PRE 14A 1 a_allfundsproxy.htm PUTNAM MULTI-FUND PROXY
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, DC 20549 
 
SCHEDULE 14A 
(RULE 14a-101) 
 
SCHEDULE 14A INFORMATION 
 
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of the Securities Exchange Act of 1934 
 
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PUTNAM AMERICAN GOVERNMENT INCOME FUND 
PUTNAM ARIZONA TAX EXEMPT INCOME FUND 
PUTNAM ASSET ALLOCATION FUNDS 
PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND 
PUTNAM CONVERTIBLE INCOME-GROWTH TRUST 
PUTNAM DIVERSIFIED INCOME TRUST 
PUTNAM EQUITY INCOME FUND 
PUTNAM EUROPE EQUITY FUND 
THE PUTNAM FUND FOR GROWTH AND INCOME 
PUTNAM FUNDS TRUST 
THE GEORGE PUTNAM FUND OF BOSTON 
PUTNAM GLOBAL EQUITY FUND 
PUTNAM GLOBAL HEALTH CARE FUND 
PUTNAM GLOBAL INCOME TRUST 
PUTNAM GLOBAL NATURAL RESOURCES FUND 
PUTNAM GLOBAL UTILITIES FUND 
PUTNAM HIGH YIELD ADVANTAGE FUND 
PUTNAM HIGH YIELD TRUST 
PUTNAM INCOME FUND 
PUTNAM INTERNATIONAL EQUITY FUND 
PUTNAM INVESTMENT FUNDS 
PUTNAM INVESTORS FUND 

PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND 
PUTNAM MICHIGAN TAX EXEMPT INCOME FUND 
PUTNAM MINNESOTA TAX EXEMPT INCOME FUND 
PUTNAM MONEY MARKET FUND 
PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND 
PUTNAM NEW OPPORTUNITIES FUND 
PUTNAM NEW YORK TAX EXEMPT INCOME FUND 
PUTNAM OHIO TAX EXEMPT INCOME FUND 
PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND 
PUTNAM RETIREMENTREADY® FUNDS 
PUTNAM TAX EXEMPT INCOME FUND 
PUTNAM TAX EXEMPT MONEY MARKET FUND 
PUTNAM TAX-FREE INCOME TRUST 
PUTNAM U.S. GOVERNMENT INCOME TRUST 
PUTNAM VARIABLE TRUST 
PUTNAM VISTA FUND 
PUTNAM VOYAGER FUND 
 
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VOTE TODAY

Please vote on matters affecting

your investment in the Putnam funds.

Your prompt response to this

proxy statement is important.

 

 

How to vote 

 


 

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

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

Dear Fellow Shareholder:

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

Please vote today on the following proposals:

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

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

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

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

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

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

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

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

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

Please vote today

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

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

Sincerely yours,

Robert L. Reynolds
President and Chief Executive Officer
Putnam Investments

John A. Hill
Chairman of the Trustees

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

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

PROXY CARD(S) ENCLOSED

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

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

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

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

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

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

-2- 

By Judith Cohen, Clerk, and by the Trustees 
 
John A. Hill, Chairman   
Jameson A. Baxter, Vice Chairman 
 
 
Ravi Akhoury  Kenneth R. Leibler 
Charles B. Curtis  Robert E. Patterson 
Robert J. Darretta  George Putnam, III 
Myra R. Drucker  Robert L. Reynolds 
Paul L. Joskow  W. Thomas Stephens 
Elizabeth T. Kennan  Richard B. Worley 

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

[    ], 2009

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

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

-3- 

Proposal  Proposal  Affected Funds  Page 
  Description     
 
    shareholders of these 13 funds also are being asked to   
    approve proposed new management contracts that have   
    each, but not both, Fund Family breakpoints and   
    performance fees separately. The Trustees recommend   
    that shareholders of these funds vote FOR each of the   
    three alternatives, but intend to implement a new   
    management contract that includes both Fund Family   
    breakpoints and performance fees if that alternative is   
    approved by shareholders.   
 
3.A.  Approving an  Putnam Absolute Return 100 Fund  [ ] 
  amendment to  Putnam Absolute Return 300 Fund   
  certain funds’  Putnam Absolute Return 500 Fund   
  fundamental  Putnam Absolute Return 700 Fund   
  investment  Putnam Asia Pacific Equity Fund   
  restrictions  Putnam Asset Allocation: Balanced Portfolio   
  with respect  Putnam Asset Allocation: Conservative Portfolio   
  to investments  Putnam Asset Allocation: Equity Portfolio   
  in  Putnam Asset Allocation: Growth Portfolio   
  commodities  Putnam Capital Spectrum Fund   
    Putnam Emerging Markets Equity Fund   
    Putnam Equity Spectrum Fund   
    Putnam Global Consumer Fund   
    Putnam Global Energy Fund   
    Putnam Global Financials Fund   
Putnam Global Health Care Fund
Putnam Global Industrials Fund
    Putnam Global Natural Resources Fund   
Putnam Global Technology Fund
    Putnam Global Telecommunications Fund   
    Putnam Global Utilities Fund   
Putnam Income Strategies Fund
    Putnam VT Global Asset Allocation Fund   
    Putnam VT Global Health Care Fund   
Putnam VT Global Utilities Fund
3.B.  Approving an  Putnam Europe Equity Fund  [ ] 
  amendment to  Putnam Global Utilities Fund   
  certain funds’  Putnam Growth Opportunities Fund   
  fundamental  Putnam International Capital Opportunities Fund   
  investment  Putnam International Equity Fund   
  restrictions  Putnam New Opportunities Fund   
  with respect     
  to     
  diversification     
  of     
  investments     

-4- 

Proposal  Proposal  Affected Funds  Page 
  Description     
 
3.C.  Approving an  Putnam Global Natural Resources Fund  [ ] 
  amendment to  Putnam Global Utilities Fund   
  certain funds’     
  fundamental     
  investment     
  restrictions     
  with respect     
  to the     
  acquisition of     
  voting     
  securities     
 
3.D.  Approving an  Putnam Europe Equity Fund  [ ] 
  amendment to  Putnam Global Natural Resources Fund   
  certain funds’  Putnam Growth Opportunities Fund   
  fundamental  Putnam International Capital Opportunities Fund   
  investment  Putnam International Equity Fund   
  restrictions  Putnam New Jersey Tax Exempt Income Fund   
  with respect  Putnam New Opportunities Fund   
  to borrowing  Putnam Vista Fund   
 
3.E.  Approving an  Putnam Europe Equity Fund  [ ] 
  amendment to  Putnam Global Natural Resources Fund   
  certain funds’  Putnam Growth Opportunities Fund   
  fundamental  Putnam International Capital Opportunities Fund   
  investment  Putnam International Equity Fund   
  restrictions  Putnam New Jersey Tax Exempt Income Fund   
  with respect  Putnam New Opportunities Fund   
  to making  Putnam Vista Fund   
  loans     
 
4.A.  Approving an  The Putnam Fund for Growth and Income  [ ] 
  amendment to  The George Putnam Fund of Boston   
  certain funds’  Putnam Money Market Fund   
  agreements  Putnam Tax Exempt Income Fund   
  and     
  declarations     
  of trust with     
  respect to the     
  duration of     
  the trust     
 
4.B.  Approving an  The Putnam Fund for Growth and Income  [ ] 
  amendment to  The George Putnam Fund of Boston   
  certain funds’     
  agreements     
  and     

-5- 

Proposal  Proposal  Affected Funds  Page 
  Description     
 
  declarations     
  of trust with     
  respect to     
  redemption at     
  the option of     
  the trust     
 
5.  Considering a  Putnam Asset Allocation: Growth Portfolio  [ ] 
  shareholder  Putnam Voyager Fund   
  proposal for     
  two funds     
  requesting     
  that the Board     
  institute     
  procedures to     
  prevent the     
  funds from     
  holding     
  investments in     
  companies     
  that, in the     
  judgment of     
  the Board,     
  substantially     
  contribute to     
  genocide or     
  crimes against     
  humanity     

-6- 

Proxy Statement

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

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

► Who is asking for your proxy?

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

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

The Trustees recommend that you vote:

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

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

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

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

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

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

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

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

-7- 

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

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

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

Who is eligible to vote?

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

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

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

-8- 

The Proposals

1. ELECTING YOUR FUND’S NOMINEES FOR TRUSTEES

► Who are the nominees for Trustees?

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

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

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

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

-9- 

► Independent Trustees

[Photo]

Ravi Akhoury (Born 1947)

Trustee since 2009

Mr. Akhoury serves as Advisor to New York Life Insurance Company. He is also a Director of Jacob Ballas Capital India (a non-banking finance company focused on private equity advisory services). He also serves as a Trustee of American India Foundation and of the Rubin Museum.

Previously, Mr. Akhoury was a Director of MaxIndia/New York Life Insurance Company in India. He was also Vice President of Fischer, Francis, Trees and Watts (a fixed-income portfolio management firm). He has also served on the Board of Bharti Telecom (an Indian telecommunications company), and on the Board of Thompson Press (a publishing company). From 1992 to 2007, he was Chairman and CEO of MacKay Shields, a multi-product investment management firm with over $40 billion in assets under management.

Mr. Akhoury graduated from the Indian Institute of Technology with a B.S. in Engineering and obtained an M.S. in Quantitative Methods from SUNY at Stony Brook.

[Photo]

Jameson A. Baxter (Born 1943)

Trustee since 1994 and Vice Chairman since 2005

Ms. Baxter is the President of Baxter Associates, Inc., a private investment firm.

Ms. Baxter serves as a Director of ASHTA Chemicals, Inc., and the Mutual Fund Directors Forum. Until 2007, she was a Director of Banta Corporation (a printing and supply chain management company), Ryerson, Inc. (a metals service corporation), and Advocate Health Care. Until 2004, she was a Director of BoardSource (formerly the National Center for Nonprofit Boards), and until 2002, she was a Director of Intermatic Corporation (a manufacturer of energy control products). She is Chairman Emeritus of the Board of Trustees of Mount Holyoke College, having served as Chairman for five years.

Ms. Baxter has held various positions in investment banking and corporate finance, including Vice President of and Consultant to First Boston Corporation and Vice President and Principal of the Regency Group. She is a graduate of Mount Holyoke College.

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Charles B. Curtis (Born 1940)

Trustee since 2001

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

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

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

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Robert J. Darretta (Born 1946)

Trustee since 2007

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

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

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

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Myra R. Drucker (Born 1948)

Trustee since 2004

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

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

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

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

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

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John A. Hill (Born 1942)

Trustee since 1985 and Chairman since 2000

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

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

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

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

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Paul L. Joskow (Born 1947)

Trustee since 1997

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

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

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

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Elizabeth T. Kennan (Born 1938)

Trustee since 1992

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

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

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

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

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Kenneth R. Leibler (Born 1949)

Trustee since 2006

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

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

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

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Robert E. Patterson (Born 1945)

Trustee since 1984

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

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

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

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George Putnam, III (Born 1951)

Trustee since 1984

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

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

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

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W. Thomas Stephens (Born 1942)

Trustee since 2009

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

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

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

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Richard B. Worley (Born 1945)

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Trustee since 2004

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

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

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

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

► Interested Trustee

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Robert L. Reynolds* (Born 1952)

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

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

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

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

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

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

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

► What are the Trustees’ responsibilities?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

► How can shareholders communicate with the Trustees?

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

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

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One Post Office Square
Boston, Massachusetts 02109 

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

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

► How often do the Trustees meet?

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

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

Audit and Compliance Committee  12 
Board Policy and Nominating Committee  11 
Brokerage Committee  7 
Communications, Service and Marketing Committee  8 
Contract Committee  13 
Distributions Committee  11 
Executive Committee  1 
Investment Oversight Committees  27 
Investment Oversight Coordinating Committee  14 
Pricing Committee  8 

► What are the Trustees paid for their services?

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

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

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

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

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

► What is the voting requirement for electing Trustees?

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

2. APPROVING A PROPOSED NEW MANAGEMENT CONTRACT FOR YOUR FUND

► What is this proposal?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

U.S. growth funds  International equity funds   
Putnam Growth  Putnam Asia Pacific Equity  Putnam Global Equity Fund 
Opportunities Fund  Fund   
Putnam New Opportunities  Putnam Emerging Markets   
Fund  Equity Fund   
Putnam Small Cap Growth  Putnam Europe Equity Fund   
Fund  Putnam International Capital    
Putnam Vista Fund  Opportunities Fund   

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

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

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

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

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

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

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

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

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

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

      EQUITY FUNDS       
 
 
Name of  Proposed  Current  Difference  Name of Fund  Proposed  Current  Difference 
Fund  Effective  Effective      Effective  Effective   
  Contractual  Contractual      Contractual  Contractual   
  Rate  Rate      Rate  Rate   
 
Putnam  0.492%  0.518%  (0.026%)  Putnam VT Equity  0.492%  0.650%  (0.158%) 
Equity        Income Fund       
Income Fund               
 
The Putnam  0.492%  0.487%  0.005%  Putnam VT Growth  0.492%  0.577%  (0.085%) 
Fund for        and Income Fund       
Growth and               
Income               
 
Putnam  0.572%  0.700%  (0.128%)  Putnam VT Growth  0.572%  0.700%  (0.128%) 
Growth        Opportunities Fund       
Opportunities               
Fund               
 
Putnam  0.572%  0.570%  0.002%  Putnam VT  0.572%  0.650%  (0.078%) 
Investors        Investors Fund       
Fund               
 
Putnam New  0.572%  0.574%  (0.002%)  Putnam VT New  0.572%  0.697%  (0.125%) 
Opportunities        Opportunities Fund       
Fund               
 
Putnam  0.572%  0.650%  (0.078%)  Putnam VT  0.572%  0.650%  (0.078%) 
Research        Research Fund       
Fund               

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Name of  Proposed  Current  Difference  Name of Fund  Proposed  Current  Difference 
Fund  Effective  Effective      Effective  Effective   
  Contractual Contractual       Contractual  Contractual   
  Rate  Rate      Rate  Rate   
 
Putnam  0.572%  0.561%  0.011%  Putnam VT Voyager  0.572%  0.659%  (0.086%) 
Voyager        Fund       
Fund               
 
Putnam Mid  0.602%  0.700%  (0.098%)  Putnam VT Mid  0.602%  0.700%  (0.098%) 
Cap Value        Cap Value Fund       
Fund               
 
Putnam Vista  0.602%  0.604%  (0.002%)  Putnam VT Vista  0.602%  0.650%  (0.048%) 
Fund        Fund       
 
Putnam  0.642%  0.650%  (0.008%)  Putnam VT Capital  0.642%  0.650%  (0.008%) 
Capital        Opportunities Fund       
Opportunities               
Fund               
  
Putnam  0.642%  0.640%  0.002%  Putnam Small Cap  0.642%  1.000%  (0.358%) 
Convertible        Growth Fund       
Income-               
Growth Trust               
  
Putnam  0.642%  0.800%  (0.158%)  Putnam VT Small  0.642%  0.800%  (0.158%) 
Small Cap        Cap Value Fund       
Value Fund               
 
Putnam  0.712%  0.800%  (0.088%)         
Europe               
Equity Fund               
  
Putnam  0.712%  0.758%  (0.046%)  Putnam VT Global  0.712%  0.800%  (0.088%) 
Global        Equity Fund       
Equity Fund               
  
Putnam  0.712%  0.698%  0.014%  Putnam VT  0.712%  0.792%  (0.080%) 
International        International Equity       
Equity Fund        Fund       
  
Putnam  0.712%  0.800%  (0.088%)  Putnam VT  0.712%  0.800%  (0.088%) 
International        International       
Growth and        Growth and Income       
Income Fund        Fund       
 
Putnam Asia  0.942%  1.000%  (0.058%)  Putnam Emerging  0.942%  1.000%  (0.058%) 
Pacific        Markets Equity       
Equity Fund        Fund       
  
Putnam  0.942%  1.000%  (0.058%)  Putnam VT  0.942%  1.000%  (0.058%) 
International        International New       
New        Opportunities Fund       
Opportunities               
Fund               
  
Putnam  0.942%  0.948%  (0.006%)         
International               
Capital               
Opportunities               
Fund               

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Name of  Proposed  Current  Difference  Name of Fund  Proposed  Current  Difference 
Fund  Effective  Effective      Effective  Effective   
  Contractual  Contractual      Contractual  Contractual   
  Rate  Rate      Rate  Rate   
 
Putnam  0.642%  0.700%  (0.058%)  Putnam Global  0.642%  0.700%  (0.058%) 
Global        Energy Fund       
Consumer               
Fund               
  
Putnam  0.642%  0.700%  (0.058%)         
Global               
Financials               
Fund               
  
Putnam  0.642%  0.637%  0.005%  Putnam VT Global  0.642%  0.700%  (0.058%) 
Global        Health Care Fund       
Health Care               
Fund               
  
Putnam  0.642%  0.700%  (0.058%)  Putnam Global  0.642%  0.700%  (0.058%) 
Global        Natural Resources       
Industrials        Fund       
Fund               
  
Putnam  0.642%  0.700%  (0.058%)  Putnam Global  0.642%  0.700%  (0.058%) 
Global        Telecommunications       
Technology        Fund       
Fund               
  
Putnam  0.642%  0.700%  (0.058%)  Putnam VT Global  0.642%  0.700%  (0.058%) 
Global        Utilities Fund       
Utilities               
Fund               

FIXED INCOME FUNDS
 
 
Name of  Proposed  Current  Difference  Name of  Proposed  Current  Difference 
Fund  Effective  Effective    Fund  Effective  Effective   
  Contractual  Contractual      Contractual  Contractual   
  Rate  Rate      Rate  Rate   
 
Putnam  0.412%  0.622%  (0.210%)  Putnam VT  0.412%  0.650%  (0.238%) 
American        American       
Government        Government       
Income        Income Fund       
Fund               
  
Putnam  0.412%  0.602%  (0.190%)  Putnam VT  0.412%  0.650%  (0.238%) 
Income        Income Fund       
Fund               
  
Putnam  0.412%  0.504%  (0.092%)         
U.S.               
Government               
Income               
Trust               
 
Putnam  0.492%  0.500%  (0.008%)         
Tax-Free               
High Yield               
Fund               

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Name of  Proposed  Current  Difference  Name of  Proposed  Current  Difference 
Fund  Effective  Effective    Fund  Effective  Effective   
  Contractual Contractual       Contractual  Contractual   
  Rate  Rate      Rate  Rate   
 
Putnam  0.562%  0.599%  (0.036%)  Putnam VT  0.562%  0.700%  (0.138%) 
Diversified        Diversified       
Income        Income Fund       
Trust               
  
Putnam  0.562%  0.700%  (0.138%)         
Global               
Income               
Trust               
 
 
Putnam  0.582%  0.650%  (0.068%)         
Floating               
Rate               
Income               
Fund               
  
Putnam  0.582%  0.636%  (0.053%)  Putnam VT  0.582%  0.700%  (0.118%) 
High Yield        High Yield       
Trust        Fund       
  
Putnam  0.582%  0.679%  (0.097%)         
High Yield               
Advantage               
Fund               
  
Putnam  0.452%  0.500%  (0.048%)  Putnam  0.452%  0.500%  (0.048%) 
AMT-Free        Arizona Tax       
Municipal        Exempt       
Fund        Income Fund       
  
Putnam  0.452%  0.500%  (0.048%)  Putnam  0.452%  0.500%  (0.048%) 
California        Massachusetts       
Tax Exempt        Tax Exempt       
Income        Income Fund       
Fund               
  
Putnam  0.452%  0.500%  (0.048%)  Putnam  0.452%  0.500%  (0.048%) 
Michigan        Minnesota       
Tax Exempt        Tax Exempt       
Income        Income Fund       
Fund               
  
Putnam  0.452%  0.500%  (0.048%)  Putnam New  0.452%  0.500%  (0.048%) 
New Jersey        York Tax       
Tax Exempt        Exempt       
Income        Income Fund       
Fund               
  
Putnam  0.452%  0.500%  (0.048%)  Putnam  0.452%  0.500%  (0.048%) 
Ohio Tax        Pennsylvania       
Exempt        Tax Exempt       
Income        Income Fund       
Fund               
  
Putnam Tax  0.452%  0.500%  (0.048%)         
Exempt               
Income               
Fund               

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MONEY MARKET FUNDS
  
Name  Proposed  Current  Difference  Name of  Proposed  Current  Difference 
of  Effective  Effective    Fund  Effective  Effective   
Fund  Contractual  Contractual      Contractual  Contractual   
  Rate  Rate      Rate  Rate   
 
Putnam  0.302%  0.308%  (0.006%)  Putnam VT  0.302%  0.450%  (0.148%) 
Money        Money       
Market        Market       
Fund        Fund       
 
Putnam  0.302%  0.450%  (0.148%)         
Tax               
Exempt               
Money               
Market               
Fund               

ASSET ALLOCATION AND SPECIALTY FUNDS
  
Name of  Proposed  Current  Difference  Name of  Proposed  Current  Difference 
Fund  Effective  Effective    Fund  Effective  Effective   
  Contractual  Contractual      Contractual  Contractual   
  Rate  Rate      Rate  Rate   
 
Putnam  0.492%  0.550%  (0.058%)         
Absolute               
Return 100               
Fund               
  
Putnam  0.542%  0.654%  (0.112%)  Putnam  0.542%  0.650%  (0.108%) 
Asset        Income       
Allocation:        Strategies       
Conservative        Fund       
Portfolio               
  
Putnam  0.542%  0.624%  (0.082%)         
Asset               
Allocation:               
Balanced               
Portfolio               
  
The George  0.542%  0.570%  (0.028%)  Putnam  0.542%  0.650%  (0.108%) 
Putnam        VT The       
Fund of        George       
Boston        Putnam       
        Fund of       
        Boston       
  
Putnam  0.592%  0.650%  (0.058%)         
Absolute               
Return 300               
Fund               
  
Putnam  0.612%  0.700%  (0.088%)  Putnam  0.612%  0.611%  0.001% 
Asset        Asset       
Allocation:        Allocation:       
Equity        Growth       
Portfolio        Portfolio       

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Name of  Proposed  Current  Difference  Name of  Proposed  Current  Difference 
Fund  Effective  Effective    Fund  Effective  Effective   
  Contractual  Contractual      Contractual  Contractual   
  Rate  Rate      Rate  Rate   
 
Putnam VT  0.612%  0.700%  (0.088%)         
Global Asset               
Allocation               
Fund               
  
Putnam  0.742%  0.800%  (0.058%)  Putnam  0.742%  0.800%  (0.058%) 
Absolute        Capital       
Return 500        Spectrum       
Fund        Fund       
  
Putnam  0.742%  0.800%  (0.058%)         
Equity               
Spectrum               
Fund               
  
Putnam  0.892%  0.950%  (0.058%)         
Absolute               
Return 700               
Fund               

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

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

Proposed addition of performance fees

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

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

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

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

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

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

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

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

Changes affecting timing of management fee computation and payment

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

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

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

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

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

Considerations relating to Fund Family fee rate calculations

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

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

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

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

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

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

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

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

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

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

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

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

Considerations relating to standardization of payment terms

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

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

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

General conclusion

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

► What are the Trustees recommending?

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

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

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

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

General Plan for Implementation of Proposed Management Contracts

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

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

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

For funds with proposed performance adjustments

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

Other Information

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

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

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

3. ADOPTION OF MODERNIZED AND STANDARDIZED FUNDAMENTAL INVESTMENT RESTRICTIONS

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

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

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

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

Affected funds:

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

► What is this proposal?

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

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

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

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

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

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

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

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

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

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

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

► What are the Trustees recommending?

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

► What is the voting requirement for approving the proposal?

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

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

Affected funds:

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

► What is this proposal?

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

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

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

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

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

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

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

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

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

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

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

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

► What are the Trustees recommending?

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

► What is the voting requirement for approving the proposal?

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

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

Affected funds:

Putnam Global Natural Resources Fund
Putnam Global Utilities Fund

► What is this proposal?

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

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

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

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

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

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

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

► What are the Trustees recommending?

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

► What is the voting requirement for approving the proposal?

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

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

Affected funds:

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

► What is this proposal?

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

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

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

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

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

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

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

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

► What are the Trustees recommending?

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

► What is the voting requirement for approving the proposal?

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

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

Affected funds:

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

► What is this proposal?

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

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

OR 

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

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

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

► What effect will amending the current restriction with respect to making loans have on your fund?

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

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

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

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

► What are the Trustees recommending?

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

► What is the voting requirement for approving the proposal?

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

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

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

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

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

Affected funds:

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

► What is this proposal?

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

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

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

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

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

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

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

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

► What are the Trustees recommending?

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

► What is the voting requirement for approving the proposal?

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

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

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

Affected funds:

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

► What is this proposal?

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

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

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

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

► What are the Trustees recommending?

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

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2 As Article VI, Section 6 in the Declaration of Trust of The Putnam Fund for Growth and Income and as Article VI, Section 5 in the Declaration of Trust of The George Putnam Fund of Boston.

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► What is the voting requirement for approving the proposal?

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

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

Affected funds:

Putnam Asset Allocation: Growth Portfolio
Putnam Voyager Fund

► What is this proposal?

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

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

WHEREAS:

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

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

[For Putnam Voyager Fund:]

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

[For Putnam Asset Allocation: Growth Portfolio:]

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

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

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

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

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

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

RESOLVED:

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

DISCUSSION:

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

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

The Trustees’ Response to the Shareholder Proposal and Recommendation

► Why are the Trustees recommending a vote against the proposals?

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

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

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

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

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

► What are the Trustees recommending?

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

► What is the voting requirement for approving the shareholder proposal?

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

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

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

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Further Information About Voting and the Special Meeting

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

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

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

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

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

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

Information for all Putnam funds except funds that 
are series of Putnam Variable Trust

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

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

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

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

Information for funds that are series of 
Putnam Variable Trust

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

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

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

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

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

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

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

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

Information for all Putnam funds 

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

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

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

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

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

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

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

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

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

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

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Fund Information

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

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

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

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

-63- 

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

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

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

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

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

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

-64- 

  Year first   
Name (year of birth),  elected to  Business experience 
Office with the fund  office  during past 5 years 
 
Charles E. Porter (Born 1938)*  1989  Executive Vice President, 
Executive Vice President, Principal    Principal Executive Officer, 
Executive Officer, Associate Treasurer and    Associate Treasurer and 
Compliance Liaison    Compliance Liaison, The 
    Putnam Funds. 
 
Jonathan S. Horwitz (Born 1955)*  2004  Senior Vice President and 
Senior Vice President and Treasurer    Treasurer, The Putnam 
    Funds. 
 
Steven D. Krichmar (Born 1958)  2002  Senior Managing Director, 
Vice President and Principal Financial    Putnam Investments. 
Officer     
 
Janet C. Smith (Born 1965)  2006  Managing Director, Putnam 
Vice President, Assistant Treasurer and    Investments. 
Principal Accounting Officer     
 
Susan G. Malloy (Born 1957)  2007  Managing Director, Putnam 
Vice President and Assistant Treasurer    Investments. 
 
Beth Mazor (Born 1958)  2002  Managing Director, Putnam 
Vice President    Investments. 
 
Robert R. Leveille (Born 1969)  2007  Managing Director, Putnam 
Vice President and Chief Compliance    Investments. 
Officer     
 
Mark C. Trenchard (Born 1962)  2002  Managing Director, Putnam 
Vice President and BSA Compliance    Investments. 
Officer     
 
Francis J. McNamara, III (Born 1955)  2004  Senior Managing Director, 
Vice President and Chief Legal Officer    Putnam Investments, Putnam 
    Management and Putnam 
    Retail Management. 
 
James P. Pappas (Born 1953)  2004  Managing Director, Putnam 
Vice President    Investments and Putnam 
    Management. 
 
Judith Cohen (Born 1945)*  1993  Vice President, Clerk and 
Vice President, Clerk and Assistant    Assistant Treasurer, The 
Treasurer    Putnam Funds. 

-65- 

  Year first   
Name (year of birth),  elected to  Business experience 
Office with the fund  office  during past 5 years 
 
Wanda M. McManus (Born 1947)*  1993  Vice President, Senior 
Vice President, Senior Associate Treasurer    Associate Treasurer and 
and Assistant Clerk    Assistant Clerk, The Putnam 
    Funds. 
 
Nancy E. Florek (Born 1957)*  2000  Vice President, Assistant 
Vice President, Assistant Clerk, Assistant    Clerk, Assistant Treasurer 
Treasurer and Proxy Manager    and Proxy Manager, The 
    Putnam Funds. 

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

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

-66- 

Below is the form of proxy card for all funds except:

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


The proxy card

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

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

Proposals  Please vote by filling in the appropriate boxes below. 
Please vote by filling in the appropriate boxes below.  If you do not mark the proposals, your proxy will be voted as the Trustees recommend. 
PLEASE MARK VOTES AS IN THIS EXAMPLE: ■  
□ To vote on all proposals as the Trustees recommend, mark this box. (No other vote is necessary.) 

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

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

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

Please sign and date the other side of this card 

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

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


The proxy card

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

[FUND NAME PRINTS HERE]

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

Proposals  Please vote by filling in the appropriate boxes below. 
Please vote by filling in the appropriate boxes below.  If you do not mark the proposals, your proxy will be voted as the Trustees recommend. 
PLEASE MARK VOTES AS IN THIS EXAMPLE: ■  
□ To vote on all proposals as the Trustees recommend, mark this box. (No other vote is necessary.) 

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

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

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

Please sign and date the other side of this card 

APPENDIX A – Number of Shares Outstanding as of the Record Date   
 
  Putnam Absolute  Putnam Absolute  Putnam Absolute  Putnam Absolute  Putnam American 
  Return 100 Fund  Return 300 Fund  Return 500 Fund  Return 700 Fund  Government Income 
          Fund 
Class A           
Class B           
Class C           
Class M           
Class R           
Class Y           
 
 
  Putnam AMT-Free  Putnam Arizona Tax  Putnam Asia Pacific  Putnam Asset  Putnam Asset 
  Municipal Fund  Exempt Income  Equity Fund  Allocation:  Allocation: 
    Fund    Balanced Portfolio  Conservative 
          Portfolio 
Class A           
Class B           
Class C           
Class M           
Class R  --  --       
Class Y           
 
 
  Putnam Asset  Putnam Asset  Putnam California  Putnam Capital  Putnam Capital 
  Allocation: Equity  Allocation: Growth  Tax Exempt Income  Opportunities Fund  Spectrum Fund 
  Portfolio  Portfolio  Fund     
Class A           
Class B  --         
Class C  --         
Class M  --         
Class R  --    --     
Class Y           

A-1 

  Putnam Convertible  Putnam Diversified  Putnam Emerging  Putnam Equity  Putnam Equity 
  Income-Growth  Income Trust  Markets Equity Fund  Income Fund  Spectrum Fund 
  Trust         
Class A           
Class B           
Class C           
Class M           
Class R           
Class Y           
 
 
  Putnam Europe  Putnam Floating  The Putnam Fund for  The George Putnam  Putnam Global 
  Equity Fund  Rate Income Fund  Growth and Income  Fund of Boston  Consumer Fund 
Class A           
Class B           
Class C           
Class M           
Class R           
Class Y           
 
 
  Putnam Global  Putnam Global  Putnam Global  Putnam Global  Putnam Global 
  Energy Fund  Equity Fund  Financials Fund  Health Care Fund  Income Trust 
Class A           
Class B           
Class C           
Class M           
Class R           
Class Y           
 
  Putnam Global  Putnam Global  Putnam Global  Putnam Global  Putnam Global 
  Industrials Fund  Natural Resources  Technology Fund  Telecommunications  Utilities Fund 
    Fund    Fund   
Class A           
Class B           
Class C           
Class M           
Class R           
Class Y           

A-2 

  Putnam Growth  Putnam High Yield  Putnam High Yield  Putnam Income Fund  Putnam Income 
  Opportunities Fund  Advantage Fund  Trust    Strategies Fund 
Class A           
Class B           
Class C           
Class M           
Class R           
Class Y           
 
 
  Putnam International  Putnam International  Putnam International  Putnam International  Putnam Investors 
  Capital  Equity Fund  Growth and Income  New Opportunities  Fund 
  Opportunities Fund    Fund  Fund   
Class A           
Class B           
Class C           
Class M           
Class R           
Class Y           
 
 
  Putnam  Putnam Michigan  Putnam Mid Cap  Putnam Minnesota  Putnam Money 
  Massachusetts Tax  Tax Exempt Income  Value Fund  Tax Exempt Income  Market Fund 
  Exempt Income  Fund    Fund   
  Fund         
Class A           
Class B           
Class C           
Class M           
Class R  --  --    --   
Class T  --  --  --  --   
Class Y          -- 

A-3 

  Putnam Money  Putnam New Jersey  Putnam New  Putnam New York  Putnam Ohio Tax 
  Market Liquidity  Tax Exempt Income  Opportunities Fund  Tax Exempt Income  Exempt Income 
  Fund  Fund    Fund  Fund 
Class A           
Class B  --         
Class C  --         
Class I    --  --  --  -- 
Class M  --         
Class P    --  --  --  -- 
Class R    --    --  -- 
Class S    --  --  --  -- 
Class Y  --         
 
 
  Putnam  Putnam Research  Putnam  Putnam  Putnam 
  Pennsylvania Tax  Fund  RetirementReady  RetirementReady  RetirementReady 
  Exempt Income    2010 Fund  2015 Fund  2020 Fund 
  Fund         
Class A           
Class B           
Class C           
Class M           
Class R  --         
Class Y           
 
 
 
  Putnam  Putnam  Putnam  Putnam  Putnam 
  RetirementReady  RetirementReady  RetirementReady  RetirementReady  RetirementReady 
  2025 Fund  2030 Fund  2035 Fund  2040 Fund  2045 Fund 
Class A           
Class B           
Class C           
Class M           
Class R           
Class Y           

A-4 

  Putnam  Putnam  Putnam Small Cap  Putnam Small Cap  Putnam Tax Exempt 
  RetirementReady  RetirementReady  Growth Fund  Value Fund  Income Fund 
  2050 Fund  Maturity Fund       
Class A           
Class B           
Class C           
Class M           
Class R          -- 
Class Y           
 
 
  Putnam Tax Exempt  Putnam Tax-Free  Putnam U.S.  Putnam Vista Fund  Putnam Voyager 
  Money Market Fund  High Yield Fund  Government Income    Fund 
      Trust     
Class A           
Class B  --         
Class C  --         
Class M  --         
Class R  --  --       
Class Y  --         
 
 
  Putnam VT  Putnam VT Capital  Putnam VT  Putnam VT Equity  Putnam VT The 
  American  Opportunities Fund  Diversified Income  Income Fund  George Putnam Fund 
  Government Income    Fund    of Boston 
  Fund         
Class IA           
Class IB           
 
 
  Putnam VT Global  Putnam VT Global  Putnam VT Global  Putnam VT Global  Putnam VT Growth 
  Asset Allocation  Equity Fund  Health Care Fund  Utilities Fund  and Income Fund 
  Fund         
Class IA           
Class IB           
 
 
  Putnam VT Growth  Putnam VT High  Putnam VT Income  Putnam VT  Putnam VT 
  Opportunities Fund  Yield Fund  Fund  International Equity  International Growth 
        Fund  and Income Fund 
Class IA           
Class IB           

A-5 

  Putnam VT  Putnam VT Investors  Putnam VT Mid Cap  Putnam VT Money  Putnam VT New 
  International New  Fund  Value Fund  Market Fund  Opportunities Fund 
  Opportunities Fund         
Class IA           
Class IB           
 
 
  Putnam VT Research  Putnam VT Small  Putnam VT Vista  Putnam VT Voyager   
  Fund  Cap Value Fund  Fund  Fund   
Class IA           
Class IB           

A-6 

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

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

B-1 

  Putnam Absolute Return  Putnam Absolute Return 300  Putnam Absolute Return 500  Putnam Absolute Return 700 
  100 Fund  Fund  Fund  Fund 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
Jameson A.                 
Baxter  $10,001-$50,000  999.001  $10,001-$50,000  3,772.453  $10,001-$50,000  3,804.183  $10,001-$50,000  994.036 
Charles B.                 
Curtis  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
Robert J.                 
Darretta  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
Myra R.                 
Drucker  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
John A. Hill  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
Paul L.                 
Joskow  $1-$10,000  150.000  $1-$10,000  150.000  $1-$10,000  149.105  $1-$10,000  149.105 
Elizabeth T.                 
Kennan  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
Kenneth R.                 
Leibler  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
Robert E.                 
Patterson  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
George                 
Putnam, III  $10,001-$50,000  1,000.000  $10,001-$50,000  997.009  $10,001-$50,000  1,013.171  $1-$10,000  808.898 
W. Thomas                 
Stephens  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
Richard B.                 
Worley  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
Robert L.                 
Reynolds  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
Trustees and          $50,001-       
Officers as a  $10,001-$50,000  3,249.001      $100,000  7,055.579     
group  $1-$10,000 (Class  960.379      $10,000-$50,000  1,810.724     
  Y Shares)  (Class Y Shares)  $50,001-$100,000  6,120.261  (Class Y Shares)  (Class Y Shares)  $10,001-$50,000  3,152.346 

B-2 

  Putnam American  Putnam AMT-Free  Putnam Arizona Tax Exempt  Putnam Asia Pacific Equity 
  Government Income Fund  Municipal Fund  Income Fund  Fund 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  101.451  $1-$10,000  100.915  $1-$10,000  101.016  $1-$10,000  100.000 
Jameson A.                 
Baxter  $1-$10,000  451.813  $1-$10,000  585.375  $1-$10,000  199.613  $10,001-$50,000  2,569.373 
Charles B.                 
Curtis  $1-$10,000  137.394  $1-$10,000  144.469  $1-$10,000  142.639  $1-$10,000  100.000 
Robert J.                 
Darretta  $1-$10,000  109.389  $1-$10,000  107.850  $1-$10,000  109.177  $1-$10,000  100.000 
Myra R.                 
Drucker  $1-$10,000  120.409  $1-$10,000  121.824  $1-$10,000  123.150  $1-$10,000  100.000 
John A. Hill  Over $100,000  12,437.036  $1-$10,000  206.268  $1-$10,000  240.028  $1-$10,000  100.000 
Paul L.                 
Joskow  $10,001-$50,000  1,617.272  $1-$10,000  165.356  $1-$10,000  178.072  $1-$10,000  259.875 
Elizabeth T.                 
Kennan  $1-$10,000  147.975  $1-$10,000  122.832  $1-$10,000  119.683  $1-$10,000  512.295 
Kenneth R.                 
Leibler  $1-$10,000  112.781  $1-$10,000  111.389  $1-$10,000  112.880  $1-$10,000  100.000 
Robert E.                 
Patterson  $10,001-$50,000  2,299.974  $1-$10,000  122.930  $1-$10,000  124.497  $1-$10,000  100.000 
George                 
Putnam, III  $10,001-$50,000  3,435.238  $10,001-$50,000  888.401  $10,001-$50,000  1,389.358  $10,001-$50,000  1,027.749 
W. Thomas                 
Stephens  $1-$10,000  356.077  $1-$10,000  174.108  $1-$10,000  170.021  $1-$10,000  100.000 
Richard B.                 
Worley  $1-$10,000  120.409  $1-$10,000  121.603  $1-$10,000  122.868  $1-$10,000  100.000 
Robert L.                 
Reynolds  $1-$10,000  102.212  $1-$10,000  101.754  $1-$10,000  102.169  $1-$10,000  100.000 
Trustees and  Over $100,000  22,506.692             
Officers as a  Over $100,000  12,851.829          $50,001-   
group  (Class Y Shares)  (Class Y Shares)  $10,001-$50,000  3,075.074  $10,001-$50,000  3,235.171  $100,000 5,369.292 

B-3 

  Putnam Asset Allocation:  Putnam Asset Allocation:  Putnam Asset Allocation:  Putnam Asset Allocation: 
  Balanced Portfolio  Conservative Portfolio  Equity Portfolio  Growth Portfolio 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  102.003  $1-$10,000  101.314  $1-$10,000  100.000  $1-$10,000  100.000 
Jameson A.                 
Baxter  Over $100,000  25,710.917  $10,001-$50,000  1,344.237  None  0.000  Over $100,000  34,932.084 
Charles B.                 
Curtis  $1-$10,000  128.059  Over $100,000  14,111.008  None  0.000  Over $100,000  13,095.372 
Robert J.                 
Darretta  $1-$10,000  108.362  $1-$10,000  107.879  None  0.000  $1-$10,000  107.198 
Myra R.              $50,001-   
Drucker  $10,001-$50,000  4,143.598  $1-$10,000  117.024  None  0.000  $100,000  9,713.900 
John A. Hill              $50,001-   
  Over $100,000  402,575.918  Over $100,000  122,538.767  None  0.000  $100,000  6,619.158 
Paul L.                 
Joskow  Over $100,000  28,499.751  $1-$10,000  271.864  None  0.000  $10,001-$50,000  1,149.293 
Elizabeth T.              $50,001-   
Kennan  $1-$10,000  381.207  $1-$10,000  378.620  None  0.000  $100,000  5,405.355 
Kenneth R.                 
Leibler  $1-$10,000  109.647  $1-$10,000  110.258  None  0.000  $1-$10,000  107.588 
Robert E.                 
Patterson  $10,001-$50,000  1,277.619  $10,001-$50,000  1,350.310  None  0.000  $10,001-$50,000  2,402.978 
George                 
Putnam, III  $10,001-$50,000  3,224.376  $10,001-$50,000  4,965.041  None  0.000  Over $100,000  26,391.289 
W. Thomas                 
Stephens  $1-$10,000  100.810  $10,001-$50,000  5,532.640  None  0.000  $1-$10,000  109.726 
Richard B.                 
Worley  $1-$10,000  113.250  $1-$10,000  117.024  None  0.000  $1-$10,000  109.726 
Robert L.              $1-$10,000  100.000 
Reynolds              $10,001-$50,000  4,646.164 (Class 
  $1-$10,000  102.003  $1-$10,000  102.183  $1-$10,000  100.000  (Class Y Shares)  Y Shares) 
Trustees and  Over $100,000  466,577.521  Over $100,000  151,148.169      Over $100,000  106,671.544 
Officers as a  Over $100,000  236,158.697   $10,001-$50,000  4,741.469     Over $100,000  62,288.841 
group  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares) $1-$10,000  200.000  (Class Y Shares)  (Class Y Shares) 

B-4 

  Putnam California Tax  Putnam Capital  Putnam Capital Spectrum  Putnam Convertible Income- 
  Exempt Income Fund  Opportunities Fund  Fund  Growth Trust 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  101.101  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  102.139 
Jameson A.                 
Baxter  $1-$10,000  262.805  $10,001-$50,000  2,099.255  $10,001-$50,000  1,664.448  Over $100,000  7,482.259 
Charles B.                 
Curtis  $1-$10,000  151.828  $1-$10,000  156.590  $1-$10,000  133.779  $1-$10,000  134.481 
Robert J.                 
Darretta  $1-$10,000  109.158  $1-$10,000  111.177  $1-$10,000  100.000  $1-$10,000  106.954 
Myra R.                 
Drucker  $1-$10,000  127.872  $1-$10,000  147.103  $1-$10,000  100.000  $1-$10,000  116.748 
John A. Hill  $1-$10,000  209.054  Over $100,000  20,763.436  Over $100,000  6,752.194  Over $100,000  38,286.046 
Paul L.                 
Joskow  $1-$10,000  203.342  $1-$10,000  270.093  $1-$10,000  167.224  $10,001-$50,000  2,135.670 
Elizabeth T.                 
Kennan  $1-$10,000  143.242  $10,001-$50,000  1,624.457  $1-$10,000  330.688  $10,001-$50,000  1,603.346 
Kenneth R.                 
Leibler  $1-$10,000  113.096  $1-$10,000  125.300  $1-$10,000  100.000  $1-$10,000  109.077 
Robert E.              $50,001-   
Patterson  $1-$10,000  129.406  $10,001-$50,000  2,234.669  $1-$10,000  100.000  $100,000  3,776.440 
George                 
Putnam, III  $10,001-$50,000  1,649.763  $10,001-$50,000  1,754.049  $10,001-$50,000  1,003.344  Over $100,000  14,624.437 
W. Thomas                 
Stephens  $1-$10,000  183.752  $1-$10,000  147.103  $1-$10,000  100.000  $1-$10,000  225.954 
Richard B.                 
Worley  $1-$10,000  127.630  $1-$10,000  147.103  $1-$10,000  100.000  $1-$10,000  115.815 
Robert L.                 
Reynolds  $1-$10,000  102.117  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  102.139 
Trustees and      Over $100,000  29,780.335  Over $100,000  10,851.677  Over $100,000  70,169.718 
Officers as a      $50,001-$100,000  9,801.682  Over $100,000  24,098.930  Over $100,000  33,049.404 
group  $10,001-$50,000  3,614.166  (Class Y Shares)  (Class Y Shares) (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares) 

B-5 

  Putnam Diversified Income  Putnam Emerging Markets  Putnam Equity Income Fund  Putnam Equity Spectrum 
  Trust  Equity Fund      Fund 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  103.732  $1-$10,000  100.000  $1-$10,000  100.996  $1-$10,000  100.000 
Jameson A.  $50,001-               
Baxter  $100,000  10,627.176  $10,001-$50,000  3,692.762  Over $100,000  13,607.496  $10,001-$50,000  1,668.892 
Charles B.                 
Curtis  $1-$10,000  297.985  $1-$10,000  100.000  $1-$10,000  273.907  $1-$10,000  135.044 
Robert J.                 
Darretta  $1-$10,000  116.897  $1-$10,000  100.000  $1-$10,000  208.222  $1-$10,000  100.000 
Myra R.                 
Drucker  $1-$10,000  1,414.816  $1-$10,000  100.000  $10,001-$50,000  2,353.318  $1-$10,000  100.000 
John A. Hill  Over $100,000  165,242.437  $1-$10,000  500.000  Over $100,000  21,175.440  Over $100,000  6,821.282 
Paul L.                 
Joskow  $1-$10,000  465.336  $1-$10,000  158.983  Over $100,000  17,686.574  $1-$10,000  168.805 
Elizabeth T.  $50,001-               
Kennan  $100,000  9,253.229  $1-$10,000  571.431  $10,001-$50,000  1,593.759  $1-$10,000  198.807 
Kenneth R.                 
Leibler  $1-$10,000  121.728  $1-$10,000  100.000  $1-$10,000  231.033  $1-$10,000  100.000 
Robert E.                 
Patterson  $10,001-$50,000  1,686.528  $1-$10,000  100.000  $10,001-$50,000  3,338.147  $1-$10,000  100.000 
George                 
Putnam, III  $10,001-$50,000  6,526.946  $10,001-$50,000  1,503.759  Over $100,000  57,154.871  $10,001-$50,000  1,005.362 
W. Thomas                 
Stephens  $1-$10,000  419.702  $1-$10,000  100.000  $1-$10,000  376.099  $1-$10,000  100.000 
Richard B.                 
Worley  $1-$10,000  139.123  $1-$10,000  100.000  $1-$10,000  252.400  $1-$10,000  100.000 
Robert L.                 
Reynolds  $1-$10,000  105.729  $1-$10,000  100.000  $1-$10,000  100.996  $1-$10,000  100.000 
Trustees and      $50,001-           
Officers as a  Over $100,000  302,453.434  $100,000  7,326.935  Over $100,000  123,118.914     
group  Over $100,000  77,521.530  Over $100,000  15,164.699  Over $100,000  35,235.215     
  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  Over $100,000  10,798.192 

B-6 

  Putnam Europe Equity Fund  Putnam Floating Rate  The Putnam Fund for  The George Putnam Fund of 
      Income Fund  Growth and Income  Boston 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.919  $1-$10,000  100.941  $1-$10,000  101.043 
Jameson A.                 
Baxter  $10,001-$50,000  2,789.669  $10,001-$50,000  2,524.656  Over $100,000  14,369.217  Over $100,000  14,452.830 
Charles B.                 
Curtis  $1-$10,000  133.974  $1-$10,000  123.105  $1-$10,000  272.006  $1-$10,000  361.780 
Robert J.                 
Darretta  $1-$10,000  122.007  $1-$10,000  111.153  $1-$10,000  222.649  $1-$10,000  121.972 
Myra R.                 
Drucker  $1-$10,000  127.803  $1-$10,000  128.533  $1-$10,000  248.998  $1-$10,000  144.863 
John A. Hill  $1-$10,000  639.019  $1-$10,000  102.156  Over $100,000  32,662.080  Over $100,000  25,013.813 
Paul L.                 
Joskow  $1-$10,000  593.546  $1-$10,000  227.089  Over $100,000  13,163.607  $10,001-$50,000  2,448.268 
Elizabeth T.                 
Kennan  $10,001-$50,000  936.112  $1-$10,000  121.004  $1-$10,000  549.345  $1-$10,000  797.507 
Kenneth R.                 
Leibler  $1-$10,000  124.657  $1-$10,000  116.642  $1-$10,000  240.257  $1-$10,000  135.307 
Robert E.                 
Patterson  $10,001-$50,000  2,473.942  $1-$10,000  1,226.814  $10,001-$50,000  1,416.221  $10,001-$50,000  1,479.845 
George                 
Putnam, III  $10,001-$50,000  1,193.131  $10,001-$50,000  4,416.485  Over $100,000  14,093.755  Over $100,000  39,223.546 
W. Thomas      $50,001-           
Stephens  $1-$10,000  171.780  $100,000  8,142.333  $1-$10,000  380.935  $1-$10,000  372.239 
Richard B.                 
Worley  $1-$10,000  127.803  $1-$10,000  128.296  $1-$10,000  248.998  $1-$10,000  144.863 
Robert L.                 
Reynolds  $1-$10,000  100.000  $1-$10,000  101.976  $1-$10,000  100.941  $1-$10,000  102.604 
Trustees and              Over $100,000   
Officers as a      Over $100,000  18,276.508  Over $100,000  78,105.912  $50,001-  86,653.129 
group      Over $100,000  55,754.996  Over $100,000  19,937.263  $100,000 (Class  7,906.376 (Class 
  Over $100,000  10,194.720  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  Y Shares)  Y Shares) 

B-7 

  Putnam Global Consumer  Putnam Global Energy Fund  Putnam Global Equity Fund  Putnam Global Financials 
  Fund          Fund 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
Jameson A.          $50,001-       
Baxter  $1-$10,000  526.870  $1-$10,000  482.160  $100,000  11,227.448  $1-$10,000  574.053 
Charles B.                 
Curtis  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  451.962  $1-$10,000  100.000 
Robert J.                 
Darretta  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  102.965  $1-$10,000  100.000 
Myra R.                 
Drucker  $1-$10,000  100.000  $1-$10,000  100.000  $10,001-$50,000  3,355.073  $1-$10,000  100.000 
John A. Hill  $1-$10,000  100.000  $1-$10,000  100.000  Over $100,000  38,624.589  $1-$10,000  100.000 
Paul L.                 
Joskow  $1-$10,000  146.056  $1-$10,000  138.376  $1-$10,000  652.572  $1-$10,000  144.788 
Elizabeth T.                 
Kennan  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  1,194.835  $1-$10,000  100.000 
Kenneth R.                 
Leibler  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  104.598  $1-$10,000  100.000 
Robert E.          $50,001-       
Patterson  $1-$10,000  100.000  $1-$10,000  100.000  $100,000  11,106.153  $1-$10,000  100.000 
George                 
Putnam, III  $10,001-$50,000  1,126.126  $10,001-$50,000  1,111.111  Over $100,000  34,309.815  $10,001-$50,000  1,396.648 
W. Thomas                 
Stephens  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  660.501  $1-$10,000  100.000 
Richard B.                 
Worley  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  105.713  $1-$10,000  100.000 
Robert L.                 
Reynolds  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
Trustees and          Over $100,000       
Officers as a          $50,001-  103,265.797  $10,001-$50,000  3,215.489 
group          $100,000 (Class  8,361.135 (Class  Over $100,000  25,063.017 
  $10,001-$50,000  2,899.052  $10,001-$50,000  2,831.647  Y Shares)  Y Shares)  (Class Y Shares)  (Class Y Shares) 

B-8 

  Putnam Global Health Care  Putnam Global Income Trust  Putnam Global Industrials  Putnam Global Natural 
  Fund      Fund  Resources Fund 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $50,001-               
  $100,000  1,333.350  $1-$10,000  102.312  $1-$10,000  100.000  $1-$10,000  100.000 
Jameson A.                 
Baxter  $1-$10,000  228.195  $10,001-$50,000  1,059.711  $1-$10,000  520.833  $10,001-$50,000  1,439.019 
Charles B.                 
Curtis  $1-$10,000  162.208  $1-$10,000  152.934  $1-$10,000  100.000  $1-$10,000  228.718 
Robert J.                 
Darretta  $1-$10,000  127.791  $1-$10,000  111.704  $1-$10,000  100.000  $1-$10,000  142.671 
Myra R.                 
Drucker  $1-$10,000  162.208  $1-$10,000  126.874  $1-$10,000  100.000  $1-$10,000  201.496 
John A. Hill  Over $100,000  4,588.034  $1-$10,000  176.079  $1-$10,000  100.000  Over $100,000  12,510.731 
Paul L.                 
Joskow  $10,001-$50,000  705.778  $1-$10,000  210.448  $1-$10,000  140.845  $1-$10,000  249.031 
Elizabeth T.                 
Kennan  $1-$10,000  162.208  $1-$10,000  399.023  $1-$10,000  100.000  $10,001-$50,000  2,103.902 
Kenneth R.                 
Leibler  $1-$10,000  141.266  $1-$10,000  114.987  $1-$10,000  100.000  $1-$10,000  160.002 
Robert E.                 
Patterson  $10,001-$50,000  371.480  $10,001-$50,000  922.979  $1-$10,000  100.000  $1-$10,000  556.234 
George      $50,001-           
Putnam, III  Over $100,000  4,448.910  $100,000  4,408.805  $10,001-$50,000  1,234.568  $10,001-$50,000  2,446.772 
W. Thomas                 
Stephens  $1-$10,000  224.231  $1-$10,000  191.873  $1-$10,000  100.000  $1-$10,000  301.720 
Richard B.                 
Worley  $1-$10,000  162.208  $1-$10,000  126.607  $1-$10,000  100.000  $1-$10,000  201.496 
Robert L.                 
Reynolds  $1-$10,000  100.000  $1-$10,000  103.487  $1-$10,000  100.000  $1-$10,000  100.000 
Trustees and      $50,001-           
Officers as a  Over $100,000  12,942.730  $100,000  8,207.823      Over $100,000  20,741.792 
group   Over $100,000  4,575.853 (Class  Over $100,000  13,406.264      Over $100,000  7,781.644 (Class 
  (Class Y Shares)  Y Shares)  (Class Y Shares)  (Class Y Shares)  $10,001-$50,000  2,996.246  (Class Y Shares)  Y Shares) 

B-9 

  Putnam Global Technology  Putnam Global Telecommunications  Putnam Global Utilities  Putnam Growth 
  Fund  Fund Fund  Opportunities Fund 
Trustees/  Dollar Range  Shares  Dollar Range of  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  Shares Owned  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  (Class A)  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)    (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  101.451  $1-$10,000  100.000 
Jameson A.                 
Baxter  $1-$10,000  478.011  $1-$10,000  531.915  $1-$10,000  686.316  $1-$10,000  479.604 
Charles B.                 
Curtis  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  124.878  $1-$10,000  105.939 
Robert J.                 
Darretta  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  104.968  $1-$10,000  100.000 
Myra R.                 
Drucker  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  110.876  $1-$10,000  100.867 
John A. Hill  $1-$10,000  100.000  $1-$10,000  100.000  $10,001-$50,000  3,577.554  $10,001-$50,000  2,532.828 
Paul L.                 
Joskow  $1-$10,000  141.509  $1-$10,000  147.929  $10,001-$50,000  1,047.059  $1-$10,000  834.652 
Elizabeth T.                 
Kennan  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  122.891  $1-$10,000  100.867 
Kenneth R.                 
Leibler  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  106.034  $1-$10,000  100.000 
Robert E.                 
Patterson  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  759.653  $10,001-$50,000  2,146.569 
George                 
Putnam, III  $10,001-$50,000  1,084.599  $10,001-$50,000  1,173.709  $10,001-$50,000  2,302.391  $10,001-$50,000  2,785.949 
W. Thomas                 
Stephens  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  179.645  $1-$10,000  101.894 
Richard B.                 
Worley  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  110.298  $1-$10,000  100.867 
Robert L.                 
Reynolds  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  101.451  $1-$10,000  100.000 
Trustees and          $50,001-       
Officers as a          $100,000  9,435.465  Over $100,000  9,772.107 
group          $1-$10,000  548.835 (Class Y  $10,001-$50,000  1,117.922 (Class 
  $10,001-$50,000  2,804.119 $10,001-$50,000  2,953.553  (Class Y Shares)  Shares)  (Class Y Shares)  Y Shares) 

B-10 

  Putnam High Yield  Putnam High Yield Trust  Putnam Income Fund  Putnam Income Strategies 
  Advantage Fund          Fund 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  103.082  $1-$10,000  103.139  $1-$10,000  102.907  $1-$10,000  102.134 
Jameson A.                 
Baxter  $10,001-$50,000  3,180.238  Over $100,000  23,324.278  $10,001-$50,000  4,937.261  $10,001-$50,000  6,049.886 
Charles B.                 
Curtis  $1-$10,000  199.006  $1-$10,000  539.814  $1-$10,000  151.476  $1-$10,000  123.903 
Robert J.                 
Darretta  $1-$10,000  117.935  $1-$10,000  117.628  $1-$10,000  115.377  $1-$10,000  114.596 
Myra R.                 
Drucker  $1-$10,000  143.673  $1-$10,000  296.035  $1-$10,000  129.018  $1-$10,000  123.540 
John A. Hill  $50,001-               
  $100,000  19,007.694  Over $100,000  17,431.120  Over $100,000  177,776.464  Over $100,000  29,391.280 
Paul L.      $50,001-           
Joskow  $10,001-$50,000  4,555.602  $100,000  8,601.853  $1-$10,000  258.071  $1-$10,000  588.939 
Elizabeth T.                 
Kennan  $1-$10,000  633.369  $1-$10,000  853.422  $10,001-$50,000  4,277.182  $10,001-$50,000  2,263.790 
Kenneth R.                 
Leibler  $1-$10,000  124.554  $1-$10,000  124.170  $1-$10,000  119.566  $1-$10,000  118.732 
Robert E.  $50,001-    $50,001-           
Patterson  $100,000  11,244.766  $100,000  8,706.869  $10,001-$50,000  1,810.768  $1-$10,000  1,181.065 
George                 
Putnam, III  $10,001-$50,000  4,325.059  Over $100,000  25,640.666  $10,001-$50,000  7,413.692  $10,001-$50,000  3,533.617 
W. Thomas                 
Stephens  $1-$10,000  292.670  $1-$10,000  500.037  $1-$10,000  190.829  $1-$10,000  123.903 
Richard B.                 
Worley  $1-$10,000  143.673  $1-$10,000  287.614  $1-$10,000  129.018  $1-$10,000  116.510 
Robert L.                 
Reynolds  $1-$10,000  104.753  $1-$10,000  104.862  $1-$10,000  104.464  $1-$10,000  103.301 
Trustees and  Over $100,000  44,176.074  Over $100,000  88,486.291  Over $100,000  221,439.013     
Officers as a  $10,001-$50,000  2,142.788  Over $100,000  45,682.860  Over $100,000  233,156.662     
group  (Class Y Shares)  (Class Y Shares) (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  Over $100,000  43,935.196 

B-11 

  Putnam International Capital  Putnam International Equity  Putnam International  Putnam International New 
  Opportunities Fund  Fund  Growth and Income Fund  Opportunities Fund 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
Jameson A.          $50,001-       
Baxter  Over $100,000  9,436.596  Over $100,000  12,046.543  $100,000  8,756.289  $10,001-$50,000  3,588.827 
Charles B.                 
Curtis  Over $100,000  4,681.229  Over $100,000  6,641.256  $1-$10,000  142.429  $1-$10,000  105.952 
Robert J.                 
Darretta  $1-$10,000  107.496  $1-$10,000  123.413  $1-$10,000  120.787  $1-$10,000  101.357 
Myra R.                 
Drucker  $1-$10,000  112.847  $1-$10,000  136.557  $1-$10,000  135.602  $1-$10,000  103.705 
John A. Hill  $10,001-$50,000  858.114  Over $100,000  23,671.129  Over $100,000  18,043.415  $50,001-$100,000  5,031.033 
Paul L.      $50,001-           
Joskow  $10,001-$50,000  458.875  $100,000  3,436.552  $1-$10,000  1,019.160  $10,001-$50,000  1,426.685 
Elizabeth T.                 
Kennan  $10,001-$50,000  1,659.332  $1-$10,000  561.098  $1-$10,000  879.333  $1-$10,000  205.034 
Kenneth R.                 
Leibler  $1-$10,000  109.672  $1-$10,000  131.994  $1-$10,000  132.981  $1-$10,000  101.807 
Robert E.      $50,001-    $50,001-       
Patterson  $10,001-$50,000  1,966.800  $100,000  4,968.024  $100,000  7,500.133  $10,001-$50,000  4,010.708 
George      $50,001-           
Putnam, III  $10,001-$50,000  1,850.698  $100,000  5,509.071  $10,001-$50,000  3,008.279  $50,001-$100,000  7,270.555 
W. Thomas                 
Stephens  $1-$10,000  135.033  $1-$10,000  244.579  $1-$10,000  202.078  $1-$10,000  153.497 
Richard B.                 
Worley  $1-$10,000  112.847  $1-$10,000  136.557  $1-$10,000  135.602  $1-$10,000  103.705 
Robert L.                 
Reynolds  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 
Trustees and      Over $100,000           
Officers as a  Over $100,000  22,738.588  $50,001-  63,064.443  Over $100,000  41,355.435  Over $100,000  23,822.031 
group  Over $100,000  12,346.292  $100,000 (Class  3,486.918 (Class  $10,001-$50,000  5,274.831 (Class  Over $100,000  10,679.712 
  (Class Y Shares)  (Class Y Shares)  Y Shares)  Y Shares)  (Class Y Shares)  Y Shares)  (Class Y Shares)  (Class Y Shares) 

B-12 

  Putnam Investors Fund  Putnam Massachusetts Tax  Putnam Michigan Tax  Putnam Mid Cap Value 
      Exempt Income Fund  Exempt Income Fund  Fund 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.942  $1-$10,000  100.944  $1-$10,000  100.000 
Jameson A.                 
Baxter  Over $100,000  16,562.067  $1-$10,000  207.487  $1-$10,000  198.223  $10,001-$50,000  2,397.257 
Charles B.                 
Curtis  $1-$10,000  339.611  $1-$10,000  143.568  $1-$10,000  141.360  $1-$10,000  161.508 
Robert J.                 
Darretta  $1-$10,000  329.050  $1-$10,000  108.990  $1-$10,000  107.757  $1-$10,000  119.807 
Myra R.                 
Drucker  $10,001-$50,000  3,020.863  $1-$10,000  123.764  $1-$10,000  119.852  $1-$10,000  152.392 
John A. Hill  Over $100,000  48,193.893  $1-$10,000  190.802  $1-$10,000  180.460  $1-$10,000  165.961 
Paul L.  $50,001-               
Joskow  $100,000  9,840.702  $1-$10,000  171.960  $1-$10,000  176.980  $1-$10,000  182.980 
Elizabeth T.                 
Kennan  $10,001-$50,000  3,384.795  $1-$10,000  125.063  $1-$10,000  116.606  $1-$10,000  469.860 
Kenneth R.                 
Leibler  $1-$10,000  329.267  $1-$10,000  112.570  $1-$10,000  111.035  $1-$10,000  134.415 
Robert E.  $50,001-               
Patterson  $100,000  7,311.853  $1-$10,000  102.483  $1-$10,000  121.197  $10,001-$50,000  1,909.536 
George  $50,001-               
Putnam, III  $100,000  6,168.940  $50,001-$100,000  6,641.649  $10,001-$50,000  1,411.609  $10,001-$50,000  3,260.326 
W. Thomas                 
Stephens  $1-$10,000  400.824  $1-$10,000  173.513  $1-$10,000  167.770  $1-$10,000  152.392 
Richard B.                 
Worley  $1-$10,000  331.175  $1-$10,000  123.526  $1-$10,000  119.649  $1-$10,000  152.392 
Robert L.                 
Reynolds  $1-$10,000  100.000  $1-$10,000  102.359  $1-$10,000  101.799  $1-$10,000  100.000 
Trustees and              $50,001-   
Officers as a  Over $100,000  98,924.856          $100,000  9,718.732 
group  Over $100,000  36,678.952          Over $100,000  19,698.384 
  (Class Y Shares)  (Class Y Shares)  Over $100,000  23,998.416  $10,001-$50,000  3,175.241  (Class Y Shares)  (Class Y Shares) 

B-13 

  Putnam Minnesota Tax  Putnam Money Market Fund  Putnam New Jersey Tax  Putnam New Opportunities 
  Exempt Income Fund      Exempt Income Fund  Fund 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury      $50,001-           
  $1-$10,000  100.862  $100,000  75,337.280  $1-$10,000  100.933  $1-$10,000  100.000 
Jameson A.      $50,001-           
Baxter  $1-$10,000  196.300  $100,000  99,711.210  $1-$10,000  202.377  Over $100,000  4,514.129 
Charles B.                 
Curtis  $1-$10,000  139.454  Over $100,000  141,570.540  $1-$10,000  139.535  $1-$10,000  184.036 
Robert J.                 
Darretta  $1-$10,000  107.486  Over $100,000  507,962.080  $1-$10,000  107.966  $1-$10,000  139.653 
Myra R.                 
Drucker  $1-$10,000  120.113  $1-$10,000  115.700  $1-$10,000  120.527  $1-$10,000  139.653 
John A. Hill  $1-$10,000  240.878  Over $100,000  212,767.220  $1-$10,000  250.914  $10,001-$50,000  1,401.936 
Paul L.                 
Joskow  $1-$10,000  178.223  Over $100,000  236,964.630  $1-$10,000  174.813  $10,001-$50,000  1,116.807 
Elizabeth T.                 
Kennan  $1-$10,000  117.004  $1-$10,000  9,252.070  $1-$10,000  121.732  $1-$10,000  145.147 
Kenneth R.                 
Leibler  $1-$10,000  110.840  $1-$10,000  3,659.470  $1-$10,000  111.440  $1-$10,000  139.653 
Robert E.                 
Patterson  $1-$10,000  121.426  Over $100,000  106,747.040  $1-$10,000  121.743  $10,001-$50,000  626.801 
George                 
Putnam, III  $10,001-$50,000  1,418.280  Over $100,000  397,841.990  $10,001-$50,000  1,374.548  $50,001-$100,000  1,596.493 
W. Thomas                 
Stephens  $1-$10,000  166.739  Over $100,000  369,501.420  $1-$10,000  166.428  $1-$10,000  216.699 
Richard B.                 
Worley  $1-$10,000  119.882  $1-$10,000  2,909.210  $1-$10,000  120.286  $1-$10,000  139.653 
Robert L.      $50,001-           
Reynolds  $1-$10,000  101.650  $100,000  53,904.380  $1-$10,000  101.758  $1-$10,000  100.000 
Trustees and              Over $100,000  11,498.645 
Officers as a               Over $100,000   4,588.332 
group  $10,001-$50,000  3,239.137  Over $100,000  3,029,030.470  $10,001-$50,000  3,215.000  (Class Y Shares)   (Class Y Shares) 

B-14 

  Putnam New York Tax  Putnam Ohio Tax Exempt  Putnam Pennsylvania Tax  Putnam Research Fund 
  Exempt Income Fund  Income Fund  Exempt Income Fund     
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  100.998  $1-$10,000  100.942  $1-$10,000  100.930  $1-$10,000  100.000 
Jameson A.                 
Baxter  $1-$10,000  942.274  $1-$10,000  198.159  $1-$10,000  205.231  $1-$10,000  423.972 
Charles B.                 
Curtis  $1-$10,000  489.182  $1-$10,000  138.557  $1-$10,000  139.567  $1-$10,000  107.374 
Robert J.                 
Darretta  $1-$10,000  108.317  $1-$10,000  108.001  $1-$10,000  107.773  $1-$10,000  101.409 
Myra R.                 
Drucker  $1-$10,000  308.202  $1-$10,000  120.704  $1-$10,000  120.283  $1-$10,000  102.294 
John A. Hill              $50,001-   
  Over $100,000  118,827.202  $1-$10,000  260.776  $1-$10,000  256.779  $100,000  5,687.307 
Paul L.              $50,001-   
Joskow  Over $100,000  15,812.553  $1-$10,000  178.636  $1-$10,000  179.888  $100,000  5,586.933 
Elizabeth T.                 
Kennan  $1-$10,000  564.439  $1-$10,000  117.293  $1-$10,000  121.671  $1-$10,000  148.760 
Kenneth R.                 
Leibler  $1-$10,000  270.390  $1-$10,000  111.434  $1-$10,000  111.178  $1-$10,000  101.519 
Robert E.                 
Patterson  $1-$10,000  297.907  $1-$10,000  121.999  $1-$10,000  121.666  $1-$10,000  145.779 
George                 
Putnam, III  $10,001-$50,000  3,612.024  $10,001-$50,000  1,406.875  $10,001-$50,000  1,400.350  $10,001-$50,000  1,777.948 
W. Thomas                 
Stephens  $1-$10,000  178.271  $1-$10,000  168.022  $1-$10,000  171.705  $1-$10,000  102.294 
Richard B.                 
Worley  $1-$10,000  300.011  $1-$10,000  120.488  $1-$10,000  120.095  $1-$10,000  102.294 
Robert L.                 
Reynolds  $1-$10,000  101.909  $1-$10,000  101.801  $1-$10,000  101.798  $1-$10,000  100.000 
Trustees and              Over $100,000  14,587.883 
Officers as a              $10,001-$50,000  3,915.314 
group  Over $100,000  141,913.679  $10,001-$50,000  3,253.687  $10,001-$50,000  3,258.914  (Class Y Shares)  (Class Y Shares) 

B-15 

  Putnam RetirementReady 2010  Putnam RetirementReady 2015  Putnam RetirementReady 2020  Putnam RetirementReady 2025 
  Fund Fund Fund Fund
Trustees/  Dollar Range of  Shares  Dollar Range of  Shares  Dollar Range of  Shares  Dollar Range of  Shares 
Officers  Shares Owned  Beneficially  Shares Owned  Beneficially  Shares Owned  Beneficially  Shares Owned  Beneficially 
  (Class Y)  Owned  (Class A)  Owned  (Class A)  Owned  (Class A)  Owned 
    (Class Y)    (Class A)    (Class A)    (Class A) 
Ravi                 
Akhoury  None  0.000  None  0.000  None  0.000  None  0.000 
Jameson A.                 
Baxter  None  0.000  None  0.000  $10,001-$50,000  1,376.352  None  0.000 
Charles B.                 
Curtis  None  0.000  None  0.000  $1-$10,000  429.495  None  0.000 
Robert J.                 
Darretta  None  0.000  None  0.000  None  0.000  $1-$10,000  403.896 
Myra R.                 
Drucker  None  0.000  None  0.000  $50,001-$100,000  5,770.369  None  0.000 
John A.                 
Hill  None  0.000  None  0.000  None  0.000  None  0.000 
Paul L.                 
Joskow  None  0.000  $1-$10,000  636.384  None  0.000  None  0.000 
Elizabeth                 
T. Kennan  None  0.000  None  0.000  None  0.000  None  0.000 
Kenneth R.                 
Leibler  None  0.000  $1-$10,000  392.844  None  0.000  None  0.000 
Robert E.                 
Patterson  None  0.000  None  0.000  $1-$10,000  624.441  None  0.000 
George                 
Putnam, III  None  0.000  None  0.000  None  0.000  $10,001-$50,000  1,402.248 
W. Thomas                 
Stephens  None  0.000  $1-$10,000  417.087  None  0.000  None  0.000 
Richard B.                 
Worley  None  0.000  None  0.000  $1-$10,000  300.000  None  0.000 
Robert L.                 
Reynolds  None  0.000  None  0.000  None  0.000  None  0.000 
Trustees               
and      $10,001-$50,000   1,446.315         
Officers as      $10,001-$50,000  3,183.074 (Class Y         
a group  $1-$10,000  275.545  (Class Y Shares)  Shares)  Over $100,000  8,500.657  $10,001-$50,000  1,806.144 

B-16 

  Putnam RetirementReady  Putnam RetirementReady  Putnam RetirementReady  Putnam RetirementReady 
  2040 Fund  2045 Fund  2050 Fund  Maturity Fund 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  None  0.000  None  0.000  None  0.000  $1-$10,000  305.566 
Jameson A.                 
Baxter  None  0.000  None  0.000  None  0.000  None  0.000 
Charles B.                 
Curtis  None  0.000  None  0.000  None  0.000  None  0.000 
Robert J.                 
Darretta  None  0.000  None  0.000  None  0.000  None  0.000 
Myra R.                 
Drucker  None  0.000  None  0.000  None  0.000  None  0.000 
John A. Hill  None  0.000  None  0.000  $10,001-$50,000  1,567.470  None  0.000 
Paul L.                 
Joskow  None  0.000  None  0.000  None  0.000  None  0.000 
Elizabeth T.                 
Kennan  None  0.000  $1-$10,000  449.202  None  0.000  None  0.000 
Kenneth R.                 
Leibler  None  0.000  None  0.000  None  0.000  None  0.000 
Robert E.                 
Patterson  None  0.000  None  0.000  None  0.000  None  0.000 
George                 
Putnam, III  None  0.000  None  0.000  None  0.000  None  0.000 
W. Thomas                 
Stephens  None  0.000  None  0.000  None  0.000  None  0.000 
Richard B.                 
Worley  None  0.000  None  0.000  None  0.000  None  0.000 
Robert L.                 
Reynolds  $1-$10,000  300.000  None  0.000  None  0.000  None  0.000 
Trustees and                 
Officers as a                 
group  $1-$10,000  300.000  $1-$10,000  449.202  $10,001-$50,000  1,567.470  $1-$10,000  305.566 

B-17 

  Putnam Small Cap Growth  Putnam Small Cap Value  Putnam Tax Exempt Income  Putnam Tax Exempt Money 
  Fund  Fund  Fund  Market Fund 
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  101.072  $1-$10,000  100.000 
Jameson A.                 
Baxter  $10,001-$50,000  924.796  $10,001-$50,000  4,927.330  $10,001-$50,000  3,031.339  $1-$10,000  2,269.450 
Charles B.                 
Curtis  $1-$10,000  703.239  $1-$10,000  238.558  $1-$10,000  498.339  $1-$10,000  1,691.310 
Robert J.                 
Darretta  $1-$10,000  115.419  $1-$10,000  136.042  $1-$10,000  108.746  $1-$10,000  102.880 
Myra R.                 
Drucker  $1-$10,000  131.168  $1-$10,000  220.835  $1-$10,000  443.754  Over $100,000  127,877.190 
John A. Hill  $50,001-               
  $100,000  7,187.490  Over $100,000  30,510.193  $1-$10,000  1,132.478  Over $100,000  1,666,716.040 
Paul L.                 
Joskow  $1-$10,000  136.997  $10,001-$50,000  3,010.159  $1-$10,000  537.406  $1-$10,000  3,492.030 
Elizabeth T.                 
Kennan  $1-$10,000  524.672  $1-$10,000  838.497  $1-$10,000  451.195  $1-$10,000  165.450 
Kenneth R.                 
Leibler  $1-$10,000  122.450  $1-$10,000  164.073  $1-$10,000  274.899  $1-$10,000  105.790 
Robert E.                 
Patterson  $1-$10,000  590.611  $10,001-$50,000  1,975.309  $1-$10,000  513.207  $1-$10,000  100.000 
George                 
Putnam, III  Over $100,000  9,590.839  $10,001-$50,000  3,509.266  $10,001-$50,000  5,196.480  $10,001-$50,000  10,942.710 
W. Thomas                 
Stephens  $1-$10,000  131.168  $1-$10,000  220.835  $1-$10,000  357.511  Over $100,000  209,630.850 
Richard B.                 
Worley  $1-$10,000  131.168  $1-$10,000  220.835  $1-$10,000  435.055  $1-$10,000  110.860 
Robert L.                 
Reynolds  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  102.088  $1-$10,000  100.000 
Trustees and  Over $100,000  20,574.150  Over $100,000  46,171.932         
Officers as a  $10,001-$50,000  2,883.484  Over $100,000  19,796.557         
group  (Class Y Shares)  (Class Y Shares) (Class Y Shares)  (Class Y Shares)  Over $100,000  13,183.569  Over $100,000  2,236,076.350 

B-18 

  Putnam Tax-Free High Yield  Putnam U.S. Government  Putnam Vista Fund  Putnam Voyager Fund 
  Fund  Income Trust         
Trustees/  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares  Dollar Range  Shares 
Officers  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially  of Shares  Beneficially 
  Owned  Owned  Owned  Owned  Owned  Owned  Owned  Owned 
  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A)  (Class A) 
Ravi Akhoury  $1-$10,000  101.448  $1-$10,000  101.561  $1-$10,000  100.000  $1-$10,000  100.000 
Jameson A.              $50,001-   
Baxter  $10,001-$50,000  1,449.197  $10,001-$50,000  2,290.777  Over $100,000  16,568.336  $100,000  6,391.651 
Charles B.      $50,001-           
Curtis  $1-$10,000  254.773  $100,000  4,068.861  $1-$10,000  199.673  $1-$10,000  109.618 
Robert J.                 
Darretta  $1-$10,000  110.947  $1-$10,000  109.089  $1-$10,000  186.546  $1-$10,000  100.000 
Myra R.                 
Drucker  $1-$10,000  212.672  $1-$10,000  168.298  $10,001-$50,000  2,321.473  $1-$10,000  100.707 
John A. Hill  $1-$10,000  456.734  Over $100,000  9,100.127  Over $100,000  14,987.079  Over $100,000  23,945.141 
Paul L.              $50,001-   
Joskow  $1-$10,000  317.479  $1-$10,000  318.241  $10,001-$50,000  2,113.340  $100,000  3,223.712 
Elizabeth T.                 
Kennan  $1-$10,000  215.378  $1-$10,000  539.540  $10,001-$50,000  3,040.750  $1-$10,000  591.262 
Kenneth R.                 
Leibler  $1-$10,000  115.058  $1-$10,000  156.288  $1-$10,000  186.546  $1-$10,000  100.000 
Robert E.                 
Patterson  $1-$10,000  215.494  $10,001-$50,000  1,965.619  $10,001-$50,000  2,737.438  $10,001-$50,000  2,048.427 
George                 
Putnam, III  $10,001-$50,000  3,062.465  $10,001-$50,000  3,067.300  Over $100,000  15,858.696  $10,001-$50,000  2,198.233 
W. Thomas                 
Stephens  $1-$10,000  313.735  Over $100,000  80,444.418  $1-$10,000  302.102  $1-$10,000  149.155 
Richard B.                 
Worley  $1-$10,000  212.144  $1-$10,000  168.257  $1-$10,000  186.546  $1-$10,000  100.707 
Robert L.                 
Reynolds  $1-$10,000  102.796  $1-$10,000  102.369  $1-$10,000  100.000  $1-$10,000  100.000 
Trustees and      Over $100,000  102,600.745  Over $100,000  62,294.019  Over $100,000  40,545.741 
Officers as a      Over $100,000  93,191.139  Over $100,000  42,258.272  Over $100,000  18,332.787 
group  $50,001-$100,000 7,140.320  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares)  (Class Y Shares) 

B-19 

  All Funds 
Trustees/  Dollar Range of Shares Owned 
Officers   
Ravi Akhoury  Over $100,000 
Jameson A. Baxter  Over $100,000 
Charles B. Curtis  Over $100,000 
Robert J. Darretta  Over $100,000 
Myra R. Drucker  Over $100,000 
John A. Hill  Over $100,000 
Paul L. Joskow  Over $100,000 
Elizabeth T. Kennan  Over $100,000 
Kenneth R. Leibler  Over $100,000 
Robert E. Patterson  Over $100,000 
George Putnam, III  Over $100,000 
W. Thomas Stephens  Over $100,000 
Richard B. Worley  Over $100,000 
Robert L. Reynolds  Over $100,000 
Trustees and Officers as a group  Over $100,000 

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

Putnam Variable Trust  Paul L. Joskow  Robert E. Patterson  George Putnam, III 
Putnam VT American Government Income Fund  $1-$10,000  -  - 
Class IB       
Putnam VT Capital Opportunities Fund  $1-$10,000  -  - 
Class IB       
Putnam VT Diversified Income Fund  $1-$10,000  -  - 
Class IB       
Putnam VT Equity Income Fund  $1-$10,000  -  - 
Class IB       
Putnam VT The George Putnam Fund of Boston  $1-$10,000  -  - 
Class IB       
Putnam VT Global Asset Allocation Fund  -  -  $10,001-$50,000 
Class IA       
Putnam VT Global Asset Allocation Fund  $1-$10,000  -  - 
Class IB       
Putnam VT Global Equity Fund  $1-$10,000  -  - 
Class IB       

B-20 

Putnam Variable Trust  Paul L. Joskow  Robert E. Patterson  George Putnam, III 
Putnam VT Growth and Income Fund  $1-$10,000  -  - 
Class IB       
Putnam VT Growth Opportunities Fund  $1-$10,000  -  - 
Class IB       
Putnam VT High Yield Fund  -  $10,001-$50,000  - 
Class IA       
Putnam VT High Yield Fund  $1-$10,000  -  - 
Class IB       
Putnam VT Income Fund  $1-$10,000  -  - 
Class IB       
Putnam VT International Equity Fund  $1-$10,000  -  - 
Class IB       
Putnam VT International Growth and Income Fund  $1-$10,000  -  - 
Class IB       
Putnam VT International New Opportunities Fund  $1-$10,000  -  - 
Class IB       
Putnam VT Investors Fund  $1-$10,000  -  - 
Class IB       
Putnam VT Mid Cap Value Fund  $1-$10,000  -  - 
Class IB       
Putnam VT New Opportunities Fund  $1-$10,000  -  - 
Class IB       
Putnam VT Research Fund  $1-$10,000  -  - 
Class IB       
Putnam VT Small Cap Value Fund  $1-$10,000  -  - 
Class IB       
Putnam VT Vista Fund  $1-$10,000  -  - 
Class IB       
Putnam VT Voyager Fund  $1-$10,000  -  - 
Class IB       

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

B-21 

APPENDIX C – Trustee Compensation Table

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

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Absolute Return 100 Fund  Putnam Absolute Return 300 Fund 
Ravi Akhoury/2009(5)  1,644  N/A  1,757  N/A 
Jameson A. Baxter/1994(3)  1,736  139  1,855  159 
Charles B. Curtis/2001  1,736  102  1,855  117 
Robert J. Darretta/2007  1,736  N/A  1,855  N/A 
Myra R. Drucker/2004(3)  1,736  N/A  1,855  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,257  232  2,411  266 
Paul L. Joskow/1997(3)  1,736  91  1,855  104 
Elizabeth T. Kennan/1992(3)  1,736  194  1,855  222 
Kenneth R. Leibler/2006  1,736  N/A  1,855  N/A 
Robert E. Patterson/1984  1,736  127  1,855  145 
George Putnam, III/1984  1,736  109  1,855  125 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,370  0  1,463  0 
Richard B. Worley/2004  1,736  N/A  1,855  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Absolute Return 500 Fund  Putnam Absolute Return 700 Fund 
Ravi Akhoury/2009(5)  1,785  N/A  1,689  N/A 
Jameson A. Baxter/1994(3)  1,884  165  1,783  147 
Charles B. Curtis/2001  1,884  122  1,783  109 
Robert J. Darretta/2007  1,884  N/A  1,783  N/A 
Myra R. Drucker/2004(3)  1,884  N/A  1,783  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,449  275  2,317  246 
Paul L. Joskow/1997(3)  1,884  108  1,783  97 
Elizabeth T. Kennan/1992(3)  1,884  230  1,783  206 
Kenneth R. Leibler/2006  1,884  N/A  1,783  N/A 
Robert E. Patterson/1984  1,884  151  1,783  135 
George Putnam, III/1984  1,884  129  1,783  116 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,486  0  1,406  0 
Richard B. Worley/2004  1,884  N/A  1,783  N/A 

C-1 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam American Government Income  Putnam AMT-Free Municipal Fund 
Fund
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  2,023  324  2,039  270 
Charles B. Curtis/2001  2,023  234  1,974  194 
Robert J. Darretta/2007  1,939  N/A  2,283  N/A 
Myra R. Drucker/2004(3)  2,023  N/A  2,039  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,605  540  2,521  450 
Paul L. Joskow/1997(3)  2,023  214  2,039  179 
Elizabeth T. Kennan/1992(3)  2,023  445  2,039  369 
Kenneth R. Leibler/2006  2,023  N/A  2,039  N/A 
Robert E. Patterson/1984  2,023  299  2,039  250 
George Putnam, III/1984  2,023  263  2,039  220 
Robert L. Reynolds/2008(6)  0  N/A  0  0 
W. Thomas Stephens/1997(7)  880  271  1,149  225 
Richard B. Worley/2004  2,023  N/A  2,039  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Arizona Tax Exempt Income  Putnam Asia Pacific Equity Fund 
Fund
Ravi Akhoury/2009(5)  582  N/A  1,541  N/A 
Jameson A. Baxter/1994(3)  1,823  238  1,627  4 
Charles B. Curtis/2001  1,726  174  1,627  3 
Robert J. Darretta/2007  1,823  N/A  1,627  N/A 
Myra R. Drucker/2004(3)  1,823  N/A  1,627  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,099  397  2,115  7 
Paul L. Joskow/1997(3)  1,789  156  1,627  3 
Elizabeth T. Kennan/1992(3)  1,823  330  1,627  6 
Kenneth R. Leibler/2006  1,823  N/A  1,627  N/A 
Robert E. Patterson/1984  1,823  218  1,627  4 
George Putnam, III/1984  1,823  189  1,627  3 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  N/A  259  1,283  0 
Richard B. Worley/2004  1,823  N/A  1,627  N/A 

C-2 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Asset Allocation: Balanced  Putnam Asset Allocation: 
  Portfolio  Conservative Portfolio 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  3,573  579  2,461  394 
Charles B. Curtis/2001  3,573  418  2,461  285 
Robert J. Darretta/2007  3,418  N/A  2,358   N/A 
Myra R. Drucker/2004(3)  3,573  N/A  2,461  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  4,621  965  3,168  657 
Paul L. Joskow/1997(3)  3,573  383  2,461  261 
Elizabeth T. Kennan/1992(3)  3,573  795  2,461  541 
Kenneth R. Leibler/2006  3,573  N/A  2,461  N/A 
Robert E. Patterson/1984  3,573  535  2,461  364 
George Putnam, III/1984  3,573  470  2,461  320 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,593  484  1,079  330 
Richard B. Worley/2004  3,573  N/A  2,461  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Asset Allocation: Equity  Putnam Asset Allocation: Growth 
  Portfolio  Portfolio 
Ravi Akhoury/2009(5)  1,627  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  1,717  86  3,961  638 
Charles B. Curtis/2001  1,717  63  3,961  461 
Robert J. Darretta/2007  1,717  N/A  3,788  N/A 
Myra R. Drucker/2004(3)  1,717  N/A  3,961  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,232  143  5,105  1,064 
Paul L. Joskow/1997(3)  1,717  56  3,961  422 
Elizabeth T. Kennan/1992(3)  1,717  120  3,961  876 
Kenneth R. Leibler/2006  1,717  N/A  3,961  N/A 
Robert E. Patterson/1984  1,717  78  3,961  590 
George Putnam, III/1984  1,717  67  3,961  519 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,355  0  1,769  534 
Richard B. Worley/2004  1,717  N/A  3,961  N/A 

C-3 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam California Tax Exempt Income  Putnam Capital Opportunities Fund 
Fund
Ravi Akhoury/2009(5)  N/A  N/A  357  N/A 
Jameson A. Baxter/1994(3)  3,302  527  2,681  346 
Charles B. Curtis/2001  3,302  380  2,546  252 
Robert J. Darretta/2007  3,165  N/A  2,681  N/A 
Myra R. Drucker/2004(3)  3,302  N/A  2,681  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  4,262  878  3,097  576 
Paul L. Joskow/1997(3)  3,302  348  2,637  227 
Elizabeth T. Kennan/1992(3)  3,302  723  2,681  478 
Kenneth R. Leibler/2006  3,302  N/A  2,681  N/A 
Robert E. Patterson/1984  3,302  486  2,681  317 
George Putnam, III/1984  3,302  428  2,681  276 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,437  440  N/A  346 
Richard B. Worley/2004  3,302  N/A  2,681  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Capital Spectrum Fund  Putnam Convertible Income-Growth 
      Trust
Ravi Akhoury/2009(5)  1,582  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  1,671  17  2,756  342 
Charles B. Curtis/2001  1,671  12  2,709  247 
Robert J. Darretta/2007  1,671  N/A  2,668  N/A 
Myra R. Drucker/2004(3)  1,671  N/A  2,756  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,172  28  3,285  570 
Paul L. Joskow/1997(3)  1,671  11  2,756  226 
Elizabeth T. Kennan/1992(3)  1,671  24  2,756  470 
Kenneth R. Leibler/2006  1,671  N/A  2,756  N/A 
Robert E. Patterson/1984  1,671  15  2,756  315 
George Putnam, III/1984  1,671  13  2,756  277 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,318  0  914  286 
Richard B. Worley/2004  1,671  N/A  2,756  N/A 

C-4 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Diversified Income Trust  Putnam Emerging Markets Equity 
      Fund
Ravi Akhoury/2009(5)  N/A  N/A  1,563  N/A 
Jameson A. Baxter/1994(3)  3,826  619  1,650  124 
Charles B. Curtis/2001  3,826  447  1,650  91 
Robert J. Darretta/2007  3,660  N/A  1,650  N/A 
Myra R. Drucker/2004(3)  3,825  N/A  1,650  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  4,950  1,031  2,145  207 
Paul L. Joskow/1997(3)  3,826  409  1,650  81 
Elizabeth T. Kennan/1992(3)  3,826  849  1,650  173 
Kenneth R. Leibler/2006  3,826  N/A  1,650  N/A 
Robert E. Patterson/1984  3,826  571  1,650  113 
George Putnam, III/1984  3,826  503  1,650  97 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,713  517  1,302  0 
Richard B. Worley/2004  3,826  N/A  1,650  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Equity Income Fund  Putnam Equity Spectrum Fund 
Ravi Akhoury/2009(5)  N/A  N/A  1,547  N/A 
Jameson A. Baxter/1994(3)  6,545  823  1,634  6 
Charles B. Curtis/2001  6,437  596  1,634  5 
Robert J. Darretta/2007  6,329  N/A  1,634  N/A 
Myra R. Drucker/2004(3)  6,545  N/A  1,634  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  7,825  1,371  2,124  10 
Paul L. Joskow/1997(3)  6,545  543  1,634  4 
Elizabeth T. Kennan/1992(3)  6,545  1,132  1,634  9 
Kenneth R. Leibler/2006  6,545  N/A  1,634  N/A 
Robert E. Patterson/1984  6,545  758  1,634  6 
George Putnam, III/1984  6,545  664  1,634  5 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  2,213  689  1,289  0 
Richard B. Worley/2004  6,545  N/A  1,634  N/A 

C-5 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Europe Equity Fund  Putnam Floating Rate Income Fund 
Ravi Akhoury/2009(5)  677  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  2,217  291  2,233  286 
Charles B. Curtis/2001  2,100  213  2,117  208 
Robert J. Darretta/2007  2,217  N/A  2,233  N/A 
Myra R. Drucker/2004(3)  2,217  N/A  2,233  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,554  485  2,639  476 
Paul L. Joskow/1997(3)  2,177  191  2,194  188 
Elizabeth T. Kennan/1992(3)  2,217  404  2,233  395 
Kenneth R. Leibler/2006  2,217  N/A  2,233  N/A 
Robert E. Patterson/1984  2,217  267  2,233  263 
George Putnam, III/1984  2,217  231  2,233  229 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  N/A  325  185  265 
Richard B. Worley/2004  2,217  N/A  2,233  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  The Putnam Fund for Growth and  The George Putnam Fund of Boston 
Income
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  15,272  1,969  6,531  887 
Charles B. Curtis/2001  15,041  1,423  6,297  638 
Robert J. Darretta/2007  14,709  N/A  7,408  N/A 
Myra R. Drucker/2004(3)  15,272  N/A  6,531  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  18,450  3,281  8,116  1,477 
Paul L. Joskow/1997(3)  15,272  1,301  6,531  587 
Elizabeth T. Kennan/1992(3)  15,272  2,705  6,531  1,213 
Kenneth R. Leibler/2006  15,272  N/A  6,531  N/A 
Robert E. Patterson/1984  15,272  1,817  6,531  820 
George Putnam, III/1984  15,272  1,596  6,531  725 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  5,642  1,647  3,881  740 
Richard B. Worley/2004  15,272  N/A  6,531  N/A 

C-6 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year       Putnam Global Consumer Fund  Putnam Global Energy Fund 
Ravi Akhoury/2009(5)  1,537  N/A  1,541  N/A 
Jameson A. Baxter/1994(3)  1,623  120  1,627  120 
Charles B. Curtis/2001  1,623  88  1,627  89 
Robert J. Darretta/2007  1,623  N/A  1,627  N/A 
Myra R. Drucker/2004(3)  1,623  N/A  1,627  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,110  200  2,115  201 
Paul L. Joskow/1997(3)  1,623  79  1,627  79 
Elizabeth T. Kennan/1992(3)  1,623  167  1,627  168 
Kenneth R. Leibler/2006  1,623  N/A  1,627  N/A 
Robert E. Patterson/1984  1,623  110  1,627  110 
George Putnam, III/1984  1,623  94  1,627  95 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,280  0  1,284  0 
Richard B. Worley/2004  1,623  N/A  1,627  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year             Putnam Global Equity Fund       Putnam Global Financials Fund 
Ravi Akhoury/2009(5)  N/A  N/A  1,544  N/A 
Jameson A. Baxter/1994(3)  4,180  531  1,630  121 
Charles B. Curtis/2001  4,113  384  1,630  89 
Robert J. Darretta/2007  4,035  N/A  1,630  N/A 
Myra R. Drucker/2004(3)  4,180  N/A  1,630  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  5,001  886  2,119  202 
Paul L. Joskow/1997(3)  4,180  351  1,630  79 
Elizabeth T. Kennan/1992(3)  4,180  730  1,630  169 
Kenneth R. Leibler/2006  4,180  N/A  1,630  N/A 
Robert E. Patterson/1984  4,180  490  1,630  111 
George Putnam, III/1984  4,180  430  1,630  95 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,475  445  1,286  0 
Richard B. Worley/2004  4,180  N/A  1,630  N/A 

C-7 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Global Health Care Fund  Putnam Global Income Trust 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  3,917  527  1,873  233 
Charles B. Curtis/2001  3,780  380  1,841  169 
Robert J. Darretta/2007  3,786  N/A  1,813  N/A 
Myra R. Drucker/2004(3)  3,917  N/A  1,873  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  4,866  878  2,233  389 
Paul L. Joskow/1997(3)  3,917  349  1,873  154 
Elizabeth T. Kennan/1992(3)  3,917  722  1,873  321 
Kenneth R. Leibler/2006  3,917  N/A  1,873  N/A 
Robert E. Patterson/1984  3,917  487  1,873  215 
George Putnam, III/1984  3,917  429  1,873  189 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  2,275  440  626  195 
Richard B. Worley/2004  3,917  N/A  1,873  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Global Industrials Fund  Putnam Global Natural Resources 
      Fund
Ravi Akhoury/2009(5)  1,536  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  1,622  120  2,719  361 
Charles B. Curtis/2001  1,622  88  2,635  260 
Robert J. Darretta/2007  1,622  N/A  2,629  N/A 
Myra R. Drucker/2004(3)  1,622  N/A  2,719  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,109  200  3,350  601 
Paul L. Joskow/1997(3)  1,622  78  2,719  239 
Elizabeth T. Kennan/1992(3)  1,622  167  2,719  495 
Kenneth R. Leibler/2006  1,622  N/A  2,719  N/A 
Robert E. Patterson/1984  1,622  109  2,719  333 
George Putnam, III/1984  1,622  94  2,719  294 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,280  0  1,496  301 
Richard B. Worley/2004  1,622  N/A  2,719  N/A 

C-8 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Global Technology Fund  Putnam Global Telecommunications 
      Fund
Ravi Akhoury/2009(5)  1,540  N/A  1,535  N/A 
Jameson A. Baxter/1994(3)  1,626  120  1,621  120 
Charles B. Curtis/2001  1,626  89  1,621  88 
Robert J. Darretta/2007  1,626  N/A  1,621  N/A 
Myra R. Drucker/2004(3)  1,626  N/A  1,621  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,114  201  2,107  200 
Paul L. Joskow/1997(3)  1,626  79  1,621  78 
Elizabeth T. Kennan/1992(3)  1,626  168  1,621  167 
Kenneth R. Leibler/2006  1,626  N/A  1,621  N/A 
Robert E. Patterson/1984  1,626  110  1,621  109 
George Putnam, III/1984  1,626  95  1,621  94 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,283  0  1,279  0 
Richard B. Worley/2004  1,626  N/A  1,621  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year           Putnam Global Utilities Fund  Putnam Growth Opportunities Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  2,522  316  2,296  307 
Charles B. Curtis/2001  2,480  228  2,218  221 
Robert J. Darretta/2007  2,438  N/A  2,584  N/A 
Myra R. Drucker/2004(3)  2,522  N/A  2,296  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  3,010  526  2,845  511 
Paul L. Joskow/1997(3)  2,522  209  2,296  203 
Elizabeth T. Kennan/1992(3)  2,522  434  2,296  420 
Kenneth R. Leibler/2006  2,522  N/A  2,296  N/A 
Robert E. Patterson/1984  2,522  291  2,296  284 
George Putnam, III/1984  2,522  256  2,296  251 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  858  264  1,323  256 
Richard B. Worley/2004  2,522  N/A  2,296  N/A 

C-9 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam High Yield Advantage Fund               Putnam High Yield Trust 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  2,676  336  4,219  564 
Charles B. Curtis/2001  2,630  243  4,078  407 
Robert J. Darretta/2007  2,591  N/A  4,079  N/A 
Myra R. Drucker/2004(3)  2,676  N/A  4,219  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  3,194  559  5,232  940 
Paul L. Joskow/1997(3)  2,676  222  4,219  373 
Elizabeth T. Kennan/1992(3)  2,676  462  4,219  773 
Kenneth R. Leibler/2006  2,676  N/A  4,219  N/A 
Robert E. Patterson/1984  2,676  309  4,219  522 
George Putnam, III/1984  2,676  271  4,219  460 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  877  281  2,399  471 
Richard B. Worley/2004  2,676  N/A  4,219  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Income Fund       Putnam Income Strategies Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  4,772  595  1,756  224 
Charles B. Curtis/2001  4,694  430  1,662  163 
Robert J. Darretta/2007  4,618  N/A  1,756  N/A 
Myra R. Drucker/2004(3)  4,772  N/A  1,756  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  5,705  992  2,070  373 
Paul L. Joskow/1997(3)  4,772  393  1,724  147 
Elizabeth T. Kennan/1992(3)  4,772  818  1,756  309 
Kenneth R. Leibler/2006  4,772  N/A  1,756  N/A 
Robert E. Patterson/1984  4,772  549  1,756  206 
George Putnam, III/1984  4,772  482  1,756  179 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,593  498  147  209 
Richard B. Worley/2004  4,772  N/A  1,756  N/A 

C-10 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam International Capital  Putnam International Equity Fund 
Opportunities Fund
Ravi Akhoury/2009(5)  N/A  N/A  2,140  N/A 
Jameson A. Baxter/1994(3)  4,388  585  8,245  1,070 
Charles B. Curtis/2001  4,244  422  7,833  782 
Robert J. Darretta/2007  4,240  N/A  8,245  N/A 
Myra R. Drucker/2004(3)  4,388  N/A  8,245  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  5,418  975  9,502  1,783 
Paul L. Joskow/1997(3)  4,388  387  8,112  703 
Elizabeth T. Kennan/1992(3)  4,388  802  8,245  1,483 
Kenneth R. Leibler/2006  4,388  N/A  8,245  N/A 
Robert E. Patterson/1984  4,388  541  8,245  981 
George Putnam, III/1984  4,388  476  8,245  851 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  2,493  489  N/A  1,112 
Richard B. Worley/2004  4,388  N/A  8,245  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam International Growth and  Putnam International New 
  Income Fund  Opportunities Fund 
Ravi Akhoury/2009(5)  822  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  2,875  374  2,110  343 
Charles B. Curtis/2001  2,724  274  2,110  248 
Robert J. Darretta/2007  2,875  N/A  2,018  N/A 
Myra R. Drucker/2004(3)  2,875  N/A  2,110  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  3,311  624  2,730  572 
Paul L. Joskow/1997(3)  2,824  246  2,110  227 
Elizabeth T. Kennan/1992(3)  2,875  519  2,110  471 
Kenneth R. Leibler/2006  2,875  N/A  2,110  N/A 
Robert E. Patterson/1984  2,875  343  2,110  317 
George Putnam, III/1984  2,875  297  2,110  279 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  N/A  409  950  287 
Richard B. Worley/2004  2,875  N/A  2,110  N/A 

C-11 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Investors Fund  Putnam Massachusetts Tax Exempt 
      Income Fund 
Ravi Akhoury/2009(5)  N/A  N/A  771  N/A 
Jameson A. Baxter/1994(3)  5,830  798  2,270  296 
Charles B. Curtis/2001  5,618  574  2,150  217 
Robert J. Darretta/2007  6,659  N/A  2,270  N/A 
Myra R. Drucker/2004(3)  5,830  N/A  2,270  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  7,264  1,330  2,618  494 
Paul L. Joskow/1997(3)  5,830  529  2,228  195 
Elizabeth T. Kennan/1992(3)  5,830  1,092  2,270  411 
Kenneth R. Leibler/2006  5,830  N/A  2,270  N/A 
Robert E. Patterson/1984  5,830  739  2,270  272 
George Putnam, III/1984  5,830  653  2,270  235 
Robert L. Reynolds/2008(6)  0  0  0  N/A 
W. Thomas Stephens/1997(7)  3,518  666  N/A  321 
Richard B. Worley/2004  5,830  N/A  2,270  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Michigan Tax Exempt Income  Putnam Mid Cap Value Fund 
Fund
Ravi Akhoury/2009(5)  599  N/A  462  N/A 
Jameson A. Baxter/1994(3)  1,865  243  2,984  386 
Charles B. Curtis/2001  1,766  178  2,824  282 
Robert J. Darretta/2007  1,865  N/A  2,984  N/A 
Myra R. Drucker/2004(3)  1,865  N/A  2,984  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,148  406  3,435  643 
Paul L. Joskow/1997(3)  1,831  160  2,929  254 
Elizabeth T. Kennan/1992(3)  1,865  338  2,984  534 
Kenneth R. Leibler/2006  1,865  N/A  2,984  N/A 
Robert E. Patterson/1984  1,865  223  2,984  354 
George Putnam, III/1984  1,865  194  2,984  308 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  N/A  265  N/A  392 
Richard B. Worley/2004  1,865  N/A  2,984  N/A 

C-12 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Minnesota Tax Exempt Income  Putnam Money Market Fund 
Fund
Ravi Akhoury/2009(5)  601  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  1,865  243  5,137  816 
Charles B. Curtis/2001  1,766  178  5,137  589 
Robert J. Darretta/2007  1,865  N/A  4,932  N/A 
Myra R. Drucker/2004(3)  1,865  N/A  5,137  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,148  406  6,583  1,360 
Paul L. Joskow/1997(3)  1,831  160  5,137  540 
Elizabeth T. Kennan/1992(3)  1,865  337  5,137  1,120 
Kenneth R. Leibler/2006  1,865  N/A  5,137  N/A 
Robert E. Patterson/1984  1,865  223  5,137  754 
George Putnam, III/1984  1,865  194  5,137  663 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  N/A  265  2,183  682 
Richard B. Worley/2004  1,865  N/A  5,137  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Money Market Liquidity Fund  Putnam New Jersey Tax Exempt 
      Income Fund 
Ravi Akhoury/2009(5)  7,792  N/A  711  N/A 
Jameson A. Baxter/1994(3)  8,227  1,911  2,116  276 
Charles B. Curtis/2001  8,227  1,408  2,004  202 
Robert J. Darretta/2007  8,227  N/A  2,116  N/A 
Myra R. Drucker/2004(3)  8,227  N/A  2,116  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  10,695  3,187  2,439  460 
Paul L. Joskow/1997(3)  8,227  1,251  2,076  181 
Elizabeth T. Kennan/1992(3)  8,227  2,669  2,116  382 
Kenneth R. Leibler/2006  8,227  N/A  2,116  N/A 
Robert E. Patterson/1984  8,227  1,746  2,116  253 
George Putnam, III/1984  8,227  1,500  2,116  219 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  6,490  0  N/A  300 
Richard B. Worley/2004  8,227  N/A  2,116  N/A 

C-13 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam New Opportunities Fund  Putnam New York Tax Exempt 
      Income Fund 
Ravi Akhoury/2009(5)  2,570  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  7,425  994  3,343  418 
Charles B. Curtis/2001  7,037  728  3,285  303 
Robert J. Darretta/2007  7,425  N/A  3,239  N/A 
Myra R. Drucker/2004(3)  7,425  N/A  3,343  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  8,579  1,657  4,035  697 
Paul L. Joskow/1997(3)  7,286  652  3,343  276 
Elizabeth T. Kennan/1992(3)  7,425  1,380  3,343  575 
Kenneth R. Leibler/2006  7,425  N/A  3,343  N/A 
Robert E. Patterson/1984  7,425  911  3,343  385 
George Putnam, III/1984  7,425  788  3,343  337 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  N/A  1,080  1,082  350 
Richard B. Worley/2004  7,425  N/A  3,343  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Ohio Tax Exempt Income  Putnam Pennsylvania Tax Exempt 
  Fund Income Fund 
Ravi Akhoury/2009(5)  661  N/A  670  N/A 
Jameson A. Baxter/1994(3)  2,003  261  2,022  264 
Charles B. Curtis/2001  1,897  191  1,915  193 
Robert J. Darretta/2007  2,003  N/A  2,022  N/A 
Myra R. Drucker/2004(3)  2,003  N/A  2,022  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,308  436  2,330  439 
Paul L. Joskow/1997(3)  1,966  172  1,985  173 
Elizabeth T. Kennan/1992(3)  2,003  362  2,022  366 
Kenneth R. Leibler/2006  2,003  N/A  2,022  N/A 
Robert E. Patterson/1984  2,003  240  2,022  242 
George Putnam, III/1984  2,003  208  2,022  210 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  N/A  284  N/A  287 
Richard B. Worley/2004  2,003  N/A  2,022  N/A 

C-14 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Research Fund  Putnam RetirementReady 2010 Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  2,353  319  0  0 
Charles B. Curtis/2001  2,270  230  0  0 
Robert J. Darretta/2007  2,669  N/A  0  0 
Myra R. Drucker/2004(3)  2,353  N/A  0  0 
Charles E. Haldeman, Jr./2004(8)  0  0  0  0 
John A. Hill/1985(3)(4)  2,925  532  0  0 
Paul L. Joskow/1997(3)  2,353  212  0  0 
Elizabeth T. Kennan/1992(3)  2,353  437  0  0 
Kenneth R. Leibler/2006  2,353  N/A  0  0 
Robert E. Patterson/1984  2,353  296  0  0 
George Putnam, III/1984  2,353  261  0  0 
Robert L. Reynolds/2008(6)  0  N/A  0  0 
W. Thomas Stephens/1997(7)  1,389  267  0  0 
Richard B. Worley/2004  2,353  N/A  0  0 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam RetirementReady 2015 Fund  Putnam Retirement Ready 2020 Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  0  0  0  0 
Charles B. Curtis/2001  0  0  0  0 
Robert J. Darretta/2007  0  0  0  0 
Myra R. Drucker/2004(3)  0  0  0  0 
Charles E. Haldeman, Jr./2004(8)  0  0  0  0 
John A. Hill/1985(3)(4)  0  0  0  0 
Paul L. Joskow/1997(3)  0  0  0  0 
Elizabeth T. Kennan/1992(3)  0  0  0  0 
Kenneth R. Leibler/2006  0  0  0  0 
Robert E. Patterson/1984  0  0  0  0 
George Putnam, III/1984  0  0  0  0 
Robert L. Reynolds/2008(6)  0  0  0  0 
W. Thomas Stephens/1997(7)  0  0  0  0 
Richard B. Worley/2004  0  0  0  0 

C-15 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam RetirementReady 2025 Fund  Putnam RetirementReady 2030 Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  0  0  0  0 
Charles B. Curtis/2001  0  0  0  0 
Robert J. Darretta/2007  0  0  0  0 
Myra R. Drucker/2004(3)  0  0  0  0 
Charles E. Haldeman, Jr./2004(8)  0  0  0  0 
John A. Hill/1985(3)(4)  0  0  0  0 
Paul L. Joskow/1997(3)  0  0  0  0 
Elizabeth T. Kennan/1992(3)  0  0  0  0 
Kenneth R. Leibler/2006  0  0  0  0 
Robert E. Patterson/1984  0  0  0  0 
George Putnam, III/1984  0  0  0  0 
Robert L. Reynolds/2008(6)  0  0  0  0 
W. Thomas Stephens/1997(7)  0  0  0  0 
Richard B. Worley/2004  0  0  0  0 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam RetirementReady 2035 Fund  Putnam RetirementReady 2040 Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  0  0  0  0 
Charles B. Curtis/2001  0  0  0  0 
Robert J. Darretta/2007  0  0  0  0 
Myra R. Drucker/2004(3)  0  0  0  0 
Charles E. Haldeman, Jr./2004(8)  0  0  0  0 
John A. Hill/1985(3)(4)  0  0  0  0 
Paul L. Joskow/1997(3)  0  0  0  0 
Elizabeth T. Kennan/1992(3)  0  0  0  0 
Kenneth R. Leibler/2006  0  0  0  0 
Robert E. Patterson/1984  0  0  0  0 
George Putnam, III/1984  0  0  0  0 
Robert L. Reynolds/2008(6)  0  0  0  0 
W. Thomas Stephens/1997(7)  0  0  0  0 
Richard B. Worley/2004  0  0  0  0 

C-16 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam RetirementReady 2045 Fund  Putnam RetirementReady 2050 Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  0  0  0  0 
Charles B. Curtis/2001  0  0  0  0 
Robert J. Darretta/2007  0  0  0  0 
Myra R. Drucker/2004(3)  0  0  0  0 
Charles E. Haldeman, Jr./2004(8)  0  0  0  0 
John A. Hill/1985(3)(4)  0  0  0  0 
Paul L. Joskow/1997(3)  0  0  0  0 
Elizabeth T. Kennan/1992(3)  0  0  0  0 
Kenneth R. Leibler/2006  0  0  0  0 
Robert E. Patterson/1984  0  0  0  0 
George Putnam, III/1984  0  0  0  0 
Robert L. Reynolds/2008(6)  0  0  0  0 
W. Thomas Stephens/1997(7)  0  0  0  0 
Richard B. Worley/2004  0  0  0  0 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam RetirementReady Maturity     Putnam Small Cap Growth Fund 
Fund
Ravi Akhoury/2009(5)  N/A  N/A  635  N/A 
Jameson A. Baxter/1994(3)  0  0  2,118  277 
Charles B. Curtis/2001  0  0  2,006  203 
Robert J. Darretta/2007  0  0  2,118  N/A 
Myra R. Drucker/2004(3)  0  0  2,118  N/A 
Charles E. Haldeman, Jr./2004(8)  0  0  0  N/A 
John A. Hill/1985(3)(4)  0  0  2,437  462 
Paul L. Joskow/1997(3)  0  0  2,080  182 
Elizabeth T. Kennan/1992(3)  0  0  2,118  385 
Kenneth R. Leibler/2006  0  0  2,118  N/A 
Robert E. Patterson/1984  0  0  2,118  254 
George Putnam, III/1984  0  0  2,118  220 
Robert L. Reynolds/2008(6)  0  0  0  N/A 
W. Thomas Stephens/1997(7)  0  0  N/A  309 
Richard B. Worley/2004  0  0  2,118  N/A 

C-17 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Small Cap Value Fund  Putnam Tax Exempt Income Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  2,223  285  2,661  424 
Charles B. Curtis/2001  2,107  208  2,661  306 
Robert J. Darretta/2007  2,223  N/A  2,549  N/A 
Myra R. Drucker/2004(3)  2,223  N/A  2,661  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,637  476  3,588  706 
Paul L. Joskow/1997(3)  2,183  188  2,661  280 
Elizabeth T. Kennan/1992(3)  2,223  394  2,661  581 
Kenneth R. Leibler/2006  2,223  N/A  2,661  N/A 
Robert E. Patterson/1984  2,223  262  2,661  391 
George Putnam, III/1984  2,223  229  2,661  344 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  189  265  1,164  354 
Richard B. Worley/2004  2,223  N/A  2,661  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam Tax Exempt Money Market  Putnam Tax-Free High Yield Fund 
Fund
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  1,344  218  3,311  439 
Charles B. Curtis/2001  1,344  158  3,201  316 
Robert J. Darretta/2007  1,287  N/A  3,718  N/A 
Myra R. Drucker/2004(3)  1,344  N/A  3,311  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  1,738  364  4,098  732 
Paul L. Joskow/1997(3)  1,344  144  3,311  291 
Elizabeth T. Kennan/1992(3)  1,344  300  3,311  601 
Kenneth R. Leibler/2006  1,344  N/A  3,311  N/A 
Robert E. Patterson/1984  1,344  202  3,311  406 
George Putnam, III/1984  1,344  177  3,311  359 
Robert L. Reynolds/2008(6)  0  N/A  0  0 
W. Thomas Stephens/1997(7)  596  183  1,874  367 
Richard B. Worley/2004  1,344  N/A  3,311  N/A 

C-18 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam U.S. Government Income Trust  Putnam Vista Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  2,708  443  3,939  532 
Charles B. Curtis/2001  2,708  320  3,799  383 
Robert J. Darretta/2007  2,595  N/A  4,475  N/A 
Myra R. Drucker/2004(3)  2,708  N/A  3,939  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  3,528  739  4,902  887 
Paul L. Joskow/1997(3)  2,708  293  3,939  353 
Elizabeth T. Kennan/1992(3)  2,708  608  3,939  729 
Kenneth R. Leibler/2006  2,708  N/A  3,939  N/A 
Robert E. Patterson/1984  2,708  409  3,939  493 
George Putnam, III/1984  2,708  360  3,939  435 
Robert L. Reynolds/2008(6)  0  N/A  0  0 
W. Thomas Stephens/1997(7)  1,185  370  2,330  444 
Richard B. Worley/2004  2,708  N/A  3,939  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year                   Putnam Voyager Fund  Putnam VT American Government 
      Income Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  9,379  1,276  1,878  240 
Charles B. Curtis/2001  9,034  918  1,846  174 
Robert J. Darretta/2007  10,734  N/A  1,818  N/A 
Myra R. Drucker/2004(3)  9,379  N/A  1,878  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  11,692  2,127  2,240  401 
Paul L. Joskow/1997(3)  9,379  846  1,878  159 
Elizabeth T. Kennan/1992(3)  9,379  1,746  1,878  331 
Kenneth R. Leibler/2006  9,379  N/A  1,878  N/A 
Robert E. Patterson/1984  9,379  1,181  1,878  221 
George Putnam, III/1984  9,379  1,044  1,878  193 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  5,610  1,065  629  201 
Richard B. Worley/2004  9,379  N/A  1,878  N/A 

C-19 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam VT Capital Opportunities Fund  Putnam VT Diversified Income Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  1,695  216  2,302  294 
Charles B. Curtis/2001  1,666  157  2,263  214 
Robert J. Darretta/2007  1,639  N/A  2,227  N/A 
Myra R. Drucker/2004(3)  1,695  N/A  2,302  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,023  360  2,748  491 
Paul L. Joskow/1997(3)  1,695  143  2,302  194 
Elizabeth T. Kennan/1992(3)  1,695  298  2,302  406 
Kenneth R. Leibler/2006  1,695  N/A  2,302  N/A 
Robert E. Patterson/1984  1,695  199  2,302  271 
George Putnam, III/1984  1,695  174  2,302  237 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  578  181  776  247 
Richard B. Worley/2004  1,695  N/A  2,302  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam VT Equity Income Fund  Putnam VT The George Putnam Fund 
      of Boston 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  1,965  251  2,258  288 
Charles B. Curtis/2001  1,932  182  2,221  209 
Robert J. Darretta/2007  1,900  N/A  2,182  N/A 
Myra R. Drucker/2004(3)  1,965  N/A  2,258  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,345  418  2,701  481 
Paul L. Joskow/1997(3)  1,965  166  2,258  190 
Elizabeth T. Kennan/1992(3)  1,965  346  2,258  398 
Kenneth R. Leibler/2006  1,965  N/A  2,258  N/A 
Robert E. Patterson/1984  1,965  231  2,258  266 
George Putnam, III/1984  1,965  202  2,258  232 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  670  210  783  242 
Richard B. Worley/2004  1,965  N/A  2,258  N/A 

C-20 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam VT Global Asset Allocation       Putnam VT Global Equity Fund 
Fund
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  2,123  271  2,304  294 
Charles B. Curtis/2001  2,087  197  2,266  213 
Robert J. Darretta/2007  2,053  N/A  2,226  N/A 
Myra R. Drucker/2004(3)  2,123  N/A  2,304  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,535  452  2,754  489 
Paul L. Joskow/1997(3)  2,123  179  2,304  194 
Elizabeth T. Kennan/1992(3)  2,123  374  2,304  405 
Kenneth R. Leibler/2006  2,123  N/A  2,304  N/A 
Robert E. Patterson/1984  2,123  250  2,304  270 
George Putnam, III/1984  2,123  218  2,304  236 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  724  227  801  246 
Richard B. Worley/2004  2,123  N/A  2,304  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam VT Global Health Care Fund  Putnam VT Global Utilities Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  1,193  244  2,133  272 
Charles B. Curtis/2001  1,880  177  2,097   198 
Robert J. Darretta/2007  1,850  N/A  2,062  N/A 
Myra R. Drucker/2004(3)  1,193  N/A  2,133  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,284  407  2,547  454 
Paul L. Joskow/1997(3)  1,193  161  2,133  179 
Elizabeth T. Kennan/1992(3)  1,193  336  2,133  375 
Kenneth R. Leibler/2006  1,193  N/A  2,133  N/A 
Robert E. Patterson/1984  1,193  225  2,133  251 
George Putnam, III/1984  1,193  197  2,133  219 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  651  205  731  228 
Richard B. Worley/2004  1,193  N/A  2,133  N/A 

C-21 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam VT Growth and Income Fund  Putnam VT Growth Opportunities 
      Fund
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  5,224  666  1,700  217 
Charles B. Curtis/2001  5,142  484  1,671  157 
Robert J. Darretta/2007  5,038  N/A  1,644  N/A 
Myra R. Drucker/2004(3)  5,224  N/A  1,700  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  6,293  1,111  2,029  361 
Paul L. Joskow/1997(3)  5,224  439  1,700  143 
Elizabeth T. Kennan/1992(3)  5,224  918  1,700  299 
Kenneth R. Leibler/2006  5,224  N/A  1,700  N/A 
Robert E. Patterson/1984  5,224  614  1,700  200 
George Putnam, III/1984  5,224  536  1,700  175 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,885  558  580  182 
Richard B. Worley/2004  5,224  N/A  1,700  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam VT High Yield Fund               Putnam VT Income Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  2,342  299  2,547  326 
Charles B. Curtis/2001  2,302  217  2,505  237 
Robert J. Darretta/2007  2,265  N/A  2,464  N/A 
Myra R. Drucker/2004(3)  2,342  N/A  2,547  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,797  499  3,044  544 
Paul L. Joskow/1997(3)  2,342  197  2,547  215 
Elizabeth T. Kennan/1992(3)  2,342  413  2,547  450 
Kenneth R. Leibler/2006  2,342  N/A  2,547  N/A 
Robert E. Patterson/1984  2,342  276  2,547  301 
George Putnam, III/1984  2,342  241  2,547  263 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  793  251  865  273 
Richard B. Worley/2004  2,342  N/A  2,547  N/A 

C-22 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam VT International Equity Fund  Putnam VT International Growth and 
      Income Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  3,138  400  2,161  276 
Charles B. Curtis/2001  3,088  291  2,125  200 
Robert J. Darretta/2007  3,031  N/A  2,088  N/A 
Myra R. Drucker/2004(3)  3,138  N/A  2,161  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  3,755  667  2,582  460 
Paul L. Joskow/1997(3)  3,138  264  2,161  182 
Elizabeth T. Kennan/1992(3)  3,138  552  2,161  380 
Kenneth R. Leibler/2006  3,138  N/A  2,161  N/A 
Robert E. Patterson/1984  3,138  369  2,161  254 
George Putnam, III/1984  3,138  322  2,161  222 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,098  335  749  231 
Richard B. Worley/2004  3,138  N/A  2,161  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam VT International New  Putnam VT Investors Fund 
Opportunities Fund
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  1,985  253  2,194  280 
Charles B. Curtis/2001  1,952  184  2,157  203 
Robert J. Darretta/2007  1,918  N/A  2,121  N/A 
Myra R. Drucker/2004(3)  1,985  N/A  2,194  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,371  422  2,620  467 
Paul L. Joskow/1997(3)  1,985  167  2,194  185 
Elizabeth T. Kennan/1992(3)  1,985  349  2,194  386 
Kenneth R. Leibler/2006  1,985  N/A  2,194  N/A 
Robert E. Patterson/1984  1,985  233  2,194  258 
George Putnam, III/1984  1,985  204  2,194  225 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  688  212  747  235 
Richard B. Worley/2004  1,985  N/A  2,194  N/A 

C-23 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam VT Mid Cap Value Fund  Putnam VT Money Market Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  1,741  222  2,341  301 
Charles B. Curtis/2001  1,683  161  2,302  219 
Robert J. Darretta/2007  1,711  N/A  2,268  N/A 
Myra R. Drucker/2004(3)  1,683  N/A  2,341  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,078  370  2,790  502 
Paul L. Joskow/1997(3)  1,741  146  2,341  199 
Elizabeth T. Kennan/1992(3)  1,741  306  2,341  415 
Kenneth R. Leibler/2006  1,741  N/A  2,341  N/A 
Robert E. Patterson/1984  1,741  204  2,341  277 
George Putnam, III/1984  1,741  179  2,341  243 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  596  186  766  252 
Richard B. Worley/2004  1,741  N/A  2,341  N/A 
 
 
  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam VT New Opportunities Fund  Putnam VT Research Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  2,942  375  1,813  231 
Charles B. Curtis/2001  2,893  272  1,782  168 
Robert J. Darretta/2007  2,842  N/A  1,752  N/A 
Myra R. Drucker/2004(3)  2,942  N/A  1,813  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  3,522  624  2,165  385 
Paul L. Joskow/1997(3)  2,942  247  1,813  153 
Elizabeth T. Kennan/1992(3)  2,942  516  1,813  319 
Kenneth R. Leibler/2006  2,942  N/A  1,813  N/A 
Robert E. Patterson/1984  2,942  345  1,813  213 
George Putnam, III/1984  2,942  301  1,813  186 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  1,022  314  622  194 
Richard B. Worley/2004  2,942  N/A  1,813  N/A 

C-24 

  Aggregate  Pension or  Aggregate  Pension or 
  compensation  retirement  compensation  retirement 
  from the fund ($)  benefits accrued  from the fund ($)  benefits accrued 
    as part of fund    as part of fund 
    expenses ($)    expenses ($) 
Trustees/Year  Putnam VT Small Cap Value Fund  Putnam VT Vista Fund 
Ravi Akhoury/2009(5)  N/A  N/A  N/A  N/A 
Jameson A. Baxter/1994(3)  2,243  286  2,047  261 
Charles B. Curtis/2001  2,206  208  2,013  189 
Robert J. Darretta/2007  2,168  N/A  1,979  N/A 
Myra R. Drucker/2004(3)  2,243  N/A  2,047  N/A 
Charles E. Haldeman, Jr./2004(8)  0  N/A  0  N/A 
John A. Hill/1985(3)(4)  2,699  477  2,447  435 
Paul L. Joskow/1997(3)  2,243  189  2,047  172 
Elizabeth T. Kennan/1992(3)  2,243  395  2,047  360 
Kenneth R. Leibler/2006  2,243  N/A  2,047  N/A 
Robert E. Patterson/1984  2,243  264  2,047  240 
George Putnam, III/1984  2,243  231  2,047  210 
Robert L. Reynolds/2008(6)  0  N/A  0  N/A 
W. Thomas Stephens/1997(7)  772  240  706  219 
Richard B. Worley/2004  2,243  N/A  2,047  N/A 
 
 
  Aggregate  Pension or     
  compensation  retirement     
  from the fund ($)  benefits accrued     
    as part of fund     
    expenses ($)     
  
Trustees/Year  Putnam VT Voyager Fund     
  
Ravi Akhoury/2009(5)  N/A  N/A     
  
Jameson A. Baxter/1994(3)  3,476  442     
  
Charles B. Curtis/2001  3,419  321     
  
Robert J. Darretta/2007  3,356  N/A     
  
Myra R. Drucker/2004(3)  3,476  N/A     
  
Charles E. Haldeman, Jr./2004(8)  0  N/A     
  
John A. Hill/1985(3)(4)  4,164  737     
  
Paul L. Joskow/1997(3)  3,476  292     
  
Elizabeth T. Kennan/1992(3)  3,476  609     
  
Kenneth R. Leibler/2006  3,476  N/A     
  
Robert E. Patterson/1984  3,476  407     
  
George Putnam, III/1984  3,476  356     
  
Robert L. Reynolds/2008(6)  0  N/A     
  
W. Thomas Stephens/1997(7)  1,217  370     
  
Richard B. Worley/2004  3,476  N/A     
  

C-25 

  Estimated annual   
         benefits from all  Total compensation 
  Putnam funds upon  from all Putnam 
     retirement ($) (1)  funds ($) (2) 
Trustees/Year  For All Funds 
Ravi Akhoury/2009(5)  N/A  N/A 
Jameson A. Baxter/1994(3)  110,500  295,000 
Charles B. Curtis/2001  113,900  280,000 
Robert J. Darretta/2007  N/A  295,000 
Myra R. Drucker/2004(3)  N/A  295,500 
Charles E. Haldeman, Jr./2004(8)  N/A  0 
John A. Hill/1985(3)(4)  161,700  393,439 
Paul L. Joskow/1997(3)  113,400  290,000 
Elizabeth T. Kennan/1992(3)  108,000  295,000 
Kenneth R. Leibler/2006  N/A  295,000 
Robert E. Patterson/1984  106,500  295,000 
George Putnam, III/1984  130,300  295,000 
Robert L. Reynolds/2008(6)  N/A  0 
W. Thomas Stephens/1997(7)  107,100  72,500 
Richard B. Worley/2004  N/A  295,000 

(1) Estimated benefits for each Trustee are based on Trustee fee rates for calendar years 2003, 2004 and 2005.

(2) As of December 31, 2008 there were 103 funds in the Putnam family. For Mr. Hill, amounts shown also include compensation for service through June 25, 2008 as Chairman of TH Lee, Putnam Emerging Opportunities Portfolio, a closed-end fund advised by an affiliate of Putnam Management.

(3) Certain Trustees are also owed compensation deferred pursuant to a Trustee Compensation Deferral Plan. As of each fund's fiscal year end (ended between July 31, 2008 and June 30, 2009), the total amounts of deferred compensation payable by each fund listed below, including income earned on such amounts, to these Trustees were (in dollars):

Fund  Ms. Baxter  Ms. Drucker  Mr. Hill  Dr. Joskow  Dr. Kennan 
Putnam Absolute Return 100 Fund  0  0  0  0  0 
Putnam Absolute Return 300 Fund  0  0  0  0  0 
Putnam Absolute Return 500 Fund  0  0  0  0  0 
Putnam Absolute Return 700 Fund  0  0  0  0  0 
Putnam American Government Income  9,059  1,842  37,639  8,849  1,362 
Fund           
Putnam AMT-Free Municipal Fund  4,810  979  19,979  4,691  724 
Putnam Arizona Tax Exempt Income Fund  1,832  441  6,432  1,661  254 
Putnam Asia Pacific Equity Fund  0  0  0  0  0 
Putnam Asset Allocation: Balanced  9,325  1,896  38,748  9,110  1,402 
Portfolio           
Putnam Asset Allocation: Conservative  3,661  744  15,210  3,576  551 
Portfolio           
Putnam Asset Allocation: Equity Portfolio  0  0  0  0  0 
Putnam Asset Allocation: Growth Portfolio  8,342  1,696  34,660  8,149  1,254 
Putnam California Tax Exempt Income  14,371  2,921  59,712  14,038  2,161 
Fund           
Putnam Capital Opportunities Fund  3,624  873  12,704  3,286  502 
Putnam Capital Spectrum Fund  0  0  0  0  0 
Putnam Convertible Income-Growth Trust  7,215  1,486  28,211  6,636  1,022 

C-26 

Fund  Ms. Baxter  Ms. Drucker  Mr. Hill  Dr. Joskow  Dr. Kennan 
Putnam Diversified Income Trust  20,695  4,207  85,991  20,216  3,112 
Putnam Emerging Markets Equity Fund  0  0  0  0  0 
Putnam Equity Income Fund  9,722  1,999  38,005  8,937  1,377 
Putnam Equity Spectrum Fund  0  0  0  0  0 
Putnam Europe Equity Fund  8,161  1,965  28,682  7,408  1,129 
Putnam Floating Rate Income Fund  1,010  228  3,782  915  140 
The Putnam Fund for Growth and Income  75,214  15,488  294,080  69,170  10,649 
The George Putnam Fund of Boston  28,332  5,767  117,694  27,632  4,264 
Putnam Global Consumer Fund  0  0  0  0  0 
Putnam Global Energy Fund  0  0  0  0  0 
Putnam Global Equity Fund  22,291  4,590  87,157  20,500  3,156 
Putnam Global Financials Fund  0  0  0  0  0 
Putnam Global Health Care Fund  21,774  4,428  90,428  21,230  3,278 
Putnam Global Income Trust  3,901  803  15,252  3,587  552 
Putnam Global Industrials Fund  0  0  0  0  0 
Putnam Global Natural Resources Fund  2,764  562  11,478  2,695  416 
Putnam Global Technology Fund  0  0  0  0  0 
Putnam Global Telecommunications Fund  0  0  0  0  0 
Putnam Global Utilities Fund  7,413  1,527  28,986  6,818  1,050 
Putnam Growth Opportunities Fund  11,361  2,313  47,193  11,080  1,710 
Putnam High Yield Advantage Fund  9,103  1,872  35,586  8,368  1,289 
Putnam High Yield Trust  22,708  4,618  94,306  22,141  3,419 
Putnam Income Fund  12,422  2,558  48,570  11,424  1,759 
Putnam Income Strategies Fund  733  166  2,746  664  102 
Putnam International Capital Opportunities  5,788  1,177  24,038  5,644  871 
Fund           
Putnam International Equity Fund  26,370  6,350  92,679  23,936  3,649 
Putnam International Growth and Income  5,129  1,235  18,024  4,655  710 
Fund           
Putnam International New Opportunities  10,694  2,174  44,434  10,446  1,608 
Fund           
Putnam Investors Fund  25,812  5,254  107,224  25,174  3,885 
Putnam Massachusetts Tax Exempt Fund  2,101  506  7,377  1,905  291 
Putnam Michigan Tax Exempt Income  1,836  442  6,447  1,665  254 
Fund           
Putnam Mid Cap Value Fund  2,892  697  10,140  2,622  400 
Putnam Minnesota Tax Exempt Income  1,825  439  6,406  1,654  253 
Fund           
Putnam Money Market Fund  14,941  3,037  62,080  14,595  2,247 
Putnam Money Market Liquidity Fund  0  0  0  0  0 
Putnam New Jersey Tax Exempt Income  1,948  469  6,841  1,767  270 
Fund           
Putnam New Opportunities Fund  68,300  16,446  240,044  61,994  9,451 

C-27 

Fund  Ms. Baxter  Ms. Drucker  Mr. Hill  Dr. Joskow  Dr. Kennan 
Putnam New York Tax Exempt Income  8,665  1,782  33,874  7,966  1,227 
Fund           
Putnam Ohio Tax Exempt Income Fund  1,886  454  6,622  1,710  261 
Putnam Pennsylvania Tax Exempt Income  1,905  459  6,689  1,727  264 
Fund           
Putnam Research Fund  5,066  1,031  21,046  4,941  763 
Putnam RetirementReady 2010 Fund  0  0  0  0  0 
Putnam RetirementReady 2015 Fund  0  0  0  0  0 
Putnam RetirementReady 2020 Fund  0  0  0  0  0 
Putnam RetirementReady 2025 Fund  0  0  0  0  0 
Putnam RetirementReady 2030 Fund  0  0  0  0  0 
Putnam RetirementReady 2035 Fund  0  0  0  0  0 
Putnam RetirementReady 2040 Fund  0  0  0  0  0 
Putnam RetirementReady 2045 Fund  0  0  0  0  0 
Putnam RetirementReady 2050 Fund  0  0  0  0  0 
Putnam RetirementReady Maturity Fund  0  0  0  0  0 
Putnam Small Cap Growth Fund  1,852  446  6,510  1,681  256 
Putnam Small Cap Value Fund  2,580  583  9,658  2,336  357 
Putnam Tax Exempt Income Fund  13,374  2,719  55,571  13,065  2,011 
Putnam Tax Exempt Money Market Fund  1,722  350  7,155  1,682  259 
Putnam Tax-Free High Yield Fund  17,356  3,533  72,097  16,927  2,612 
Putnam U.S. Government Income Trust  17,626  3,583  73,237  17,218  2,651 
Putnam Vista Fund  27,105  5,517  112,596  26,435  4,079 
Putnam Voyager Fund  77,387  15,753  321,473  75,474  11,647 
Putnam VT American Government Income  1,781.63  383.13  6,852.43  1,656.37  253.33 
Fund           
Putnam VT Capital Opportunities Fund  887.81  190.92  3,414.65  825.39  126.24 
Putnam VT Diversified Income Fund  2,393.16  514.64  9,204.49  2,224.91  340.29 
Putnam VT Equity Income Fund  1,210.09  260.22  4,654.20  1,125.01  172.06 
Putnam VT The George Putnam Fund of  2,462.83  529.62  9,472.45  2,289.68  350.19 
Boston           
Putnam VT Global Asset Allocation Fund  4,191.66  901.39  16,121.82  3,896.96  596.02 
Putnam VT Global Equity Fund  7,822.70  1,682.22  30,087.37  7,272.71  1,112.32 
Putnam VT Global Health Care Fund  1,820.73  391.54  7,002.82  1,692.72  258.89 
Putnam VT Global Utilities Fund  4,714.52  1,013.83  18,132.80  4,383.06  670.36 
Putnam VT Growth and Income Fund  20,999.75  4,515.87  80,768.46  19,523.34  2,985.98 
Putnam VT Growth Opportunities Fund  1,497.37  322.00  5,759.14  1,392.10  212.91 
Putnam VT High Yield Fund  5,581.49  1,200.27  21,467.31  5,189.08  793.64 
Putnam VT Income Fund  5,751.28  1,236.78  22,120.37  5,346.93  817.78 
Putnam VT International Equity Fund  3,196.49  687.39  12,294.22  2,971.76  454.51 
Putnam VT International Growth and  2,008.28  431.87  7,724.16  1,867.08  285.56 
Income Fund           

C-28 

Fund  Ms. Baxter  Ms. Drucker  Mr. Hill  Dr. Joskow  Dr. Kennan 
Putnam VT International New  1,891.06  406.66  7,273.31  1,758.10  268.89 
Opportunities Fund           
Putnam VT Investors Fund  2,333.17  501.73  8,973.76  2,169.14  331.78 
Putnam VT Mid Cap Value Fund  1,035.76  222.73  3,983.71  962.94  147.28 
Putnam VT Money Market Fund  2,233.29  480.26  8,589.59  2,076.27  317.55 
Putnam VT New Opportunities Fund  11,297.36  2,429.43  43,451.50  10,503.09  1,606.39 
Putnam VT Research Fund  1,781.10  383.01  6,850.40  1,655.88  253.26 
Putnam VT Small Cap Value Fund  2,307.47  496.21  8,874.92  2,145.42  328.10 
Putnam VT Vista Fund  2,141.44  460.50  8,236.31  1,990.88  304.49 
Putnam VT Voyager Fund  16,633.12  3,576.85  63,973.67  15,463.71  2,365.08 

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

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

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

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

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

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

FORM OF PROPOSED
MANAGEMENT CONTRACT 

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

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

1. SERVICES TO BE RENDERED BY MANAGER TO FUND.

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

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

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

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

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

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

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

2. OTHER AGREEMENTS, ETC.

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

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

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

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

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

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

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

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

5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

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

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

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

6. CERTAIN DEFINITIONS.

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

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

D-4 

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

7. NON-LIABILITY OF MANAGER.

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

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

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

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

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

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Schedule A 

[LIST OF FUNDS] 

D-7 

Schedule B 

[FEE SCHEDULE: See Appendix F to this proxy statement for each fund’s detailed fee 
information.] 

D-8 

For the following funds only:

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

FORM OF PROPOSED
MANAGEMENT CONTRACT 

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

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

1. SERVICES TO BE RENDERED BY MANAGER TO FUND.

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

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

D-9 

Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.

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

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

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

(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-

D-10 

administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.

2. OTHER AGREEMENTS, ETC.

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

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

The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a Base Fee, computed and paid monthly on the Average Net Assets of the Fund at the annual rates set forth on Schedule B attached to this Contract, as from time to time amended, subject to adjustment as set forth on Schedule C attached to this Contract, as from time to time amended. The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each period for which such computation is made. The Base Fee, as adjusted, is payable for each month within 15 days after the close of the month.

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

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

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

D-11 

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

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

5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

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

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

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

6. CERTAIN DEFINITIONS.

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

For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the

D-12 

meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

7. NON-LIABILITY OF MANAGER.

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

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

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

D-13 

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

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

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  Schedule A 
[LIST OF FUNDS]

D-15 

  Schedule B 
[FEE SCHEDULE:   

Putnam Absolute Return 100 Fund Putnam Absolute Return 500 Fund
Putnam Absolute Return 300 Fund Putnam Absolute Return 700 Fund
Putnam Capital Spectrum Fund  Putnam Equity Spectrum Fund 

For the funds listed above, see Appendix F (Proposed Fee Schedules) to this proxy statement for each fund’s detailed fee information.

*         *         * 

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

For the funds listed above, if Proposal 2A (a management contract containing both Fund Family breakpoints and performance fees) is approved and implemented for the fund, see Appendix F (Proposed Fee Schedules) and Appendix G (Proposed Benchmarks) to this proxy statement for each fund’s detailed fee information.

If Proposal 2B (a management contract containing Fund Family breakpoints only) is approved and implemented for the fund, see Appendix F (Proposed Fee Schedules) to this proxy statement for each fund’s detailed fee information.

If Proposal 2C (a management contract containing performance fees only) is approved and implemented for the fund, see Appendix G (Proposed Benchmarks) and Appendix E (Current Fee Schedules) to this proxy statement for each fund’s detailed fee information.]

D-16 

  Schedule C 
[This Schedule C is included for the following funds only:   

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

Commencing with the thirteenth whole calendar month of the Fund’s operations, the Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

Performance Period. The Performance Period is equal to the shorter of (i) the period from the date the Fund commenced operations to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.

Performance Adjustment Rate. The Performance Adjustment Rate is equal to the product of 0.04 multiplied by the difference, positive or negative, obtained by subtracting (i) the sum of the Investment Record of the Benchmark for the Performance Period plus the Hurdle from (ii) the Investment Performance of the Measuring Class for the Performance Period; provided that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on Schedule B or be less than the Minimum Performance Adjustment Rate set forth on Schedule B.

Investment Performance and Investment Record. These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall each be computed on an annualized basis for any Performance Period greater than one year.

Hurdle. The Fund’s Hurdle is set forth in Schedule B.

Benchmark. The Fund’s initial Benchmark is set forth in Schedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of this Schedule C (the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.

Measuring Class. The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in

D-17 

calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.

Notwithstanding any other provisions in this Schedule C, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.

D-18 

  Schedule C 
[This Schedule C is included for the following funds only:   

Putnam Capital Spectrum Fund  Putnam Equity Spectrum Fund] 

Commencing with the thirteenth whole calendar month of the Fund’s operations, the Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

Performance Period. The Performance Period is equal to the shorter of (i) the period from the date the Fund commenced operations to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.

Performance Adjustment Rate. The Performance Adjustment Rate is equal to the product of 0.04 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period; provided that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on Schedule B or be less than the Minimum Performance Adjustment Rate set forth on Schedule B.

Investment Performance and Investment Record. These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall each be computed on an annualized basis for any Performance Period greater than one year.

Benchmark. The Fund’s initial Benchmark is set forth in Schedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of this Schedule C (the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.

Measuring Class. The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance

D-19 

Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.

Notwithstanding any other provisions in this Schedule C, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.

D-20 

Schedule C 
 
[This Schedule C is included for each of the following funds for which Proposal 2A or Proposal 
2C is approved by shareholders and implemented: 

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

Commencing with the thirteenth whole calendar month after the later of January 1, 2010 and the date of execution of this Contract, the Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

Performance Period. The Performance Period is equal to the shorter of (i) the period from the later of January 1, 2010 and the date of the execution of this Contract to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.

Performance Adjustment Rate. The Performance Adjustment Rate is equal to the product of 0.03 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period; provided that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on Schedule B or be less than the Minimum Performance Adjustment Rate set forth on Schedule B.

Investment Performance and Investment Record. These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall each be computed on an annualized basis for any Performance Period greater than one year.

Benchmark. The Fund’s initial Benchmark is set forth in Schedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of this Schedule C (the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.

D-21 

Measuring Class. The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.

Notwithstanding any other provisions in this Schedule C, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.

D-22 

APPENDIX E – Current Fee Schedule

The following table sets forth each fund’s current management fee schedule.

Fund  Management Fee Rate    Fund  Management Fee Rate   
 
Putnam Absolute  First $500 million  0.55%  Putnam Absolute  First $500 million  0.65% 
Return 100 Fund  Next $500 million  0.45%  Return 300 Fund  Next $500 million  0.55% 
  Next $500 million  0.40%    Next $500 million  0.50% 
  Next $5 billion  0.35%    Next $5 billion  0.45% 
  Next $5 billion  0.325%    Next $5 billion  0.425% 
  Next $5 billion  0.305%    Next $5 billion  0.405% 
  Next $5 billion  0.29%    Next $5 billion  0.39% 
  Any excess thereafter  0.28%    Any excess thereafter  0.38% 
 
  Benchmark: Merrill Lynch US Treasury Bill Index    Benchmark: Merrill Lynch US Treasury Bill Index 
  (G0BA)      (G0BA)   
  Hurdle: 1.00%      Hurdle: 3.00%   
  Maximum Performance Adjustment Rate: 0.04%    Maximum Performance Adjustment Rate: 0.12% 
  Minimum Performance Adjustment Rate: -0.04%    Minimum Performance Adjustment Rate: -0.12% 
Putnam Absolute  First $500 million  0.80%  Putnam Absolute  First $500 million  0.95% 
Return 500 Fund  Next $500 million  0.70%  Return 700 Fund  Next $500 million  0.85% 
  Next $500 million  0.65%    Next $500 million  0.80% 
  Next $5 billion  0.60%    Next $5 billion  0.75% 
  Next $5 billion  0.575%    Next $5 billion  0.725% 
  Next $5 billion  0.555%    Next $5 billion  0.705% 
  Next $5 billion  0.54%    Next $5 billion  0.69% 
  Any excess thereafter  0.53%    Any excess thereafter  0.68% 
 
  Benchmark: Merrill Lynch US Treasury Bill Index    Benchmark: Merrill Lynch US Treasury Bill Index 
  (G0BA)      (G0BA)   
  Hurdle: 5.00%      Hurdle: 7.00%   
  Maximum Performance Adjustment Rate: 0.20%    Maximum Performance Adjustment Rate: 0.28% 
  Minimum Performance Adjustment Rate: -0.20%    Minimum Performance Adjustment Rate: -0.28% 
Putnam American  First $500 million  0.65%  Putnam AMT-Free  The lesser of 0.50%, or   
Government Income  Next $500 million  0.55%  Municipal Fund  First $500 million  0.60% 
Fund  Next $500 million  0.50%    Next $500 million  0.50% 
  Next $5 billion  0.45%    Next $500 million  0.45% 
  Next $5 billion  0.425%    Next $5 billion  0.40% 
  Next $5 billion  0.405%    Next $5 billion  0.375% 
  Next $5 billion  0.39%    Next $5 billion  0.355% 
  Any excess thereafter  0.38%    Next $5 billion  0.34% 
        Any excess thereafter  0.33% 
Putnam Arizona Tax  The lesser of 0.50%, or    Putnam Asia Pacific  First $500 million  1.00% 
Exempt Income Fund  First $500 million  0.60%  Equity Fund  Next $500 million  0.90% 
  Next $500 million  0.50%    Next $500 million  0.85% 
  Next $500 million  0.45%    Next $5 billion  0.80% 
  Next $5 billion  0.40%    Next $5 billion  0.775% 
  Next $5 billion  0.375%    Next $5 billion  0.755% 
  Next $5 billion  0.355%    Next $5 billion  0.74% 
  Next $5 billion  0.34%    Next $5 billion  0.73% 
  Any excess over $21.5 billion  0.33%    Next $5 billion  0.72% 
        Next $5 billion  0.71% 
        Next $5 billion  0.70% 
        Next $5 billion  0.69% 
        Next $8.5 billion  0.68% 
        Any excess thereafter  0.67% 
Putnam Asset  First $500 million  0.70%  Putnam Asset  First $500 million  0.70% 
Allocation: Balanced  Next $500 million  0.60%  Allocation:  Next $500 million  0.60% 
Portfolio  Next $500 million  0.55%  Conservative  Next $500 million  0.55% 
  Next $5 billion  0.50%  Portfolio  Next $5 billion  0.50% 
  Next $5 billion  0.475%    Next $5 billion  0.475% 
  Next $5 billion  0.455%    Next $5 billion  0.455% 
  Next $5 billion  0.44%    Next $5 billion  0.44% 
  Any excess over $21.5 billion  0.43%    Any excess over $21.5 billion  0.43% 

E-1 

Fund  Management Fee Rate    Fund  Management Fee Rate   
 
Putnam Asset  First $500 million  0.70%  Putnam Asset  First $500 million  0.70% 
Allocation: Equity  Next $500 million  0.60%  Allocation: Growth  Next $500 million  0.60% 
Portfolio  Next $500 million  0.55%  Portfolio  Next $500 million  0.55% 
  Next $5 billion  0.50%    Next $5 billion  0.50% 
  Next $5 billion  0.475%    Next $5 billion  0.475% 
  Next $5 billion  0.455%    Next $5 billion  0.455% 
  Next $5 billion  0.44%    Next $5 billion  0.44% 
  Next $5 billion  0.43%    Any excess over $21.5 billion  0.43% 
  Next $5 billion  0.42%       
  Next $5 billion  0.41%       
  Next $5 billion  0.40%       
  Next $5 billion  0.39%       
  Next $8.5 billion  0.38%       
  Any excess thereafter  0.37%       
Putnam California  The lesser of 0.50%, or    Putnam Capital  First $500 million  0.65% 
Tax Exempt Income  First $500 million  0.60%  Opportunities Fund  Next $500 million  0.55% 
Fund  Next $500 million  0.50%    Next $500 million  0.50% 
  Next $500 million  0.45%    Next $5 billion  0.45% 
  Next $5 billion  0.40%    Next $5 billion  0.425% 
  Next $5 billion  0.375%    Next $5 billion  0.405% 
  Next $5 billion  0.355%    Next $5 billion  0.39% 
  Next $5 billion  0.34%    Any excess over $21.5 billion  0.38% 
  Any excess thereafter  0.33%       
Putnam Capital  First $500 million  0.80%  Putnam Convertible  First $500 million  0.65% 
Spectrum Fund  Next $500 million  0.70%  Income-Growth Trust  Next $500 million  0.55% 
  Next $500 million  0.65%    Next $500 million  0.50% 
  Next $5 billion  0.60%    Next $5 billion  0.45% 
  Next $5 billion  0.575%    Next $5 billion  0.425% 
  Next $5 billion  0.555%    Next $5 billion  0.405% 
  Next $5 billion  0.54%    Next $5 billion  0.39% 
  Next $5 billion  0.53%    Any excess thereafter  0.38% 
  Next $5 billion  0.52%       
  Next $5 billion  0.51%       
  Next $5 billion  0.50%       
  Next $5 billion  0.49%       
  Next $8.5 billion  0.48%       
  Any excess thereafter  0.47%       
 
  Benchmark: 50/50 blend (balanced daily) of S&P 500       
  Index and JP Morgan Developed High Yield Index       
  Maximum Performance Adjustment Rate: 0.32%       
  Minimum Performance Adjustment Rate: -0.32%       
Putnam Diversified  First $500 million  0.70%  Putnam Emerging  First $500 million  1.00% 
Income Trust  Next $500 million  0.60%  Markets Equity Fund  Next $500 million  0.90% 
  Next $500 million  0.55%    Next $500 million  0.85% 
  Next $5 billion  0.50%    Next $5 billion  0.80% 
  Next $5 billion  0.475%    Next $5 billion  0.775% 
  Next $5 billion  0.455%    Next $5 billion  0.755% 
  Next $5 billion  0.44%    Next $5 billion  0.74% 
  Any excess thereafter  0.43%    Next $5 billion  0.73% 
        Next $5 billion  0.72% 
        Next $5 billion  0.71% 
        Next $5 billion  0.70% 
        Next $5 billion  0.69% 
        Next $8.5 billion  0.68% 
        Any excess thereafter  0.67% 

E-2


 

 

Fund  Management Fee Rate    Fund  Management Fee Rate   
 
Putnam Equity  First $500 million  0.65%  Putnam Equity  First $500 million  0.80% 
Income Fund  Next $500 million  0.55%  Spectrum Fund  Next $500 million  0.70% 
  Next $500 million  0.50%    Next $500 million  0.65% 
  Next $5 billion  0.45%    Next $5 billion  0.60% 
  Next $5 billion  0.425%    Next $5 billion  0.575% 
  Next $5 billion  0.405%    Next $5 billion  0.555% 
  Next $5 billion  0.39%    Next $5 billion  0.54% 
  Any excess thereafter  0.38%    Next $5 billion  0.53% 
        Next $5 billion  0.52% 
        Next $5 billion  0.51% 
        Next $5 billion  0.50% 
        Next $5 billion  0.49% 
        Next $8.5 billion  0.48% 
        Any excess thereafter  0.47% 
 
        Benchmark: S&P 500 Index   
        Maximum Performance Adjustment Rate: 0.40% 
        Minimum Performance Adjustment Rate: -0.40% 
Putnam Europe  First $500 million  0.80%  Putnam Floating Rate  First $500 million  0.65% 
Equity Fund  Next $500 million  0.70%  Income Fund  Next $500 million  0.55% 
  Next $500 million  0.65%    Next $500 million  0.50% 
  Next $5 billion  0.60%    Next $5 billion  0.45% 
  Next $5 billion  0.575%    Next $5 billion  0.425% 
  Next $5 billion  0.555%    Next $5 billion  0.405% 
  Next $5 billion  0.54%    Next $5 billion  0.39% 
  Any excess thereafter  0.53%    Next $5 billion  0.38% 
        Next $5 billion  0.37% 
        Next $5 billion  0.36% 
        Next $5 billion  0.35% 
        Next $5 billion  0.34% 
        Next $8.5 billion  0.33% 
        Any excess thereafter  0.32% 
The Putnam Fund for  First $500 million  0.65%  The George Putnam  First $500 million  0.65% 
Growth and Income  Next $500 million  0.55%  Fund of Boston  Next $500 million  0.55% 
  Next $500 million  0.50%    Next $500 million  0.50% 
  Next $5 billion  0.45%    Next $5 billion  0.45% 
  Next $5 billion  0.425%    Next $5 billion  0.425% 
  Next $5 billion  0.405%    Next $5 billion  0.405% 
  Next $5 billion  0.39%    Next $5 billion  0.39% 
  Next $5 billion  0.38%    Any excess thereafter  0.38% 
  Next $5 billion  0.37%       
  Next $5 billion  0.36%       
  Next $5 billion  0.35%       
  Next $5 billion  0.34%       
  Next $8.5 billion  0.33%       
  Any excess over $55 billion  0.32%       
Putnam Global  First $500 million  0.70%  Putnam Global  First $500 million  0.70% 
Consumer Fund  Next $500 million  0.60%  Energy Fund  Next $500 million  0.60% 
  Next $500 million  0.55%    Next $500 million  0.55% 
  Next $5 billion  0.50%    Next $5 billion  0.50% 
  Next $5 billion  0.475%    Next $5 billion  0.475% 
  Next $5 billion  0.455%    Next $5 billion  0.455% 
  Next $5 billion  0.44%    Next $5 billion  0.44% 
  Next $5 billion  0.43%    Next $5 billion  0.43% 
  Next $5 billion  0.42%    Next $5 billion  0.42% 
  Next $5 billion  0.41%    Next $5 billion  0.41% 
  Next $5 billion  0.40%    Next $5 billion  0.40% 
  Next $5 billion  0.39%    Next $5 billion  0.39% 
  Next $8.5 billion  0.38%    Next $8.5 billion  0.38% 
  Any excess thereafter  0.37%    Any excess thereafter  0.37% 

E-3


 

 

Fund  Management Fee Rate    Fund  Management Fee Rate   
 
Putnam Global  First $500 million  0.80%  Putnam Global  First $500 million  0.70% 
Equity Fund  Next $500 million  0.70%  Financials Fund  Next $500 million  0.60% 
  Next $500 million  0.65%    Next $500 million  0.55% 
  Next $5 billion  0.60%    Next $5 billion  0.50% 
  Next $5 billion  0.575%    Next $5 billion  0.475% 
  Next $5 billion  0.555%    Next $5 billion  0.455% 
  Next $5 billion  0.54%    Next $5 billion  0.44% 
  Next $5 billion  0.53%    Next $5 billion  0.43% 
  Next $5 billion  0.52%    Next $5 billion  0.42% 
  Next $5 billion  0.51%    Next $5 billion  0.41% 
  Next $5 billion  0.50%    Next $5 billion  0.40% 
  Next $5 billion  0.49%    Next $5 billion  0.39% 
  Next $8.5 billion  0.48%    Next $8.5 billion  0.38% 
  Any excess over $55 billion  0.47%    Any excess thereafter  0.37% 
Putnam Global  First $500 million  0.70%  Putnam Global  First $500 million  0.70% 
Health Care Fund  Next $500 million  0.60%  Income Trust  Next $500 million  0.60% 
  Next $500 million  0.55%    Next $500 million  0.55% 
  Next $5 billion  0.50%    Next $5 billion  0.50% 
  Next $5 billion  0.475%    Next $5 billion  0.475% 
  Next $5 billion  0.455%    Next $5 billion  0.455% 
  Next $5 billion  0.44%    Next $5 billion  0.44% 
  Any excess over $21.5 billion  0.43%    Any excess thereafter  0.43% 
Putnam Global  First $500 million  0.70%  Putnam Global  First $500 million  0.70% 
Industrials Fund  Next $500 million  0.60%  Natural Resources  Next $500 million  0.60% 
  Next $500 million  0.55%  Fund  Next $500 million  0.55% 
  Next $5 billion  0.50%    Next $5 billion  0.50% 
  Next $5 billion  0.475%    Next $5 billion  0.475% 
  Next $5 billion  0.455%    Next $5 billion  0.455% 
  Next $5 billion  0.44%    Next $5 billion  0.44% 
  Next $5 billion  0.43%    Any excess thereafter  0.43% 
  Next $5 billion  0.42%       
  Next $5 billion  0.41%       
  Next $5 billion  0.40%       
  Next $5 billion  0.39%       
  Next $8.5 billion  0.38%       
  Any excess thereafter  0.37%       
Putnam Global  First $500 million  0.70%  Putnam Global  First $500 million  0.70% 
Technology Fund  Next $500 million  0.60%  Telecommunications  Next $500 million  0.60% 
  Next $500 million  0.55%  Fund  Next $500 million  0.55% 
  Next $5 billion  0.50%    Next $5 billion  0.50% 
  Next $5 billion  0.475%    Next $5 billion  0.475% 
  Next $5 billion  0.455%    Next $5 billion  0.455% 
  Next $5 billion  0.44%    Next $5 billion  0.44% 
  Next $5 billion  0.43%    Next $5 billion  0.43% 
  Next $5 billion  0.42%    Next $5 billion  0.42% 
  Next $5 billion  0.41%    Next $5 billion  0.41% 
  Next $5 billion  0.40%    Next $5 billion  0.40% 
  Next $5 billion  0.39%    Next $5 billion  0.39% 
  Next $8.5 billion  0.38%    Next $8.5 billion  0.38% 
  Any excess thereafter  0.37%    Any excess thereafter  0.37% 
Putnam Global  First $500 million  0.70%  Putnam Growth  First $500 million  0.70% 
Utilities Fund  Next $500 million  0.60%  Opportunities Fund  Next $500 million  0.60% 
  Next $500 million  0.55%    Next $500 million  0.55% 
  Next $5 billion  0.50%    Next $5 billion  0.50% 
  Next $5 billion  0.475%    Next $5 billion  0.475% 
  Next $5 billion  0.455%    Next $5 billion  0.455% 
  Next $5 billion  0.44%    Next $5 billion  0.44% 
  Any excess thereafter  0.43%    Any excess thereafter  0.43% 
Putnam High Yield  First $500 million  0.70%  Putnam High Yield  First $500 million  0.70% 
Advantage Fund  Next $500 million  0.60%  Trust  Next $500 million  0.60% 
  Next $500 million  0.55%    Next $500 million  0.55% 
  Next $5 billion  0.50%    Next $5 billion  0.50% 
  Next $5 billion  0.475%    Next $5 billion  0.475% 
  Next $5 billion  0.455%    Next $5 billion  0.455% 
  Next $5 billion  0.44%    Next $5 billion  0.44% 
  Any excess thereafter  0.43%    Any excess thereafter  0.43% 

E-4

 

 

Fund  Management Fee Rate    Fund  Management Fee Rate   
 
Putnam Income Fund  First $500 million  0.65%  Putnam Income  First $500 million  0.65% 
  Next $500 million  0.55%  Strategies Fund  Next $500 million  0.55% 
  Next $500 million  0.50%    Next $500 million  0.50% 
  Next $5 billion  0.45%    Next $5 billion  0.45% 
  Next $5 billion  0.425%    Next $5 billion  0.425% 
  Next $5 billion  0.405%    Next $5 billion  0.405% 
  Next $5 billion  0.39%    Next $5 billion  0.39% 
  Any excess thereafter  0.38%    Next $5 billion  0.38% 
        Next $5 billion  0.37% 
        Next $5 billion  0.36% 
        Next $5 billion  0.35% 
        Next $5 billion  0.34% 
        Next $8.5 billion  0.33% 
        Any excess thereafter  0.32% 
Putnam International  First $500 million  1.00%  Putnam International  First $500 million  0.80% 
Capital Opportunities  Next $500 million  0.90%  Equity Fund  Next $500 million  0.70% 
Fund  Next $500 million  0.85%    Next $500 million  0.65% 
  Next $5 billion  0.80%    Next $5 billion  0.60% 
  Next $5 billion  0.775%    Next $5 billion  0.575% 
  Next $5 billion  0.755%    Next $5 billion  0.555% 
  Next $5 billion  0.74%    Next $5 billion  0.54% 
  Any excess thereafter  0.73%    Any excess over $21.5 billion  0.53% 
Putnam International  First $500 million  0.80%  Putnam International  First $500 million  1.00% 
Growth and Income  Next $500 million  0.70%  New Opportunities  Next $500 million  0.90% 
Fund  Next $500 million  0.65%  Fund  Next $500 million  0.85% 
  Next $5 billion  0.60%    Next $5 billion  0.80% 
  Next $5 billion  0.575%    Next $5 billion  0.775% 
  Next $5 billion  0.555%    Next $5 billion  0.755% 
  Next $5 billion  0.54%    Next $5 billion  0.74% 
  Any excess over $21.5 billion  0.53%    Any excess thereafter  0.73% 
Putnam Investors  First $500 million  0.65%  Putnam  The lesser of 0.50%, or   
Fund  Next $500 million  0.55%  Massachusetts Tax  First $500 million  0.60% 
  Next $500 million  0.50%  Exempt Income Fund  Next $500 million  0.50% 
  Next $5 billion  0.45%    Next $500 million  0.45% 
  Next $5 billion  0.425%    Next $5 billion  0.40% 
  Next $5 billion  0.405%    Next $5 billion  0.375% 
  Next $5 billion  0.39%    Next $5 billion  0.355% 
  Any excess over $21.5 billion  0.38%    Next $5 billion  0.34% 
        Any excess over $21.5 billion  0.33% 
Putnam Michigan  The lesser of 0.50%, or    Putnam Mid Cap  First $500 million  0.70% 
Tax Exempt Income  First $500 million  0.60%  Value Fund  Next $500 million  0.60% 
Fund  Next $500 million  0.50%    Next $500 million  0.55% 
  Next $500 million  0.45%    Next $5 billion  0.50% 
  Next $5 billion  0.40%    Next $5 billion  0.475% 
  Next $5 billion  0.375%    Next $5 billion  0.455% 
  Next $5 billion  0.355%    Next $5 billion  0.44% 
  Next $5 billion  0.34%    Any excess thereafter  0.43% 
  Any excess over $21.5 billion  0.33%       
Putnam Minnesota  The lesser of 0.50%, or    Putnam Money  First $100 million  0.50% 
Tax Exempt Income  First $500 million  0.60%  Market Fund  Next $100 million  0.40% 
Fund  Next $500 million  0.50%    Next $300 million  0.35% 
  Next $500 million  0.45%    Next $500 million  0.325% 
  Next $5 billion  0.40%    Next $500 million  0.30% 
  Next $5 billion  0.375%    Next $2.5 billion  0.275% 
  Next $5 billion  0.355%    Next $2.5 billion  0.25% 
  Next $5 billion  0.34%    Next $5 billion  0.225% 
  Any excess over $21.5 billion  0.33%    Next $5 billion  0.205% 
        Next $5 billion  0.19% 
        Any excess thereafter  0.18% 

E-5

 

 

Fund  Management Fee Rate    Fund  Management Fee Rate   
 
Putnam New Jersey  The lesser of 0.50%, or    Putnam New  First $500 million  0.70% 
Tax Exempt Income  First $500 million  0.60%  Opportunities Fund  Next $500 million  0.60% 
Fund  Next $500 million  0.50%    Next $500 million  0.55% 
  Next $500 million  0.45%    Next $5 billion  0.50% 
  Next $5 billion  0.40%    Next $5 billion  0.475% 
  Next $5 billion  0.375%    Next $5 billion  0.455% 
  Next $5 billion  0.355%    Next $5 billion  0.44% 
  Next $5 billion  0.34%    Next $5 billion  0.43% 
  Any excess over $21.5 billion  0.33%    Next $5 billion  0.42% 
        Next $5 billion  0.41% 
        Next $5 billion  0.40% 
        Next $5 billion  0.39% 
        Next $8.5 billion  0.38% 
        Any excess over $55 billion  0.37% 
Putnam New York  The lesser of 0.50%, or    Putnam Ohio Tax  The lesser of 0.50%, or   
Tax Exempt Income  First $500 million  0.60%  Exempt Income Fund  First $500 million  0.60% 
Fund  Next $500 million  0.50%    Next $500 million  0.50% 
  Next $500 million  0.45%    Next $500 million  0.45% 
  Next $5 billion  0.40%    Next $5 billion  0.40% 
  Next $5 billion  0.375%    Next $5 billion  0.375% 
  Next $5 billion  0.355%    Next $5 billion  0.355% 
  Next $5 billion  0.34%    Next $5 billion  0.34% 
  Any excess over $21.5 billion  0.33%    Any excess over $21.5 billion  0.33% 
Putnam Pennsylvania  The lesser of 0.50%, or    Putnam Research  First $500 million  0.65% 
Tax Exempt Income  First $500 million  0.60%  Fund  Next $500 million  0.55% 
Fund  Next $500 million  0.50%    Next $500 million  0.50% 
  Next $500 million  0.45%    Next $5 billion  0.45% 
  Next $5 billion  0.40%    Next $5 billion  0.425% 
  Next $5 billion  0.375%    Next $5 billion  0.405% 
  Next $5 billion  0.355%    Next $5 billion  0.39% 
  Next $5 billion  0.34%    Any excess thereafter  0.38% 
  Any excess over $21.5 billion  0.33%       
Putnam Small Cap  First $500 million  1.00%  Putnam Small Cap  First $500 million  0.80% 
Growth Fund  Next $500 million  0.90%  Value Fund  Next $500 million  0.70% 
  Next $500 million  0.85%    Next $500 million  0.65% 
  Next $5 billion  0.80%    Next $5 billion  0.60% 
  Next $5 billion  0.775%    Next $5 billion  0.575% 
  Next $5 billion  0.755%    Next $5 billion  0.555% 
  Next $5 billion  0.74%    Next $5 billion  0.54% 
  Any excess thereafter  0.73%    Any excess thereafter  0.53% 
Putnam Tax Exempt  The lesser of 0.50%, or    Putnam Tax Exempt  First $500 million  0.45% 
Income Fund  First $500 million  0.60%  Money Market Fund  Next $500 million  0.35% 
  Next $500 million  0.50%    Next $500 million  0.30% 
  Next $500 million  0.45%    Next $5 billion  0.25% 
  Next $5 billion  0.40%    Next $5 billion  0.225% 
  Next $5 billion  0.375%    Next $5 billion  0.205% 
  Next $5 billion  0.355%    Next $5 billion  0.19% 
  Next $5 billion  0.34%    Any excess thereafter  0.18% 
  Any excess over $21.5 billion  0.33%       
Putnam Tax-Free  The lesser of 0.50%, or    Putnam U.S.  First $500 million  0.57% 
High Yield Fund  First $500 million  0.60%  Government Income  Next $500 million  0.475% 
  Next $500 million  0.50%  Trust  Next $500 million  0.4275% 
  Next $500 million  0.45%    Any excess over $1.5 billion  0.38% 
  Next $5 billion  0.40%       
  Next $5 billion  0.375%       
  Next $5 billion  0.355%       
  Next $5 billion  0.34%       
  Any excess thereafter  0.33%       

E-6

Fund  Management Fee Rate    Fund  Management Fee Rate   
 
Putnam Vista Fund  First $500 million  0.65%  Putnam Voyager  First $500 million  0.70% 
  Next $500 million  0.55%  Fund  Next $500 million  0.60% 
  Next $500 million  0.50%    Next $500 million  0.55% 
  Next $5 billion  0.45%    Next $5 billion  0.50% 
  Next $5 billion  0.425%    Next $5 billion  0.475% 
  Next $5 billion  0.405%    Next $5 billion  0.455% 
  Next $5 billion  0.39%    Next $5 billion  0.44% 
  Any excess over $21.5 billion  0.38%    Next $5 billion  0.43% 
        Next $5 billion  0.42% 
        Next $5 billion  0.41% 
        Next $5 billion  0.40% 
        Next $5 billion  0.39% 
        Next $8.5 billion  0.38% 
        Any excess over $55 billion  0.37% 
Putnam VT American  First $500 million  0.65%  Putnam VT Capital  First $500 million  0.65% 
Government Income  Next $500 million  0.55%  Opportunities Fund  Next $500 million  0.55% 
Fund  Next $500 million  0.50%    Next $500 million  0.50% 
  Next $5 billion  0.45%    Next $5 billion  0.45% 
  Next $5 billion  0.425%    Next $5 billion  0.425% 
  Next $5 billion  0.405%    Next $5 billion  0.405% 
  Next $5 billion  0.39%    Next $5 billion  0.39% 
  Next $5 billion  0.38%    Any excess thereafter  0.38% 
  Next $5 billion  0.37%       
  Next $5 billion  0.36%       
  Next $5 billion  0.35%       
  Any excess thereafter  0.34%       
Putnam VT  First $500 million  0.70%  Putnam VT Equity  First $500 million  0.65% 
Diversified Income  Next $500 million  0.60%  Income Fund  Next $500 million  0.55% 
Fund  Next $500 million  0.55%    Next $500 million  0.50% 
  Next $5 billion  0.50%    Next $5 billion  0.45% 
  Next $5 billion  0.475%    Next $5 billion  0.425% 
  Next $5 billion  0.455%    Next $5 billion  0.405% 
  Next $5 billion  0.44%    Next $5 billion  0.39% 
  Any excess thereafter  0.43%    Any excess thereafter  0.38% 
Putnam VT The  First $500 million  0.65%  Putnam VT Global  First $500 million  0.70% 
George Putnam Fund  Next $500 million  0.55%  Asset Allocation  Next $500 million  0.60% 
of Boston  Next $500 million  0.50%  Fund  Next $500 million  0.55% 
  Next $5 billion  0.45%    Next $5 billion  0.50% 
  Next $5 billion  0.425%    Next $5 billion  0.475% 
  Next $5 billion  0.405%    Next $5 billion  0.455% 
  Next $5 billion  0.39%    Next $5 billion  0.44% 
  Any excess thereafter  0.38%    Any excess thereafter  0.43% 
Putnam VT Global  First $500 million  0.80%  Putnam VT Global  First $500 million  0.70% 
Equity Fund  Next $500 million  0.70%  Health Care Fund  Next $500 million  0.60% 
  Next $500 million  0.65%    Next $500 million  0.55% 
  Next $5 billion  0.60%    Next $5 billion  0.50% 
  Next $5 billion  0.575%    Next $5 billion  0.475% 
  Next $5 billion  0.555%    Next $5 billion  0.455% 
  Next $5 billion  0.54%    Next $5 billion  0.44% 
  Any excess thereafter  0.53%    Any excess thereafter  0.43% 
Putnam VT Global  First $500 million  0.70%  Putnam VT Growth  First $500 million  0.65% 
Utilities Fund  Next $500 million  0.60%  and Income Fund  Next $500 million  0.55% 
  Next $500 million  0.55%    Next $500 million  0.50% 
  Next $5 billion  0.50%    Next $5 billion  0.45% 
  Next $5 billion  0.475%    Next $5 billion  0.425% 
  Next $5 billion  0.455%    Next $5 billion  0.405% 
  Next $5 billion  0.44%    Next $5 billion  0.39% 
  Any excess thereafter  0.43%    Any excess thereafter  0.38% 
Putnam VT Growth  First $500 million  0.70%  Putnam VT High  First $500 million  0.70% 
Opportunities Fund  Next $500 million  0.60%  Yield Fund  Next $500 million  0.60% 
  Next $500 million  0.55%    Next $500 million  0.55% 
  Next $5 billion  0.50%    Next $5 billion  0.50% 
  Next $5 billion  0.475%    Next $5 billion  0.475% 
  Next $5 billion  0.455%    Next $5 billion  0.455% 
  Next $5 billion  0.44%    Next $5 billion  0.44% 
  Next $5 billion  0.43%    Any excess thereafter  0.43% 
  Any excess thereafter  0.42%       

 

E-7


 

 

Fund  Management Fee Rate    Fund  Management Fee Rate   
 
Putnam VT Income  First $500 million  0.65%  Putnam VT  First $500 million  0.80% 
Fund  Next $500 million  0.55%  International Equity  Next $500 million  0.70% 
  Next $500 million  0.50%  Fund  Next $500 million  0.65% 
  Next $5 billion  0.45%    Next $5 billion  0.60% 
  Next $5 billion  0.425%    Next $5 billion  0.575% 
  Next $5 billion  0.405%    Next $5 billion  0.555% 
  Next $5 billion  0.39%    Next $5 billion  0.54% 
  Any excess thereafter  0.38%    Any excess thereafter  0.53% 
Putnam VT  First $500 million  0.80%  Putnam VT  First $500 million  1.00% 
International Growth  Next $500 million  0.70%  International New  Next $500 million  0.90% 
and Income Fund  Next $500 million  0.65%  Opportunities Fund  Next $500 million  0.85% 
  Next $5 billion  0.60%    Next $5 billion  0.80% 
  Next $5 billion  0.575%    Next $5 billion  0.775% 
  Next $5 billion  0.555%    Next $5 billion  0.755% 
  Next $5 billion  0.54%    Next $5 billion  0.74% 
  Any excess thereafter  0.53%    Any excess thereafter  0.73% 
Putnam VT Investors  First $500 million  0.65%  Putnam VT Mid Cap  First $500 million  0.70% 
Fund  Next $500 million  0.55%  Value Fund  Next $500 million  0.60% 
  Next $500 million  0.50%    Next $500 million  0.55% 
  Next $5 billion  0.45%    Next $5 billion  0.50% 
  Next $5 billion  0.425%    Next $5 billion  0.475% 
  Next $5 billion  0.405%    Next $5 billion  0.455% 
  Next $5 billion  0.39%    Next $5 billion  0.44% 
  Any excess thereafter  0.38%    Any excess thereafter  0.43% 
Putnam VT Money  First $500 million  0.45%  Putnam VT New  First $500 million  0.70% 
Market Fund  Next $500 million  0.35%  Opportunities Fund  Next $500 million  0.60% 
  Next $500 million  0.30%    Next $500 million  0.55% 
  Next $5 billion  0.25%    Next $5 billion  0.50% 
  Next $5 billion  0.225%    Next $5 billion  0.475% 
  Next $5 billion  0.205%    Next $5 billion  0.455% 
  Next $5 billion and  0.19%    Next $5 billion  0.44% 
  Any excess thereafter  0.18%    Any excess thereafter  0.43% 
Putnam VT Research  First $500 million  0.65%  Putnam VT Small  First $500 million  0.80% 
Fund  Next $500 million  0.55%  Cap Value Fund  Next $500 million  0.70% 
  Next $500 million  0.50%    Next $500 million  0.65% 
  Next $5 billion  0.45%    Next $5 billion  0.60% 
  Next $5 billion  0.425%    Next $5 billion  0.575% 
  Next $5 billion  0.405%    Next $5 billion  0.555% 
  Next $5 billion  0.39%    Next $5 billion  0.54% 
  Any excess thereafter  0.38%    Any excess thereafter  0.53% 
Putnam VT Vista  First $500 million  0.65%  Putnam VT Voyager  First $500 million  0.70% 
Fund  Next $500 million  0.55%  Fund  Next $500 million  0.60% 
  Next $500 million  0.50%    Next $500 million  0.55% 
  Next $5 billion  0.45%    Next $5 billion  0.50% 
  Next $5 billion  0.425%    Next $5 billion  0.475% 
  Next $5 billion  0.405%    Next $5 billion  0.455% 
  Next $5 billion  0.39%    Next $5 billion  0.44% 
  Any excess thereafter  0.38%    Any excess thereafter  0.43% 

E-8 

APPENDIX F – Proposed Fee Schedules

Fund Family Fee Schedules 

            Putnam Europe Equity   
            Fund   
            Putnam Global Equity  Putnam Capital 
            Fund  Opportunities Fund 
      Putnam Asia Pacific Equity      Putnam International  Putnam Convertible 
      Fund      Equity Fund  Income-Growth Trust 
      Putnam Emerging Markets      Putnam International  Putnam Small Cap 
      Equity Fund      Growth and Income Fund  Growth Fund 
      Putnam International    Putnam Absolute  Putnam VT Global Equity  Putnam Small Cap Value 
      Capital Opportunities Fund    Return 500 Fund  Fund  Fund 
      Putnam International New    Putnam Capital  Putnam VT International  Putnam VT Capital 
Total Open-End  Opportunities Fund    Spectrum Fund  Equity Fund  Opportunities Fund 
Mutual Fund Average Putnam VT International  Putnam Absolute Return  Putnam Equity  Putnam VT International  Putnam VT Small Cap 
Net Assets ($B)* New Opportunities Fund  700 Fund  Spectrum Fund  Growth and Income Fund  Value Fund 
1st  5  B  1.080%  1.030%  0.880%  0.850%  0.780% 
Next  5  B  1.030%  0.980%  0.830%  0.800%  0.730% 
Next  10  B  0.980%  0.930%  0.780%  0.750%  0.680% 
Next  10  B  0.930%  0.880%  0.730%  0.700%  0.630% 
Next  50  B  0.880%  0.830%  0.680%  0.650%  0.580% 
Next  50  B  0.860%  0.810%  0.660%  0.630%  0.560% 
Next  100  B  0.850%  0.800%  0.650%  0.620%  0.550% 
Any excess thereafter  0.845%  0.795%  0.645%  0.615%  0.545% 

F-1 

    Putnam Global Consumer       
    Fund       
    Putnam Global Energy Fund       
    Putnam Global Financials       
    Fund       
    Putnam Global Health Care       
    Fund       
    Putnam Global Industrials       
    Fund       
    Putnam Global Natural       
    Resources Fund       
    Putnam Global Technology       
    Fund       
    Putnam Global       
    Telecommunications Fund  Putnam Asset Allocation:  Putnam Mid Cap Value   
    Putnam Global Utilities Fund  Equity Portfolio  Fund   
    Putnam VT Global Health  Putnam Asset Allocation:  Putnam Vista Fund   
Total Open-End  Care Fund  Growth Portfolio  Putnam VT Vista Fund   
Mutual Fund Average Putnam VT Global Utilities  Putnam VT Global Asset  Putnam VT Mid Cap  Putnam Absolute Return 
Net Assets ($B)*  Fund  Allocation Fund  Value Fund  300 Fund 
1st  5 B  0.780%  0.750%  0.740%  0.730% 
Next  5  B  0.730%  0.700%  0.690%  0.680% 
Next  10  B  0.680%  0.650%  0.640%  0.630% 
Next  10  B  0.630%  0.600%  0.590%  0.580% 
Next  50 B  0.580%  0.550%  0.540%  0.530% 
Next  50  B  0.560%  0.530%  0.520%  0.510% 
Next  100  B  0.550%  0.520%  0.510%  0.500% 
Any excess thereafter  0.545%  0.515%  0.505%  0.495% 

F-2 

        Putnam Growth       
        Opportunities Fund       
        Putnam Investors Fund       
        Putnam New Opportunities       
        Fund    Putnam Asset Allocation:   
        Putnam Research Fund    Balanced Portfolio   
        Putnam Voyager Fund    The George Putnam Fund   
        Putnam VT Investors Fund    of Boston   
      Putnam Floating Rate Income  Putnam VT New  Putnam Diversified  Putnam VT The George   
      Fund  Opportunities Fund  Income Trust  Putnam Fund of Boston   
      Putnam High Yield Trust  Putnam VT Research Fund  Putnam Global Income  Putnam Asset Allocation:   
Total Open-End  Putnam High Yield Advantage  Putnam VT Growth  Trust  Conservative Portfolio   
Mutual Fund Average Fund  Opportunities Fund  Putnam VT Diversified  Putnam Income Strategies  Putnam Absolute Return 
Net Assets ($B)* Putnam VT High Yield Fund  Putnam VT Voyager Fund  Income Fund  Fund  100 Fund 
1st  5  B  0.720%  0.710%  0.700%  0.680%  0.630% 
Next  5  B  0.670%  0.660%  0.650%  0.630%  0.580% 
Next  10  B  0.620%  0.610%  0.600%  0.580%  0.530% 
Next  10  B  0.570%  0.560%  0.550%  0.530%  0.480% 
Next  50  B  0.520%  0.510%  0.500%  0.480%  0.430% 
Next  50  B  0.500%  0.490%  0.480%  0.460%  0.410% 
Next  100  B  0.490%  0.480%  0.470%  0.450%  0.400% 
Any excess thereafter  0.485%  0.475%  0.465%  0.445%  0.395% 

F-3 

        Putnam AMT-Free     
        Municipal Fund     
        Putnam Arizona Tax     
        Exempt Income Fund     
        Putnam California Tax     
        Exempt Income Fund     
        Putnam Massachusetts     
        Tax Exempt Income     
        Fund     
        Putnam Michigan Tax     
        Exempt Income Fund     
        Putnam Minnesota Tax     
        Exempt Income Fund     
        Putnam New Jersey Tax     
      Exempt Income Fund     
      Putnam New York Tax     
      Putnam Equity Income  Exempt Income Fund  Putnam American 
      Fund  Putnam Ohio Tax  Government Income Fund 
      The Putnam Fund for   Exempt Income Fund  Putnam Income Fund  Putnam Money Market  
      Growth and Income  Putnam Pennsylvania  Putnam U.S. Government  Fund 
  Putnam VT Equity Income  Tax Exempt Income  Income Trust  Putnam Tax Exempt 
Total Open-End    Fund   Fund   Putnam VT American  Money Market Fund  
Mutual Fund Average Putnam Tax-Free High Yield  Putnam VT Growth and  Putnam Tax Exempt  Government Income Fund  Putnam VT Money Market 
Net Assets ($B)*  Fund  Income Fund  Income Fund  Putnam VT Income Fund  Fund 
1st  5 B  0.630%  0.630%  0.590%  0.550%  0.440% 
Next  5  B  0.580%  0.580%  0.540%  0.500%  0.390% 
Next  10  B  0.530%  0.530%  0.490%  0.450%  0.340% 
Next  10  B  0.480%  0.480%  0.440%  0.400%  0.290% 
Next  50 B  0.430%  0.430%  0.390%  0.350%  0.240% 
Next  50  B  0.410%  0.410%  0.370%  0.330%  0.220% 
Next  100  B  0.400%  0.400%  0.360%  0.320%  0.210% 
Any excess thereafter  0.395%  0.395%  0.355%  0.315%  0.205% 

* "Total Open-End Mutual Fund Average Net Assets" means the average of all of the determinations of the aggregate net assets of all open-end funds sponsored by Putnam Management (excluding Putnam RetirementReady Funds and Putnam Money Market Liquidity Fund) at the close of business on each business day during each month while the Management Contract is in effect.

Putnam Absolute  Benchmark: Merrill Lynch US Treasury Bill Index (G0BA)  Putnam Absolute Return  Benchmark: Merrill Lynch US Treasury Bill Index (G0BA) 
Return 100 Fund  Hurdle: 1.00%  300 Fund  Hurdle: 3.00% 
  Maximum Performance Adjustment Rate: 0.04%    Maximum Performance Adjustment Rate: 0.12% 
  Minimum Performance Adjustment Rate: -0.04%    Minimum Performance Adjustment Rate: -0.12% 
Putnam Absolute  Benchmark: Merrill Lynch US Treasury Bill Index (G0BA)  Putnam Absolute Return  Benchmark: Merrill Lynch US Treasury Bill Index (G0BA) 
Return 500 Fund  Hurdle: 5.00%  700 Fund  Hurdle: 7.00% 
  Maximum Performance Adjustment Rate: 0.20%    Maximum Performance Adjustment Rate: 0.28% 
  Minimum Performance Adjustment Rate: -0.20%    Minimum Performance Adjustment Rate: -0.28% 
Putnam Capital  Benchmark: 50/50 blend (balanced daily) of S&P 500 Index  Putnam Equity  Benchmark: S&P 500 Index 
Spectrum Fund  and JP Morgan Developed High Yield Index  Spectrum Fund  Maximum Performance Adjustment Rate: 0.40% 
  Maximum Performance Adjustment Rate: 0.32%    Minimum Performance Adjustment Rate: -0.40% 
  Minimum Performance Adjustment Rate: -0.32%     

F-4 

APPENDIX G – Proposed Benchmarks

Fund Name Proposed Benchmark Proposed Maximum
    Annualized
    Performance
    Adjustment Rate
Putnam Asia Pacific Equity Morgan Stanley Capital 0.21%
Fund International (MSCI) All  
Country (AC) Asia Pacific   
Index (Net Dividends)*   
Putnam Emerging Markets Morgan Stanley Capital 0.21%
Equity Fund International (MSCI)  
  Emerging Markets (EM) Index  
  (Net Dividends)*  
Putnam Europe Equity Fund Morgan Stanley Capital 0.15%
  International (MSCI) Europe  
Index (Net Dividends)*   
Putnam Global Equity Fund Morgan Stanley Capital 0.15%
  International (MSCI) World  
Index (Net Dividends)*
Putnam Growth Russell 1000 Growth Index 0.12%
Opportunities Fund    
Putnam International S&P Developed/Ex-U.S. 0.21%
Capital Opportunities Fund SmallCap Index  
Putnam International Equity Morgan Stanley Capital 0.15%
Fund International (MSCI) EAFE  
Index (Net Dividends)*
Putnam International S&P Developed/Ex-U.S. 0.15%
Growth and Income Fund LargeMidCap Value Index  
Putnam International New Morgan Stanley Capital 0.21%
Opportunities Fund International (MSCI) EAFE  
  Growth Index (Net  
  Dividends)*  
Putnam New Opportunities Russell 3000 Growth Index 0.12%
Fund    
Putnam Small Cap Growth Russell 2000 Growth Index 0.18%
Fund    
Putnam Vista Fund Russell Midcap Growth Index 0.12%
Putnam Voyager Fund Russell 1000 Growth Index 0.12%

* Morgan Stanley Capital International (MSCI) publishes two versions of these indices reflecting the reinvestment of dividends using two different methodologies: gross dividends and net dividends. While both versions reflect reinvested dividends, they differ with respect to the manner in which taxes associated with dividends payments are treated. In calculating the net dividends version, MSCI incorporates reinvested dividends applying the withholding tax rate applicable to foreign non-resident institutional investors that do not benefit from double taxation treaties. Putnam Management believes that the net dividends version better reflects the returns U.S. investors might expect were they to invest directly in the component securities of each index.

G-1

APPENDIX H – Funds Proposed to Change to Monthly Management Fees

Putnam American Government Income Fund  Putnam Tax Exempt Income Fund 
Putnam Arizona Tax Exempt Income Fund  Putnam Tax Exempt Money Market Fund 
Putnam Asset Allocation: Balanced Portfolio  Putnam U.S. Government Income Trust 
Putnam Asset Allocation: Conservative  Putnam Vista Fund 
Portfolio  Putnam Voyager Fund 
Putnam Asset Allocation: Growth Portfolio  Putnam VT American Government Income 
Putnam California Tax Exempt Income Fund  Fund 
Putnam Capital Opportunities Fund  Putnam VT Diversified Income Trust 
Putnam Convertible Income-Growth Trust  Putnam VT The George Putnam Fund of 
Putnam Diversified Income Trust  Boston 
Putnam Equity Income Fund  Putnam VT Global Asset Allocation Fund 
Putnam Europe Equity Fund  Putnam VT Global Equity Fund 
Putnam Fund for Growth and Income  Putnam VT Global Health Care Fund 
Putnam The George Putnam Fund of Boston  Putnam VT Global Utilities Fund 
Putnam Global Health Care Fund  Putnam VT Growth and Income Fund 
Putnam Global Income Trust  Putnam VT Growth Opportunities Fund 
Putnam Global Utilities Fund  Putnam VT High Yield Fund 
Putnam Growth Opportunities Fund  Putnam VT Income Fund 
Putnam High Yield Advantage Fund  Putnam VT International Equity Fund 
Putnam High Yield Trust  Putnam VT International Growth and 
Putnam Income Fund  Income Fund 
Putnam International Capital Opportunities  Putnam VT International New Opportunities 
Fund  Fund 
Putnam International Equity Fund  Putnam VT Investors Fund 
Putnam International Growth and Income  Putnam VT Money Market Fund 
Fund  Putnam VT New Opportunities Fund 
Putnam International New Opportunities Fund  Putnam VT Research Fund 
Putnam Investors Fund  Putnam VT Small Cap Value Fund 
Putnam Massachusetts Tax Exempt Income  Putnam VT Vista Fund 
Fund  Putnam VT Voyager Fund 
Putnam Michigan Tax Exempt Income Fund   
Putnam Mid Cap Value Fund   
Putnam Minnesota Tax Exempt Income Fund   
Putnam Money Market Fund   
Putnam New Jersey Tax Exempt Income Fund   
Putnam New Opportunities Fund   
Putnam New York Tax Exempt Income Fund   
Putnam Ohio Tax Exempt Income Fund   
Putnam Pennsylvania Tax Exempt Income   
Fund   
Putnam Research Fund   
Putnam Small Cap Growth Fund   
Putnam Small Cap Value Fund   

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APPENDIX I – Description of Contract Approval Process

Previous approval of management contracts

The approval by the Trustees in July 2009 of the proposed management contracts for your funds was preceded in June 2009 by their approval of the continuance of the current management contracts. The discussion below summarizes the principal factors considered by the Trustees in approving the continuance of the current management contracts in June 2009.

General conclusions

The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of the funds’ management contracts with Putnam Investment Management (“Putnam Management”), and with respect to certain funds, the sub-management contracts between Putnam Management and its affiliate, Putnam Investment Limited (“PIL”), and the sub-advisory contracts among Putnam Management, PIL and another affiliate, Putnam Advisory Company (“PAC”).

In this regard, the Board of Trustees, with the assistance of its Contract Committee consisting solely of Trustees who are not “interested persons” (as such term is defined in the Investment Company Act of 1940, as amended) of the Putnam funds (the “Independent Trustees”), requests and evaluates all information it deems reasonably necessary under the circumstances. Over the course of several months ending in June 2009, the Contract Committee met several times to consider the information provided by Putnam Management and other information developed with the assistance of the Board’s independent counsel and independent staff. The Contract Committee reviewed and discussed key aspects of this information with all of the Independent Trustees. The Contract Committee recommended, and the Independent Trustees approved, the continuance of each fund’s management contracts – and with respect to certain funds, sub-management contracts and sub-advisory contracts – effective July 1, 2009. (Because PIL and PAC are affiliates of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL and PAC, the Trustees have not evaluated PIL and PAC as separate entities, except as otherwise indicated below, and all subsequent references to Putnam Management below should be deemed to include reference to PIL and PAC as necessary or appropriate in the context.)

The Independent Trustees’ approval was based on the following conclusions:

• That the fee schedules in effect for the funds represented reasonable compensation in light of the nature and quality of the services being provided to the funds, the fees paid by competitive funds and the costs incurred by Putnam Management in providing such services, and

• That such fee schedules represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the funds at current asset levels.

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These conclusions were based on a comprehensive consideration of all information provided to the Trustees, were subject to the continued application of certain expense reductions and waivers pending other considerations noted below, and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the fee arrangements for the funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that certain aspects of such arrangements may receive greater scrutiny in some years than others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements in prior years.

Considerations of strategic pricing proposal

The Trustees considered that the Contract Committee had been engaged in a detailed review of Putnam Management’s strategic pricing proposal that was first presented to the Committee at its May 2009 meeting. The proposal included proposed changes to the basic structure of the management fees in place for all open-end funds (except the RetirementReady Funds and Money Market Liquidity Fund) including implementation of a breakpoint structure based on the aggregate net assets of all such funds in lieu of the individual breakpoint structures in place for each fund and implementation of performance fees for certain funds. In addition, the proposal recommended substituting separate expense limitations on investor servicing fees and on other expenses as a group in lieu of the total expense limitations in place for many funds.

While the Contract Committee noted the likelihood that the Trustees and Putnam Management would reach agreement on the strategic pricing matters in later months, the terms of the management contracts required that the Trustees approve the continuance of the contracts in order to prevent their expiration at June 30, 2009. The Contract Committee’s recommendations reflect its conclusion that the terms of the contractual arrangements for each fund continued to be appropriate for the upcoming term, absent any possible agreement with respect to the matters addressed in Putnam Management’s proposal.

The Trustees were mindful of the significant changes that had occurred at Putnam Management in the past two years, including a change of ownership, the installation of a new senior management team at Putnam Management, the substantial decline in assets under management resulting from extraordinary market forces as well as continued net redemptions in many funds, the introduction of new fund products representing novel investment strategies and the introduction of performance fees for certain new funds. The Trustees were also mindful that many other leading firms in the industry had also been experiencing significant challenges due to the changing financial and competitive environment. For these reasons, even though the Trustees believed that the current contractual arrangements in place between the funds and Putnam Management and its affiliates have served shareholders well and continued to be appropriate for the near term, the Trustees believed that it was an appropriate time to reconsider the current structure of the funds’ contractual arrangements with Putnam Management with a view to possible changes that might better serve the interests of shareholders in this new environment. It should be noted that at that time, the Trustees had not yet reached any

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conclusions with respect to Putnam Management’s strategic pricing proposal and accordingly their considerations discussed below address only their reasons for recommending the continuance of the current contractual arrangements.

Management fee schedules and categories; total expenses

The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints, and the assignment of funds to particular fee categories. The general fee structure has been carefully developed over the years and re-examined on many occasions and adjusted where appropriate. In this regard, the Trustees noted that shareholders of all funds voted by overwhelming majorities in 2007 to approve new management contracts containing identical fee schedules.

In reviewing fees and expenses, the Trustees generally focused their attention on material changes in circumstances – for example, changes in a fund’s size or investment style, changes in Putnam Management’s operating costs, or changes in competitive practices in the mutual fund industry – that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of the funds at that time but, as indicated above, based on their detailed review of the current fee structure, were prepared to consider possible changes to these arrangements that might better serve the interests of shareholders in the future. The Trustees focused on two areas of particular interest, as discussed further below:

• Competitiveness. The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom peer group of competitive funds selected by Lipper Inc., each fund ranked in particular percentiles in management fees and total expenses (less any applicable 12b-1 fees for open-end funds, and excluding charges and expenses at the insurance company separate account level for the funds of Putnam Variable Trust) as of December 31, 2008 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds), as indicated on Schedule A.

(Because the funds’ custom peer groups are smaller than the funds’ broad Lipper Inc. peer groups, this expense information may differ from the Lipper peer expense information found elsewhere.) The Trustees noted that expense ratios for a number of Putnam funds, which show the percentage of fund assets used to pay for management and administrative services, distribution (12b-1) fees and other expenses, had been increasing recently as a result of declining net assets and the natural operation of fee breakpoints. With respect to all funds, the Trustees expressed their intention to monitor the funds’ percentile rankings in management fees and in total expenses to ensure that fees and expenses of the funds continue to meet evolving competitive standards.

With respect to the open-end funds, the Trustees noted that the expense ratio increases described above were being controlled by expense limitations initially implemented in January 2004. These expense limitations give effect to a commitment by Putnam Management that the expense ratio of each open-end fund would be no higher than the average expense ratio of the competitive funds included in the fund’s relevant Lipper universe (exclusive of any applicable 12b-1 charges

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in each case). The Trustees observed that this commitment to limit fund expenses has served shareholders well since its inception and, while the Contract Committee was reviewing proposed alternative expense limitation arrangements as noted above, the Trustees received a commitment from Putnam Management and its parent company to continue this program through at least June 30, 2010, or such earlier time as the Trustees and Putnam Management reach agreement on alternative arrangements.

In order to ensure that the expenses of the Putnam funds continue to meet evolving competitive standards, the Trustees requested, and Putnam Management agreed, to extend for the twelve months beginning July 1, 2009, or such earlier time as the Trustees and Putnam Management reach agreement on alternative expense limitation arrangements, an additional expense limitation for certain funds at an amount equal to the average expense ratio (exclusive of 12b-1 charges) of a custom peer group of competitive funds selected by Lipper to correspond to the size of the fund. This additional expense limitation will be applied to those open-end funds that had above-average expense ratios (exclusive of 12b-1 charges) based on the custom peer group data for the period ended December 31, 2007.

• Economies of scale. Most funds currently have the benefit of breakpoints in their management fee that provide shareholders with significant economies of scale, which means that the effective management fee rate of a fund (as a percentage of fund assets) declines as a fund grows in size and crosses specified asset thresholds. Conversely, as a fund shrinks in size —as has been the case for many Putnam open-end funds in recent years — these breakpoints result in increasing fee levels. In recent years, the Trustees have examined the operation of the existing breakpoint structure during periods of both growth and decline in asset levels. The Trustees concluded that the fee schedules in effect for the funds represented an appropriate sharing of economies of scale at that time but, as noted above, were in the process of reviewing a proposal to eliminate individual fund breakpoints for all open-end funds (except the RetirementReady Funds and Money Market Liquidity Fund) in favor of a breakpoint structure based on the aggregate net assets of all such funds.

In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services provided and profits realized by Putnam Management and its affiliates from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management’s revenues, expenses and profitability with respect to the funds’ management contracts, allocated on a fund-by-fund basis.

Investment performance

The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ evaluation of the quality of services provided by Putnam Management under the funds’ management contract. The Trustees were assisted in their review of the Putnam funds’ investment process and performance by the work of the Investment Oversight Coordinating Committee of the Trustees and the Investment Oversight Committees of the

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Trustees, which had met on a regular monthly basis with the funds’ portfolio teams throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — as measured by the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to such personnel, and in general the ability of Putnam Management to attract and retain high-quality personnel — but also recognized that this does not guarantee favorable investment results for every fund in every time period. The Trustees considered the investment performance of each fund over multiple time periods and considered information comparing each fund’s performance with various benchmarks and with the performance of competitive funds.

The Trustees noted the disappointing investment performance of many of the funds for periods ended December 31, 2008. They discussed with senior management of Putnam Management the factors contributing to such underperformance and actions being taken to improve performance. The Trustees recognized that, in recent years, Putnam Management has taken steps to strengthen its investment personnel and processes to address areas of underperformance, including Putnam Management’s continuing efforts to strengthen the equity research function, recent changes in portfolio managers and the recent arrival of a new chief investment officer. The Trustees also recognized the substantial improvement in performance of many funds since the implementation of those changes. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these efforts and to evaluate whether additional changes to address areas of underperformance are warranted.

In the case of each open-end fund, the Trustees considered that each fund’s class A (and class IA in the case of Putnam Variable Trust) share cumulative total return performance at net asset value was in particular percentiles of its Lipper Inc. peer group for the one-year, three-year and five-year periods ended December 31, 2008 (the first percentile being the best-performing funds and the 100th percentile being the worst-performing funds), as indicated on Schedule B.

As a general matter, the Trustees believe that cooperative efforts between the Trustees and Putnam Management represent the most effective way to address investment performance problems. The Trustees noted that investors in the Putnam funds have, in effect, placed their trust in the Putnam organization, under the oversight of the funds’ Trustees, to make appropriate decisions regarding the management of the funds. Based on the responsiveness of Putnam Management in the recent past to Trustee concerns about investment performance, the Trustees concluded that it is preferable to seek change within Putnam Management to address performance shortcomings. In the Trustees’ view, the alternative of engaging a new investment adviser for an underperforming fund would entail significant disruptions and would not provide any greater assurance of improved investment performance.

Brokerage and soft-dollar allocations; other benefits

The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contracts with the funds. These include benefits related to brokerage and soft-dollar allocations, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that may be useful to Putnam Management in managing the assets of the fund and of other clients. The

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`Trustees considered a change made, at Putnam Management’s request, to the Putnam funds’ brokerage allocation policy commencing in 2009, which increased the permitted soft dollar allocation to third-party services over what had been authorized in previous years. The Trustees noted that a portion of available soft dollars continue to be allocated to the payment of fund expenses, although the amount allocated for this purpose has declined in recent years. The Trustees indicated their continued intent to monitor regulatory developments in this area with the assistance of their Brokerage Committee and also indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage and trends in industry practice to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.

The Trustees’ annual review of the funds’ management contracts also included the review of the investor servicing agreements with Putnam Investor Services, Inc. (“PI”) (in the case of the open-end funds) and Putnam Fiduciary Trust Company (“PFTC”) (in the case of the closed-end funds) which agreements provide benefits to affiliates of Putnam Management. The Trustees considered that effective January 1, 2009, the Trustees, PI and PFTC entered into a new fee schedule that includes for the open-end funds (other than funds of Putnam Variable Trust and Money Market Liquidity Fund) an expense limitation but, as noted above, also considered that this expense limitation is subject to review as part of the Trustees’ pending review of Putnam’s strategic pricing proposal.

In the case of the open-end funds, the Trustees’ annual review of the funds’ management contracts also included the review of the funds’ distributor’s contracts and distribution plans with Putnam Retail Management Limited Partnership, which contracts and plans also provide benefits to an affiliate of Putnam Management.

Comparison of retail and institutional fee schedules

The information examined by the Trustees as part of their annual contract review has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, etc. This information included comparisons of such fees with fees charged to the funds, as well as a detailed assessment of the differences in the services provided to these two types of clients. The Trustees observed, in this regard, that the differences in fee rates between institutional clients and mutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients reflect to a substantial degree historical competitive forces operating in separate market places. The Trustees considered the fact that fee rates across different asset classes are typically higher on average for mutual funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to institutional clients of the firm, but did not rely on such comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.

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Schedule A 

The funds ranked in the following percentiles in management fees and total expenses (less any applicable 12b-1 fees for open-end funds, and excluding charges and expenses at the insurance company separate account level for the funds of Putnam Variable Trust) as of December 31, 2008 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds):

  Actual Management Fee  Total Expenses 
  (percentile rank)  (percentile rank) 
 
Putnam Absolute Return 100 Fund  N/A  N/A 
Putnam Absolute Return 300 Fund  N/A  N/A 
Putnam Absolute Return 500 Fund  N/A  N/A 
Putnam Absolute Return 700 Fund  N/A  N/A 
Putnam American Government Income Fund  46th  42nd 
Putnam AMT-Free Municipal Fund  76th  52nd 
Putnam Arizona Tax Exempt Income Fund  17th  67th 
Putnam Asset Allocation: Balanced Portfolio  34th  31st 
Putnam Asset Allocation: Conservative Portfolio  71st  59th 
Putnam Asset Allocation: Growth Portfolio  35th  50th 
Putnam California Tax Exempt Income Fund  58th  38th 
Putnam Capital Opportunities Fund  7th  24th 
Putnam Convertible Income-Growth Trust  50th  21st 
Putnam Diversified Income Trust  56th  40th 
Putnam Emerging Markets Equity Fund  N/A  N/A 
Putnam Equity Income Fund  7th  21st 
Putnam Europe Equity Fund  40th  40th 
Putnam Floating Rate Income Fund  80th  33rd 
The Putnam Fund for Growth and Income  14th  28th 
The George Putnam Fund of Boston  38th  45th 
Putnam Global Consumer Fund  N/A  N/A 
Putnam Global Energy Fund  N/A  N/A 
Putnam Global Equity Fund  19th  29th 
Putnam Global Financials Fund  N/A  N/A 
Putnam Global Health Care Fund  15th  22nd 
Putnam Global Income Trust  10th  48th 
Putnam Global Industrials Fund  N/A  N/A 
Putnam Global Natural Resources Fund  28th  20th 
Putnam Global Telecommunications Fund  N/A  N/A 
Putnam Global Technology Fund  N/A  N/A 
Putnam Global Utilities Fund  67th  40th 
Putnam Growth Opportunities Fund  10th  52nd 
Putnam High Income Securities Fund  1st  1st 
Putnam High Yield Advantage Fund  90th  55th 
Putnam High Yield Trust  66th  41st 
Putnam Income Fund  31st  38th 
Putnam Income Strategies Fund  1st  1st 
Putnam International Capital Opportunities Fund  34th  21st 
Putnam International Equity Fund  10th  3rd 
Putnam International Growth and Income Fund  31st  28th 
Putnam International New Opportunities Fund  24th  62nd 
Putnam Investors Fund  28th  62nd 
Putnam Managed Municipal Income Trust  33rd  50th 
Putnam Massachusetts Tax Exempt Income Fund  58th  42nd 
Putnam Master Intermediate Income Trust  67th  33rd 
Putnam Michigan Tax Exempt Income Fund  43rd  57th 
Putnam Mid Cap Value Fund  21st  45th 
Putnam Minnesota Tax Exempt Income Fund  33rd  67th 

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  Actual Management Fee  Total Expenses 
  (percentile rank)  (percentile rank) 
 
Putnam Money Market Fund  34th  59th 
Putnam Municipal Opportunities Trust  50th  57th 
Putnam New Jersey Tax Exempt Income Fund  58th  83rd 
Putnam New Opportunities Fund  10th  34th 
Putnam New York Tax Exempt Income Fund  65th  35th 
Putnam Ohio Tax Exempt Income Fund  58th  50th 
Putnam Pennsylvania Tax Exempt Income Fund  67th  53rd 
Putnam Premier Income Trust  67th  1st 
Putnam Research Fund  24th  62nd 
Putnam RetirementReady Maturity Fund*  86th  36th 
Putnam RetirementReady 2010 Fund*  88th  25th 
Putnam RetirementReady 2015 Fund*  90th  30th 
Putnam RetirementReady 2020 Fund*  92nd  62nd 
Putnam RetirementReady 2025 Fund*  88th  63rd 
Putnam RetirementReady 2030 Fund*  92nd  50th 
Putnam RetirementReady 2035 Fund*  89th  44th 
Putnam RetirementReady 2040 Fund*  89th  67th 
Putnam RetirementReady 2045 Fund*  99th  83rd 
Putnam RetirementReady 2050 Fund*  99th  67th 
Putnam Small Cap Growth Fund  38th  45th 
Putnam Small Cap Value Fund  34th  55th 
Putnam Tax Exempt Income Fund  90th  72nd 
Putnam Tax Exempt Money Market Fund  8th  63rd 
Putnam Tax-Free High Yield Fund  38th  24th 
Putnam U.S. Government Income Trust  69th  54th 
Putnam Vista Fund  10th  14th 
Putnam Voyager Fund  17th  55th 
Putnam VT American Government Income Fund  19th  56th 
Putnam VT Capital Opportunities Fund  3rd  52nd 
Putnam VT Diversified Income Fund  21st  50th 
Putnam VT Equity Income Fund  22nd  22nd 
Putnam VT The George Putnam Fund of Boston  58th  46th 
Putnam VT Global Asset Allocation Fund  48th  48th 
Putnam VT Global Equity Fund  32nd  37th 
Putnam VT Global Health Care Fund  25th  6th 
Putnam VT Global Utilities Fund  50th  38th 
Putnam VT Growth and Income Fund  7th  3rd 
Putnam VT Growth Opportunities Fund  1st  21st 
Putnam VT High Yield Fund  52nd  28th 
Putnam VT Income Fund  39th  36th 
Putnam VT International Equity Fund  41st  34th 
Putnam VT International Growth and Income Fund  34th  17th 
Putnam VT International New Opportunities Fund  72nd  66th 
Putnam VT Investors Fund  38th  38th 
Putnam VT Mid Cap Value Fund  11th  44th 
Putnam VT Money Market Fund  38th  48th 
Putnam VT New Opportunities Fund  33rd  25th 
Putnam VT Research Fund  14th  45th 
Putnam VT Small Cap Value Fund  48th  55th 
Putnam VT Vista Fund  14th  24th 
Putnam VT Voyager Fund  34th  41st 

* For these funds, the Actual Management Fee percentile rankings are for the parent-level management fees only, while the Total Expenses percentile rankings include the expenses of the underlying funds.

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Schedule B 

Each fund’s class A (and class IA in the case of Putnam Variable Trust) share cumulative total return performance at net asset value was in the following percentiles of its Lipper Inc. peer group for the one-year, three-year and five-year periods ended December 31, 2008 (the first percentile being the best-performing funds and the 100th percentile being the worst-performing funds)1:

  One-year period  Three-year period  Five-year period 
  percentile rank  percentile rank  percentile rank 
  (# of funds in  (# of funds in  (# of funds in 
  category)  category)  category) 
 
Putnam Absolute Return 100 Fund †  N/A  N/A  N/A 
Putnam Absolute Return 300 Fund †  N/A  N/A  N/A 
Putnam Absolute Return 500 Fund †  N/A  N/A  N/A 
Putnam Absolute Return 700 Fund †  N/A  N/A  N/A 
Putnam American Government Income Fund  82nd ( 157 )  79th ( 144 )  76th ( 123 ) 
Putnam AMT-Free Municipal Fund  24th ( 40 )  12th ( 38 )  15th ( 37 ) 
Putnam Arizona Tax Exempt Income Fund  31st ( 31 )  28th (27 )  40th ( 26 ) 
Putnam Asset Allocation: Balanced Portfolio  94th ( 513 )  91st ( 382 )  87th ( 273 ) 
Putnam Asset Allocation: Conservative Portfolio  90th ( 431 )  88th ( 321 )  90th ( 184 ) 
Putnam Asset Allocation: Growth Portfolio  92nd ( 689 )  90th ( 553 )  69th ( 443 ) 
Putnam California Tax Exempt Income Fund  58th ( 119 )  54th ( 106 )  46th ( 101 ) 
Putnam Capital Opportunities Fund  46th ( 775 )  72nd ( 616 )  63rd ( 487 ) 
Putnam Convertible Income-Growth Trust  75th ( 70 )  69th ( 62 )  70th ( 59 ) 
Putnam Diversified Income Trust  97th ( 151 )  96th ( 117 )  96th ( 99 ) 
Putnam Emerging Markets Equity Fund  N/A  N/A  N/A 
Putnam Equity Income Fund  34th ( 286 )  37th ( 229 )  45th ( 177 ) 
Putnam Europe Equity Fund  37th ( 107 )  56th ( 96 )  74th ( 88 ) 
Putnam Floating Rate Income Fund  50th ( 81 )  42nd ( 47 )  N/A 
The Putnam Fund for Growth and Income  69th ( 596 )  93rd ( 514 )  94th ( 429 ) 
The George Putnam Fund of Boston  99th ( 850 )  99th ( 677 )  96th ( 501 ) 
Putnam Global Consumer Fund †  N/A  N/A  N/A 
Putnam Global Energy Fund †  N/A  N/A  N/A 
Putnam Global Equity Fund  92nd ( 56 )  84th ( 55 )  74th ( 52 ) 
Putnam Global Financials Fund †  N/A  N/A  N/A 
Putnam Global Health Care Fund  22nd (118)  61st (102)  44th (90) 
Putnam Global Income Trust  85th ( 121 )  84th ( 97 )  84th ( 88 ) 
Putnam Global Industrials Fund †  N/A  N/A  N/A 
Putnam Global Natural Resources Fund  54th (97)  60th (65)  67th (47) 
Putnam Global Telecommunications Fund †  N/A  N/A  N/A 
Putnam Global Technology Fund †  N/A  N/A  N/A 
Putnam Global Utilities Fund  26th (101)  22nd (91)  50th (70) 
Putnam Growth Opportunities Fund  11th ( 803 )  36th ( 679 )  66th ( 567 ) 
Putnam High Income Securities Fund  16th ( 12 )  37th ( 10 )  19th ( 10 ) 
Putnam High Yield Advantage Fund  44th ( 466 )  36th ( 396 )  22nd ( 334 ) 
Putnam High Yield Trust  60th ( 466 )  58th ( 396 )  45th ( 334 ) 
Putnam Income Fund  95th ( 171 )  95th ( 161 )  94th ( 146 ) 
Putnam Income Strategies Fund  96th ( 431 )  92nd ( 321 )  N/A 
Putnam International Capital Opportunities Fund  48th ( 71 )  38th ( 50 )  32nd ( 47 ) 
Putnam International Equity Fund  51st ( 238 )  51st ( 199 )  58th ( 176 ) 
Putnam International Growth and Income Fund  74th ( 88 )  77th ( 55 )  72nd ( 49 ) 
Putnam International New Opportunities Fund  24th ( 103 )  22nd ( 86 )  18th ( 72 ) 

1 In the case of each closed-end fund, the Trustees considered the same Lipper peer group information for the fund’s common share cumulative total return performance at net asset value. In the case of the tax-exempt funds, the funds’ total return performance was compared against the Lipper peer group performance information using tax-adjusted performance to recognize the different federal income tax treatment for capital gains distributions and exempt-income distributions.

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  One-year period  Three-year period  Five-year period 
  percentile rank  percentile rank  percentile rank 
  (# of funds in  (# of funds in  (# of funds in 
  category)  category)  category) 
 
Putnam Investors Fund  79th ( 851 )  95th ( 720 )  81st ( 606 ) 
Putnam Managed Municipal Income Trust  50th ( 15 )  60th ( 14 )  73rd ( 14 ) 
Putnam Massachusetts Tax Exempt Income Fund  35th ( 41 )  31st ( 37 )  27th ( 36 ) 
Putnam Master Intermediate Income Trust  86th ( 6 )  86th ( 6 )  86th ( 6 ) 
Putnam Michigan Tax Exempt Income Fund  26th ( 22 )  33rd ( 17 )  38th ( 17 ) 
Putnam Mid Cap Value Fund  80th ( 353 )  76th ( 285 )  80th ( 212 ) 
Putnam Minnesota Tax Exempt Income Fund  40th ( 41 )  26th ( 37 )  27th ( 35 ) 
Putnam Money Market Fund  9th ( 328 )  8th ( 305 )  11th ( 286 ) 
Putnam Municipal Opportunities Trust  60th ( 60 )  60th ( 59 )  66th ( 59 ) 
Putnam New Jersey Tax Exempt Income Fund  17th ( 45 )  18th ( 37 )  32nd ( 36 ) 
Putnam New Opportunities Fund  23rd ( 506 )  59th ( 386 )  57th ( 320 ) 
Putnam New York Tax Exempt Income Fund  50th ( 98 )  36th ( 93 )  37th ( 93 ) 
Putnam Ohio Tax Exempt Income Fund  35th ( 36 )  31st ( 31 )  34th ( 31 ) 
Putnam Pennsylvania Tax Exempt Income Fund  19th ( 56 )  22nd ( 48 )  28th ( 48 ) 
Putnam Premier Income Trust  72nd ( 6 )  72nd ( 6 )  72nd ( 6 ) 
Putnam Research Fund  66th ( 851 )  84th ( 720 )  85th ( 606 ) 
Putnam RetirementReady Maturity Fund  92nd ( 431 )  92nd ( 321 )  N/A 
Putnam RetirementReady 2010 Fund  53rd ( 170 )  83rd ( 93 )  N/A 
Putnam RetirementReady 2015 Fund  53rd ( 110 )  68th ( 45 )  N/A 
Putnam RetirementReady 2020 Fund  61st ( 153 )  83rd ( 77 )  N/A 
Putnam RetirementReady 2025 Fund  50th ( 87 )  61st ( 32 )  N/A 
Putnam RetirementReady 2030 Fund  48th ( 143 )  78th ( 74 )  N/A 
Putnam RetirementReady 2035 Fund  56th ( 87 )  59th ( 28 )  N/A 
Putnam RetirementReady 2040 Fund  47th ( 130 )  74th ( 66 )  N/A 
Putnam RetirementReady 2045 Fund  52nd ( 77 )  60th ( 19 )  N/A 
Putnam RetirementReady 2050 Fund  42nd ( 84 )  67th ( 14 )  N/A 
Putnam Small Cap Growth Fund  60th ( 603 )  85th ( 507 )  66th ( 406 ) 
Putnam Small Cap Value Fund  79th ( 321 )  87th ( 264 )  79th ( 217 ) 
Putnam Tax Exempt Income Fund  62nd ( 228 )  54th ( 208 )  42nd ( 199 ) 
Putnam Tax Exempt Money Market Fund  47th ( 108 )  40th ( 93 )  38th ( 84 ) 
Putnam Tax-Free High Yield Fund  61st ( 106 )  45th ( 82 )  43rd ( 77 ) 
Putnam U.S. Government Income Trust  93rd ( 64 )  92nd ( 58 )  92nd ( 57 ) 
Putnam Vista Fund  53rd ( 602 )  91st ( 522 )  74th ( 419 ) 
Putnam Voyager Fund  19th ( 803 )  64th ( 679 )  74th ( 567 ) 
Putnam VT American Government Income Fund  60th ( 68 )  59th ( 59 )  77th ( 55 ) 
Putnam VT Capital Opportunities Fund  55th ( 130 )  76th ( 112 )  64th ( 95 ) 
Putnam VT Diversified Income Fund  99th ( 59 )  97th ( 52 )  96th ( 44 ) 
Putnam VT Equity Income Fund  20th ( 69 )  29th ( 63 )  38th ( 55 ) 
Putnam VT The George Putnam Fund of Boston  97th ( 191 )  96th ( 158 )  95th ( 92 ) 
Putnam VT Global Asset Allocation Fund  70th ( 197 )  80th ( 139 )  76th ( 90 ) 
Putnam VT Global Equity Fund  88th ( 38 )  57th ( 29 )  78th ( 26 ) 
Putnam VT Global Health Care Fund  12th (35)  71st (33)  56th (28) 
Putnam VT Global Utilities Fund  7th (32)  17th (30)  49th (26) 
Putnam VT Growth and Income Fund  72nd ( 119 )  96th ( 112 )  89th ( 96 ) 
Putnam VT Growth Opportunities Fund  17th ( 224 )  41st ( 203 )  82nd ( 189 ) 
Putnam VT High Yield Fund  67th ( 103 )  58th ( 95 )  44th ( 79 ) 
Putnam VT Income Fund  90th ( 39 )  90th ( 38 )  90th ( 37 ) 
Putnam VT International Equity Fund  57th ( 111 )  56th ( 97 )  77th ( 92 ) 
Putnam VT International Growth and Income Fund  69th ( 60 )  68th ( 54 )  63rd ( 52 ) 
Putnam VT International New Opportunities Fund  23rd ( 80 )  36th ( 66 )  50th ( 51 ) 
Putnam VT Investors Fund  69th ( 229 )  90th ( 211 )  83rd ( 185 ) 
Putnam VT Mid Cap Value Fund  81st ( 83 )  74th ( 74 )  70th ( 62 ) 
Putnam VT Money Market Fund  13th ( 106 )  14th ( 103 )  15th ( 99 ) 
Putnam VT New Opportunities Fund  18th ( 149 )  52nd ( 129 )  53rd ( 106 ) 
Putnam VT Research Fund  53rd ( 229 )  79th ( 211 )  88th ( 185 ) 
Putnam VT Small Cap Value Fund  93rd ( 53 )  92nd ( 47 )  88th ( 38 ) 
Putnam VT Vista Fund  50th ( 143 )  87th ( 132 )  73rd ( 118 ) 

I-10 

  One-year period  Three-year period  Five-year period 
  percentile rank  percentile rank  percentile rank 
  (# of funds in  (# of funds in  (# of funds in 
  category)  category)  category) 
 
Putnam VT Voyager Fund  9th ( 224 )  57th ( 203 )  75th ( 189 ) 

† Because these are new funds, performance information for the one-year period was not yet available.

I-11 

APPENDIX J – Management Contracts: Terms, Dates, and Approvals

Under the management contract between your fund and Putnam Management, subject to such policies as the Trustees may determine, Putnam Management, at its expense, furnishes continuously an investment program for the fund and makes investment decisions on behalf of the fund. Except for the funds included in the table below, the current management contract for your fund dated August 3, 2007 was last approved by shareholders on May 15, 2007. At that time, shareholders of the fund voted to approve a new management contract in connection with the sale of Putnam Investments to Great-West Lifeco Inc., a subsidiary of Power Financial Corporation, which constituted a “change of control” of the investment adviser under the 1940 Act and resulted in the automatic termination of the fund’s management contract. The management contract has not been submitted for approval by the shareholders of your fund since that date.

The following table contains information regarding the date of each remaining fund’s current management contract, the date on which it was last approved by shareholders and the purpose for that submission.

  Date of Current  Date Current Management  Purpose of Last Submission of Current 
Fund  Management  Contract Last Submitted to  Management Contract to Shareholder 
  Contract  Shareholder Vote  Vote 
Putnam Absolute  December 22,  December 31, 2008  Organization of the fund 
Return 100 Fund  2008     
 
Putnam Absolute  December 22,  December 31, 2008  Organization of the fund 
Return 300 Fund  2008     
 
Putnam Absolute  December 22,  December 31, 2008  Organization of the fund 
Return 500 Fund  2008     
 
Putnam Absolute  December 22,  December 31, 2008  Organization of the fund 
Return 700 Fund  2008     
 
Putnam Asia Pacific  March 17, 2009  June 12, 2009  Organization of the fund 
Equity Fund       
 
Putnam Asset  October 17,  January 22, 2009  Organization of the fund 
Allocation: Equity  2008     
Portfolio       
 
Putnam Capital  April 20, 2009  May 18, 2009  Organization of the fund 
Spectrum Fund       
 
Putnam Emerging  June 13, 2008  October 14, 2008  Organization of the fund 
Markets Equity       
Fund       
 
Putnam Equity  April 20, 2009  May 18, 2009  Organization of the fund 
Spectrum Fund       
 
Putnam Global  October 17,  December 31, 2008  Organization of the fund 
Consumer Fund  2008     

J-1 

  Date of Current  Date Current Management  Purpose of Last Submission of Current 
Fund  Management  Contract Last Submitted to  Management Contract to Shareholder 
  Contract  Shareholder Vote  Vote 
Putnam Global  October 17,  December 31, 2008  Organization of the fund 
Energy Fund  2008     
 
Putnam Global  October 17,  December 31, 2008  Organization of the fund 
Financials Fund  2008     
 
Putnam Global  October 17,  December 31, 2008  Organization of the fund 
Industrials Fund  2008     
 
Putnam Global  September 1,  May 28, 2009  Change in frequency of fee calculation 
Natural Resources  2009    and payment 
Fund       
 
Putnam Global  October 17,  December 31, 2008  Organization of the fund 
Technology Fund  2008     
 
Putnam Global  October 17,  December 31, 2008  Organization of the fund 
Telecommunications  2008     
Fund       

The following is a brief description of the terms of your fund’s current management contract. See Appendix E for the current management fee rate(s).

Subject to the control of the Trustees and under your fund’s management contract, Putnam Management also manages, supervises and conducts the other affairs and business of the fund, furnishes office space and equipment, provides bookkeeping and clerical services (including determination of your fund’s net asset value, but excluding shareholder accounting services) and places all orders for the purchase and sale of your fund’s portfolio securities. Putnam Management may place fund portfolio transactions with broker-dealers that furnish Putnam Management, without cost to it, certain research, statistical and quotation services of value to Putnam Management and its affiliates in advising your fund and other clients. In so doing, Putnam Management may cause a fund to pay greater brokerage commissions than it might otherwise pay.

Putnam Management’s compensation under the management contract may be reduced in any year if your fund’s expenses exceed the limits on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the fund are qualified for offer or sale. The term “expenses” is defined in the statutes or regulations of such jurisdictions, and generally excludes brokerage commissions, taxes, interest, extraordinary expenses and payments made under the fund’s distribution plans.

Under the fund’s management contract, Putnam Management may reduce its compensation to the extent that your fund’s expenses exceed such lower expense limitation as Putnam Management may, by notice to the fund, declare to be effective. For the purpose of determining any such limitation on Putnam Management’s compensation, expenses of the fund shall not reflect the application of commissions or cash management credits that may reduce designated fund expenses.

J-2 

In addition to the fee paid to Putnam Management, your fund reimburses Putnam Management for the compensation and related expenses of certain officers of the fund and their assistants who provide certain services for the fund and the other Putnam funds, each of which bears an allocated share of the foregoing costs. The aggregate amount of all such payments and reimbursements is determined annually by the Trustees.

Putnam Management pays all other salaries of officers of the fund. The fund pays all expenses not assumed by Putnam Management including, without limitation, auditing, legal, custodial, investor servicing and shareholder reporting expenses. The fund pays the cost of typesetting for its prospectuses and the cost of printing and mailing any prospectuses sent to its shareholders.

The fund’s management contract provides that Putnam Management shall not be subject to any liability to the fund or to any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties on the part of Putnam Management.

The fund’s management contract may be terminated without penalty by vote of the Trustees or the shareholders of your fund, or by Putnam Management, on 60 days’ written notice. It may be amended only by a vote of the shareholders of the fund. The fund’s management contract also terminates without payment of any penalty in the event of its assignment. The fund’s management contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders, and, in either case, by a majority of the Independent Trustees. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a “majority of the outstanding voting securities” as defined in the Investment Company Act of 1940.

J-3 

APPENDIX K – Comparative Expense Tables

All mutual funds pay ongoing fees for investment management and other services. These charges, expressed as a percentage of fund assets, are known as the total annual fund operating expenses. The following tables describe the total annual fund operating expenses that you may pay (1) if you buy and hold shares of Putnam Investors Fund under the current management contract and pro forma expenses that you would pay under the proposed management contract, or (2) if you buy and hold shares of Putnam International New Opportunities Fund under the current management contract and pro forma expenses that you would pay under the proposed management contract with (a) both Fund Family breakpoints and performance fees, (b) Fund Family breakpoints only, or (c) performance fees only. All tables reflect projected expenses based on the funds’ current expense limitations and assume fund assets and Fund Family assets as of June 30, 2009 throughout the period. In the case of Putnam International New Opportunities Fund, two of the three pro forma presentations assume a performance adjustment based on the fund’s performance relative to that of its benchmark index for the period beginning with the fund’s first fiscal year prior to its most recently completed fiscal year.

The examples below take the maximum up-front sales charge (or applicable contingent deferred sales charge) and the annual operating expenses shown in the table for each share class and translate them into dollar amounts, showing the cumulative effect of these costs over time. This is intended to help you more easily compare the cost of investing in the fund, under the current management contract and the proposed management contract, to the cost of investing in other mutual funds. The example makes certain assumptions. It assumes that you invest $10,000 in the fund for the time periods shown and then, except as shown for class B shares and class C shares, redeem all your shares at the end of those periods. It also assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. The example is hypothetical; your actual costs and returns may be higher or lower.

K-1 

PUTNAM INVESTORS FUND   How do these fees and expenses look in dollar terms?
 
Total Annual Fund Operating Expenses* (expenses that are deducted from fund  Example: Sales charge plus annual operating expenses on a $10,000 investment 
assets) over time
  
Class    Management  Distribution  Other  Total          Class    1 year  3 years  5 years  10 years 
   Fees   and Service   Expenses^  Annual  
    (12b-1) Fees  Fund  A  Current  $697  $955  $1,232  $2,021 
       Operating     
        Expenses    Pro Forma  $697  $955  $1,232  $2,021 
 
A  Current   0.57%    0.25%   0.45%  1.27%  B  Current  $705  $934  $1,288  $2,155* 
 
   
  Pro Forma    0.57%   0.25%   0.45%  1.27%    Pro Forma  $705  $934  $1,288  $2,155* 
  
B  Current  0.57%  1.00%  0.45%  2.02%  B (no redemption)  Current  $205  $634  $1,088  $2,155* 
 
 
  Pro Forma  0.57%  1.00%  0.45%  2.02%    Pro Forma  $205  $634  $1,088  $2,155* 
  
C  Current  0.57%  1.00%  0.45%  2.02%  C  Current  $305  $634  $1,088  $2,348 
 
   
  Pro Forma  0.57%  1.00%  0.45%  2.02%    Pro Forma  $305  $634  $1,088  $2,348 
M  Current  0.57%  0.75%  0.45%  1.77%  C (no redemption)  Current  $205  $634  $1,088  $2,348 
 
   
  Pro Forma  0.57%  0.75%  0.45%  1.77%    Pro Forma  $205  $634  $1,088  $2,348 
R  Current  0.57%  0.50%  0.45%  1.52%  M  Current  $524  $888  $1,276  $2,361 
 
   
  Pro Forma  0.57%  0.50%  0.45%  1.52%    Pro Forma  $524  $888  $1,276  $2,361 
Y  Current  0.57%  N/A  0.45%  1.02%  R  Current  $155  $480  $829  $1,813 
  
  Pro Forma    0.57%   N/A   0.45%   1.02%    Pro Forma  $155  $480  $829  $1,813 
Y  Current  $104  $325  $563  $1,248 
 
  Pro Forma  $104  $325  $563  $1,248 
   
  * Reflects Putnam Management’s contractual obligation, from August 1, 2009 through * Reflects conversion of class B shares to class A shares, which pay lower 12b-1 fees.
   at least July 31, 2010, to limit the fund’s investor servicing fees to an annual rate of    Conversion occurs eight years after purchase.  
     0.375% of the fund’s average net assets. Putnam Management has also contractually
   agreed, from August 1, 2009 through July 31, 2010, to limit the fund’s other       
   expenses (not including brokerage, interest, taxes, investment-related expenses,             
   extraordinary expenses and payments under the fund’s investor servicing contract,            
   investment management contract and distribution plans) to an annual rate of 0.20%            
   of the fund’s average net assets.             
           
^ Includes estimated expenses attributable to the fund’s investments in other 
   investment companies that the fund bears indirectly.            

K-2 

PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
Total Annual Fund Operating Expenses* (expenses that are deducted from fund assets)

Class    Management  Distribution and Service  Other  Total Annual Fund  Expense Reimbursement  Net Expenses 
    Fees  (12b-1) Fees  Expenses^  Operating Expenses     
 
A  Current  1.00%  0.25%  0.49%  1.74%  (0.06%)  1.68% 
 
  Pro Forma (with both Fund Family breakpoints  0.86%  0.25%  0.49%  1.60%  0.00%  1.60% 
  and performance fees)             
 
  Pro Forma (with Fund Family breakpoints only)  0.94%  0.25%  0.49%  1.68%  0.00%  1.68% 
 
  Pro Forma (with performance fees only)  0.92%  0.25%  0.49%  1.66%  (0.06% )  1.60% 
B  Current  1.00%  1.00%  0.49%  2.49%  (0.06%)  2.43% 
 
  Pro Forma (with both Fund Family breakpoints  0.86%  1.00%  0.49%  2.35%  0.00%  2.35% 
  and performance fees)             
 
  Pro Forma (with Fund Family breakpoints only)  0.94%  1.00%  0.49%  2.43%  0.00%  2.43% 
 
  Pro Forma (with performance fees only)  0.92%  1.00%  0.49%  2.41%  (0.06%)  2.35% 
C  Current  1.00%  1.00%  0.49%  2.49%  (0.06%)  2.43% 
 
  Pro Forma (with both Fund Family breakpoints  0.86%  1.00%  0.49%  2.35%  0.00%  2.35% 
  and performance fees)             
 
  Pro Forma (with Fund Family breakpoints only)  0.94%  1.00%  0.49%  2.43%  0.00%  2.43% 
 
  Pro Forma (with performance fees only)  0.92%  1.00%  0.49%  2.41%  (0.06%)  2.35% 
M  Current  1.00%  0.75%  0.49%  2.24%  (0.06%)  2.18% 
 
  Pro Forma (with both Fund Family breakpoints  0.86%  0.75%  0.49%  2.10%  0.00%  2.10% 
  and performance fees)             
 
  Pro Forma (with Fund Family breakpoints only)  0.94%  0.75%  0.49%  2.18%  0.00%  2.18% 
 
  Pro Forma (with performance fees only)  0.92%  0.75%  0.49%  2.16%  (0.06%)  2.10% 
R  Current  1.00%  0.50%  0.49%  1.99%  (0.06%)  1.93% 
 
  Pro Forma (with both Fund Family breakpoints  0.86%  0.50%  0.49%  1.85%  0.00%  1.85% 
  and performance fees)             
 
  Pro Forma (with Fund Family breakpoints only)  0.94%  0.50%  0.49%  1.93%  0.00%  1.93% 
 
  Pro Forma (with performance fees only)  0.92%  0.50%  0.49%  1.91%  (0.06%)  1.85% 
Y  Current  1.00%  N/A  0.49%  1.49%  (0.06%)  1.43% 
 
  Pro Forma (with both Fund Family breakpoints  0.86%  N/A  0.49%  1.35%  0.00%  1.35% 
  and performance fees)             
 
  Pro Forma (with Fund Family breakpoints only)  0.94%  N/A  0.49%  1.43%  0.00%  1.43% 
 
  Pro Forma (with performance fees only)  0.92%  N/A  0.49%  1.41%  (0.06%)  1.35% 

* Reflects Putnam Management’s contractual obligations, from August 1, 2009 through at least July 31, 2010, to limit the fund’s management fee to an annual rate of 0.942% of the fund’s average net assets and investor servicing fees to an annual rate of 0.375% of the fund’s average net assets. Putnam Management has also contractually agreed, from August 1, 2009 through July 31, 2010, to limit the fund’s other expenses (not including brokerage, interest, taxes, investment-related expenses, extraordinary expenses and payments under the fund’s investor servicing contract, investment management contract and distribution plans) to an annual rate of 0.20% of the fund’s average net assets.

^ Includes estimated expenses attributable to the fund’s investments in other investment companies that the fund bears indirectly.

K-3 

How do these fees and expenses look in dollar terms?

Example: Sales charge plus annual operating expenses on a $10,000 investment over time+

Class    1 year  3 years  5 years  10 years 
A  Current  $736  $1,086  $1,459  $2,504 
 
  Pro Forma (with both Fund Family breakpoints and performance fees)  $728  $1,051  $1,396  $2,366 
 
  Pro Forma (with Fund Family breakpoints only)  $736  $1,074  $1,435  $2,448 
 
  Pro Forma (with performance fees only)  $728  $1,063  $1,420  $2,423 
B  Current  $746  $1,070  $1,520  $2,637* 
 
  Pro Forma (with both Fund Family breakpoints and performance fees)  $738  $1,033  $1,455  $2,499* 
 
  Pro Forma (with Fund Family breakpoints only)  $746  $1,058  $1,496  $2,581* 
 
  Pro Forma (with performance fees only)  $738  $1,046  $1,480  $2,556* 
B (no redemption)  Current  $246  $770  $1,320  $2,637* 
 
  Pro Forma (with both Fund Family breakpoints and performance fees)  $238  $733  $1,255  $2,499* 
 
  Pro Forma (with Fund Family breakpoints only)  $246  $758  $1,296  $2,581* 
 
  Pro Forma (with performance fees only)  $238  $746  $1,280  $2,556* 
C  Current  $346  $770  $1,320  $2,821 
 
  Pro Forma (with both Fund Family breakpoints and performance fees)  $338  $733  $1,255  $2,686 
 
  Pro Forma (with Fund Family breakpoints only)  $346  $758  $1,296  $2,766 
 
  Pro Forma (with performance fees only)  $338  $746  $1,280  $2,742 
C (no redemption)  Current  $246  $770  $1,320  $2,821 
 
  Pro Forma (with both Fund Family breakpoints and performance fees)  $238  $733  $1,255  $2,686 
 
  Pro Forma (with Fund Family breakpoints only)  $246  $758  $1,296  $2,766 
 
  Pro Forma (with performance fees only)  $238  $746  $1,280  $2,742 
M  Current  $563  $1,020  $1,503  $2,830 
 
  Pro Forma (with both Fund Family breakpoints and performance fees)  $556  $985  $1,439  $2,696 
 
  Pro Forma (with Fund Family breakpoints only)  $563  $1,008  $1,479  $2,775 
 
  Pro Forma (with performance fees only)  $556  $997  $1,463  $2,751 
R  Current  $196  $619  $1,067  $2,312 
 
  Pro Forma (with both Fund Family breakpoints and performance fees)  $188  $582  $1,001  $2,169 
 
  Pro Forma (with Fund Family breakpoints only)  $196  $606  $1,042  $2,254 
 
  Pro Forma (with performance fees only)  $188  $594  $1,026  $2,228 
Y  Current  $146  $465  $808  $1,774 
 
  Pro Forma (with both Fund Family breakpoints and performance fees)  $137  $428  $739  $1,624 
 
  Pro Forma (with Fund Family breakpoints only)  $146  $452  $782  $1,713 
 
  Pro Forma (with performance fees only)  $137  $440  $765  $1,686 

+ Reflects Putnam Management’s contractual obligation to limit fund expenses from August 1, 2009 through at least July 31, 2010.

* Reflects conversion of class B shares to class A shares, which pay lower 12b-1 fees. Conversion occurs eight years after purchase.

K-4 

APPENDIX L – Comparison of Management Fees

Comparison of Management Fees

The following table shows:

(1) the annual dollar amount of the actual management fees that would be paid by each fund, before any applicable waivers, under the current management contract assuming fund net assets as of June 30, 2009;

(2) the annual dollar amount of the pro forma management fees that would be paid by each fund, before any applicable waivers, under the proposed management contract, in the case of funds for which a performance fee is proposed, with (a) both Fund Family breakpoints and performance fees, (b) Fund Family breakpoints only, or (c) performance fees only, in each case assuming fund and Fund Family net assets as of June 30, 2009; and

(3) the difference between these actual and pro forma dollar amounts, expressed as a percentage of the actual management fees (before waivers).

Such percentage difference is positive when the amount of the pro forma management fees would have been larger than the amount of the actual management fees paid by the fund, and (negative) when the amount of the pro forma management fees would have been smaller than the amount of the actual management fees paid by the fund.

In the case of funds for which a management contract providing for performance adjustment is proposed, pro forma expenses under the proposed management contract assume a performance adjustment based on the fund’s performance relative to that of its benchmark index for the period beginning with the fund’s first fiscal year prior to its most recently completed fiscal year.1

1 For funds for which the current management contract includes a performance adjustment but which do not yet have at least 13 complete calendar months of operations, no performance adjustments are shown.

L-1 

      Difference        Difference 
  Actual  Pro Forma  Between Pro    Actual  Pro Forma  Between Pro 
  Management  Management  Forma and    Management    Management Forma and 
  Fee Before  Fee Before  Actual    Fee Before  Fee Before  Actual 
  Waiver  Waiver  Management    Waiver  Waiver  Management 
      Fee Before        Fee Before 
Fund  ($)  ($)  Waiver  Fund  ($)  ($)  Waiver 
 
Putnam Absolute  249,695  223,437  (11%)  Putnam Absolute  579,262  527,718  (9%) 
Return 100        Return 300 Fund*       
Fund*               
 
Putnam Absolute  799,808  741,983  (7%)  Putnam Absolute  594,842  558,626  (6%) 
Return 500        Return 700 Fund*       
Fund*               
 
Putnam  4,316,758  2,860,220  (34%)  Putnam AMT-Free  1,745,033  1,578,074  (10%) 
American        Municipal Fund       
Government               
Income Fund               
 
Putnam Arizona  346,290  313,159  (10%)  Putnam Asset  8,397,585  7,292,157  (13%) 
Tax Exempt        Allocation:       
Income Fund        Balanced Portfolio       
 
Putnam Asset  6,024,875  4,992,292  (17%)  Putnam Asset  269,441  235,631  (13%) 
Allocation:        Allocation: Equity       
Conservative        Portfolio*       
Portfolio               
 
Putnam Asset  9,642,495  9,662,966  0%  Putnam California  8,045,646  7,275,864  (10%) 
Allocation:        Tax Exempt Income       
Growth Portfolio        Fund       
 
Putnam Capital  1,491,510  1,473,524  (1%)  Putnam Capital  170,186  157,882  (7%) 
Opportunities        Spectrum Fund*       
Fund               
 
Putnam  3,566,979  3,580,900  0%  Putnam Diversified  10,622,893  9,976,000  (6%) 
Convertible        Income Trust       
Income-Growth               
Trust               
 
Putnam Equity  13,259,536  12,587,892  (5%)  Putnam Equity  61,204  56,779  (7%) 
Income Fund        Spectrum Fund*       
 
Putnam Floating  2,077,980  1,860,591  (10%)  The Putnam Fund  23,073,628  23,321,492  1% 
Rate Income        for Growth and       
Fund        Income       
 
The George  8,117,687  7,717,876  (5%)  Putnam Global  25,590  23,475  (8%) 
Putnam Fund of        Consumer Fund*       
Boston               
 
Putnam Global  36,366  33,361  (8%)  Putnam Global  43,812  40,192  (8%) 
Energy Fund*        Financials Fund*       
 
Putnam Global  7,298,716  7,354,171  1%  Putnam Global  873,549  701,537  (20%) 
Health Care        Income Trust       
Fund               
 
Putnam Global  23,481  21,541  (8%)  Putnam Global  2,539,677  2,329,833  (8%) 
Industrials        Natural Resources       
Fund*        Fund       
 
Putnam Global  34,665  31,801  (8%)  Putnam Global  20,837  19,115  (8%) 
Technology        Telecommunications       
Fund*        Fund*       
 
Putnam Global  2,220,135  2,036,693  (8%)  Putnam High Yield  4,304,431  3,691,323  (14%) 
Utilities Fund        Advantage Fund       

L-2 

      Difference        Difference 
  Actual  Pro Forma  Between Pro    Actual  Pro Forma  Between Pro 
  Management    Management Forma and    Management    Management Forma and 
  Fee Before  Fee Before  Actual    Fee Before  Fee Before  Actual 
  Waiver  Waiver  Management    Waiver  Waiver  Management 
      Fee Before        Fee Before 
Fund  ($)  ($)  Waiver  Fund  ($)  ($)  Waiver 
 
Putnam High  7,427,497  6,803,349  (8%)  Putnam Income  5,763,846  3,944,646  (32%) 
Yield Trust        Fund       
 
Putnam Income  244,094  203,537  (17%)  Putnam Investors  8,162,666  8,196,405  0% 
Strategies Fund        Fund       
 
Putnam  1,353,857  1,224,324  (10%)  Putnam Michigan  421,579  381,244  (10%) 
Massachusetts        Tax Exempt Income       
Tax Exempt        Fund       
Income Fund               
 
Putnam Mid Cap  3,489,388  3,001,679  (14%)  Putnam Minnesota  442,012  399,722  (10%) 
Value Fund        Tax Exempt Income       
        Fund       
 
Putnam Money  8,921,077  8,758,378  (2%)  Putnam New Jersey  1,059,094  957,763  (10%) 
Market Fund        Tax Exempt Income       
        Fund       
 
Putnam New  5,301,283  4,794,074  (10%)  Putnam Ohio Tax  747,810  676,262  (10%) 
York Tax        Exempt Income       
Exempt Income        Fund       
Fund               
 
Putnam  857,967  775,879  (10%)  Putnam Research  1,391,562  1,224,921  (12%) 
Pennsylvania        Fund       
Tax Exempt               
Income Fund               
 
Putnam Small  1,374,421  1,103,251  (20%)  Putnam Tax Exempt  5,558,979  5,027,114  (10%) 
Cap Value Fund        Income Fund       
 
Putnam Tax  311,346  209,059  (33%)  Putnam Tax-Free  4,319,194  4,251,483  (2%) 
Exempt Money        High Yield Fund       
Market Fund               
 
Putnam U.S.  6,244,584  5,104,619  (18%)  Putnam VT  986,497  625,533  (37%) 
Government        American       
Income Trust        Government Income       
        Fund       
 
Putnam VT  135,730  134,093  (1%)  Putnam VT  2,761,781  2,217,954  (20%) 
Capital        Diversified Income       
Opportunities        Fund       
Fund               
 
Putnam VT  2,338,026  1,770,287  (24%)  Putnam VT The  1,354,098  1,129,446  (17%) 
Equity Income        George Putnam       
Fund        Fund of Boston       
 
Putnam VT  1,413,272  1,235,930  (13%)  Putnam VT Global  1,793,710  1,596,764  (11%) 
Global Asset        Equity Fund       
Allocation Fund               
 
Putnam VT  894,705  820,779  (8%)  Putnam VT Global  1,211,221  1,111,143  (8%) 
Global Health        Utilities Fund       
Care Fund               
 
Putnam VT  7,486,925  6,385,231  (15%)  Putnam VT Growth  165,523  135,294  (18%) 
Growth and        Opportunities Fund       
Income Fund               
 
Putnam VT High  2,611,414  2,171,807  (17%)  Putnam VT Income  2,728,079  1,729,861  (37%) 
Yield Fund        Fund       

L-3 

      Difference        Difference 
  Actual  Pro Forma  Between Pro    Actual  Pro Forma  Between Pro 
  Management    Management Forma and    Management  Management  Forma and 
  Fee Before  Fee Before  Actual    Fee Before  Fee Before  Actual 
  Waiver  Waiver  Management    Waiver  Waiver  Management 
      Fee Before        Fee Before 
Fund  ($)  ($)  Waiver  Fund  ($)  ($)  Waiver 
 
Putnam VT  4,309,215  3,875,396  (10%)  Putnam VT  1,292,817  1,150,868  (11%) 
International        International       
Equity Fund        Growth and Income       
        Fund       
 
Putnam VT  719,255  677,654  (6%)  Putnam VT  1,617,723  1,423,998  (12%) 
International        Investors Fund       
New               
Opportunities               
Fund               
 
Putnam VT Mid  230,997  198,711  (14%)  Putnam VT Money  1,820,143  1,222,172  (33%) 
Cap Value Fund        Market Fund       
 
Putnam VT New  3,590,741  2,947,339  (18%)  Putnam VT  410,841  361,642  (12%) 
Opportunities        Research Fund       
Fund               
 
Putnam VT  1,800,558  1,445,311  (20%)  Putnam VT Vista  1,080,683  1,001,147  (7%) 
Small Cap Value        Fund       
Fund               
 
Putnam VT  5,616,500  4,879,108  (13%)         
Voyager Fund               

*Reflects twelve months of operations for comparative purposes. The fund has not completed twelve months of activity as of June 30, 2009.

L-4 

FUNDS SUBJECT TO PROPOSALS 2.A., 2.B., and 2.C.
 
  Actual  Pro Forma  Difference  Pro Forma  Difference  Pro Forma  Difference 
  Management  Management  Between Pro  Management  Between Pro  Management  Between Pro 
Fund  Fee Before  Fee Before  Forma (with  Fee Before  Forma (with  Fee Before  Forma (with 
  Waiver  Waiver  both Fund  Waiver  Fund Family  Waiver  performance 
    (with both  Family  (with Fund  breakpoints  (with  fees only) and 
  ($)  Fund Family  breakpoints  Family  only) and  performance  Actual 
    breakpoints  and  breakpoints  Actual  fees only)  Management 
    and  performance  only)  Management    Fee Before 
    performance  fees) and    Fee Before  ($)  Waiver 
    fees)  Actual  ($)  Waiver     
      Management         
    ($)  Fee Before         
      Waiver         
 
 
Putnam Asia  51,461  48,485  (6%)  48,485  (6%)  51,461  0% 
Pacific Equity               
Fund*†               
 
Putnam  136,095  128,223  (6%)  128,223  (6%)  136,095  0% 
Emerging               
Markets Equity               
Fund*†               
 
Putnam Europe  1,559,898  1,235,365  (21%)  1,388,625  (11%)  1,406,638  (10%) 
Equity Fund               
 
Putnam Global  6,533,376  5,825,325  (11%)  6,138,199  (6%)  6,220,503  (5%) 
Equity Fund               
 
Putnam Growth  2,048,300  1,327,966  (35%)  1,674,227  (18%)  1,702,040  (17%) 
Opportunities               
Fund               
 
Putnam  9,690,640  10,553,112  9%  9,632,926  (1%)  10,610,825  9% 
International               
Capital               
Opportunities               
Fund               
 
Putnam  12,478,979  11,106,042  (11%)  12,734,612  2%  10,850,409  (13%) 
International               
Equity Fund               
 
Putnam  2,818,248  2,031,558  (28%)  2,508,810  (11%)  2,340,996  (17%) 
International               
Growth and               
Income Fund               

L-5 

  Actual  Pro Forma  Difference  Pro Forma  Difference  Pro Forma  Difference 
  Management  Management  Between Pro  Management  Between Pro  Management  Between Pro 
Fund  Fee Before  Fee Before  Forma (with  Fee Before  Forma (with  Fee Before  Forma (with 
  Waiver  Waiver  both Fund  Waiver  Fund Family  Waiver  performance 
    (with both  Family  (with Fund  breakpoints  (with  fees only) and 
  ($)  Fund Family  breakpoints  Family  only) and  performance  Actual 
    breakpoints  and  breakpoints  Actual  fees only)  Management 
    and  performance  only)  Management    Fee Before 
    performance  fees) and    Fee Before  ($)  Waiver 
    fees)  Actual  ($)  Waiver     
      Management         
    ($)  Fee Before         
      Waiver         
 
 
Putnam  3,824,983  3,313,245  (13%)  3,603,753  (6%)  3,534,476  (8%) 
International               
New               
Opportunities               
Fund               
 
Putnam New  13,536,435  11,629,950  (14%)  13,487,492  0%  11,678,893  (14%) 
Opportunities               
Fund               
 
Putnam Small  1,330,666  619,906  (53%)  854,503  (36%)  1,096,070  (18%) 
Cap Growth               
Fund               
 
Putnam Vista  5,575,894  4,449,820  (20%)  5,557,288  0%  4,468,426  (20%) 
Fund               
 
Putnam Voyager  16,015,841  12,924,708  (19%)  16,324,733  2%  12,615,816  (21%) 
Fund               

*Reflects twelve months of operations for comparative purposes. The fund has not completed twelve months of activity as of June 30, 2009.

†Performance period for this fund is less than twelve months. No performance fee can be calculated.

L-6 

Appendix M – Current Fundamental Investment Restrictions with Respect to Investments in Commodities

Putnam Absolute Return 100 Fund  Putnam Global Consumer Fund 
Putnam Absolute Return 300 Fund  Putnam Global Energy Fund 
Putnam Absolute Return 500 Fund  Putnam Global Financials Fund 
Putnam Absolute Return 700 Fund  Putnam Global Industrials Fund 
Putnam Capital Spectrum Fund  Putnam Global Technology Fund 
Putnam Emerging Markets Equity Fund  Putnam Global Telecommunications Fund 
Putnam Equity Spectrum Fund   

“Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. (This restriction shall not prevent the fund from purchasing or selling financial instruments representing interests in commodities or the values of which are determined by reference to commodities, but which do not involve the delivery of physical commodities to or by the fund, or from entering into financial futures contracts, options, foreign exchange contracts and other financial transactions.)”

Putnam Asia Pacific Equity Fund
Putnam Income Strategies Fund
Putnam VT Global Asset Allocation Fund

“Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. This restriction shall not prevent the fund from purchasing or selling financial instruments representing interests in commodities (or the values of which are determined by reference to commodities), but which do not involve the delivery of physical commodities to or by the fund, or from entering into financial futures contracts, options, foreign exchange contracts and other financial transactions.”

Putnam Asset Allocation: Equity Portfolio

“Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. This restriction shall not prevent the fund from purchasing or selling financial instruments representing interests in commodities or the values of which are determined by reference to commodities, but which do not involve the delivery of physical commodities to or by the fund, or from entering into financial futures contracts, options, foreign exchange contracts and other financial transactions.”

Putnam Asset Allocation: Balanced Portfolio
Putnam Asset Allocation: Conservative Portfolio
Putnam Asset Allocation: Growth Portfolio

“Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. This restriction shall not prevent the fund from purchasing or selling financial instruments representing interests in commodities (or the values of which are determined by reference to commodities), but which do not involve the delivery of physical commodities to or by the fund, or from entering into foreign exchange contracts and other financial transactions.”

M-1 

Putnam Global Health Care Fund
Putnam Global Natural Resources Fund
Putnam Global Utilities Fund
Putnam VT Global Health Care Fund
Putnam VT Global Utilities Fund

“Purchase or sell commodities or commodity contracts, except that the fund may purchase and sell financial futures contracts and options and may enter into foreign exchange contracts and other financial transactions not involving physical commodities.”

M-2 

Appendix N – Current Fundamental Investment Restrictions with Respect to Diversification of Investments

Putnam Europe Equity Fund
Putnam International Equity Fund

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

Putnam New Opportunities Fund

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

Putnam Global Utilities Fund

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

Putnam Growth Opportunities Fund
Putnam International Capital Opportunities Fund

“With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its political subdivisions.”

N-1 

Appendix O – Current Fundamental Investment Restrictions with Respect to Borrowing

Putnam Europe Equity Fund
Putnam Growth Opportunities Fund
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam New Jersey Tax Exempt Income Fund
Putnam New Opportunities Fund

“Borrow money in excess of 10% of the value (taken at the lower of cost or current value) of its total assets (not including the amount borrowed) at the time the borrowing is made, and then only from banks as a temporary measure to facilitate the meeting of redemption requests (not for leverage) which might otherwise require the untimely disposition of portfolio investments or for extraordinary or emergency purposes. Such borrowings will be repaid before any additional investments are purchased.”

Putnam Global Natural Resources Fund

“Borrow money, except for temporary or emergency purposes and then in an amount not in excess of 5% of the market value of its total assets (not including the amount borrowed).”

Putnam Vista Fund

“Borrow money in excess of 10% of its net assets (taken at current value) and then only as a temporary measure for extraordinary or emergency reasons and not for investment purposes. (The fund may borrow only from banks and immediately after any such borrowings there must be an asset coverage (total assets of the fund including the amount borrowed less liabilities other than such borrowings) of at least 300% of the amount of all borrowings. In the event that, due to market decline or other reasons, such asset coverage should at any time fall below 300%, the fund is required within three days not including Sundays and holidays to reduce the amount of its borrowings to the extent necessary to cause the asset coverage of such borrowings to be at least 300%. If this should happen, the fund may have to sell securities at a time when it would be disadvantageous to do so.)”

O-1 

Appendix P – Current Declaration of Trust Provisions with Respect to the Duration of the Trust

The proposed language in Proposal 4.A. would replace the following excerpts from each fund’s Declaration of Trust.

*   *   * 

The George Putnam Fund of Boston

Article VI

Miscellaneous

Termination of Trust

Section 3. This Trust shall terminate in any event upon the expiration of twenty-one (21) years after the death of the following persons, being the Trustees named herein and their children now living:

George Putnam, Charles M. Werly, S.H. Cunningham, Barbara Putnam, Katharine Putnam, Elizabeth Lowell Putnam, George Putnam, Jr., Helen Harte Putnam, Spurgeon Haddon Cunningham, Jr., James Hugh Cunningham, Nancy Jane Cunningham, John McKee Cunningham, Barbara Ann Cunningham, Cornelia Cunningham, Paul Gilmore Cunningham, Perry Oliver Cunningham, provided, however, that the Trustees shall have the power and authority to terminate this Trust at an earlier date by an instrument in writing setting forth such termination and by written notice thereof mailed, postage pre-paid, to the beneficiaries at their addresses as the same appear upon the records of the Trustees.

Upon termination of this Trust either by expiration or otherwise the Trustees shall make provision for the payment of the expenses and liabilities of the Trust and of the Trustees and upon the surrender of the certificates representing the shares of this Trust then outstanding distribute the remaining assets, or sell and dispose of all or any part thereof and distribute the net proceeds thereof in cash and/or securities among the holders of such shares in proportion to their holdings, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of shares of the Trust, provided that any distribution to the beneficiaries of a particular class of shares shall be made to such beneficiaries pro rata in proportion to the number of shares of such class held by each of them.

*   *   * 

The Putnam Fund for Growth and Income

Article VI

Termination of Trust

P-1 

Section 3. This Trust shall terminate in any event upon the expiration of twenty-one (21) years after the death of the last survivor of the six original Trustees named hereunder and of their children living as of October 1, 1957, provided, however, that the Trustees shall have the power and authority to terminate this Trust at an earlier date by an instrument in writing setting forth such termination and by written notice thereof mailed, postage prepaid, to the beneficiaries at their addresses as the same appear upon the records of the Trustees.

Upon the termination of this Trust either by expiration or otherwise the Trustees shall make provision for the payment of the expenses and liabilities of the Trust and of the Trustees and upon the surrender of the certificates representing the shares of this Trust then outstanding distribute the remaining assets, or sell and dispose of all or any part thereof and distribute the net proceeds thereof in cash and securities, or both, among the holders of such shares in proportion to their holdings, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of shares of the Trust, provided that any distribution to the beneficiaries of a particular class of shares shall be made to such beneficiaries pro rata in proportion to the number of shares of such class held by each of them.

*   *   * 

Putnam Money Market Fund

Article IX

Miscellaneous

Termination of Trust

Section 4. The Trust may be terminated at any time by the Trustees by written notice to the Shareholders, and if not terminated earlier, shall terminate twenty years after the death of the last survivor of the initial Trustees and the following persons:

Ted Lawrence Benjamin, born October 7, 1966
Michael Steven Benjamin, born March 10, 1963
Robert Andrew Benjamin, born September 4, 1960
164 Prospect Street
Belmont, Massachusetts
(Children of Edward A. Benjamin)

Sarah Caroline Ellis, born August 11, 1974
45 Leewood Road
Wellesley, Massachusetts
(Daughter of Douglass N. Ellis, Jr.)

Russell A. Gaudreau, born July 3, 1972
302 Commonwealth Avenue
Boston, Massachusetts
(Son of Russell A. Gaudreau, Jr.)

P-2 

Catherine Annesley Hanlon, born February 3, 1965
Susan Nelson Hanlon, born March 8, 1967
Jonathan Roger Hanlon, born December 21, 1970
Jennifer LaTourette Hanlon, born October 16, 1975
13 Moulton
Duxbury, Massachusetts
(Children of Francis X. Hanlon)

Eloise Paul Lawrence, born June 2, 1973
Abbott Wells Lawrence, born August 22, 1970
25 West Cedar Street
Boston, Massachusetts
(Children of Edward P. Lawrence)

Sarah Edgerly Pike, born September 26, 1967
William Abbott Pike, born August 2, 1966
Margaret Pike, born August 10, 1962
Susan Wendell Pike, born December 19, 1960
John Richmond Pike, born June 13, 1959
Conant Road
Lincoln, Massachusetts
(Children of John A. Pike)

*   *   * 

Putnam Tax Exempt Income Fund

Article IX

Miscellaneous

Termination of Trust

Section 4. The Trust may be terminated at any time by the Trustees by written notice to the Shareholders, and if not terminated earlier, shall terminate twenty years after the death of the last survivor of the initial Trustees and the following persons:

Ted Lawrence Benjamin, born October 7, 1966
Michael Steven Benjamin, born March 10, 1963
Robert Andrew Benjamin, born September 4, 1960
164 Prospect Street
Belmont, Massachusetts
(Children of Edward A. Benjamin)

Steven Yard Davenport, born May 22, 1975
27 Bogle Street
Weston, Massachusetts
(Son of David S. Davenport)

P-3 

Sarah Caroline Ellis, born August 11, 1974
45 Leewood Road
Wellesley, Massachusetts
(Daughter of Douglass N. Ellis, Jr.)

Russell A. Gaudreau, born July 3, 1972
302 Commonwealth Avenue
Boston, Massachusetts
(Son of Russell A. Gaudreau, Jr.)

Catherine Annesley Hanlon, born February 3, 1965
Susan Nelson Hanlon, born March 8, 1967
Jonathan Roger Hanlon, born December 21, 1970
Jennifer LaTourette Hanlon, born October 16, 1975
13 Moulton Road
Duxbury, Massachusetts
(Children of Francis X. Hanlon)

Eloise Paul Lawrence, born June 2, 1973
Abbott Wells Lawrence, born August 22, 1970
25 West Cedar Street
Boston, Massachusetts
(Children of Edward P. Lawrence)

Sarah Edgerly Pike, born September 26, 1967
William Abbott Pike, born August 2, 1966
Margaret Pike, born August 10, 1962
Susan Wendell Pike, born December 19, 1960
John Richmond Pike, born June 13, 1959
Conant Road
Lincoln, Massachusetts
(Children of John A. Pike)

P-4 

APPENDIX Q – Independent Public Accountants

As listed below, the Trustees have selected PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts 02110, or KPMG, 99 High Street, Boston, Massachusetts 02110, as the independent registered public accounting firm for each fund’s current fiscal year. These firms are among the country’s preeminent independent registered public accounting firms. Each firm was selected primarily on the basis of its expertise as auditors of investment companies, the quality of its audit services and the competitiveness of its fees. Representatives of each of PricewaterhouseCoopers LLP and KPMG LLP are expected to be present at the meeting and to have the opportunity to make a statement and respond to appropriate questions.

The following table presents fees billed to each indicated fund in each of its last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009) by PricewaterhouseCoopers LLP:

  Putnam American  Putnam AMT-Free  Putnam Asset Allocation: 
  Government Income Fund  Municipal Fund  Balanced Portfolio 
 
Audit Fees  Sept. 30, 2008 -- $123,407  July 31, 2008 -- $72,501  Sept. 30, 2008 -- $253,212 
 
  Sept. 30, 2007 -- $87,131  July 31, 2007 -- $67,036  Sept. 30, 2007 -- $205,254 
Audit-Related Fees  Sept. 30, 2008 -- $0  July 31, 2008 -- $0  Sept. 30, 2008 -- $0 
 
  Sept. 30, 2007 -- $78  July 31, 2007 -- $10  Sept. 30, 2007 -- $143 
Tax Fees  Sept. 30, 2008 -- $6,126  July 31, 2008 -- $7,408  Sept. 30, 2008 -- $22,753 
 
  Sept. 30, 2007 -- $5,389  July 31, 2007 -- $6,774  Sept. 30, 2007 -- $20,703 
All Other Fees *  Sept. 30, 2008 -- $196  July 31, 2008 -- $87  Sept. 30, 2008 -- $684 
 
  Sept. 30, 2007 -- $237  July 31, 2007 -- $169  Sept. 30, 2007 -- $2,919 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam American Government Income Fund: $196 and $175.

Putnam AMT-Free Municipal Fund: $87 and $41.

Putnam Asset Allocation: Balanced Portfolio: $684 and $562.

These fees were reimbursed to the fund by Putnam Investment Management, LLC (“Putnam Management”).

  Putnam Asset Allocation:  Putnam Asset Allocation:  Putnam Capital 
  Conservative Portfolio  Growth Portfolio  Opportunities Fund 
 
Audit Fees  Sept. 30, 2008 -- $224,421  Sept. 30, 2008 -- $261,803  April 30, 2009 -- $78,270 
 
  Sept. 30, 2007 -- $172,380  Sept. 30, 2007 -- $207,427  April 30, 2008 -- $82,521 
Audit-Related Fees  Sept. 30, 2008 -- $0  Sept. 30, 2008 -- $0  April 30, 2009 -- $0 
 
  Sept. 30, 2007 -- $36  Sept. 30, 2007 -- $231  April 30, 2008 -- $0 
Tax Fees  Sept. 30, 2008 -- $21,548  Sept. 30, 2008 -- $26,627  April 30, 2009 -- $3,584 
 
  Sept. 30, 2007 -- $20,703  Sept. 30, 2007 -- $21,401  April 30, 2008 -- $3,421 
All Other Fees *  Sept. 30, 2008 -- $318  Sept. 30, 2008 -- $768  April 30, 2009 -- $866 
 
  Sept. 30, 2007 -- $2,612  Sept. 30, 2007 -- $1,866  April 30, 2008 -- $590 

Q-1 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Asset Allocation: Conservative Portfolio: $318 and $259.

Putnam Asset Allocation: Growth Portfolio: $768 and $575.

Putnam Capital Opportunities Fund: $866 and $890.

These fees were reimbursed to the fund by Putnam Management.

  Putnam Europe Equity  The Putnam Fund for  The George Putnam 
  Fund  Growth and Income  Fund of Boston 
 
Audit Fees  June 30, 2009 -- $[ ]  Oct. 31, 2008 -- $309,209  July 31, 2008 -- $338,593 
 
  June 30, 2008 -- $82,622  Oct. 31, 2007 -- $366,894  July 31, 2007 -- $261,656 
Audit-Related Fees  June 30, 2009 $[ ]  Oct. 31, 2008 -- $0  July 31, 2008 -- $0 
 
  June 30, 2008 -- $0  Oct. 31, 2007 -- $1,454  July 31, 2007 -- $313 
Tax Fees  June 30, 2009 -- $[ ]  Oct. 31, 2008 -- $5,892  July 31, 2008 -- $12,755 
 
  June 30, 2008 -- $5,245  Oct. 31, 2007 -- $6,883  July 31, 2007 -- $9,550 
All Other Fees *  June 30, 2009 -- $[ ]  Oct. 31, 2008 -- $3,975  July 31, 2008 -- $1,247 
 
  June 30, 2008 -- $161  Oct. 31, 2007 -- $5,019  July 31, 2007 -- $4,535 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Europe Equity Fund: $[ ] and $161.

The Putnam Fund for Growth and Income: $3,975 and $3,707.

The George Putnam Fund of Boston: $1,247 and $2,992.

These fees were reimbursed to the fund by Putnam Management.

  Putnam Global Health  Putnam Global Income  Putnam Global Utilities 
  Care Fund  Trust  Fund 
 
Audit Fees  Aug. 31, 2008 -- $95,606  Oct. 31, 2008 -- $177,421  Oct. 31, 2008 -- $76,808 
 
  Aug. 31, 2007 -- $92,222  Oct. 31, 2007 -- $129,686  Oct. 31, 2007 -- $72,341 
Audit-Related Fees  Aug. 31, 2008 -- $0  Oct. 31, 2008 -- $0  Oct. 31, 2008 -- $0 
 
  Aug. 31, 2007 -- $352  Oct. 31, 2007 -- $19  Oct. 31, 2007 -- $64 
Tax Fees  Aug. 31, 2008 -- $11,409  Oct. 31, 2008 -- $17,046  Oct. 31, 2008 -- $6,412 
 
  Aug. 31, 2007 -- $9,154  Oct. 31, 2007 -- $10,836  Oct. 31, 2007 -- $11,470 
All Other Fees *  Aug. 31, 2008 -- $572  Oct. 31, 2008 -- $36  Oct. 31, 2008 -- $177 
 
  Aug. 31, 2007 -- $748  Oct. 31, 2007 -- $43  Oct. 31, 2007 -- $218 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Global Health Care Fund: $575 and $555.

Putnam Global Income Trust: $36 and $31.

Putnam Global Utilities Fund: $177 and $159.

These fees were reimbursed to the fund by Putnam Management.

Q-2 

  Putnam Income  Putnam International  Putnam International 
  Strategies Fund  Capital Opportunities  Equity Fund 
    Fund   
 
Audit Fees  Feb. 28, 2009 -- $101,699  Aug. 31, 2008 -- $116,023  June 30, 2009 -- $[ ] 
 
  Feb. 29, 2008 -- $92,828  Aug. 31, 2007 -- $95,986  June 30, 2008 -- $232,792 
Audit-Related Fees  Feb. 28, 2009 -- $0  Aug. 31, 2008 -- $0  June 30, 2009 -- $[ ] 
 
  Feb. 29, 2008 -- $0  Aug. 31, 2007 -- $225  June 30, 2008 -- $0 
Tax Fees  Feb. 28, 2009 -- $5,084  Aug. 31, 2008 -- $12,165  June 30, 2009 -- $[ ] 
 
  Feb. 29, 2008 -- $4,581  Aug. 31, 2007 -- $12,443  June 30, 2008 -- $19,434 
All Other Fees *  Feb. 28, 2009 -- $0  Aug. 31, 2008 -- $621  June 30, 2009 -- $[ ] 
  Feb. 29, 2008 -- $0  Aug. 31, 2007 -- $638  June 30, 2008 -- $2,012 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam International Capital Opportunities Fund: $621 and $466.

Putnam International Equity Fund: $[ ] and $2,012.

These fees were reimbursed to the fund by Putnam Management.

  Putnam International  Putnam International  Putnam Massachusetts 
  Growth and Income  New Opportunities Fund  Tax Exempt Income 
  Fund    Fund 
 
Audit Fees  June 30, 2009 -- $[ ]  Sept. 30, 2008 -- $85,862  May 31, 2009 -- $64,228 
 
  June 30, 2008 -- $88,373  Sept. 30, 2007 -- $80,538  May 31, 2008 -- $57,166 
Audit-Related Fees  June 30, 2009 -- $[ ]  Sept. 30, 2008 -- $0  May 31, 2009 -- $0 
 
  June 30, 2008 -- $0  Sept. 30, 2007 -- $155  May 31, 2008 -- $0 
Tax Fees  June 30, 2009 -- $[ ]  Sept. 30, 2008 -- $11,446  May 31, 2009 -- $8,044 
 
  June 30, 2008 -- $8,623  Sept. 30, 2007 -- $12,085  May 31, 2008 -- $7,620 
All Other Fees *  June 30, 2009 -- $[ ]  Sept. 30, 2008 -- $244  May 31, 2009 -- $523 
 
  June 30, 2008 -- $336  Sept. 30, 2007 -- $278  May 31, 2008 -- $82 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam International Growth and Income Fund: $[ ] and $336.

Putnam International New Opportunities Fund: $244 and $204.

Putnam Massachusetts Tax Exempt Income Fund: $523 and $82.

These fees were reimbursed to the fund by Putnam Management.

Q-3 

  Putnam Michigan Tax  Putnam Minnesota Tax  Putnam Money Market 
  Exempt Income Fund  Exempt Income Fund  Fund 
 
Audit Fees  May 31, 2009 -- $55,152  May 31, 2009 -- $57,337  Sept. 30, 2008 -- $148,400 
 
  May 31, 2008 -- $50,078  May 31, 2008 -- $51,994  Sept. 30, 2007 -- $119,165 
Audit-Related Fees  May 31, 2009 -- $0  May 31, 2009 -- $0  Sept. 30, 2008 -- $0 
 
  May 31, 2008 -- $0  May 31, 2008 -- $0  Sept. 30, 2007 -- $352 
Tax Fees  May 31, 2009 -- $8,044  May 31, 2009 -- $8,044  Sept. 30, 2008 -- $2,864 
 
  May 31, 2008 -- $7,494  May 31, 2008 -- $7,491  Sept. 30, 2007 -- $3,274 
All Other Fees *  May 31, 2009 -- $181  May 31, 2009 -- $179  Sept. 30, 2008 -- $1,065 
 
  May 31, 2008 -- $32  May 31, 2008 -- $30  Sept. 30, 2007 -- $1,123 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Michigan Tax Exempt Income Fund: $181 and $32.

Putnam Minnesota Tax Exempt Income Fund: $179 and $30.

Putnam Money Market Fund: $1,065 and $1,123.

These fees were reimbursed to the fund by Putnam Management.

  Putnam New Jersey Tax  Putnam New  Putnam Ohio Tax 
  Exempt Income Fund  Opportunities Fund  Exempt Income Fund 
Audit Fees  May 31, 2009 -- $61,059  June 30, 2009 -- $[ ]  May 31, 2009 -- $61,646 
 
  May 31, 2008 -- $54,374  June 30, 2008 -- $154,131  May 31, 2008 -- $55,367 
Audit-Related Fees  May 31, 2009 -- $0  June 30, 2009 -- $0  May 31, 2009 -- $0 
 
  May 31, 2008 -- $0  June 30, 2008 -- $0  May 31, 2008 -- $0 
Tax Fees  May 31, 2009 -- $8,044  June 30, 2009 -- $[ ]  May 31, 2009 -- $8,044 
 
  May 31, 2008 -- $7,558  June 30, 2008 -- $3,596  May 31, 2008 -- $7,526 
All Other Fees *  May 31, 2009 -- $386  June 30, 2009 -- $[ ]  May 31, 2009 -- $291 
 
  May 31, 2008 -- $57  June 30, 2008 -- $1,221  May 31, 2008 -- $44 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam New Jersey Tax Exempt Income Fund: $386 and $57.

Putnam New Opportunities Fund: $[ ] and $1,221.

Putnam Ohio Tax Exempt Income Fund: $291 and $44.

These fees were reimbursed to the fund by Putnam Management.

Q-4 

  Putnam Pennsylvania  Putnam  Putnam Small Cap 
  Tax Exempt Income  RetirementReady Funds  Growth Fund 
  Fund     
 
Audit Fees  May 31, 2009 -- $59,679  July 31, 2008 -- $162,647  June 30, 2009 -- $[ ] 
 
  May 31, 2008 -- $53,493  July 31, 2007 -- $130,587  June 30, 2008 -- $69,620 
Audit-Related Fees  May 31, 2009 -- $0  July 31, 2008 -- $0  June 30, 2009 -- $[ ] 
 
  May 31, 2008 -- $0  July 31, 2007 -- $0  June 30, 2008 -- $0 
Tax Fees  May 31, 2009 -- $8,044  July 31, 2008 -- $40,000  June 30, 2009 -- $[ ] 
 
  May 31, 2008 -- $7,533  July 31, 2007 -- $28,266  June 30, 2008 -- $4,260 
All Other Fees *  May 31, 2009 -- $308  July 31, 2008 -- $0  June 30, 2009 -- $[ ] 
 
  May 31, 2008 -- $47  July 31, 2007 -- $0  June 30, 2008 -- $144 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Pennsylvania Tax Exempt Income Fund: $308 and $47.

Putnam Small Cap Growth Fund: $[ ] and $144.

These fees were reimbursed to the fund by Putnam Management.

  Putnam Tax Exempt  Putnam Tax-Free High  Putnam Voyager Fund 
  Money Market Fund  Yield Fund   
Audit Fees  Sept. 30, 2008 -- $60,542  July 31, 2008 -- $105,371  July 31, 2008 -- $212,512 
 
  Sept. 30, 2007 -- $53,714  July 31, 2007 -- $101,968  July 31, 2007 -- $200,657 
Audit-Related Fees  Sept. 30, 2008 -- $0  July 31, 2008 -- $0  July 31, 2008 -- $0 
 
  Sept. 30, 2007 -- $7  July 31, 2007 -- $46  July 31, 2007 -- $1,405 
Tax Fees  Sept. 30, 2008 -- $2,819  July 31, 2008 -- $9,140  July 31, 2008 -- $5,064 
 
  Sept. 30, 2007 -- $2,592  July 31, 2007 -- $7,921  July 31, 2007 -- $4,395 
All Other Fees *  Sept. 30, 2008 -- $22  July 31, 2008 -- $386  July 31, 2008 -- $2,001 
 
  Sept. 30, 2007 -- $27  July 31, 2007 -- $769  July 31, 2007 -- $11,411 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Tax Exempt Money Market Fund: $22 and $20.

Putnam Tax-Free High Yield Fund: $386 and $640.

Putnam Voyager Fund: $2,001 and $10,736.

These fees were reimbursed to the fund by Putnam Management.

Q-5 

  Putnam Variable Trust 
 
Audit Fees  Dec. 31, 2008 -- $2,074,378 
 
  Dec. 31, 2007 -- $1,758,423 
Audit-Related Fees  Dec. 31, 2008 -- $0 
 
  Dec. 31, 2007 -- $1,953 
Tax Fees  Dec. 31, 2008 -- $137,860 
 
  Dec. 31, 2007 -- $123,564 
All Other Fees *  Dec. 31, 2008 -- $14,222 
 
  Dec. 31, 2007 -- $8,704 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters in each of its last two fiscal years, beginning with the fee for the most recent fiscal year:

Putnam Variable Trust: $14,222 and $8,704.

These fees were reimbursed to the fund by Putnam Management.

The following table presents fees billed to each indicated fund in each of its last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009) by KPMG LLP:

  Putnam Arizona Tax  Putnam California Tax  Putnam Convertible 
  Exempt Income Fund  Exempt Income Fund  Income-Growth Trust 
 
Audit Fees  May 31, 2009 -- $40,642  Sept. 30, 2008 -- $53,100  Oct. 31, 2008 -- $40,600 
 
  May 31, 2008 -- $50,350  Sept. 30, 2007 -- $54,050  Oct. 31, 2007 -- $37,550 
Audit-Related Fees  May 31, 2009 -- $0  Sept. 30, 2008 -- $0  Oct. 31, 2008 -- $0 
 
  May 31, 2008 -- $0  Sept. 30, 2007 -- $0  Oct. 31, 2007 -- $0 
Tax Fees  May 31, 2009 -- $6,100  Sept. 30, 2008 -- $6,000  Oct. 31, 2008 -- $3,900 
 
  May 31, 2008 -- $5,450  Sept. 30, 2007 -- $5,450  Oct. 31, 2007 -- $3,550 
All Other Fees  May 31, 2009 -- $0  Sept. 30, 2008 -- $0  Oct. 31, 2008 -- $0 
 
  May 31, 2008 -- $0  Sept. 30, 2007 -- $0  Oct. 31, 2007 -- $0 
 
 
  Putnam Diversified  Putnam Equity Income  Putnam Floating Rate 
  Income Trust  Fund  Income Fund 
 
Audit Fees  Sept. 30, 2008 -- $97,075  Nov. 30, 2008 -- $47,200  Feb. 28, 2009 -- $85,975 
 
  Sept. 30, 2007 -- $80,800  Nov. 30, 2007 -- $43,650  Feb. 29, 2008 -- $76,750 
Audit-Related Fees  Sept. 30, 2008 -- $0  Nov. 30, 2008 -- $0  Feb. 28, 2009 -- $0 
 
  Sept. 30, 2007 -- $0  Nov. 30, 2007 -- $0  Feb. 29, 2008 -- $0 
Tax Fees  Sept. 30, 2008 -- $6,000  Nov. 30, 2008 -- $3,900  Feb. 28, 2009 -- $6,550 
 
  Sept. 30, 2007 -- $5,450  Nov. 30, 2007 -- $3,550  Feb. 29, 2008 -- $5,950 
All Other Fees  Sept. 30, 2008 -- $0  Nov. 30, 2008 -- $0  Feb. 28, 2009 -- $0 
 
  Sept. 30, 2007 -- $0  Nov. 30, 2007 -- $0  Feb. 29, 2008 -- $0 

Q-6 

  Putnam Global Equity  Putnam Global Natural  Putnam Growth 
  Fund  Resources Fund  Opportunities Fund 
 
Audit Fees  Oct. 31, 2008 -- $54,050  Aug. 30, 2008 -- $43,100  July 31, 2008 -- $40,600 
 
  Oct. 31, 2007 -- $49,950  Aug. 30, 2007 -- $39,850  July 31, 2007 -- $38,701* 
Audit-Related Fees  Oct. 31, 2008 -- $0  Aug. 30, 2008 -- $0  July 31, 2008 -- $0 
 
  Oct. 31, 2007 -- $0  Aug. 30, 2007 -- $0  July 31, 2007 -- $0 
Tax Fees  Oct. 31, 2008 -- $4,450  Aug. 30, 2008 -- $3,900  July 31, 2008 -- $3,900 
 
  Oct. 31, 2007 -- $4,050  Aug. 30, 2007 -- $3,550  July 31, 2007 -- $3,550 
All Other Fees  Oct. 31, 2008 -- $0  Aug. 30, 2008 -- $0  July 31, 2008 -- $0 
 
  Oct. 31, 2007 -- $0  Aug. 30, 2007 -- $0  July 31, 2007 -- $0 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters.

Putnam Growth Opportunities Fund: $1,151

These fees were reimbursed to the fund by Putnam Management.

  Putnam High Yield  Putnam High Yield  Putnam Income Fund 
  Advantage Fund  Trust   
 
Audit Fees  Nov. 30, 2008 -- $75,475  Aug. 31, 2008 -- $66,000  Oct. 31, 2008 -- $100,675 
 
  Nov. 30, 2007 -- $69,650  Aug. 31, 2007 -- $61,050  Oct. 31, 2007 -- $93,178 
Audit-Related Fees  Nov. 30, 2008 -- $0  Aug. 31, 2008 -- $0  Oct. 31, 2008 -- $0 
 
  Nov. 30, 2007 -- $0  Aug. 31, 2007 -- $0  Oct. 31, 2007 -- $0 
Tax Fees  Nov. 30, 2008 -- $4,200  Aug. 31, 2008 -- $6,000  Oct. 31, 2008 -- $6,000 
 
  Nov. 30, 2007 -- $3,800  Aug. 31, 2007 -- $5,450  Oct. 31, 2007 -- $5,450 
All Other Fees  Nov. 30, 2008 -- $0  Aug. 31, 2008 -- $0  Oct. 31, 2008 -- $0 
 
  Nov. 30, 2007 -- $0  Aug. 31, 2007 -- $0  Oct. 31, 2007 -- $0 
 
 
  Putnam Investors Fund  Putnam Mid Cap Value  Putnam New York Tax 
    Fund  Exempt Income Fund 
 
Audit Fees  July 31, 2008 -- $43,900  April 30, 2009 -- $40,925  Nov. 30, 2008 -- $57,500 
 
  July 31, 2007 -- $47,174 *  April 30, 2008 -- $37,550  Nov. 30, 2007 -- $58,450 
Audit-Related Fees  July 31, 2008 -- $0  April 30, 2009 -- $0  Nov. 30, 2008 -- $0 
 
  July 31, 2007 -- $0  April 30, 2008 -- $0  Nov. 30, 2007 -- $0 
Tax Fees  July 31, 2008 -- $3,900  April 30, 2009 -- $3,900  Nov. 30, 2008 -- $6,000 
 
  July 31, 2007 -- $3,550  April 30, 2008 -- $3,550  Nov. 30, 2007 -- $5,450 
All Other Fees  July 31, 2008 -- $0  April 30, 2009 -- $0  Nov. 30, 2008 -- $0 
 
  July 31, 2007 -- $0  April 30, 2008 -- $0  Nov. 30, 2007 -- $0 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters.

Putnam Investors Fund: $6,624

These fees were reimbursed to the fund by Putnam Management.

Q-7 

  Putnam Research Fund  Putnam Small Cap Value  Putnam Tax Exempt 
    Fund  Income Fund 
 
Audit Fees  July 31, 2008 -- $42,000  Feb. 28, 2009 -- $44,412  Sept. 30, 2008 -- $53,100 
 
  July 31, 2007 -- $40,321 *  Feb. 29, 2008 -- $42,050  Sept. 30, 2007 -- $59,050 
Audit-Related Fees  July 31, 2008 -- $0  Feb. 28, 2009 -- $0  Sept. 30, 2008 -- $0 
 
  July 31, 2007 -- $0  Feb. 29, 2008 -- $0  Sept. 30, 2007 -- $10,635 ** 
Tax Fees  July 31, 2008 -- $3,900  Feb. 28, 2009 -- $3,900  Sept. 30, 2008 -- $6,000 
 
  July 31, 2007 -- $3,550  Feb. 29, 2008 -- $3,550  Sept. 30, 2007 -- $5,450 
All Other Fees  July 31, 2008 -- $0  Feb. 28, 2009 -- $0  Sept. 30, 2008 -- $0 
 
  July 31, 2007 -- $0  Feb. 29, 2008 -- $0  Sept. 30, 2007 -- $0 

* Includes the following fees billed by the fund’s independent auditor to the fund for procedures necessitated by regulatory and litigation matters.

Putnam Research Fund: $6,624

These fees were reimbursed to the fund by Putnam Management.

**Fees billed to the fund for services relating to a fund merger.

  Putnam U.S.  Putnam Vista Fund 
  Government Income   
  Trust   
 
Audit Fees  Sept. 30, 2008 -- $90,725  July 31, 2008 -- $40,600 
 
  Sept. 30, 2007 -- $85,073  July 31, 2007 -- $41,778 
Audit-Related Fees  Sept. 30, 2008 -- $0  July 31, 2008 -- $0 
 
  Sept. 30, 2007 -- $15,818 **  July 31, 2007 -- $0 
Tax Fees  Sept. 30, 2008 -- $4,450  July 31, 2008 -- $3,900 
 
  Sept. 30, 2007 -- $4,050  July 31, 2007 -- $3,550 
All Other Fees  Sept. 30, 2008 -- $0  July 31, 2008 -- $0 
 
  Sept. 30, 2007 -- $0  July 31, 2007 -- $0 

**Fees billed to the fund for services relating to a fund merger.

As of the date of this proxy statement, the following funds had not yet completed a full fiscal year of operations: Putnam Absolute Return 500 Fund, Putnam Absolute Return 700 Fund, Putnam Asset Allocation: Equity Portfolio, and Putnam Capital Spectrum Fund (each audited by PricewaterhouseCoopers LLP); and Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam Asia Pacific Equity Fund, Putnam Equity Spectrum Fund, Putnam Emerging Markets Equity Fund, Putnam Global Consumer Fund, Putnam Global Energy Fund, Putnam Global Financials Fund, Putnam Global Industrials Fund, Putnam Global Technology Fund, Putnam Global Telecommunications Fund, and Putnam Money Market Liquidity Fund (each audited by KPMG LLP).

Audit Fees represent fees billed for a fund’s last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.

Q-8 

Audit-Related Fees represent fees billed in a fund’s last two fiscal years for services traditionally performed by the fund’s independent registered public accounting firm, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.

Tax Fees represent fees billed in a fund’s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.

All Other Fees represent fees billed for services relating to analysis of proposed market timing distributions, recordkeeping fees and regulatory and litigation matters.

The following tables present the amounts the independent auditors billed for aggregate non-audit fees to each fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund in each of the fund’s last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009):

PricewaterhouseCoopers LLP:

  Putnam American  Putnam AMT-Free  Putnam Asset Allocation: 
  Government Income  Municipal Fund  Balanced Portfolio 
  Fund     
Non-Audit Fees  Sept. 30, 2008 -- $84,561  July 31, 2008 -- $85,734  Sept. 30, 2008 -- $101,676 
 
  Sept. 30, 2007 -- $108,911  July 31, 2007 -- $122,169  Sept. 30, 2007 -- $126,972 
 
 
  Putnam Asset Allocation:  Putnam Asset Allocation:  Putnam Capital 
  Conservative Portfolio  Growth Portfolio  Opportunities Fund 
Non-Audit Fees  Sept. 30, 2008 -- $100,105  Sept. 30, 2008 -- $105,633  April 30, 2009 -- $485,409 
 
  Sept. 30, 2007 -- $126,557  Sept. 30, 2007 -- $126,705  April 30, 2008 -- $51,073 
 
 
  Putnam Europe Equity  The Putnam Fund for  The George Putnam 
  Fund  Growth and Income  Fund of Boston 
Non-Audit Fees  June 30, 2009 -- $[ ]  Oct. 31, 2008 -- $88,106  July 31, 2008 -- $92,241 
 
  June 30, 2008 -- $52,468  Oct. 31, 2007 -- $118,562  July 31, 2007 -- $129,614 
 
 
  Putnam Global Health  Putnam Global Income  Putnam Global Utilities 
  Care Fund  Trust  Fund 
Non-Audit Fees  Aug. 31, 2008 -- $90,221  Oct. 31, 2008 -- $95,322  Oct. 31, 2008 -- $84,828 
 
  Aug. 31, 2007 -- $125,470  Oct. 31, 2007 -- $116,104  Oct. 31, 2007 -- $116,659 

Q-9 

  Putnam Income  Putnam International  Putnam International 
  Strategies Fund  Capital Opportunities  Equity Fund 
    Fund   
 
Non-Audit Fees  Feb. 28, 2009 -- $373,674  Aug. 31, 2008 -- $91,025  June 30, 2009 -- $[ ] 
 
  Feb. 29, 2008 -- $57,774  Aug. 31, 2007 -- $128,522  June 30, 2008 -- $68,508 
 
 
  Putnam International  Putnam International  Putnam Massachusetts 
  Growth and Income  New Opportunities Fund  Tax Exempt Income 
  Fund    Fund 
 
Non-Audit Fees  June 30, 2009 -- $[ ]  Sept. 30, 2008 -- $89,929  May 31, 2009 -- $490,392 
 
  June 30, 2008 -- $56,021  Sept. 30, 2007 -- $115,725  May 31, 2008 -- $54,763 
 
 
  Putnam Michigan Tax  Putnam Minnesota Tax  Putnam Money Market 
  Exempt Income Fund  Exempt Income Fund  Fund 
 
Non-Audit Fees  May 31, 2009 -- $490,050  May 31, 2009 -- $490,048  Sept. 30, 2008 -- $82,168 
 
  May 31, 2008 -- $54,588  May 31, 2008 -- $54,583  Sept. 30, 2007 -- $107,956 
 
 
  Putnam New Jersey Tax  Putnam New  Putnam Ohio Tax 
  Exempt Income Fund  Opportunities Fund  Exempt Income Fund 
 
Non-Audit Fees  May 31, 2009 -- $490,254  June 30, 2009 -- $[ ]  May 31, 2009 -- $490,160 
 
  May 31, 2008 -- $54,677  June 30, 2008 -- $51,879  May 31, 2008 -- $54,632 
 
 
  Putnam Pennsylvania  Putnam  Putnam Small Cap 
  Tax Exempt Income  RetirementReady Funds  Growth Fund 
  Fund     
 
Non-Audit Fees  May 31, 2009 -- $490,177  July 31, 2008 -- $118,239  June 30, 2009 -- $[ ] 
 
  May 31, 2008 -- $54,642  July 31, 2007 -- $143,482  June 30, 2008 -- $51,466 
 
 
  Putnam Tax Exempt  Putnam Tax-Free High  Putnam Voyager Fund 
  Money Market Fund  Yield Fund   
 
Non-Audit Fees  Sept. 30, 2008 -- $81,081  July 31, 2008 -- $87,765  July 31, 2008 -- $85,304 
 
  Sept. 30, 2007 -- $105,833  July 31, 2007 -- $123,951  July 31, 2007 -- $132,427 
 
 
  Putnam Variable Trust     
  
 
Non-Audit Fees  Dec. 31, 2008 -- $323,628     
 
 
  Dec. 31, 2007 -- $209,851     
  

Q-10 

KPMG LLP:       
 
 
 
  Putnam Arizona Tax  Putnam California Tax  Putnam Convertible 
  Exempt Income Fund  Exempt Income Fund  Income-Growth Trust 
 
Non-Audit Fees  May 31, 2009 -- $6,100  Sept. 30, 2008 -- $74,733  Oct. 31, 2008 -- $72,633 
 
  May 31, 2008 -- $74,183  Sept. 30, 2007 -- $5,450  Oct. 31, 2007 -- $3,490 
 
 
  Putnam Diversified  Putnam Equity Income  Putnam Floating Rate 
  Income Trust  Fund  Income Fund 
 
Non-Audit Fees  Sept. 30, 2008 -- $74,733  Nov. 30, 2008 -- $72,633  Feb. 28, 2009 -- $75,283 
 
  Sept. 30, 2007 -- $5,450  Nov. 30, 2007 -- $3,550  Feb. 29, 2008 -- $5,950 
 
 
 
  Putnam Global Equity  Putnam Global Natural  Putnam Growth 
  Fund  Resources Fund  Opportunities Fund 
 
Non-Audit Fees  Oct. 31, 2008 -- $73,183  Aug. 30, 2008 -- $72,633  July 31, 2008 -- $72,633 
 
  Oct. 31, 2007 -- $4,050  Aug. 30, 2007 -- $3,550  July 31, 2007 -- $3,550 
 
 
  Putnam High Yield  Putnam High Yield  Putnam Income Fund 
  Advantage Fund  Trust   
 
Non-Audit Fees  Nov. 30, 2008 -- $72,933  Aug. 31, 2008 -- $74,733  Oct. 31, 2008 -- $74,733 
 
  Nov. 30, 2007 -- $3,800  Aug. 31, 2007 -- $5,450  Oct. 31, 2007 -- $5,450 
 
 
  Putnam Investors Fund  Putnam Mid Cap Value  Putnam New York Tax 
    Fund  Exempt Income Fund 
 
Non-Audit Fees  July 31, 2008 -- $72,633  April 30, 2009 -- $3,900  Nov. 30, 2008 -- $74,733 
 
  July 31, 2007 -- $3,550  April 30, 2008 -- $3,550  Nov. 30, 2007 -- $5,450 
 
 
  Putnam Research Fund  Putnam Small Cap Value  Putnam Tax Exempt 
    Fund  Income Fund 
 
Non-Audit Fees  July 31, 2008 -- $72,633  Feb. 28, 2009 -- $72,633  Sept. 30, 2008 -- $74,733 
 
  July 31, 2007 -- $3,550  Feb. 29, 2008 -- $3,550  Sept. 30, 2007 -- $16,085 
 
 
  Putnam U.S.  Putnam Vista Fund   
  Government Income     
  Trust     
  
 
Non-Audit Fees  Sept. 30, 2008 -- $73,183  July 31, 2008 -- $72,633   
 
 
  Sept. 30, 2007 -- $19,868  July 31, 2007 -- $3,550   
  

Q-11 

Pre-Approval Policies of the Audit and Compliance Committee. The Audit and Compliance Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit and Compliance Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds’ independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

Since the beginning of the two most recently completed fiscal years of each fund, all work performed by the independent auditors for the funds, Putnam Management 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.

The following table presents fees billed to each indicated fund in each of its last two fiscal years (with the most recent fiscal years ended between July 31, 2008 and June 30, 2009) by PricewaterhouseCoopers LLP for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (funds not listed below were not billed for such services during their last two fiscal years):

  Putnam American  Putnam AMT-Free  Putnam Asset Allocation: 
  Government Income  Municipal Fund  Balanced Portfolio 
  Fund     
 
Tax Fees  Sept. 30, 2008 -- $15,000  July 31, 2008 -- $15,000  Sept. 30, 2008 -- $15,000 
 
  Sept. 30, 2007 -- $26,129  July 31, 2007 -- $26,129  Sept. 30, 2007 -- $26,129 
 
 
 
  Putnam Asset Allocation:  Putnam Asset Allocation:  Putnam Capital 
  Conservative Portfolio  Growth Portfolio  Opportunities Fund 
 
Tax Fees  Sept. 30, 2008 -- $15,000  Sept. 30, 2008 -- $15,000  April 30, 2009 -- $415,341 
 
  Sept. 30, 2007 -- $26,129  Sept. 30, 2007 -- $26,129  April 30, 2008 -- $15,000 
 
 
  Putnam Europe Equity  The Putnam Fund for  The George Putnam 
  Fund  Growth and Income  Fund of Boston 
 
Tax Fees  June 30, 2009 -- $[ ]  Oct. 31, 2008 -- $15,000  July 31, 2008 -- $15,000 
 
  June 30, 2008 -- $15,000  Oct. 31, 2007 -- $28,129  July 31, 2007 -- $26,129 

Q-12 

  Putnam Global Health  Putnam Global Income  Putnam Global Utilities 
  Care Fund  Trust  Fund 
 
Tax Fees  Aug. 31, 2008 -- $15,000  Oct. 31, 2008 -- $15,000  Oct. 31, 2008 -- $15,000 
 
  Aug. 31, 2007 -- $26,129  Oct. 31, 2007 -- $28,129  Oct. 31, 2007 -- $28,129 
 
 
  Putnam Income  Putnam International  Putnam International 
  Strategies Fund  Capital Opportunities  Equity Fund 
    Fund   
 
Tax Fees  Feb. 28, 2009 -- $302,065  Aug. 31, 2008 -- $15,000  June 30, 2009 -- $[ ] 
 
  Feb. 29, 2008 -- $21,129  Aug. 31, 2007 -- $26,129  June 30, 2008 -- $15,000 
 
 
  Putnam International  Putnam International  Putnam Massachusetts 
  Growth and Income  New Opportunities Fund  Tax Exempt Income 
  Fund    Fund 
 
Tax Fees  June 30, 2009 -- $[ ]  Sept. 30, 2008 -- $15,000  May 31, 2009 -- $415,341 
 
  June 30, 2008 -- $15,000  Sept. 30, 2007 -- $26,129  May 31, 2008 -- $15,000 
 
 
  Putnam Michigan Tax  Putnam Minnesota Tax  Putnam Money Market 
  Exempt Income Fund  Exempt Income Fund  Fund 
 
Tax Fees  May 31, 2009 -- $415,341  May 31, 2009 -- $415,341  Sept. 30, 2008 -- $15,000 
 
  May 31, 2008 -- $15,000  May 31, 2008 -- $15,000  Sept. 30, 2007 -- $26,129 
 
 
  Putnam New Jersey Tax  Putnam New  Putnam Ohio Tax 
  Exempt Income Fund  Opportunities Fund  Exempt Income Fund 
 
Tax Fees  May 31, 2009 -- $415,341  June 30, 2009 -- $[ ]  May 31, 2009 -- $415,341 
 
  May 31, 2008 -- $15,000  June 30, 2008 -- $15,000  May 31, 2008 -- $15,000 
 
 
  Putnam Pennsylvania  Putnam  Putnam Small Cap 
  Tax Exempt Income  RetirementReady Funds  Growth Fund 
  Fund     
 
Tax Fees  May 31, 2009 -- $415,341  July 31, 2008 -- $15,000  June 30, 2009 -- $[ ] 
 
  May 31, 2008 -- $15,000  July 31, 2007 -- $26,129  June 30, 2008 -- $15,000 
 
 
 
  Putnam Tax Exempt  Putnam Tax-Free High  Putnam Voyager Fund 
  Money Market Fund  Yield Fund   
 
Tax Fees  Sept. 30, 2008 -- $15,000  July 31, 2008 -- $15,000  July 31, 2008 -- $15,000 
 
  Sept. 30, 2007 -- $26,126  July 31, 2007 -- $26,129  July 31, 2007 -- $26,129 

Q-13 

  Putnam Variable Trust 
Tax Fees  Dec. 31, 2008 -- $73,000 
 
  Dec. 31, 2007 -- $21,129 

Q-14 

APPENDIX R – Other Similar Funds Advised by Putnam Management

The following table contains certain information regarding funds for which Putnam Management provides investment advisory services and that may have similar investment objectives and policies to your fund.

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam Absolute  45,399,046  First $500 million  0.55%  Yes  To earn a positive return that 
Return 100 Fund    Next $500 million  0.45%    exceeds the rate of inflation, as 
    Next $500 million  0.40%    reflected by Treasury bills, by 
    Next $5 billion  0.35%    1% over a reasonable period of 
    Next $5 billion  0.325%    time, regardless of market 
    Next $5 billion  0.305%    conditions. 
    Next $5 billion  0.29%     
    Any excess thereafter  0.28%     
    Benchmark: Merrill Lynch US Treasury     
    Bill Index (G0BA)       
    Hurdle: 1.00%       
    Maximum Performance Adjustment Rate:     
    0.04%       
    Minimum Performance Adjustment Rate:     
    -0.04%       
Putnam Absolute  89,117,294  First $500 million  0.65%  Yes  To earn a positive return that 
Return 300 Fund    Next $500 million  0.55%    exceeds the rate of inflation, as 
    Next $500 million  0.50%    reflected by Treasury bills, by 
    Next $5 billion  0.45%    3% over a reasonable period of 
    Next $5 billion  0.425%    time, regardless of market 
    Next $5 billion  0.405%    conditions. 
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
    Benchmark: Merrill Lynch US Treasury     
    Bill Index (G0BA)       
    Hurdle: 3.00%       
    Maximum Performance Adjustment Rate:     
    0.12%       
    Minimum Performance Adjustment Rate:     
    -0.12%       
Putnam Absolute  99,975,969  First $500 million  0.80%  Yes  To earn a positive return that 
Return 500 Fund    Next $500 million  0.70%    exceeds the rate of inflation, as 
    Next $500 million  0.65%    reflected by Treasury bills, by 
    Next $5 billion  0.60%    5% over a reasonable period of 
    Next $5 billion  0.575%    time, regardless of market 
    Next $5 billion  0.555%    conditions. 
    Next $5 billion  0.54%     
    Any excess thereafter  0.53%     
    Benchmark: Merrill Lynch US Treasury     
    Bill Index (G0BA)       
    Hurdle: 5.00%       
    Maximum Performance Adjustment Rate:     
    0.20%       
    Minimum Performance Adjustment Rate:     
    -0.20%       

R-1 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam Absolute  62,614,921  First $500 million  0.95%  Yes  To earn a positive return that 
Return 700 Fund    Next $500 million  0.85%    exceeds the rate of inflation, as 
    Next $500 million  0.80%    reflected by Treasury bills, by 
    Next $5 billion  0.75%    7% over a reasonable period of 
    Next $5 billion  0.725%    time, regardless of market 
    Next $5 billion  0.705%    conditions. 
    Next $5 billion  0.69%     
    Any excess thereafter  0.68%     
    Benchmark: Merrill Lynch US Treasury     
    Bill Index (G0BA)       
    Hurdle: 7.00%       
    Maximum Performance Adjustment Rate:     
    0.28%       
    Minimum Performance Adjustment Rate:     
    -0.28%       
Putnam American  693,955,987  First $500 million  0.65%  Yes  High current income with 
Government    Next $500 million  0.55%    preservation of capital as its 
Income Fund    Next $500 million  0.50%    secondary objective. 
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
Putnam AMT-Free  349,006,631  The lesser of 0.50%, or    Yes  High current income exempt 
Municipal Fund    First $500 million  0.60%    from federal income tax. 
    Next $500 million  0.50%     
    Next $500 million  0.45%     
    Next $5 billion  0.40%     
    Next $5 billion  0.375%     
    Next $5 billion  0.355%     
    Next $5 billion  0.34%     
    Any excess thereafter  0.33%     
Putnam Arizona  69,258,090  The lesser of 0.50%, or    Yes  To provide as high a level of 
Tax Exempt    First $500 million  0.60%    current income exempt from 
Income Fund    Next $500 million  0.50%    federal income tax and personal 
    Next $500 million  0.45%    income tax (if any) of the state 
    Next $5 billion  0.40%    of Arizona as Putnam 
    Next $5 billion  0.375%    Management believes is 
    Next $5 billion  0.355%    consistent with preservation of 
    Next $5 billion  0.34%    capital. 
    Any excess over $21.5 billion  0.33%     
Putnam Asia  5,146,126  First $500 million  1.00%  Yes  Long-term capital appreciation. 
Pacific Equity    Next $500 million  0.90%     
Fund    Next $500 million  0.85%     
    Next $5 billion  0.80%     
    Next $5 billion  0.775%     
    Next $5 billion  0.755%     
    Next $5 billion  0.74%     
    Next $5 billion  0.73%     
    Next $5 billion  0.72%     
    Next $5 billion  0.71%     
    Next $5 billion  0.70%     
    Next $5 billion  0.69%     
    Next $8.5 billion  0.68%     
    Any excess thereafter  0.67%     

R-2 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam Asset  1,345,015,388  First $500 million  0.70%  Yes  Total return. 
Allocation:    Next $500 million  0.60%     
Balanced Portfolio    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess over $21.5 billion  0.43%     
Putnam Asset  920,812,497  First $500 million  0.70%  Yes  Total return consistent with 
Allocation:    Next $500 million  0.60%    preservation of capital. 
Conservative    Next $500 million  0.55%     
Portfolio    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess over $21.5 billion  0.43%     
Putnam Asset  38,491,592  First $500 million  0.70%  Yes  Long-term growth. 
Allocation: Equity    Next $500 million  0.60%     
Portfolio    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Next $5 billion  0.43%     
    Next $5 billion  0.42%     
    Next $5 billion  0.41%     
    Next $5 billion  0.40%     
    Next $5 billion  0.39%     
    Next $8.5 billion  0.38%     
    Any excess thereafter  0.37%     
Putnam Asset  1,578,499,077  First $500 million  0.70%  Yes  Capital appreciation. 
Allocation:    Next $500 million  0.60%     
Growth Portfolio    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess over $21.5 billion  0.43%     
Putnam California  1,609,129,147  The lesser of 0.50%, or    Yes  To provide as high a level of 
Tax Exempt    First $500 million  0.60%    current income exempt from 
Income Fund    Next $500 million  0.50%    federal income tax and 
    Next $500 million  0.45%    California personal income tax 
    Next $5 billion  0.40%    as Putnam Management believes 
    Next $5 billion  0.375%    is consistent with preservation of 
    Next $5 billion  0.355%    capital. 
    Next $5 billion  0.34%     
    Any excess thereafter  0.33%     
Putnam Capital  229,463,072  First $500 million  0.65%  Yes  Long-term growth of capital. 
Opportunities    Next $500 million  0.55%     
Fund    Next $500 million  0.50%     
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess over $21.5 billion  0.38%     

R-3 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam Capital  21,273,300  First $500 million  0.80%  Yes  Total return. 
Spectrum Fund    Next $500 million  0.70%     
    Next $500 million  0.65%     
    Next $5 billion  0.60%     
    Next $5 billion  0.575%     
    Next $5 billion  0.555%     
    Next $5 billion  0.54%     
    Next $5 billion  0.53%     
    Next $5 billion  0.52%     
    Next $5 billion  0.51%     
    Next $5 billion  0.50%     
    Next $5 billion  0.49%     
    Next $8.5 billion  0.48%     
    Any excess thereafter  0.47%     
    Benchmark: 50/50 blend (balanced daily)     
    of S&P 500 Index and JP Morgan     
    Developed High Yield Index       
    Maximum Performance Adjustment Rate:     
    0.32%       
    Minimum Performance Adjustment Rate:     
    -0.32%       
Putnam  557,632,162  First $500 million  0.65%  Yes  Current income and capital 
Convertible    Next $500 million  0.55%    appreciation. Conservation of 
Income-Growth    Next $500 million  0.50%    capital is a secondary objective. 
Trust    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
Putnam  1,774,578,713  First $500 million  0.70%  Yes  To provide as high a level of 
Diversified    Next $500 million  0.60%    current income as Putnam 
Income Trust    Next $500 million  0.55%    Management believes is 
    Next $5 billion  0.50%    consistent with preservation of 
    Next $5 billion  0.475%    capital. 
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     
Putnam Emerging  13,609,482  First $500 million  1.00%  Yes  Long-term capital appreciation. 
Markets Equity    Next $500 million  0.90%     
Fund    Next $500 million  0.85%     
    Next $5 billion  0.80%     
    Next $5 billion  0.775%     
    Next $5 billion  0.755%     
    Next $5 billion  0.74%     
    Next $5 billion  0.73%     
    Next $5 billion  0.72%     
    Next $5 billion  0.71%     
    Next $5 billion  0.70%     
    Next $5 billion  0.69%     
    Next $8.5 billion  0.68%     
    Any excess thereafter  0.67%     
Putnam Equity  2,557,674,404  First $500 million  0.65%  Yes  Capital growth and current 
Income Fund    Next $500 million  0.55%    income. 
    Next $500 million  0.50%     
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     

R-4 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam Equity  7,650,451  First $500 million  0.80%  Yes  Capital appreciation. 
Spectrum Fund    Next $500 million  0.70%     
    Next $500 million  0.65%     
    Next $5 billion  0.60%     
    Next $5 billion  0.575%     
    Next $5 billion  0.555%     
    Next $5 billion  0.54%     
    Next $5 billion  0.53%     
    Next $5 billion  0.52%     
    Next $5 billion  0.51%     
    Next $5 billion  0.50%     
    Next $5 billion  0.49%     
    Next $8.5 billion  0.48%     
    Any excess thereafter  0.47%     
    Benchmark: S&P 500 Index       
    Maximum Performance Adjustment Rate:     
    0.40%       
    Minimum Performance Adjustment Rate:     
    -0.40%       
Putnam Europe  194,987,288  First $500 million  0.80%  Yes  Capital appreciation. 
Equity Fund    Next $500 million  0.70%     
    Next $500 million  0.65%     
    Next $5 billion  0.60%     
    Next $5 billion  0.575%     
    Next $5 billion  0.555%     
    Next $5 billion  0.54%     
    Any excess thereafter  0.53%     
Putnam Floating  319,689,246  First $500 million  0.65%  Yes  High current income. 
Rate Income Fund    Next $500 million  0.55%    Preservation of capital is a 
    Next $500 million  0.50%    secondary goal. 
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Next $5 billion  0.38%     
    Next $5 billion  0.37%     
    Next $5 billion  0.36%     
    Next $5 billion  0.35%     
    Next $5 billion  0.34%     
    Next $8.5 billion  0.33%     
    Any excess thereafter  0.32%     
The Putnam Fund  4,738,583,964  First $500 million  0.65%  Yes  Capital growth and current 
for Growth and    Next $500 million  0.55%    income. 
Income    Next $500 million  0.50%     
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Next $5 billion  0.38%     
    Next $5 billion  0.37%     
    Next $5 billion  0.36%     
    Next $5 billion  0.35%     
    Next $5 billion  0.34%     
    Next $8.5 billion  0.33%     
    Any excess over $55 billion  0.32%     

R-5 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
The George  1,423,537,840  First $500 million  0.65%  Yes  To provide a balanced 
Putnam Fund of    Next $500 million  0.55%    investment composed of a well- 
Boston    Next $500 million  0.50%    diversified portfolio of stocks 
    Next $5 billion  0.45%    and bonds which produce both 
    Next $5 billion  0.425%    capital growth and current 
    Next $5 billion  0.405%    income. 
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
Putnam Global  3,655,680  First $500 million  0.70%  Yes  Capital appreciation. 
Consumer Fund    Next $500 million  0.60%     
    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Next $5 billion  0.43%     
    Next $5 billion  0.42%     
    Next $5 billion  0.41%     
    Next $5 billion  0.40%     
    Next $5 billion  0.39%     
    Next $8.5 billion  0.38%     
    Any excess thereafter  0.37%     
Putnam Global  5,195,173  First $500 million  0.70%  Yes  Capital appreciation. 
Energy Fund    Next $500 million  0.60%     
    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Next $5 billion  0.43%     
    Next $5 billion  0.42%     
    Next $5 billion  0.41%     
    Next $5 billion  0.40%     
    Next $5 billion  0.39%     
    Next $8.5 billion  0.38%     
    Any excess thereafter  0.37%     
Putnam Global  861,910,917  First $500 million  0.80%  Yes  Capital appreciation. 
Equity Fund    Next $500 million  0.70%     
    Next $500 million  0.65%     
    Next $5 billion  0.60%     
    Next $5 billion  0.575%     
    Next $5 billion  0.555%     
    Next $5 billion  0.54%     
    Next $5 billion  0.53%     
    Next $5 billion  0.52%     
    Next $5 billion  0.51%     
    Next $5 billion  0.50%     
    Next $5 billion  0.49%     
    Next $8.5 billion  0.48%     
    Any excess over $55 billion  0.47%     

R-6 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam Global  6,258,910  First $500 million  0.70%  Yes  Capital appreciation. 
Financials Fund    Next $500 million  0.60%     
    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Next $5 billion  0.43%     
    Next $5 billion  0.42%     
    Next $5 billion  0.41%     
    Next $5 billion  0.40%     
    Next $5 billion  0.39%     
    Next $8.5 billion  0.38%     
    Any excess thereafter  0.37%     
Putnam Global  1,145,221,125  First $500 million  0.70%  Yes  Capital appreciation. 
Health Care Fund    Next $500 million  0.60%     
    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess over $21.5 billion  0.43%.     
Putnam Global  124,792,744  First $500 million  0.70%  Yes  High current income by 
Income Trust    Next $500 million  0.60%    investing principally in debt 
    Next $500 million  0.55%    securities of sovereign and 
    Next $5 billion  0.50%    private issuers worldwide, 
    Next $5 billion  0.475%    including supranational issuers. 
    Next $5 billion  0.455%    Preservation of capital and long- 
    Next $5 billion  0.44%    term total return are secondary 
    Any excess thereafter  0.43%    objectives, but only to the extent 
          consistent with the objective of 
          seeking high current income. 
Putnam Global  3,354,448  First $500 million  0.70%  Yes  Capital appreciation. 
Industrials Fund    Next $500 million  0.60%     
    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Next $5 billion  0.43%     
    Next $5 billion  0.42%     
    Next $5 billion  0.41%     
    Next $5 billion  0.40%     
    Next $5 billion  0.39%     
    Next $8.5 billion  0.38%     
    Any excess thereafter  0.37%     
Putnam Global  362,810,929  First $500 million  0.70%  Yes  Capital appreciation. 
Natural Resources    Next $500 million  0.60%     
Fund    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     

R-7 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam Global  4,952,166  First $500 million  0.70%  Yes  Capital appreciation. 
Technology Fund    Next $500 million  0.60%     
    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Next $5 billion  0.43%     
    Next $5 billion  0.42%     
    Next $5 billion  0.41%     
    Next $5 billion  0.40%     
    Next $5 billion  0.39%     
    Next $8.5 billion  0.38%     
    Any excess thereafter  0.37%     
Putnam Global  2,976,721  First $500 million  0.70%  Yes  Capital appreciation. 
Telecommunicatio    Next $500 million  0.60%     
ns Fund    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Next $5 billion  0.43%     
    Next $5 billion  0.42%     
    Next $5 billion  0.41%     
    Next $5 billion  0.40%     
    Next $5 billion  0.39%     
    Next $8.5 billion  0.38%     
    Any excess thereafter  0.37%     
Putnam Global  317,162,123  First $500 million  0.70%  Yes  Capital growth and current 
Utilities Fund    Next $500 million  0.60%    income. 
    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     
Putnam Growth  292,614,284  First $500 million  0.70%  Yes  Capital appreciation. 
Opportunities    Next $500 million  0.60%     
Fund    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     
Putnam High  111,750,042  First $500 million  0.70%  Yes  To provide high current income 
Income Securities    Next $500 million  0.60%    as a primary objective and 
Fund    Next $500 million  0.55%    capital appreciation as a 
    Next $5 billion  0.50%    secondary objective. 
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Next $5 billion  0.43%     
    Next $5 billion  0.42%     
    Next $5 billion  0.41%     
    Next $5 billion  0.40%     
    Next $5 billion  0.39%     
    Next $8.5 billion  0.38%     
    Any excess thereafter  0.37%     

R-8 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam High  634,071,787  First $500 million  0.70%  Yes  High current income. Capital 
Yield Advantage    Next $500 million  0.60%    growth is a secondary goal when 
Fund    Next $500 million  0.55%    consistent with achieving high 
    Next $5 billion  0.50%    current income. 
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     
Putnam High  1,168,635,799  First $500 million  0.70%  Yes  High current income. Capital 
Yield Trust    Next $500 million  0.60%    growth is a secondary goal when 
    Next $500 million  0.55%    consistent with achieving high 
    Next $5 billion  0.50%    current income. 
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     
Putnam Income  957,062,896  First $500 million  0.65%  Yes  High current income consistent 
Fund    Next $500 million  0.55%    with what Putnam Management 
    Next $500 million  0.50%    believes to be prudent risk. 
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
Putnam Income  37,552,989  First $500 million  0.65%  Yes  Current income consistent with 
Strategies Fund    Next $500 million  0.55%    what Putnam management 
    Next $500 million  0.50%    believes to be prudent risk. Its 
    Next $5 billion  0.45%    secondary objective is capital 
    Next $5 billion  0.425%    appreciation. 
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Next $5 billion  0.38%     
    Next $5 billion  0.37%     
    Next $5 billion  0.36%     
    Next $5 billion  0.35%     
    Next $5 billion  0.34%     
    Next $8.5 billion  0.33%     
    Any excess thereafter  0.32%     
Putnam  1,022,428,205  First $500 million  1.00%  Yes  Long-term capital appreciation. 
International    Next $500 million  0.90%     
Capital    Next $500 million  0.85%     
Opportunities    Next $5 billion  0.80%     
Fund    Next $5 billion  0.775%     
    Next $5 billion  0.755%     
    Next $5 billion  0.74%     
    Any excess thereafter  0.73%     
Putnam  1,788,163,176  First $500 million  0.80%  Yes  Capital appreciation. 
International    Next $500 million  0.70%     
Equity Fund    Next $500 million  0.65%     
    Next $5 billion  0.60%     
    Next $5 billion  0.575%     
    Next $5 billion  0.555%     
    Next $5 billion  0.54%     
    Any excess over $21.5 billion  0.53%     
Putnam  352,281,035  First $500 million  0.80%  Yes  Capital growth. Current income 
International    Next $500 million  0.70%    is a secondary objective. 
Growth and    Next $500 million  0.65%     
Income Fund    Next $5 billion  0.60%     
    Next $5 billion  0.575%     
    Next $5 billion  0.555%     
    Next $5 billion  0.54%     
    Any excess over $21.5 billion  0.53%     

R-9 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam  382,498,348  First $500 million  1.00%  Yes  Long-term capital appreciation. 
International New    Next $500 million  0.90%     
Opportunities    Next $500 million  0.85%     
Fund    Next $5 billion  0.80%     
    Next $5 billion  0.775%     
    Next $5 billion  0.755%     
    Next $5 billion  0.74%     
    Any excess thereafter  0.73%     
Putnam Investors  1,432,533,133  First $500 million  0.65%  Yes  Long-term growth of capital and 
Fund    Next $500 million  0.55%    any increased income that results 
    Next $500 million  0.50%    from this growth. 
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess over $21.5 billion  0.38%     
Putnam Managed  367,529,381  The lesser of 0.55%, or    Yes  To provide high current income 
Municipal Income    First $500 million  0.65%    free from federal income tax. 
Trust    Next $500 million  0.55%     
    Next $500 million  0.50%     
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
Putnam  270,771,414  The lesser of 0.50%, or    Yes  To provide as high a level of 
Massachusetts Tax    First $500 million  0.60%    current income exempt from 
Exempt Income    Next $500 million  0.50%    federal income tax and personal 
Fund    Next $500 million  0.45%    income tax (if any) of the 
    Next $5 billion  0.40%    Commonwealth of 
    Next $5 billion  0.375%    Massachusetts as Putnam 
    Next $5 billion  0.355%    Management believes is 
    Next $5 billion  0.34%    consistent with preservation of 
    Any excess over $21.5 billion  0.33%    capital. 
Putnam Master  335,104,367  First $500 million  0.75%  Yes  With equal emphasis, to provide 
Intermediate    Next $500 million  0.65%    high current income and relative 
Income Trust    Next $500 million  0.60%    stability of net asset value. 
    Next $5 billion  0.55%     
    Next $5 billion  0.525%     
    Next $5 billion  0.505%     
    Next $5 billion  0.49%     
    Next $5 billion  0.48%     
    Next $5 billion  0.47%     
    Next $5 billion  0.46%     
    Next $5 billion  0.45%     
    Next $5 billion  0.44%     
    Next $8.5 billion  0.43%     
    Any excess thereafter  0.42%     
Putnam Michigan  84,315,808  The lesser of 0.50%, or    Yes  To provide as high a level of 
Tax Exempt    First $500 million  0.60%    current income exempt from 
Income Fund    Next $500 million  0.50%    federal income tax and personal 
    Next $500 million  0.45%    income tax (if any) of the state 
    Next $5 billion  0.40%    of Michigan as Putnam 
    Next $5 billion  0.375%    Management believes is 
    Next $5 billion  0.355%    consistent with preservation of 
    Next $5 billion  0.34%    capital. 
    Any excess over $21.5 billion  0.33%     

R-10 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam Mid Cap  498,483,964  First $500 million  0.70%  Yes  Capital appreciation and, as a 
Value Fund    Next $500 million  0.60%    secondary objective, current 
    Next $500 million  0.55%    income. 
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     
Putnam Minnesota  88,402,430  The lesser of 0.50%, or    Yes  To provide as high a level of 
Tax Exempt    First $500 million  0.60%    current income exempt from 
Income Fund    Next $500 million  0.50%    federal income tax and personal 
    Next $500 million  0.45%    income tax (if any) of the state 
    Next $5 billion  0.40%    of Minnesota as Putnam 
    Next $5 billion  0.375%    Management believes is 
    Next $5 billion  0.355%    consistent with preservation of 
    Next $5 billion  0.34%    capital. 
    Any excess over $21.5 billion  0.33%     
Putnam Money  2,808,573,765  First $100 million  0.50%  Yes  As high a rate of current income 
Market Fund    Next $100 million  0.40%    as Putnam Management believes 
    Next $300 million  0.35%    is consistent with preservation of 
    Next $500 million  0.325%    capital and maintenance of 
    Next $500 million  0.30%    liquidity. 
    Next $2.5 billion  0.275%     
    Next $2.5 billion  0.25%     
    Next $5 billion  0.225%     
    Next $5 billion  0.205%     
    Next $5 billion  0.19%     
    Any excess thereafter  0.18%     
Putnam Money  2,439,099,233  0.25% Yes  As high a rate of current income 
Market Liquidity          as Putnam Management believes 
Fund          is consistent with preservation of 
          capital, maintenance of liquidity 
          and stability of principal. 
Putnam Municipal  459,512,454  The lesser of 0.55%, or    Yes  The fund seeks to provide as 
Opportunities    First $500 million  0.65%    high a level of current income 
Trust    Next $500 million  0.55%    exempt from federal income tax 
    Next $500 million  0.50%    as Putnam Management believes 
    Next $5 billion  0.45%    is consistent with preservation of 
    Next $5 billion  0.425%    capital. 
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
Putnam New  211,818,789  The lesser of 0.50%, or    Yes  To provide as high a level of 
Jersey Tax    First $500 million  0.60%    current income exempt from 
Exempt Income    Next $500 million  0.50%    federal income tax and personal 
Fund    Next $500 million  0.45%    income tax (if any) of the state 
    Next $5 billion  0.40%    of New Jersey as Putnam 
    Next $5 billion  0.375%    Management believes is 
    Next $5 billion  0.355%    consistent with preservation of 
    Next $5 billion  0.34%    capital. 
    Any excess over $21.5 billion  0.33%     

R-11 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam New  2,357,287,064  First $500 million  0.70%  Yes  Long-term capital appreciation. 
Opportunities    Next $500 million  0.60%     
Fund    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Next $5 billion  0.43%     
    Next $5 billion  0.42%     
    Next $5 billion  0.41%     
    Next $5 billion  0.40%     
    Next $5 billion  0.39%     
    Next $8.5 billion  0.38%     
    Any excess over $55 billion  0.37%     
Putnam New York  1,060,256,684  The lesser of 0.50%, or    Yes  To provide as high a level of 
Tax Exempt    First $500 million  0.60%    current income exempt from 
Income Fund    Next $500 million  0.50%    federal income tax and personal 
    Next $500 million  0.45%    income tax (if any) of the state 
    Next $5 billion  0.40%    of New York as Putnam 
    Next $5 billion  0.375%    Management believes is 
    Next $5 billion  0.355%    consistent with preservation of 
    Next $5 billion  0.34%    capital. 
    Any excess over $21.5 billion  0.33%     
Putnam Ohio Tax  149,562,033  The lesser of 0.50%, or    Yes  To provide as high a level of 
Exempt Income    First $500 million  0.60%    current income exempt from 
Fund    Next $500 million  0.50%    federal income tax and personal 
    Next $500 million  0.45%    income tax (if any) of the state 
    Next $5 billion  0.40%    of Ohio as Putnam Management 
    Next $5 billion  0.375%    believes is consistent with 
    Next $5 billion  0.355%    preservation of capital. 
    Next $5 billion  0.34%     
    Any excess over $21.5 billion  0.33%     
Putnam  171,593,303  The lesser of 0.50%, or    Yes  To provide as high a level of 
Pennsylvania Tax    First $500 million  0.60%    current income exempt from 
Exempt Income    Next $500 million  0.50%    federal income tax and personal 
Fund    Next $500 million  0.45%    income tax (if any) of the state 
    Next $5 billion  0.40%    of Pennsylvania as Putnam 
    Next $5 billion  0.375%    Management believes is 
    Next $5 billion  0.355%    consistent with preservation of 
    Next $5 billion  0.34%    capital. 
    Any excess over $21.5 billion  0.33%     
Putnam Premier  747,096,905  First $500 million  0.75%  Yes  To provide high current income. 
Income Trust    Next $500 million  0.65%     
    Next $500 million  0.60%     
    Next $5 billion  0.55%     
    Next $5 billion  0.525%     
    Next $5 billion  0.505%     
    Next $5 billion  0.49%     
    Next $5 billion  0.48%     
    Next $5 billion  0.47%     
    Next $5 billion  0.46%     
    Next $5 billion  0.45%     
    Next $5 billion  0.44%     
    Next $8.5 billion  0.43%     
    Any excess thereafter  0.42%     
Putnam Research  214,086,489  First $500 million  0.65%  Yes  Capital appreciation. 
Fund    Next $500 million  0.55%     
    Next $500 million  0.50%     
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     

R-12 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,   Current Management be reduced under any  Current Investment 
  2009 ($)   Fee Schedule applicable contract?  Objective 
Putnam  21,405,327  0.05%  Yes  Capital appreciation and current 
RetirementReady          income consistent with a 
2010 Fund          decreasing emphasis on capital 
          appreciation and an increasing 
          emphasis on current income as it 
          approaches its target date. 
Putnam  52,117,244  0.05%  Yes  Capital appreciation and current 
RetirementReady          income consistent with a 
2015 Fund          decreasing emphasis on capital 
          appreciation and an increasing 
          emphasis on current income as it 
          approaches its target date. 
Putnam  43,527,529  0.05%  Yes  Capital appreciation and current 
RetirementReady          income consistent with a 
2020 Fund          decreasing emphasis on capital 
          appreciation and an increasing 
          emphasis on current income as it 
          approaches its target date. 
Putnam  43,263,091  0.05%  Yes  Capital appreciation and current 
RetirementReady          income consistent with a 
2025 Fund          decreasing emphasis on capital 
          appreciation and an increasing 
          emphasis on current income as it 
          approaches its target date. 
Putnam  36,689,269  0.05%  Yes  Capital appreciation and current 
RetirementReady          income consistent with a 
2030 Fund          decreasing emphasis on capital 
          appreciation and an increasing 
          emphasis on current income as it 
          approaches its target date. 
Putnam  28,978,834  0.05%  Yes  Capital appreciation and current 
RetirementReady          income consistent with a 
2035 Fund          decreasing emphasis on capital 
          appreciation and an increasing 
          emphasis on current income as it 
          approaches its target date. 
Putnam  19,987,367  0.05%  Yes  Capital appreciation and current 
RetirementReady          income consistent with a 
2040 Fund          decreasing emphasis on capital 
          appreciation and an increasing 
          emphasis on current income as it 
          approaches its target date. 
Putnam  13,771,032  0.05%  Yes  Capital appreciation and current 
RetirementReady          income consistent with a 
2045 Fund          decreasing emphasis on capital 
          appreciation and an increasing 
          emphasis on current income as it 
          approaches its target date. 
Putnam  6,981,450  0.05%  Yes  Capital appreciation and current 
RetirementReady          income consistent with a 
2050 Fund          decreasing emphasis on capital 
          appreciation and an increasing 
          emphasis on current income as it 
          approaches its target date. 
Putnam  13,759,043  0.05%  Yes  As high a rate of current income 
RetirementReady          as Putnam Management believes 
Maturity Fund          is consistent with preservation of 
          capital. 

R-13 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam Small Cap  133,066,612  First $500 million  1.00%  Yes  Capital appreciation. 
Growth Fund    Next $500 million  0.90%     
    Next $500 million  0.85%     
    Next $5 billion  0.80%     
    Next $5 billion  0.775%     
    Next $5 billion  0.755%     
    Next $5 billion  0.74%     
    Any excess thereafter  0.73%     
Putnam Small Cap  171,802,667  First $500 million  0.80%  Yes  Capital appreciation. 
Value Fund    Next $500 million  0.70%     
    Next $500 million  0.65%     
    Next $5 billion  0.60%     
    Next $5 billion  0.575%     
    Next $5 billion  0.555%     
    Next $5 billion  0.54%     
    Any excess thereafter  0.53%     
Putnam Tax  1,111,795,828  The lesser of 0.50%, or    Yes  As high a level of current 
Exempt Income    First $500 million  0.60%    income exempt from federal 
Fund    Next $500 million  0.50%    income tax as Putnam 
    Next $500 million  0.45%    Management believes to be 
    Next $5 billion  0.40%    consistent with preservation of 
    Next $5 billion  0.375%    capital. 
    Next $5 billion  0.355%     
    Next $5 billion  0.34%     
    Any excess over $21.5 billion  0.33%     
Putnam Tax  69,187,935  First $500 million  0.45%  Yes  As high a level of current 
Exempt Money    Next $500 million  0.35%    income exempt from federal 
Market Fund    Next $500 million  0.30%    income tax as Putnam 
    Next $5 billion  0.25%    Management believes to be 
    Next $5 billion  0.225%    consistent with preservation of 
    Next $5 billion  0.205%    capital, maintenance of liquidity 
    Next $5 billion  0.19%    and stability of principal. 
    Any excess thereafter  0.18%     
Putnam Tax-Free  863,838,724  The lesser of 0.50%, or    Yes  High current income exempt 
High Yield Fund    First $500 million  0.60%    from federal income tax. 
    Next $500 million  0.50%     
    Next $500 million  0.45%     
    Next $5 billion  0.40%     
    Next $5 billion  0.375%     
    Next $5 billion  0.355%     
    Next $5 billion  0.34%     
    Any excess thereafter  0.33%     
Putnam U.S.  1,238,499,306  First $500 million  0.57%  Yes  As high a level of current 
Government    Next $500 million  0.475%    income as Putnam Management 
Income Trust    Next $500 million  0.4275%    believes is consistent with 
    Any excess over $1.5 billion  0.38%    preservation of capital. 
Putnam Vista  922,889,772  First $500 million  0.65%  Yes  Capital appreciation. 
Fund    Next $500 million  0.55%     
    Next $500 million  0.50%     
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess over $21.5 billion  0.38%     

R-14 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam Voyager  2,853,168,159  First $500 million  0.70%  Yes  Capital appreciation. 
Fund    Next $500 million  0.60%     
    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Next $5 billion  0.43%     
    Next $5 billion  0.42%     
    Next $5 billion  0.41%     
    Next $5 billion  0.40%     
    Next $5 billion  0.39%     
    Next $8.5 billion  0.38%     
    Any excess over $55 billion  0.37%     
Putnam VT  151,768,814  First $500 million  0.65%  Yes  High current income with 
American    Next $500 million  0.55%    preservation of capital as a 
Government    Next $500 million  0.50%    secondary objective. 
Income Fund    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Next $5 billion  0.38%     
    Next $5 billion  0.37%     
    Next $5 billion  0.36%     
    Next $5 billion  0.35%     
    Any excess thereafter  0.34%     
Putnam VT  20,881,561  First $500 million  0.65%  Yes  Long-term growth of capital. 
Capital    Next $500 million  0.55%     
Opportunities    Next $500 million  0.50%     
Fund    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
Putnam VT  394,540,191  First $500 million  0.70%  Yes  As high a level of current 
Diversified    Next $500 million  0.60%    income as Putnam Management 
Income Fund    Next $500 million  0.55%    believes is consistent with 
    Next $5 billion  0.50%    preservation of capital. 
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     
Putnam VT Equity  359,696,288  First $500 million  0.65%  Yes  Capital growth and current 
Income Fund    Next $500 million  0.55%    income. 
    Next $500 million  0.50%     
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
Putnam VT The  208,322,777  First $500 million  0.65%  Yes  To provide a balanced 
George Putnam    Next $500 million  0.55%    investment composed of a well 
Fund of Boston    Next $500 million  0.50%    diversified portfolio of stocks 
    Next $5 billion  0.45%    and bonds which produce both 
    Next $5 billion  0.425%    capital growth and current 
    Next $5 billion  0.405%    income. 
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     

R-15 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam VT Global  201,896,046  First $500 million  0.70%  Yes  A high level of long-term total 
Asset Allocation    Next $500 million  0.60%    return consistent with 
Fund    Next $500 million  0.55%    preservation of capital. 
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     
Putnam VT Global  224,213,688  First $500 million  0.80%  Yes  Capital appreciation. 
Equity Fund    Next $500 million  0.70%     
    Next $500 million  0.65%     
    Next $5 billion  0.60%     
    Next $5 billion  0.575%     
    Next $5 billion  0.555%     
    Next $5 billion  0.54%     
    Any excess thereafter  0.53%     
Putnam VT Global  127,814,985  First $500 million  0.70%  Yes  Capital appreciation. 
Health Care Fund    Next $500 million  0.60%     
    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     
Putnam VT Global  173,031,611  First $500 million  0.70%  Yes  Capital growth and current 
Utilities Fund    Next $500 million  0.60%    income. 
    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     
Putnam VT  1,297,384,949  First $500 million  0.65%  Yes  Capital growth and current 
Growth and    Next $500 million  0.55%    income. 
Income Fund    Next $500 million  0.50%     
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
Putnam VT  23,646,157  First $500 million  0.70%  Yes  Capital appreciation. 
Growth    Next $500 million  0.60%     
Opportunities    Next $500 million  0.55%     
Fund    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Next $5 billion  0.43%     
    Any excess thereafter  0.42%     
Putnam VT High  373,059,178  First $500 million  0.70%  Yes  High current income. Capital 
Yield Fund    Next $500 million  0.60%    growth is a secondary goal when 
    Next $500 million  0.55%    consistent with achieving high 
    Next $5 billion  0.50%    current income. 
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     

R-16 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam VT  419,704,417  First $500 million  0.65%  Yes  High current income consistent 
Income Fund    Next $500 million  0.55%    with what Putnam Management 
    Next $500 million  0.50%    believes to be prudent risk. 
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
Putnam VT  544,173,598  First $500 million  0.80%  Yes  Capital appreciation. 
International    Next $500 million  0.70%     
Equity Fund    Next $500 million  0.65%     
    Next $5 billion  0.60%     
    Next $5 billion  0.575%     
    Next $5 billion  0.555%     
    Next $5 billion  0.54%     
    Any excess thereafter  0.53%     
Putnam VT  161,602,131  First $500 million  0.80%  Yes  Capital growth. Current income 
International    Next $500 million  0.70%    is a secondary objective. 
Growth and    Next $500 million  0.65%     
Income Fund    Next $5 billion  0.60%     
    Next $5 billion  0.575%     
    Next $5 billion  0.555%     
    Next $5 billion  0.54%     
    Any excess thereafter  0.53%     
Putnam VT  71,925,489  First $500 million  1.00%  Yes  Long-term capital appreciation. 
International New    Next $500 million  0.90%     
Opportunities    Next $500 million  0.85%     
Fund    Next $5 billion  0.80%     
    Next $5 billion  0.775%     
    Next $5 billion  0.755%     
    Next $5 billion  0.74%     
    Any excess thereafter  0.73%     
Putnam VT  248,880,420  First $500 million  0.65%  Yes  Long-term growth of capital and 
Investors Fund    Next $500 million  0.55%    any increased income that results 
    Next $500 million  0.50%    from this growth. 
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
Putnam VT Mid  32,999,590  First $500 million  0.70%  Yes  Capital appreciation and, as a 
Cap Value Fund    Next $500 million  0.60%    secondary objective, current 
    Next $500 million  0.55%    income. 
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     
Putnam VT  404,476,263  First $500 million  0.45%  Yes  As high a rate of current income 
Money Market    Next $500 million  0.35%    as Putnam Management believes 
Fund    Next $500 million  0.30%    is consistent with preservation of 
    Next $5 billion  0.25%    capital and maintenance of 
    Next $5 billion  0.225%    liquidity, 
    Next $5 billion  0.205%     
    Next $5 billion and  0.19%     
    Any excess thereafter  0.18%     

R-17 

        Has compensation   
        been waived, reduced   
  Net Assets as      or otherwise agreed to   
Fund  of June 30,  Current Management  be reduced under any  Current Investment 
  2009 ($)  Fee Schedule applicable contract?  Objective 
Putnam VT New  515,123,447  First $500 million  0.70%  Yes  Long-term capital appreciation. 
Opportunities    Next $500 million  0.60%     
Fund    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     
Putnam VT  63,206,346  First $500 million  0.65%  Yes  Capital appreciation. 
Research Fund    Next $500 million  0.55%     
    Next $500 million  0.50%     
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
Putnam VT Small  225,069,717  First $500 million  0.80%  Yes  Capital appreciation. 
Cap Value Fund    Next $500 million  0.70%     
    Next $500 million  0.65%     
    Next $5 billion  0.60%     
    Next $5 billion  0.575%     
    Next $5 billion  0.555%     
    Next $5 billion  0.54%     
    Any excess thereafter  0.53%     
Putnam VT Vista  166,258,852  First $500 million  0.65%  Yes  Capital appreciation. 
Fund    Next $500 million  0.55%     
    Next $500 million  0.50%     
    Next $5 billion  0.45%     
    Next $5 billion  0.425%     
    Next $5 billion  0.405%     
    Next $5 billion  0.39%     
    Any excess thereafter  0.38%     
Putnam VT  852,750,034  First $500 million  0.70%  Yes  Capital appreciation. 
Voyager Fund    Next $500 million  0.60%     
    Next $500 million  0.55%     
    Next $5 billion  0.50%     
    Next $5 billion  0.475%     
    Next $5 billion  0.455%     
    Next $5 billion  0.44%     
    Any excess thereafter  0.43%     

R-18 

The following table contains certain information regarding other funds for which Putnam Management provides investment advisory services as a sub-adviser.

        Has     
        compensation     
        been waived,     
        reduced or     
        otherwise     
        agreed to be     
  Net Assets as of      reduced under  Current   
Fund  June 30, 2009      any applicable  Investment  Fiscal 
  ($)  Fee Schedule    contract?  Objective  Year 
Valic Company I:  212,897,488  0.44% of average daily net assets*  No  Capital  5/31/08 
Global Equity Fund          appreciation.   
 
Valic Company I:  73,822,112  0.59% of average daily net assets*  No  To produce  5/31/08 
Small Cap Special          growth of capital   
Values Fund^          by investing   
          primarily in   
          common stocks.   
Seasons Series  200,879,804  0.40% of average daily net assets*  Yes  Capital  3/31/08 
Trust - Asset          appreciation.   
Allocation:             
Diversified Growth             
Portfolio             
 
SunAmerica Series  232,332,264  First $100 million  0.85%  No  Long-term capital  1/31/09 
Trust Emerging    Next $100 million  0.80%    appreciation.   
Markets Portfolio    Over $200 million  0.75%       
 
 
SunAmerica Series  348,290,019  First $150 million  0.65%  Yes  Growth of capital  1/31/09 
Trust: International    Next $150 million  0.55%    and secondarily,   
Growth & Income    Over $300 million  0.45%    current income.   
Portfolio             
 
Nationwide  63,581,438  -- **    No  Long term  12/31/08 
Variable Insurance          growth of capital.   
Trust - NVIT Multi-             
Manager Small             
Company Fund^^             

^Putnam Management currently sub-advises approximately 50% of the fund’s assets, with the remainder being advised by another investment adviser. The net assets provided here represent only those assets of the fund sub-advised by Putnam Management. The fee rate is a blended fee charged by all the sub-advisers.

^^Putnam Management is one of seven sub-advisers on this fund. The net assets provided here represent only those assets of the fund sub-advised by Putnam Management.

* The effective annual management fee rate is provided for these funds as the management fee schedule is not publicly disclosed.

** The sub-advisory fee rate is not publicly disclosed for this fund. The aggregate fees paid to all sub-advisers for the fiscal year ended 12/31/08 were $3,526,365, a portion of which was paid to Putnam Management.

R-19 

APPENDIX S – Payments to Putnam Management and its Affiliates

The following fees were paid by the funds to Putnam Management and its affiliates during each fund’s most recent fiscal year (ended between July 31, 2008 and June 30, 2009) (other than under a management contract). These services will continue to be provided after the proposed management contract is approved.

  Fees paid to Putnam       
  Investor Services,    Fees paid to Putnam   
  Inc. (and/or to  Fees paid to  Retail Management   
  Putnam Fiduciary  Putnam Fiduciary  Limited Partnership   
  Trust Company) for  Trust Company  pursuant to   
  serving as investor  for custody  distribution plans   
Fund  servicing agent ($) *  expenses ($)  ($)  Fiscal Year End 
 
Putnam Absolute Return  8,568  --  16,072  October 31, 2009 
100 Fund †         
 
Putnam Absolute Return  15,825  --  35,146  October 31, 2009 
300 Fund †         
 
Putnam Absolute Return  43,454  --  40,459  October 31, 2009 
500 Fund †         
 
Putnam Absolute Return  30,832  --  24,893  October 31, 2009 
700 Fund †         
 
Putnam American  1,276,862  5,727  1,937,582  September 30, 2008 
Government Income         
Fund         
 
Putnam AMT-Free  180,821  3,020  892,443  July 31, 2008 
Municipal Fund         
 
Putnam Arizona Tax  42,005  --  194,976  May 31, 2009 
Exempt Income Fund         
 
Putnam Asia Pacific  --  --  --  April 30, 2010 
Equity Fund √         
 
Putnam Asset  4,191,909  20,234  2,223,129  September 30, 2008 
Allocation: Balanced         
Portfolio         
 
Putnam Asset  2,198,843  12,382  819,547  September 30, 2008 
Allocation: Conservative         
Portfolio         
 
Putnam Asset  30,725  --  --  May 31, 2009 
Allocation: Equity         
Portfolio         
 
Putnam Asset  6,335,059  50,218  2,790,171  September 30, 2008 
Allocation: Growth         
Portfolio         
 
Putnam California Tax  747,727  14,482  4,598,981  September 30, 2008 
Exempt Income Fund         

S-1 

  Fees paid to Putnam       
  Investor Services,    Fees paid to Putnam   
  Inc. (and/or to  Fees paid to  Retail Management   
  Putnam Fiduciary  Putnam Fiduciary  Limited Partnership   
  Trust Company) for  Trust Company  pursuant to   
  serving as investor  for custody  distribution plans   
Fund  servicing agent ($) *  expenses ($)  ($)  Fiscal Year End 
 
Putnam Capital  1,984,818  --  1,267,109  April 30, 2009 
Opportunities Fund         
 
Putnam Capital  --  --  --  April 30, 2010 
Spectrum Fund √         
 
Putnam Convertible  1,078,779  3,160  2,350,971  October 31, 2008 
Income-Growth Trust         
 
Putnam Diversified  3,830,065  21,305  9,426,878  September 30, 2008 
Income Trust         
 
Putnam Emerging  1,613  --  3,838  August 31, 2009 
Markets Equity Fund †         
 
Putnam Equity Income  7,927,097  10,045  10,240,899  November 30, 2008 
Fund         
 
Putnam Equity Spectrum  --  --  --  April 30, 2010 
Fund √         
 
Putnam Europe Equity  [ ]  --  [ ]  June 30, 2009 
Fund         
 
Putnam Floating Rate  478,650  --  1,303,765  February 28, 2009 
Income Fund         
 
The Putnam Fund for  23,692,008  45,938  26,291,920  October 31, 2008 
Growth and Income         
 
The George Putnam  7,954,095  40,791  11,968,159  July 31, 2008 
Fund of Boston         
 
Putnam Global  2,548  --  1,452  August 31, 2009 
Consumer Fund †         
 
Putnam Global Energy  2,669  --  1,572  August 31, 2009 
Fund †         
 
Putnam Global Equity  5,317,391  11,528  5,713,682  October 31, 2008 
Fund         
 
Putnam Global  2,470  --  1,335  August 31, 2009 
Financials Fund †         
 
Putnam Global Health  5,696,910  12,112  5,973,150  August 31, 2008 
Care Fund         
 
Putnam Global Income  335,921  6,552  530,797  October 31, 2008 
Trust         
 
Putnam Global  2,563  --  1,434  August 31, 2009 
Industrials Fund †         

S-2 

  Fees paid to Putnam       
  Investor Services,    Fees paid to Putnam   
  Inc. (and/or to  Fees paid to  Retail Management   
  Putnam Fiduciary  Putnam Fiduciary  Limited Partnership   
  Trust Company) for  Trust Company  pursuant to   
  serving as investor  for custody  distribution plans   
Fund  servicing agent ($) *  expenses ($)  ($)  Fiscal Year End 
 
Putnam Global Natural  1,670,189  6,049  2,905,096  August 31, 2008 
Resources Fund         
 
Putnam Global  2,596  --  1,505  August 31, 2009 
Technology Fund †         
 
Putnam Global  2,534  --  1,430  August 31, 2009 
Telecommunications         
Fund †         
 
Putnam Global Utilities  1,153,160  2,716  1,822,795  October 31, 2008 
Fund         
 
Putnam Growth  2,008,857  5,745  2,327,243  July 31, 2008 
Opportunities Fund         
 
Putnam High Yield  803,023  2,596  2,221,540  November 30, 2008 
Advantage Fund         
 
Putnam High Yield Trust  3,644,786  15,136  5,695,719  August 31, 2008 
 
Putnam Income Fund  5,439,448  12,312  4,043,555  October 31, 2008 
 
Putnam Income  102,425  --  75,641  February 28, 2009 
Strategies Fund         
 
Putnam International  5,547,073  27,449  7,992,825  August 31, 2008 
Capital Opportunities         
Fund         
 
Putnam International  [ ]  --  [ ]  June 30, 2009 
Equity Fund         
 
Putnam International  [ ]  --  [ ]  June 30, 2009 
Growth and Income         
Fund         
 
Putnam International  2,747,737  13,557  2,592,610  September 30, 2008 
New Opportunities Fund         
 
Putnam Investors Fund  11,566,623  34,108  9,319,908  July 31, 2008 
 
Putnam Massachusetts  153,502  --  798,875  May 31, 2009 
Tax Exempt Income         
Fund         
 
Putnam Michigan Tax  62,776  --  246,090  May 31, 2009 
Exempt Income Fund         
 
Putnam Mid Cap Value  2,344,311  --  1,999,985  April 30, 2009 
Fund         
 
Putnam Minnesota Tax  69,545  --  265,924  May 31, 2009 
Exempt Income Fund         

S-3 

  Fees paid to Putnam       
  Investor Services,    Fees paid to Putnam   
  Inc. (and/or to  Fees paid to  Retail Management   
  Putnam Fiduciary  Putnam Fiduciary  Limited Partnership   
  Trust Company) for  Trust Company  pursuant to   
  serving as investor  for custody  distribution plans   
Fund  servicing agent ($) *  expenses ($)  ($)  Fiscal Year End 
 
Putnam Money Market  7,972,332  21,924  823,226  September 30, 2008 
Fund         
 
Putnam New Jersey Tax  122,067  --  652,245  May 31, 2009 
Exempt Income Fund         
 
Putnam New  10,069,048  --  7,043,070  June 30, 2009 
Opportunities Fund         
 
Putnam New York Tax  641,744  3,336  2,794,953  November 30, 2008 
Exempt Income Fund         
 
Putnam Ohio Tax  97,892  --  406,337  May 31, 2009 
Exempt Income Fund         
 
Putnam Pennsylvania  108,854  --  483,972  May 31, 2009 
Tax Exempt Income         
Fund         
 
Putnam Research Fund  2,224,115  7,830  2,267,365  July 31, 2008 
 
Putnam Small Cap  [ ]  --  [ ]  June 30, 2009 
Growth Fund         
 
Putnam Small Cap Value  1,113,619  --  891,597  February 28, 2009 
Fund         
 
Putnam Tax Exempt  838,686  7,317  3,035,353  September 30, 2008 
Income Fund         
 
Putnam Tax Exempt  74,906  1,204  0  September 30, 2008 
Money Market Fund         
 
Putnam Tax-Free High  872,829  12,461  3,433,079  July 31, 2008 
Yield Fund         
 
Putnam U.S.  2,187,056  76,194  4,221,785  September 30, 2008 
Government Income         
Trust         
 
Putnam Vista Fund  5,714,701  22,558  2,418,647  July 31, 2008 
 
Putnam Voyager Fund  22,171,336  60,833  16,260,442  July 31, 2008 
 
Putnam VT American  46,457  --  158,892  December 31, 2008 
Government Income         
Fund         
 
Putnam VT Capital  8,866  --  38,540  December 31, 2008 
Opportunities Fund         
 
Putnam VT Diversified  123,344  --  522,128  December 31, 2008 
Income Fund         

S-4 

  Fees paid to Putnam       
  Investor Services,    Fees paid to Putnam   
  Inc. (and/or to  Fees paid to  Retail Management   
  Putnam Fiduciary  Putnam Fiduciary  Limited Partnership   
  Trust Company) for  Trust Company  pursuant to   
  serving as investor  for custody  distribution plans   
Fund  servicing agent ($) *  expenses ($)  ($)  Fiscal Year End 
 
Putnam VT Equity  59,884  --  232,463  December 31, 2008 
Income Fund         
 
Putnam VT The George  111,864  --  477,424  December 31, 2008 
Putnam Fund of Boston         
 
Putnam VT Global Asset  88,600  --  202,804  December 31, 2008 
Allocation Fund         
 
Putnam VT Global  117,805  --  125,831  December 31, 2008 
Equity Fund         
 
Putnam VT Global  50,404  --  249,427  December 31, 2008 
Health Care Fund         
 
Putnam VT Global  89,965  --  118,016  December 31, 2008 
Utilities Fund         
 
Putnam VT Growth and  653,985  --  1,050,080  December 31, 2008 
Income Fund         
 
Putnam VT Growth  9,857  --  47,315  December 31, 2008 
Opportunities Fund         
 
Putnam VT High Yield  129,590  --  311,855  December 31, 2008 
Fund         
 
Putnam VT Income Fund  168,214  --  595,172  December 31, 2008 
 
Putnam VT International  271,855  --  1,551,772  December 31, 2008 
Equity Fund         
 
Putnam VT International  92,125  --  233,086  December 31, 2008 
Growth and Income         
Fund         
 
Putnam VT International  60,736  --  294,220  December 31, 2008 
New Opportunities Fund         
 
Putnam VT Investors  102,466  --  526,428  December 31, 2008 
Fund         
 
Putnam VT Mid Cap  16,763  --  46,793  December 31, 2008 
Value Fund         
 
Putnam VT Money  143,196  --  569,542  December 31, 2008 
Market Fund         
 
Putnam VT New  235,900  --  226,522  December 31, 2008 
Opportunities Fund         
 
Putnam VT Research  30,418  --  152,625  December 31, 2008 
Fund         

S-5 

  Fees paid to Putnam       
  Investor Services,    Fees paid to Putnam   
  Inc. (and/or to  Fees paid to  Retail Management   
  Putnam Fiduciary  Putnam Fiduciary  Limited Partnership   
  Trust Company) for  Trust Company  pursuant to   
  serving as investor  for custody  distribution plans   
Fund  servicing agent ($) *  expenses ($)  ($)  Fiscal Year End 
 
Putnam VT Small Cap  108,508  --  638,383  December 31, 2008 
Value Fund         
 
Putnam VT Vista Fund  72,372  --  344,406  December 31, 2008 
 
Putnam VT Voyager  333,859  --  627,641  December 31, 2008 
Fund         

* Prior to December 31, 2008, these investor servicing services were provided by Putnam Investor Services, a division of Putnam Fiduciary Trust Company, which is an affiliate of Putnam Management.

† Since these funds have not yet completed their first full fiscal year of operation, these amounts represent fees paid for a partial fiscal year.

√ Figures are not publicly available as these funds have not yet completed an annual or semiannual reporting period.

S-6 

APPENDIX T – 5% Beneficial Ownership

As of June 30, 2009, to the knowledge of the Putnam funds, no person owned beneficially or of record 5% or more of any class of shares of any Putnam fund, except as shown in the tables below.

Fund  Share Class  Shareholder Name  Holdings  Percentage 
    and Address    Owned 
Putnam Absolute         
Return 100 Fund         
 
Putnam Absolute         
Return 300 Fund         
 
Putnam Absolute         
Return 500 Fund         
 
Putnam Absolute         
Return 700 Fund         
 
Putnam American         
Government Income         
Fund         
 
Putnam AMT-Free         
Municipal Fund         
 
Putnam Arizona Tax         
Exempt Income         
Fund         
 
Putnam Asia Pacific         
Equity Fund         
 
Putnam Asset         
Allocation:         
Balanced Portfolio         
 
Putnam Asset         
Allocation:         
Conservative         
Portfolio         
 
Putnam Asset         
Allocation: Equity         
Portfolio         
 
Putnam Asset         
Allocation: Growth         
Portfolio         
 
Putnam California         
Tax Exempt Income         
Fund         
 
Putnam Capital         
Opportunities Fund         
 
Putnam Capital         
Spectrum Fund         
 
Putnam Convertible         
Income-Growth         
Trust         
 
Putnam Diversified         
Income Trust         
 
Putnam Emerging         
Markets Equity         
Fund         

T-1 

Fund  Share Class  Shareholder Name  Holdings  Percentage 
    and Address    Owned 
Putnam Equity         
Income Fund         
 
Putnam Equity         
Spectrum Fund         
 
Putnam Europe         
Equity Fund         
 
Putnam Floating         
Rate Income Fund         
 
The Putnam Fund         
for Growth and         
Income         
 
The George Putnam         
Fund of Boston         
 
Putnam Global         
Consumer Fund         
 
Putnam Global         
Energy Fund         
 
Putnam Global         
Equity Fund         
 
Putnam Global         
Financials Fund         
 
Putnam Global         
Health Care Fund         
 
Putnam Global         
Income Trust         
 
Putnam Global         
Industrials Fund         
 
Putnam Global         
Natural Resources         
Fund         
 
Putnam Global         
Technology Fund         
 
Putnam Global         
Telecommunications         
Fund         
 
Putnam Global         
Utilities Fund         
 
Putnam Growth         
Opportunities Fund         
 
Putnam High Yield         
Advantage Fund         
 
Putnam High Yield         
Trust         
 
Putnam Income         
Fund         
 
Putnam Income         
Strategies Fund         
 
Putnam         
International Capital         
Opportunities Fund         

T-2 

Fund  Share Class  Shareholder Name  Holdings  Percentage 
    and Address    Owned 
Putnam         
International Equity         
Fund         
 
Putnam         
International         
Growth and Income         
Fund         
 
Putnam         
International New         
Opportunities Fund         
 
Putnam Investors         
Fund         
 
Putnam         
Massachusetts Tax         
Exempt Income         
Fund         
 
Putnam Michigan         
Tax Exempt Income         
Fund         
 
Putnam Mid Cap         
Value Fund         
 
Putnam Minnesota         
Tax Exempt Income         
Fund         
 
Putnam Money         
Market Fund         
 
Putnam Money         
Market Liquidity         
Fund         
 
Putnam New Jersey         
Tax Exempt Income         
Fund         
 
Putnam New         
Opportunities Fund         
 
Putnam New York         
Tax Exempt Income         
Fund         
 
Putnam Ohio Tax         
Exempt Income         
Fund         
 
Putnam         
Pennsylvania Tax         
Exempt Income         
Fund         
 
Putnam Research         
Fund         
 
Putnam         
RetirementReady         
2010 Fund         
 
Putnam         
RetirementReady         
2015 Fund         

T-3 

Fund  Share Class  Shareholder Name  Holdings  Percentage 
    and Address    Owned 
Putnam         
RetirementReady         
2020 Fund         
 
Putnam         
RetirementReady         
2025 Fund         
 
Putnam         
RetirementReady         
2030 Fund         
 
Putnam         
RetirementReady         
2035 Fund         
 
Putnam         
RetirementReady         
2040 Fund         
 
Putnam         
RetirementReady         
2045 Fund         
 
Putnam         
RetirementReady         
2050 Fund         
 
Putnam         
RetirementReady         
Maturity Fund         
 
Putnam Small Cap         
Growth Fund         
 
Putnam Small Cap         
Value Fund         
 
Putnam Tax Exempt         
Income Fund         
 
Putnam Tax Exempt         
Money Market Fund         
 
Putnam Tax-Free         
High Yield Fund         
 
Putnam U.S.         
Government Income         
Trust         
 
Putnam Vista Fund         
 
Putnam Voyager         
Fund         
 
Putnam VT         
American         
Government Income         
Fund         
 
Putnam VT Capital         
Opportunities Fund         
 
Putnam VT         
Diversified Income         
Fund         
 
Putnam VT Equity         
Income Fund         

T-4 

Fund  Share Class  Shareholder Name  Holdings  Percentage 
    and Address    Owned 
Putnam VT The         
George Putnam         
Fund of Boston         
 
Putnam VT Global         
Asset Allocation         
Fund         
 
Putnam VT Global         
Equity Fund         
 
Putnam VT Global         
Health Care Fund         
 
Putnam VT Global         
Utilities Fund         
 
Putnam VT Growth         
and Income Fund         
 
Putnam VT Growth         
Opportunities Fund         
 
Putnam VT High         
Yield Fund         
 
Putnam VT Income         
Fund         
 
Putnam VT         
International Equity         
Fund         
 
Putnam VT         
International         
Growth and Income         
Fund         
 
Putnam VT         
International New         
Opportunities Fund         
 
Putnam VT         
Investors Fund         
 
Putnam VT Mid         
Cap Value Fund         
 
Putnam VT Money         
Market Fund         
 
Putnam VT New         
Opportunities Fund         
 
Putnam VT         
Research Fund         
 
Putnam VT Small         
Cap Value Fund         
 
Putnam VT Vista         
Fund         
 
Putnam VT Voyager         
Fund         

T-5