Aug. 31, 2003 -- $3,537 July 31, 2003 -- $4,278 June 30, 2004 -- $3,014
Aug. 31, 2002 -- $2,992 July 31, 2002 -- $3,735 June 30, 2003 -- $2,774
- -------------------------------------------------------------------------------------------------------
All Other Aug. 31, 2003 -- $0 July 31, 2003 -- $0 June 30, 2004 -- $47
Fees Aug. 31, 2002 -- $678 July 31, 2002 -- $2,651 June 30, 2003 -- $0
- -------------------------------------------------------------------------------------------------------
Putnam Tax Smart Putnam Utilities Growth Putnam
Equity Fund and Income Fund Voyager Fund
- -------------------------------------------------------------------------------------------------------
Audit Oct. 31, 2003 -- $38,856 Oct. 31, 2003 -- $50,790 July 31, 2003 -- $113,682
Fees Oct. 31, 2002 -- $34,499 Oct. 31, 2002 -- $43,592 July 31, 2002 -- $129,287
- -------------------------------------------------------------------------------------------------------
Audit-Related Oct. 31, 2003 -- $0 Oct. 31, 2003 -- $0 July 31, 2003 -- $0
Fees Oct. 31, 2002 -- $0 Oct. 31, 2002 -- $0 July 31, 2002 -- $0
- -------------------------------------------------------------------------------------------------------
Tax Fees Oct. 31, 2003 -- $3,060 Oct. 31, 2003 -- $4,148 July 31, 2003 -- $8,871
Oct. 31, 2002 -- $2,826 Oct. 31, 2002 -- $3,878 July 31, 2002 -- $8,104
- -------------------------------------------------------------------------------------------------------
All Other Fees Oct. 31, 2003 -- $0 Oct. 31, 2003 -- $0 July 31, 2003 -- $0
Oct. 31, 2002 -- $138 Oct. 31, 2002 -- $432 July 31, 2002 -- $9,949
- -------------------------------------------------------------------------------------------------------
The following table presents fees billed in each of the last two fiscal years for services
rendered to a fund by KPMG LLP:
Putnam Classic Putnam Convertible Putnam Equity
Equity Fund Income--Growth Trust Income Fund
- -------------------------------------------------------------------------------------------------------
Audit Nov. 30, 2003 -- $27,900 Oct. 31, 2003 -- $25,050 Nov. 30, 2003 -- $26,450
Fees Nov. 30, 2002 -- $26,350 Oct. 31, 2002 -- $23,700 Nov. 30, 2002 -- $24,800
- -------------------------------------------------------------------------------------------------------
Audit-Related Nov. 30, 2003 -- $0 Oct. 31, 2003 -- $0 Nov. 30, 2003 -- $0
Fees Nov. 30, 2002 -- $0 Oct. 31, 2002 -- $0 Nov. 30, 2002 -- $0
- -------------------------------------------------------------------------------------------------------
Tax Fees Nov. 30, 2003 -- $2,800 Oct. 31, 2003 -- $2,450 Nov. 30, 2003 -- $2,450
Nov. 30, 2002 -- $2,650 Oct. 31, 2002 -- $2,300 Nov. 30, 2002 -- $2,300
- -------------------------------------------------------------------------------------------------------
All Other Nov. 30, 2003 -- $0 Oct. 31, 2003 -- $0 Nov. 30, 2003 -- $0
Fees Nov. 30, 2002 -- $1,731 Oct. 31, 2002 -- $1,731 Nov. 30, 2002 -- $1,731
- -------------------------------------------------------------------------------------------------------
Putnam Global Putnam Global Natural Putnam Growth
Equity Fund Resources Fund Opportunities Fund
- -------------------------------------------------------------------------------------------------------
Audit Oct. 31, 2003 -- $33,600 Aug. 31, 2003 -- $25,550 July 31, 2003 -- $22,450
Fees Oct. 31, 2002 -- $31,450 Aug. 31, 2002 -- $24,200 July 31, 2002 -- $21,000
- -------------------------------------------------------------------------------------------------------
Audit-Related Oct. 31, 2003 -- $0 Aug. 31, 2003 -- $0 July 31, 2003 -- $0
Fees Oct. 31, 2002 -- $0 Aug. 31, 2002 -- $0 July 31, 2002 -- $0
- -------------------------------------------------------------------------------------------------------
Tax Fees Oct. 31, 2003 -- $2,800 Aug. 31, 2003 -- $2,450 July 31, 2003 -- $2,450
Oct. 31, 2002 -- $2,650 Aug. 31, 2002 -- $2,300 July 31, 2002 -- $2,300
- -------------------------------------------------------------------------------------------------------
All Other Oct. 31, 2003 -- $0 Aug. 31, 2003 -- $0 July 31, 2003 -- $1,731
Fees Oct. 31, 2002 -- $1,731 Aug. 31, 2002 -- $1,731 July 31, 2002 -- $0
- -------------------------------------------------------------------------------------------------------
Putnam Putnam Mid Cap Putnam
Investors Fund Value Fund Research Fund
- -------------------------------------------------------------------------------------------------------
Audit July 31, 2003 -- $29,250 April 30, 2004 -- $21,108 July 31, 2003 -- $21,350
Fees July 31, 2002 -- $27,400 April 30, 2003 -- $19,500 July 31, 2002 -- $20,000
- -------------------------------------------------------------------------------------------------------
Audit-Related July 31, 2003 -- $0 April 30, 2004 -- $0 July 31, 2003 -- $0
Fees July 31, 2002 -- $0 April 30, 2003 -- $0 July 31, 2002 -- $0
- -------------------------------------------------------------------------------------------------------
Tax Fees July 31, 2003 -- $2,450 April 30, 2004 -- $2,450 July 31, 2003 -- $2,450
July 31, 2002 -- $2,300 April 30, 2003 -- $2,300 July 31, 2002 -- $2,300
- -------------------------------------------------------------------------------------------------------
All Other July 31, 2003 -- $1,731 April 30, 2004 -- $122 July 31, 2003 -- $1,731
Fees July 31, 2002 -- $0 April 30, 2003 -- $1,731 July 31, 2002 -- $0
- -------------------------------------------------------------------------------------------------------
Putnam Small Cap
Value Fund Putnam Vista Fund
- -------------------------------------------------------------------------------------------------------
Audit Feb. 29, 2004 -- $26,250 July 31, 2003 -- $27,050
Fees Feb. 28, 2003 -- $24,800 July 31, 2002 -- $25,300
- -------------------------------------------------------------------------------------------------------
Audit-Related Feb. 29, 2004 -- $0 July 31, 2003 -- $0
Fees Feb. 28, 2003 -- $0 July 31, 2002 -- $0
- -------------------------------------------------------------------------------------------------------
Tax Fees Feb. 29, 2004 -- $2,450 July 31, 2003 -- $2,450
Feb. 28, 2003 -- $2,300 July 31, 2002 -- $2,300
- -------------------------------------------------------------------------------------------------------
All Other Feb. 29, 2004 -- $0 July 31, 2003 -- $1,731
Fees Feb. 28, 2003 -- $1,730 July 31, 2002 -- $0
- -------------------------------------------------------------------------------------------------------
Audit Fees represents fees billed for a fund's last two fiscal years.
Audit-Related Fees represents fees billed in a fund's last two fiscal
years for services traditionally performed by the fund's independent
registered public accounting firm, including accounting consultation for
proposed transactions or concerning financial accounting and reporting
standards and other audit or attest services not required by statute or
regulation.
Tax Fees represents fees billed in a fund's last two fiscal years for
tax compliance, tax planning and tax advice services. Tax planning and
tax advice services include assistance with tax audits, employee benefit
plans and requests for rulings or technical advice from taxing
authorities.
All Other Fees represents fees billed for services relating to
calculation of a fund's investment performance, fund expense processing
and interfund trading.
The following tables present the amounts the independent auditors billed
for aggregate non-audit fees in each of the last two fiscal years to
each fund, Putnam Management and any entity controlling, controlled by
or under common control with Putnam Management that provides ongoing
services to the fund:
PricewaterhouseCoopers LLP:
Putnam Asset Allocation: Putnam Asset Allocation: Putnam Asset Allocation:
Balanced Portfolio Conservative Portfolio Growth Portfolio
- ----------------------------------------------------------------------------------------------------------
Non- Sept. 30, 2003 -- $85,473 Sept. 30, 2003 -- $85,201 Sept. 30, 2003 -- $91,150
Audit Fees Sept. 30, 2002 -- $10,016 Sept. 30, 2002 -- $9,715 Sept. 30, 2002 -- $21,093
- ----------------------------------------------------------------------------------------------------------
Putnam Capital Putnam Capital Putnam Discovery
Appreciation Fund Opportunities Fund Growth Fund
- ----------------------------------------------------------------------------------------------------------
Non- May 31, 2004 -- $133,821 April 30, 2004 -- $144,215 Dec. 31, 2003 -- $144,277
Audit Fees May 31, 2003 -- $57,748 April 30, 2003 -- $3,072 Dec. 31, 2002 -- $51,665
- ----------------------------------------------------------------------------------------------------------
Putnam Europe The George Putnam The Putnam Fund for
Equity Fund Fund of Boston Growth and Income
- ----------------------------------------------------------------------------------------------------------
Non- June 30, 2004 -- $137,958 July 31, 2003 -- $128,379 Oct. 31, 2003 -- $107,185
Audit Fees June 30, 2003 -- $59,828 July 31, 2002 -- $21,515 Oct. 31, 2002 -- $31,333
- ----------------------------------------------------------------------------------------------------------
Putnam
Putnam Health International Capital Putnam International
Sciences Trust Opportunities Fund Equity Fund
- ----------------------------------------------------------------------------------------------------------
Non- Aug. 31, 2003 -- $78,226 Aug. 31, 2003 -- $79,795 June 30, 2004 -- $154,641
Audit Fees Aug. 31, 2002 -- $21,503 Aug. 31, 2002 -- $21,769 June30, 2003 -- $83,485
- ----------------------------------------------------------------------------------------------------------
Putnam Putnam
International Growth International New Putnam New
and Income Fund Opportunities Fund Opportunities Fund
- ----------------------------------------------------------------------------------------------------------
Non- June 30, 2004 -- $138,823 Sept. 30, 2003 -- $80,792 June 30, 2004 -- $139,133
Audit Fees June 30, 2003 -- $58,421 Sept. 30, 2002 -- $12,627 June 30, 2003 -- $61,349
- ----------------------------------------------------------------------------------------------------------
Putnam New Putnam OTC & Putnam Small Cap
Value Fund Emerging Growth Fund Growth Fund
- ----------------------------------------------------------------------------------------------------------
Non- Aug. 31, 2003 -- $77,132 July 31, 2003 -- $77,873 June 30, 2004 -- $136,689
Audit Fees Aug. 31, 2002 -- $18,599 July 31, 2002 -- $21,316 June 30, 2003 -- $57,292
- ----------------------------------------------------------------------------------------------------------
Putnam Tax Smart Putnam Utilities Growth Putnam
Equity Fund and Income Fund Voyager Fund
- ----------------------------------------------------------------------------------------------------------
Non- Oct. 31, 2003 -- $105,137 Oct. 31, 2003 -- $106,225 July 31, 2003 -- $82,466
Audit Fees Oct. 31, 2002 -- $2,964 Oct. 31, 2002 -- $4,311 July 31, 2002 -- $32,983
- ----------------------------------------------------------------------------------------------------------
KPMG LLP:
Putnam Classic Putnam Convertible Putnam Equity
Equity Fund Income-Growth Trust Income Fund
- ----------------------------------------------------------------------------------------------------------
Non- Nov. 30, 2003 -- $2,800 Oct. 31, 2003 -- $2,450 Nov. 30, 2003 -- $2,450
Audit Fees Nov. 30, 2002 -- $4,381 Oct. 31, 2002 -- $4,031 Nov. 30, 2002 -- $4,031
- ----------------------------------------------------------------------------------------------------------
Putnam Global Putnam Global Natural Putnam Growth
Equity Fund Resources Fund Opportunities Fund
- ----------------------------------------------------------------------------------------------------------
Non- Oct. 31, 2003 -- $2,800 Aug. 31, 2003 -- $2,450 July 31, 2003 -- $4,181
Audit Fees Oct. 31, 2002 -- $4,381 Aug. 31, 2002 -- $4,031 July 31, 2002 -- $2,300
- ----------------------------------------------------------------------------------------------------------
Putnam Putnam Mid Cap Putnam
Investors Fund Value Fund Research Fund
- ----------------------------------------------------------------------------------------------------------
Non- July 31, 2003 -- $4,181 April 30, 2004 -- $2,572 July 31, 2003 -- $4,181
Audit Fees July 31, 2002 -- $2,300 April 30, 2003 -- $4,031 July 31, 2002 -- $2,300
- ----------------------------------------------------------------------------------------------------------
Putnam Small Cap
Value Fund Putnam Vista Fund
- ----------------------------------------------------------------------------------------------------------
Non- Feb. 29, 2004 -- $2,450 July 31, 2003 -- $4,181
Audit Fees Feb. 28, 2003 -- $4,030 July 31, 2002 -- $2,300
- ----------------------------------------------------------------------------------------------------------
Pre-Approval Policies of the Audit and Pricing Committee. The Audit and
Pricing Committee has determined that, as a matter of policy, all work
performed for the funds by the funds' independent auditors will be
pre-approved by the Committee and will generally not be subject to
pre-approval procedures.
Under certain circumstances, the Audit and Pricing Committee believes
that it may be appropriate for Putnam Management and certain of its
affiliates to engage the services of the funds' independent auditors,
but only after prior approval by the Committee. Such requests are
required to be submitted in writing to the Committee and explain, among
other things, the nature of the proposed engagement, the estimated fees
and why this work must be performed by that particular audit firm. The
Committee will review the proposed engagement at its next meeting.
Since May 6, 2003, all work performed by the independent auditors for
the funds, Putnam Management and any entity controlling, controlled by
or under common control with Putnam Management that provides ongoing
services to the funds was pre-approved by the Committee or a member of
the Committee pursuant to the pre-approval policies discussed above.
Prior to that date, the Committee had a general policy to pre-approve
the independent auditors' engagements for non-audit services with the
funds, Putnam Management and any entity controlling, controlled by or
under common control with Putnam Management that provides ongoing
services to the funds.
For each fund's last two fiscal years, such fund's principal auditors
did not bill for services required to be approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X.
Officers and other information. All of the officers of your fund, with
the exception of Mr. Putnam, III, are employees of Putnam Management or
its affiliates. Because of their positions with Putnam Management,
Putnam Retail Management or their affiliates or their ownership of stock
of Marsh & McLennan Companies, Inc., the parent corporation of Putnam
Investments Trust and indirectly of Putnam LLC, Messrs. Haldeman,
Putnam, III and Smith (nominees for Trustees of your fund), as well as
the officers of your fund, will benefit from the management fees,
distribution fees, custodian fees, and investor servicing fees paid or
allowed by the fund. In addition to Mr. Putnam, III, the other officers
of each fund are as follows:
Year first
Name (birthdate) elected Business experience
Office with the fund to office during past five years
- -----------------------------------------------------------------------
Charles E. Porter (7/26/38) 1989 Managing Director,
Executive Vice President, Putnam Investments
Associate Treasurer and and Putnam Management
Principal Executive Officer
- -----------------------------------------------------------------------
Jonathan S. Horwitz (6/4/55)* 2004 Managing Director,
Senior Vice President and Putnam Investments
Treasurer
- -----------------------------------------------------------------------
Steven D. Krichmar (6/27/58) 2002 Senior Managing Director,
Vice President and Principal Putnam Investments.
Financial Officer Prior to 2001, Mr. Krichmar was
a Partner at
PricewaterhouseCoopers, LLP
- -----------------------------------------------------------------------
Michael T. Healy (1/24/58) 2000 Managing Director,
Assistant Treasurer and Principal Putnam Investments
Accounting Officer
- -----------------------------------------------------------------------
Beth S. Mazor (4/6/58) 2002 Senior Vice President,
Vice President Putnam Investments
- -----------------------------------------------------------------------
Daniel T. Gallagher (2/27/62)* 2004 Vice President, Putnam
Vice President and Legal and Investments. Prior to
Compliance Liaison Officer 2004, Mr. Gallagher was an
Associate for Ropes &
Gray LLP; Prior to 2000,
he was a Law Clerk for
the Massachusetts Supreme
Judicial Court
- -----------------------------------------------------------------------
Mark C. Trenchard (6/5/62) 2002 Senior Vice President,
Vice President and Putnam Investments
BSA Compliance Officer
- -----------------------------------------------------------------------
Francis J. McNamara (8/19/55) 2004 Senior Managing Director,
Vice President and Chief Putnam Investments,
Legal Officer Putnam Retail Management.
Prior to 2004, Mr. McNamara
was General Counsel of State
Street Research & Management
- -----------------------------------------------------------------------
James P. Pappas (2/24/53) 2004 Managing Director,
Vice President Putnam Investments and
Putnam Management. During
2002, Mr. Pappas was Chief
Operating Officer of
Atalanta/ Sosnoff Management
Corporation; prior to
2001 he was President and
Chief Executive Officer of
UAM Investment Services, Inc.
- -----------------------------------------------------------------------
Richard S. Robie, III (3/30/60) 2004 Senior Managing Director,
Vice President
Putnam Investments, Putnam
Management and Putnam
Retail Management.
Prior to 2003, Mr. Robie
was Senior Vice President of
United Asset Management
Corporation
- -----------------------------------------------------------------------
Judith Cohen (6/7/45)* 1993 Clerk and Assistant
Clerk and Assistant Treasurer Treasurer, The Putnam Funds
- -----------------------------------------------------------------------
* Officers of each fund who are members of the Trustees' independent
administrative staff. Compensation for these officers is fixed by the
Trustees and reimbursed by Putnam management.
Shares outstanding of your fund as of June 30, 2004
Putnam Putnam Putnam Putnam Putnam
Asset Allocation: Asset Allocation: Asset Allocation: Capital Capital Putnam
Balanced Conservative Growth Appreciation Opportunities Classic Equity
Class Portfolio Portfolio Portfolio Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------
Class A shares 95,993,368.025 64,531,714.577 57,106,072.569 24,597,253.902 37,404,722.225 57,485,313.808
- -----------------------------------------------------------------------------------------------------------------------------
Class B shares 32,692,022.749 13,785,302.272 25,612,961.941 21,827,491.535 26,629,820.220 24,605,172.343
- -----------------------------------------------------------------------------------------------------------------------------
Class C shares 8,295,858.873 4,086,225.588 7,412,177.122 228,270.512 3,493,575.758 1,533,258.210
- -----------------------------------------------------------------------------------------------------------------------------
Class M shares 3,244,448.140 1,486,096.208 2,912,629.804 1,192,629.687 1,837,731.837 3,401,130.189
- -----------------------------------------------------------------------------------------------------------------------------
Class R shares 466.105 8,545.487 590.608 508.861 5,314.503 450.751
- -----------------------------------------------------------------------------------------------------------------------------
Class Y shares 47,729,788.526 9,693,798.394 41,458,786.998 -- 32,073,753.026 515,212.678
- -----------------------------------------------------------------------------------------------------------------------------
Putnam Putnam Putnam Putnam The George Putnam
Convertible Discovery Equity Europe Putnam Global
Income-Growth Growth Income Equity Fund of Equity
Class Trust Fund Fund Fund Boston Fund
- -----------------------------------------------------------------------------------------------------------------------------
Class A shares 36,168,736.914 43,767,457.352 117,200,286.049 17,382,387.707 197,325,638.829 263,154,841.917
- -----------------------------------------------------------------------------------------------------------------------------
Class B shares 6,693,004.380 34,817,128.206 48,947,130.445 13,198,993.976 66,804,263.959 71,713,792.240
- -----------------------------------------------------------------------------------------------------------------------------
Class C shares 636,493.905 3,747,374.476 4,749,175.700 306,604.557 4,525,210.900 4,919,927.946
- -----------------------------------------------------------------------------------------------------------------------------
Class M shares 451,781.356 2,350,205.665 8,215,957.428 1,368,089.142 13,173,350.732 4,972,254.759
- -----------------------------------------------------------------------------------------------------------------------------
Class R shares 64.820 61.275 57,974.398 59.946 7,780.970 2,486.327
- -----------------------------------------------------------------------------------------------------------------------------
Class Y shares 1,791,803.057 936,763.815 24,991,240.884 -- 50,226,658.936 4,013,662.360
- -----------------------------------------------------------------------------------------------------------------------------
Putnam Putnam
Global Putnam Putnam Putnam International Putnam
Natural Fund For Growth Health Capital International
Resources Growth Opportunities Sciences Opportunities Equity
Class Fund and Income Fund Trust Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------
Class A shares 7,741,778.506 709,835,850.421 53,147,445.648 31,087,893.953 29,503,648.804 176,351,471.058
- -----------------------------------------------------------------------------------------------------------------------------
Class B shares 3,862,070.605 199,419,389.849 50,858,664.830 20,263,891.527 20,741,266.860 78,604,775.824
- -----------------------------------------------------------------------------------------------------------------------------
Class C shares 610,104.257 6,431,550.562 4,509,250.055 889,452.897 3,325,369.874 15,337,243.237
- -----------------------------------------------------------------------------------------------------------------------------
Class M shares 139,685.742 8,668,908.019 1,801,173.067 682,895.580 816,860.986 5,346,348.201
- -----------------------------------------------------------------------------------------------------------------------------
Class R shares 3,195.013 2,305.026 361.279 257.096 159.591 26,911.696
- -----------------------------------------------------------------------------------------------------------------------------
Class Y shares -- 92,895,549.813 3,211,375.483 528,356.587 2,832,404.174 61,018,147.352
- -----------------------------------------------------------------------------------------------------------------------------
Putnam Putnam
International International Putnam Putnam Putnam
Growth and New Putnam Mid Cap New New
Income Opportunities Investors Value Opportunities Value
Class Fund Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------
Class A shares 30,189,580.993 42,645,160.589 205,816,115.494 30,789,135.920 130,267,700.827 44,072,066.973
- -----------------------------------------------------------------------------------------------------------------------------
Class B shares 24,553,062.650 27,272,910.128 128,148,765.940 21,460,996.554 47,380,100.195 30,538,321.228
- -----------------------------------------------------------------------------------------------------------------------------
Class C shares 2,157,516.192 1,502,554.982 5,241,541.797 2,396,826.630 1,467,129.936 2,196,029.937
- -----------------------------------------------------------------------------------------------------------------------------
Class M shares 1,399,524.355 2,145,866.763 5,463,887.822 992,574.841 3,642,665.149 2,001,845.262
- -----------------------------------------------------------------------------------------------------------------------------
Class R shares 108.851 198.937 685.993 7,324.016 648.190 136.825
- -----------------------------------------------------------------------------------------------------------------------------
Class Y shares 1,277,431.459 -- 69,175,202.490 2,008,251.032 21,213,401.877 5,875,676.779
- -----------------------------------------------------------------------------------------------------------------------------
Putnam Putnam
OTC & Putnam Putnam Putnam Utilities
Emerging Putnam Small Cap Small Cap Tax Smart Growth and
Growth Research Growth Value Equity Income
Class Fund Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------
Class A shares 144,642,565.894 66,937,434.403 7,976,379.495 25,362,906.825 13,126,403.339 47,801,229.035
- -----------------------------------------------------------------------------------------------------------------------------
Class B shares 50,099,344.493 35,341,974.864 3,430,526.340 16,718,660.365 14,672,364.689 10,625,354.068
- -----------------------------------------------------------------------------------------------------------------------------
Class C shares 2,920,161.128 4,125,042.021 628,997.424 2,624,573.643 4,025,908.899 457,682.168
- -----------------------------------------------------------------------------------------------------------------------------
Class M shares 33,457,701.484 1,917,159.718 267,716.570 594,610.246 444,671.848 378,402.748
- -----------------------------------------------------------------------------------------------------------------------------
Class R shares 1,093.841 24,063.860 971.658 123.526
- -----------------------------------------------------------------------------------------------------------------------------
Class Y shares 13,841,701.434 8,982,784.787 715,641.977 6,041,298.746
- -----------------------------------------------------------------------------------------------------------------------------
Putnam Putnam
Vista Voyager
Class Fund Fund
- -----------------------------------------------------
Class A shares 225,218,033.614 588,008,712.618
- -----------------------------------------------------
Class B shares 98,159,298.250 178,986,950.561
- -----------------------------------------------------
Class C shares 4,834,037.852 8,175,207.453
- -----------------------------------------------------
Class M shares 6,014,271.797 9,052,652.807
- -----------------------------------------------------
Class R shares 1,772.410 15,294.502
- -----------------------------------------------------
Class Y shares 35,221,753.447 178,655,940.842
- -----------------------------------------------------
As of June 30, 2004, to the knowledge of the fund, only the following
persons owned of record or beneficially 5% or more of any class of
shares of any fund:
Putnam Putnam Putnam
Asset Allocation: Asset Allocation: Asset Allocation:
CLASS Balanced Portfolio Conservative Portfolio Growth Portfolio
- --------------------------------------------------------------------------------------
A Building Service Local
32B-J Supplemental
Retirement Savings
Plan**
(43.81%)
- --------------------------------------------------------------------------------------
B
- --------------------------------------------------------------------------------------
C Edward D. Jones & Co.
201 Progress Pkwy
Maryland Heights, MO
63043-3003
(9.00%)
- --------------------------------------------------------------------------------------
M Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003
(7.70%) (5.40%)
National City Bank National City Bank
PO Box 94984 PO Box 94984
Cleveland, OH Cleveland, OH
44101-4984 44101-4984
(5.10%) (29.70%)
- --------------------------------------------------------------------------------------
R Putnam Investments MCB Trust Services Putnam Investments
LLC* Cust. FBO LLC*
(26.00%) 700 17th St. STE 300 (21.30%)
Denver, CO
80202-3531
(81.70%)
MCB Trust Services MCB Trust Services MCB Trust Services
700 17th St. STE 300 700 17th St. STE 300 700 17th St. STE 300
Denver, CO Denver, CO Denver, CO
80202-3531 80202-3531 80202-3531
(69.60%) (15.30%) (70.10%)
MCB Trust Services
Cust. FBO
700 17th St. STE 300
Denver, CO
80202-3531
(8.30%)
- --------------------------------------------------------------------------------------
Putnam Putnam Putnam
Asset Allocation: Asset Allocation: Asset Allocation:
CLASS Balanced Portfolio Conservative Portfolio Growth Portfolio
- --------------------------------------------------------------------------------------
Y Illinois Toolworks Inc. Illinois Toolworks Inc. Illinois Toolworks Inc.
Savings and Savings and Savings and
Investment Plan** Investment Plan** Investment Plan**
(35.97%) (32.04%) (31.82%)
Karsten Manufacturing IBEW Local 3** IBEW Local 3**
Corporation and (13.47%) (8.33%)
Subsidiaries 401(k) Plan**
(11.46%)
Coca-Cola Enterprises Kinder Morgan The Bank One
Matched Employee Savings Plan** Corporation**
Savings and (6.69%) (30.43%)
Investment Plan**
(9.71%)
IBEW Local 3** Valmont Employee
(6.98%) Retirement Savings
Plan**
(5.55%)
Rio Tinto
American Inc.**
(5.07%)
- --------------------------------------------------------------------------------------
Putnam Capital Putnam Capital Putnam Classic
CLASS Appreciation Fund Opportunities Fund Equity Fund
- --------------------------------------------------------------------------------------
A Edward D. Jones & Co. Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003 63043-3003
(11.70%) (7.20%) (26.90%)
- --------------------------------------------------------------------------------------
B Edward D. Jones & Co.
201 Progress Pkwy
Maryland Heights, MO
63043-3003
(10.60%)
- --------------------------------------------------------------------------------------
C Merrill, Lynch, Pierce, Edward D. Jones & Co.
Fenner & Smith Inc. 201 Progress Pkwy
4800 Deer Lake Dr. E Maryland Heights, MO
Jacksonville, FL 32246 63043-3003
(6.10%) (6.60%)
Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr. E
Jacksonville, FL 32246
(5.20%)
- --------------------------------------------------------------------------------------
M Edward D. Jones & Co. Saxon & Co. Edward D. Jones & Co.
201 Progress Pkwy P.O. Box 7780 201 Progress Pkwy
Maryland Heights, MO Philadelphia, PA Maryland Heights, MO
63043-3003 19182-0001 63043-3003
(6.20%) (11.50%) (20.60%)
- --------------------------------------------------------------------------------------
R Putnam Investments A.G. Edwards & Putnam Investments
LLC* Sons Inc. LLC*
(12.40%) 1 N. Jefferson Ave. (19.90%)
St. Louis, MO
63103-2205
(68.00%)
MCB Trust Services MCB Trust Services National Quality
Cust. FBO Cust. FBO Review Inc.
700 17th St. STE 300 700 17th St. STE 300 7 Steven Drive
Denver, CO Denver, CO South Hadley, MA
80202-3531 80202-3531 01075-1317
(87.50%) (24.20%) (78.20%)
- --------------------------------------------------------------------------------------
Y Ohio Tuition Trust Putnam Investments
Authority/ College Profit Sharing Plan**
Advantage Program*** (67.06%)
(23.60%)
Textron Savings Plan** Putnam Investments**
(7.68%) (18.23%)
- --------------------------------------------------------------------------------------
Putnam Convertible Putnam Discovery Putnam Equity
CLASS Income-Growth Trust Growth Fund Income Fund
- --------------------------------------------------------------------------------------
A Edward D. Jones & Co. Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003 63043-3003
(13.10%) (13.80%) (20.20%)
- --------------------------------------------------------------------------------------
B Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003
(5.30%) (10.20%)
Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr. E
Jacksonville, FL 32246
(6.30%)
- --------------------------------------------------------------------------------------
C Merrill, Lynch, Pierce, Merrill, Lynch, Pierce, Merrill, Lynch, Pierce,
Fenner & Smith Inc. Fenner & Smith Inc. Fenner & Smith Inc.
4800 Deer Lake Dr. E 4800 Deer Lake Dr. E 4800 Deer Lake Dr. E
Jacksonville, FL 32246 Jacksonville, FL 32246 Jacksonville, FL 32246
(12.00%) (5.50%) (8.90%)
Citigroup Global Citigroup Global
Markets Inc. Markets Inc.
333 W 34th St. FL 3 333 W 34th St. FL 3
New York, NY New York, NY
10001-2402 10001-2402
(7.10%) (6.80%)
- --------------------------------------------------------------------------------------
M Edward D. Jones & Co. Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003 63043-3003
(10.00%) (8.20%) (7.30%)
Delaware Charter
Guaranty & Trust
1013 Centre Road
Wilmington, DE
19899-8936
(60.70%)
- --------------------------------------------------------------------------------------
Putnam Convertible Putnam Discovery Putnam Equity
CLASS Income-Growth Trust Growth Fund Income Fund
- --------------------------------------------------------------------------------------
R Putnam Investments Putnam Investments Merrill, Lynch, Pierce,
LLC* LLC* Fenner & Smith Inc.
(100.00%) (100.00%) 4800 Deer Lake Dr. E
Jacksonville, FL 32246
(11.70%)
MCB Trust Services
700 17th St. STE 300
Denver, CO
80202-3531
(32.00%)
MCB Trust Services
Cust. FBO
700 17th St. STE 300
Denver, CO
80202-3531
(10.40%)
NFSC FEBO
US Bank TTEE
Brightkeys Bldg &
Development
401(k) Retirement Plan
1555 N River
Center Drive, Ste 303
Milwaukee, WI
53212-3958
(15.90%)
Federated Investors
Trust Co.
309 Vine Street #653D
Cincinnati, OH
45202-3524
(15.20%)
Martin Prakken &
Tom O'Connell
Blueprint Automation
Retirement Plan
16037 Innovation Dr
Colonial Heights, VA
23834-5951
(7.90%)
- --------------------------------------------------------------------------------------
Putnam Convertible Putnam Discovery Putnam Equity
CLASS Income-Growth Trust Growth Fund Income Fund
- --------------------------------------------------------------------------------------
Y Putnam Investments Putnam Investments Marsh & McLennan
Profit Sharing Plan** Profit Sharing Plan** Supplemental
(13.72%) (67.19%) Retirement Plan
1166 Avenue of
the Americas
New York, NY
10036-2774
(14.43%)
Raymond James Putnam Investments** Meijer Inc. Savings
Financial, Inc.** (19.01%) Plus Plan III**
(11.55%) (13.44%)
Putnam Investments** United States Filter
(5.58%) Corporation
Retirement Savings
Plan**
(10.67%)
IBEW Local 3**
(9.98%)
Knoll Retirement
Savings Plan**
(9.16%)
The Bank One
Corporation**
(6.75%)
IMC Global Inc.
Profit Sharing and
Savings Plan**
(6.52%)
Textron Savings Plan**
(6.38%)
- --------------------------------------------------------------------------------------
Putnam Europe The George Putnam Putnam Global
CLASS Equity Fund Fund of Boston Equity Fund
- --------------------------------------------------------------------------------------
A Edward D. Jones & Co. Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003 63043-3003
(6.20%) (17.10%) (8.00%)
Charles Schwab & Co. Inc. VALIC
101 Montgomery St. 2929 Allen Parkway,
San Francisco, CA 94104 #L7-01
(9.90%) Houston, TX 77019
(18.70%)
- --------------------------------------------------------------------------------------
B Citigroup Global Edward D. Jones & Co.
Markets Inc. 201 Progress Pkwy
333 W 34th St. FL 3 Maryland Heights, MO
New York, NY 63043-3003
10001-2402 (11.20%)
(5.40%)
- --------------------------------------------------------------------------------------
C Citigroup Global Edward D. Jones & Co. Merrill, Lynch, Pierce,
Markets Inc. 201 Progress Pkwy Fenner & Smith Inc.
333 W 34th St. FL 3 Maryland Heights, MO 4800 Deer Lake Dr E
New York, NY 63043-3003 Jacksonville, FL 32246
10001-2402 (5.90%) (5.30%)
(7.90%)
Merrill, Lynch, Pierce, Merrill, Lynch, Pierce,
Fenner & Smith Inc. Fenner & Smith Inc.
4800 Deer Lake Dr. E. 4800 Deer Lake Dr. E.
Jacksonville, FL 32246 Jacksonville, FL 32246
(11.20%) (5.70%)
- --------------------------------------------------------------------------------------
M SMBC Friend Carwash & Co. Edward D. Jones & Co.
Securities Co., Ltd. 200 Newport Ave. 201 Progress Pkwy
Foreign Securities Dept Quincy, MA Maryland Heights, MO
7-12 Kabuto-Cho 02171-2102 63043-3003
Nihonbashi Chuo-Ku (62.30%) (8.40%)
Tokyo 103 Japan
(66.40%)
Edward D. Jones & Co
201 Progress Pkwy
Maryland Heights, MO
63043-3003
(5.80%)
- --------------------------------------------------------------------------------------
Putnam Europe The George Putnam Putnam Global
CLASS Equity Fund Fund of Boston Equity Fund
- --------------------------------------------------------------------------------------
R Putnam Investments MCB Trust Services Putnam Investments
LLC* Cust. FBO LLC* (6.80%)
(100.00%) 700 17th St. STE 300
Denver, CO
80202-3531
(57.40%)
Bisys Retirement Wexford Securities
Services LLC.FBO*
700 17th Street, Ste 100 (27.60%)
Denver, CO
80202-3507
(36.90%)
Vito Spinosa
Cheryl Spinosa TTEES
Barclay Contracting Co
U/A DTD 08/12/2000
PO Box 1871
Allentown, PA
18105-1871
(24.70%)
MCB Trust Services
Cust. FBO
700 17th St. STE 300
Denver, CO
80202-3531
(14.00%)
- --------------------------------------------------------------------------------------
Y Nordstrom Air Savings Putnam Investments
Investment Plan** Profit Sharing Plan**
(11.39%) (30.64%)
Borg-Warner Marsh & McLennan
Automotive Inc. Deferred
Retirement Savings Compensation Plans
Plan** 1166 Avenue of
(9.07%) the Americas
New York, NY
10036-2774
(19.02%)
The Thomson Holdings Raymond James
Inc. Savings Plan** Financial, Inc.
(8.93%) Star Plan Trust**
(18.75%)
The ServiceMaster Putnam Investments,
Company** Inc.**
(7.27%) (11.34%)
Abbott Laboratories
Stock Retirement
Programs**
(5.99%)
- --------------------------------------------------------------------------------------
Putnam The Putnam Fund
Global Natural for Growth Putnam Growth
CLASS Resources Fund and Income Opportunities Fund
- --------------------------------------------------------------------------------------
A Edward D. Jones & Co. Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003 63043-3003
(5.20%) (12.20%) (12.30%)
- --------------------------------------------------------------------------------------
B Edward D. Jones & Co.
201 Progress Pkwy
Maryland Heights, MO
63043-3003
(7.00%)
- --------------------------------------------------------------------------------------
C Citigroup Global Edward D. Jones & Co. Merrill, Lynch, Pierce,
Markets Inc. 201 Progress Pkwy Fenner & Smith Inc.
333 W 34th St. FL 3 Maryland Heights, MO 4800 Deer Lake Dr. E
New York, NY 63043-3003 Jacksonville, FL 32246
10001-2402 (6.10%) (7.60%)
(11.70%)
Merrill, Lynch, Pierce, Merrill, Lynch, Pierce, Citigroup Global
Fenner & Smith Inc. Fenner & Smith Inc. Markets Inc.
4800 Deer Lake Dr. E 4800 Deer Lake Dr. E 333 W 34th St. FL 3
Jacksonville, FL 32246 Jacksonville, FL 32246 New York, NY 10001-2402
(7.10%) (5.50%) (6.00%)
- --------------------------------------------------------------------------------------
M Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003
(14.00%) (7.60%)
Frontier Trust Co
PO Box 10699
Fargo, ND
58106-0699
(5.60%)
- --------------------------------------------------------------------------------------
Putnam The Putnam Fund
Global Natural for Growth Putnam Growth
CLASS Resources Fund and Income Opportunities Fund
- --------------------------------------------------------------------------------------
R Wachovia Bank Bryce Edwards & Putnam Investments
Flair-Royalton 401(k) James Kubinski TTEES LLC*
1525 West Wt Greater Milwaukee (26.10%)
Harris Blvd Open Inc.
Charlotte, NC Attn Sherry Maierle
28288-1151 8989 N Port
(98.20%) Washington Rd
Milwaukee, WI
53217-1671
(23.70%)
Vito Spinosa MCB Trust Services
Cheryl Spinosa TTEES Cust. FBO
Barclay Contracting Co 700 17th St. STE 300
U/A DTD 08/12/2000 Denver, CO
PO Box 1871 80202-3531
Allentown, PA (73.80%)
18105-1871
(21.20%)
Stanley S. Stephens
Matthew S. Stephens
TTEES of the Stephens
Funeral Home 401(k)
Profit Sharing Plan & Trust
1335 W Linden St #37
Allentown, PA
18102-4334
(20.80%)
Leo H. DeLong, Jr. &
Wanda J Delong TTEES
Bucks Dev & Contr Corp
401(k) P/S/P & Trust
PO Box 287
Emmaus, PA
18049-0287
(10.20%)
- --------------------------------------------------------------------------------------
Putnam The Putnam Fund
Global Natural for Growth Putnam Growth
CLASS Resources Fund and Income Opportunities Fund
- --------------------------------------------------------------------------------------
Y The Thomson Holdings Arch Coal, Inc.
Inc. Savings Plan** Employee Thrift Plan**
(9.38%) (41.52%)
Electrical Contractors Putnam Investments
Association and Local Profit Sharing Plan**
Union 134, IBEW (19.21%)
Joint Pension Trust
of Chicago**
(9.18%)
Abbott Laboratories Southern Wine &
Stock Retirement Spirits of America
Programs** 401(k) Retirement
(6.73%) Plan**
(15.24%)
The Health Net, Inc.
401(k) Savings Plan**
(9.97%)
Hannaford Savings and
Investment Plan**
(5.67%)
- --------------------------------------------------------------------------------------
Putnam Putnam
Putnam Health International Capital International
CLASS Sciences Trust Opportunities Fund Equity Fund
- --------------------------------------------------------------------------------------
A Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003
(12.70%) (6.00%)
Merrill, Lynch, Pierce, Charles Schwab &
Fenner & Smith Inc. Co. Inc
4800 Deer Lake Dr. E 101 Montgomery St.
Jacksonville, FL 32246 San Francisco, CA 94104
(7.50%) (10.40%)
- --------------------------------------------------------------------------------------
B Citigroup Global Citigroup Global Citigroup Global
Markets Inc. Markets Inc. Markets Inc.
333 W 34th St. FL 3 333 W 34th St. FL 3 333 W 34th St. FL 3
New York, NY New York, NY New York, NY
10001-2402 10001-2402 10001-2402
(6.40%) (5.10%) (6.40%)
Merrill, Lynch, Pierce, Merrill, Lynch, Pierce, Merrill, Lynch, Pierce,
Fenner & Smith Inc. Fenner & Smith Inc. Fenner & Smith Inc.
4800 Deer Lake Dr. E 4800 Deer Lake Dr. E 4800 Deer Lake Dr. E
Jacksonville, FL 32246 Jacksonville, FL 32246 Jacksonville, FL 32246
(9.30%) (6.00%) (7.90%)
- --------------------------------------------------------------------------------------
C Citigroup Global Citigroup Global Merrill, Lynch, Pierce,
Markets Inc. Markets Inc. Fenner & Smith Inc.
333 W 34th St. FL 3 333 W 34th St. FL 3 4800 Deer Lake Dr. E
New York, NY New York, NY Jacksonville, FL 32246
10001-2402 10001-2402 (17.60%)
(10.10%) (10.80%)
Merrill, Lynch, Pierce, Merrill, Lynch, Pierce, Citigroup Global
Fenner & Smith Inc. Fenner & Smith Inc. Markets Inc.
4800 Deer Lake Dr. E 4800 Deer Lake Dr. E 333 W 34th St. FL 3
Jacksonville, FL 32246 Jacksonville, FL 32246 New York, NY
(14.00%) (14.00%) 10001-2402
(9.20%)
- --------------------------------------------------------------------------------------
M Edward D. Jones & Co.
201 Progress Pkwy
Maryland Heights, MO
63043-3003
(6.30%)
Citigroup Global
Markets Inc.
333 W 34th St. FL 3
New York, NY
10001-2402
(6.60%)
- --------------------------------------------------------------------------------------
Putnam Putnam
Putnam Health International Capital International
CLASS Sciences Trust Opportunities Fund Equity Fund
- --------------------------------------------------------------------------------------
R MCB Trust Services Putnam Investments Federated Investors
700 17th St. STE 300 LLC* Trust Company for
Denver, CO (46.10%) Dupree Plumbing Co.
80202-3531 401(k) Plan
(63.60%) 309 Vine Street #653D
Cincinnati, OH
45202-3524
(60.80%)
Wexford Securities MCB Trust Services Reliance Trust
LLC. FBO* 700 17th St. STE 300 Company
(18.10%) Denver, CO PO Box 48529
80202-3531 Atlanta, GA
(41.90%) 30362-1529
(14.20%)
Bryce Edwards & MCB Trust Services Bisys Retirement
James Kubinski TTEES Cust. FBO Services
Greater Milwaukee 700 17th St. STE 300 700 17th Street,
Open Inc. Denver, CO Ste 100
Attn Sherry Maierle 80202-3531 Denver, CO
8989 N Port (9.80%) 80202-3507
Washington Rd (11.00%)
Milwaukee, WI
53217-1671
(12.90%)
Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr. E
Jacksonville, FL 32246
(5.30%)
- --------------------------------------------------------------------------------------
Putnam Putnam
Putnam Health International Capital International
CLASS Sciences Trust Opportunities Fund Equity Fund
- --------------------------------------------------------------------------------------
Y Putnam Investments Putnam Investments The Bank One
Profit Sharing Plan** Profit Sharing Plan** Corporation**
(35.07%) (16.14%) (14.15%)
United States Filter United States Filter Abbott Laboratories
Corporation Retirement Corporation Retirement Stock Retirement
Savings Plan** Savings Plan** Programs**
(19.49%) (14.85%) (5.34%)
The BGEA/TNG Ohio Tuition Trust Ohio Tuition Trust
Local 245 Boston Globe Authority/College Authority/College
Employee Savings Plan** Advantage Program*** Advantage Program***
(14.51%) (13.50%) (5.20%)
Coca-Cola Enterprises Coca-Cola Enterprises
Matched Employee Matched Employee
Savings and Savings and
Investment Plan** Investment Plan**
(5.99%) (10.77%)
Fidelity Investments
FIIOC Agent/Certain
Employee Benefit Plans**
(8.31%)
Putnam Investments**
(6.22%)
- --------------------------------------------------------------------------------------
Putnam International Putnam
Growth and International New Putnam
CLASS Income Fund Opportunities Fund Investors Fund
- --------------------------------------------------------------------------------------
A Edward D. Jones & Co. Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003 63043-3003
(34.10%) (12.00%) (10.40%)
- --------------------------------------------------------------------------------------
B Edward D. Jones & Co. Merrill, Lynch, Pierce,
201 Progress Pkwy Fenner & Smith Inc.
Maryland Heights, MO 4800 Deer Lake Dr. E
63043-3003 Jacksonville, FL 32246
(10.40%) (6.70%)
- --------------------------------------------------------------------------------------
C Edward D. Jones & Co. Merrill, Lynch, Pierce, Edward D. Jones & Co.
201 Progress Pkwy Fenner & Smith Inc. 201 Progress Pkwy
Maryland Heights, MO 4800 Deer Lake Dr. E Maryland Heights, MO
63043-3003 Jacksonville, FL 32246 63043-3003
(5.20%) (11.50%) (6.80%)
Citigroup Global Citigroup Global Citigroup Global
Markets Inc. Markets Inc. Markets Inc.
333 W 34th St. FL 3 333 W 34th St. FL 3 333 W 34th St. FL 3
New York, NY New York, NY New York, NY
10001-2402 10001-2402 10001-2402
(9.60%) (7.50%) (5.40%)
Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr. E
Jacksonville, FL 32246
(14.60%)
- --------------------------------------------------------------------------------------
M Edward D. Jones & Co. Merrill, Lynch, Pierce, Transamerica
201 Progress Pkwy Fenner & Smith Inc. Life Insurance
Maryland Heights, MO 4800 Deer Lake Dr. E Company
63043-3003 Jacksonville, FL 32246 1150 S. Olive St.
(17.50%) (6.10%) Los Angeles, CA
90015-2211
(5.60%)
Edward D. Jones & Co.
201 Progress Pkwy
Maryland Heights, MO
63043-3003
(8.70%)
- --------------------------------------------------------------------------------------
Putnam International Putnam
Growth and International New Putnam
CLASS Income Fund Opportunities Fund Investors Fund
- --------------------------------------------------------------------------------------
R Putnam Investments Putnam Investments Putnam Investments
LLC* LLC* LLC*
(99.90%) (51.80%) (16.30%)
Wexford Securities MCB Trust Services
LLC. FBO* Cust. FBO
(47.90%) 700 17th St. STE 300
Denver, CO
80202-3531
(81.80%)
- --------------------------------------------------------------------------------------
Y United States Filter TRW Employee Stock
Corporation Retirement Ownership and
Savings Plan** Savings Plan**
(38.57%) (12.34%)
Putnam Investments IBEW Local 3**
Profit Sharing Plan** (7.78%)
(25.56%)
Coca-Cola Enterprises Ohio Tuition Trust
Matched Employee Authority/College
Savings and Advantage Program***
Investment Plan** (9.70%)
(11.39%)
Putnam Investments**
(10.90%)
- --------------------------------------------------------------------------------------
Putnam Mid Cap Putnam New Putnam New
CLASS Value Fund Opportunities Fund Value Fund
- --------------------------------------------------------------------------------------
A Edward D. Jones & Co. Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003 63043-3003
(9.80%) (7.20%) (23.50%)
VALIC
2929 Allen Parkway,
#L7-01
Houston, TX 77019
(12.50%)
- --------------------------------------------------------------------------------------
B Citigroup Global Edward D. Jones & Co.
Markets Inc. 201 Progress Pkwy
333 W 34th St. FL 3 Maryland Heights, MO
New York, NY 63043-3003
10001-2402 (7.60%)
(5.20%)
- --------------------------------------------------------------------------------------
C Merrill, Lynch, Pierce, Merrill, Lynch, Pierce,
Fenner & Smith Inc. Fenner & Smith Inc.
4800 Deer Lake Dr. E 4800 Deer Lake Dr. E
Jacksonville, FL 32246 Jacksonville, FL 32246
(7.10%) (8.80%)
Citigroup Global
Markets Inc.
333 W 34th St. FL 3
New York, NY
10001-2402
(5.90%)
- --------------------------------------------------------------------------------------
M Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003
(5.50%) (15.50%)
National City Bank
PO Box 94984
Cleveland, OH
44101-4984
(11.20%)
- --------------------------------------------------------------------------------------
Putnam Mid Cap Putnam New Putnam New
CLASS Value Fund Opportunities Fund Value Fund
- --------------------------------------------------------------------------------------
R MCB Trust Services Putnam Investments Putnam Investments
Cust. FBO LLC* LLC*
700 17th St. STE 300 (5.30%) (49.70%)
Denver, CO
80202-3531
(86.50%)
MCB Trust Services MCB Trust Services
700 17th St. STE 300 700 17th St. STE 300
Denver, CO Denver, CO
80202-3531 80202-3531
(37.20%) (50.20%)
Stanley S. Stephens
Matthew S. Stephens
TTEES of the Stephens
Funeral Home 401(k)
Profit Sharing Plan & Trust
1335 W Linden St #37
Allentown, PA
18102-4334
(19.50%)
Leo H Delong Jr &
Wanda J Delong TTEES
Bucks Dev & Contr Corp
401(k) P/S/P & Trust
PO Box 287
Emmaus, PA
18049-0287
(12.10%)
- --------------------------------------------------------------------------------------
Putnam Mid Cap Putnam New Putnam New
CLASS Value Fund Opportunities Fund Value Fund
- --------------------------------------------------------------------------------------
Y Putnam Investments IBEW Local 3** Ohio Tuition Trust
Profit Sharing Plan** (20.05%) Authority/College
(28.97%) Advantage Program***
(58.80%)
Marsh & McLennan Illinois Toolworks Inc. Illinois Toolworks Inc.
Supplemental Savings and Savings and
Retirement Plan Investment Plan** Investment Plan**
1166 Avenue of (12.60%) (17.96%)
the Americas
New York, NY
10036-2774
(25.90%)
Coca-Cola Enterprises WorldCom 401(k) Putnam Investments
Matched Employee Salary Savings Plan** Profit Sharing Plan**
Savings and Investment (11.70%) (12.03%)
Plan**
(17.25%)
Putnam Investments** United Technology Putnam Investments**
(13.40%) Carriers** (5.52%)
(9.58%)
Marsh & McLennan
Deferred
Compensation Plans
1166 Avenue of
the Americas
New York, NY
10036-2774
(6.46%)
- --------------------------------------------------------------------------------------
Putnam
OTC & Emerging Putnam Research Putnam Small Cap
CLASS Growth Fund Fund Growth Fund
- --------------------------------------------------------------------------------------
A VALIC Edward D. Jones & Co.
2929 Allen Parkway, 201 Progress Pkwy
#L7-01 Maryland Heights, MO
Houston, TX 77019 63043-3003
(22.00%) (12.10%)
Mac & Co.
PO Box
Pittsburgh, PA
15230-0320
(6.50%)
- --------------------------------------------------------------------------------------
B Edward D. Jones & Co.
201 Progress Pkwy
Maryland Heights, MO
63043-3003
(6.50%)
- --------------------------------------------------------------------------------------
C Citigroup Global Citigroup Global Citigroup Global
Markets Inc. Markets Inc. Markets Inc.
333 W 34th St. FL 3 333 W 34th St. FL 3 333 W 34th St. FL 3
New York, NY New York, NY New York, NY
10001-2402 10001-2402 10001-2402
(6.40%) (5.20%) (5.40%)
Merrill, Lynch, Pierce, Merrill, Lynch, Pierce,
Fenner & Smith Inc. Fenner & Smith Inc.
4800 Deer Lake Dr. E 4800 Deer Lake Dr. E
Jacksonville, FL 32246 Jacksonville, FL 32246
(7.20%) (5.10%)
- --------------------------------------------------------------------------------------
M State Street Bank & Trust Edward D. Jones & Co. Capital Bank &
P.O. Box 2136 201 Progress Pkwy Trust Co.
Boston, MA Maryland Heights, MO Cadwell's Window
(46.20%) 63043-3003 Dcor Preferred
(12.10%) 401(k) Plan
C/o Plan Premier
Fascorp
8515 Orchard Rd.
#2T2
Greenwood Vlg, CO
80111-5002
(6.40%)
Carwash & Co.
200 Newport Ave.
Quincy, MA 02171-2102
(43.10%)
- --------------------------------------------------------------------------------------
Putnam
OTC & Emerging Putnam Research Putnam Small Cap
CLASS Growth Fund Fund Growth Fund
- --------------------------------------------------------------------------------------
R Putnam Investments LLC* Transamerica Life MCB Trust Services
(13.10%) Insurance Company Cust. FBO
1150 S. Olive St. 700 17th St. STE 300
Los Angeles, CA Denver, CO
90015-2211 80202-3531
(99.50%) (58.00%)
Wexford Securities MCB Trust Services
LLC. FBO* 700 17th St. STE 300
(55.70%) Denver, CO
80202-3531
(32.40%)
National Quality Review Putnam Investments
7 Steven Drive LLC*
South Hadley, MA (5.50%)
01075-1317
(6.80%)
- --------------------------------------------------------------------------------------
Y Coca-Cola Enterprises Marsh & McLennan Putnam Investments
Matched Employee Supplemental Profit Sharing Plan**
Savings and Investment Retirement Plan (55.59%)
Plan** 1166 Avenue of
(29.47%) the Americas
New York, NY
10036-2774
(47.27%)
Putnam Investments Vertis 401(k) Plan** Putnam Investments**
Profit Sharing Plan** (19.49%) (36.00%)
(12.49%)
New York State Electric Svedala Industries, Inc.
and Gas Corporation Tax Salaried Savings Plan**
Deferred Savings Plan** (8.64%)
(10.72%)
New York State Electric Putnam Investments
and Gas Corporation Tax Profit Sharing Plan**
Deferred Savings Plan** (7.24%)
(7.21%)
United States Filter
Corporation Retirement
Savings Plan**
(6.50%)
- --------------------------------------------------------------------------------------
Putnam Utilities
Putnam Small Cap Putnam Tax Smart Growth and
CLASS Value Fund Equity Fund Income Fund
- --------------------------------------------------------------------------------------
A Edward D. Jones & Co. Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003 63043-3003
(6.90%) (10.00%) (15.10%)
- --------------------------------------------------------------------------------------
B Merrill, Lynch, Pierce, Merrill, Lynch, Pierce,
Fenner & Smith Inc. Fenner & Smith Inc.
4800 Deer Lake Dr. E 4800 Deer Lake Dr. E
Jacksonville, FL 32246 Jacksonville, FL 32246
(5.80%) (9.70%)
- --------------------------------------------------------------------------------------
C Merrill, Lynch, Pierce, Merrill, Lynch, Pierce,
Fenner & Smith Inc. Fenner & Smith Inc.
4800 Deer Lake Dr. E 4800 Deer Lake Dr. E
Jacksonville, FL 32246 Jacksonville, FL 32246
(11.60%) (9.50%)
- --------------------------------------------------------------------------------------
M Edward D. Jones & Co. Pershing, LLC Edward D. Jones & Co.
201 Progress Pkwy P.O. Box 2052 201 Progress Pkwy
Maryland Heights, MO Jersey City, NJ Maryland Heights, MO
63043-3003 07303-2052 63043-3003
(5.40%) (5.30%) (16.40%)
Saxon & Co. Joseph B. Love
P.O. Box 7780 5505 Flakesmill Rd.
Philadelphia, PA Ellenwood, GA
19182-0001 30294-2747
(11.40%) (5.10%)
- --------------------------------------------------------------------------------------
R Putnam Investments*
(100.00%)
- --------------------------------------------------------------------------------------
Y The Bank One
Corporation**
(40.06%)
Borg-Warner
Automotive Inc.
Retirement Savings Plan**
(16.82%)
Putnam Investments
Profit Sharing Plan**
(16.27%)
United States Filter
Corporation Retirement
Savings Plan**
(13.14%)
- --------------------------------------------------------------------------------------
CLASS Putnam Vista Fund Putnam Voyager Fund
- --------------------------------------------------------------------------------------
A Edward D. Jones & Co. Edward D. Jones & Co.
201 Progress Pkwy 201 Progress Pkwy
Maryland Heights, MO Maryland Heights, MO
63043-3003 63043-3003
(6.40%) (10.30%)
- --------------------------------------------------------------------------------------
B Edward D. Jones & Co.
201 Progress Pkwy
Maryland Heights, MO
63043-3003
(6.40%)
- --------------------------------------------------------------------------------------
C Edward D. Jones & Co.
201 Progress Pkwy
Maryland Heights, MO
63043-3003
(5.20%)
Citigroup Global
Markets Inc.
333 W 34th St. FL 3
New York, NY
10001-2402
(5.20%)
Merrill, Lynch, Pierce,
Fenner & Smith Inc.
4800 Deer Lake Dr. E
Jacksonville, FL 32246
(6.80%)
- --------------------------------------------------------------------------------------
M Transamerica Life Edward D. Jones & Co.
Insurance Company 201 Progress Pkwy
1150 S. Olive St. Maryland Heights, MO
Los Angeles, CA 63043-3003
90015-2211 (9.50%))
(5.20%)
National City Bank
PO Box 94984
Cleveland, OH
44101-4984
(5.40%)
- --------------------------------------------------------------------------------------
R MCB Trust Services Transamerica Life
Cust. FBO Insurance Company
700 17th St. STE 300 1150 S. Olive St.
Denver, CO Los Angeles, CA
80202-3531 90015-2211
(47.20%) (64.30%)
MCB Trust Services AUSA Life Insurance
700 17th St. STE 300 Company
Denver, CO P. O. Box 30368
80202-3531 Los Angeles, CA
(18.40%) 90030-0368
(5.70%)
CLASS Putnam Vista Fund Putnam Voyager Fund
- --------------------------------------------------------------------------------------
R (cont.) Bryce Edwards &
James Kubinski TTEES
Greater Milwaukee
Open Inc.
Attn Sherry Maierle
8989 N Port
Washington Rd.
Milwaukee, WI
53217-1671
(12.60%)
Putnam Investments*
(9.10%)
Wexford Securities
LLC, FBO*
(8.10%)
- --------------------------------------------------------------------------------------
Y Hanford Operations and The Thomson Holdings Inc.
Engineering Investment Savings Plan**
Plan** (10.33%)
(7.93%)
Emerson Electric Co. Abbott Laboratories Stock
Employee Savings Retirement Programs**
Investment Plan** (7.33%)
(18.19%)
United States Filter The Bank One Corporation**
Corporation Retirement (6.36%)
Savings Plan**
(13.22%)
Southern Wine & Spirits WorldCom 401(k) Salary
of America 401(k) Savings Plan**
Retirement Plan** (5.18%)
(13.04%)
First Hawaiian Future
Plan**
(6.35%)
- --------------------------------------------------------------------------------------
* The address for the name listed is: c/o Putnam Investments, One Post
Office Square, Boston, MA 02109.
** The address for the name listed is: c/o Putnam Fiduciary Trust
Company, as trustee or agent, Investors Way, Norwood, MA 02062-9105.
*** The address for the name listed is: c/o Putnam Fiduciary Trust
Company, as service provider, Investors Way, Norwood, MA 02062-9105.
EXHIBIT A
THE PUTNAM FUNDS
Board Policy and Nominating Committee Charter
This Committee reviews matters pertaining to the operations of the
Board of Trustees and its Committees and the conduct of legal affairs
for the Funds. The Committee evaluates and recommends all candidates for
election as Trustees and recommends the appointment of members and
chairs of each board committee. The Committee also reviews policy
matters affecting the operation of the Board and its independent staff
and make recommendations to the Board as appropriate. The Committee also
oversees the voting of proxies associated with portfolio investments of
The Putnam Funds with the goal of ensuring that these proxies are voted
in the best interest of the Funds' shareholders. The Committee is
comprised exclusively of Independent Trustees.
EXHIBIT B
Current Fundamental Investment
Restrictions with Respect to Borrowing
Putnam Asset Allocation: Balanced Portfolio
Putnam Asset Allocation: Conservative Portfolio
Putnam Asset Allocation: Growth Portfolio
Putnam Capital Appreciation Fund
Putnam Classic Equity Fund
Putnam Discovery Growth Fund
Putnam Equity Income Fund
Putnam Europe Equity Fund
The George Putnam Fund of Boston
The Putnam Fund for Growth and Income
Putnam Growth Opportunities Fund
Putnam Health Sciences Trust
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam International Growth and Income Fund
Putnam International New Opportunities Fund
Putnam New Opportunities Fund
Putnam New Value Fund
Putnam OTC & Emerging Growth Fund
Putnam Research Fund
Putnam Utilities Growth and Income Fund
"The fund may not. . . [b]orrow money in excess of 10% of the value
(taken at the lower of cost or current value) of [the fund's] total
assets (not including the amount borrowed) at the time the borrowing is
made, and then only from banks as a temporary measure to facilitate the
meeting of redemption requests (not for leverage) which might otherwise
require the untimely disposition of portfolio investments or for
extraordinary or emergency purposes. Such borrowings will be repaid
before any additional investments are purchased.
Putnam Voyager Fund
"The fund may not. . . [b]orrow more than 50% of the value of its total
assets (excluding borrowings and stock index futures contracts and call
options on stock index futures contracts and stock indices) less
liabilities other than borrowings and stock index futures contracts and
call options on stock index futures and stock indices.
Putnam Investors Fund
"The fund may not. . . [b]orrow money in excess of 5% of its net assets
(taken at current value) and then only as a temporary measure for
extraordinary or emergency reasons and not for investment purposes. (The
fund may borrow only from banks and immediately after any such
borrowings there must be an asset coverage (total assets of the fund
including the amount borrowed less liabilities other than borrowings) of
at least 300% of the amount of all borrowings. In the event that, due to
market decline or other reasons, such asset coverage should at any time
fall below 300%, the fund is required within three days not including
Sundays and holidays to reduce the amount of its borrowings to the
extent necessary to cause the asset coverage of such borrowings to be at
least 300%. If this should happen, the fund may have to sell securities
at a time when it would be disadvantageous to do so.)
Putnam Global Equity Fund
"The fund may not... [b]orrow money in excess of 10% of its gross assets
(taken at current value) and then only as a temporary measure for
extraordinary or emergency reasons and not for investment [purposes].
(The fund may borrow only from banks and immediately after any such
borrowings there must be an asset coverage (total assets of the fund
including the amount borrowed less liabilities other than such
borrowings) of at least 300% of the amount of all borrowings. In the
event that, due to market decline or other reasons, such asset coverage
should at any time fall below 300%, the fund is required within three
days not including Sundays and holidays to reduce the amount of its
borrowings to the extent necessary to cause the asset coverage of such
borrowings to be at least 300%. If this should happen, the fund may have
to sell securities at a time when it would be disadvantageous to do so.)
Putnam Vista Fund
"The fund may not... [b]orrow money in excess of 10% of its net assets
(taken at current value) and then only as a temporary measure for
extraordinary or emergency reasons and not for investment purposes. (The
fund may borrow only from banks and immediately after any such
borrowings there must be an asset coverage (total assets of the fund
including the amount borrowed less liabilities other than such
borrowings) of at least 300% of the amount of all borrowings. In the
event that, due to market decline or other reasons, such asset coverage
should at any time fall below 300%, the fund is required within three
days not including Sundays and holidays to reduce the amount of its
borrowings to the extent necessary to cause the asset coverage of such
borrowings to be at least 300%. If this should happen, the fund may have
to sell securities at a time when it would be disadvantageous to do so.)
Putnam Global Natural Resources Fund
"The fund may not. . . [b]orrow money, except for temporary or emergency
purposes and then in an amount not in excess of 5% of the market value
of its total assets (not including the amount borrowed)."
Putnam Convertible Income-Growth Trust
"The fund may not. . . [b]orrow money in excess of 5% of its net assets
(taken at the lower of cost or current value) and then only from banks
as a temporary measure for extraordinary or emergency reasons and not
for investment purposes."
EXHIBIT C
Current Fundamental Investment Restrictions with Respect to
Diversification of Investments
Putnam Asset Allocation: Balanced Portfolio
Putnam Asset Allocation: Conservative Portfolio
Putnam Asset Allocation: Growth Portfolio
Putnam Capital Appreciation Fund
Putnam Convertible Income-Growth Trust
Putnam Equity Income Fund
Putnam Europe Equity Fund
The George Putnam Fund of Boston
Putnam Global Equity Fund
Putnam Global Natural Resources Fund
The Putnam Fund for Growth and Income
Putnam International Equity Fund
Putnam International Growth and Income Fund
Putnam Investors Fund
Putnam OTC & Emerging Growth Fund
Putnam Utilities Growth and Income Fund
Putnam Vista Fund
Putnam Voyager Fund
"The fund may not. . . [w]ith respect to 75% of its total assets, invest
in securities of any issuer if, immediately after such investment, more
than 5% of the total assets of the fund (taken at current value) would
be invested in the securities of such issuer; provided that this
limitation does not apply to obligations issued or guaranteed as to
interest or principal by the U.S. government or its agencies or
instrumentalities."
Putnam Capital Opportunities Fund
Putnam Classic Equity Fund
Putnam Growth Opportunities Fund
Putnam International Capital Opportunities Fund
Putnam International New Opportunities Fund
Putnam Mid Cap Value Fund
Putnam New Value Fund
Putnam Research Fund
Putnam Small Cap Growth Fund
Putnam Small Cap Value Fund
Putnam Tax Smart Equity Fund
"The fund may not. . . [w]ith respect to 75% of its total assets, invest
in securities of any issuer if, immediately after such investment, more
than 5% of the total assets of the fund (taken at current value) would
be invested in the securities of such issuer; provided that this
limitation does not apply to obligations issued or guaranteed as to
interest or principal by the U.S. government or its political
subdivisions."
Putnam Discovery Growth Fund
Putnam New Opportunities Fund
"The fund may not. . . [w]ith respect to 75% of its total assets, invest
in the securities of any issuer if, immediately after such investment,
more than 5% of the total assets of the fund (taken at current value)
would be invested in the securities of such issuer; provided that this
limitation does not apply to obligations issued or guaranteed as to
interest and principal by the U.S. government or its agencies or
instrumentalities."
Putnam Health Sciences Trust
"The fund may not. . . [w]ith respect to 50% of its total assets, invest
in securities of any issuer if, immediately after such investment, more
than 5% of the total assets of the fund (taken at current value) would
be invested in the securities of such issuer; provided that this
limitation does not apply to obligations issued or guaranteed as to
interest and principal by the U.S. government or its agencies or
instrumentalities."
EXHIBIT D
Current Provisions of Agreements and Declarations of Trust of the Funds
with Respect to Redemption of Shares
Putnam Convertible Income-Growth Trust
Putnam Equity Income Fund
Putnam Global Equity Fund
Putnam Global Natural Resources Fund
Putnam Health Sciences Trust
Putnam International Equity Fund
Putnam Investors Fund
Putnam OTC & Emerging Growth Fund
Putnam Vista Fund
Putnam Voyager Fund
Article VI
Distributions, Redemptions and Repurchases
* * *
Redemption and Repurchases
Section 2. The Trust shall purchase such Shares as are offered by any
Shareholder for redemption, upon the presentation of any certificate for
the Shares to be purchased, a proper instrument of transfer and a
request directed to the Trust or a person designated by the Trust that
the Trust purchase such Shares, or in accordance with such other
procedures for redemption as the Trustees may from time to time
authorize; and the Trust will pay therefor the net asset value thereof,
as next determined in accordance with the Bylaws. Payment for said
Shares shall be made by the Trust to the Shareholder within seven days
after the date on which the request is made. The obligation set forth in
this Section 2 is subject to the provision that in the event that any
time the New York Stock Exchange is closed for other than customary
weekends or holidays, or, if permitted by the rules of the [Securities
and Exchange Commission], during periods when trading on the Exchange is
restricted or during any emergency which makes it impractical for the
Trust to dispose of its investments or to determine fairly the value of
its net assets, or during any other period permitted by order of the
[Securities and Exchange Commission] for the protection of investors,
such obligation may be suspended or postponed by the Trustees. The Trust
may also purchase or repurchase Shares at a price not exceeding the net
asset value of such Shares in effect when the purchase or repurchase or
any contract to purchase or repurchase is made.
Putnam Asset Allocation: Balanced Portfolio
Putnam Asset Allocation: Conservative Portfolio
Putnam Asset Allocation: Growth Portfolio
Putnam Capital Opportunities Fund
Putnam Classic Equity Fund
Putnam Discovery Growth Fund
Putnam Europe Equity Fund
Putnam Growth Opportunities Fund
Putnam International Capital Opportunities Fund
Putnam International Growth and Income Fund
Putnam International New Opportunities Fund
Putnam Mid Cap Value Fund
Putnam New Opportunities Fund
Putnam New Value Fund
Putnam Research Fund
Putnam Small Cap Growth Fund
Putnam Small Cap Value Fund
Putnam Utilities Growth and Income Fund
Article VI
Distributions, Redemptions and Repurchases
* * *
Redemption and Repurchases
Section 2. The Trust shall purchase such Shares as are offered by any
Shareholder for redemption, upon the presentation of any certificate for
the Shares to be purchased, a proper instrument of transfer and a
request directed to the Trust or a person designated by the Trust that
the Trust purchase such Shares, or in accordance with such other
procedures for redemption as the Trustees may from time to time
authorize; and the Trust will pay therefor the net asset value thereof,
as next determined in accordance with the Bylaws, less any redemption
charge fixed by the Trustees. Payment for said Shares shall be made by
the Trust to the Shareholder within seven days after the date on which
the request is made. The obligation set forth in this Section 2 is
subject to the provision that in the event that any time the New York
Stock Exchange is closed for other than customary weekends or holidays,
or, if permitted by the rules of the [Securities and Exchange
Commission], during periods when trading on the Exchange is restricted
or during any emergency which makes it impractical for the Trust to
dispose of its investments or to determine fairly the value of its net
assets, or during any other period permitted by order of the [Securities
and Exchange Commission] for the protection of investors, such
obligation may be suspended or postponed by the Trustees. The Trust may
also purchase or repurchase Shares at a price not exceeding the net
asset value of such Shares in effect when the purchase or repurchase or
any contract to purchase or repurchase is made.
The George Putnam Fund of Boston
Article IV
Rights and Privileges of Beneficiaries
* * *
Right to Sell Shares to Trust
Section 4. The Trust shall purchase such shares as are offered by any
beneficiary for redemption, upon the presentation of the certificate or
certificates therefore, if any, to the Trust or to the Transfer Agent,
duly endorsed or accompanied by a proper instrument of transfer,
together with a request that the Trust purchase the shares represented
thereby; and the Trust will pay therefor in cash the liquidating value
of the shares so presented determined as of such time as the Trustees
may from time to time specify, subject to any applicable rule of the
Securities and Exchange Commission adopted under the Investment Company
Act of 1940.
For the protection of the remaining beneficiaries the Trustees reserve
the right to demand not more than seven (7) full business days' written
notice of the request to purchase such shares at such liquidating value,
which period may be extended by the Trustees for such time as the New
York Stock Exchange may at any time be closed for business or open upon
a restricted basis, all under such reasonable rules and regulations as
may be determined by the Trustees from time to time.
The Putnam Fund for Growth and Income
Article IV
Rights and Privileges of Beneficiaries
* * *
Right to Sell Shares to Trust
Section 4. The Trust shall purchase such shares as are offered by any
beneficiary for redemption, upon the presentation of the certificate or
certificates therefore, if any, to the Trust or to the Transfer Agent,
duly endorsed or accompanied by a proper instrument of transfer,
together with a request that the Trust purchase the shares represented
thereby; and the Trust will pay therefor in cash the net asset value of
the shares so presented determined as of such time as the Trustees may
from time to time specify, subject to any applicable rule of the
Securities and Exchange Commission adopted under the Investment Company
Act of 1940.
For the protection of the remaining beneficiaries the Trustees reserve
the right to demand not more than seven (7) days' written notice of the
request to purchase such shares at such net asset value, which period
may be extended by the Trustees for such times as the New York Stock
Exchange may at any time be closed for business other than customary
week-end and holiday closings or open upon a restricted basis, all under
such reasonable rules and regulations as may be determined by the
Trustees from time to time.
EXHIBIT E
Litigation
1. The plaintiff named below alleges that the defendants engaged in, or
allowed others to engage in, activities that took advantage of the way
mutual fund shares are priced in exchange for investments that benefited
the managers and advisers of the funds, but which harmed investors and
the funds themselves. The plaintiff's complaint sets forth violations of
36 of the 1940 Act, 206 of the Investment Advisers Act of 1940, as
amended (the "Advisers Act"), 10(b) and 20(a) of the 1934 Act,
breach of fiduciary duty, and civil conspiracy. The plaintiff seeks
declaratory relief, damages, pre and post judgment interest and
attorney's fees and costs.
Case Name Defendants Court Date Instituted
- ------------------------------------------------------------------------------------------
Gladys Baker Putnam Management 1 United States April 5, 2004
(derivatively on Omid Kamshad District Court
behalf of the Putnam Justin Scott for the District
Fund for Growth & Putnam Trustees 2 of Delaware
Income, Putnam Putnam Funds 3
Europe Equity Fund, (nominal)
and the Putnam Funds)
v. Putnam Investment
Management LLC, et al.
- ------------------------------------------------------------------------------------------
2. The plaintiffs named below allege that the defendants engaged in,
permitted and/or failed to prevent market timing and short-term trading
in the Putnam Funds. Plaintiffs generally claim violations of 36 of
the 1940 Act, 206 of the Advisers Act, 10(b) of the 1934 Act and
Rule 10b-5, 20(a) of the 1934 Act, breach of fiduciary duty, aiding
and abetting breach of fiduciary duty and civil conspiracy. The
plaintiffs generally seek injunctive relief including removal of the
current Trustees and fund managers, disgorgement of profits, monetary
damages, punitive damages and attorney's fees and costs.
Case Name Defendants Court Date Instituted
- --------------------------------------------------------------------------------------------------
Joanne S. Baseman Putnam Management United States Dec. 16, 2003
(derivatively on behalf Omid Kamshad District Court
of Putnam International Justin Scott for the District
Equity Fund and the William Woolverton of Maryland
Putnam Funds) Putnam Trustees
v. Putnam Investment Putnam Funds
Management, Inc., et al. (nominal)
- --------------------------------------------------------------------------------------------------
John K. Clement Putnam Management United States Nov. 26, 2003
(derivatively on behalf Omid Kamshad District Court
of several individual Justin Scott for the District
funds and the William Woolverton of Maryland
Putnam Funds) Putnam Trustees
v. Putnam Investment Putnam Funds
Management Inc., et al. (nominal)
- --------------------------------------------------------------------------------------------------
Simon J. Denenberg Putnam Management United States Jan. 30, 2004
(derivatively on behalf Omid Kamshad District Court
of the Putnam U.S. Justin Scott for the District
Government Income William Woolverton of Maryland
Trust and the Putnam Putnam Trustees
Funds) v. Putnam Putnam Funds
Investment Management, (nominal)
Inc., et al.
- --------------------------------------------------------------------------------------------------
Diane Hutto and Putnam Management United States Nov. 12, 2003
Dina Rozenbaum Putnam Trustees District Court
(derivative on behalf Justin M. Scott for the District
of several individual Omid Kamshad of Maryland
funds and the Putnam Certain officers of the
Funds) v. Putnam, LLC, Putnam Funds and
et. al. Putnam Management
John Does 1-100
Putnam Funds
(nominal)
- --------------------------------------------------------------------------------------------------
Seth B. Marks (derivative Putnam Management United States Dec. 3, 2003
on behalf of several Putnam Trustees District Court
individual funds and the Justin M. Scott for the District
Putnam Funds) Omid Kamshad of Maryland
v. Putnam, LLC, et. al. Certain officers of the
Putnam Funds and
Putnam Management
John Does 1-100
Putnam Funds
(nominal)
- --------------------------------------------------------------------------------------------------
Cynthia Puleo (derivative Putnam Management United States Dec. 16, 2003
on behalf of several Putnam Trustees District Court
individual funds and the Justin M. Scott for the District
Putnam Funds) Omid Kamshad of Maryland
v. Putnam, LLC, et al. Certain officers of the
Putnam Funds and
Putnam Management
John Does 1-100
Putnam Funds
(nominal)
- --------------------------------------------------------------------------------------------------
Edward L. Segel Putnam Management United States Jan. 23, 2004
(derivative on behalf Putnam Trustees District Court
of individual fund Omid Kamshad for the District
and the Putnam Funds) Justin Scott of Maryland
v. Putnam, LLC, et al. William Woolverton
Putnam Funds
(nominal)
- --------------------------------------------------------------------------------------------------
Zachary Alan Starr Putnam Management United States Nov. 6, 2003
(derivative on behalf Putnam Trustees District Court
of Putnam International Omid Kamshad for the District
Equity Fund and the Justin M. Scott of Maryland
Putnam Funds) Putnam Funds
v. Putnam Investment (nominal)
Management, et al.
- --------------------------------------------------------------------------------------------------
3. The plaintiffs named below allege that the defendants failed to
properly disclose that select customers were allowed to engage in late
trading or time their mutual fund trades. The plaintiffs generally claim
of breach of fiduciary duty, abuse of control, gross mismanagement,
waste of corporate assets and unjust enrichment. The plaintiffs seek
damages, equitable and/or injunctive relief, restitution and attorney's
fees and costs.
Case Name Defendants Court Date Instituted
- --------------------------------------------------------------------------------------------------
Leon Brazin Putnam Trustees Superior Court March 15, 2004
(derivatively on behalf Putnam Management of Suffolk County,
of Putnam Vista Fund) Putnam Vista Fund MA; Stipulation
v. John A. Hill, et al. (nominal) agreeing to
Certain officers of the removal and
Putnam Funds and transfer to
Putnam Management United States
District Court for
the District of
Maryland executed
on April 23, 2004
- --------------------------------------------------------------------------------------------------
Peter Kavaler Putnam Trustees Superior Court March 15, 2004
(derivatively on behalf Putnam Management of Suffolk County,
of Putnam Income Putnam Income Fund MA; Stipulation
Fund) v. John A. Hill, (nominal) agreeing to
et al. Certain officers of the removal and
Putnam Funds and transfer to
Putnam Management United States
District Court for
the District of
Maryland executed
on April 23, 2004
- --------------------------------------------------------------------------------------------------
Todd Klein (derivatively Putnam Trustees United States Jan. 27, 2004
on behalf of Putnam Putnam Management District Court
Global Equity Fund) Putnam Global Equity for the District
v. John A. Hill, et al. Fund (nominal) of Maryland
Certain officers of the
Putnam Funds and
Putnam Management
- --------------------------------------------------------------------------------------------------
Steven Wiegand Putnam Trustees United States Jan. 27, 2004
(derivatively on behalf Putnam Management District Court
of Putnam Classic Putnam Classic Equity for the District
Equity Fund) Fund (nominal) of Maryland
v. John A. Hill et al. Certain officers of the
Putnam Funds and
Putnam Management
- --------------------------------------------------------------------------------------------------
4. The plaintiff named below alleges that defendants failed to prevent
the disclosure of confidential information concerning the identity of
securities, the practice of late trading by selected investors,
time-trading by selected investors and insider trading by directors,
officers and/or employees of the defendants. The plaintiff claims breach
of fiduciary duty.
Case Name Defendants Court Date Instituted
- ------------------------------------------------------------------------------------------
Stern (derivative on Putnam Funds Supreme Court Dec. 17, 2003
behalf of Marsh Putnam Management of the State of
& McLennan) Jeffrey Greenberg New York
v. Greenberg, Mathis Cabaillavetta
et. al, Marsh Directors 4
Lawrence Lasser
- ------------------------------------------------------------------------------------------
1 "Putnam Management" includes Putnam Investments Trust, Putnam
Investment Management, LLC, Putnam, LLC, and/or Marsh & McLennan
Companies, Inc.
2 The 13 Putnam Trustees include current Trustees Jameson Adkins Baxter,
Charles B. Curtis, John A. Hill, Ronald J. Jackson, Paul L. Joskow,
Elizabeth T. Kennan, John H. Mullin, III, Robert E. Patterson, George
Putnam, III, A.J.C. Smith and W. Thomas Stephens and former Trustees W.
Nicholas Thorndike and Lawrence J. Lasser.
3 "Putnam Funds" includes any and/or all registered investment companies
managed by Putnam Management.
4 The Directors of Marsh & McLennan Companies, Inc. are Charles Davis,
Lewis Bernard, Peter Coster, Robert Ebruru, Oscar Fanjul, Ray Groves,
Stephen Hardis, Gwendolyn King, Lord Lang of Monkton, David Olsen,
Morton Shapiro, Adele Simmons and A.J.C. Smith.
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PUTNAM INVESTMENTS
The Putnam Funds
One Post Office Square
Boston, Massachusetts 02109
Toll-free 1-800-225-1581 216581 8/04
PUTNAM INVESTMENTS
The proxy ballot
To vote by mail
Read the proxy statement.
Check the appropriate boxes on the reverse side.
Sign and date the proxy ballot.
Return the proxy ballot in the envelope provided.
To vote by telephone
Read the proxy statement and have the proxy ballot at hand.
Call 1-888-221-0697.
Follow the automated telephone directions.
There is no need for you to return your proxy ballot.
To vote on the Web
Read the proxy statement and have the proxy ballot at hand.
Go to https://www.proxyweb.com Putnam
Follow the instructions on the site.
There is no need for you to return your proxy ballot.
By signing below, you as a Putnam fund shareholder appoint Trustees John
A. Hill and Robert E. Patterson, and each of them separately, with power
of substitution to each, to be your proxies. You are empowering them to
vote your Putnam fund shares on your behalf at a meeting of the
shareholders of the Putnam funds. The meeting will take place on
November 11, 2004 at 11:00 a.m. in Boston, and may be adjourned to later
times or dates. Your vote is being solicited on behalf of the Trustees
Trustees. When you complete and sign the proxy ballot, the Trustees will
vote exactly as you have indicated on the other side of this card. If
you simply sign the proxy ballot, or don don't t vote on a specific
proposal, your shares will be automatically voted as the Trustees
recommend. The Trustees are also authorized to vote at their discretion
on any other matter that arises at the meeting or any adjournment of the
meeting.
Please be sure to sign and date here
Signature(s) Date
Sign your name exactly as it appears on this card. If you own shares
jointly, each owner should sign. When signing as executor, administrator,
attorney, trustee, guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the
full corporate name and indicate the signer's office. If you are a partner,
sign in the partnership name.
Equity 1 - dh
Please place an X in the appropriate box(es) using black or blue ink or
number 2 pencil. Please do not use a fine point pen.
Proposals
1 Proposal to elect all nominees for Trustees.
The Trustees recommend voting FOR all proposals
FOR electing
all the
nominees
WITHHOLD
authority
to vote for
all nominees
To withhold authority to v vote for specific nominee(s), but to vote for
all other nominees, write the number(s) of the excluded nominee(s) on
the line to the left.
01 J.A. Baxter
02 C.B. Curtis
03 M.R. Drucker
04 C.E. Haldeman, Jr.
05 J.A. Hill
06 R.J. Jackson
07 P.L. Joskow
08 E.T. Kennan
09 J.H. Mullin, III
10 R.E. Patterson
11 G. Putnam, III
12 A.J.C. Smith
13 W.T. Stephens
14 R.B. Worley
Proposals to approve an amendment to certain funds' fundamental investment
restrictions with respect to
FOR AGAINST ABSTAIN
2A borrowing.
2B making loans.
2C diversification of investments.
2D issuance of senior securities.
..............................................................................
2E Proposal to approve an amendment to Putnam Equity Income Fund's investment
objective.
..............................................................................
3 Proposal to approve an amendment to your fund's agreement and
declaration of trust.
FOR AGAINST ABSTAIN
Refer to pages 6 and 7 in the proxy statement to determine which
proposals apply to your fund. If you have questions on the proposals,
please call 1-877-832-6360.
Please sign and date the other side of this card.
Equity 1 - dh
PUTNAM INVESTMENTS
[GRAPHIC OMITTED: ezVote Logo]
Consolidated Proxy Ballot
The top half of this form is your EzVote Consolidated Proxy. It reflects
all of your accounts registered to the same Social Security or Tax I.D.
number at this address. By voting and signing the Consolidated Proxy
Ballot, you are voting all of these accounts in the same manner as
indicated on the reverse side of the form.
PROXY FOR THE MEETING OF SHAREHOLDERS
TO BE HELD NOVEMBER 11, 2004
By signing below, you as a Putnam fund shareholder appoint Trustees John
A. Hill and Robert E. Patterson, and each of them separately, with power
of substitution to each, to be your proxies. You are empowering them to
vote your Putnam fund shares on your behalf at a meeting of the
shareholders of the Putnam funds. The meeting will take place on
November 11, 2004 at 11:00 a.m. in Boston, and may be adjourned to later
times or dates. Your vote is being solicited on behalf of the Trustees.
When you complete and sign the proxy ballot, the Trustees will vote
exactly as you have indicated on the other side of this card. If you
simply sign the proxy ballot, or don't vote on a specific proposal, your
shares will be automatically voted as the Trustees recommend. The
Trustees are also authorized to vote at their discretion on any other
matter that arises at the meeting or any adjournment of the meeting.
PLEASE BE SURE TO SIGN AND DATE HERE.
- -----------------------------------------------------------
Shareholder/Co-owner sign(s) here Date
Sign your name exactly as it appears on this card. If you own shares
jointly, each owner should sign. When signing as executor,
administrator, attorney, trustee, guardian, or as custodian for a minor,
please give your full title as such. If you are signing for a
corporation, please sign the full corporate name and indicate the
signer's office. If you are a partner, sign in the partnership name.
Equity 1 EZ - dh
DETACH CONSOLIDATED PROXY BALLOT AT PERFORATION BELOW
Your vote is important. For your convenience, you can vote your proxy in
any of these three ways:
1
TELEPHONE
Call us toll-free at
1-888-221-0697
* Follow the automated telephone direction.
* There is no need for you to return your
proxy ballot.
2
INTERNET
Go to
https://www.proxyweb.com/Putnam
* Follow the instructions on the site.
* There is no need for you to return your
proxy ballot
3
MAIL
Mail in the proxy card.
* Please sign and date your proxy ballot.
* Detach the ballot from this proxy form.
* Return the ballot in the postage-paid
envelope provided.
INDIVIDUAL PROXY BALLOTS
On the reverse side of this form (and on accompanying pages, if necessary)
you will find individual proxy ballots, one for each of your accounts. If
you would wish to vote each of these accounts separately, sign in the
signature box below, mark each individual ballot to indicate your vote,
detach the form at the perforation above and return the individual proxy
ballots portion only.
NOTE: If you elect to vote each account separately, do not return the
Consolidated Proxy Ballot above.
SIGN BELOW ONLY IF YOU ARE VOTING EACH ACCOUNT SEPARATELY.
- ------------------------------------------------------------
Shareholder/Co-owner sign(s) here Date
Sign your name exactly as it appears on this card. If you own shares
jointly, each owner should sign. When signing as executor,
administrator, attorney, trustee, guardian, or as custodian for a minor,
please give your full title as such. If you are signing for a
corporation, please sign the full corporate name and indicate the
signer's office. If you are a partner, sign in the partnership name.
Equity 1 IND - dh
[GRAPHIC OMITTED: ezVote Logo]
Consolidated Proxy Ballot
Please place an X in the appropriate box(es) using black or blue ink or
number 2 pencil. Please do not use a fine point pen.
The Trustees recommend voting FOR all proposals
Proposals
1 Proposal to elect all nominees for Trustees.
01 J.A. Baxter
02 C.B. Curtis
03 M.R. Drucker
04 C.E. Haldeman, Jr.
05 J.A. Hill
06 R.J. Jackson
07 P.L. Joskow
08 E.T. Kennan
09 J.H. Mullin, III
10 R.E. Patterson
11 G. Putnam, III
12 A.J.C. Smith
13 W.T. Stephens
14 R.B. Worley
FOR
electing
all the
nominees
0
WITHHOLD
authority
to vote for
all nominees
0
- ---------------------------------------------------------------------
To withhold authority to vote for specific nominee(s), but to vote for all
other nominees, write the number(s) of the excluded nominee(s) on the line
to the left.
Proposals to approve an amendment to certain funds' fundamental
investment restrictions with respect to
FOR AGAINST ABSTAIN
2A borrowing. 0 0 0
2B making loans. 0 0 0
2C diversification of investments. 0 0 0
2D issuance of senior securities. 0 0 0
2E Putnam Equity Income Fund investment objective. 0 0 0
3 Proposal to approve an amendment to certain funds'
agreements and declarations of trust. 0 0 0
Refer to pages 6 and 7 in the proxy statement to determine which
proposals apply to your fund. If you have questions on the proposals,
please call 1-877-832-6360.
Please sign and date the other side of this card.
Equity 1 EZ - dh
DETACH CONSOLIDATED PROXY BALLOT AT PERFORATION BELOW
INDIVIDUAL PROXY BALLOTS
NOTE: IF YOU HAVE USED THE CONSOLIDATED PROXY BALLOT ABOVE, DO NOT VOTE
THE INDIVIDUAL PROXY BALLOTS BELOW.
000 0000000000 000 0
999 999 999 999 99
PUTNAM ASSET ALLOCATION: BALANCED PORTFOLIO
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM ASSET ALLOCATION: CONSERVATIVE PORTFOLIO
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM ASSET ALLOCATION: GROWTH PORTFOLIO
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM CAPTIAL APPRECIATION FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM CAPITAL OPPORTUNITIES FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM CLASSIC EQUITY FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM CONVERTIBLE INCOME-GROWTH TRUST
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM DISCOVERY GROWTH FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM EQUITY INCOME FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM EUROPE EQUITY FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM GLOBAL EQUITY FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM GLOBAL NATURAL RESOURCES FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM GROWTH OPPORTUNITIES FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM HEALTH SCIENCES TRUST
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM INTERNATIONAL EQUITY FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM INTERNATIONAL GROWTH & INCOME FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM INVESTORS FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM MID CAP VALUE FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM NEW OPPORTUNITIES FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM NEW VALUE FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM OTC & EMERGING GROWTH FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM RESEARCH FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM SMALL CAP GROWTH FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM SMALL CAP VALUE FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM TAX SMART EQUITY FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM UTILITIES GROWTH AND INCOME FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM VISTA FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
PUTNAM VOYAGER FUND
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
THE GEORGE PUTNAM FUND OF BOSTON
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
000 0000000000 000 0
999 999 999 999 99
THE PUTNAM FUND FOR GROWTH AND INCOME
FOR WITHHOLD
ALL ALL
1 Election of Trustees. (refer to nominees at top of page) 0 0
except#------------------------------
FOR AGAINST ABSTAIN
2 Investment restriction 0 0 0
A borrowing. 0 0 0
B making loans. 0 0 0
C diversification of investments. 0 0 0
D issuance of senior securities. 0 0 0
E Putnam Equity Income Fund investment objective. 0 0 0
Internet Voting Instruction Card
[Name of Fund]
THE TRUSTEES RECOMMEND VOTING FOR ALL PROPOSALS.
Proposal 1 Proposal to elect all nominees for Trustees.
_ FOR all nominees _ WITHHOLD AUTHORITY to vote for all nominees
_ FOR all nominees (Except as indicated)
(01) _ J.A. Baxter (08) _ E.T. Kennan
(02) _ C.B. Curtis (09) _ J.H. Mullin, III
(03) _ M.R. Drucker (10) _ R.E. Patterson
(04) _ C.E. Haldeman, Jr. (11) _ G. Putnam, III
(05) _ J.A. Hill (12) _ A.J.C. Smith
(06) _ R.J. Jackson (13) _ W.T. Stephens
(07) _ P.L. Joskow (14) _ R.B. Worley
- ------------------------------------------------------------------
Proposal 2 Proposals to approve an amendment to certain funds'
fundamental investment restrictions with respect to
- ------------------------------------------------------------------
Proposal 2A borrowing. _ FOR _ AGAINST _ ABSTAIN
- ------------------------------------------------------------------
Proposal 2B making loans. _ FOR _ AGAINST _ ABSTAIN
- ------------------------------------------------------------------
Proposal 2C diversification
of investments. _ FOR _ AGAINST _ ABSTAIN
- ------------------------------------------------------------------
Proposal 2D issuance of senior
securities. _ FOR _ AGAINST _ ABSTAIN
- ------------------------------------------------------------------
Proposal 2E options, puts, calls,
straddles and spread. _ FOR _ AGAINST _ ABSTAIN
- ------------------------------------------------------------------
Proposal 2F commodities. _ FOR _ AGAINST _ ABSTAIN
- ------------------------------------------------------------------
Proposal 2G Proposal to amend a fund's
investment objective _ FOR _ AGAINST _ ABSTAIN
- ------------------------------------------------------------------
Proposal 3 Proposal to approve an
amendment to your fund's
agreement and declaration
of trust. _ FOR _ AGAINST _ ABSTAIN
- ------------------------------------------------------------------
By submitting your voting instructions on this site, you as a Putnam
fund shareholder appoint Trustees John A. Hill and Robert E. Patterson,
and each of them separately, with power of substitution to each, to be
your proxies. You are empowering them to vote your Putnam fund shares on
your behalf at a meeting of the shareholders of the Putnam funds. The
meeting will take place on November 11, 2004 at 11:00 a.m. in Boston,
and may be adjourned to later times or dates. Your vote is being
solicited on behalf of the Trustees. If you submit your voting
instruction on this site, the Trustees will vote exactly as you have
indicated. If you submit your voting instruction on this site but don't
vote on a specific proposal, your shares will be automatically voted as
the Trustees recommend. The Trustees are also authorized to vote at
their discretion on any other matter that arises at the meeting or any
adjournment of the meeting.
- ------------------------------------------------------------------
To receive an optional email confirmation, enter your email address
here:
Please review your selections carefully before voting.
If you vote more than once on the same Proxy, only your last (most
recent) vote will be considered valid.
Press this button to <<SUBMIT>> your voting instructions.
Please review your selections carefully before submitting your voting
instructions.
If you have questions about any of the proposals, please call
1-877-832-6360.
If you submit your voting instructions more than once for the same
proposal, only your most recently received voting instructions will be
considered valid. For this purpose, the voting instructions with the
most recent date will be considered the most recently received. The
proxy tabulator, in its sole discretion, will resolve any discrepancies
in voting instructions.
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