-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Uhuuf6vRZiQ5twxJjxjd+cTTJRS/Q6r1X6GtXu9UZv5qvMSB2TZshGByE9pL9UGU Sm8x6wCtvJWoQQj1BPwftA== 0000928816-07-000380.txt : 20070314 0000928816-07-000380.hdr.sgml : 20070314 20070314140826 ACCESSION NUMBER: 0000928816-07-000380 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20070515 FILED AS OF DATE: 20070314 DATE AS OF CHANGE: 20070314 EFFECTIVENESS DATE: 20070314 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM MANAGED MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0000844790 IRS NUMBER: 046608976 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05740 FILM NUMBER: 07693125 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM HIGH YIELD TRUST CENTRAL INDEX KEY: 0000225777 IRS NUMBER: 046415410 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02796 FILM NUMBER: 07693132 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A-14 LEGAL DEPARTMENT CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002251581 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE STREET 2: MAILSTOP A-14 LEGAL DEPARTMENT CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM HIGH YIELD TRUST FUND DATE OF NAME CHANGE: 19960328 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM VARIABLE TRUST CENTRAL INDEX KEY: 0000822671 IRS NUMBER: 046649095 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05346 FILM NUMBER: 07693139 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002551581 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM CAPITAL MANAGER TRUST /MA/ DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM TAX FREE HEALTH CARE FUND CENTRAL INDEX KEY: 0000887398 IRS NUMBER: 043153831 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06659 FILM NUMBER: 07693144 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Putnam RetirementReady Funds CENTRAL INDEX KEY: 0001295293 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21598 FILM NUMBER: 07693147 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617 760-4623 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND CENTRAL INDEX KEY: 0000794615 IRS NUMBER: 043057637 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05802 FILM NUMBER: 07693149 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQU CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM MUNICIPAL BOND FUND CENTRAL INDEX KEY: 0000892884 IRS NUMBER: 046716830 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07270 FILM NUMBER: 07693157 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: PUTNAM LLC STREET 2: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INVESTMENT GRADE MUNICIPAL TRUST II DATE OF NAME CHANGE: 19921111 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM FUND FOR GROWTH & INCOME CENTRAL INDEX KEY: 0000081260 IRS NUMBER: 046013678 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-00781 FILM NUMBER: 07693166 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAIKLSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GROWTH FUND DATE OF NAME CHANGE: 19841025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM EUROPE EQUITY FUND CENTRAL INDEX KEY: 0000842940 IRS NUMBER: 043083315 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05693 FILM NUMBER: 07693167 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002551581 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM EUROPE GROWTH FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM EUROPE FUND DATE OF NAME CHANGE: 19900726 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GOVERNMENT INCOME FUND DATE OF NAME CHANGE: 19900412 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM DIVERSIFIED INCOME TRUST CENTRAL INDEX KEY: 0000836622 IRS NUMBER: 043017475 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05635 FILM NUMBER: 07693170 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921562 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM CONVERTIBLE INCOME GROWTH TRUST CENTRAL INDEX KEY: 0000081247 IRS NUMBER: 042493360 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02280 FILM NUMBER: 07693172 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM CONVERTIBLE FUND DATE OF NAME CHANGE: 19841212 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM CONVERTIBLE FUND INC /PRED/ DATE OF NAME CHANGE: 19821109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM CLASSIC EQUITY FUND CENTRAL INDEX KEY: 0000930748 IRS NUMBER: 043246687 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07223 FILM NUMBER: 07693173 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002251581 MAIL ADDRESS: STREET 1: ONE PO SQ STREET 2: ONE PO SQ CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GROWTH & INCOME FUND II DATE OF NAME CHANGE: 19940930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM CAPITAL APPRECIATION FUND CENTRAL INDEX KEY: 0000902475 IRS NUMBER: 046733578 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07061 FILM NUMBER: 07693174 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002251581 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM ASSET ALLOCATION FUNDS CENTRAL INDEX KEY: 0000914209 IRS NUMBER: 046746612 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07121 FILM NUMBER: 07693177 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM LIFE STAGES ASSET ALLOCATION TRUST DATE OF NAME CHANGE: 19931027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM MASTER INTERMEDIATE INCOME TRUST CENTRAL INDEX KEY: 0000830622 IRS NUMBER: 046584465 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05498 FILM NUMBER: 07693123 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921562 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND II CENTRAL INDEX KEY: 0000792288 IRS NUMBER: 046626127 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04518 FILM NUMBER: 07693124 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-292-14 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND /MA/ DATE OF NAME CHANGE: 19920609 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM INVESTMENT GRADE MUNICIPAL TRUST CENTRAL INDEX KEY: 0000855048 IRS NUMBER: 046629611 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05901 FILM NUMBER: 07693128 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQU CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM HIGH YIELD MUNICIPAL TRUST CENTRAL INDEX KEY: 0000848077 IRS NUMBER: 046621377 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05795 FILM NUMBER: 07693133 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6177601000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM VISTA FUND/NEW/ CENTRAL INDEX KEY: 0000081279 IRS NUMBER: 042430137 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01561 FILM NUMBER: 07693138 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM VISTA BASIC VALUE FUND DATE OF NAME CHANGE: 19891128 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM VISTA FUND DATE OF NAME CHANGE: 19851202 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM VISTA FUND INC/PRED/ DATE OF NAME CHANGE: 19821109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM UTILITIES GROWTH & INCOME FUND CENTRAL INDEX KEY: 0000867824 IRS NUMBER: 046660195 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05989 FILM NUMBER: 07693140 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM TAX FREE INCOME TRUST /MA/ CENTRAL INDEX KEY: 0000771951 IRS NUMBER: 046483374 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04345 FILM NUMBER: 07693143 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: NULL FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM TAX FREE INCOME TRUST DATE OF NAME CHANGE: 19920101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM TAX EXEMPT MONEY MARKET FUND CENTRAL INDEX KEY: 0000806944 IRS NUMBER: 046561110 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05215 FILM NUMBER: 07693145 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM TAX EXEMPT MONEY MARKET TRUST DATE OF NAME CHANGE: 19870927 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM PREMIER INCOME TRUST CENTRAL INDEX KEY: 0000827773 IRS NUMBER: 042995046 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05452 FILM NUMBER: 07693148 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST CENTRAL INDEX KEY: 0000892960 IRS NUMBER: 046716832 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07274 FILM NUMBER: 07693153 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND CENTRAL INDEX KEY: 0000857463 IRS NUMBER: 043073948 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05977 FILM NUMBER: 07693155 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM MUNICIPAL OPPORTUNITIES TRUST CENTRAL INDEX KEY: 0000900422 IRS NUMBER: 043187549 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07626 FILM NUMBER: 07693156 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM MINNESOTA TAX EXEMPT INCOME FUND II CENTRAL INDEX KEY: 0000794612 IRS NUMBER: 046626128 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04527 FILM NUMBER: 07693159 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM MINNESOTA TAX EXEMPT INCOME FUND DATE OF NAME CHANGE: 19920609 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM GLOBAL EQUITY FUND CENTRAL INDEX KEY: 0000081251 IRS NUMBER: 046145734 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01403 FILM NUMBER: 07693163 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GLOBAL GROWTH FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERNATIONAL EQUITIES FUND DATE OF NAME CHANGE: 19900722 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERNATIONAL EQUITIES FUND INC /PRED/ DATE OF NAME CHANGE: 19821109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM INVESTORS FUND CENTRAL INDEX KEY: 0000081269 IRS NUMBER: 042713095 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-00159 FILM NUMBER: 07693127 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INVESTORS FUND INC /PRED/ DATE OF NAME CHANGE: 19821109 FORMER COMPANY: FORMER CONFORMED NAME: INCORPORATED INVESTORS DATE OF NAME CHANGE: 19670327 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM HIGH INCOME SECURITIES FUND CENTRAL INDEX KEY: 0000810943 IRS NUMBER: 046562068 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05133 FILM NUMBER: 07693135 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002251581 MAIL ADDRESS: STREET 1: PUTNAM LLC STREET 2: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM HIGH INCOME BOND FUND DATE OF NAME CHANGE: 20030408 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM HIGH BOND FUND DATE OF NAME CHANGE: 20021107 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM HIGH INCOME CONVERTIBLE & BOND FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM TAX SMART FUNDS TRUST CENTRAL INDEX KEY: 0001083872 IRS NUMBER: 046888512 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-09289 FILM NUMBER: 07693142 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE STREET 2: MAIL STOP L6 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921139 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE STREET 2: MAIL STOP L6 CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM TAX MANAGED FUNDS TRUST DATE OF NAME CHANGE: 19990409 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM MICHIGAN TAX EXEMPT INCOME FUND / CENTRAL INDEX KEY: 0000794611 IRS NUMBER: 046626130 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04529 FILM NUMBER: 07693160 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-292-14 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM MICHIGAN TAX EXEMPT INCOME FUND DATE OF NAME CHANGE: 19920609 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM EQUITY INCOME FUND/NEW/ CENTRAL INDEX KEY: 0000216934 IRS NUMBER: 046407893 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02742 FILM NUMBER: 07693168 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002551581 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM STRATEGIC INCOME TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM OPTION INCOME TRUST DATE OF NAME CHANGE: 19910307 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM DISCOVERY GROWTH FUND CENTRAL INDEX KEY: 0000868480 IRS NUMBER: 046661046 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06203 FILM NUMBER: 07693171 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: NULL FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM VOYAGER FUND II DATE OF NAME CHANGE: 19950815 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GROWTH FUND /MA/ DATE OF NAME CHANGE: 19930223 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM SHORT TERM US GOVERNMENT FUND DATE OF NAME CHANGE: 19930223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM ARIZONA TAX EXEMPT INCOME FUND CENTRAL INDEX KEY: 0000869392 IRS NUMBER: 046665534 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06258 FILM NUMBER: 07693178 BUSINESS ADDRESS: STREET 1: PUTNAM INVESTMENTS INC STREET 2: ONE POST OFFICE SQUARE MAIL STOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002251585 MAIL ADDRESS: STREET 1: 2 LIBERTY SQUARE STREET 2: MAIL STOP L6 CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM AMERICAN GOVERNMENT INCOME FUND CENTRAL INDEX KEY: 0000759827 IRS NUMBER: 042856297 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04178 FILM NUMBER: 07693136 BUSINESS ADDRESS: STREET 1: PUTNAM INVESTMENTS INC STREET 2: ONE POST OFFICE SQUARE MAIL STOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921562 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM HIGH INCOME GOVERNMENT TRUST DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM U S GOVERNMENT INCOME TRUST CENTRAL INDEX KEY: 0000732337 IRS NUMBER: 042811119 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03897 FILM NUMBER: 07693141 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM U S GOVERNMENT GUARANTEED SECURITIES INCOME TRUST DATE OF NAME CHANGE: 19910102 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM UNITED STATES GOVERNMENT SECURITIES INCOME FUND DATE OF NAME CHANGE: 19840806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM TAX EXEMPT INCOME FUND CENTRAL INDEX KEY: 0000205802 IRS NUMBER: 046396109 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02675 FILM NUMBER: 07693146 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM NEW OPPORTUNITIES FUND CENTRAL INDEX KEY: 0000865177 IRS NUMBER: 043091455 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06128 FILM NUMBER: 07693154 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: A6 ZIP: 02109 BUSINESS PHONE: 6172921000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM CALIFORNIA TAX EXEMPT INCOME TRUST CENTRAL INDEX KEY: 0000711402 IRS NUMBER: 042786284 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03630 FILM NUMBER: 07693175 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921562 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM HIGH YIELD ADVANTAGE FUND CENTRAL INDEX KEY: 0000787836 IRS NUMBER: 066290063 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04616 FILM NUMBER: 07693134 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002251581 MAIL ADDRESS: STREET 1: NULL FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM HIGH YIELD TRUST II DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM NEW YORK TAX EXEMPT INCOME TRUST CENTRAL INDEX KEY: 0000719712 IRS NUMBER: 042794490 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03741 FILM NUMBER: 07693152 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM NEW YORK TAX EXEMPT INCOME FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM VOYAGER FUND CENTRAL INDEX KEY: 0000081280 IRS NUMBER: 046187125 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01682 FILM NUMBER: 07693137 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM VOYAGER FUND INC /PRED/ DATE OF NAME CHANGE: 19821109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM GLOBAL NATURAL RESOURCES FUND CENTRAL INDEX KEY: 0000317031 IRS NUMBER: 133035507 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03061 FILM NUMBER: 07693169 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM NATURAL RESOURCES FUND /MA/ DATE OF NAME CHANGE: 19950629 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM ENERGY RESOURCES TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: EBERSTADT ENERGY RESOURCES FUND INC DATE OF NAME CHANGE: 19850317 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST CENTRAL INDEX KEY: 0000892980 IRS NUMBER: 046716831 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07276 FILM NUMBER: 07693176 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM INCOME FUND CENTRAL INDEX KEY: 0000081264 STANDARD INDUSTRIAL CLASSIFICATION: OIL ROYALTY TRADERS [6792] IRS NUMBER: 046013712 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-00653 FILM NUMBER: 07693131 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921471 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INCOME FUND INC/PRED/ DATE OF NAME CHANGE: 19821109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM OTC EMERGING GROWTH FUND CENTRAL INDEX KEY: 0000703969 IRS NUMBER: 046483374 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03512 FILM NUMBER: 07693150 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: DEPOSITORS INVESTMENT TRUST DATE OF NAME CHANGE: 19890912 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM OHIO TAX EXEMPT INCOME FUND II CENTRAL INDEX KEY: 0000794616 IRS NUMBER: 046626129 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04528 FILM NUMBER: 07693151 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-292-14 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM OHIO TAX EXEMPT INCOME FUND DATE OF NAME CHANGE: 19920609 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM HEALTH SCIENCES TRUST CENTRAL INDEX KEY: 0000357295 IRS NUMBER: 046471950 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03386 FILM NUMBER: 07693161 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002251581 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM FUNDS TRUST CENTRAL INDEX KEY: 0001005942 IRS NUMBER: 043299786 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07513 FILM NUMBER: 07693165 BUSINESS ADDRESS: STREET 1: ONE POST STREET 2: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921010 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM LTD DURATION GOVERNMENT INCOME FUND CENTRAL INDEX KEY: 0000869797 IRS NUMBER: 046661044 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06257 FILM NUMBER: 07693126 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002552465 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERMEDIATE US GOVT INCOME FUND DATE OF NAME CHANGE: 19950508 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM BALANCED GOVERNMENT FUND DATE OF NAME CHANGE: 19930121 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM BALANCED MORTGAGE FUND DATE OF NAME CHANGE: 19921223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM MONEY MARKET FUND CENTRAL INDEX KEY: 0000081248 IRS NUMBER: 046386436 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02608 FILM NUMBER: 07693158 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A-14 LEGAL DEPARTMENT CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921471 MAIL ADDRESS: STREET 1: MAILSTOP A-14 LEGAL DEPARTMENT STREET 2: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM DAILY DIVIDEND TRUST DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM INVESTMENT FUNDS CENTRAL INDEX KEY: 0000932101 IRS NUMBER: 043251560 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07237 FILM NUMBER: 07693129 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE STREET 2: MAIL STOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921562 MAIL ADDRESS: STREET 1: PUTNAM EQUITY FUNDS STREET 2: ONE POST OFFICE SQUARE MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM EQUITY FUNDS DATE OF NAME CHANGE: 19941028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM GLOBAL INCOME TRUST CENTRAL INDEX KEY: 0000794614 IRS NUMBER: 046549525 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04524 FILM NUMBER: 07693162 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921562 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GOVERNMENT INCOME GLOBAL TRUST DATE OF NAME CHANGE: 19870225 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GLOBAL GOVERNMENT INCOME TRUST DATE OF NAME CHANGE: 19870115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM INTERNATIONAL EQUITY FUND /MA/ CENTRAL INDEX KEY: 0000868648 IRS NUMBER: 046661045 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06190 FILM NUMBER: 07693130 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921471 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERNATIONAL GROWTH FUND /MA/ DATE OF NAME CHANGE: 19960805 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM OVERSEAS GROWTH FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERNATIONAL GROWTH FUND DATE OF NAME CHANGE: 19901107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GEORGE PUTNAM FUND OF BOSTON CENTRAL INDEX KEY: 0000081259 IRS NUMBER: 046013677 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-00058 FILM NUMBER: 07693164 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002252581 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM EQUITY INCOME FUND/NEW DATE OF NAME CHANGE: 19940302 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GEORGE FUND OF BOSTON DATE OF NAME CHANGE: 19920703 0000081247 S000005511 PUTNAM CONVERTIBLE INCOME GROWTH TRUST C000015003 Class C Shares C000015004 Class A Shares PCONX C000015005 Class B Shares PCNBX C000015006 Class M Shares PCNMX C000015007 Class R Shares PCVRX C000015008 Class Y Shares PCGYX 0000081248 S000006251 PUTNAM MONEY MARKET FUND C000017191 Class T Shares C000017192 Class A Shares PDDXX C000017193 Class B Shares PTBXX C000017194 Class C Shares PFCXX C000017195 Class M Shares PTMXX C000017196 Class R Shares PURXX 0000081251 S000005651 PUTNAM GLOBAL EQUITY FUND C000015432 Class A Shares PEQUX C000015433 Class B Shares PEQBX C000015434 Class C Shares PUGCX C000015435 Class M Shares PEQMX C000015436 Class R Shares PGLRX C000015437 Class Y Shares PEQYX 0000081259 S000005597 GEORGE PUTNAM FUND OF BOSTON C000015264 Class A Shares PGEOX C000015265 Class B Shares PGEBX C000015266 Class C Shares PGPCX C000015267 Class M Shares PGEMX C000015268 Class R Shares PGPRX C000015269 Class Y Shares PGEYX 0000081260 S000005660 PUTNAM FUND FOR GROWTH & INCOME C000015486 Class A Shares PGRWX C000015487 Class B Shares PGIBX C000015488 Class C Shares PGRIX C000015489 Class M Shares PGRMX C000015490 Class R Shares PGCRX C000015491 Class Y Shares PGIYX 0000081264 S000006155 PUTNAM INCOME FUND C000016962 Class A Shares PINCX C000016963 Class B Shares PNCBX C000016964 Class C Shares PUICX C000016965 Class M Shares PNCMX C000016966 Class R Shares PIFRX C000016967 Class Y Shares PNCYX 0000081269 S000006190 PUTNAM INVESTORS FUND C000017038 Class A Shares PINVX C000017039 Class B Shares PNVBX C000017040 Class C Shares PCINX C000017041 Class M Shares PNVMX C000017042 Class R Shares PIVRX C000017043 Class Y Shares PNVYX 0000081279 S000006572 PUTNAM VISTA FUND/NEW/ C000017934 Class A Shares PVISX C000017935 Class B Shares PVTBX C000017936 Class C Shares PCVFX C000017937 Class M Shares PVIMX C000017938 Class R Shares PVIRX C000017939 Class Y Shares PVIYX 0000081280 S000006573 PUTNAM VOYAGER FUND C000017940 Class A Shares PVOYX C000017941 Class B Shares PVOBX C000017942 Class C Shares PVFCX C000017943 Class M Shares PVOMX C000017944 Class R Shares PVYRX C000017945 Class Y Shares PVYYX 0000205802 S000006568 PUTNAM TAX EXEMPT INCOME FUND C000017917 Class C Shares C000017918 Class A Shares PTAEX C000017919 Class B Shares PTBEX C000017920 Class M Shares PTXMX 0000216934 S000005581 PUTNAM EQUITY INCOME FUND C000015218 Class A Shares PEYAX C000015219 Class B Shares PEQNX C000015220 Class C Shares PEQCX C000015221 Class M Shares PEIMX C000015222 Class R Shares PEQRX C000015223 Class Y Shares PEIYX 0000225777 S000006135 PUTNAM HIGH YIELD TRUST FUND C000016878 Class A Shares PHIGX C000016879 Class B Shares PHBBX C000016880 Class C Shares PCHYX C000016881 Class M Shares PHIMX C000016882 Class R Shares PHDRX C000016883 Class Y Shares PHYYX 0000317031 S000005659 PUTNAM GLOBAL NATURAL RESOURCES FUND C000015480 Class C Shares C000015481 Class Y Shares C000015482 Class A Shares EBERX C000015483 Class B Shares PNRBX C000015484 Class M Shares PGLMX C000015485 Class R Shares PGNRX 0000357295 S000005666 PUTNAM HEALTH SCIENCES TRUST C000015515 Class A Shares PHSTX C000015516 Class B Shares PHSBX C000015517 Class C Shares PCHSX C000015518 Class M Shares PHLMX C000015519 Class R Shares PHSRX C000015520 Class Y Shares PHSYX 0000703969 S000006425 PUTNAM OTC EMERGING GROWTH FUND C000017614 Class A Shares POEGX C000017615 Class B Shares POTBX C000017616 Class C Shares POECX C000017617 Class M Shares POEMX C000017618 Class R Shares POTRX C000017619 Class Y Shares POEYX 0000711402 S000005498 PUTNAM CALIFORNIA TAX EXEMPT INCOME TRUST C000014969 Class A Shares PCTEX C000014970 Class B Shares PCTBX C000014971 Class C Shares PCTCX C000014972 Class M Shares PCLMX 0000719712 S000006345 PUTNAM NEW YORK TAX EXEMPT INCOME TRUST C000017441 Class C Shares C000017442 Class M Shares C000017443 Class A Shares PTEIX C000017444 Class B Shares PEIBX 0000732337 S000006570 PUTNAM U S GOVERNMENT INCOME TRUST C000017922 Class A Shares PGSIX C000017923 Class B Shares PGSBX C000017924 Class C Shares PGVCX C000017925 Class M Shares PGSMX C000017926 Class R Shares PGVRX C000017927 Class Y Shares PUSYX 0000759827 S000005500 PUTNAM AMERICAN GOVERNMENT INCOME FUND C000014978 Class C Shares C000014979 Class Y Shares C000014980 Class A Shares PAGVX C000014981 Class B Shars PAMBX C000014982 Class M Shares PAMMX C000014983 Class R Shares PAMRX 0000771951 S000003860 Putnam AMT -Free Insured Municipal Fund C000010817 Class C Shares C000010818 Class M Shares C000010819 Class A Shares PPNAX C000010820 Class B Shares PTFIX 0000771951 S000003861 Putnam Tax-Free High Yield Fund C000010821 Class C Shares C000010822 Class A Shares PTHAX C000010823 Class B Shares PTHYX C000010824 Class M Shares PTYMX 0000787836 S000005762 PUTNAM HIGH YIELD ADVANTAGE FUND C000015835 Class Y Shares C000015836 Class A Shares PHYIX C000015837 Class B Shares PHYBX C000015838 Class M Shares PHYMX 0000792288 S000006210 PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND II C000017118 Class C Shares C000017119 Class M Shares C000017120 Class A Shares PXMAX C000017121 Class B Shares PMABX 0000794611 S000006217 PUTNAM MICHIGAN TAX EXEMPT INCOME FUND / C000017140 Class M Shares C000017141 Class A Shares PXMIX C000017142 Class B Shares PMEBX C000039834 Class C Shares 0000794612 S000006218 PUTNAM MINNESOTA TAX EXEMPT INCOME FUND II C000017143 Class M Shares C000017144 Class A Shares PXMNX C000017145 Class B Shares PMTBX C000039836 Class C Shares 0000794614 S000005653 PUTNAM GLOBAL INCOME TRUST C000015446 Class C Shares C000015447 Class Y Shares C000015448 Class A Shares PGGIX C000015449 Class B Shares PGLBX C000015450 Class M Shares PGGMX C000015451 Class R Shares PGBRX 0000794615 S000006567 PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND C000017914 Class M Shares C000017915 Class A Shares PTEPX C000017916 Class B Shares PPNBX C000039842 Class C Shares 0000794616 S000006390 PUTNAM OHIO TAX EXEMPT INCOME FUND II C000017546 Class M Shares C000017547 Class A Shares PXOHX C000017548 Class B Shares POXBX C000039840 Class C Shares 0000806944 S000006569 PUTNAM TAX EXEMPT MONEY MARKET FUND C000017921 Class A Shares PTXXX 0000822671 S000003871 Putnam VT American Government Income Fund C000010837 Class IA Shares C000010838 Class IB shares 0000822671 S000003872 Putnam VT Capital Appreciation Fund C000010839 Class IA Shares C000010840 Class IB Shares 0000822671 S000003873 Putnam VT Growth Opportunities Fund C000010841 Class IA Shares C000010842 Class IB Shares 0000822671 S000003874 Putnam VT Health Sciences Fund C000010843 Class IA Shares C000010844 Class IB Shares 0000822671 S000003875 Putnam VT High Yield Fund C000010845 Class IA Shares C000010846 Class IB Shares 0000822671 S000003876 Putnam VT Income Fund C000010847 Class IA Shares C000010848 Class IB Shares 0000822671 S000003877 Putnam VT International Equity Fund C000010849 Class IA Shares C000010850 Class IB Shares 0000822671 S000003878 Putnam VT International Growth and Income Fund C000010851 Class IA Shares C000010852 Class IB Shares 0000822671 S000003879 Putnam VT International New Opportunities Fund C000010853 Class IA Shares C000010854 Class IB Shares 0000822671 S000003880 Putnam VT Investors Fund C000010855 Class IA Shares C000010856 Class IB Shares 0000822671 S000003881 Putnam VT Mid Cap Value Fund C000010857 Class IA Shares C000010858 Class IB Shares 0000822671 S000003882 Putnam VT Money Market Fund C000010859 Class IA Shares C000010860 Class IB Shares 0000822671 S000003883 Putnam VT Capital Opportunities Fund C000010861 Class IA Shares C000010862 Class IB Shares 0000822671 S000003884 Putnam VT New Opportunities Fund C000010863 Class IA Shares C000010864 Class IB Shares 0000822671 S000003885 Putnam VT New Value Fund C000010865 Class IA Shares C000010866 Class IB Shares 0000822671 S000003886 Putnam VT OTC & Emerging Growth Fund C000010867 Class IA Shares C000010868 Class IB Shares 0000822671 S000003887 Putnam VT Research Fund C000010869 Class IA Shares C000010870 Class IB Shares 0000822671 S000003888 Putnam VT Small Cap Value Fund C000010871 Class IA Shares C000010872 Class IB Shares 0000822671 S000003889 Putnam VT Utilities Growth and Income C000010873 Class IA Shares C000010874 Class IB Shares 0000822671 S000003890 Putnam VT Vista Fund C000010875 Class IA Shares C000010876 Class IB Shares 0000822671 S000003891 Putnam VT Voyager Fund C000010877 Class IA Shares C000010878 Class IB Shares 0000822671 S000003892 Putnam VT Discovery Growth Fund C000010879 Class IA Shares C000010880 Class IB Shares 0000822671 S000003893 Putnam VT Diversified Income Fund C000010881 Class IA Shares C000010882 Class IB Shares 0000822671 S000003894 Putnam VT Equity Income Fund C000010883 Class IA Shares C000010884 Class IB Shares 0000822671 S000003895 Putnam VT George Putnam Fund of Boston C000010885 Class IA Shares C000010886 Class IB Shares 0000822671 S000003896 Putnam VT Global Asset Allocation Fund C000010887 Class IA Shares C000010888 Class IB Shares 0000822671 S000003897 Putnam VT Global Equity Fund C000010889 Class IA Shares C000010890 Class IB Shares 0000822671 S000003898 Putnam VT Growth and Income Fund C000010891 Class IA Shares C000010892 Class IB Shares 0000836622 S000005529 PUTNAM DIVERSIFIED INCOME TRUST C000015036 Class A Shares PDINX C000015037 Class B Shares PSIBX C000015038 Class C Shares PDVCX C000015039 Class M Shares PDVMX C000015040 Class R Shares PDVRX C000015041 Class Y Shares PDVYX 0000842940 S000005589 PUTNAM EUROPE EQUITY FUND C000015248 Class C Shares C000015249 Class Y Shares C000015250 Class A Shares PEUGX C000015251 Class B Shares PEUBX C000015252 Class M Shares PEUMX C000015253 Class R Shares PEERX 0000857463 S000006252 PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND C000017197 Class M Shares C000017198 Class A Shares PTNJX C000017199 Class B Shares PNJBX C000039838 Class C Shares 0000865177 S000006295 PUTNAM NEW OPPORTUNITIES FUND C000017306 Class A Shares PNOPX C000017307 Class B Shares PNOBX C000017308 Class C Shares PNOCX C000017309 Class M Shares PNOMX C000017310 Class R Shares PNORX C000017311 Class Y Shares PNOYX 0000867824 S000006571 PUTNAM UTILITIES GROWTH & INCOME FUND C000017928 Class C Shares C000017929 Class Y Shares C000017930 Class A Shares PUGIX C000017931 Class B Shares PUTBX C000017932 Class M Shares PUTMX C000017933 Class R Shares PULRX 0000868480 S000005526 PUTNAM DISCOVERY GROWTH FUND C000015028 Class Y Shares C000015029 Class A Shares PVIIX C000015030 Class B Shares PVYBX C000015031 Class C Shares PVYCX C000015032 Class M Shares PVYMX C000015033 Class R Shares PDGRX 0000868648 S000006181 PUTNAM INTERNATIONAL EQUITY FUND /MA/ C000017024 Class A Shares POVSX C000017025 Class B Shares POVBX C000017026 Class C Shares PIGCX C000017027 Class M Shares POVMX C000017028 Class R Shares PIERX C000017029 Class Y Shares POVYX 0000869392 S000005506 PUTNAM ARIZONA TAX EXEMPT INCOME FUND C000014989 Class M Shares C000014990 Class A Shares PTAZX C000014991 Class B Shares PAZBX C000039832 Class C Shares 0000869797 S000006209 PUTNAM LTD DURATION GOVERNMENT INCOME FUND C000017112 Class M Shares C000017113 Class A Shares PBLGX C000017114 Class B Shares PBGBX C000017115 Class C Shares PVICX C000017116 Class R Shares PUSRX C000017117 Class Y Shares PBGYX 0000902475 S000005496 PUTNAM CAPITAL APPRECIATION FUND C000014958 Class C Shares C000014959 Class Y Shares C000014960 Class A Shares PCAPX C000014961 Class B Shares PCABX C000014962 Class M Shares PCAMX C000014963 Class R Shares PCPRX 0000914209 S000000778 Asset Allocation: Balanced Portfolio C000002307 Class A shares PABAX C000002308 Class B shares PABBX C000002309 Class C shares AABCX C000002310 Class M shares PABMX C000002311 Class R shares PAARX C000002312 Class Y shares PABYX 0000914209 S000000779 Asset Allocation: Conservative Portfolio C000002313 Class A shares PACAX C000002314 Class B shares PACBX C000002315 Class C shares PACCX C000002316 Class M shares PACMX C000002317 Class R shares PACRX C000002318 Class Y shares PACYX 0000914209 S000000780 Asset Allocation: Growth Portfolio C000002319 Class A shares PAEAX C000002320 Class B shares PAEBX C000002321 Class C shares PAECX C000002322 Class M shares PAGMX C000002323 Class R shares PASRX C000002324 Class Y shares PAGYX 0000930748 S000005508 PUTNAM CLASSIC EQUITY FUND C000014993 Class Y Shares C000014994 Class A Shares PXGIX C000014995 Class B Shares PGIIX C000014996 Class C Shares PGTCX C000014997 Class M Shares PGIMX C000014998 Class R Shares PCERX 0000932101 S000003845 Putnam Capital Opportunities Fund C000010737 Class A Shares PCOAX C000010738 Class B Shares POPBX C000010739 Class C Shares PCOCX C000010740 Class M Shares POPMX C000010741 Class R Shares PCORX C000010742 Class Y Shares PYCOX 0000932101 S000003848 Putnam Growth Opportunities Fund C000010751 Class A Shares POGAX C000010752 Class B Shares POGBX C000010753 Class C Shares POGCX C000010754 Class M Shares PGOMX C000010755 Class R Shares PGORX C000010756 Class Y Shares PGOYX 0000932101 S000003849 Putnam International New Opportunities Fund C000010757 Class Y Shares C000010758 Class A shares PINOX C000010759 Class B Shares PINWX C000010760 Class C Shares PIOCX C000010761 Class M Shares PINMX C000010762 Class R Shares PNPRX 0000932101 S000003850 Putnam International Capital Opportunities C000010763 Class A Shares PNVAX C000010764 Class B Shares PVNBX C000010765 Class C Shares PUVCX C000010766 Class M shares PIVMX C000010767 Class R Shares PICRX C000010768 Class Y Shares PIVYX 0000932101 S000003851 Putnam Mid Cap Value Fund C000010769 Class M Shares C000010770 Class A Shares PMVAX C000010771 Class B shares PMVBX C000010772 Class C Shares PMPCX C000010773 Class R Shares PMVRX C000010774 Class Y Shares PMVYX 0000932101 S000003852 Putnam New Value Fund C000010775 Class A Shares PANVX C000010776 Class B Shares PBNVX C000010777 Class C Shares PNVCX C000010778 Class M Shares PMNVX C000010779 Class R Shares PNLRX C000010780 Class Y Shares PYNVX 0000932101 S000003853 Putnam Research Fund C000010781 Class A Shares PNRAX C000010782 Class B Shares PRFBX C000010783 Class C Shares PRACX C000010784 Class M Shares PRFMX C000010785 Class R Shares PRSRX C000010786 Class Y Shares PURYX 0000932101 S000003854 Putnam Small Cap Value Fund C000010787 Class A Shares PSLAX C000010788 Class B Shares PSLBX C000010789 Class C Shares PSLCX C000010790 Class M Shares PSLMX C000010791 Class Y Shares PYSVX 0001005942 S000000773 Putnam Floating Rate Income Fund C000002278 Class B shares C000002279 Class C shares C000002280 Class M shares C000002281 Class R shares C000002282 Class Y shares C000002283 Class A shares PFLRX 0001005942 S000000774 Putnam Income Strategies Fund C000002284 Class A shares C000002285 Class B shares C000002286 Class C shares C000002287 Class M shares C000002288 Class R shares C000002289 Class Y shares 0001005942 S000000775 Putnam International Growth and Income Fund C000002290 Class Y shares C000002291 Class A shares PNGAX C000002292 Class B shares PGNBX C000002293 Class C shares PIGRX C000002294 Class M shares PIGMX C000002295 Class R shares PITRX 0001005942 S000000776 Putnam Prime Money Market Fund C000002296 Class A shares C000002297 Class I shares C000002298 Class P shares C000002299 Class R shares C000002300 Class S shares 0001005942 S000000777 Putnam Small Cap Growth Fund C000002301 Class C shares C000002302 Class Y shares C000002303 Class A shares PNSAX C000002304 Class B shares PNSBX C000002305 Class M shares PSGMX C000002306 Class R shares PSGRX 0001083872 S000003862 Putnam Tax Smart Equity Fund C000010825 Class M Shares C000010826 Class A Shares PATSX C000010827 Class B Shares PBTSX C000010828 Class C Shares PCSMX 0001295293 S000003995 Putnam RetirementReady 2050 Fund C000011141 Class A Shares C000011142 Class B Shares C000011143 Class C Shares C000011144 Class M Shares C000011145 Class R Shares C000011146 Class Y Shares 0001295293 S000003996 Putnam RetirementReady Maturity Fund C000011147 Class A Shares C000011148 Class B Shares C000011149 Class C Shares C000011150 Class M Shares C000011151 Class R Shares C000011152 Class Y Shares 0001295293 S000003997 Putnam RetirementReady 2045 Fund C000011153 Class A Shares C000011154 Class B Shares C000011155 Class C Shares C000011156 Class M Shares C000011157 Class R Shares C000011158 Class Y Shares 0001295293 S000003998 Putnam RetirementReady 2040 Fund C000011159 Class A Shares C000011160 Class B Shares C000011161 Class C Shares C000011162 Class M Shares C000011163 Class R Shares C000011164 Class Y Shares 0001295293 S000003999 Putnam RetirementReady 2035 Fund C000011165 Class A Shares C000011166 Class B Shares C000011167 Class C Shares C000011168 Class M Shares C000011169 Class R Shares C000011170 Class Y Shares 0001295293 S000004000 Putnam RetirementReady 2030 Fund C000011171 Class A Shares C000011172 Class B Shares C000011173 Class C Shares C000011174 Class M Shares C000011175 Class R Shares C000011176 Class Y Shares 0001295293 S000004001 Putnam RetirementReady 2025 Fund C000011177 Class A Shares C000011178 Class B Shares C000011179 Class C Shares C000011180 Class M Shares C000011181 Class R Shares C000011182 Class Y Shares 0001295293 S000004002 Putnam RetirementReady 2020 Fund C000011183 Class A Shares C000011184 Class B Shares C000011185 Class C Shares C000011186 Class M Shares C000011187 Class R Shares C000011188 Class Y Shares 0001295293 S000004003 Putnam RetirementReady 2015 Fund C000011189 Class A Shares C000011190 Class B Shares C000011191 Class C Shares C000011192 Class M Shares C000011193 Class R Shares C000011194 Class Y Shares 0001295293 S000004004 Putnam RetirementReady 2010 Fund C000011195 Class A Shares C000011196 Class B Shares C000011197 Class C Shares C000011198 Class M Shares C000011199 Class R Shares C000011200 Class Y Shares DEF 14A 1 a_alfpdef.htm PUTNAM ALL FUNDS PROXY a_alfp_def.htm

SCHEDULE 14A INFORMATION

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

Filed by the Registrant / X /

Filed by a Party other than the Registrant /     /

Check the appropriate box:

/     /  Preliminary Proxy Statement. 
/     /  Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e) (2)). 
/ X /  Definitive Proxy Statement. 
/    /  Definitive Additional Materials. 
/    /  Soliciting Material Pursuant to § 240.14a-12. 

PUTNAM AMERICAN GOVERNMENT INCOME FUND
PUTNAM ARIZONA TAX EXEMPT INCOME FUND
PUTNAM ASSET ALLOCATION FUNDS
PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST
PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
PUTNAM CAPITAL APPRECIATION FUND
PUTNAM CLASSIC EQUITY FUND
PUTNAM CONVERTIBLE INCOME-GROWTH TRUST
PUTNAM DISCOVERY GROWTH FUND
PUTNAM DIVERSIFIED INCOME TRUST
PUTNAM EQUITY INCOME FUND
PUTNAM EUROPE EQUITY FUND
THE PUTNAM FUND FOR GROWTH AND INCOME
PUTNAM FUNDS TRUST
THE GEORGE PUTNAM FUND OF BOSTON
PUTNAM GLOBAL EQUITY FUND
PUTNAM GLOBAL INCOME TRUST
PUTNAM GLOBAL NATURAL RESOURCES FUND
PUTNAM HEALTH SCIENCES TRUST
PUTNAM HIGH INCOME SECURITIES FUND
PUTNAM HIGH YIELD ADVANTAGE FUND
PUTNAM HIGH YIELD MUNICIPAL TRUST
PUTNAM HIGH YIELD TRUST
PUTNAM INCOME FUND
PUTNAM INTERNATIONAL EQUITY FUND
PUTNAM INVESTMENT FUNDS
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST
PUTNAM INVESTORS FUND
PUTNAM LIMITED DURATION GOVERNMENT INCOME FUND


PUTNAM MANAGED MUNICIPAL INCOME TRUST
PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND
PUTNAM MASTER INTERMEDIATE INCOME TRUST
PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
PUTNAM MONEY MARKET FUND
PUTNAM MUNICIPAL BOND FUND
PUTNAM MUNICIPAL OPPORTUNITIES TRUST
PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
PUTNAM NEW OPPORTUNITIES FUND
PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST
PUTNAM NEW YORK TAX EXEMPT INCOME FUND
PUTNAM OHIO TAX EXEMPT INCOME FUND
PUTNAM OTC & EMERGING GROWTH FUND
PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
PUTNAM PREMIER INCOME TRUST
PUTNAM RETIREMENTREADY® FUNDS
PUTNAM TAX EXEMPT INCOME FUND
PUTNAM TAX EXEMPT MONEY MARKET FUND
PUTNAM TAX-FREE HEALTH CARE FUND
PUTNAM TAX-FREE INCOME TRUST
PUTNAM TAX SMART FUNDS TRUST
PUTNAM U.S. GOVERNMENT INCOME TRUST
PUTNAM UTILITIES GROWTH AND INCOME FUND
PUTNAM VARIABLE TRUST
PUTNAM VISTA FUND
PUTNAM VOYAGER FUND

(Name of Registrant as Specified in its Charter)

(Name of Person(s) Filing Proxy Statement,
if Other Than the Registrant)

Payment of Filing Fee (Check the appropriate box):

/ X /  No fee required. 
 
/    /  Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. 
  (1)  Title of each class of securities to which transaction applies: 
  (2)  Aggregate number of securities to which transaction applies: 
  (3)  Per unit price or other underlying value of transaction 
       computed pursuant to Exchange Act Rule 0-11 (set forth the  
       amount on which the filing fee is calculated and state how it  
         was determined): 
  (4)  Proposed maximum aggregate value of transaction: 


  (5)  Total fee paid: 
 
/    /  Fee paid previously with preliminary materials. 
 
/    /  Check box if any part of the fee is offset as provided by Exchange Act Rule 
  0-11(a)(2) and identify the filing for which the offsetting fee was paid 
  previously. Identify the previous filing by registration statement 
  number, or the form or schedule and the date of its filing. 
  (1)  Amount Previously Paid: 
  (2)  Form, Schedule or Registration Statement No.: 
  (3)  Filing Party: 
  (4)  Date Filed: 


Proxy statement

March 9, 2007

A Message from the Chairman of the Putnam Funds

Dear Fellow Shareholder:

I am writing to ask you, as a shareholder of your Putnam fund, to vote on the sale of Putnam Investments to Great-West Lifeco Inc., a subsidiary of Power Financial Corporation, by approving new management contracts. This proposal will be considered at a special meeting of shareholders called for May 15, 2007. Great-West Lifeco has agreed to acquire Putnam Investments Trust, which owns your fund’s investment adviser, Putnam Investment Management, LLC (“Putnam Management”).

The Putnam funds’ Board of Trustees has been actively involved in the sale process, and will continue in its role of overseeing the Putnam funds on your behalf. We are asking you to approve a new management contract with Putnam Management that will become effective when the transaction with Great-West Lifeco is completed, so that there will not be any disruption in the investment management or in the services that your fund receives. The Trustees of the Putnam funds unanimously recommend that you vote FOR the approval of a new management contract.

It is important for you, as a Putnam fund shareholder, to know that no changes to the Putnam funds, to the way Putnam manages money, or to the funds’ management teams are expected as a result of this transaction. Putnam will continue to operate as a separate company headquartered in Boston, and will retain its name. There will be no change in your fund’s fee rates or in the services that your fund receives as a result of the transaction. In addition, the funds will not bear any of the costs associated with this proxy solicitation.

Please vote promptly. When shareholders do not return their proxies in sufficient numbers, follow-up solicitations are required. You can vote by returning your proxy ballot in the envelope provided. Or you can call the toll-free number or visit the Web site address indicated on the ballot.

Your vote is important to us. We appreciate the time and consideration I am sure you will give these important matters. If you have questions about the proposal, please call our proxy information line at 1-866-905-2396 or contact your financial representative.

Sincerely yours,


John A. Hill
Chairman of the Trustees


Table of contents

Notice of a Special Meeting of Shareholders  1 
 
Trustees’ Recommendations  4 
 
The Proposal    4 
 
Further Information About Voting and the   
Special Meeting  14 
 
Fund Information  18 
 
Appendix A  —  Number of Shares Outstanding   
  as of the Record Date  A-1 
 
Appendix B  —  Form of New Management   
  Contract  B-1 
 
Appendix C  —  Comparison of Terms of   
  Management Contracts  C-1 
 
Appendix D  —  Management Contracts:   
  Dates and Approvals  D-1 
 
Appendix E  —  Management Contracts: Fees  E-1 
 
Appendix F  —  Current Sub-Management Contract   
  and Sub-Advisory Contract  F-1 
 
Appendix G  —  Description of Contract   
  Approval Process  G-1 
 
Appendix H  — Other Similar Funds Advised     
  by Putnam Management  H-1 
 
Appendix I  — Payments to Putnam Management   
  and its Affiliates  I-1 
 
Appendix J  — 5% Beneficial Ownership  J-1 
 
Appendix K  — Security Ownership  K-1 

PROXY CARD(S) ENCLOSED

If you have any questions, please call our proxy information line at 1-866-905-2396 or call your financial advisor.


Notice of a Special Meeting of Shareholders

To the Shareholders of:

PUTNAM AMERICAN GOVERNMENT  PUTNAM INVESTMENT GRADE MUNICIPAL 
INCOME FUND  TRUST 
PUTNAM AMT-FREE INSURED MUNICIPAL  PUTNAM INVESTORS FUND 
FUND  PUTNAM LIMITED DURATION 
PUTNAM ARIZONA TAX EXEMPT INCOME  GOVERNMENT INCOME FUND 
FUND  PUTNAM MANAGED MUNICIPAL INCOME 
PUTNAM ASSET ALLOCATION: BALANCED  TRUST 
PORTFOLIO  PUTNAM MASSACHUSETTS TAX EXEMPT 
PUTNAM ASSET ALLOCATION:  INCOME FUND 
CONSERVATIVE PORTFOLIO  PUTNAM MASTER INTERMEDIATE INCOME 
PUTNAM ASSET ALLOCATION: GROWTH  TRUST 
PORTFOLIO  PUTNAM MICHIGAN TAX EXEMPT INCOME 
PUTNAM CALIFORNIA INVESTMENT  FUND 
GRADE MUNICIPAL TRUST  PUTNAM MID CAP VALUE FUND 
PUTNAM CALIFORNIA TAX EXEMPT  PUTNAM MINNESOTA TAX EXEMPT 
INCOME FUND  INCOME FUND 
PUTNAM CAPITAL APPRECIATION FUND  PUTNAM MONEY MARKET FUND 
PUTNAM CAPITAL OPPORTUNITIES FUND  PUTNAM MUNICIPAL BOND FUND 
PUTNAM CLASSIC EQUITY FUND  PUTNAM MUNICIPAL OPPORTUNITIES 
PUTNAM CONVERTIBLE INCOME-  TRUST 
GROWTH TRUST  PUTNAM NEW JERSEY TAX EXEMPT 
PUTNAM DISCOVERY GROWTH FUND  INCOME FUND 
PUTNAM DIVERSIFIED INCOME TRUST  PUTNAM NEW OPPORTUNITIES FUND 
PUTNAM EQUITY INCOME FUND  PUTNAM NEW VALUE FUND 
PUTNAM EUROPE EQUITY FUND  PUTNAM NEW YORK INVESTMENT GRADE 
PUTNAM FLOATING RATE INCOME FUND  MUNICIPAL TRUST 
THE PUTNAM FUND FOR GROWTH AND  PUTNAM NEW YORK TAX EXEMPT INCOME 
INCOME  FUND 
THE GEORGE PUTNAM FUND OF BOSTON  PUTNAM OHIO TAX EXEMPT INCOME 
PUTNAM GLOBAL EQUITY FUND  FUND 
PUTNAM GLOBAL INCOME TRUST  PUTNAM OTC & EMERGING GROWTH 
PUTNAM GLOBAL NATURAL RESOURCES  FUND 
FUND  PUTNAM PENNSYLVANIA TAX EXEMPT 
PUTNAM GROWTH OPPORTUNITIES  INCOME FUND 
FUND  PUTNAM PREMIER INCOME TRUST 
PUTNAM HEALTH SCIENCES TRUST  PUTNAM PRIME MONEY MARKET FUND 
PUTNAM HIGH INCOME SECURITIES FUND  PUTNAM RESEARCH FUND 
PUTNAM HIGH YIELD ADVANTAGE FUND  PUTNAM RETIREMENTREADY 2050 FUND 
PUTNAM HIGH YIELD MUNICIPAL TRUST  PUTNAM RETIREMENTREADY 2045 FUND 
PUTNAM HIGH YIELD TRUST  PUTNAM RETIREMENTREADY 2040 FUND 
PUTNAM INCOME FUND  PUTNAM RETIREMENTREADY 2035 FUND 
PUTNAM INCOME STRATEGIES FUND  PUTNAM RETIREMENTREADY 2030 FUND 
PUTNAM INTERNATIONAL CAPITAL  PUTNAM RETIREMENTREADY 2025 FUND 
OPPORTUNITIES FUND  PUTNAM RETIREMENTREADY 2020 FUND 
PUTNAM INTERNATIONAL EQUITY FUND  PUTNAM RETIREMENTREADY 2015 FUND 
PUTNAM INTERNATIONAL GROWTH AND  PUTNAM RETIREMENTREADY 2010 FUND 
INCOME FUND  PUTNAM RETIREMENTREADY MATURITY 
PUTNAM INTERNATIONAL NEW  FUND 
OPPORTUNITIES FUND  PUTNAM SMALL CAP GROWTH FUND 

1


PUTNAM SMALL CAP VALUE FUND  PUTNAM VT GLOBAL EQUITY FUND 
PUTNAM TAX EXEMPT INCOME FUND  PUTNAM VT GROWTH AND INCOME FUND 
PUTNAM TAX EXEMPT MONEY MARKET  PUTNAM VT GROWTH OPPORTUNITIES 
FUND  FUND 
PUTNAM TAX-FREE HEALTH CARE FUND  PUTNAM VT HEALTH SCIENCES FUND 
PUTNAM TAX-FREE HIGH YIELD FUND  PUTNAM VT HIGH YIELD FUND 
PUTNAM TAX SMART EQUITY FUND®  PUTNAM VT INCOME FUND 
PUTNAM U.S. GOVERNMENT INCOME  PUTNAM VT INTERNATIONAL EQUITY 
TRUST  FUND 
PUTNAM UTILITIES GROWTH AND  PUTNAM VT INTERNATIONAL GROWTH 
INCOME FUND  AND INCOME FUND 
PUTNAM VISTA FUND  PUTNAM VT INTERNATIONAL NEW 
PUTNAM VOYAGER FUND  OPPORTUNITIES FUND 
PUTNAM VT AMERICAN GOVERNMENT  PUTNAM VT INVESTORS FUND 
INCOME FUND  PUTNAM VT MID CAP VALUE FUND 
PUTNAM VT CAPITAL APPRECIATION  PUTNAM VT MONEY MARKET FUND 
FUND  PUTNAM VT NEW OPPORTUNITIES FUND 
PUTNAM VT CAPITAL OPPORTUNITIES  PUTNAM VT NEW VALUE FUND 
FUND  PUTNAM VT OTC & EMERGING GROWTH 
PUTNAM VT DISCOVERY GROWTH FUND  FUND 
PUTNAM VT DIVERSIFIED INCOME FUND  PUTNAM VT RESEARCH FUND 
PUTNAM VT EQUITY INCOME FUND  PUTNAM VT SMALL CAP VALUE FUND 
PUTNAM VT THE GEORGE PUTNAM FUND  PUTNAM VT UTILITIES GROWTH AND 
OF BOSTON  INCOME FUND 
PUTNAM VT GLOBAL ASSET ALLOCATION  PUTNAM VT VISTA FUND 
FUND  PUTNAM VT VOYAGER FUND 

* This is the formal notice for your fund’s shareholder meeting. It tells you what proposal will be voted on and the time and place of the meeting, in case you wish to attend in person.

A Special Meeting of Shareholders of your fund will be held on Tuesday, May 15, 2007 at 11:00 a.m., Boston time, at the principal offices of the fund on the 8th floor of One Post Office Square, Boston, Massachusetts 02109, to consider the following:

1. Approving a new management contract for your fund.

By Judith Cohen, Clerk, and by the Trustees

John A. Hill, Chairman
Jameson A. Baxter, Vice Chairman
George Putnam, III, President

Charles B. Curtis
Myra R. Drucker
Charles E. Haldeman, Jr.
Paul L. Joskow
Elizabeth T. Kennan
Kenneth R. Leibler
Robert E. Patterson
W. Thomas Stephens
Richard B. Worley

We urge you to mark, sign, date, and mail the enclosed proxy in the postage-paid envelope provided or to record your voting instructions by telephone or via the Internet so that you will be represented at the meeting.

March 9, 2007

2


Proxy Statement

This document gives you the information you need to vote on the proposal. 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 call our proxy information line at 1-866-905-2396 or call your financial representative.

* Why has a special meeting of shareholders been called?

On January 31, 2007, Marsh & McLennan Companies, Inc. (“Marsh & McLennan”), the ultimate parent company of Putnam Investment Management, LLC (“Putnam Management”), your fund’s investment adviser, entered into a Stock Purchase Agreement with Great-West Lifeco Inc. (“Lifeco”). Lifeco is a financial services holding company with operations in Canada, the United States and Europe and is a member of the Power Financial Corporation group of companies. Under the Stock Purchase Agreement, Lifeco will, through a direct or indirect wholly owned subsidiary (“Great-West”), acquire 100% of Putnam Investments Trust, which owns Putnam, LLC (Putnam Investments), the parent company of Putnam Management and the other Putnam companies.

As a result of this transaction, your fund’s management contract with Putnam Management will terminate. This is because the Investment Company Act of 1940, as amended (the “1940 Act”), which regulates investment companies such as your fund, requires management contracts to terminate automatically when there is a “change of control” of a fund’s investment adviser. The transaction with Lifeco will result in a “change of control” of Putnam Management, your fund’s investment adviser. Thus, your fund’s management contract with Putnam Management will automatically terminate when the transaction closes, and your fund’s shareholders must approve a new management contract. We are recommending that you approve a new management contract with Putnam Management so that Putnam Management can continue as your fund’s investment adviser after the transaction. This proxy statement describes Lifeco, the transaction, and the new ma nagement contract proposed for your fund.

* How will the change of control affect Putnam Management?

The change of control is not expected to have a material effect on Putnam Management. Putnam Management will operate as a stand-alone subsidiary of Lifeco and is expected to retain its brand and its existing management, investment and other service teams.

* How does the proposed new management contract differ from your fund’s current management contract?

The proposed new management contract is substantially identical to the current contract. Although there are some differences between your fund’s current management contract and the proposed new management contract, which are described in this proxy statement, there will be no change in the services that your fund will receive.

* Will your fund’s total fees for advisory and administrative services change?

No, there will be no change in your fund’s total fees for investment management and administrative services. For the two funds mentioned above that currently have separate management and administrative services contracts, both sets of services are proposed to be covered by a single management contract with a single fee that will not exceed the sum of the current investment management and administrative services fee.

* Who is asking for your vote?

The enclosed proxy is solicited by the Trustees of the Putnam funds for use at the special meeting of shareholders of each fund to be held on Tuesday, May 15, 2007 and, if your fund’s meeting is adjourned, at any later meetings, for the purposes stated in the Notice of a Special Meeting (see previous pages). The Notice of a Special Meeting, the proxy and the Proxy Statement are being mailed beginning on or about March 14, 2007.

3


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

The Trustees unanimously recommend that you vote FOR the proposal.

* Who is eligible to vote?

Shareholders of record of each fund at the close of business on Thursday, February 15, 2007 (the “Record Date”) are entitled to be present and to vote at the special meeting or any adjourned meeting.

The number of shares of each fund outstanding on the Record Date is shown in Appendix A. Each share is entitled to one vote, with fractional shares voting proportionately. Shares represented by your duly executed proxy will be voted in accordance with your instructions. If you sign the proxy card but don’t fill in a vote, your shares will be voted in accordance with the Trustees’ recommendation. If any other business is brought before your fund’s special meeting, your shares will be voted at the discretion of the persons designated on the proxy card.

Shareholders of each fund vote separately with respect to the proposal. The outcome of a vote affecting one fund does not affect any other fund.

The Proposal

1. APPROVING A NEW MANAGEMENT CONTRACT FOR YOUR FUND

* Background Information about the Transaction

On January 31, 2007, Marsh & McLennan, the ultimate parent company of Putnam Management, your fund’s investment adviser, entered into a Stock Purchase Agreement with Lifeco. Under the Stock Purchase Agreement, Lifeco will, through Great-West, its direct or indirect wholly owned subsidiary, acquire 100% of Putnam Investments Trust, a holding company that, except for a minority stake owned by employees, is owned by Marsh & McLennan. Putnam Investments Trust owns Putnam, LLC (Putnam Investments), which in turn owns Putnam Management and the other Putnam companies.

After the transaction, Putnam Management will continue to be a wholly owned subsidiary of Putnam Investments. Putnam Investments will continue to be a wholly owned subsidiary of Putnam Investments Trust. Putnam Investments Trust will become a wholly owned subsidiary of Great-West, which will be a wholly owned holding company subsidiary of Lifeco. Lifeco is a Canadian financial services holding company with interests in the life insurance, health insurance, retirement, savings, and reinsurance businesses. Its businesses have operations in Canada, the United States and Europe. Power Financial Corporation (“Power Financial”), an international management and holding company of financial services businesses, owns approximately 70.6% of the voting shares of Lifeco. Power Corporation of Canada, a diversified international management and holding company, owns approximately 66.4% of the voting securities of Power Financial. The Honorable Paul Desmarais, Sr., through a g roup of private holding companies which he controls, has voting control of Power Corporation of Canada.

The address of Mr. Desmarais, Power Corporation of Canada, and Power Financial is 751 Victoria Square, Montreal, Quebec H2Y 2J3. The address of Lifeco is 100 Osborne Street North, Winnipeg, Manitoba, R3C 3A5. The address of Great-West will be 8515 East Orchard Road, Greenwood Village, Colorado 80111.

The funds have been informed that Lifeco’s strategic purpose for acquiring Putnam Investments is to establish a strong presence in the United States asset management business. Lifeco values Putnam

4


Investments’ focus on the advice segment of the U.S. market, its significant investment management capabilities and diversified range of investment products, its high quality wholesaling organization with strong relationships with financial advisers, its distribution capabilities in Japan and Europe, and its experienced management team. Lifeco has said that it intends to operate Putnam Investments as a separate business unit, retaining Putnam Investments’ and Putnam Management’s existing management team and other key professionals. Although Lifeco may pursue sub-advisory and other synergistic opportunities for Putnam Investments within the Power Financial group of companies, it does not anticipate significant integration issues or other disruption, in light of its intent to continue to operate Putnam Investments, Putnam Management and the other Putnam companies on a stand-alone basis and its experience in operating other companies that it has acquired as s tand-alone businesses. Lifeco has advised the funds that it has no current plans to make any changes to the operations of the funds. In particular, it has advised that it has no current plans to make changes with respect to existing management fees, expense limitations, distribution arrangements, or quality of services provided to shareholders. In addition, Lifeco has advised that it intends to retain the Putnam brand and to support Putnam Investments’ current business strategy and Putnam Management’s investment management philosophy so as to minimize disruption and change for fund shareholders and the Putnam organization. Lifeco does not plan to consolidate any Putnam fund with any other company in the Power Financial group of companies. Putnam Management has been advised that, following the transaction, it is contemplated that its organizational form will be converted from a Delaware limited liability company to a Delaware limited partnership. The General Partner will be Putnam Investments LP. Th is will not have any effect on Putnam Management’s operations or the services provided to your fund.

Although the transaction is not expected to result in significant change in the operations of Putnam Management or its management of the funds, as a result of this transaction, which is expected to close in the middle of 2007, your fund’s management contract with Putnam Management will terminate. This is because the 1940 Act, which regulates investment companies such as your fund, requires management contracts to terminate automatically when there is a “change of control” of the investment adviser. The transaction with Lifeco will result in a “change of
control” of Putnam Management, your fund’s investment adviser. Thus, your fund’s shareholders must approve a new management contract. The Trustees are recommending that you approve a new management contract with Putnam Management so that Putnam Management can continue as your fund’s investment adviser.

* The Stock Purchase Agreement

Under the Stock Purchase Agreement, Lifeco will acquire 100% of the ownership interests of Putnam Investments Trust, which owns Putnam Investments, the owner of Putnam Management, your fund’s current investment adviser. These Putnam Investments Trust ownership interests are in the form of class A shares, all of which are owned by Marsh & McLennan, and class B shares and options to purchase class B shares, all of which are held by Putnam employees. The estimated total value of the transaction is approximately $3.9 billion (based on the estimated value of Putnam Investments Trust’s equity interests on September 30, 2006). The final price is subject to certain adjustments at closing.

The Stock Purchase Agreement requires Lifeco, or its permitted assignee, at the closing of the transaction, to purchase all of the issued and outstanding class A common shares of Putnam Investments Trust currently held by Marsh & McLennan. Lifeco will assign its right to purchase the class A shares of Putnam Investments Trust to Great-West. Lifeco remains fully liable for its obligations under the Stock Purchase Agreement. Also at the closing, all of the issued and outstanding class B common shares and options currently held by Putnam employees under Putnam Investments Trust’s Equity Partnership Plan will be cancelled according to the terms of the Equity Partnership Plan, and each Putnam employee will receive cash payments for these shares and options, a portion of which will be paid at the closing and the remainder of which will, subject to the satisfaction of certain conditions, be paid over a three-year period, provided generally that the employee is still em ployed by Putnam on the date of payment. These deferred payments to employees may increase or decrease based upon, among other things, the performance of the Putnam funds. The transaction structure is subject to modification by Marsh & McLennan and Lifeco before closing to improve the tax efficiency of the transaction for Lifeco and to limit the extent to which the transaction consideration is subject to withholding requirements. It is not expected that any modification would result in any significant change in

5


Putnam Management’s operations or its management of the funds.

Consummation of the transaction is subject to customary terms and conditions, including, among others, Marsh & McLennan and Lifeco obtaining certain regulatory approvals and the approval of new management contracts by shareholders of a substantial number of the Putnam funds. Although there is no assurance that the transaction will be completed, if each of the terms and conditions is satisfied or waived, the parties to the transaction anticipate that the closing will take place in the middle of 2007. If the transaction is not completed, your fund’s current management contract with Putnam Management will not terminate because there will be no change of control. Putnam Management would continue to serve as your fund’s investment adviser under the current management contract or, if approved at the shareholder meeting, under the proposed new management contract described in this proxy statement, effective as of January 1, 2008 or such other date as the Trustees may establish.

* Section 15(f) of the 1940 Act

Lifeco has agreed to comply with Section 15(f) of the 1940 Act. Section 15(f) provides a non-exclusive “safe harbor” for an investment company’s adviser or any affiliated persons of the adviser to receive any amount or benefit in connection with a change of control of the investment adviser as long as two conditions are met. First, for a period of three years after the change of control, at least 75% of the directors of the investment company must not be interested persons of the adviser or the predecessor adviser. Second, there must not be any “unfair burden” imposed on the investment company as a result of the transaction or any express or implied terms, conditions or understandings relating to the transaction. Section 15(f) defines “unfair burden” to include any arrangement during the two-year period after the transaction in which the adviser or predecessor adviser, or any interested person of the adviser or predecessor adviser, rece ives or is entitled to receive any compensation, directly or indirectly, from the investment company or its security holders (other than fees for bona fide investment advisory or other services) or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other than bona fide ordinary compensation as principal underwriter for the investment company). Putnam Management has advised the funds that neither it, Marsh & McLennan nor Lifeco, after reasonable inquiry, is aware of any express or implied term, condition, arrangement or understanding that would impose an “unfair burden” on the funds as a result of the transaction. Marsh & McLennan and Lifeco have agreed to pay all costs incurred by the funds in connection with this transaction, including all costs of this proxy solicitation.

* The Proposed New Management Contract; Comparison with the Funds’ Current Management Contracts

The Trustees have unanimously approved, and recommend to the shareholders of each fund that they approve, a new management contract between each fund and Putnam Management. The form of the proposed new management contract is attached at Appendix B. You should refer to Appendix B for the complete terms of your fund’s proposed management contract.

On being presented with the need to approve new management contracts, the Trustees decided to take the opportunity to standardize, clarify and modernize various provisions of the current contracts. Because they were implemented at different times, the funds’ current management contracts differ in some cases from fund to fund, and some contain outdated provisions. The Trustees believe that this standardization will benefit shareholders by making the administration of the funds’ management contracts more efficient. In addition, Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund, which currently have both a management contract and an administrative services contract, will each combine those two contracts into a single management contract. All of the other Putnam funds receive investment management and administrative services under their current management contracts.

Except as described below, the terms of the proposed new management contracts are substantially identical to those of the current contracts. The terms of the proposed new management contracts, and certain differences between the proposed new management contracts and the current contracts, are described generally below. A more detailed description of certain differences between the proposed and current management (and administrative services, as applicable) contracts is attached at Appendix C. The date of each fund’s current management contract, the date on which it was last approved by shareholders, and the date on which its continuance was last approved by the Board of Trustees is set forth in Appendix D.

6


Fees. There is no change in the rate of the fees that the funds will pay Putnam Management under the proposed new management contract, except in the case of Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund (see below). The current fee schedule for investment management services and, if applicable, administrative services, for each fund is set forth in Appendix E. The actual fees paid by some funds are subject to expense limitations to which Putnam Management has agreed. It is not anticipated that any existing expense limitation commitment will change as a result of the transaction.

Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund currently have separate investment management and administrative services contracts with Putnam Management. However, the proposed new management contract for each fund, including Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund, addresses the provision of both investment management and administrative services and includes a single fee for both of these services. There is no change in the aggregate rate that Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund will pay to Putnam Management for investment management and administrative services.

Investment Management Services. The proposed new management contract for your fund provides that Putnam Management will furnish continuously an investment program for the fund, determining what investments to purchase, hold, sell or exchange and what portion of the fund’s assets will be held uninvested, in compliance with the fund’s governing documents, investment objectives, policies and restrictions, and subject to the oversight and control of the Trustees. Putnam Management has assured the funds and the Trustees that after the transaction it will continue to provide the same level of services to each fund and that the transaction will not have an adverse impact on the scope or nature of the services that each fund receives.

Putnam Management is authorized under the proposed new management contract to place orders for the purchase and sale of portfolio investments for your fund with brokers or dealers that Putnam Management selects. Putnam Management must select brokers and dealers, and place orders, using its best efforts to obtain for the funds the most favorable price and execution available, except that Putnam Management may pay higher brokerage commissions if it determines in good faith that the commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer (a practice commonly known as “soft dollars”). Putnam Management may make this determination in terms of either the particular transaction or Putnam Management’s overall responsibilities with respect to a fund and to other clients of Putnam Management as to which Putnam Management exercises investment discretion. Putnam Management 6;s use of soft dollars is subject to policies established by the SEC and by the Trustees from time to time.

Each of the funds’ current management contracts contains similar provisions relating to the provision of investment management services.

Delegation of Responsibilities. The proposed new management contract for your fund expressly provides that Putnam Management may, in its discretion and with the approval of the Trustees (including a majority of the Trustees who are not “interested persons”) and, if required, the approval of shareholders, delegate responsibilities under the contract to one or more sub-advisers or sub-administrators. The separate costs of employing any sub-adviser or sub-administrator must be borne by Putnam Management or the sub-adviser or sub-administrator, not by the fund. Putnam Management is responsible for overseeing the performance of any sub-adviser or sub-administrator and remains fully responsible to the fund under the proposed new management contract regardless of whether it delegates any responsibilities.

None of the current management contracts addresses delegation of responsibilities. Putnam Management has no plans to delegate services except as described below.

At present, Putnam Management has delegated certain responsibilities to sub-advisers, as described below under the heading “Sub-Adviser Arrangements.” The sub-management contracts governing these arrangements will terminate at the same time as the current management contracts of these funds. Pursuant to the proposed new management contract (and as otherwise permitted by law), Putnam Management will enter into equivalent sub-management contracts with these sub-advisers, effective at the time the proposed new management contracts become effective, with respect to these funds. See “Sub-Adviser Arrangements” below for a description of the sub-advisers, and see
Appendix F for copies of the current sub-management contracts. The new sub-management contracts will be identical to the

7


current sub-management contracts except for the effective dates. Shareholders should be aware that a vote to approve your fund’s new contract will have the effect of voting for the continuation of these arrangements.

In addition, Putnam Management has delegated certain administrative, pricing and bookkeeping services to State Street Bank and Trust Company. This delegation will not be affected by the transaction.

Administrative Services. The proposed new management contracts, and all of the current management contracts with the exception of those applying to Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund, provide that Putnam Management will manage, supervise and conduct the other (i.e., non-investment) affairs and business of the fund and incidental matters. These administrative services include providing suitable office space for the fund and administrative facilities, such as bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the fund’s affairs, including determination of the net asset value of the fund, but excluding shareholder accounting services.

Expenses. The proposed new management contracts require Putnam Management to bear the expenses associated with (i) furnishing all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully, (ii) providing suitable office space for the fund and (iii) providing administrative services. The proposed new management contracts also provide that the fund will pay the fees of its Trustees and will reimburse Putnam Management for compensation paid to officers and persons assisting officers of the fund, and all or part of the cost of suitable office space, utilities, support services and equipment used by such officers and persons, as the Trustees may determine. Under this provision, the fund will bear the costs of the Trustees’ independent staff, which assists the Trustees in overseeing each of the funds.

The current management contracts contain similar expense and reimbursement provisions.

Term and Termination. If approved by shareholders of your fund, the proposed new management contract will become effective upon its execution and will remain in effect continuously, unless terminated under the termination provisions of the contract. The proposed new management contract provides that the management contract may be terminated at any time, without the payment of any penalty by the fund, by either Putnam Management or the fund by not less than 60 days’ written notice to the other party. A fund may effect termination by vote of a majority of its Trustees or by the affirmative vote of a “majority of the outstanding shares” of the fund, as defined in the 1940 Act. The proposed new management contracts will also terminate automatically in the event of their “assignment.”

The proposed new management contract will, unless terminated as described above, continue until June 30, 2008 and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees of the fund or the shareholders by the affirmative vote of a majority of the outstanding shares of the fund and (ii) a majority of the Trustees who are not “interested persons” of the fund or of Putnam Management, by vote cast in person at a meeting called for the purpose of voting on such approval.

All of the current management contracts have similar provisions for their term and termination, except that the initial terms of the contracts differ and the current management contracts require that written notice be given not more than 60 nor less than 30 days before termination.

Limitation of Liability. Under the proposed new management contract, Putnam Management is not liable to a fund or to any shareholder of the fund for any act or omission in the course of, or connected with, rendering services under the proposed management contract, unless there is willful misfeasance, bad faith or gross negligence on the part of Putnam Management or reckless disregard of its obligations and duties under the proposed management contract. Each current management contract contains substantially identical provisions.

As required under each fund’s Declaration of Trust, the proposed management contract contains a notice provision stating that the fund’s Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts and that the proposed management contract is executed on behalf of the Trustees as Trustees of the fund and not individually. Also, the obligations arising out of the proposed management contract are limited only to the assets and property of the fund and are not binding on any of the Trustees, officers or shareholders individually. Each current management contract contains a substantially identical notice.

Amendments; Defined Terms. The proposed new management contract may only be amended in writing, and any amendments must be approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or

8


interpretations of the SEC or its staff. Similarly, certain terms used in the proposed management contract are used as defined in the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the SEC or its staff. The current management contracts contain similar terms, except that they generally do not make reference to guidance or interpretation of the SEC or its staff. Thus, the proposed new management contracts explicitly permit the funds and Manager to operate in a manner consistent with regulatory guidance and interpretations, which may provide advantages and operational flexibility from time to time.

* Sub-Adviser Arrangements

For certain funds listed below, Putnam Management has retained an affiliate to provide sub-management services. Putnam Management has retained Putnam Investments Limited (“PIL”), a wholly owned subsidiary of The Putnam Advisory Company, LLC (“PAC,” which is itself a subsidiary of Putnam Investments) and an affiliate of Putnam Management, as the sub-adviser for a portion of certain funds’ assets as determined by Putnam Management from time to time. PIL is currently authorized to serve as the sub-adviser, to the extent determined by Putnam Management from time to time, for the following funds: Putnam Diversified Income Trust, Putnam VT Diversified Income Fund, Putnam Europe Equity Fund, Putnam Global Equity Fund, Putnam VT Global Equity Fund, Putnam Global Income Trust, Putnam Global Natural Resources Fund, Putnam High Income Securities Fund, Putnam High Yield Advantage Fund, Putnam High Yield Trust, Putnam VT High Yield Fund, Putnam International Capital Opportunities Fund, Putnam International Equity Fund, Putnam VT International Equity Fund, Putnam International Growth and Income Fund, Putnam VT International Growth and Income Fund, Putnam International New Opportunities Fund, Putnam VT International New Opportunities Fund, Putnam Master Intermediate Income Trust, Putnam Premier Income Trust, Putnam Research Fund, Putnam VT Research Fund, Putnam Utilities Growth and Income Fund, and Putnam VT Utilities Growth and Income Fund.

PIL serves as sub-adviser for those funds under a sub-management agreement between Putnam Management and PIL. Pursuant to the terms of the sub-management agreement, Putnam Management (and not the fund) pays a quarterly sub-management fee to PIL for its services at the annual rate of 0.35% of the average aggregate net asset value of the portion of a fund’s assets invested in equity securities and 0.40% of the portion of a fund’s assets invested in fixed-income securities, if any, that PIL manages from time to time except that, in the case of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, Putnam Management (and not the fund) pays PIL a quarterly sub-management fee for its services at the annual rate of 0.40% of the funds’ average weekly assets, if any, that PIL manages from time to time.

Under the terms of the sub-management contract, PIL, at its own expense, furnishes continuously an investment program for the portion of each fund that Putnam Management allocates to PIL from time to time and makes investment decisions on behalf of these portions of the fund, subject to Putnam Management’s supervision. Putnam Management may also, at its discretion, request PIL to provide assistance with purchasing and selling securities for the fund, including order placement with certain broker-dealers. PIL, at its expense, furnishes all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties.

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

The sub-management contract may be terminated with respect to a fund without penalty by vote of the Trustees or the shareholders of the fund, or by PIL or Putnam Management, on 30 days’ written notice. The sub-management contract also terminates without payment of any penalty in the event of its assignment. Subject to applicable law, it may be amended by a majority of the Trustees who are not “interested persons” of Putnam Management or the fund. The sub-management contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders and, in either case, by a majority of the Trustees who are not “interested persons” of Putnam Management or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a “majority of the outstanding voting securities” as defined in the 1940 Act.

9


PAC has been retained as a sub-adviser for a portion of the assets of Putnam International Equity Fund as determined from time to time by Putnam Management or, with respect to portions of that fund’s assets for which PIL acts as sub-adviser as described above, by PIL. PAC serves as sub-adviser under a sub-advisory agreement among Putnam Management, PIL and PAC.

Pursuant to the terms of the sub-advisory agreement, Putnam Management or, with respect to portions of Putnam International Equity Fund’s assets for which PIL acts as sub-adviser, PIL (and not the fund) pays a quarterly sub-advisory fee to PAC for its services at the annual rate of 0.10% of the average aggregate net asset value of the portion of the fund with respect to which PAC acts as sub-adviser.

Under the terms of the sub-advisory contract, PAC, at its own expense, furnishes recommendations to purchase, hold, sell or exchange investments, securities and assets for that portion of Putnam International Equity Fund that is allocated to PAC from time to time by Putnam Management or PIL. Putnam Management or PIL, as applicable, determines whether to execute each such recommendation by PAC, whose activities as sub-adviser are subject to the supervision of Putnam Management and PIL, as applicable. PAC, at its expense, furnishes all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties.

The sub-advisory contract provides that PAC is not subject to any liability to Putnam Management, PIL, Putnam International Equity Fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of PAC’s willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.

The sub-advisory contract may be terminated without penalty by vote of the Trustees or the shareholders of Putnam International Equity Fund, or by PAC, PIL or Putnam Management, on 30 days’ written notice. The sub-advisory contract also terminates without payment of any penalty in the event of its assignment. Subject to applicable law, it may be amended by a majority of the Trustees who are not “interested persons” of Putnam Management or the fund. The sub-advisory contract provides that it will continue in effect only so long as its continuance is approved at least annually by vote of either the Trustees or the shareholders and, in either case, by a majority of the Trustees who are not “interested persons” of Putnam Management or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a “majority of the outstanding voting securities” as defined in the 1940 Act.

A “change of control” that constitutes an assignment terminating automatically the funds’ management contracts will also terminate automatically the sub-management contract with PIL and the sub-advisory contract with PIL and PAC. So that your fund will not lose the benefit of PIL’s or PAC’s services, Putnam Management intends to enter into a new sub-management contract with PIL and a new sub-advisory contract with PIL and PAC, each identical to the current contract except for the effective date. The Trustees have unanimously approved these new contracts. See Appendix F for copies of the current contracts.

* What did the Trustees consider in evaluating the proposal?

The Trustees met in person on October 12 and 13, 2006 to discuss the implications of a possible sale of Putnam Investments in light of a decision made by its parent company, Marsh & McLennan, to explore the possibility of a sale. At this meeting, the Trustees considered information relating to the operations, competitive position in the mutual fund industry and recent history of a number of firms that had indicated to Marsh & McLennan a preliminary interest in acquiring Putnam Investments. During the course of this meeting, the Trustees received presentations on these matters from two consultants with recognized expertise in the mutual fund industry. In addition, the Trustees reviewed information about recent significant acquisitions in the mutual fund industry and considered the possible effects of a sale transaction on Putnam Management and the rest of the Putnam organization. The Trustees received a report from the chief executive officer of Marsh & McLenn an and considered analyst reports relating to Marsh & McLennan and its ownership of Putnam Investments. The Trustees also received advice from their independent legal counsel regarding their responsibilities in evaluating a possible sale transaction.

The Trustees actively monitored the sale process throughout the period leading up to the public announcement of a final sale agreement on February 1, 2007. The Trustees discussed developments at telephone meetings on October 18, October 25, November 1, November 29, December 20, January 12, January 18, and February 5, and at their regular in-person meetings on November 9-10, December 14-15, January 11-12, February 8-9, and March 8-9. The Trustees who are not affiliated with Putnam Investments met separately to discuss these matters during most of these meetings.

10


Mr. Haldeman, the only Trustee affiliated with Putnam Investments, participated in portions of these meetings to provide the perspective of the Putnam organization, but did not otherwise participate in the deliberations of the Trustees regarding a possible sale.

Over the course of these meetings, the Trustees discussed and developed general principles to guide their evaluation of a possible sale transaction. Following the emergence of a number of interested bidders by early November 2006, the Trustees conducted due diligence on these bidders with the assistance of their independent legal counsel. The Trustees communicated their perspectives on these bidders to Marsh & McLennan and also submitted specific requests for information to be provided by bidders. After learning in December 2006 that Marsh & McLennan was negotiating exclusively with Power Financial and Lifeco, the Trustees focused their diligence efforts on Power Financial and Lifeco.

On January 2, 2007, a committee of the Trustees, together with their independent legal counsel, met with representatives of Power Financial and Lifeco to discuss the proposal to acquire Putnam Investments and responses to the Trustees’ diligence requests. The Trustees were advised in this meeting that Power Financial and Lifeco intended to maintain Putnam Investments as a separate, stand-alone organization under the Putnam brand and to retain Putnam Investments’ current management team. Power Financial and Lifeco expressed their intention to maintain the quality of services that the Putnam organization currently provides to the funds and the funds’ current cost structure. At the same time, they indicated their intention, consistent with this commitment, to pursue opportunities for improving the profitability of the Putnam organization. Power Financial and Lifeco indicated interest in pursuing the possibility of making the Putnam funds and other Putnam Investments products available through cer tain of their distribution channels, but indicated that no significant operational changes were envisioned. Power Financial and Lifeco also raised the possibility of using Putnam Investments’ distribution network to distribute certain of the products of one or more of the Power Financial or Lifeco companies. The Trustees noted that these proposals may benefit Lifeco and may also enable Putnam Investments to allocate the costs of its distribution network across a greater number of products. At this meeting, the Trustees reviewed with Power Financial and Lifeco the role and operation of the Board of Trustees, emphasizing its historical independence and activism in such areas as fees and
expenses, regulatory issues, quality of service provided by Putnam to the funds, soft dollars and proxy voting. On January 10, 2007, Ms. Baxter, Vice Chairman of the Trustees and the Chairman of the Contract Committee, also met with a representative of Power Financial and Lifeco for further d iscussion of these matters. At a telephonic meeting on January 18, 2007, the Trustees received a presentation on the terms of the proposed sale and unanimously expressed their support for the proposed sale, subject to their review of final agreements.

Mr. Hill, Chairman of the Board of Trustees, met with the Chairman and Co-Chief Executive Officer and the President and Co-Chief Executive Officer of Power Corporation of Canada and the Chairman of the Board and the President and Chief Executive Officer of Power Financial on January 28, 2007 to further discuss the role of the Board of Trustees in overseeing the funds and Power Financial’s and Lifeco’s commitment to the Putnam brand, to Putnam Investments’ management team, and to support Putnam Investments’ management team and the team’s strategy following the transaction with the aim of minimizing disruption and change for the Putnam shareholders. Following the public announcement of the transaction on February 1, 2007, the Trustees received a report from Putnam Investments on the final terms of the transaction at a telephonic meeting on February 5, 2007.

At an in-person meeting on February 8-9, 2007, the Trustees received further presentations regarding the final terms of the transaction. At this meeting, the Trustees considered the approval of new management contracts for each fund proposed to become effective upon the closing of the sale, and the filing of a preliminary proxy statement. At an in-person meeting on March 8-9, 2007, the Trustees considered the approval of the final forms of the proposed new management contracts for each fund and the proxy statement. They reviewed the terms of the proposed new management contracts and the differences between the proposed new management contracts and the current management contracts (and administrative services contracts, in the case of Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund). They noted that the terms of the proposed new management contracts were substantially identical to the current management contracts, except for certain changes develop ed at the initiative of the Trustees and designed largely to address inconsistencies among various of the existing contracts, which had been developed and implemented at different times in the past. (These differences are described elsewhere in this proxy statement.)

11


In considering the approval of the proposed new management contracts, the Trustees also considered the following matters:

(i) their belief that the transaction will not adversely affect the Putnam funds, and by addressing uncertainty regarding the ownership of Putnam Investments, should enhance the ability of Putnam Management and its affiliates to continue to provide high quality investment advisory and other services to the funds;

(ii) the intention expressed by representatives of Power Financial and Lifeco to retain the existing Putnam Investments’ management team and other key professionals and that Putnam Investments would be operated as a separate business unit;

(iii) Power Financial’s and Lifeco’s commitment to support the continued effort of Putnam Management’s current management team to rebuild Putnam’s reputation and enhance the investment process;

(iv) that representatives of Power Financial, Lifeco and Putnam Management advised that they have no current plans to make changes with respect to existing management fees, expense limitations, distribution arrangements or quality of services provided to fund shareholders and committed to maintain the current program of fund expense limitations, at least through June 30, 2009, which ensures that all Putnam funds will have expense levels at or below competitive industry averages;

(v) the financial condition and reputation of Power Financial and Lifeco, their record of operating acquired companies with minimal disruption to their businesses, their high level of respect for the mutual fund governance process and the independence of the Trustees and their decisions, and their commitment to maintain the high level of cooperation and support that the Putnam organization has historically provided;

(vi) the possible benefits that the funds may receive as a result of Putnam Management joining the Power Financial group of companies, which is expected to promote stability of the Putnam organization and eliminate the previous uncertainty with respect to the future ownership of Putnam Investments;

(vii) Power Financial’s and Lifeco’s commitment to maintaining competitive compensation arrangements to allow the Putnam organization to attract and retain highly qualified personnel;

(viii) that the current senior management team at Putnam Investments has indicated its strong support of the transaction; and

(ix) the commitments of Marsh & McLennan and Lifeco to bear all expenses incurred by the Putnam funds in connection with the transaction, including all costs associated with this proxy solicitation.

Finally, in considering the proposed new management contracts, the Trustees also took into account their deliberations and conclusions in connection with their most recent annual approval of the continuance of the funds’ management contracts effective July 1, 2006, and the extensive materials that they had reviewed in connection with that approval process. 
Appendix G contains a summary description of the matters considered by the Trustees in connection with that approval.

Based upon the foregoing considerations, on March 9, 2007, the Trustees, including all of the Trustees present who are not “interested persons” of the funds or Putnam Investments, unanimously approved the proposed new management contracts and determined to recommend their approval to the shareholders of the Putnam funds.

* Additional Information Regarding Potential Interests of Certain Trustees in the Transaction

Charles E. Haldeman, Jr., a Trustee of the funds, serves as the President and Chief Executive Officer of Putnam Investments. Mr. Haldeman is also a stockholder of Putnam Investments Trust as a result of various equity compensation grants made to him in recent years. On March 15, 2005, Putnam Investments Trust granted Mr. Haldeman 210,635 shares of class B common stock pursuant to the Putnam Investments Trust Equity Partnership Plan. With respect to this grant, Mr. Haldeman’s shares vest over a four-year period, with 25% of the shares vesting on each anniversary of the grant, although vesting may be accelerated under certain circumstances if Mr. Haldeman’s employment with Putnam terminates. On September 29, 2005, Mr. Haldeman participated in the Putnam Option Exchange Program, in which holders of eligible options to purchase class B common stock were permitted to elect to exchange their options for restricted shares of class B common stock with a value equal to the value of the exchanged options. Mr. Haldeman was granted 14,226 restricted shares of class B common stock in exchange for an option to purchase 99,200 shares of

12


class B common stock. On March 15, 2006, Putnam Investments Trust granted Mr. Haldeman 111,693 restricted shares of class B common stock for his performance in 2005. With respect to such grant, Mr. Haldeman’s shares vest over a four-year period, with 25% of the shares vesting on each anniversary of the grant. On March 15, 2006, Mr. Haldeman received an additional grant of 314,136 restricted shares of class B common stock and an option to purchase 510,638 shares as a special grant as a result of his employment contract with Marsh & McLennan. With respect to each such grant, Mr. Haldeman’s shares vest 10%, 20%, 30% and 40% over the next four years, subject to acceleration provisions based on investment performance. Mr. Haldeman also holds other restricted shares of class B common stock from grants in years prior to 2005, and it is expected that an additional grant of such restricted shares will be made in March 2007.

As a result of his interests in the stock of Putnam Investments Trust as described above, Mr. Haldeman will benefit directly from the sale of your fund’s investment adviser to Lifeco in an estimated amount of approximately $54 million, which is the value of his holdings in Putnam Investments Trust stock and stock options. Approximately 37% of this amount will be paid at the closing of the transaction and the remainder will be paid, subject to the satisfaction of certain conditions, over a three-year period. In addition, Mr. Haldeman has agreed to amend his employment agreement with Putnam Investments, which will remain in effect following the transaction with Lifeco, among other things, to defer his right to terminate his employment as a result of the transaction and receive severance payments (equal to two times his 2006 total compensation, or approximately $26 million), and Putnam Investments Trust has agreed to pay Mr. Haldeman additional incentive compensation of $8.5 million in the future, continge nt upon the achievement of certain specified business objectives.

In addition to the interests described above, Mr. Haldeman currently owns 33,334 vested shares and 42,554 unvested shares, which will vest when the transaction with Lifeco closes, of stock and options to purchase 89,350 shares of stock of Marsh & McLennan and may benefit indirectly from the sale of your fund’s investment adviser to Lifeco to the extent of his interests in Marsh & McLennan.

George Putnam, III, is the President of your fund as well as a Trustee. Mr. Putnam is also a stockholder of Marsh & McLennan. As of December 31, 2006, he and his children own in the aggregate 12,110 shares of Marsh & McLennan. In addition, Mr. Putnam serves as a trustee of trusts holding in the aggregate 102,317 shares of Marsh & McLennan; Mr. Putnam is a likely beneficiary of these trusts. Mr. Putnam is also a director of a charitable organization that owns 12,000 shares of Marsh & McLennan in which Mr. Putnam has no economic interest. In addition, certain other members of Mr. Putnam’s family own in the aggregate 518,846 shares of Marsh & McLennan in which Mr. Putnam has no current economic interest. Mr. Putnam may benefit indirectly from the sale of your fund’s investment adviser to Lifeco to the extent of his interests in shares of Marsh & McLennan.

* What is the voting requirement for approving the proposal?

Approval of your fund’s proposed new management contract requires the affirmative vote of the lesser of (a) more than 50% of the outstanding shares of the fund, or (b) 67% or more of the shares of the fund present (in person or by proxy) at the meeting if more than 50% of the outstanding shares of the fund are present at the meeting in person or by proxy. The Trustees, including a majority of the Trustees who are not “interested persons” of Putnam Management or the funds, recommend that shareholders approve the proposed new management contracts.

13


Further Information About Voting and the Special Meeting

Quorum and Methods of Tabulation. The shareholders of each fund vote separately with respect to the proposal. In the case of all closed-end funds, a majority of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the meeting. In the case of each other fund, 30% of the shares entitled to vote constitutes a quorum. Shares of all classes of each fund vote together as a single class. Votes cast by proxy or in person at the meeting will be counted by persons appointed by your fund as tellers for the meeting. The tellers will count the total number of votes cast “for” approval of the 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 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 will vote such shares in the same proportions as other shareholders with similar accounts have submitted voting instructions for their shares. Shareholders should be aware that this practice, known as “echo-voting,” may have the effect of increasing the number of shares voted in favor of the proposal (possibly increasing the likelihood that the proposal will be approved) and that Putnam Fiduciary Trust Company, which is an affiliate of Putnam Management, may benefit indirectly from the approval of the proposed new management contracts.

Abstentions and broker non-votes have the effect of a negative vote on the proposal. 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.

Shareholders who object to any proposal in this Proxy Statement will not be entitled under Massachusetts law or the Agreement and Declaration of Trust of the particular Putnam fund to demand payment for, or an appraisal of, their shares.

Special Rule for Proportional Voting (for Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund and Putnam Municipal Opportunities Trust). For funds listed on the New York Stock Exchange that have outstanding preferred shares, in accordance with the rules of the New York Stock Exchange, brokerage firms may vote for or against a proposal, on behalf of their clients who beneficially own the remarketed or auction rate preferred shares and from whom they have not received voting instructions, in the same proportion as votes for and against such proposal have been received from holders of preferred shares if (i) a minimum of 30% of the outstanding preferred shares have been voted by the holders of preferred shares, (ii) holders of less than 10% of the outstanding preferred shar es have voted against the proposal and (iii) the holders of the common shares have approved the proposal.

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

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

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

14


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

Common 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 your proxy card and follow the instructions on the Internet site. To record your voting instructions via automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions, and to confirm that shareholders’ instructions have been recorded properly. Shareholders voting via the Internet should understand that there may be costs associated with electronic access, such as usage charges from Internet access providers and telephone companies, that must be borne by the shareholders.

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

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

Information for funds that are series of Putnam Variable Trust

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 Fiduciary Trust Company, Putnam Retail Management and the Insurance Companies may solicit voting instructions from Contract Owners in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for solicitation of proxies and voting

15


instructions by telephone are designed to authenticate Contract Owners’ identities, to allow them to authorize the voting of their units in accordance with their instructions and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be counted at the meeting. Your fund is unaware of any such challenge at this time. Contract Owners would be called at the phone number Putnam Management has in its records for their accounts (or that Putnam Management obtains from the Insurance Companies), and would be asked for their Social Security number or other identifying information. The Contract Owners would then be given an opportunity to give their instructions. To ensure that the Contract Owners’ instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case the information contained in the confirmation is incorrect.

Contract Owner Instructions. Each Contract Owner is entitled to instruct his or her insurance company as to how to vote its shares and can do so by marking voting instructions on the ballot enclosed with this proxy statement and then signing, dating and mailing the ballot in the envelope provided. If a ballot is not marked to indicate voting instructions, but is signed, dated and returned, it will be treated as an instruction to vote the shares in favor of the proposal. Each Insurance Company will vote the shares for which it receives timely voting instructions from Contract Owners in accordance with those instructions and will vote those shares for which it receives no timely voting instructions for and against approval of a proposal, and as an abstention, in the same proportion as the shares for which it receives voting instructions. Shares attributable to accounts retained by each Insurance Company will be voted in the same propor tion 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 your proxy card, and follow the instructions on the Internet site. The Internet 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 other than the closed-end funds

Date for receipt of shareholders’ proposals for subsequent meetings of shareholders. Your fund does not regularly hold annual shareholder meetings, but may from time to time schedule special meetings. In addition, your fund has voluntarily undertaken to hold shareholder meetings at least every five years for the purpose of electing your fund’s Trustees; the last such meeting was held in 2004. In accordance with the regulations of the SEC, in order to be eligible for inclusion in the fund’s proxy statement for such a meeting, a shareholder or Contract Owner proposal must be received a reasonable time before the fund prints and mails its proxy statement.

The Board Policy and Nominating Committee of the Board of Trustees, which consists of Independent Trustees only, will also consider nominees recommended by shareholders of the fund to serve as Trustees. A shareholder or Contract Owner must submit the names of any such nominees in writing to

16


the fund, to the attention of the Clerk, at the address of the principal offices of the fund.

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

Information for all Putnam closed-end funds

Date for receipt of shareholders’ proposals for the next annual meeting. It is currently anticipated that your fund’s next annual meeting of shareholders will be held in the month/year indicated below:

Putnam California Investment Grade   
  Municipal Trust  October 2007 
Putnam High Income Securities Fund  January 2008 
Putnam High Yield Municipal Trust  October 2007 
Putnam Investment Grade Municipal Trust  October 2007 
Putnam Managed Municipal Income Trust  October 2007 
Putnam Master Intermediate Income Trust  January 2008 
Putnam Municipal Bond Fund  October 2007 
Putnam Municipal Opportunities Trust  October 2007 
Putnam New York Investment Grade   
  Municipal Trust  October 2007 
Putnam Premier Income Trust  January 2008 
Putnam Tax-Free Health Care Fund  October 2007 

The Trustees of your fund reserve the right to set an earlier or later date for the next meeting. Shareholder proposals to be included in the proxy statement for that meeting must be received by your fund on or before July 23, 2007 for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust and May 18, 2007 for the other closed-end funds identified above. In order for a shareholder proposal to be included in the proxy statement, both the submitting shareholder and the proposal itself must satisfy the requirements set forth in Rule 14a-8 under the Securities Exchange Act of 1934, as amended. Shareholders who wish to make a proposal at the next annual meeting — other than one that will be included in the fund’s proxy materials —should notify the fund no later than October 6, 2007 for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust and August 1, 200 7 for the other closed-end funds identified above. Shareholders who wish to propose one or more nominees for election as Trustees, or to make a proposal fixing the number of Trustees, at the next annual meeting must provide written notice to the fund (including all required information) so that such notice is received in good order by the fund no earlier than October 13, 2007 and no later than November 12, 2007 for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust and no earlier than August 1, 2007 and no later than August 31, 2007 for the other closed-end funds identified above.

The Board Policy and Nominating Committee will also consider nominees recommended by shareholders of each fund to serve as Trustees. A shareholder must submit the names of any such nominees in writing to the fund, to the attention of the Clerk, at the address of the principal offices of the fund.

If a shareholder who wishes to present a proposal fails to notify the fund by the dates specified above, the proxies solicited for the meeting will have discretionary authority to vote on the shareholder’s proposal if it is properly brought before the meeting. If a shareholder makes a timely notification, the proxies may still exercise discretionary voting authority under circumstances consistent with the SEC’s proxy rules. All shareholder proposals must also comply with other requirements of the SEC’s rules and the fund’s Agreement and Declaration of Trust.

Information for all Putnam funds

Expenses of Solicitation. Persons holding shares as nominees will, upon request, be reimbursed for their reasonable expenses in soliciting instructions from their principals. The Putnam funds have retained Computershare Fund Services to aid in the solicitation of instructions for registered and nominee accounts. Computershare Fund Services’ fee (estimated to be approximately $3 million), as well as the other expenses of the preparation of proxy statements and related materials, including printing and delivery costs and the proxy solicitation expenses, are borne by Marsh & McLennan and Lifeco.

Adjournment. If sufficient votes in favor the proposal 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 proposal has not been met, the persons named as proxies may propose adjournments of the special meeting for a period or periods of not more than 60 days in the aggregate to permit further solicitation of proxies. Any

17


adjournment will require the affirmative vote of a majority of the votes cast on the question in person or by proxy at the session of the meeting to be adjourned. The persons named as proxies will vote in favor of adjournment those proxies that they are entitled to vote in favor of the proposal. They will vote against any such adjournment those proxies required to be voted against the proposal. 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 ballots will be included with the proxy statement for each account registered at that address. If you would prefer to receive your own copy of the proxy statement, please call our proxy information line at 1-866-905-2396.

Financial information. Your fund’s Clerk will furnish to you, upon request and without charge, a copy of the fund’s annual report for its most recent fiscal year, and a copy of its semiannual report for any subsequent semiannual period. You may direct such requests to Putnam Investor Services, P.O. Box 41203, Providence, RI 02940-1203 or 1-800-225-1581.

Fund Information

Putnam Investments. Putnam Investment Management, LLC, your fund’s investment manager and administrator, is a subsidiary of Putnam, LLC (Putnam Investments). Putnam Investments is a wholly owned subsidiary of Putnam Investments Trust, a holding company that, except for a minority stake owned by employees, is in turn owned by Marsh & McLennan, a leading professional services firm that includes risk and insurance services, investment management and consulting businesses. Following the transaction described in this Proxy Statement, Putnam Investments Trust will be a wholly owned subsidiary of Great-West, as described above, and Power Corporation of Canada will be the ultimate parent company of Putnam Investment Management, LLC. Effective January 1, 2007, Putnam Management has delegated responsibility for providing certain administrative, pricing and bookkeeping services for the funds to State Street Bank and Trust Company.

The address of each of Putnam Investments Trust, Putnam Investments and Putnam Investment Management, LLC, is One Post Office Square, Boston, Massachusetts 02109. The address of the executive offices of Marsh & McLennan is 1166 Avenue of the Americas, New York, New York 10036. Charles E. Haldeman, Jr. is the President and Chief Executive Officer of Putnam Investments. His address is One Post Office Square, Boston, Massachusetts 02109. The addresses of the Putnam companies and Mr. Haldeman are not expected to change following the completion of the transaction.

Putnam Management provides investment advisory services to other funds that may have investment objectives and policies similar to those of your fund. The table in Appendix H identifies these other funds and states their net assets and the management fees that they paid to Putnam Management during the fiscal years noted.

Putnam Investments Limited and The Putnam Advisory Company, LLC. Putnam Investments Limited, which has been retained by Putnam Investment Management, LLC as investment sub-adviser with respect to a portion of the assets of certain funds, is a subsidiary of The Putnam Advisory Company, LLC, which is owned by Putnam Advisory Company LP, a subsidiary of Putnam Investments. Simon Davis, Co-Chief Investment Officer of Putnam’s

18


International Core Equity investment team, is a director and the Chief Executive Officer of Putnam Investments Limited. The other directors of Putnam Investments Limited, listed with their principal business occupations at Putnam Investments, are David Puddle (Senior International Account Manager), Joseph T. Phoenix (Head of European Distribution), Jeffrey R. Peters (Head of International Business), and Anton Simon (Team Leader, European High Yield investment team). Putnam Advisory Company LP’s general partner is Putnam Advisory Company GP, Inc. Putnam Advisory Company GP, Inc. is a wholly owned subsidiary of Putnam Investments, which is also the sole limited partner of Putnam Advisory Company LP. The Putnam Advisory Company, LLC has also been retained to serve as a sub-adviser for a portion of the assets of Putnam International Equity Fund.

The address of Putnam Investments Limited, Mr. Davis, and each director of Putnam Investments Limited is Cassini House, 57-59 St. James’s Street, London, England, SW1A 1LD. The address of each of The Putnam Advisory Company, LLC, Putnam Advisory Company LP, and Putnam Advisory Company GP, Inc. is One Post Office Square, Boston, Massachusetts 02109.

Putnam Fiduciary Trust Company. Putnam Fiduciary Trust Company, the fund’s investor servicing agent and custodian, is a subsidiary of Putnam Investments. Its address is One Post Office Square, Boston, Massachusetts 02109. The funds have retained State Street Bank and Trust Company as custodian, and it is expected that Putnam Fiduciary Trust Company’s service as custodian will terminate during the first half of 2007 when all of the funds’ assets in its custody or the custody of its sub-custodians have been transferred into State Street Bank and Trust Company’s safekeeping.

Putnam Retail Management. Putnam Retail Management Limited Partnership, the fund’s principal underwriter (“PRM”), is a subsidiary of Putnam Investments. Putnam Retail Management GP, Inc. is the general partner of PRM, and also owns a minority stake in PRM. Putnam Retail Management GP, Inc. is a wholly owned subsidiary of Putnam Investments. The address of PRM and Putnam Retail Management GP, Inc. is One Post Office Square, Boston, Massachusetts 02109.

Payments to Putnam Management or its affiliates. Appendix I shows amounts paid to Putnam Management or its affiliates during each fund’s most recent fiscal year for the services noted. The funds made no other material payments to Putnam Management or its affiliates during the periods shown.

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

Officers and other information. All of the officers of your fund, with the exception of George Putnam, III, the fund’s President, are employees of Putnam Management or its affiliates or serve on the staff of the Office of the Trustees. Because of their positions with Putnam Management or its affiliates or their ownership of stock of Marsh & McLennan, the parent corporation of Putnam Investments Trust and indirectly of Putnam Investments, Messrs. Haldeman and Putnam, as well as the other officers of your fund, except those who serve on the staff of the Office of the Trustees, will benefit from the management fees, distribution fees, custodian fees, and investor servicing fees paid or allowed by your fund. In addition to Mr. Haldeman, certain of your fund’s executive officers (other than Mr. Putnam and those officers who are members of the Trustees’ independent administrative staff) own class B shares of Putnam Inves tments Trust or options to purchase class B shares and, accordingly, will benefit, pro rata with other holders of class B shares and options, from the payments to be made with respect to class B shares and options in connection with the transaction, as described above under “The Stock Purchase Agreement.” In addition to Mr. Putnam, the other officers of your fund are as follows:

19


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

Charles E. Porter (Born 1938)*  1989  Executive Vice President, Associate Treasurer, 
Executive Vice President, Associate Treasurer,    Principal Executive Officer and Compliance Liaison, 
Principal Executive Officer and Compliance Liaison    The Putnam Funds 

Jonathan S. Horwitz (Born 1955)*  2004  Senior Vice President and Treasurer, The Putnam Funds. 
Senior Vice President and Treasurer    Prior to 2004, Mr. Horwitz was a Managing Director at 
    Putnam Investments 

Steven D. Krichmar (Born 1958)  2002  Senior Managing Director, Putnam Investments 
Vice President and Principal Financial Officer     

Janet C. Smith (Born 1965)  2006  Managing Director, Putnam Investments 
Vice President, Assistant Treasurer and     
Principal Accounting Officer     

Susan G. Malloy (Born 1957)  2007  Managing Director, Putnam Investments 
Vice President and Assistant Treasurer     

Beth Mazor (Born 1958)  2002  Managing Director, Putnam Investments 
Vice President     

Robert R. Leveille (Born 1969)  2007  Managing Director, Putnam Investments. 
Chief Compliance Officer    Prior to 2005, Mr. Leveille was a member of Bell Boyd & 
    Lloyd LLC, and prior to 2003 he was Vice President and 
    Senior Counsel of Liberty Funds Group LLC 

Mark C. Trenchard (Born 1962)  2002  Managing Director, Putnam Investments 
Vice President and BSA Compliance Officer     

Francis J. McNamara, III (Born 1955)  2004  Senior Managing Director, Putnam Investments, Putnam 
Vice President and Chief Legal Officer    Management and Putnam Retail Management. Prior to 
    2004, Mr. McNamara was General Counsel of State Street 
    Research & Management 

James P. Pappas (Born 1953)  2004  Managing Director, Putnam Investments and Putnam 
Vice President    Management. During 2002, Mr. Pappas was Chief Operating 
    Officer of Atalanta/Sosnoff Management Corporation 

Richard S. Robie III (Born 1960)  2004  Senior Managing Director, Putnam Investments, Putnam 
Vice President    Management and Putnam Retail Management. Prior to 
    2003, Mr. Robie was Senior Vice President of United Asset 
    Management Corporation 

Judith Cohen (Born 1945)*  1993  Clerk and Assistant Treasurer, 
Vice President, Assistant Treasurer and Clerk    The Putnam Funds 

Wanda M. McManus (Born 1947)*  1993  Vice President, Senior Associate Treasurer and Assistant 
Vice President, Senior Associate Treasurer and    Clerk, The Putnam Funds 
Assistant Clerk     

Nancy E. Florek (Born 1957)*  2000  Vice President, Assistant Clerk, Assistant Treasurer and 
Vice President, Assistant Clerk, Assistant Treasurer    Proxy Manager, The Putnam Funds 
and Proxy Manager     


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

5% Beneficial Ownership. As of February 9, 2007, to the knowledge of the funds, no person other than those listed on Appendix J owned beneficially or of record 5% or more of any class of shares of any Putnam fund.

Security Ownership. As of February 9, 2007, the Trustees, and the officers and Trustees of each fund as a group, owned less than 1% of the outstanding shares of each class of each fund except as listed on Appendix K.

20


APPENDIX A            
 
Number of Shares Outstanding as of the Record Date                             
 
      Putnam Asset     
  Putnam American  Putnam Asset  Allocation:  Putnam Asset   
  Government Income Allocation:  Conservative  Allocation: Growth                                 Putnam Capital 
  Fund  Balanced Portfolio  Portfolio  Portfolio  Appreciation Fund 

Class A  72,865,917.27  122,021,755.62  47,747,383.07  100,864,116.97  23,291,938.06 

Class B  4,095,758.65  27,095,823.41  8,791,276.89  29,394,656.54  3,940,639.05 

Class C  362,334.96  11,729,075.16  5,120,056.82  13,646,674.87  179,529.90 

Class M  236,179.16  3,007,196.12  1,235,844.52  3,232,356.68  609,599.30 

Class R  6,441.77  853,748.29  119,787.08  557,535.69  4,600.00 

Class Y  1,063,530.67  15,411,460.24  42,115,185.82  13,223,656.09  315,127.63 

 
      Putnam Convertible     
  Putnam Capital  Putnam Classic  Income-Growth  Putnam Discovery  Putnam Diversified 
  Opportunities Fund  Equity Fund  Trust  Growth Fund  Income Trust 

Class A  41,144,555.26  40,595,267.65  31,968,799.11  25,551,820.26  139,369,157.64 

Class B  16,110,795.73  6,418,041.89  2,367,171.39  12,721,621.79  24,961,695.71 

Class C  2,973,737.56  958,815.98  1,299,400.49  1,681,471.19  11,650,294.58 

Class M  1,398,979.57  1,797,409.53  299,922.75  1,033,939.84  92,776,999.34 

Class R  168,102.38  2,505.14  60,139.09  4,130.84  88,080.49 

Class Y  35,099,403.26  363,824.44  1,250,837.29  503,794.69  1,672,006.89 

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

Class A  157,072,443.43  14,295,888.85  34,069,160.51  590,338,882.88  179,832,180.65 

Class B  33,001,131.13  3,350,256.99  2,824,206.00  76,125,642.11  29,622,989.85 

Class C  5,571,878.88  207,893.51  11,254,351.86  4,697,759.79  3,994,179.41 

Class M  3,213,892.88  455,266.90  738,028.33  5,300,544.50  10,393,510.94 

Class R  303,161.43  1,904.31  34,919.15  73,707.25  103,827.17 

Class Y  16,061,796.95  319,432.06  340,886.00  66,351,947.61  21,384,284.28 

 
      Putnam Global     
  Putnam Global  Putnam Global  Natural Resources  Putnam Growth  Putnam Health 
  Equity Fund  Income Trust  Fund  Opportunities Fund  Sciences Trust 

Class A  154,095,635.81  7,060,947.13  15,653,346.61  24,472,157.80  28,927,487.92 

Class B  28,419,243.30  1,108,506.86  3,780,138.75  17,073,607.94  8,272,662.98 

Class C  3,074,350.64  245,341.53  772,968.28  1,824,836.37  657,779.60 

Class M  2,926,058.67  1,690,461.95  262,426.52  647,345.53  443,866.41 

Class R  119,295.63  12,140.40  92,955.50  7,262.60  13,921.65 

Class Y  2,448,854.15  223,906.67  478,806.42  538,692.91  342,128.20 


A-1


    Putnam High      Putnam International 
  Putnam High  Yield Advantage  Putnam  Putnam Income  Capital 
  Yield Trust  Fund  Income Fund  Strategies Fund  Opportunities Fund 

Class A  214,263,626.27  69,047,167.80  115,132,837.04  1,128,943.13  30,841,820.87 

Class B  35,526,881.29  2,410,648.64  20,851,564.20  90,473.73  12,129,431.30 

Class C  8,003,654.20    3,145,332.50  96,387.62  2,546,743.45 

Class M  2,458,597.49  53,420,283.75  45,251,242.49  14,762.21  714,683.60 

Class R  102,530.40    125,183.77  100.16  75,238.94 

Class Y  27,378,744.87  1,706,106.72  177,258,302.83  9,840.89  2,206,407.37 

 
          Putnam Limited 
    Putnam International  Putnam International    Duration 
  Putnam International  Growth and Income  New Opportunities  Putnam Investors  Government 
  Equity Fund  Fund  Fund  Fund  Income Fund 

Class A  123,963,180.92  50,293,708.97  36,675,349.61  161,312,146.48  38,927,862.63 

Class B  35,642,093.03  11,670,009.22  7,681,747.98  52,883,910.68  12,128,138.57 

Class C  9,131,139.27  2,768,235.99  1,062,278.46  4,820,801.43  2,175,900.36 

Class M  3,010,273.49  1,315,109.74  1,170,698.61  3,005,098.49  1,132,429.82 

Class R  160,950.77  90,049.40  23,974.60  92,867.49  43,311.30 

Class Y  45,254,449.85  1,076,267.48  1,072,479.47  44,422,070.60  31,983,627.46 

 
          Putnam OTC & 
  Putnam Mid Cap  Putnam Money  Putnam New  Putnam New Value  Emerging Growth 
  Value Fund  Market Fund  Opportunities Fund  Fund  Fund 

Class A  42,398,349.46  2,920,948,710.35  70,262,928.78  73,155,533.01  54,395,541.91 

Class B  15,750,043.79  142,836,931.51  11,901,149.73  21,337,273.64  15,771,750.32 

Class C  2,856,353.83  12,307,784.09  783,189.79  3,730,447.21  1,502,590.14 

Class M  950,669.79  39,596,481.71  1,559,344.08  1,769,378.85  1,711,144.83 

Class R  358,284.53  150,481,386.65  33,000.80  132,420.91  18,653.35 

Class Y  3,179,712.07    8,117,183.90  6,731,154.03  5,087,917.45 

Class T    12,617,909.46       

 
    Putnam  Putnam  Putnam  Putnam 
  Putnam Research  RetirementReady  RetirementReady  RetirementReady  RetirementReady 
  Fund  2010 Fund  2015 Fund  2020 Fund  2025 Fund 

Class A  29,333,675.54  772,059.93  1,379,501.57  1,448,305.47  994,647.77 

Class B  12,711,374.91  4,850.05  10,873.85  10,633.05  13,267.72 

Class C  1,885,836.25  1,102.42  3,558.28  2,146.66  1,941.72 

Class M  791,134.38  2,420.50  2,423.71  8,512.45  4,131.13 

Class R  14,534.57  3,875.65  314.02  2,350.70  2,078.75 

Class Y  4,634,275.19  513,407.69  820,883.78  818,743.23  749,421.25 

 
  Putnam  Putnam  Putnam  Putnam  Putnam 
  RetirementReady  RetirementReady  RetirementReady  RetirementReady  RetirementReady 
  2030 Fund  2035 Fund  2040 Fund  2045 Fund  2050 Fund 

Class A  809,425.85  566,560.46  391,380.39  287,756.96  116,641.82 

Class B  7,977.02  5,877.96  2,850.44  1,639.00  1,972.60 

Class C  573.73  742.94  46.78  157.30  21.00 

Class M  10,372.28  754.72  555.24  86.18  35.43 

Class R  1,983.89  1,915.49  1,081.03  1,046.90  426.49 

Class Y  511,624.43  338,614.85  178,952.65  160,734.47  39,744.66 


A-2


  Putnam      Putnam U.S.  Putnam Utilities 
                   RetirementReady  Putnam Small Cap Putnam Small Cap  Government Income  Growth and Income 
  Maturity Fund  Growth Fund  Value Fund  Trust  Fund 

Class A  550,439.44  16,375,506.50  31,283,523.74  78,006,578.08  39,927,098.75 

Class B  2,724.81  2,656,018.65  10,093,908.96  8,655,212.62  4,317,531.32 

Class C  474.19  959,519.89  2,554,124.15  1,130,838.12  341,742.96 

Class M  1,627.45  245,623.25  459,286.92  2,267,956.64  252,063.21 

Class R  1,238.44  466,903.37    43,309.22  27,999.29 

Class Y  169,708.41  1,459,510.41  2,766,584.83  338,769.86  311,707.26 

 
      Putnam AMT-Free  Putnam Arizona Tax  Putnam California 
  Putnam  Putnam Voyager  Insured Municipal  Exempt Income  Tax Exempt 
  Vista Fund  Fund  Fund  Fund  Income Fund 

Class A  151,064,499.09  291,430,571.94  18,164,565.16  8,358,332.18  235,644,823.67 

Class B  32,381,052.41  58,735,359.33  3,055,201.22  1,010,192.63  12,778,779.68 

Class C  3,525,231.81  3,878,871.97  568,917.59  1,098.02  2,652,011.94 

Class M  2,619,218.03  3,275,589.42  72,405.24  147,218.49  699,584.22 

Class R  173,844.08  112,440.10       

Class Y  16,103,511.27  76,680,967.17       

 
  Putnam         
  Massachusetts Tax  Putnam Michigan  Putnam Minnesota  Putnam New Jersey  Putnam New York 
  Exempt Income  Tax Exempt Income  Tax Exempt Income  Tax Exempt Income  Tax Exempt Income 
  Fund  Fund  Fund  Fund  Fund 

Class A  26,215,513.73  11,101,453.78  10,283,132.58  17,161,743.73  124,340,641.84 

Class B  4,497,397.65  1,707,679.47  1,736,026.54  4,416,716.50  6,751,493.68 

Class C  463,345.14  3,761.57  1,125.02  6,527.34  1,277,948.82 

Class M  493,447.04  140,497.62  75,805.52  167,636.44  268,803.79 

 
    Putnam       
  Putnam Ohio Tax  Pennsylvania Tax       
  Exempt Income  Exempt Income  Putnam Tax Exempt  Putnam Tax-Free  Putnam Tax Smart 
  Fund  Fund  Income Fund  High Yield Fund  Equity Fund® 

Class A  15,904,859.33  15,390,981.58  128,599,352.45  97,257,670.60  11,859,823.99 

Class B  1,681,836.61  2,742,974.10  4,412,867.57  10,465,862.02  8,024,033.79 

Class C  4,251.19  34,127.68  1,008,936.24  1,567,885.51  2,822,106.04 

Class M  145,110.14  253,222.15  569,148.43  879,537.00  329,185.89 

 
 
  Putnam Prime      Putnam Tax Exempt   
  Money Market Fund      Money Market Fund   

Class A  1,091.28    Class A  80,627,090.07   

Class I  2,136,089,094.67         

Class P  2,455,425,894.00         

Class R  1,084.04         

Class S  1,095.41         

 
    Putnam California      Putnam Investment 
    Investment Grade  Putnam High Income  Putnam High Yield  Grade Municipal 
    Municipal Trust  Securities Fund  Municipal Trust  Trust 

Common    4,517,546.20  21,546,985.27  21,131,981.15  20,235,386.57 

Preferred    320.00    900.00  1,400.00 


A-3


    Putnam Master  Putnam New York     
    Intermediate Income  Investment Grade  Putnam Premier  Putnam Tax-Free 
    Trust  Municipal Trust  Income Trust  Health Care Fund 

Common    91,389,179.63  2,775,583.20  178,799,200.45  13,435,771.46 

Preferred      200.00     

 
  Putnam Managed         
  Municipal Income    Putnam Municipal    Putnam Municipal 
  Trust    Bond Fund    Opportunities Trust 

Common  44,658,877.70    16,784,709.41    15,172,510.20 

Series A Preferred  550.00    2,920.00    800.00 

Series B Preferred  550.00    2,400.00    1,620.00 

Series C Preferred  650.00        1,620.00 

 
  Putnam VT         
  American      Putnam VT  Putnam VT 
  Government  Putnam VT Capital  Putnam VT Capital  Discovery Growth  Diversified Income 
  Income Fund  Appreciation Fund  Opportunities Fund  Fund  Fund 

Class IA  7,067,352.30  2,922,895.64  1,571,121.84  1,860,663.81  32,042,509.43 

Class IB  5,643,928.66  2,343,331.93  1,303,057.65  4,177,181.16  21,961,115.93 

 
    Putnam VT The  Putnam VT Global     
  Putnam VT Equity  George Putnam Fund  Asset Allocation  Putnam VT Global  Putnam VT Growth 
  Income Fund  of Boston  Fund  Equity Fund  and Income Fund 

Class IA  8,276,290.10  24,852,762.65  18,531,543.55  37,648,893.62  108,760,571.76 

Class IB  7,151,770.71  22,860,556.96  5,449,017.93  5,641,156.26  26,283,390.89 

 
          Putnam VT 
  Putnam VT Growth  Putnam VT Health  Putnam VT  Putnam VT  International Equity 
  Opportunities Fund  Sciences Fund  High Yield Fund  Income Fund  Fund 

Class IA  3,933,806.14  8,113,723.80  52,822,019.32  33,494,430.97  19,428,381.26 

Class IB  5,444,573.65  11,040,152.95  21,393,548.76  23,725,014.48  41,720,259.80 

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

Class IA  16,477,887.45  6,289,256.68  20,363,311.31  3,598,840.41  199,471,422.59 

Class IB  7,020,219.95  9,079,615.87  19,002,910.36  1,762,566.50  192,517,577.58 

 
      Putnam VT OTC &     
  Putnam VT New  Putnam VT New  Emerging Growth  Putnam VT Research  Putnam VT Small 
  Opportunities Fund  Value Fund  Fund  Fund  Cap Value Fund 

Class IA  54,242,526.61  20,229,842.20  5,758,192.19  5,328,590.92  9,913,500.45 

Class IB  7,086,946.71  16,084,839.46  4,822,512.27  7,780,017.61  30,338,512.99 

 
  Putnam VT Utilities         
  Growth and Income    Putnam VT    Putnam VT 
  Fund    Vista Fund    Voyager Fund 

Class IA  17,556,287.34    11,847,214.18    45,658,943.22 

Class IB  3,446,135.67    15,577,482.04    13,591,095.47 


A-4


APPENDIX B

Form of New Management Contract

This Management Contract is dated as of ____________, 2007 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 co nduct 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. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.

(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stab ility 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 investme nt 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.

B-1


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

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

(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities 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/quarterly]1 at the annual rates set forth on Schedule B attached to this Contract, as from time to time amended.

[This paragraph included for all funds except closed-end funds] “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each [month/quarter] while this Contract is in effect. The fee is payable for each [month/quarter] within [15/30]2 days after the close of the [month/quarter].

[This paragraph included for Putnam California Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities Trust, and Putnam New York Investment Grade Municipal Trust only] “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value during each quarter at the close of business on the last business day of each week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter.

[This paragraph included for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust, and Putnam Premier Income Trust only] “Average Net Assets” means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes), determined at the close of the last business day of each

1 Fees are computed and paid monthly for Putnam AMT-Free Insured Municipal Fund, Putnam Floating Rate Income Fund, Putnam Global Equity Fund, Putnam Income Strategies Fund, Putnam OTC & Emerging Growth Fund, Putnam Prime Money Market Fund, Putnam RetirementReady 2050 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2035 Fund, Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2025 Fund, Putnam RetirementReady 2020 Fund, Putnam RetirementReady 2015 Fund, Putnam RetirementReady 2010 Fund, Putnam RetirementReady Maturity Fund, Putnam Tax-Free High Yield Fund, Putnam VT Capital Appreciation Fund, Putnam VT Capital Opportunities Fund, Putnam VT Discovery Growth Fund, Putnam VT Equity Income Fund, and Putnam VT Mid Cap Value Fund. For all other Putnam funds, fees are computed and paid quarterly.

2 Fees are payable within 15 days after the close of the month for Putnam AMT-Free Insured Municipal Fund, Putnam Income Strategies Fund, Putnam Prime Money Market Fund, and Putnam Tax-Free High Yield Fund. Fees are payable within 30 days after the close of the month or quarter, as applicable, for all other Putnam funds.

B-2


week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter. As used in this Section 3, “leverage for investment purposes” means any incurrence of indebtedness the proceeds of which are to be invested in accordance with the Fund’s investment objective. For purposes of calculating Average Net Assets, liabilities associated with any instruments or transactions used to leverage the Fund’s portfolio for investment purposes (whether or not such instruments or transactions are “covered” within the meaning of the 1940 Act and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff) are not considered liabilities. For purposes of calculating Average Net Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the “Underlying Asset”) of the Fund to a counterparty in a reverse repurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.

[This paragraph included for Putnam Tax-Free Health Care Fund only] “Average Net Assets” means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes), determined at the close of the last business day of each week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter. As used in this Section 3, “leverage for investment purposes” means any incurrence of indebtedness or issuance of Preferred Shares (as defined below), the proceeds of which are to be invested in accordance with the Fund’s investment objective. For purposes of calculating Average Net Assets, neither the liquidati on preference of any Preferred Shares nor any liabilities associated with any instruments or transactions used to leverage the Fund’s portfolio for investment purposes (whether or not such instruments or transactions are “covered” within the meaning of the 1940 Act and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff), is considered a liability. For purposes of calculating Average Net Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the “Underlying Asset”) of the Fund to a counterparty in a reverse repurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.

[This paragraph included for Putnam California Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities Trust, and Putnam New York Investment Grade Municipal Trust only] In the event that the amount of dividends payable with respect to any outstanding shares of beneficial interest of the Fund with preference rights (“Preferred Shares”) during any period for which regular payments of dividends or other distributions on such Preferred Shares are payable (each, a “Dividend Period”) plus expenses attributable to such Preferred Shares for such Dividend Period exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Dividend Period as a result of the fact that s uch Preferred Shares were outstanding during such Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i) the aggregate liquidation preference of the average number of Preferred Shares outstanding during the Period by (ii) the percentage of the aggregate net asset value of the Fund which the fee payable to the Manager during such Period pursuant to this Section 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Dividend Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Dividend Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to the Preferred Shares and the portion of the Fund’s net income and net short-term cap ital gains accruing during any Dividend Period as a result of the fact that Preferred Shares were outstanding during such Period shall be determined by the Trustees of the Fund.

[For Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust, and Putnam Premier Income Trust only] In the event that, during any period for which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes

B-3


(a “Measurement Period”), the amount of interest payments and fees with respect to such indebtedness or other obligation, plus additional expenses attributable to any such leverage for investment purposes for such Measurement Period, exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such indebtedness or other obligation was outstanding during the Measurement Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i) the aggregate value of all assets representing leverage for investment purposes by (ii) the percentage of the Average Net Assets of the Fund which the fee payable to the Manager during such Measurement Period pursuant to this Sec tion 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Measurement Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Measurement Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to leverage for investment purposes and the portion of the Fund’s net income and net short-term capital gains accruing during any Measurement Period as a result of the fact that leverage for investment purposes was outstanding during such Measurement Period shall be determined by the Trustees of the Fund.

[For Putnam Tax-Free Health Care Fund only] In the event that, during any period for which payments of dividends or other distributions on any outstanding shares of beneficial interest of the Fund having a preference as to dividends and/or in liquidation over the Fund’s common shares of beneficial interest (“Preferred Shares”) are payable or during which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes (a “Measurement Period”), the amount of dividends or other distributions payable with respect to such Preferred Shares, plus the amount of interest payments and fees with respect to such indebtedness or other obligation, plus additional expenses attributable to any such leverage for investment purposes for such Measurement Period, exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such Preferred Shares and/or such indebtedness or other obligation was outstanding during the Measurement Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i)(A) the aggregate liquidation preference of the average number of Preferred Shares outstanding during the Period plus (B) the aggregate value of all other assets representing leverage for investment purposes by (ii) the percentage of the Average Net Assets of the Fund which the fee payable to the Manager during such Measurement Period pursuant to this Section 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Measurement Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Measurement Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to leverage for investment purposes and the portion of the Fund’s net income and net short-term capital gains accruing during any Measurement Period as a result of the fact that Preferred Shares and/or other leverage for investment purposes were outstanding during such Measurement Period shall be determined by the Trustees of the Fund.

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

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

B-4


the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.

If the Manager serves for less than the whole of a [month/quarter], 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 Exchange Commission or its staff.

5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) through June 30, 2008, 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 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 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 Exchange Commission or its staff.

7. NON-LIABILITY OF MANAGER.

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

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

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

B-5


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

[NAME OF FUND]

By:
___________________________


PUTNAM INVESTMENT
MANAGEMENT, LLC

By:
___________________________

B-6


Schedule A  Schedule B 
 
[LIST OF FUNDS]  [FEE SCHEDULE. See Appendix E to this proxy 
  statement for each fund’s detailed fee information.] 

B-7


APPENDIX C

Comparison of Terms of
Management Contracts

As noted above, the Trustees have taken the opportunity presented by the need to approve new management contracts to standardize, clarify and modernize various provisions of your fund’s management contract. This Appendix C describes certain differences between the proposed new management contract and the current management contracts. Except as noted, the proposed new management contract for a fund does not differ in any substantive respects from a fund’s current management contract. Minor clarifications of language, corrections of obvious typographical errors and elimination of outdated provisions with no current or future application that do not change a reasonable substantive interpretation of a contract are not separately described. The complete text of the form of the proposed new management contract is included in Appendix B and you should refer to that Appendix for the complete terms of the contract. For each fund’s particular fee schedule, please refer to Appendix E. Note that defined terms reflected here are defined in the proposed management contract at Appendix B (i.e., Manager).

Names

The current management contracts for some funds have not been updated to reflect the current name and jurisdiction of organization of the funds’ investment adviser, Putnam Investment Management, LLC, a Delaware limited liability company. In addition, for a number of funds, the current management contracts have not been updated to reflect new fund names (as a result of the creation of a new fund) or the termination of a prior fund (e.g., in the case of a fund merger). The proposed management contracts reflect the current name and jurisdiction of organization of the funds’ investment adviser, Putnam Investment Management, LLC, as well as the current names of the funds.

Services

Putnam Municipal Opportunities Trust
Putnam Prime Money Market Fund

These funds are currently party to separate investment management and administrative services contracts with the Manager. Each fund’s current investment management contract, in comparison with its proposed new management contract, does not include provisions relating to administrative services. If the proposed new management contracts for these funds are approved, these funds’ administrative services contracts will be terminated and the funds will receive administrative (and investment management) services under the proposed new management contract.

Sub-Advisers and Sub-Administrators

All Putnam funds

None of the funds’ current management contracts specifically address the Manager’s ability to delegate responsibilities to sub-advisers or sub-administrators. A provision is included in the proposed new management contracts for all of the funds that explicitly recognizes the Manager’s ability to delegate responsibilities, in accordance with current interpretations and guidance of the SEC’s staff. In addition, the proposed new management contract provides that a delegation of the Manager’s responsibilities permitted under the contract is not deemed to constitute an “assignment” that would automatically cause the contract to terminate. The funds do not anticipate any change in the Manager’s delegation of responsibilities as a result of these changes.

C-1


Fees

Putnam Municipal Opportunities Trust
Putnam Prime Money Market Fund

The current management contracts and the proposed new management contracts for these funds provide that the fund will pay the Manager compensation for the Manager’s investment management services rendered, for the facilities furnished to the fund, and for the expenses borne by the Manager in connection with providing such services and facilities, including placing orders with brokers or dealers for the purchase and sale of portfolio investments for the fund. As mentioned above, the proposed new management contracts for these funds also address the provision of administrative services. Thus, the proposed new management contracts for these funds include the fees for both investment and administrative services. There is no change in the aggregate fees that each of these funds will pay to the Manager for investment management and administrative services. Please refer to Appendix E for information about the applicable fee rates.

Putnam Convertible Income-Growth
Trust Putnam Equity Income Fund
The Putnam Fund for Growth and Income
The George Putnam Fund of Boston
Putnam Global Natural Resources Fund
Putnam Income Fund
Putnam Investors Fund
Putnam Vista Fund
Putnam Voyager Fund

The current management contracts for these funds do not address a reduction of management fees through an expense limitation voluntarily agreed to in writing by the Manager in the event that the expenses of the fund exceed any expense limitation which the Manager may have declared to be effective. The proposed new management contracts include a provision addressing the possibility that management fees may be reduced where expenses of the fund exceed any voluntary expense limitations assumed by the Manager.

Term and Termination

All Putnam funds

The current management contracts provide that either party may terminate the contract as to a fund by not more than 60 days’ nor less than 30 days’ written notice. Each proposed new management contract provides that either party to it may terminate the contract as to a fund at any time by not less than 60 days’ written notice, which, from the funds’ perspective, provides a more reasonable period of time during which to seek a new investment adviser if the Manager terminates the contract.

All Putnam funds

Each proposed new management contract provides that it is effective upon execution and will remain in full force and effect as to a fund continuously thereafter, unless terminated automatically in the event of assignment or by either party to the contract by written notice (as described above), through June 30, 2008, and that after June 30, 2008 it will continue from year to year so long as its continuance is approved at least annually in a specified manner. The current management contracts’ provisions addressing effective period and termination do not contain any reference to June 30, 2008 but are otherwise substantively the same as the provisions in the proposed new management contract.

C-2


APPENDIX D

Management Contracts: Dates and Approvals

The following table contains information regarding the date of each fund’s current management contract, the date on which it was last approved by shareholders and the purpose for that submission. Except as noted, for each fund listed below, the date on which the continuance of its management contract was last approved by the Board of Trustees was June 9, 2006.

      Purpose of Last 
      Submission of 
    Date Current  Current 
    Management  Management 
    Contract Last  Contract to 
  Date of Current  Submitted to  Shareholder 
Fund  Management Contract  Shareholder Vote  Vote 

 
Putnam American Government Income Fund  03/05/98  March 5, 1998  Fee increase 

Putnam AMT-Free Insured Municipal Fund  07/26/85, as most recently  July 7, 1991  Fee increase 
revised 03/21/05      

Putnam Arizona Tax Exempt Income Fund  07/16/99  March 5, 1992                Fee structure 
      change 

Putnam Asset Allocation: Balanced Portfolio  01/20/97  November 4, 1993  Organization of 
      the fund 

Putnam Asset Allocation: Conservative Portfolio  01/20/97  November 4, 1993  Organization of 
      the fund 

Putnam Asset Allocation: Growth Portfolio  01/20/97  November 4, 1993  Organization of 
      the fund 

Putnam California Investment Grade Municipal Trust*  01/01/06  November 12, 1992  Organization of 
      the fund 

Putnam California Tax Exempt Income Fund  07/01/99  July 11, 1991  Fee structure 
      change 

Putnam Capital Appreciation Fund  09/20/96  May, 1993  Organization of 
      the fund 

Putnam Capital Opportunities Fund^  12/02/94, as most recently  June 1, 1998  Organization of 
  revised 02/09/07    the fund 

Putnam Classic Equity Fund  10/07/94  June 6, 1991  Fee increase 

Putnam Convertible Income-Growth Trust  02/20/97  July 1, 1994  Fee increase 

Putnam Discovery Growth Fund  09/29/95  September 8, 1995  Fee increase 

Putnam Diversified Income Trust  01/20/97  August, 1988  Organization of 
      the fund 

Putnam Equity Income Fund  07/11/96  July 11, 1996  Fee increase 

Putnam Europe Equity Fund  10/21/96  September 7, 1990  Organization of 
      the fund 

 
Putnam Floating Rate Income Fund  06/07/96, as most recently  June, 2004  Organization of 
  revised 06/25/04    the fund 


D-1


      Purpose of Last 
      Submission of 
    Date Current  Current 
    Management  Management 
    Contract Last  Contract to 
  Date of Current  Submitted to  Shareholder 
Fund  Management Contract  Shareholder Vote  Vote 

 
The Putnam Fund for Growth and Income  07/01/00  July 11, 1991  Fee structure 
      change 

The George Putnam Fund of Boston  07/11/96  July 11, 1996  Fee increase 

Putnam Global Equity Fund  12/07/00  December 7, 2000  Fee increase 

Putnam Global Income Trust  07/01/99  July 11, 1991  Fee structure 
      change 

Putnam Global Natural Resources Fund  12/20/96  July 9, 1992  Fee decrease 

Putnam Growth Opportunities Fund^  12/02/94, as most recently  October 2, 1995  Organization of 
  revised 02/09/07    the fund 

Putnam Health Sciences Trust  10/20/96  March 5, 1992  Fee increase 

Putnam High Income Securities Fund*  01/01/06  July 14, 2005  Permit compensation 
      for the management 
      of leveraged assets 

Putnam High Yield Advantage Fund  03/20/97  May 5, 1994  Fee increase 

Putnam High Yield Municipal Trust*  01/01/06  June 6, 1991  Continuation of 
      contract without any 
      changes approved at 
      first shareholder meeting 

Putnam High Yield Trust  12/20/96  July 8, 1993  Fee increase 

Putnam Income Fund  04/06/95  April 6, 1995  Fee increase 

Putnam Income Strategies Fund  06/07/96, as most recently  September 13, 2004  Organization of 
  revised 06/25/04    the fund 

Putnam International Capital Opportunities Fund^  12/02/94, as most recently  December 28, 1995  Organization of 
  revised 02/09/07    the fund 

Putnam International Equity Fund  10/21/96  October, 1990  Organization of 
      the fund 

Putnam International Growth and Income Fund  06/07/96, as most recently  August 1, 1996  Organization of 
  revised 06/25/04    the fund 

 
Putnam International New Opportunities Fund^  12/02/94, as most recently  January 3, 1995  Organization of 
  revised 02/09/07    the fund 

Putnam Investment Grade Municipal Trust*  01/01/06  July 11, 1991  Continuation of 
      contract without any 
      changes approved at first 
      shareholder meeting 


D-2


      Purpose of Last 
      Submission of 
    Date Current  Current 
    Management  Management 
    Contract Last  Contract to 
  Date of Current  Submitted to  Shareholder 
Fund  Management Contract  Shareholder Vote  Vote 

 
Putnam Investors Fund  11/20/96  July 9, 1992  Fee increase 

Putnam Limited Duration Government Income Fund  07/01/00  February 16, 1993  Organization of 
      the fund 

Putnam Managed Municipal Income Trust*  01/01/06  February 24, 1989  Organization of 
      the fund 

Putnam Massachusetts Tax Exempt Income Fund  07/01/99  July 11, 1991  Fee structure 
      change 

Putnam Master Intermediate Income Trust*  01/01/06  July 14, 2005  Permit compensation 
      for the management of 
      leveraged assets 

Putnam Michigan Tax Exempt Income Fund  07/01/99  July 11, 1991  Fee structure 
      change 

Putnam Mid Cap Value Fund^  12/02/94, as most recently  November 1, 1999  Organization of 
  revised 02/09/07    the fund 

Putnam Minnesota Tax Exempt Income Fund  07/01/99  July 11, 1991  Fee structure 
      change 

Putnam Money Market Fund*  01/01/06  November 5, 1982  Fee decrease 

Putnam Municipal Bond Fund*  01/01/06  November 12, 1992  Organization of 
      the fund 

Putnam Municipal Opportunities Trust*  01/01/06  May 13, 1993  Organization of 
      the fund 

Putnam New Jersey Tax Exempt Income Fund  07/01/99  July 11, 1991  Fee structure 
      change 

Putnam New Opportunities Fund  07/01/00  December 5, 1991  Fee decrease 

Putnam New Value Fund^  12/02/94, as most recently  January 3, 1995  Organization of 
  revised 02/09/07    the fund 

Putnam New York Investment Grade Municipal Trust*  01/01/06  November 12, 1992  Organization of 
      the fund 

Putnam New York Tax Exempt Income Fund  07/01/99  July 11, 2001  Fee increase 

Putnam Ohio Tax Exempt Income Fund  07/01/99  July 11, 2001  Fee structure 
      change 

Putnam OTC & Emerging Growth Fund  11/20/96  July 8, 1993  Fee structure 
      change 

Putnam Pennsylvania Tax Exempt Income Fund  07/01/99  July 11, 1991  Fee structure 
      change 


D-3


      Purpose of Last 
      Submission of 
    Date Current  Current 
    Management  Management 
    Contract Last  Contract to 
  Date of Current  Submitted to  Shareholder 
Fund  Management Contract  Shareholder Vote  Vote 

 
Putnam Premier Income Trust*  01/01/06  July 14, 2005  Permit compensation for 
      the management of 
      leveraged assets 

Putnam Prime Money Market Fund  02/13/03  February, 2003  Organization of 
      the fund 

Putnam Research Fund**^  12/02/94, as most recently  December 14, 2006  Eliminating the incentive 
  revised 02/09/07    fee component of the 
      management fee 

Putnam RetirementReady 2010 Fund  06/11/04, as most recently  October 28, 2004  Organization of 
  revised 03/10/05    the fund 

Putnam RetirementReady 2015 Fund  06/11/04, as most recently  October 28, 2004  Organization of 
  revised 03/10/05    the fund 

Putnam RetirementReady 2020 Fund  06/11/04, as most recently  October 28, 2004  Organization of 
  revised 03/10/05    the fund 

Putnam RetirementReady 2025 Fund  06/11/04, as most recently  October 28, 2004  Organization of 
  revised 03/10/05    the fund 

Putnam RetirementReady 2030 Fund  06/11/04, as most recently  October 28, 2004  Organization of 
  revised 03/10/05    the fund 

Putnam RetirementReady 2035 Fund  06/11/04, as most recently  October 28, 2004  Organization of 
  revised 03/10/05    the fund 

Putnam RetirementReady 2040 Fund  06/11/04, as most recently  October 28, 2004  Organization of 
  revised 03/10/05    the fund 

Putnam RetirementReady 2045 Fund  06/11/04, as most recently  October 28, 2004  Organization of 
  revised 03/10/05    the fund 

Putnam RetirementReady 2050 Fund  06/11/04, as most recently  April 22, 2005  Organization of 
  revised 03/10/05    the fund 

Putnam RetirementReady Maturity Fund  06/11/04, as most recently  October 28, 2004  Organization of 
  revised 03/10/05    the fund 

Putnam Small Cap Growth Fund  06/07/96, as most recently  December 31, 1997  Organization of 
  revised 06/25/04    the fund 

Putnam Small Cap Value Fund^  12/02/94, as most recently  April 13, 1999  Organization of 
  revised 02/09/07    the fund 

Putnam Tax Exempt Income Fund  07/01/99  July 11, 1991  Fee increase 

Putnam Tax Exempt Money Market Fund  01/20/97  July 9, 1992  Fee decrease 

Putnam Tax-Free Health Care Fund***  01/01/06  December 27, 2005  Permit compensation for 
      the management of 
      leveraged assets 

Putnam Tax-Free High Yield Fund  07/26/85, as most recently  May 5, 1994  Fee increase 
revised 03/21/05          

Putnam Tax Smart Equity Fund®  04/13/99  April, 1999  Organization of 
      the fund 


D-4


      Purpose of Last 
      Submission of 
    Date Current  Current 
    Management  Management 
    Contract Last  Contract to 
  Date of Current  Submitted to  Shareholder 
Fund  Management Contract  Shareholder Vote  Vote 

 
Putnam U.S. Government Income Trust  07/08/94  July 11, 1991  Fee decrease 

Putnam Utilities Growth and Income Fund  02/20/97  March 5, 1992  Fee structure 
      change 

Putnam Vista Fund  11/20/96  July 8, 1993  Fee increase 

Putnam Voyager Fund  07/01/00  July 11, 1991  Fee increase 

Putnam VT American Government Income Fund  10/02/87, as most recently  February 1, 2000  Organization of 
  revised 03/17/03    the fund 

Putnam VT Capital Appreciation Fund  10/02/87, as most recently  September 29, 2000  Organization of 
  revised, 03/17/03    the fund 

Putnam VT Capital Opportunities Fund  10/02/87, as most recently  May 1, 2003  Organization of 
  revised 03/17/03    the fund 

Putnam VT Discovery Growth Fund  10/02/87, as most recently  September 29, 2000  Organization of 
  revised 03/17/03    the fund 

Putnam VT Diversified Income Fund  10/02/87, as most recently  September 15, 1993  Organization of 
  revised 03/17/03    the fund 

Putnam VT Equity Income Fund  10/02/87, as most recently  May 1, 2003  Organization of 
  revised 03/17/03    the fund 

Putnam VT The George Putnam Fund of Boston  10/02/87, as most recently  April 30, 1998  Organization of 
  revised 03/17/03    the fund 

Putnam VT Global Asset Allocation Fund  10/02/87, as most recently  February 1, 1988  Organization of 
  revised 03/17/03    the fund 

Putnam VT Global Equity Fund  10/02/87, as most recently  November 4, 1999  Fee increase 
revised 03/17/03

Putnam VT Growth and Income Fund  10/02/87, as most recently  February 1, 1988  Organization of 
  revised 03/17/03    the fund 

Putnam VT Growth Opportunities Fund  10/02/87, as most recently  February 1, 2000  Organization of 
  revised 03/17/03    the fund 

Putnam VT Health Sciences Fund  10/02/87, as most recently  April 30, 1998  Organization of 
  revised 03/17/03    the fund 

Putnam VT High Yield Fund  10/02/87, as most recently  February 1, 1988  Organization of 
  revised 03/17/03    the fund 

Putnam VT Income Fund  10/02/87, as most recently  July 13, 1995  Fee increase 
revised 03/17/03

Putnam VT International Equity Fund  10/02/87, as most recently  January 2, 1997  Organization of 
  revised 03/17/03    the fund 

Putnam VT International Growth and Income Fund  10/02/87, as most recently  January 2, 1997  Organization of 
  revised 03/17/03    the fund 

Putnam VT International New Opportunities Fund  10/02/87, as most recently  January 2, 1997  Organization of 
  revised 03/17/03    the fund 

Putnam VT Investors Fund  10/02/87, as most recently  April 30, 1998  Organization of 
  revised 03/17/03    the fund 

Putnam VT Mid Cap Value Fund  10/02/87, as most recently  May 1, 2003  Organization of 
  revised 03/17/03    the fund 


D-5


      Purpose of Last 
      Submission of 
    Date Current  Current 
    Management  Management 
    Contract Last  Contract to 
  Date of Current  Submitted to  Shareholder 
Fund  Management Contract  Shareholder Vote  Vote 

 
Putnam VT Money Market Fund  10/02/87, as most recently  February 1, 1988  Organization of 
  revised 03/17/03    the fund 

Putnam VT New Opportunities Fund  10/02/87, as most recently  May 2, 1994  Organization of 
  revised 03/17/03    the fund 

Putnam VT New Value Fund  10/02/87, as most recently  January 2, 1997  Organization of 
  revised 03/17/03    the fund 

Putnam VT OTC & Emerging Growth Fund  10/02/87, as most recently  April 30, 1998  Organization of 
  revised 03/17/03    the fund 

Putnam VT Research Fund  10/02/87, as most recently  September 30, 1998  Organization of 
  revised 03/17/03    the fund 

Putnam VT Small Cap Value Fund  10/02/87, as most recently  April 30, 1999  Organization of 
  revised 03/17/03    the fund 

Putnam VT Utilities Growth and Income Fund  10/02/87, as most recently  July 11, 1996  Fee increase 
revised 03/17/03

Putnam VT Vista Fund  10/02/87, as most recently  January 2, 1997  Organization of 
  revised 03/17/03    the fund 

Putnam VT Voyager Fund  10/02/87, as most recently  February 1, 1988  Organization of 
  revised 03/17/03    the fund 


* At a meeting held on January 13, 2006, the Board of Trustees formally approved revised management contracts for these funds reflecting management fee reductions.

** At a meeting held on October 13, 2006, the Board of Trustees formally approved a revised management contract for this fund, amending the management contract to remove the incentive fee component from the management fee.

*** At a meeting held on July 15, 2005, the Board of Trustees formally approved a revised management contract for this fund, reflecting a management fee reduction and changing the fee base under the contract to “average weekly assets,” which includes assets representing leverage for investment purposes.

^ At a meeting held on February 9, 2007, the Board of Trustees amended the management contract of Putnam Investment Funds, the Trust of which Putnam Capital Opportunities Fund, Putnam Growth Opportunities Fund, Putnam International Capital Opportunities Fund, Putnam International New Opportunities Fund, Putnam Mid Cap Value Fund, Putnam New Value Fund, Putnam Research Fund, and Putnam Small Cap Value Fund are series, to eliminate references to funds no longer in existence or which have separate management contracts with Putnam Management.

D-6


APPENDIX E

Management Contracts: Fees       
 
 
 
The following table sets forth the management fee schedule, the amount of management fees paid in the most recent fiscal year for each fund, and the annual rate at which fees were paid. 
   
 
      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

 
Putnam American  First $500 million  0.65%  4,373,306  0.55% of average 
Government Income Fund  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam AMT-Free  The lesser of 0.50%, or    1,790,563  0.50% of average 
Insured Municipal Fund  First $500 million  0.60%    net assets 
  Next $500 million  0.50%     
  Next $500 million  0.45%     
  Next $5 billion  0.40%     
  Next $5 billion  0.375%     
  Next $5 billion  0.355%     
  Next $5 billion  0.34%     
  Any excess thereafter  0.33%     

 
Putnam Arizona Tax  The lesser of 0.50%, or    396,902  0.41% of average 
Exempt Income Fund  First $500 million  0.60%    net assets 
  Next $500 million  0.50%     
  Next $500 million  0.45%     
  Next $5 billion  0.40%     
  Next $5 billion  0.375%     
  Next $5 billion  0.355%     
  Next $5 billion  0.34%     
  Any excess over $21.5 billion  0.33%     

 
Putnam Asset Allocation:  First $500 million  0.70%  10,841,716  0.58% of average 
Balanced Portfolio  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess over $21.5 billion  0.43%     

 
Putnam Asset Allocation:  First $500 million  0.70%  5,759,923  0.63% of average 
Conservative Portfolio  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess over $21.5 billion  0.43%     

 
Putnam Asset Allocation:  First $500 million  0.70%  9,639,295  0.60% of average 
Growth Portfolio  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess over $21.5 billion  0.43%     


E-1


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam California Investment  The lesser of 0.55%, or    531,472  0.77% of average 
Grade Municipal Trust  First $500 million  0.65%    weekly net assets 
  Next $500 million  0.55%    attributable to 
  Next $500 million  0.50%    common shares* 
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam California Tax  The lesser of 0.50%, or    10,368,635  0.48% of average 
Exempt Income Fund  First $500 million  0.60%    net assets 
  Next $500 million  0.50%     
  Next $500 million  0.45%     
  Next $5 billion  0.40%     
  Next $5 billion  0.375%     
  Next $5 billion  0.355%     
  Next $5 billion  0.34%     
  Any excess thereafter  0.33%     

 
Putnam Capital  First $500 million  0.65%  4,388,833  0.62% of average 
Appreciation Fund  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess over $21.5 billion  0.38%     

 
Putnam Capital  First $500 million  0.65%  6,363,713  0.59% of average 
Opportunities Fund  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam Classic Equity Fund  First $500 million  0.65%  4,836,159  0.61% of average 
  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam Convertible  First $500 million  0.65%  4,231,616  0.62% of average 
Income-Growth Trust  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam Discovery  First $500 million  0.70%  5,497,942  0.60% of average 
Growth Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     


E-2


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam Diversified  First $500 million  0.70%  17,403,729  0.55% of average 
Income Trust  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam Equity Income Fund  First $500 million  0.65%  18,067,258  0.50% of average 
  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam Europe Equity Fund  First $500 million  0.80%  4,213,337  0.79% of average 
  Next $500 million  0.70%    net assets 
  Next $500 million  0.65%     
  Next $5 billion  0.60%     
  Next $5 billion  0.575%     
  Next $5 billion  0.555%     
  Next $5 billion  0.54%     
  Any excess thereafter  0.53%     

 
Putnam Floating Rate  First $500 million  0.65%  1,719,001**  0.62% of average 
Income Fund  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Next $5 billion  0.38%     
  Next $5 billion  0.37%     
  Next $5 billion  0.36%     
  Next $5 billion  0.35%     
  Next $5 billion  0.34%     
  Next $8.5 billion  0.33%     
  Any excess thereafter  0.32%     

 
The Putnam Fund for  First $500 million  0.65%  67,376,969  0.44% of average 
Growth and Income  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Next $5 billion  0.38%     
  Next $5 billion  0.37%     
  Next $5 billion  0.36%     
  Next $5 billion  0.35%     
  Next $5 billion  0.34%     
  Next $8.5 billion  0.33%     
  Any excess over $55 billion  0.32%     

 
The George Putnam Fund  First $500 million  0.65%  23,520,227  0.48% of average 
of Boston  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     


E-3


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam Global Equity Fund  First $500 million  0.80%  15,165,340  0.68% of average 
  Next $500 million  0.70%    net assets 
  Next $500 million  0.65%     
  Next $5 billion  0.60%     
  Next $5 billion  0.575%     
  Next $5 billion  0.555%     
  Next $5 billion  0.54%     
  Next $5 billion  0.53%     
  Next $5 billion  0.52%     
  Next $5 billion  0.51%     
  Next $5 billion  0.50%     
  Next $5 billion  0.49%     
  Next $8.5 billion  0.48%     
  Any excess over $55 billion  0.47%     

 
Putnam Global Income Trust  First $500 million  0.70%  528,321  0.39% of average 
  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam Global Natural  First $500 million  0.70%  4,126,921  0.68% of average 
Resources Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam Growth  First $500 million  0.70%  2,913,736  0.36% of average 
Opportunities Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam Health Sciences Trust  First $500 million  0.70%  14,802,805  0.57% of average 
  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess over $21.5 billion  0.43%     

 
Putnam High Income  First $500 million  0.70%  1,372,004  0.71% of average 
Securities Fund  Next $500 million  0.60%    weekly net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Next $5 billion  0.43%     
  Next $5 billion  0.42%     
  Next $5 billion  0.41%     
  Next $5 billion  0.40%     
  Next $5 billion  0.39%     
  Next $8.5 billion  0.38%     
  Any excess thereafter  0.37%     


E-4


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam High Yield  First $500 million  0.70%  5,676,755  0.66% of average 
Advantage Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam High Yield  The lesser of 0.55%, or    1,448,462  0.83% of average 
Municipal Trust  First $500 million  0.65%    weekly net assets 
  Next $500 million  0.55%    attributable to 
  Next $500 million  0.50%    common shares* 
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam High Yield Trust  First $500 million  0.70%  13,784,128  0.57% of average 
  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam Income Fund  First $500 million  0.65%  11,940,410  0.47% of average 
  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam Income  First $500 million  0.65%  0***  0.00%*** 
Strategies Fund  Next $500 million  0.55%     
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Next $5 billion  0.38%     
  Next $5 billion  0.37%     
  Next $5 billion  0.36%     
  Next $5 billion  0.35%     
  Next $5 billion  0.34%     
  Next $8.5 billion  0.33%     
  Any excess thereafter  0.32%     

 
Putnam International  First $500 million  1.00%  13,345,775  0.92% of average 
Capital Opportunities Fund  Next $500 million  0.90%    net assets 
  Next $500 million  0.85%     
  Next $5 billion  0.80%     
  Next $5 billion  0.775%     
  Next $5 billion  0.755%     
  Next $5 billion  0.74%     
  Any excess thereafter  0.73%     


E-5


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam International  First $500 million  0.80%  39,425,440  0.63% of average 
Equity Fund  Next $500 million  0.70%    net assets 
  Next $500 million  0.65%     
  Next $5 billion  0.60%     
  Next $5 billion  0.575%     
  Next $5 billion  0.555%     
  Next $5 billion  0.54%     
  Any excess over $21.5 billion  0.53%     

 
Putnam International  First $500 million  0.80%  5,732,946  0.72% of average 
Growth and Income Fund  Next $500 million  0.70%    net assets 
  Next $500 million  0.65%     
  Next $5 billion  0.60%     
  Next $5 billion  0.575%     
  Next $5 billion  0.555%     
  Next $5 billion  0.54%     
  Any excess thereafter  0.53%     

 
Putnam International New  First $500 million  1.00%  6,580,631  0.87% of average 
Opportunities Fund  Next $500 million  0.90%    net assets 
  Next $500 million  0.85%     
  Next $5 billion  0.80%     
  Next $5 billion  0.775%     
  Next $5 billion  0.755%     
  Next $5 billion  0.74%     
  Any excess thereafter  0.73%     

 
Putnam Investment Grade  The lesser of 0.55%, or    2,059,634  0.91% of average 
Municipal Trust  First $500 million  0.65%    weekly net assets 
  Next $500 million  0.55%    attributable to 
  Next $500 million  0.50%    common shares* 
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam Investors Fund  First $500 million  0.65%  19,513,803  0.49% of average 
  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess over $21.5 billion  0.38%     

 
Putnam Limited Duration  The lesser of 0.50%, or    2,392,584  0.48% of average 
Government Income Fund  First $500 million  0.60%    net assets 
  Next $500 million  0.50%     
  Next $500 million  0.45%     
  Next $5 billion  0.40%     
  Next $5 billion  0.375%     
  Next $5 billion  0.355%     
  Next $5 billion  0.34%     
  Any excess over $21.5 billion   0.33%     

 
Putnam Managed  The lesser of 0.55%, or    3,167,820  0.84% of average 
Municipal Income Trust  First $500 million  0.65%    weekly net assets 
  Next $500 million  0.55%    attributable to 
  Next $500 million  0.50%    common shares* 
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     


E-6


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam Massachusetts  The lesser of 0.50%, or    1,675,201  0.50% of average 
Tax Exempt Income Fund  First $500 million  0.60%    net assets 
  Next $500 million  0.50%     
  Next $500 million  0.45%     
  Next $5 billion  0.40%     
  Next $5 billion  0.375%     
  Next $5 billion  0.355%     
  Next $5 billion  0.34%     
  Any excess over $21.5 billion  0.33%     

 
Putnam Master  First $500 million  0.75%  4,797,486  0.70% of average 
Intermediate Income Trust  Next $500 million  0.65%    weekly net assets 
  Next $500 million  0.60%     
  Next $5 billion  0.55%     
  Next $5 billion  0.525%     
  Next $5 billion  0.505%     
  Next $5 billion  0.49%     
  Next $5 billion  0.48%     
  Next $5 billion  0.47%     
  Next $5 billion  0.46%     
  Next $5 billion  0.45%     
  Next $5 billion  0.44%     
  Next $8.5 billion  0.43%     
  Any excess thereafter  0.42%     

 
Putnam Michigan Tax  The lesser of 0.50%, or    648,238  0.50% of average 
Exempt Income Fund  First $500 million  0.60%    net assets 
  Next $500 million  0.50%     
  Next $500 million  0.45%     
  Next $5 billion  0.40%     
  Next $5 billion  0.375%     
  Next $5 billion  0.355%     
  Next $5 billion  0.34%     
  Any excess over $21.5 billion  0.33%     

 
Putnam Mid Cap Value Fund  First $500 million  0.70%  5,871,795  0.66% of average 
  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam Minnesota Tax  The lesser of 0.50%, or    538,350  0.45% of average 
Exempt Income Fund  First $500 million  0.60%    net assets 
  Next $500 million  0.50%     
  Next $500 million  0.45%     
  Next $5 billion  0.40%     
  Next $5 billion  0.375%     
  Next $5 billion  0.355%     
  Next $5 billion  0.34%     
  Any excess over $21.5 billion  0.33%     

 
Putnam Money Market Fund  First $100 million  0.50%  10,390,443  0.30% of average 
  Next $100 million  0.40%    net assets 
  Next $300 million  0.35%     
  Next $500 million  0.325%     
  Next $500 million  0.30%     
  Next $2.5 billion  0.275%     
  Next $2.5 billion  0.25%     
  Next $5 billion  0.225%     
  Next $5 billion  0.205%     
  Next $5 billion  0.19%     
  Any excess thereafter  0.18%     


E-7


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam Municipal Bond Fund  The lesser of 0.55%, or    2,290,901  0.97% of average 
  First $500 million  0.65%    weekly net assets 
  Next $500 million  0.55%    attributable to 
  Next $500 million  0.50%    common shares* 
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam Municipal  The lesser of 0.35%, or    1,394,604  0.66% of average 
Opportunities Trust^  First $500 million  0.45%    weekly net assets 
  Next $500 million  0.35%    attributable to 
  Next $500 million  0.30%    common shares* 
  Next $5 billion  0.25%     
  Next $5 billion  0.225%     
  Next $5 billion  0.205%     
  Next $5 billion  0.19%     
  Any excess thereafter  0.18%     

 
Putnam New Jersey  The lesser of 0.50%, or    1,101,027  0.50% of average 
Tax Exempt Income Fund  First $500 million  0.60%    net assets 
  Next $500 million  0.50%     
  Next $500 million  0.45%     
  Next $5 billion  0.40%     
  Next $5 billion  0.375%     
  Next $5 billion  0.355%     
  Next $5 billion  0.34%     
  Any excess over $21.5 billion  0.33%     

 
Putnam New  First $500 million  0.70%  30,814,799  0.53% of average 
Opportunities Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Next $5 billion  0.43%     
  Next $5 billion  0.42%     
  Next $5 billion  0.41%     
  Next $5 billion  0.40%     
  Next $5 billion  0.39%     
  Next $8.5 billion  0.38%     
  Any excess above $55 billion  0.37%     

 
Putnam New Value Fund  First $500 million  0.70%  11,478,217  0.59% of average 
  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam New York  The lesser of 0.55%, or    302,665  0.78% of average 
Investment Grade  First $500 million  0.65%    weekly net assets 
Municipal Trust  Next $500 million  0.55%    attributable to 
  Next $500 million  0.50%    common shares* 
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     


E-8


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam New York  The lesser of 0.50%, or    5,972,705  0.50% of average 
Tax Exempt Income Fund  First $500 million  0.60%    net assets 
  Next $500 million  0.50%     
  Next $500 million  0.45%     
  Next $5 billion  0.40%     
  Next $5 billion  0.375%     
  Next $5 billion  0.355%     
  Next $5 billion  0.34%     
  Any excess over $21.5 billion  0.33%     

 
Putnam Ohio Tax Exempt  The lesser of 0.50%, or    849,434  0.49% of average 
Income Fund  First $500 million  0.60%     
  Next $500 million  0.50%     
  Next $500 million  0.45%     
  Next $5 billion  0.40%     
  Next $5 billion  0.375%     
  Next $5 billion  0.355%     
  Next $5 billion  0.34%     
  Any excess over $21.5 billion  0.33%     

 
Putnam OTC & Emerging  First $500 million  0.70%  6,255,747  0.60% of average 
Growth Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam Pennsylvania Tax  The lesser of 0.50%, or    926,507  0.50% of average 
Exempt Income Fund  First $500 million  0.60%    net assets 
  Next $500 million  0.50%     
  Next $500 million  0.45%     
  Next $5 billion  0.40%     
  Next $5 billion  0.375%     
  Next $5 billion  0.355%     
  Next $5 billion  0.34%     
  Any excess over $21.5 billion  0.33%     

 
Putnam Premier  First $500 million  0.75%  8,927,294  0.66% of average 
Income Trust  Next $500 million  0.65%    weekly net assets 
  Next $500 million  0.60%     
  Next $5 billion  0.55%     
  Next $5 billion  0.525%     
  Next $5 billion  0.505%     
  Next $5 billion  0.49%     
  Next $5 billion  0.48%     
  Next $5 billion  0.47%     
  Next $5 billion  0.46%     
  Next $5 billion  0.45%     
  Next $5 billion  0.44%     
  Next $8.5 billion  0.43%     
  Any excess thereafter  0.42%     

 
Putnam Prime Money    0.20%  2,183,172  0.07% of average 
Market Fund       net assets 

 
Putnam Research Fund†  First $500 million  0.65%  5,269,897  0.53% of average 
  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     


E-9


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam RetirementReady    0.05%  29,736  0.05% of average 
2010 Fund        net assets 

 
Putnam RetirementReady    0.05%  58,932  0.05% of average 
2015 Fund        net assets 

 
Putnam RetirementReady    0.05%  64,225  0.05% of average 
2020 Fund        net assets 

 
Putnam RetirementReady    0.05%  49,571  0.05% of average 
2025 Fund        net assets 

 
Putnam RetirementReady    0.05%  25,310  0.05% of average 
2030 Fund        net assets 

 
Putnam RetirementReady    0.05%  6,096  0.05% of average 
2035 Fund        net assets 

 
Putnam RetirementReady    0.05%  0††  0.00% of average 
2040 Fund        net assets†† 

 
Putnam RetirementReady    0.05%  0††  0.00% of average 
2045 Fund        net assets†† 

 
Putnam RetirementReady    0.05%  0††  0.00% of average 
2050 Fund        net assets†† 

 
Putnam RetirementReady    0.05%  0††  0.00% of average 
Maturity Fund        net assets†† 

 
Putnam Small Cap  First $500 million  1.00%  3,840,676  0.88% of average 
Growth Fund  Next $500 million  0.90%    net assets 
  Next $500 million  0.85%     
  Next $5 billion  0.80%     
  Next $5 billion  0.775%     
  Next $5 billion  0.755%     
  Next $5 billion  0.74%     
  Any excess thereafter  0.73%     

 
Putnam Small Cap  First $500 million  0.80%  6,409,797**  0.76% of average 
Value Fund  Next $500 million  0.70%    net assets 
  Next $500 million  0.65%     
  Next $5 billion  0.60%     
  Next $5 billion  0.575%     
  Next $5 billion  0.555%     
  Next $5 billion  0.54%     
  Any excess thereafter  0.53%     

 
Putnam Tax Exempt  The lesser of 0.50%, or    6,301,826  0.50% of average 
Income Fund  First $500 million  0.60%    net assets 
  Next $500 million  0.50%     
  Next $500 million  0.45%     
  Next $5 billion  0.40%     
  Next $5 billion  0.375%     
  Next $5 billion  0.355%     
  Next $5 billion  0.34%     
  Any excess thereafter  0.33%     

 
Putnam Tax Exempt  First $500 million  0.45%  390,524  0.33% of average 
Money Market Fund  Next $500 million  0.35%    net assets 
  Next $500 million  0.30%     
  Next $5 billion  0.25%     
  Next $5 billion  0.225%     
  Next $5 billion  0.205%     
  Next $5 billion  0.19%     
  Any excess thereafter  0.18%     


E-10


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam Tax-Free  The lesser of 0.55%, or    1,177,515  0.61% of average 
Health Care Fund  First $500 million  0.65%    weekly net assets 
  Next $500 million  0.55%     
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess over $21.5 billion                   0.38%     

 
Putnam Tax-Free  The lesser of 0.50%, or    7,815,394  0.50% of average 
High Yield Fund  First $500 million  0.60%    net assets 
  Next $500 million  0.50%     
  Next $500 million  0.45%     
  Next $5 billion  0.40%     
  Next $5 billion  0.375%     
  Next $5 billion  0.355%     
  Next $5 billion  0.34%     
  Any excess thereafter  0.33%     

 
Putnam Tax Smart  First $500 million  0.70%  1,914,939  0.70% of average 
Equity Fund®  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam U.S. Government  First $500 million  0.57%  6,820,873  0.50% of average 
Income Trust  Next $500 million  0.475%    net assets 
  Next $500 million  0.4275%     
  Any excess over $1.5 billion  0.38%     

 
Putnam Utilities Growth  First $500 million  0.70%  3,727,421  0.68% of average 
and Income Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam Vista Fund  First $500 million  0.65%  14,101,874  0.51% of average 
  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess over $21.5 billion  0.38%     

 
Putnam Voyager Fund  First $500 million  0.70%  51,035,233  0.51% of average 
  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Next $5 billion  0.43%     
  Next $5 billion  0.42%     
  Next $5 billion  0.41%     
  Next $5 billion  0.40%     
  Next $5 billion  0.39%     
  Next $8.5 billion  0.38%     
  Above $55 billion  0.37%     


E-11


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam VT American  First $500 million  0.65%  693,021  0.43% of average 
Government Income Fund  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Next $5 billion  0.38%     
  Next $5 billion  0.37%     
  Next $5 billion  0.36%     
  Next $5 billion  0.35%     
  Any excess thereafter                            0.34%     

 
Putnam VT Capital  First $500 million  0.65%  225,344  0.44% of average 
Appreciation Fund  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Next $5 billion  0.38%     
  Next $5 billion  0.37%     
  Next $5 billion  0.36%     
  Next $5 billion  0.35%     
  Next $5 billion  0.34%     
  Next $8.5 billion  0.33%     
  Any excess thereafter  0.32%     

 
Putnam VT Capital  First $500 million  0.65%  222,790  0.54% of average 
Opportunities Fund  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam VT Discovery  First $500 million  0.70%  105,127  0.27% of average 
Growth Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Next $5 billion  0.43%     
  Next $5 billion  0.42%     
  Next $5 billion  0.41%     
  Next $5 billion  0.40%     
  Next $5 billion  0.39%     
  Next $8.5 billion  0.38%     
  Any excess thereafter  0.37%     

 
Putnam VT Diversified  First $500 million  0.70%  2,933,530  0.61% of average 
Income Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     


E-12


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam VT Equity  First $500 million  0.65%  1,326,897  0.64% of average 
Income Fund  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam VT The George  First $500 million  0.65%  3,969,447  0.62% of average 
Putnam Fund of Boston  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam VT Global Asset  First $500 million  0.70%  2,392,952  0.60% of average 
Allocation Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam VT Global  First $500 million  0.80%  4,692,325  0.78% of average 
Equity Fund  Next $500 million  0.70%    net assets 
  Next $500 million  0.65%     
  Next $5 billion  0.60%     
  Next $5 billion  0.575%     
  Next $5 billion  0.555%     
  Next $5 billion  0.54%     
  Any excess thereafter  0.53%     

 
Putnam VT Growth  First $500 million  0.65%  20,729,712  0.49% of average 
and Income Fund  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam VT Growth  First $500 million  0.70%  243,122  0.46% of average 
Opportunities Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Next $5 billion  0.43%     
  Any excess thereafter  0.42%     

 
Putnam VT Health  First $500 million  0.70%  2,204,609  0.70% of average 
Sciences Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     


E-13


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam VT High Yield Fund  First $500 million  0.70%  3,720,493  0.62% of average 
  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam VT Income Fund  First $500 million  0.65%  3,498,163  0.45% of average 
  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam VT International  First $500 million  0.80%  8,271,996  0.74% of average 
Equity Fund  Next $500 million  0.70%    net assets 
  Next $500 million  0.65%     
  Next $5 billion  0.60%     
  Next $5 billion  0.575%     
  Next $5 billion  0.555%     
  Next $5 billion  0.54%     
  Any excess thereafter  0.53%     

 
Putnam VT International  First $500 million  0.80%  2,838,706  0.70% of average 
Growth and Income Fund  Next $500 million  0.70%    net assets 
  Next $500 million  0.65%     
  Next $5 billion  0.60%     
  Next $5 billion  0.575%     
  Next $5 billion  0.555%     
  Next $5 billion  0.54%     
  Any excess thereafter  0.53%     

 
Putnam VT International  First $500 million  1.00%  2,485,049  0.91% of average 
New Opportunities Fund  Next $500 million  0.90%    net assets 
  Next $500 million  0.85%     
  Next $5 billion  0.80%     
  Next $5 billion  0.775%     
  Next $5 billion  0.755%     
  Next $5 billion  0.74%     
  Any excess thereafter  0.73%     

 
Putnam VT Investors Fund  First $500 million  0.65%  3,216,355  0.65% of average 
  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam VT Mid Cap  First $500 million  0.70%  634,565  0.69% of average 
Value Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     


E-14


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam VT Money  First $500 million  0.45%  1,529,264  0.40% of average 
Market Fund  Next $500 million  0.35%    net assets 
  Next $500 million  0.30%     
  Next $5 billion  0.25%     
  Next $5 billion  0.225%     
  Next $5 billion  0.205%     
  Next $5 billion  0.19%     
  Any excess thereafter  0.18%     

 
Putnam VT New  First $500 million  0.70%  8,663,759  0.62% of average 
Opportunities Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam VT New Value Fund  First $500 million  0.70%  4,475,605  0.67% of average 
  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam VT OTC &  First $500 million  0.70%  575,537  0.67% of average 
Emerging Growth Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     

 
Putnam VT Research Fund  First $500 million  0.65%  1,213,099  0.65% of average 
  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam VT Small Cap  First $500 million  0.80%  6,827,461  0.75% of average 
Value Fund  Next $500 million  0.70%    net assets 
  Next $500 million  0.65%     
  Next $5 billion  0.60%     
  Next $5 billion  0.575%     
  Next $5 billion  0.555%     
  Next $5 billion  0.54%     
  Any excess thereafter  0.53%     

 
Putnam VT Utilities  First $500 million  0.70%  2,437,187  0.67% of average 
Growth and Income Fund  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     


E-15


      Amount of Management Fee   
      Paid in the Most Recent   
      Fiscal Year  Annual Rate at 
      (after applicable waivers and  which Fees 
Fund  Management Fee Schedule    reimbursements, if any) ($)  were Paid 

Putnam VT Vista Fund  First $500 million  0.65%  3,006,605  0.65% of average 
  Next $500 million  0.55%    net assets 
  Next $500 million  0.50%     
  Next $5 billion  0.45%     
  Next $5 billion  0.425%     
  Next $5 billion  0.405%     
  Next $5 billion  0.39%     
  Any excess thereafter  0.38%     

 
Putnam VT Voyager Fund  First $500 million  0.70%  11,832,070  0.59% of average 
  Next $500 million  0.60%    net assets 
  Next $500 million  0.55%     
  Next $5 billion  0.50%     
  Next $5 billion  0.475%     
  Next $5 billion  0.455%     
  Next $5 billion  0.44%     
  Any excess thereafter  0.43%     


* Putnam California Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities Trust, and Putnam New York Investment Grade Municipal Trust are closed-end funds that have issued preferred shares. Management fees for these funds are calculated based on the average net assets of the fund, which includes assets attributable to both common and preferred shares. However, the annual rate stated in this column is determined by attributing the entire amount of the management fee to the common shares, which may cause the stated annual rate in this column to exceed the management fee schedule.

** Amounts for fiscal year ended 02/28/06. Figures for the fund’s most recent fiscal year are not yet available.

*** Due to expense limitations in effect during the fund’s fiscal year ended 02/28/06, Putnam Income Strategies Fund did not pay a management fee to Putnam Management. Figures for the fund’s most recent fiscal year are not yet available.

^ The management fee rate for Putnam Municipal Opportunities Trust represents fees paid only for investment advisory services. As described in this proxy statement, the fund paid Putnam Management separately for administrative services. For the most recent fiscal year, the fund paid an administrative services fee of $662,851 to Putnam Management, totaling 0.32% of the average weekly net assets attributable to common shares. Under the proposed new management contract, the fund will pay a single fee of the lesser of 0.55% of average net assets or, for the first $500 million, 0.65%; next $500 million, 0.55%; next $500 million, 0.50%; next $5 billion, 0.45%; next $5 billion, 0.425%; next $5 billion, 0.405%; next $5 billion, 0.39%; and 0.38% for any excess thereafter.

√ The management fee rate for Putnam Prime Money Market Fund represents fees paid only for investment advisory services. As described in this proxy statement, the fund paid Putnam Management separately for administrative services. For the most recent fiscal year, the fund paid $1,549,992 in administrative services fees to Putnam Management, based on an annual rate of 0.05% of the average net assets of the fund. Under the proposed new management contract, the fund will pay a single fee of 0.25% of average net assets.

† A revised management contract for Putnam Research Fund was approved by shareholders on December 14, 2006 to remove the incentive fee component from the management fee. Under the fund’s previous management contract, the fund paid Putnam Management a quarterly fee consisting of an asset-based component and an incentive component. The asset-based fee was subject to a performance adjustment based on the investment performance of the fund compared to the Standard & Poor’s 500 (S&P 500) composite Stock Price Index. Performance was calculated for these purposes at the beginning of each calendar quarter, for the thirty-six month period immediately preceding such quarter or the life of the fund, if shorter. The applicable asset-based fee was increased or decreased for each calendar quarter by an incentive payment or penalty at the annual rate of 0.01% of the fund’s average net assets for each 1.00% increment by which the fund outperformed or und erper-formed the S&P 500 in excess of 3.00%, subject to a maximum increase or decrease of 0.07% of average net assets. The revised management contract provides for an eighteen-month transition period during which the fund’s fee will be the lesser of (i) the asset-based fee and (ii) the performance-adjusted fee that would have been calculated under the previous contract. The fund is currently in this transition period, which will end on June 30, 2008, after which the asset-based management fee will apply without performance-based adjustments.

 Due to expense limitations in effect during the most recent fiscal year, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2050 Fund and Putnam RetirementReady Maturity Fund did not pay management fees to Putnam Management.

E-16


APPENDIX F

Current Sub-Management Contract and Sub-Advisory Contract

PUTNAM FUNDS

AMENDED AND RESTATED SUB-MANAGEMENT CONTRACT

Amended and Restated Sub-Management Contract dated as of December 30, 2006 between PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”) and PUTNAM INVESTMENTS LIMITED, a company organized under the laws of England and Wales (the “Sub-Manager”), amending and restating in its entirety that certain Sub-Management Contract dated as of January 1, 2006, as amended (the “Prior Agreement”), between the Manager and the Sub-Manager.

WHEREAS, the Manager is the investment manager of each of the investment companies registered under the United States Investment Company Act of 1940, as amended, that are identified on Schedule A hereto, as it may from time to time be amended by the Manager (the “Funds”), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended;

WHEREAS, the Sub-Manager is licensed as an investment manager by the Financial Services Authority of the United Kingdom (the “FSA”);

WHEREAS, the Manager and the Sub-Manager previously entered into, and now wish to amend and restate, the Prior Agreement; and

WHEREAS, the Manager continues to desire to engage the Sub-Manager from time to time to manage a portion of certain of the Funds:

NOW THEREFORE, in consideration of the mutual covenants herein contained, it is agreed as follows:

1. SERVICES TO BE RENDERED BY SUB-MANAGER

(a) The Sub-Manager, at its expense, will furnish continuously an investment program for that portion of any Fund the management of which is allocated from time to time by the Manager to the Sub-Manager (an “Allocated Sleeve”). The Manager shall, in its sole discretion, determine which Funds will have an Allocated Sleeve and the amount of assets allocated from time to time to each such
Allocated Sleeve; provided that, with respect to any Fund, the Trustees of such Fund must have approved the use of the Sub-Manager prior to the creation of an Allocated Sleeve for such Fund. The Sub-Manager will determine what investments shall be purchased, held, sold or exchanged by any Allocated Sleeve and what portion, if any, of the assets of the Allocated Sleeve shall be held uninvested and shall, on behalf of the Fund, make changes in the Fund’s investments held in such Allocated Sleeve.

(b) The Manager may also, at its discretion, request the Sub-Manager to provide assistance with purchasing and selling securities for any Fund, including the placement of orders with broker-dealers selected in accordance with Section 1(d), even if the Manager has not established an Allocated Sleeve for such Fund.

(c) The Sub-Manager at its expense will furnish all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.

(d) The Sub-Manager shall place all orders for the purchase and sale of portfolio investments for any Allocated Sleeve with brokers or dealers selected by the Sub-Manager. In the selection of such brokers or dealers and the placing of such orders, the Sub-Manager shall use its best efforts to obtain for the related Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Sub-Manager, bearing in mind the Fund’s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financi al 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 Funds may determine, the Sub-Manager shall 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 a Fund to pay a broker or dealer that provides brokerage and research services to the Manager or the Sub-Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that

F-1


transaction, if the Sub-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 its overall responsibilities with respect to the Fund and to other clients of the Manager or the Sub-Manager as to which the Manager or the Sub-Manager exercises investment discretion. The Sub-Manager agrees that in connection with purchases or sales of portfolio investments for any Fund, neither the Sub-Manager nor any officer, director, employee or agent of the Sub-Manager shall act as a principal or receive any commission other than as provided in Section 3.

(e) The Sub-Manager shall not be obligated to pay any expenses of or for the Manager or any Fund not expressly assumed by the Sub-Manager pursuant to this Section 1.

(f) In the performance of its duties, the Sub-Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of each applicable Fund and such Fund’s stated investment objectives, policies and restrictions, and will use its best efforts to safeguard and promote the welfare of such Fund and to comply with other policies which the Manager or the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Manager.

2. OTHER AGREEMENTS, ETC.

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

3. COMPENSATION.

Except as provided below, the Manager will pay to the Sub-Manager as compensation for the Sub-Manager’s services rendered, a fee, computed and paid quarterly at the annual rate of 0.35% per annum of average aggregate net asset value of the assets in equity Allocated Sleeves and 0.40% per annum of average aggregate net asset value of the assets in fixed-income Allocated Sleeves. Such average net asset value shall be determined by taking an average of  all of the determinations of such net asset value during a quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each quarter within 30 days after the close of such quarter. The Sub-Manager shall look only to the Manager for payment of its fees. No Fund shall have any responsibility for paying any fees due the Sub-Manager.

With respect to each of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, the Manager will pay to the Sub-Manager as compensation for the Sub-Manager’s services rendered, a fee, computed and paid quarterly at the annual rate of 0.40% of Average Weekly Assets in Allocated Sleeves. “Average Weekly Assets” means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) attributable to an Allocated Sleeve and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes) attributable to such Allocated Sleeve, determined at the close of the last business day of each week, for each week which ends during the quarter. Such fee shall be payable for each quarter within 30 days after the close of such quarter. As used in this Section 3, “le verage for investment purposes” means any incurrence of indebtedness the proceeds of which are to be invested in accordance with the Fund’s investment objective. For purposes of calculating Average Weekly Assets, liabilities associated with any instruments or transactions used to leverage the Fund’s portfolio for investment purposes (whether or not such instruments or transactions are “covered” within the meaning of the Investment Company Act of 1940 and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff) are not considered liabilities. For purposes of calculating Average Weekly Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the “Underlying Asset”) of the Fund to a counterparty in a reverse repurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.

In the event that the Manager’s management fee from any of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust or Putnam Premier Income Trust is reduced pursuant to the Amended and Restated Management Contract between such Fund and the Manager because during any Measurement Period (as defined below) the amount of interest payments and fees with respect to indebtedness or other obligation of the Fund incurred for investment leverage purposes, plus

F-2


additional expenses attributable to any such leverage for investment purposes, exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such indebtedness or other obligation was outstanding during the Measurement Period, the fee payable to the Sub-Manager with respect to such Fund shall be reduced in the same proportion as the fee paid to the Manager with respect to such Fund is so reduced. “Measurement Period” shall be any period for which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes.

If the Sub-Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.

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

This Contract shall automatically terminate without the payment of any penalty, in the event of its assignment; and this Contract shall not be amended with respect to any Allocated Sleeve unless such amendment be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Trustees of the related Fund who are not interested persons of such Fund or of the Manager.

5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

This Contract shall become effective upon its execution, and shall remain in full force and effect continuously thereafter (unless terminated automatically as set forth in Section 4) until terminated as follows:

(a) Either party hereto or, with respect to any Allocated Sleeve, the related Fund may at any time terminate this Contract by not more than sixty days’ nor less than thirty days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party, or

(b) With respect to any Allocated Sleeve, if (i) the Trustees of the related Fund or the shareholders by the affirmative vote of a majority of the outstanding shares of such Fund, and (ii) a majority of the Trustees of such Fund who are not interested persons of such Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval, do not specifically approve at least annually the continuance of this Contract, then this Contract shall automatically terminate at the close of business on the anniversary of its execution, or upon the expiration of one year from the effective date of the last such continuance, whichever is later, or

(c) With respect to any Allocated Sleeve, automatically upon termination of the Manager’s investment management contract with the related Fund.

Action by a Fund under (a) above may be taken either (i) by vote of a majority of its Trustees, or (ii) by the affirmative vote of a majority of the outstanding shares of such Fund.

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

6. CERTAIN DEFINITIONS.

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

For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” shall have their respective meanings defined in the United States Investment Company Act of 1940 and the Rules and Regulations thereunder (the “1940 Act”), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under said Act; the term “specifically approve at least annually” shall be construed in a manner consistent with the 1940 Act, and the Rules and Regulations thereunder; and the term “brokerage and research services” shall have the meaning given in the United States Securities Exchange Act of 1934 and the Rules and Regulations thereunder.

7. NON-LIABILITY OF SUB-MANAGER.

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

8. ADDITIONAL PROVISIONS

(a) The Sub-Manager represents that it is regulated by the FSA in the conduct of its investment business. The Sub-Manager has in operation a written procedure in accordance with FSA rules for the effective consideration and proper handling of complaints from customers. Any

F-3


complaint by the Manager or any Fund should be sent to the Compliance Officer of the Sub-Manager. The Manager and any Fund is also entitled to make any complaints about the Sub-Manager to the Financial Ombudsman Service established by the FSA. The Manager and any Fund may also request a statement describing its rights to compensation in the event of the Sub-Manager’s inability to meet its liabilities.

(b) The Manager represents that it and each Fund are “Intermediate Customers” in the meaning of FSA rules. (c) Although each Fund is not a party hereto and shall have no responsibility for the Manager’s or the Sub-Manager’s obligations hereunder, each Fund is named as explicit third party beneficiary of the parties’ agreements hereunder.

IN WITNESS WHEREOF, PUTNAM INVESTMENTS LIMITED and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed in duplicate on its behalf by an officer duly authorized, all as of the day and year first above written.

PUTNAM INVESTMENTS LIMITED

By: /s/ Jeffrey F. Peters

Name: Jeffrey F. Peters

PUTNAM INVESTMENT
MANAGEMENT, LLC

By: /s/ James P. Pappas

Name: James P. Pappas

Schedule A

(Updated through December 30, 2006)

Putnam Diversified Income Trust

Putnam VT Diversified Income Fund

Putnam Europe Equity Fund

Putnam Global Equity Fund

Putnam VT Global Equity Fund

Putnam Global Income Trust

Putnam Global Natural Resources Fund

Putnam High Yield Advantage Fund

Putnam High Yield Trust

Putnam VT High Yield Fund

Putnam International Capital Opportunities Fund

Putnam International Equity Fund

Putnam VT International Equity Fund

Putnam International New Opportunities Fund

Putnam VT International New Opportunities Fund

Putnam International Growth and Income Fund

Putnam VT International Growth and Income Fund

Putnam Research Fund

Putnam VT Research Fund

Putnam Utilities Growth and Income Fund

Putnam VT Utilities Growth and Income Fund

Putnam High Income Securities Fund

Putnam Master Intermediate Income Trust

Putnam Premier Income Trust

F-4


PUTNAM FUNDS

SUB-ADVISORY CONTRACT

Sub-Advisory Contract dated as of July 14, 2006 between and among PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”), PUTNAM INVESTMENTS LIMITED, a company organized under the laws of England and Wales (“PIL”), and THE PUTNAM ADVISORY COMPANY, LLC, a Delaware limited liability company (the “Sub-Advisor”).

WHEREAS, the Manager is the investment manager of each of the investment companies registered under the United States Investment Company Act of 1940, as amended, that are identified on Schedule A hereto, as it may from time to time be amended by the Manager (the “Funds”), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended;

WHEREAS, PIL is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended, is licensed as an investment manager by the Financial Services Authority of the United Kingdom (the “FSA”) and is a sub-manager of each of the Funds pursuant to that certain Amended and Restated Sub-Management Contract dated as of January 1, 2006 (the “PIL Sub-Management Contract”), between the Manager and PIL;

WHEREAS, the Manager has contracted with PIL for the management of certain portions of each of the Funds (each, a “PIL-Advised Sleeve”);

WHEREAS, the Sub-Advisor is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended, and is an investment adviser registered with the Kanto Local Finance Bureau to provide non-discretionary investment advice in Japan;

WHEREAS, the Manager and PIL desire to engage the Sub-Advisor from time to time to provide non-discretionary investment advice with respect to a portion of certain of the Funds:

NOW THEREFORE, in consideration of the mutual covenants herein contained, it is agreed as follows:

1. SERVICES TO BE RENDERED BY SUB-ADVISOR (a) The Sub-Advisor, at its expense, will from time to time furnish to either PIL or the Manager recommendations to purchase, hold, sell or exchange investments, securities and assets (the “Assets”) in that portion of any Fund for which the Manager or PIL contracts for such services to be provided by the Sub-Advisor (an “Allocated Sleeve”). The Manager or PIL, as the case may be, shall determine whether to execute each recommendation of the Sub-Advisor provided hereunder. The Manager shall determine which Funds will have an Allocated Sleeve; provided that, with respect to any Fund, the Trustees of such Fund must have approved the use of the Sub-Advisor prior to the creation of an Allocated Sleeve for such Fund. The Manager, and in the case of a PIL-Advised Sleeve, PIL shall (at all times in the case of PIL subject to the oversight and supervision of the Manager), determine the am ount of assets allocated from time to time to each such Allocated Sleeve.

(b) The Sub-Advisor at its expense will furnish all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.

(c) The Sub-Advisor shall not be obligated to pay any expenses of or for the Manager, PIL or any Fund not expressly assumed by the Sub-Advisor pursuant to this Section 1.

(d) The Manager may, and in the case of a PIL-Advised Sleeve, PIL may, each at its discretion, also request the Sub-Advisor to perform certain services set forth in Section 1(a) with respect to any portion of a Fund, even if the Manager or PIL, as the case may be, has not established an Allocated Sleeve with respect to that portion of the Fund.

(e) In the performance of its duties, the Sub-Advisor will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of each applicable Fund and such Fund’s stated investment objectives, policies and restrictions, and will use its best efforts to safeguard and promote the welfare of such Fund and to comply with other policies which the Manager, PIL or the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Manager and PIL.

2. OTHER AGREEMENTS, ETC.

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

F-5


3. COMPENSATION.

Except as provided below, the Manager or PIL, as the case may be, will pay to the Sub-Advisor as compensation for the Sub-Advisor’s services rendered a fee, computed and paid quarterly at the annual rate of 0.10% per annum of average net asset value of the assets in each Allocated Sleeve. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during a quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each quarter within 30 days after the close of such quarter. The Sub-Advisor shall look only to the Manager or PIL, as the case may be, for payment of its fees. No Fund shall have any responsibility for paying any fees due the Sub-Advisor.

If the Sub-Advisor shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.

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

This Contract shall automatically terminate, without the payment of any penalty, in the event of its assignment; and this Contract shall not be amended with respect to any Allocated Sleeve unless such amendment be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Trustees of the related Fund who are not interested persons of such Fund or of the Manager.

5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

This Contract shall become effective upon its execution, and shall remain in full force and effect continuously thereafter (unless terminated automatically as set forth in Section 4) until terminated as follows:

(a) Any party hereto or, with respect to any Allocated Sleeve, the related Fund may at any time terminate this Contract by not more than sixty days’ nor less than thirty days’ written notice delivered or mailed by registered mail, postage prepaid, to the other parties, or

(b) With respect to any Allocated Sleeve, if (i) the Trustees of the related Fund or the shareholders by the affirmative vote of a majority of the outstanding shares of such Fund, and (ii) a majority of the Trustees of such Fund who are not interested persons of such Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval, do not specifically approve at least annually the continuance of this Contract, then this Contract shall automatically terminate at the
close of business on the anniversary of its execution, or upon the expiration of one year from the effective date of the last such continuance, whichever is later, or

(c) With respect to any Allocated Sleeve, automatically upon termination of the Manager’s investment management contract with the related Fund, or with respect to any Allocated Sleeve for which PIL has contracted with the Sub-Advisor to provide services under this Contract, automatically upon termination of the PIL Sub-Management Contract.

Action by a Fund under (a) above may be taken either (i) by vote of a majority of its Trustees, or (ii) by the affirmative vote of a majority of the outstanding shares of such Fund.

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

6. CERTAIN DEFINITIONS.

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

For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” shall have their respective meanings defined in the United States Investment Company Act of 1940 and the Rules and Regulations thereunder (the “1940 Act”), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under said Act; and the term “specifically approve at least annually” shall be construed in a manner consistent with the 1940 Act, and the Rules and Regulations thereunder.

7. NON-LIABILITY OF SUB-ADVISOR.

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

F-6


8. ADDITIONAL PROVISIONS

(a) PIL represents that it is regulated by the FSA in the conduct of its investment business. PIL has in operation a written procedure in accordance with FSA rules for the effective consideration and proper handling of complaints from customers. Any complaint by the Manager or any Fund should be sent to the Compliance Officer of PIL. The Manager and any Fund is also entitled to make any complaints about PIL to the Financial Ombudsman Service established by the FSA. The Manager and any Fund may also request a statement describing its rights to compensation in the event of PIL’s inability to meet its liabilities.

(b) The Manager represents that it and each Fund are “Intermediate Customers” in the meaning of FSA rules.

(c) Although each Fund is not a party hereto and shall have no responsibility for the Manager’s, PIL’s or the Sub-Advisor’s obligations hereunder, each Fund is named as explicit third party beneficiary of the parties’ agreements hereunder.

In witness whereof, PUTNAM INVESTMENT MANAGEMENT, LLC, PUTNAM INVESTMENTS LIMITED and THE PUTNAM ADVISORY COMPANY, LLC have each caused this instrument to be signed on its behalf by an officer duly authorized, all as of the day and year first above written.

PUTNAM INVESTMENT
MANAGEMENT, LLC

By: /s/ James P. Pappas

Name: James P. Pappas

PUTNAM INVESTMENTS LIMITED

By: /s/ Simon L. Davis

Name: Simon L. Davis

THE PUTNAM ADVISORY
COMPANY, LLC

By: /s/ Robert R. Leveille

Name: Robert R. Leveille




Schedule A

Putnam International Equity Fund

F-7


APPENDIX G

Description of Contract Approval Process

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 Management, and with respect to certain funds, the administrative services contracts with Putnam Management or the sub-management contracts between Putnam Management’s affiliate, Putnam Investments Limited (“PIL”), and Putnam Management. In this regard, the Board of Trustees, with the assistance of its Contract Committee consisting solely of Trustees who are not “interested persons” (as such term is defined in the Investment Company Act of 1940, as amended) of the Putnam funds (the “Independent Trustees”), requests and evaluates all information it deems reasonably necessary under the circumstances. Over the course of several months ending in June 2006, the Contract Committee met four times to consider the information provided by Putnam Management and other information developed with the assistance of the Board’s independent counsel and independent staff. The Contract Committee reviewed and discussed key aspects of this information with all of the Independent Trustees. Upon completion of this review, the Contract Committee recommended, and the Independent Trustees approved, the continuance of the funds’ management contracts — and with respect to certain funds, the administrative services contracts or the sub-management contracts — effective July 1, 2006. (With respect to certain funds that may be sub-managed from time to time by PIL, because PIL is an affiliate of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL, the Trustees have not evaluated PIL as a separate entity, and all subsequent references to Putnam Management below include reference to PIL as necessary or appropriate in the context.)

This approval was based on the following conclusions:

* That the fee schedules in effect for the funds (which, for those funds with administrative services contracts, included fees paid under such contracts) represented reasonable compensation in light of the nature and quality of the services being provided to the funds, the fees paid by competitive funds and the costs incurred by Putnam Management in providing such services, and

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

These conclusions were based on a comprehensive consideration of all information provided to the Trustees 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 the 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.

Management fee schedules and categories; total expenses

The Trustees reviewed the management (and administrative services, if applicable) fee schedules in effect for all Putnam funds, including fee levels and breakpoints, and the assignment of funds to particular fee categories. In reviewing fees and expenses, the Trustees generally focused their attention on material changes in circumstances — for example, changes in a fund’s size or investment style, changes in Putnam Management’s operating costs, or changes in competitive practices in the mutual fund industry — that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management (and administrative services, if applicable) fee structures of the funds, which had been carefully developed over the years, re-examined on many occasions and adjusted where appropriate. The Trustees focused on two areas of particular interest, as discussed further below:

* Competitiveness. The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom peer group of competitive funds selected by Lipper Inc., each Putnam fund ranked in particular percentiles in management fees and in total expenses (less any applicable 12b-1 fees for open-end funds, and excluding charges and expenses at the insurance company separate account level for the funds of Putnam Variable Trust) as of December 31, 2005 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds). (The comparative fee and expense information for each

G-1


Putnam RetirementReady Fund excluded the fees and expenses of the underlying Putnam funds in which a Putnam RetirementReady Fund invested, as well as the fees and expenses of the underlying funds in which other funds in the Lipper peer group invested.) With respect to the open-end funds, 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 currently being controlled by expense limitations implemented in January 2004 and which Putnam Management, in consultation with the Contract Committee, has committed to maintain at least through 2007. These expense limitations give effect to a commitment by Putnam Management that the expense ratio of each fund would be no higher than the average expense ratio of the competitive funds included in the fund’s relevant Lipper universe (exclusive of any applicable 12b-1 charges in each case). The Trustees observed that this commitment to limit fund expenses has served shareholders well since its inception. 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 implement an additional expense limitation for certain open-end funds for the twelve months beginni ng January 1, 2007 equal to the average expense ratio (exclusive of 12b-1 charges) of a custom peer group of competitive funds selected by Lipper based on the size of the fund. This additional expense limitation will be applied to those open-end funds that had above-average expense ratios (exclusive of 12b-1 charges) based on the Lipper custom peer group data for the period ended December 31, 2005.

* Economies of scale. Most funds currently have the benefit of breakpoints in their management fees 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 current asset levels. In reaching this conclusion, the Trustees considered the Contract Committee’s stated intent to continue to work with Putnam Management to plan for an eventual resumption in the growth of assets, including a study of potential economies that might be produced under various growth assumptions.

In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services to be provided and profits to be realized by Putnam Management and its affiliates from the relationship with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management’s revenues, expenses and profitability with respect to the funds’ management contracts, allocated on a fund-by-fund basis. Because many of the costs incurred by Putnam Management in managing the funds are not readily identifiable to particular funds, the Trustees observed that the methodology for allocating costs is an important factor in evaluating Putnam Management’s costs and profitability, both as to the Putnam funds i n the aggregate and as to individual funds. The Trustees reviewed Putnam Management’s cost allocation methodology with the assistance of independent consultants and concluded that this methodology was reasonable and well-considered.

Investment performance

The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ evaluation of the quality of services provided by Putnam Management under the funds’ management contracts. The Trustees were assisted in their review of the Putnam funds’ investment process and performance by the work of the Investment Process Committee of the Trustees and the Investment Oversight Committees of the Trustees, which meet 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 recognize that this does not guarantee favorable investment resul ts for every fund in every time period. The Trustees considered the investment performance of each fund over multiple time periods and considered information

G-2


comparing each fund’s performance with various benchmarks and with the performance of competitive funds.

The Trustees noted the satisfactory investment performance of many Putnam funds. They also noted the disappointing investment performance of certain funds in recent years and discussed with senior management of Putnam Management the factors contributing to this underperformance and actions being taken to improve performance. The Trustees recognized that, in recent years, Putnam Management has made significant changes in its investment personnel and processes and in the fund product line to address areas of underperfor-mance. In particular, they noted the important contributions of Putnam Management’s leadership in attracting, retaining and supporting high-quality investment professionals and in systematically implementing an investment process that seeks to merge the best features of fundamental and quantitative analysis. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these changes and to evaluate whet her additional changes to address areas of underperformance are warranted.

In the case of each open-end fund, the Trustees considered that each fund’s class A (class I, in the case of Putnam Prime Money Market Fund, and class IA in the case of Putnam Variable Trust) share cumulative total return performance at net asset value was in particular percentiles of its Lipper Inc. peer group for the one-, three- and five-year periods ended March 31, 2006 (the first percentile being the best performing funds and the 100th percentile being the worst performing funds). In the case of each closed-end fund, the Trustees considered the same Lipper peer group information for the fund’s common share cumulative total return performance at net asset value. In the case of tax-exempt open-end and closed-end funds, the funds’ total return performance was compared against the Lipper peer group performance information using tax-adjusted performance to recognize the different federal income tax treatment for capital gains distributions and exempt-inter est distributions.

As a general matter, the Trustees concluded that cooperative efforts between the Trustees and Putnam Management represent the most effective way to address investment performance problems. The Trustees noted that investors in the Putnam funds have, in effect, placed their trust in the Putnam organization, under the oversight of the funds’ Trustees, to make appropriate decisions regarding the management of the funds. Based on the responsiveness of Putnam Management in the recent past to Trustee concerns about investment performance, the Trustees concluded that it is preferable to seek change within Putnam Management to address performance shortcomings. In the Trustees’ view, the alternative of terminating a management contract and engaging a new investment adviser for an underperforming fund would entail significant 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 Trustees indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage 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 custodian and investor servicing agreements with Putnam Fiduciary Trust Company, which agreements provide benefits to an affiliate of Putnam Management. 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 comparison 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 the 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 all asset sectors are higher on average for 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 these comparisons to any significant extent in concluding that the management fees paid by the funds are reasonable.

G-3


Approval of the Sub-Advisory Contract among Putnam Management, Putnam Investments Limited and The Putnam Advisory Company, LLC for Putnam International Equity Fund

In July 2006, the Trustees approved a sub-advisory contract among Putnam Management, PIL and The Putnam Advisory Company, LLC (“PAC”) for Putnam International Equity Fund. The Contract Committee reviewed information provided by Putnam Management and, upon completion of this review, recommended, and the Independent Trustees approved, Putnam International Equity Fund’s sub-advisory contract with PAC, effective July 14, 2006.

The Trustees considered numerous factors they believe relevant in approving Putnam International Equity Fund’s sub-advisory contract with PAC, including Putnam Management’s belief that the interest of shareholders would be best served by using Putnam’s Tokyo investment professionals who are employed by PAC to provide investment recommendations for certain equity sleeves of Putnam International Equity Fund that are currently managed by Putnam Management or PIL, and PAC’s expertise with respect to Asian markets. The Trustees also considered that Japanese securities laws require a sub-advisory relationship among Putnam Management, PIL and PAC in order for Putnam’s Tokyo investment professionals to provide investment recommendations for Putnam International Equity Fund. The Trustees noted that Putnam Management or PIL, and not Putnam International Equity Fund, would pay the sub-management fee to PAC for its services and that the sub-management contra ct with PAC will not reduce the nature, quality or overall level of service provided to Putnam International Equity Fund.

G-4


APPENDIX H

Other Similar Funds Advised by Putnam Management

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

          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule    if any) ($)  contract?  Objective 

Putnam American  707,703,667  First $500 million  0.65%  4,373,306  Yes  High current income 
Government    Next $500 million  0.55%      with preservation of 
Income Fund    Next $500 million  0.50%      capital as its 
    Next $5 billion  0.45%      secondary objective. 
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       

Putnam AMT-Free  327,849,054  The lesser of 0.50%, or    1,790,563  Yes  High current income 
Insured Municipal    First $500 million  0.60%      exempt from federal 
Fund    Next $500 million  0.50%      income tax. 
    Next $500 million  0.45%       
    Next $5 billion  0.40%       
    Next $5 billion  0.375%       
    Next $5 billion  0.355%       
    Next $5 billion  0.34%       
    Any excess thereafter  0.33%       

Putnam Arizona  89,150,402  The lesser of 0.50%, or    396,902  Yes  To provide as high a 
Tax Exempt    First $500 million  0.60%      level of current 
Income Fund    Next $500 million  0.50%      income exempt 
    Next $500 million  0.45%      from federal income 
    Next $5 billion  0.40%      tax and personal 
    Next $5 billion  0.375%      income tax (if any) 
    Next $5 billion  0.355%      of the state of 
    Next $5 billion  0.34%      Arizona as Putnam 
    Any excess over $21.5 billion  0.33%      Management 
            believes is consistent 
            with preservation 
            of capital. 

Putnam Asset  2,109,899,934  First $500 million  0.70%  10,841,716  Yes  Total return. 
Allocation:    Next $500 million  0.60%       
Balanced Portfolio    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess over $21.5 billion  0.43%       

Putnam Asset  985,940,217  First $500 million  0.70%  5,759,923  Yes  Total return 
Allocation:    Next $500 million  0.60%      consistent with 
Conservative    Next $500 million  0.55%      preservation 
Portfolio    Next $5 billion  0.50%      of capital. 
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess over $21.5 billion  0.43%       


H-1


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule  if any) ($)  contract?  Objective 

Putnam Asset  2,156,488,751  First $500 million  0.70%  9,639,295  Yes  Capital appreciation. 
Allocation:    Next $500 million  0.60%       
Growth Portfolio    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess over $21.5 billion        0.43%       

Putnam California  83,373,293  The lesser of 0.55%, or    531,472  Yes  To provide as high a 
Investment Grade    First $500 million  0.65%      level of current 
Municipal Trust    Next $500 million  0.55%      income free from 
    Next $500 million  0.50%      federal income tax 
    Next $5 billion  0.45%      and California 
    Next $5 billion  0.425%      personal income 
    Next $5 billion  0.405%      taxes as Putnam 
    Next $5 billion  0.39%      Management believes 
    Any excess thereafter  0.38%      is consistent with 
            the preservation 
            of capital. 

Putnam California  2,076,820,792  The lesser of 0.50%, or    10,368,635  Yes  To provide as high a 
Tax Exempt    First $500 million  0.60%      level of current 
Income Fund    Next $500 million  0.50%      income exempt 
    Next $500 million  0.45%      from federal income 
    Next $5 billion  0.40%      tax and California 
    Next $5 billion  0.375%      personal income 
    Next $5 billion  0.355%      tax as Putnam 
    Next $5 billion  0.34%      Management believes 
    Any excess thereafter  0.33%      to be consistent 
            with the 
            preservation 
            of capital. 

Putnam Capital  649,313,138  First $500 million  0.65%  4,388,833  Yes  Capital appreciation. 
Appreciation Fund    Next $500 million  0.55%       
    Next $500 million  0.50%       
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess over $21.5 billion  0.38%       

Putnam Capital  1,125,906,050  First $500 million  0.65%  6,363,713  Yes  Long-term growth 
Opportunities Fund    Next $500 million  0.55%      of capital. 
    Next $500 million  0.50%       
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       

Putnam Classic  766,747,810  First $500 million  0.65%  4,836,159  Yes  Capital growth. 
Equity Fund    Next $500 million  0.55%      Current income is a 
    Next $500 million  0.50%      secondary goal. 
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       


H-2


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule  if any) ($)  contract?  Objective 

Putnam Convertible  724,297,978  First $500 million  0.65%  4,231,616  Yes  Current income and 
Income-Growth Trust    Next $500 million  0.55%      capital appreciation. 
    Next $500 million  0.50%      Conservation of 
    Next $5 billion  0.45%      capital is a 
    Next $5 billion  0.425%      secondary objective. 
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter                 0.38%       

Putnam Discovery  850,247,984  First $500 million  0.70%  5,497,942  Yes  Long-term growth 
Growth Fund    Next $500 million  0.60%      of capital. 
    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       

Putnam Diversified  2,770,991,703  First $500 million  0.70%  17,403,729  Yes  To provide as high a 
Income Trust    Next $500 million  0.60%      level of current 
    Next $500 million  0.55%      income as Putnam 
    Next $5 billion  0.50%      Management believes 
    Next $5 billion  0.475%      is consistent with 
    Next $5 billion  0.455%      preservation 
    Next $5 billion  0.44%      of capital. 
    Any excess thereafter  0.43%       

Putnam Equity  3,842,617,273  First $500 million  0.65%  18,067,258  Yes  Capital growth and 
Income Fund    Next $500 million  0.55%      current income. 
    Next $500 million  0.50%       
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       

Putnam Europe  560,853,928  First $500 million  0.80%  4,213,337  Yes  Capital appreciation. 
Equity Fund    Next $500 million  0.70%       
    Next $500 million  0.65%       
    Next $5 billion  0.60%       
    Next $5 billion  0.575%       
    Next $5 billion  0.555%       
    Next $5 billion  0.54%       
    Any excess thereafter  0.53%       

Putnam Floating  494,289,793  First $500 million  0.65%  1,719,001^  Yes  High current income. 
Rate Income Fund    Next $500 million  0.55%      Preservation of 
    Next $500 million  0.50%      capital is a 
    Next $5 billion  0.45%      secondary goal. 
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Next $5 billion  0.38%       
    Next $5 billion  0.37%       
    Next $5 billion  0.36%       
    Next $5 billion  0.35%       
    Next $5 billion  0.34%       
    Next $8.5 billion  0.33%       
    Any excess thereafter  0.32%       


H-3


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule  if any) ($)  contract?  Objective 

The Putnam Fund  15,172,174,430  First $500 million  0.65%         67,376,969  Yes  Capital growth and 
for Growth    Next $500 million  0.55%      current income. 
and Income    Next $500 million  0.50%       
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Next $5 billion  0.38%       
    Next $5 billion  0.37%       
    Next $5 billion  0.36%       
    Next $5 billion  0.35%       
    Next $5 billion  0.34%       
    Next $8.5 billion  0.33%       
    Any excess over $55 billion          0.32%       

The George Putnam  4,654,483,340  First $500 million  0.65%  23,520,227  Yes  To provide a 
Fund of Boston    Next $500 million  0.55%      balanced investment 
    Next $500 million  0.50%      composed of a 
    Next $5 billion  0.45%      well-diversified 
    Next $5 billion  0.425%      portfolio of stocks 
    Next $5 billion  0.405%      and bonds which 
    Next $5 billion  0.39%      produce both capital 
    Any excess thereafter  0.38%      growth and 
            current income. 

Putnam Global  2,116,008,457  First $500 million  0.80%  15,165,340  Yes  Capital appreciation. 
Equity Fund    Next $500 million  0.70%       
    Next $500 million  0.65%       
    Next $5 billion  0.60%       
    Next $5 billion  0.575%       
    Next $5 billion  0.555%       
    Next $5 billion  0.54%       
    Next $5 billion  0.53%       
    Next $5 billion  0.52%       
    Next $5 billion  0.51%       
    Next $5 billion  0.50%       
    Next $5 billion  0.49%       
    Next $8.5 billion  0.48%       
    Any excess over $55 billion  0.47%       

Putnam Global  128,502,186  First $500 million  0.70%  528,321  Yes  High current income 
Income Trust    Next $500 million  0.60%      by investing 
    Next $500 million  0.55%      principally in debt 
    Next $5 billion  0.50%      securities of 
    Next $5 billion  0.475%      sovereign and 
    Next $5 billion  0.455%      private issuers 
    Next $5 billion  0.44%      worldwide, including 
    Any excess thereafter  0.43%      supranational issuers. 

Putnam Global  627,944,661  First $500 million  0.70%  4,126,921  Yes  Capital appreciation. 
Natural Resources    Next $500 million  0.60%       
Fund    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       


H-4


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule    if any) ($)  contract?  Objective 

Putnam Growth  659,146,436  First $500 million  0.70%            2,913,736  Yes  Capital appreciation. 
Opportunities Fund    Next $500 million  0.60%       
    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       

Putnam Health  2,267,488,061  First $500 million  0.70%  14,802,805  Yes  Capital appreciation. 
Sciences Trust    Next $500 million  0.60%       
    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess over $21.5 billion  0.43%       

Putnam High Income  198,149,622  First $500 million  0.70%  1,372,004  Yes  To provide high 
Securities Fund    Next $500 million  0.60%      current income as a 
    Next $500 million  0.55%      primary objective 
    Next $5 billion  0.50%      and capital 
    Next $5 billion  0.475%      appreciation as a 
    Next $5 billion  0.455%      secondary objective. 
    Next $5 billion  0.44%       
    Next $5 billion  0.43%       
    Next $5 billion  0.42%       
    Next $5 billion  0.41%       
    Next $5 billion  0.40%       
    Next $5 billion  0.39%       
    Next $8.5 billion  0.38%       
    Any excess thereafter  0.37%       

Putnam High Yield  801,711,721  First $500 million  0.70%  5,676,755  Yes  High current 
Advantage Fund    Next $500 million  0.60%      income. Capital 
    Next $500 million  0.55%      growth is a 
    Next $5 billion  0.50%      secondary goal 
    Next $5 billion  0.475%      when consistent 
    Next $5 billion  0.455%      with achieving high 
    Next $5 billion  0.44%      current income. 
    Any excess thereafter  0.43%       

Putnam High Yield  213,917,148  The lesser of 0.55%, or    1,448,462  Yes  To provide high 
Municipal Trust    First $500 million  0.65%      current income 
    Next $500 million  0.55%      exempt from federal 
    Next $500 million  0.50%      income tax. 
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       

Putnam High  2,357,157,321  First $500 million  0.70%  13,784,128  Yes  High current 
Yield Trust    Next $500 million  0.60%      income. Capital 
    Next $500 million  0.55%      growth is a 
    Next $5 billion  0.50%      secondary goal. 
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       


H-5


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule    if any) ($)  contract?  Objective 

Putnam Income  2,447,632,260  First $500 million  0.65%        11,940,410  Yes  High current income 
Fund    Next $500 million  0.55%      consistent with 
    Next $500 million  0.50%      what Putnam 
    Next $5 billion  0.45%      management 
    Next $5 billion  0.425%      believes to be 
    Next $5 billion  0.405%      prudent risk. 
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       

Putnam Income  13,002,265  First $500 million  0.65%  0*  Yes  Current income 
Strategies Fund    Next $500 million  0.55%      consistent with 
    Next $500 million  0.50%      what Putnam 
    Next $5 billion  0.45%      Management believes 
    Next $5 billion  0.425%      to be prudent risk. 
    Next $5 billion  0.405%      Its secondary 
    Next $5 billion  0.39%      objective is 
    Next $5 billion  0.38%      capital appreciation. 
    Next $5 billion  0.37%       
    Next $5 billion  0.36%       
    Next $5 billion  0.35%       
    Next $5 billion  0.34%       
    Next $8.5 billion  0.33%       
    Any excess thereafter  0.32%       

Putnam International  1,783,630,400  First $500 million  1.00%  13,345,775  Yes  Long-term 
Capital    Next $500 million  0.90%      capital appreciation. 
Opportunities Fund    Next $500 million  0.85%       
    Next $5 billion  0.80%       
    Next $5 billion  0.775%       
    Next $5 billion  0.755%       
    Next $5 billion  0.74%       
    Any excess thereafter  0.73%       

Putnam International  7,003,286,336  First $500 million  0.80%  39,425,440  Yes  Capital appreciation. 
Equity Fund    Next $500 million  0.70%       
    Next $500 million  0.65%       
    Next $5 billion  0.60%       
    Next $5 billion  0.575%       
    Next $5 billion  0.555%       
    Next $5 billion  0.54%       
    Any excess over $21.5 billion  0.53%       

Putnam International  1,037,228,946  First $500 million  0.80%  5,732,946  Yes  Capital growth. 
Growth and    Next $500 million  0.70%      Current income is a 
Income Fund    Next $500 million  0.65%      secondary objective. 
    Next $5 billion  0.60%       
    Next $5 billion  0.575%       
    Next $5 billion  0.555%       
    Next $5 billion  0.54%       
    Any excess thereafter  0.53%       

Putnam International  811,831,094  First $500 million  1.00%  6,580,631  Yes  Long-term 
New Opportunities    Next $500 million  0.90%      capital appreciation. 
Fund    Next $500 million  0.85%       
    Next $5 billion  0.80%       
    Next $5 billion  0.775%       
    Next $5 billion  0.755%       
    Next $5 billion  0.74%       
    Any excess thereafter  0.73%       


H-6


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule    if any) ($)  contract?  Objective 

Putnam Investment  363,338,832  The lesser of 0.55%, or                              2,059,634  Yes  To provide as high a 
Grade Municipal    First $500 million  0.65%      level of current 
Trust    Next $500 million  0.55%      income exempt 
    Next $500 million  0.50%      from federal income 
    Next $5 billion  0.45%      tax as Putnam 
    Next $5 billion  0.425%      Management believes 
    Next $5 billion  0.405%      to be consistent 
    Next $5 billion  0.39%      with the preservation 
    Any excess thereafter  0.38%      of capital. 

Putnam Investors  4,107,665,166  First $500 million  0.65%  19,513,803  Yes  Long-term growth 
Fund    Next $500 million  0.55%      of capital and any 
    Next $500 million  0.50%      increased income 
    Next $5 billion  0.45%      that results from 
    Next $5 billion  0.425%      this growth. 
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess over $21.5 billion  0.38%       

Putnam Limited  439,936,540  The lesser of 0.50%, or    2,392,584  Yes  As high a level of 
Duration    First $500 million  0.60%      current income as 
Government    Next $500 million  0.50%      Putnam Management 
Income Fund    Next $500 million  0.45%      believes is consistent 
    Next $5 billion  0.40%      with preservation 
    Next $5 billion  0.375%      of capital. 
    Next $5 billion  0.355%       
    Next $5 billion  0.34%       
    Any excess over $21.5 billion  0.33%       

Putnam Managed  548,638,387  The lesser of 0.55%, or    3,167,820  Yes  To provide high 
Municipal Income    First $500 million  0.65%      current income free 
Trust    Next $500 million  0.55%      from federal 
    Next $500 million  0.50%      income tax. 
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       

Putnam  309,261,461  The lesser of 0.50%, or    1,675,201  Yes  As high a level of 
Massachusetts Tax    First $500 million  0.60%      current income 
Exempt Income    Next $500 million  0.50%      exempt from federal 
Fund    Next $500 million  0.45%      income tax and 
    Next $5 billion  0.40%      personal income tax 
    Next $5 billion  0.375%      (if any) of the 
    Next $5 billion  0.355%      Commonwealth of 
    Next $5 billion  0.34%      Massachusetts as 
    Any excess over $21.5 billion  0.33%      Putnam Management 
            believes is consistent 
            with preservation 
            of capital. 


H-7


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule    if any) ($)  contract?  Objective 

Putnam Master  654,273,418  First $500 million  0.75%  4,797,486  Yes  With equal 
Intermediate Income    Next $500 million  0.65%      emphasis, to 
Trust    Next $500 million  0.60%      provide high current 
    Next $5 billion  0.55%      income and relative 
    Next $5 billion  0.525%      stability of net 
    Next $5 billion  0.505%      asset value. 
    Next $5 billion  0.49%       
    Next $5 billion  0.48%       
    Next $5 billion  0.47%       
    Next $5 billion  0.46%       
    Next $5 billion  0.45%       
    Next $5 billion  0.44%       
    Next $8.5 billion  0.43%       
    Any excess thereafter  0.42%       

Putnam Michigan Tax  117,691,883  The lesser of 0.50%, or    648,238  Yes  As high a level of 
Exempt Income Fund    First $500 million  0.60%      current income 
    Next $500 million  0.50%      exempt from federal 
    Next $500 million  0.45%      income tax and 
    Next $5 billion  0.40%      personal income tax 
    Next $5 billion  0.375%      (if any) of the state 
    Next $5 billion  0.355%      of Michigan as 
    Next $5 billion  0.34%      Putnam Management 
    Any excess over $21.5 billion  0.33%      believes is consistent 
            with preservation 
            of capital. 

Putnam Mid Cap  973,670,094  First $500 million  0.70%  5,871,795  Yes  Capital appreciation 
Value Fund    Next $500 million  0.60%      and, as a secondary 
    Next $500 million  0.55%      objective, current 
    Next $5 billion  0.50%      income. 
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       

Putnam Minnesota  108,716,812  The lesser of 0.50%, or    538,350  Yes  As high a level of 
Tax Exempt    First $500 million  0.60%      current income 
Income Fund    Next $500 million  0.50%      exempt from federal 
    Next $500 million  0.45%      income tax and 
    Next $5 billion  0.40%      personal income tax 
    Next $5 billion  0.375%      (if any) of the state 
    Next $5 billion  0.355%      of Minnesota as 
    Next $5 billion  0.34%      Putnam Management 
    Any excess over $21.5 billion  0.33%      believes is consistent 
            with preservation 
            of capital. 

Putnam Money  3,278,464,902  First $100 million  0.50%              10,390,443  Yes  As high a rate of 
Market Fund    Next $100 million  0.40%      current income as 
    Next $300 million  0.35%      Putnam Management 
    Next $500 million  0.325%      believes is consistent 
    Next $500 million  0.30%      with preservation of 
    Next $2.5 billion  0.275%      capital and 
    Next $2.5 billion  0.25%      maintenance 
    Next $5 billion  0.225%      of liquidity. 
    Next $5 billion  0.205%       
    Next $5 billion  0.19%       
    Any excess thereafter  0.18%       


H-8


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule    if any) ($)  contract?  Objective 

Putnam Municipal  363,454,277  The lesser of 0.55%, or    2,290,901  Yes  To provide as high a 
Bond Fund    First $500 million  0.65%                  level of current 
    Next $500 million  0.55%      income exempt 
    Next $500 million  0.50%      from federal income 
    Next $5 billion  0.45%      tax as Putnam 
    Next $5 billion  0.425%      Management 
    Next $5 billion  0.405%      believes is consistent 
    Next $5 billion  0.39%      with preservation 
    Any excess thereafter  0.38%      of capital. 

Putnam Municipal  322,775,012  The lesser of 0.35%, or    1,394,604  Yes  The fund seeks to 
Opportunities Trust**  First $500 million  0.45%      provide as high a 
    Next $500 million  0.35%      level of current 
    Next $500 million  0.30%      income free from 
    Next $5 billion  0.25%      federal income tax 
    Next $5 billion  0.225%      as Putnam 
    Next $5 billion  0.205%      Management believes 
    Next $5 billion  0.19%      is consistent with 
    Any excess thereafter  0.18%      the preservation 
            of capital. 

Putnam New Jersey  204,244,200  The lesser of 0.50%, or    1,101,027  Yes  As high a level of 
Tax Exempt    First $500 million  0.60%      current income 
Income Fund    Next $500 million  0.50%      exempt from federal 
    Next $500 million  0.45%      income tax and 
    Next $5 billion  0.40%      personal income tax 
    Next $5 billion  0.375%      (if any) of the state 
    Next $5 billion  0.355%      of New Jersey as 
    Next $5 billion  0.34%      Putnam Management 
    Any excess over $21.5 billion  0.33%      believes is 
            consistent with 
            preservation 
            of capital. 

Putnam New  4,697,260,397  First $500 million  0.70%  30,814,799  Yes  Long-term 
Opportunities Fund    Next $500 million  0.60%      capital appreciation. 
    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Next $5 billion  0.43%       
    Next $5 billion  0.42%       
    Next $5 billion  0.41%       
    Next $5 billion  0.40%       
    Next $5 billion  0.39%       
    Next $8.5 billion  0.38%       
    Any excess above $55 billion  0.37%       

Putnam New  2,074,162,525  First $500 million  0.70%  11,478,217  Yes  Long-term 
Value Fund    Next $500 million  0.60%      capital appreciation. 
    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       


H-9


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements, applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule    if any) ($)  contract?  Objective 

Putnam New York  48,297,644  The lesser of 0.55%, or                           302,665  Yes  To provide as high a 
Investment Grade    First $500 million  0.65%      level of current 
Municipal Trust    Next $500 million  0.55%      income free from 
    Next $500 million  0.50%      federal income tax 
    Next $5 billion  0.45%      and New York state 
    Next $5 billion  0.425%      and city personal 
    Next $5 billion  0.405%      income taxes as 
    Next $5 billion  0.39%      Putnam Management 
    Any excess thereafter  0.38%      believes is consistent 
            with the preservation 
            of capital. 

Putnam New York  1,158,329,137  The lesser of 0.50%, or    5,972,705  Yes  As high a level of 
Tax Exempt    First $500 million  0.60%      current income 
Income Fund    Next $500 million  0.50%      exempt from federal 
    Next $500 million  0.45%      income tax and 
    Next $5 billion  0.40%      New York State and 
    Next $5 billion  0.375%      City personal income 
    Next $5 billion  0.355%      taxes as Putnam 
    Next $5 billion  0.34%      Management believes 
    Any excess over $21.5 billion  0.33%      to be consistent 
            with preservation 
            of capital. 

Putnam Ohio Tax  162,665,349  The lesser of 0.50%, or    849,434  Yes  As high a level of 
Exempt Income Fund    First $500 million  0.60%      current income 
    Next $500 million  0.50%      exempt from federal 
    Next $500 million  0.45%      income tax and 
    Next $5 billion  0.40%      personal income tax 
    Next $5 billion  0.375%      (if any) of the state 
    Next $5 billion  0.355%      of Ohio as Putnam 
    Next $5 billion  0.34%      Management believes 
    Any excess over $21.5 billion  0.33%      is consistent with 
            preservation 
            of capital. 

Putnam OTC &  707,529,454  First $500 million  0.70%  6,255,747  Yes  Capital appreciation. 
Emerging Growth    Next $500 million  0.60%       
Fund    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       

Putnam Pennsylvania  170,561,420  The lesser of 0.50%, or    926,507  Yes  As high a level of 
Tax Exempt    First $500 million  0.60%      current income 
Income Fund    Next $500 million  0.50%      exempt from federal 
    Next $500 million  0.45%      income tax and 
    Next $5 billion  0.40%      personal income tax 
    Next $5 billion  0.375%      (if any) of the 
    Next $5 billion  0.355%      Commonwealth of 
    Next $5 billion  0.34%      Pennsylvania as 
    Any excess over $21.5 billion     0.33%      Putnam Management 
            believes is consistent 
            with preservation 
            of capital. 


H-10


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule    if any) ($)  contract?  Objective 

Putnam Premier  1,290,918,588  First $500 million  0.75%  8,927,294  Yes  To provide high 
Income Trust    Next $500 million  0.65%      current income. 
    Next $500 million  0.60%       
    Next $5 billion  0.55%       
    Next $5 billion  0.525%       
    Next $5 billion  0.505%       
    Next $5 billion  0.49%       
    Next $5 billion  0.48%       
    Next $5 billion  0.47%       
    Next $5 billion  0.46%       
    Next $5 billion  0.45%       
    Next $5 billion  0.44%       
    Next $8.5 billion  0.43%       
    Any excess thereafter  0.42%       

Putnam Prime  6,828,544,083    0.20%  2,183,172  Yes  As high a rate of 
Money Market            current income as 
Fund***            Putnam Management 
            believes is consistent 
            with preservation 
            of capital and 
            maintenance 
            of liquidity. 

Putnam Research  825,539,509  First $500 million  0.65%  5,269,897  Yes  Capital appreciation. 
Fund****    Next $500 million  0.55%       
    Next $500 million  0.50%       
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       

Putnam  82,508,709    0.05%  29,736  Yes  Capital appreciation 
RetirementReady            and current income 
2010 Fund            consistent with a 
            decreasing emphasis 
            on capital 
            appreciation and an 
            increasing emphasis 
            on current income 
            as it approaches its 
            target date. 

Putnam  150,347,628    0.05%  58,932  Yes  Capital appreciation 
RetirementReady            and current income 
2015 Fund            consistent with a 
            decreasing emphasis 
            on capital 
            appreciation and an 
            increasing emphasis 
            on current income 
            as it approaches its 
            target date. 


H-11


        Has   
      Amount of  compensation   
      Management  been waived,   
      Fee Paid in the  reduced or   
      Most Recent  otherwise   
      Fiscal Year  agreed to be   
  Net Assets    (after applicable  reduced   
  as of    waivers and  under any  Current 
  December 31,    reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule     if any) ($)  contract?  Objective 

Putnam  162,096,359  0.05%                       64,225  Yes  Capital appreciation 
RetirementReady          and current income 
2020 Fund          consistent with a 
          decreasing emphasis 
          on capital 
          appreciation and an 
          increasing emphasis 
          on current income 
          as it approaches its 
          target date. 

Putnam  133,811,161  0.05%  49,571  Yes  Capital appreciation 
RetirementReady          and current income 
2025 Fund          consistent with a 
          decreasing emphasis 
          on capital 
          appreciation and an 
          increasing emphasis 
          on current income 
          as it approaches its 
          target date. 

Putnam  101,690,671  0.05%  25,310  Yes  Capital appreciation 
RetirementReady          and current income 
2030 Fund          consistent with a 
          decreasing emphasis 
          on capital 
          appreciation and an 
          increasing emphasis 
          on current income 
          as it approaches its 
          target date. 

Putnam  68,748,550  0.05%  6,096  Yes  Capital appreciation 
RetirementReady          and current income 
2035 Fund          consistent with a 
          decreasing emphasis 
          on capital 
          appreciation and an 
          increasing emphasis 
          on current income 
          as it approaches its 
          target date. 

Putnam  44,524,474  0.05%  0†  Yes  Capital appreciation 
RetirementReady          and current income 
2040 Fund          consistent with a 
          decreasing emphasis 
          on capital 
          appreciation and an 
          increasing emphasis 
          on current income 
          as it approaches its 
          target date. 


H-12


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule  if any) ($)  contract?  Objective 

Putnam  34,373,111    0.05%  0†  Yes  Capital appreciation 
RetirementReady            and current income 
2045 Fund            consistent with a 
            decreasing emphasis 
            on capital 
            appreciation and an 
            increasing emphasis 
            on current income 
            as it approaches its 
            target date. 

Putnam  8,214,863    0.05%  0†  Yes  Capital appreciation 
RetirementReady            and current income 
2050 Fund            consistent with a 
            decreasing emphasis 
            on capital 
            appreciation and an 
            increasing emphasis 
            on current income 
            as it approaches its 
            target date. 

Putnam  48,280,916    0.05%  0†  Yes  As high a rate of 
RetirementReady            current income as 
Maturity Fund            Putnam Management 
            believes is 
            consistent with 
            preservation 
            of capital. 

Putnam Small Cap  499,218,523  First $500 million  1.00%  3,840,676  Yes  Capital appreciation. 
Growth Fund    Next $500 million  0.90%       
    Next $500 million  0.85%       
    Next $5 billion  0.80%       
    Next $5 billion  0.775%       
    Next $5 billion  0.755%       
    Next $5 billion  0.74%       
    Any excess thereafter  0.73%       

Putnam Small Cap  774,255,867  First $500 million  0.80%  6,409,797^  Yes  Capital appreciation. 
Value Fund    Next $500 million  0.70%       
    Next $500 million  0.65%       
    Next $5 billion  0.60%       
    Next $5 billion  0.575%       
    Next $5 billion  0.555%       
    Next $5 billion  0.54%       
    Any excess thereafter  0.53%       

Putnam Tax  1,200,407,523  The lesser of 0.50%, or    6,301,826  Yes  As high a level of 
Exempt Income    First $500 million  0.60%      current income 
Fund    Next $500 million  0.50%      exempt from federal 
    Next $500 million  0.45%      income tax as 
    Next $5 billion  0.40%      Putnam Management 
    Next $5 billion  0.375%      believes to be 
    Next $5 billion  0.355%      consistent with 
    Next $5 billion  0.34%      preservation 
    Any excess thereafter  0.33%      of capital. 


H-13


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule  if any) ($)  contract?  Objective 

Putnam Tax Exempt  130,101,465  First $500 million  0.45%  390,524  Yes  As high a level of 
Money Market Fund    Next $500 million  0.35%      current income 
    Next $500 million  0.30%      exempt from federal 
    Next $5 billion  0.25%      income tax as 
    Next $5 billion  0.225%      Putnam Management 
    Next $5 billion  0.205%      believes is 
    Next $5 billion  0.19%      consistent with 
    Any excess thereafter  0.18%      preservation of 
            capital, maintenance 
            of liquidity and 
            stability of principal. 

Putnam Tax-Free  192,025,045  The lesser of 0.55%, or    1,177,515  Yes  The fund seeks to 
Health Care Fund    First $500 million  0.65%      provide as high a 
    Next $500 million  0.55%      level of current 
    Next $500 million  0.50%      income free from 
    Next $5 billion  0.45%      federal income tax 
    Next $5 billion  0.425%      as Putnam 
    Next $5 billion  0.405%      Management 
    Next $5 billion  0.39%      believes is 
    Any excess over $21.5 billion  0.38%      consistent with the 
            preservation 
            of capital. 

Putnam Tax-Free  1,463,606,993  The lesser of 0.50%, or    7,815,394  Yes  High current income 
High Yield Fund    First $500 million  0.60%      exempt from federal 
    Next $500 million  0.50%      income tax. 
    Next $500 million  0.45%       
    Next $5 billion  0.40%       
    Next $5 billion  0.375%       
    Next $5 billion  0.355%       
    Next $5 billion  0.34%       
    Any excess thereafter  0.33%       

Putnam Tax Smart  282,128,891  First $500 million  0.70%  1,914,939  Yes  Long-term growth 
Equity Fund®    Next $500 million  0.60%      of capital on an 
    Next $500 million  0.55%      after-tax basis. 
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       

Putnam U.S.  1,209,378,791  First $500 million  0.57%  6,820,873  Yes  As high a level of 
Government    Next $500 million  0.475%      current income as 
Income Trust    Next $500 million  0.4275%      Putnam Management 
    Any excess over $1.5 billion  0.38%      believes is 
            consistent with 
            preservation 
            of capital. 

Putnam Utilities  622,775,796  First $500 million  0.70%  3,727,421  Yes  Capital growth and 
Growth and    Next $500 million  0.60%      current income. 
Income Fund    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       


H-14


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule  if any) ($)  contract?  Objective 

Putnam Vista Fund  2,389,026,658  First $500 million  0.65%            14,101,874  Yes  Capital appreciation. 
    Next $500 million  0.55%       
    Next $500 million  0.50%       
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess over $21.5 billion        0.38%       

Putnam Voyager Fund  8,241,571,476  First $500 million  0.70%  51,035,233  Yes  Capital appreciation. 
    Next $500 million  0.60%       
    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Next $5 billion  0.43%       
    Next $5 billion  0.42%       
    Next $5 billion  0.41%       
    Next $5 billion  0.40%       
    Next $5 billion  0.39%       
    Next $8.5 billion  0.38%       
    Above $55 billion  0.37%       

Putnam VT  149,012,146  First $500 million  0.65%  693,021  Yes  High current income 
American    Next $500 million  0.55%      with preservation of 
Government    Next $500 million  0.50%      capital as a 
Income Fund    Next $5 billion  0.45%      secondary objective. 
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Next $5 billion  0.38%       
    Next $5 billion  0.37%       
    Next $5 billion  0.36%       
    Next $5 billion  0.35%       
    Any excess thereafter  0.34%       

Putnam VT Capital  50,843,215  First $500 million  0.65%  225,344  Yes  Capital appreciation. 
Appreciation Fund    Next $500 million  0.55%       
    Next $500 million  0.50%       
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    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%       


H-15


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule  if any) ($)  contract?  Objective 

Putnam VT Capital  46,989,019  First $500 million                        0.65%                  222,790  Yes  Long-term growth 
Opportunities Fund    Next $500 million  0.55%      of capital. 
    Next $500 million  0.50%       
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       

Putnam VT Discovery  36,740,778  First $500 million  0.70%  105,127  Yes  Long-term growth 
Growth Fund    Next $500 million  0.60%      of capital. 
    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Next $5 billion  0.43%       
    Next $5 billion  0.42%       
    Next $5 billion  0.41%       
    Next $5 billion  0.40%       
    Next $5 billion  0.39%       
    Next $8.5 billion  0.38%       
    Any excess thereafter  0.37%       

Putnam VT  479,813,483  First $500 million  0.70%  2,933,530  Yes  As high a level of 
Diversified    Next $500 million  0.60%      current income as 
Income Fund    Next $500 million  0.55%      Putnam Management 
    Next $5 billion  0.50%      believes is consistent 
    Next $5 billion  0.475%      with preservation 
    Next $5 billion  0.455%      of capital. 
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       

Putnam VT Equity  241,424,798  First $500 million  0.65%  1,326,897  Yes  Capital growth and 
Income Fund    Next $500 million  0.55%      current income. 
    Next $500 million  0.50%       
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       

Putnam VT The  608,279,822  First $500 million  0.65%  3,969,447  Yes  To provide a balanced 
George Putnam    Next $500 million  0.55%      investment composed 
Fund of Boston    Next $500 million  0.50%      of a well diversified 
    Next $5 billion  0.45%      portfolio of stocks 
    Next $5 billion  0.425%      and bonds which 
    Next $5 billion  0.405%      produce both capital 
    Next $5 billion  0.39%      growth and 
    Any excess thereafter  0.38%      current income. 

Putnam VT Global  400,137,286  First $500 million  0.70%  2,392,952  Yes  A high level of 
Asset Allocation    Next $500 million  0.60%      long-term total 
Fund    Next $500 million  0.55%      return consistent 
    Next $5 billion  0.50%      with preservation 
    Next $5 billion  0.475%      of capital. 
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       


H-16


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule  if any) ($)  contract?  Objective 

Putnam VT Global  608,067,124  First $500 million  0.80%  4,692,325  Yes  Capital appreciation. 
Equity Fund    Next $500 million  0.70%       
    Next $500 million  0.65%       
    Next $5 billion  0.60%       
    Next $5 billion  0.575%       
    Next $5 billion  0.555%       
    Next $5 billion  0.54%       
    Any excess thereafter  0.53%       

Putnam VT Growth  4,101,216,725  First $500 million  0.65%  20,729,712  Yes  Capital growth and 
and Income Fund    Next $500 million  0.55%      current income. 
    Next $500 million  0.50%       
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       

Putnam VT Growth  50,923,698  First $500 million  0.70%  243,122  Yes  Capital appreciation. 
Opportunities Fund    Next $500 million  0.60%       
    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Next $5 billion  0.43%       
    Any excess thereafter  0.42%       

Putnam VT Health  270,659,925  First $500 million  0.70%  2,204,609  Yes  Capital appreciation. 
Sciences Fund    Next $500 million  0.60%       
    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       

Putnam VT High  599,035,287  First $500 million  0.70%  3,720,493  Yes  High current income. 
Yield Fund    Next $500 million  0.60%      Capital growth is a 
    Next $500 million  0.55%      secondary goal 
    Next $5 billion  0.50%      when consistent 
    Next $5 billion  0.475%      with achieving high 
    Next $5 billion  0.455%      current income. 
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       

Putnam VT  737,543,099  First $500 million  0.65%  3,498,163  Yes  High current income 
Income Fund    Next $500 million  0.55%      consistent with what 
    Next $500 million  0.50%      Putnam Management 
    Next $5 billion  0.45%      believes to be 
    Next $5 billion  0.425%      prudent risk. 
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       


H-17


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule  if any) ($)  contract?  Objective 

Putnam VT  1,267,657,390  First $500 million  0.80%  8,271,996  Yes  Capital appreciation. 
International    Next $500 million  0.70%       
Equity Fund    Next $500 million  0.65%       
    Next $5 billion  0.60%       
    Next $5 billion  0.575%       
    Next $5 billion  0.555%       
    Next $5 billion  0.54%       
    Any excess thereafter  0.53%       

Putnam VT  460,469,163  First $500 million  0.80%  2,838,706  Yes  Capital growth. 
International Growth    Next $500 million  0.70%      Current income is a 
and Income Fund    Next $500 million  0.65%      secondary objective. 
    Next $5 billion  0.60%       
    Next $5 billion  0.575%       
    Next $5 billion  0.555%       
    Next $5 billion  0.54%       
    Any excess thereafter  0.53%       

Putnam VT  287,674,855  First $500 million  1.00%  2,485,049  Yes  Long-term 
International New    Next $500 million  0.90%      capital appreciation. 
Opportunities Fund    Next $500 million  0.85%       
    Next $5 billion  0.80%       
    Next $5 billion  0.775%       
    Next $5 billion  0.755%       
    Next $5 billion  0.74%       
    Any excess thereafter  0.73%       

Putnam VT  494,282,635  First $500 million  0.65%  3,216,355  Yes  Long-term growth 
Investors Fund    Next $500 million  0.55%      of capital and any 
    Next $500 million  0.50%      increased income 
    Next $5 billion  0.45%      that results from 
    Next $5 billion  0.425%      this growth. 
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       

Putnam VT Mid  95,124,663  First $500 million  0.70%  634,565  Yes  Capital appreciation 
Cap Value Fund    Next $500 million  0.60%      and, as a secondary 
    Next $500 million  0.55%      objective, current 
    Next $5 billion  0.50%      income. 
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       

Putnam VT Money  399,752,655  First $500 million  0.45%  1,529,264  Yes  As high a rate of 
Market Fund    Next $500 million  0.35%      current income as 
    Next $500 million  0.30%      Putnam Management 
    Next $5 billion  0.25%      believes is consistent 
    Next $5 billion  0.225%      with preservation of 
    Next $5 billion  0.205%      capital and 
    Next $5 billion  0.19%      maintenance 
    Any excess thereafter  0.18%      of liquidity. 

Putnam VT New  1,291,099,249  First $500 million  0.70%  8,663,759  Yes  Long-term 
Opportunities Fund    Next $500 million  0.60%      capital appreciation. 
    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       


H-18


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule  if any) ($)  contract?  Objective 

Putnam VT New  679,407,446  First $500 million  0.70%  4,475,605  Yes  Long-term 
Value Fund    Next $500 million  0.60%      capital appreciation. 
    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       

Putnam VT OTC &  79,065,231  First $500 million  0.70%  575,537  Yes  Capital appreciation. 
Emerging Growth    Next $500 million  0.60%       
Fund    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       

Putnam VT  177,820,555  First $500 million  0.65%  1,213,099  Yes  Capital appreciation. 
Research Fund    Next $500 million  0.55%       
    Next $500 million  0.50%       
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       

Putnam VT Small  978,000,195  First $500 million  0.80%  6,827,461  Yes  Capital appreciation. 
Cap Value Fund    Next $500 million  0.70%       
    Next $500 million  0.65%       
    Next $5 billion  0.60%       
    Next $5 billion  0.575%       
    Next $5 billion  0.555%       
    Next $5 billion  0.54%       
    Any excess thereafter  0.53%       

Putnam VT Utilities  382,902,568  First $500 million  0.70%  2,437,187  Yes  Capital growth and 
Growth and Income    Next $500 million  0.60%      current income. 
Fund    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       

Putnam VT  420,426,636  First $500 million  0.65%  3,006,605  Yes  Capital appreciation. 
Vista Fund    Next $500 million  0.55%       
    Next $500 million  0.50%       
    Next $5 billion  0.45%       
    Next $5 billion  0.425%       
    Next $5 billion  0.405%       
    Next $5 billion  0.39%       
    Any excess thereafter  0.38%       


H-19


          Has   
        Amount of  compensation   
        Management  been waived,   
        Fee Paid in the  reduced or   
        Most Recent  otherwise   
        Fiscal Year  agreed to be   
  Net Assets      (after applicable  reduced   
  as of      waivers and  under any  Current 
  December 31,      reimbursements,  applicable  Investment 
Fund  2006 ($)  Current Management Fee Schedule  if any) ($)  contract?  Objective 

Putnam VT  1,860,346,341  First $500 million  0.70%  11,832,070  Yes  Capital appreciation. 
Voyager Fund    Next $500 million  0.60%       
    Next $500 million  0.55%       
    Next $5 billion  0.50%       
    Next $5 billion  0.475%       
    Next $5 billion  0.455%       
    Next $5 billion  0.44%       
    Any excess thereafter  0.43%       


* Due to expense limitations in effect during the fund’s fiscal year ended 02/28/06, Putnam Income Strategies Fund did not pay a management fee to Putnam Management. Figures for the fund’s most recent fiscal year are not yet available.

** The management fee schedule for Putnam Municipal Opportunities Trust represents fees paid only for investment advisory services. As described in this proxy statement, the fund also paid administrative fees to Putnam Management for administrative services.

*** The management fee schedule for Putnam Prime Money Market Fund represents fees paid only for investment advisory services. As described in this proxy statement, the fund also pays administrative fees to Putnam Management for administrative services.

****A revised management contract for Putnam Research Fund was approved by shareholders on December 14, 2006 to remove the incentive fee component from the management fee. Under the fund’s previous management contract, the fund paid Putnam Management a quarterly fee consisting of an asset-based component and an incentive component. The asset-based fee was subject to a performance adjustment based on the investment performance of the fund compared to the Standard & Poor’s 500 (S&P 500) composite Stock Price Index. Performance was calculated for these purposes at the beginning of each calendar quarter, for the thirty-six month period immediately preceding such quarter or the life of the fund, if shorter. The applicable asset-based fee was increased or decreased for each calendar quarter by an incentive payment or penalty at the annual rate of 0.01% of the fund’s average net assets for each 1.00% increment by which the fund outperformed or underp erformed the S&P 500 in excess of 3.00%, subject to a maximum increase or decrease of 0.07% of average net assets. The revised management contract provides for an eighteen-month transition period during which the fund’s fee will be the lesser of (i) the asset-based fee and (ii) the performance-adjusted fee that would have been calculated under the previous contract. The fund is currently in this transition period, which will end on June 30, 2008, after which the asset-based management fee will apply without performance-based adjustments.

† Due to expense limitations in effect during the most recent fiscal year, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2050 Fund and Putnam RetirementReady Maturity Fund did not pay management fees to Putnam Management.

^ Amounts for fiscal year ended 02/28/06. Figures for the fund’s most recent fiscal year are not yet available.

H-20


The following table contains certain information regarding other funds for which Putnam Management provides investment advisory services as a sub-adviser. Unlike the other funds addressed in this proxy statement, Putnam Management does not provide administrative or other services to these funds.

          Has     
          compensation     
          been waived,     
          reduced or     
          otherwise     
        Amount of  agreed to be     
  Net Assets      Sub-Advisory  reduced     
  as of      Fee Paid in the  under any  Current   
  December 31,      Most Recent  applicable  Investment  Fiscal 
Fund  2006 ($)  Sub-Advisory Fee Rate  Fiscal Year ($)  contract?  Objective  Year 

Met Investors  44,828,654  0.54% of average daily net assets††               244,961     No  Long-term  Dec. 31, 2006 
Series Trust:            growth of capital.   
Met/Putnam               
Capital               
Opportunities               
Portfolio               

Valic Company I:  432,979,141  0.50% of average daily net assets††  17,697      No  Capital  May 31,2006 
Global Equity Fund            appreciation.   

Valic Company I:  185,427,002  0.63% of average daily net assets††  14,918      No  To produce  May 31, 2006 
Small Cap Special            growth of capital   
Values Fund√√           by investing   
            primarily in   
            common stocks.   

Seasons Series Trust  393,715,244  0.45% of average daily net assets††  1,728,770      Yes  Capital  May 31, 2006 
— Asset Allocation:            appreciation.   
Diversified Growth                                         
Portfolio               

JNL/Putnam  141,960,660  First $150 million  0.45%   694,815      No  Long-term  May 31, 2006 
Equity Fund    Next $150 million  0.35%      capital growth.   
    Excess thereafter  0.30%         

JNL/Putnam Midcap  31,233,273  First $250 million  0.475%  188,472      No  Capital  May 31, 2006 
Growth Fund    Excess thereafter  0.40%      appreciation.   

SunAmerica Series  234,230,726  First $100 million  0.85%  1,891,099      No  Long-term capital  Jan. 31, 2007 
Trust Emerging    Next $100 million  0.80%      appreciation.   
Markets Portfolio    Excess thereafter  0.75%         

SunAmerica Series  455,306,042  First $150 million  0.65%  2,227,733      No  Growth of capital,  Jan. 31, 2007 
Trust: International    Next $150 million  0.55%      and secondarily,   
Growth & Income    Excess thereafter  0.45%      current income.   
Portfolio                

SunAmerica Series  170,785,085  First $150 million  0.50%  709,398      Yes  Capital  Jan. 31, 2007 
Trust: Putnam Growth:  Next $150 million  0.45%      appreciation.   
Voyager Portfolio    Excess thereafter  0.35%         


††  The effective annual management fee rate is provided for these funds as the management fee schedule for each fund is not publicly disclosed.

These amounts represent fees paid by each fund for a partial fiscal year, since each fund’s inception was December 5, 2005.

√√ Putnam Management currently sub-advises approximately 50% of the fund’s assets, with the remainder being advised by another investment adviser. The net assets provided here represent only those assets of the fund sub-advised by Putnam Management.

H-21


APPENDIX I

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 (other than under a management contract). These services will continue to be provided after the proposed management contract is approved; however, the funds have retained State Street Bank and Trust Company as custodian, and it is expected that Putnam Fiduciary Trust Company’s service as custodian will terminate during the first half of 2007 when all of the funds’ assets in its custody or the custody of its sub-custodians have been transferred into State Street Bank and Trust Company’s safekeeping.

Also, as described in this proxy statement, Putnam Prime Money Market Fund and Putnam Municipal Opportunities Trust paid administrative services fees to Putnam Management. Please refer to the footnotes to these particular funds in Appendix E for information about the administrative services fees paid to Putnam Management during the most recent fiscal year.

                  Fees paid to   
  Fees paid to  Fees paid to  Putnam Retail   
  Putnam Fiduciary  Putnam  Management   
  Trust Company  Fiduciary  Limited   
  for serving as  Trust Company  Partnership          
  investor servicing  for serving as  pursuant to   
Fund  agent ($)*  custodian ($)*  distribution plans ($)  Fiscal Year End 

Putnam American Government Income Fund  1,306,503  236,148  2,407,457  September 30, 2006 

Putnam AMT-Free Insured Municipal Fund  168,922  116,080  1,281,572  July 31, 2006 

Putnam Arizona Tax Exempt Income Fund  38,915  46,131  283,374  May 31, 2006 

Putnam Asset Allocation: Balanced Portfolio  3,197,418  722,008  7,690,831  September 30, 2006 

Putnam Asset Allocation: Conservative Portfolio  1,751,830  450,008  2,498,757  September 30, 2006 

Putnam Asset Allocation: Growth Portfolio  3,385,542  1,560,157  7,209,776  September 30, 2006 

Putnam California Investment Grade Municipal Trust  34,777  41,090  Not Applicable  April 30, 2006 

Putnam California Tax Exempt Income Fund  687,684  169,424  5,547,728  September 30, 2006 

Putnam Capital Appreciation Fund  2,448,787  219,444  3,461,183  May 31, 2006 

Putnam Capital Opportunities Fund  3,432,751  347,870  3,827,544  April 30, 2006 

Putnam Classic Equity Fund  1,952,796  175,325  3,180,135  November 30, 2006 

Putnam Convertible Income-Growth Trust  781,757  137,389  2,235,945  October 31, 2006 

Putnam Discovery Growth Fund  5,314,129  180,530  4,788,597  December 31, 2006 

Putnam Diversified Income Trust  3,299,040  581,814  14,908,977  September 30, 2006 

Putnam Equity Income Fund  6,951,658  245,063  14,113,121  November 30, 2006 

Putnam Europe Equity Fund  1,372,486  573,492  2,634,957  June 30, 2006 

Putnam Floating Rate Income Fund**  175,806  129,462  1,244,466  February 28, 2006 

The Putnam Fund for Growth and Income  26,869,135  599,513  51,322,232  October 31, 2006 

The George Putnam Fund of Boston  9,125,947  480,131  18,216,870    July 31, 2006 

Putnam Global Equity Fund  5,695,273  1,368,894  8,397,834  October 31, 2006 

Putnam Global Income Trust  254,473  130,104  546,850  October 31, 2006 

Putnam Global Natural Resources Fund  1,043,084  301,780  2,729,494  August 31, 2006 

Putnam Growth Opportunities Fund  5,034,903  170,468  4,889,338  July 31, 2006 

Putnam Health Sciences Trust  6,313,802  507,220  12,527,764  August 31, 2006 

Putnam High Income Securities Fund  96,278  137,361  Not Applicable  August 31, 2006 

Putnam High Yield Advantage Fund  701,060  188,244  3,305,078  November 30, 2006 

Putnam High Yield Municipal Trust  86,711  104,108  Not Applicable  March 31, 2006 

Putnam High Yield Trust  3,593,375  247,504  9,404,607  August 31, 2006 


I- 1


      Fees paid to   
  Fees paid to  Fees paid to  Putnam Retail   
  Putnam Fiduciary  Putnam  Management   
  Trust Company  Fiduciary  Limited   
  for serving as  Trust Company  Partnership   
  investor servicing  for serving as  pursuant to   
Fund  agent ($)*  custodian ($)*  distribution plans ($)  Fiscal Year End 

Putnam Income Fund  5,188,989  406,144  6,057,170    October 31, 2006 

Putnam Income Strategies Fund**  1,014  6,428  9,348  February 28, 2006 

Putnam International Capital Opportunities Fund  3,486,799  1,655,998  7,485,283  August 31, 2006 

Putnam International Equity Fund  15,299,530  6,653,687  24,900,584  June 30, 2006 

Putnam International Growth and Income Fund  2,170,028  851,927  3,774,490  June 30, 2006 

Putnam International New Opportunities Fund  2,552,793  777,569  3,072,562  September 30, 2006 

Putnam Investment Grade Municipal Trust  112,961  124,251  Not Applicable  November 30, 2006 

Putnam Investors Fund  11,541,559  295,418  16,725,612  July 31, 2006 

Putnam Limited Duration Government Income Fund  1,035,304  174,392  1,485,486  November 30, 2006 

Putnam Managed Municipal Income Trust  188,595  145,207  Not Applicable  October 31, 2006 

Putnam Massachusetts Tax Exempt Income Fund  141,481  110,395  1,112,889  May 31, 2006 

Putnam Master Intermediate Income Trust  340,900  289,863  Not Applicable  September 30, 2006 

Putnam Michigan Tax Exempt Income Fund  75,770  56,902  411,398  May 31, 2006 

Putnam Mid Cap Value Fund  2,439,108  144,668  4,523,402  April 30, 2006 

Putnam Minnesota Tax Exempt Income Fund  78,884  54,736  405,217  May 31, 2006 

Putnam Money Market Fund  7,108,735  26,396  1,813,923  September 30, 2006 

Putnam Municipal Bond Fund  118,092  126,202  Not Applicable  April 30, 2006 

Putnam Municipal Opportunities Trust  105,176  117,534  Not Applicable  April 30, 2006 

Putnam New Jersey Tax Exempt Income Fund  109,963  87,009  815,048  May 31, 2006 

Putnam New Opportunities Fund  18,449,214  284,869  19,722,612  June 30, 2006 

Putnam New Value Fund  4,874,321  175,324  8,846,785  August 31, 2006 

Putnam New York Investment Grade Municipal Trust  19,398  26,438  Not Applicable  April 30, 2006 

Putnam New York Tax Exempt Income Fund  572,969  147,793  2,977,860  November 30, 2006 

Putnam Ohio Tax Exempt Income Fund  96,299  91,003  504,029  May 31, 2006 

Putnam OTC & Emerging Growth Fund  5,529,799  169,354  4,424,411  July 31, 2006 

Putnam Pennsylvania Tax Exempt Income Fund  107,359  78,985  613,022  May 31, 2006 

Putnam Premier Income Trust  677,416  366,332  Not Applicable  July 31, 2006 

Putnam Prime Money Market Fund  320,694  49,161  10,226  September 30, 2006 

Putnam Research Fund  3,274,639  168,708  4,752,048  July 31, 2006 

Putnam RetirementReady 2010 Fund  Not Applicable  Not Applicable  108,176  July 31, 2006 

Putnam RetirementReady 2015 Fund  Not Applicable  Not Applicable  153,376  July 31, 2006 

Putnam RetirementReady 2020 Fund  Not Applicable  Not Applicable  175,406  July 31, 2006 

Putnam RetirementReady 2025 Fund  Not Applicable  Not Applicable  143,679  July 31, 2006 

Putnam RetirementReady 2030 Fund  Not Applicable  Not Applicable  100,250  July 31, 2006 

Putnam RetirementReady 2035 Fund  Not Applicable  Not Applicable  67,617           July 31, 2006 

Putnam RetirementReady 2040 Fund  Not Applicable  Not Applicable  42,154  July 31, 2006 

Putnam RetirementReady 2045 Fund  Not Applicable  Not Applicable  29,079  July 31, 2006 

Putnam RetirementReady 2050 Fund  Not Applicable  Not Applicable  3,856  July 31, 2006 

Putnam RetirementReady Maturity Fund  Not Applicable  Not Applicable  74,474  July 31, 2006 

Putnam Small Cap Growth Fund  1,303,853  172,809  1,727,604  June 30, 2006 


I- 2


      Fees paid to   
  Fees paid to  Fees paid to  Putnam Retail   
  Putnam Fiduciary  Putnam  Management   
  Trust Company  Fiduciary  Limited   
  for serving as  Trust Company  Partnership   
  investor servicing  for serving as  pursuant to   
Fund  agent ($)*  custodian ($)*  distribution plans ($)  Fiscal Year End 

Putnam Small Cap Value Fund**  1,721,218  189,821  4,206,106  February 28, 2006 

Putnam Tax Exempt Income Fund  619,569  157,244  2,965,084  September 30, 2006 

Putnam Tax Exempt Money Market Fund  92,314  7,225  Not Applicable  September 30, 2006 

Putnam Tax-Free Health Care Fund  96,730  89,104  Not Applicable    May 31, 2006 

Putnam Tax-Free High Yield Fund  876,144  181,530  4,924,806  July 31, 2006 

Putnam Tax Smart Equity Fund®  308,021  136,425  1,725,253  October 31, 2006 

Putnam U.S. Government Income Trust  1,912,986  524,492  4,893,122  September 30, 2006 

Putnam Utilities Growth and Income Fund  969,213  343,106  1,921,475  October 31, 2006 

Putnam Vista Fund  7,285,460  292,982  10,325,341  July 31, 2006 

Putnam Voyager Fund  30,585,086  398,461  32,965,281  July 31, 2006 

Putnam VT American Government Income Fund  48,941  114,013  173,639  December 31, 2006 

Putnam VT Capital Appreciation Fund  15,725  65,351  57,034  December 31, 2006 

Putnam VT Capital Opportunities Fund  12,527  54,559  46,005  December 31, 2006 

Putnam VT Discovery Growth Fund  11,659  63,423  65,208  December 31, 2006 

Putnam VT Diversified Income Fund  145,032  268,013  425,943  December 31, 2006 

Putnam VT Equity Income Fund  61,671  104,545  236,721  December 31, 2006 

Putnam VT The George Putnam Fund of Boston  194,190  268,645  744,815  December 31, 2006 

Putnam VT Global Asset Allocation Fund  118,715  433,160  193,024  December 31, 2006 

Putnam VT Global Equity Fund  178,611  512,462  184,854  December 31, 2006 

Putnam VT Growth and Income Fund  1,270,937  311,396  1,981,707  December 31, 2006 

Putnam VT Growth Opportunities Fund  15,810  48,399  75,526  December 31, 2006 

Putnam VT Health Sciences Fund  95,118  155,996  444,903  December 31, 2006 

Putnam VT High Yield Fund  181,736  189,665  413,089  December 31, 2006 

Putnam VT Income Fund  231,988  265,541  738,885  December 31, 2006 

Putnam VT International Equity Fund  338,452  1,358,361  1,823,795  December 31, 2006 

Putnam VT International Growth and Income Fund  121,377  546,929  291,287  December 31, 2006 

Putnam VT International New Opportunities Fund  82,490  369,808  400,747  December 31, 2006 

Putnam VT Investors Fund  148,076  182,489  563,681  December 31, 2006 

Putnam VT Mid Cap Value Fund  27,834  51,386  73,775  December 31, 2006 

Putnam VT Money Market Fund  110,530  135,076  411,984  December 31, 2006 

Putnam VT New Opportunities Fund  415,595  187,781  381,899  December 31, 2006 

Putnam VT New Value Fund  200,902  140,816  676,015  December 31, 2006 

Putnam VT OTC & Emerging Growth Fund  25,507  60,623  91,357  December 31, 2006 

Putnam VT Research Fund  56,664  91,120  272,176  December 31, 2006 

Putnam VT Small Cap Value Fund  276,850  215,429  1,582,848  December 31, 2006 

Putnam VT Utilities Growth and Income Fund  113,131  278,585  146,590  December 31, 2006 

Putnam VT Vista Fund  167,571  190,972  628,075  December 31, 2006 

Putnam VT Voyager Fund  569,884  211,176  1,114,380  December 31, 2006 


* Excludes custody credits and investor servicing credits.

** Amounts for fiscal year ended 02/28/06. Figures for the fund’s most recent fiscal year are not yet available.

I- 3


APPENDIX J

5% Beneficial Ownership

As of February 9, 2007, to the knowledge of the Putnam funds, no person owned beneficially or of record 5% or more of any class of shares of any Putnam fund, except as shown in the tables below. Additional ownership information for the Putnam closed-end funds is shown separately at the end of this Appendix J.

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam American Government Income Fund   
 
CLASS C     

 
Bickley Printing SEP IRA Plan     
1225 Norton Ave     
Glendale, CA 91202-2030  32,166.81  8.90% 
 
CLASS M     

 
Harold Azmelian, Philip Arpiarian &     
Armen Kalbian As TTEE     
Holy Cross Church Endowment Trst     
770 Anderson Ave Apt 15K     
Cliffside Pk, NJ 07010-2169  22,881.20  9.70% 
 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  52,560.96  22.30% 
 
Travel Store, Inc.**  18,454.00  7.84% 
 
American Broadcast EFCU 401(K) &     
Profit Sharing Plan*  16,565.00  7.04% 
 
CLASS R     

 
MCB Trust Services As Agent For     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  6,299.05  97.80% 
 
CLASS Y     

 
Building Service Local 32b-J     
Supplemental Retirement Savings Plan**  605,464.00  57.29% 
 
Putnam Investments Profit Sharing Plan*  188,566.00  17.84% 

 
Putnam AMT-Free Insured Municipal Fund   
 
CLASS A     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  937,040.19  5.10% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  2,570,441.82  14.10% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  178,615.89  5.80% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  212,789.69  6.90% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  258,300.36  8.40% 
 
CLASS C     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  98,771.20  17.20% 
 
J.J.B. Hilliard, W.L. Lyons, Inc     
501 S.4th Street     
Louisville, KY 40202  41,802.53  7.30% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS C     

 
NFS LLC FEBO     
its Customers     
5769 Pray St     
Bonita, CA 91902  31,698.04  5.50% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  32,385.59  44.70% 
 
Pershing LLC     
P. O. Box 2052     
Jersey City, NJ 07303  13,828.44  19.00% 
 
Joan M Novak & Eugene S. Novak     
2091 E Parkview Cir     
Hoffman Est, IL 60169-2644  4,915.46  6.70% 

 
Putnam Arizona Tax Exempt Income Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  1,635,301.84  19.50% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  67,236.23  6.60% 
 
CLASS C     

 
Putnam LLC     
The Putnam Companies, Inc.     
One Post Office Square     
Boston, MA 02109-2106  1,098.02  100.00% 
 
CLASS M     

LPL Financial Services     
9785 Towne Centre Drive     
San Diego, CA 92121-1968  28,739.25  19.40% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  31,196.03  21.10% 
 
Pershing LLC     
P.O. Box 2052     
Jersey City, NJ 07303-9998  19,602.04  13.20% 
 
L & F Investments Ltd Partnership     
4121 N 64th Pl     
Scottsdale, AZ 85251-3109  33,437.68  22.70% 

 
Putnam Asset Allocation: Balanced Portfolio   
 
CLASS A     

Mercer Trust Company     
1 Investors Way     
Norwood, MA 02062-1599  9,371,204.58  7.60% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  12,828,440.93  10.50% 

J-1


Shareholder Name  Percentage 
and Address  Holdings  Owned 
 
Putnam Asset Allocation: Balanced Portfolio, continued 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  596,561.87  5.10% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  1,121,584.97  9.60% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  264,326.80  8.80% 
 
CLASS R     

 
Counsel Trust Co     
Corporate Benefit Services Of     
American And Affiliates Retirement Plan     
336 4th Ave Ste 5     
PIttsburgh, PA 15222-2004  558,406.74  66.50% 
 
CLASS Y     

 
IBEW Local 3**  3,682,426.00  23.87% 
 
Kinder Morgan Savings Plan**  2,708,037.00  17.56% 
 
Ironworkers St. Louis District     
Council Annuity Trust Fund**  1,146,805.00  7.43% 
 
Cenveo Corporation 401(K) Plan**  897,297.00  5.82% 
 
Arch Coal, Inc. Employee Thrift Plan**  854,655.00  5.54% 
 
Putnam Investments     
Profit Sharing Plan*  824,774.00  5.35% 
 
Genlyte Thomas Group Retirement     
Savings And Investment Plan**  791,025.00  5.13% 
 
United Way Of Massachusetts     
51 Sleeper St.     
Boston, MA 02210-1208  779,157.00  5.00% 

 
Putnam Asset Allocation: Conservative Portfolio   
 
CLASS A     

 
Ironworkers St. Louis District     
Council Annuity Trust Fund**  3,367,899.00  7.08% 
 
Edward D. Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  3,156,069.00  6.60% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  485,679.63  5.50% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  383,578.45  7.50% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  320,521.96  6.30% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  408,205.01  8.00% 
 
CLASS M     

 
Mercer Trust Company     
1 Investors Way     
Norwood, MA 02062-1599  85,547.78  6.80% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  74,227.36  6.00% 
 
National City Bank     
P.O. Box 94984     
Cleveland, OH 44101-4984  228,185.22  18.40% 
 
CLASS R     

 
MG Trust Company As Agent For     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  8,218.71  6.80% 
 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  20,601.75  17.10% 
 
MG Trust Company FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  7,249.71  6.00% 
 
Counsel Trust Co     
Corporate Benefit Services     
Of America And Affiliates     
Retirement Plan     
336 4th Ave Ste 5     
PIttsburgh, PA 15222-2004  31,902.23  26.80% 
CLASS Y     

 
Building Service Local 32b-J     
Supplemental Retirement     
Savings Plan**  37,485,779.00  89.47% 

 
Putnam Asset Allocation: Growth Portfolio   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  12,325,377.19  12.20% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  1,505,905.82  5.10% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  1,112,482.10  8.20% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  1,919,512.93  14.20% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  186,629.23  5.70% 
 
CLASS R     

 
Counsel Trust Co     
Corporate Benefit Services     
Of American And Affiliates     
Retirement Plan     
336 4th Ave Ste 5     
PIttsburgh, PA 15222-2004  192,346.35  36.90% 

J-2


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS Y     

 
IBEW Local 3**  4,835,022.00  36.67% 
 
Kinder Morgan Savings Plan**  2,109,804.00  16.00% 
 
Putnam Investments     
Profit Sharing Plan*  1,854,414.00  14.07% 
 
Ironworkers St. Louis District     
Council Annuity Trust Fund**  1,599,228.00  12.13% 
 
Cenveo Corporation 401(K) Plan**  879,500.00  6.67% 

 
Putnam California Investment Grade Municipal Trust 
 
COMMON SHARES     

 
Cede & Co Fast     
20 Bowling Green     
New York, NY 10004-1408  4,293,448.79  95.00% 

 
Putnam California Tax Exempt Income Fund   
 
CLASS A     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  21,321,710.75  9.00% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  17,371,696.27  7.30% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  1,354,535.44  10.50% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  1,130,699.39  8.80% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  268,293.77  9.90% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  346,116.45  12.80% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  191,262.38  27.20% 
 
Kathleen L Bernath, as Trustee     
Of The Edward & Kathleen Bernath     
Revocable Trust     
650 Harrison Ave     
Claremont, CA 91711-4538  37,496.86  5.30% 
 
William L Rosenberg, as Trustee     
Rosenberg Family Trust     
4754 La Villa Marina     
Marina Dl Rey, CA 90292-7049  63,519.47  9.00% 
 
Dawn Brenner, as Trustee     
Simms Survivor Trust     
Grant Bennett Associates     
425 River Park Dr Ste 250     
Sacramento, CA 95815  42,034.28  5.90% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Capital Appreciation Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  2,092,848.38  8.90% 
 
CLASS C     

 
UBS Financial Services Inc. FBO     
its Customers     
Montgomery Pulmonary Consultants PA     
1440 Narrow Lane Pkwy     
Montgomery, AL 36111-2654  9,353.40  5.40% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  31,300.47  5.10% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  1,509.68  32.60% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  2,312.41  49.90% 
 
Julianna R Kinstler     
223 E Wisconsin Ave     
Monticello, WI 53570-9632  286.71  6.20% 
 
CLASS Y     

 
Putnam Investments Profit     
Sharing Plan*  236,920.00  75.10% 
 
Putnam Investments**  31,040.00  9.84% 

 
Putnam Capital Opportunities Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  4,519,578.42  10.90% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  825,313.08  5.00% 
 
CLASS C     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  148,509.35  5.00% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  87,590.84  6.20% 
 
CLASS R     

 
MCB Trust Services As Agent For     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  11,955.82  7.10% 
 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  19,019.52  11.30% 

J-3


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Capital Opportunities Fund, continued   
 
CLASS R     

 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  30,455.20  18.00% 
 
CLASS Y     

 
Ohio Tuition Trust Authority/     
College Advantage Program***  11,242,432.00  31.70% 

 
Putnam Classic Equity Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  9,127,506.06  22.40% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  730,619.77  11.30% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  367,860.58  20.40% 
 
CLASS R     

 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  833.71  33.60% 
 
Trustlynx & Co     
P.O. Box 173736     
Denver, CO 80217-3736  1,449.18  58.50% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  284,837.00  78.28% 

 
Putnam Convertible Income-Growth Trust   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  3,915,801.31  12.20% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  121,822.36  5.10% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  144,529.65  6.10% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  170,971.62  7.20% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  79,363.54  6.10% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  439,968.63  34.10% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  25,671.50  8.50% 
 
Nationwide Trust Co     
C/O IPO Portfolio Accounting     
P.O. Box 182029     
Columbus, OH 43218-2029  16,486.10  5.40% 
 
CLASS R     

 
MG Trust Company Cust     
700 17th St Ste 300     
Denver, CO 80202-3531  32,926.36  55.50% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  3,309.08  5.50% 
 
Reliance Trust Company     
P.O. Box 48529     
Atlanta, GA 30362-1529  17,849.27  30.10% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  222,631.00  17.76% 
 
Madison Paper Industries Savings &     
Investment Plan**  95,412.00  7.61% 

 
Putnam Discovery Growth Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  2,460,000.57  9.50% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  731,207.18  5.70% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  135,360.24  8.00% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  71,537.95  6.80% 
 
CLASS R     

MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  600.62  14.50% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  3,244.52  78.40% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  386,717.00  76.51% 
 
Putnam Investments**  36,581.00  7.24% 

J-4


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Diversified Income Trust     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  13,538,140.81  9.70% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  1,556,245.16  6.20% 
 
CLASS C     

 
SMBC Friend Securities Co., Ltd     
Foreign Securities Dept     
7-12 Kabuto-Cho Nihonbashi,     
CHUO-KU     
Tokyo 103 Japan  5,782,900.00  49.70% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  798,898.53  6.80% 
 
CLASS M     

 
SMBC Friend Securities Co., Ltd     
Foreign Securities Dept     
7-12 Kabuto-Cho Nihonbashi,     
CHUO-KU     
Tokyo 103 Japan  91,082,520.00  97.30% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  19,962.07  23.00% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  37,020.27  42.50% 
 
CLASS Y     

 
Marsh & McLennan Deferred     
Compensation Plans     
1166 Avenue Of The Americas     
New York, NY 10036-2774  758,765.00  47.37% 
 
Putnam Investments Profit Sharing Plan*  518,652.00  31.15% 

 
Putnam Equity Income Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  37,931,042.36  24.10% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  4,408,083.78  13.30% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  307,531.42  5.50% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  417,653.61  7.40% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  667,002.28  20.70% 
 
CLASS R     

 
Martin Prakken & Tom O’Connell,     
Blueprint Automation Ret Pln     
16037 Innovation Dr     
Colonial Hgts, VA 23834-5951  13,936.94  5.10% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  29,226.65  10.70% 
 
Hartford Life Insurance     
P.O. Box 2999     
Hartford, CT 06104-2999  31,936.51  11.70% 
 
CLASS Y     

 
IBEW Local 3**  3,545,775.00  22.13% 
 
Marsh & McLennan Supplemental     
Retirement Plan**  3,393,455.00  21.18% 
 
Emerson Electric Co. Employee     
Savings Investment Plan**  1,876,013.00  11.71% 

 
Putnam Europe Equity Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  817,402.34  5.70% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  19,014.05  9.10% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  23,756.63  11.40% 
 
CLASS M     

 
SMBC Friend Securities Co., Ltd     
Foreign Securities Dept     
7-12 Kabuto-Cho Nihonbashi,     
CHUO-KU     
Tokyo 103 Japan  130,450.00  28.60% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  1,489.38  78.20% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  224,234.00  69.79% 
 
Putnam Investments**  37,594.00  11.70% 

 
Putnam Floating Rate Income Fund   
 
CLASS A     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  2,192,572.81  6.40% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  5,710,932.18  16.80% 

J-5


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Floating Rate Income Fund, continued   
 
CLASS A     

 
Charles Schwab & Co Inc     
101 Montgomery St     
San Francisco, CA 94022-3120  1,947,843.94  5.70% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  1,207,960.68  10.80% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  3,502,943.68  31.30% 
 
CLASS M     

 
McDonald Investments Inc     
(FBO its Customers)     
4900 Tiedeman Rd     
Brooklyn, OH 44144  100,359.63  13.60% 
 
NFS LLC FEBO     
its Customers     
5769 Pray St     
Bonita, CA 91902  72,558.72  9.90% 
 
Pershing LLC     
P. O. Box 2052     
Jersey City, NJ 07303  50,049.45  6.80% 
 
Morgan Stanley DW Inc. FBO     
its Customers     
P.O. Box 250 Church Street Station     
New York, NY 10008-0250  78,133.63  10.60% 
 
CLASS R     

 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  22,857.71  69.30% 
 
Pershing LLC     
P. O. Box 2052     
Jersey City, NJ 07303  3,299.00  10.00% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  188,627.00  54.54% 
 
Putnam Investments**  139,302.00  40.27% 

 
The Putnam Fund for Growth and Income   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  73,509,660.93  12.40% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  6,362,082.59  8.30% 
 
CLASS C     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  249,475.66  5.20% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  286,637.16  6.00% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  849,730.86  16.00% 
 
CLASS R     

 
MG Trust Company As Agent For     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  4,372.41  6.10% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  22,061.49  30.60% 
 
CLASS Y     

 
Electrical Contractors Association And     
Local Union 134, IBEW Joint     
Pension Trust Of Chicago**  9,728,228.00  14.67% 
 
Abbott Laboratories Stock     
Retirement Programs**  7,393,069.00  11.15% 

 
The George Putnam Fund of Boston   
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  31,807,107.59  17.60% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy,     
Maryland Hts, MO 63043-3003  3,469,674.47  11.60% 
 
CLASS C     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  279,122.58  6.90% 
 
CLASS M     

 
Carwash & Co     
ADP/State St Collective Trust     
200 Newport Avenue Ext,     
Quincy, MA 02171-2102  7,083,002.28  68.00% 
 
CLASS R     

 
MG Trust Company Cust     
700 17th St Ste 300     
Denver, CO 80202-3531  5,231.18  5.00% 
 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  11,740.95  11.30% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  13,190.13  12.50% 
 
MG Trust Company As Agent For     
its Customers     
P.O. Box 10699     
Fargo, ND 58106-0699  25,414.78  24.50% 
 
CLASS Y     

 
Abbott Laboratories Stock     
Retirement Programs**  3,887,847.00  18.16% 
 
IBEW Local 3**  2,614,706.00  12.22% 
 
Marsh & McLennan Supplemental     
Retirement Plan**  2,107,279.00  9.85% 

J-6


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
The George Putnam Fund of Boston, continued   
 
CLASS Y     

 
Electrical Contractors Association And     
Local Union 134, IBEW Joint Pension     
Trust Of Chicago**  1,323,838.00  6.19% 
 
Cenveo Corporation 401(K) Plan**  1,211,292.00  5.66% 
 
The Canadaigua Brands, Inc. 401(K)     
And Profit Sharing Plan**  1,163,239.00  5.43% 

 
Putnam Global Equity Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  13,205,302.77  8.50% 
 
CLASS C     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  186,523.37  6.00% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  217,202.27  7.40% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  47,942.22  40.10% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  8,829.14  7.30% 
 
MG Trust Company As Agent For     
its Customers     
P.O. Box 10699     
Fargo, ND 58106-0699  28,305.74  23.70% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  1,023,118.00  41.74% 
 
Marsh & McLennan Deferred     
Compensation Plans     
1166 Avenue Of The Americas     
New York, NY 10036-2774  581,636.00  23.73% 
 
Putnam Investments**  323,948.00  13.22% 

 
Putnam Global Income Trust     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  558,663.42  7.80% 
 
CLASS C     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  37,112.90  15.00% 
 
CLASS M     

 
Mitsubishi UFJ Securities Co Ltd     
Marunouchi Building 2-4-1     
Marunouchi Chiyoda-Ku     
Tokyo 100-6317 Japan 104  1,417,900.00  83.60% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  3,765.04  36.40% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  4,724.50  45.60% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  162,556.00  72.28% 
 
Putnam Investments**  45,470.00  20.22% 

 
Putnam Global Natural Resources Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  1,142,000.65  7.20% 
 
CLASS B     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  194,271.03  5.10% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  40,437.09  5.20% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  54,105.86  7.00% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  18,409.47  7.00% 
 
CLASS R     

 
MG Trust Company Cust     
700 17th St Ste 300     
Denver, CO 80202-3531  5,779.84  6.20% 
 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  8,945.36  9.50% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  8,924.01  9.40% 
 
Capital Bank & Trust Co     
Hillerich & Bradsby     
8515 E Orchard Rd # 2T2     
Greenwood Vlg, CO 80111-5002  13,217.59  14.10% 
 
MLPF&S For The Sole Benefit     
Of Its Customers,     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  4,740.14  5.00% 
 
Reliance Trust Company     
P.O. Box 48529     
Atlanta, GA 30362-1529  5,991.19  6.40% 
 
Wachovia Bank Various Retirement Plans     
1525 West Wt Harris Blvd     
Charlotte, NC 28288-1151  6,433.38  6.90% 

J-7


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Global Natural Resources Fund, continued 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  293,572.00  60.98% 
 
Putnam Investments**  73,269.00  15.22% 

 
Putnam Growth Opportunities Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  2,112,021.68  8.50% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  918,723.11  5.30% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  131,431.00  7.10% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  138,270.20  7.50% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  32,837.85  5.00% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  408.91  5.60% 
 
MG Trust Company Trustee     
700 17th St Ste 300     
Denver, CO 80202-3531  490.82  6.80% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  5,008.79  69.50% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  446,666.00  81.87% 
 
Putnam Investments**  27,438.00  5.03% 

 
Putnam Health Sciences Trust     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  3,029,024.60  10.40% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  2,269,683.05  7.80% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  473,264.44  5.60% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  572,007.59  6.80% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  79,260.65  12.00% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  81,335.73  12.30% 
 
CLASS M     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  33,563.70  7.50% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  30,231.28  6.70% 
 
CLASS R     

 
Wachovia Bank     
1525 West Wt Harris Blvd     
Charlotte, NC 28288  775.47  5.70% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  1,900.40  13.90% 
 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  739.48  5.40% 
 
Capital Bank & Trust Co Hancock     
Concrete Products Inc     
8515 E Orchard Rd # 2T2     
Greenwood Vlg, CO 80111-5002  2,033.30  14.90% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  188,688.00  54.71% 
 
Putnam Investments**  55,513.00  16.18% 

 
Putnam High Income Securities Fund   
 
COMMON SHARES     

 
Cede & Co Fast     
20 Bowling Green     
New York, NY 10004-1408  20,309,109.29  94.20% 

 
Putnam High Yield Advantage Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  8,501,964.89  12.30% 
 
Hartford Life Insurance     
P.O. Box 2999     
Hartford, CT 06104-2999  5,584,317.22  8.10% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  188,490.57  7.80% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  212,054.56  8.80% 

J-8


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam High Yield Advantage Fund, continued   
 
CLASS M     

 
Mitsubishi UFJ Securities Co Ltd     
Marunouchi Building 2-4-1     
Marunouchi Chiyoda-Ku     
Tokyo 100-6317 Japan  52,087,286.00  97.10% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  682,831.00  40.27% 
 
Marsh & McLennan Deferred     
Compensation Plans     
1166 Avenue Of The Americas     
New York, NY 10036-2774  602,851.00  35.56% 
 
Spectraserv Inc 401k and     
Profit Sharing Plan**  159,363.00  9.40% 

 
Putnam High Yield Municipal Trust   
 
COMMON SHARES     

 
Cede & Co Fast     
20 Bowling Green     
New York, NY 10004-1408  19,082,078.58  90.20% 

 
Putnam High Yield Trust     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  41,735,991.99  19.40% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  3,921,329.56  11.00% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  426,605.74  5.30% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  569,240.08  7.00% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  269,115.22  10.90% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  24,539.09  25.00% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  23,129.08  23.50% 
 
Orchard Trust Co c/o Great West Life     
& Annuity     
8515 E Orchard Rd # 2T2     
Greenwood Vlg, CO 80111-5002  5,765.30  5.80% 
 
CLASS Y     

 
Ohio Tuition Trust Authority/     
College Advantage Program***  12,180,258.00  44.50% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Income Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  15,803,891.84  13.70% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  1,511,310.10  7.20% 
 
CLASS C     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  256,487.72  8.10% 
 
CLASS M     

 
Mizuho Investors Securities     
Investment Trust Division     
Shibusawa City Place     
1-13-16 Kayaba-Cho Nihonbashi     
CHUO-KU Tokyo Japan  43,631,300.00  95.90% 
 
CLASS R     

 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  54,922.00  43.90% 
 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  18,470.58  14.70% 
 
CLASS Y     

 
Ohio Tuition Trust Authority/     
College Advantage Program***  9,112,237.00  5.10% 

 
Putnam Income Strategies Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  81,742.80  7.30% 
 
Putnam LLC     
One Post Office Square     
Boston, MA 02109-2106  549,326.00  49.40% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  8,980.49  9.90% 
 
Pershing LLC     
P. O. Box 2052     
Jersey City, NJ 07303  23,334.49  25.60% 
 
American Enterprise Investment Svcs     
P.O Box 9446     
Minneapolis, MN 55440  11,447.61  12.50% 
 
CLASS C     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  35,084.00  38.50% 
 
Pershing LLC     
P. O. Box 2052     
Jersey City, NJ 07303  9,871.96  10.70% 

J-9


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Income Strategies Fund, continued   
 
CLASS M     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  1,020.62  6.90% 
 
AG Edwards & Sons Inc     
1 N Jefferson Ave     
Saint Louis, MO 63103  2,977.56  20.20% 
 
Gloria J Callihan     
3469 Elmhurst Cir     
Uniontown, OH 44685-8143  1,983.14  13.40% 
 
Robert F Klingensmith     
3370 Bristol Ln     
Cuyahoga Fls, OH 44223-3348  3,726.71  25.30% 
 
Thomas A Romes & Anne E. Romes     
615 Slingerland Dr     
Schaumburg, IL 60193-2362  3,100.56  21.00% 
 
Walter Callihan     
3469 Elmhurst Cir     
Uniontown, OH 44685-8143  991.57  6.70% 
CLASS R     

 
Putnam LLC     
One Post Office Square     
Boston, MA 02109-2106  100.00  100.00% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  9,397.00  95.81% 

 
Putnam International Capital Opportunities Fund 
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  2,625,157.19  8.50% 
 
Charles Schwab & Co Inc     
101 Montgomery St     
San Francisco, CA 94022-3120  1,786,905.55  5.80% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  720,441.83  5.90% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  681,086.34  5.60% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  346,447.25  13.60% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, Fl 32246-6484  295,698.46  11.60% 
 
CLASS R     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  9,323.32  12.80% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS R     

 
MG Trust Company As Agent For     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  8,563.97  11.70% 
 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  4,737.45  6.40% 
 
GPC As Agent For Comms Web Systems     
401k Plan     
P.O. Box 79377     
Atlanta, GA 30357-7377  6,388.96  8.80% 
 
CLASS Y     

 
Ohio Tuition Trust Authority/     
College Advantage Program***  787,271.00  35.50% 
 
Putnam Investments Profit Sharing Plan*  614,703.00  27.88% 
 
Putnam Investments**  120,581.00  5.47% 

 
Putnam International Equity Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  9,873,131.41  7.80% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  2,374,202.80  6.60% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  2,639,722.68  7.30% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  985,872.69  10.70% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  1,671,268.85  18.20% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  172,758.96  5.70% 
 
CLASS R     

 
MG Trust Company     
700 17th St Ste 300     
Denver, CO 80202-3531  17,181.88  10.80% 
 
GPC As Agent For Chinburg     
Builders Inc 401k Plan     
P.O. Box 79377     
Atlanta, GA 30357-7377  8,020.00  5.00% 
 
Emjay Corporation Plans Of     
RPSA Customers C/O Great-West     
8515 E Orchard Rd # 2T2     
Greenwood Vlg, CO 80111-5002  25,081.36  15.80% 
 
Hartford Life Insurance     
P.O. Box 2999     
Hartford, CT 06104-2999  31,298.28  19.70% 

J-10


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam International Equity Fund, continued   
 
CLASS Y     

 
Abbott Laboratories Stock     
Retirement Programs**    13.55% 
 
Ohio Tuition Trust Authority/     
College Advantage Program***    9.40% 
 
Marsh & McLennan Supplemental     
Retirement Plan**    5.62% 

 
Putnam International Growth and Income Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  15,733,147.52  31.30% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  670,212.38  5.70% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  1,649,042.06  14.10% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  632,507.82  5.40% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  284,676.91  10.20% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  430,994.81  15.50% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  282,721.54  21.40% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  28,312.22  33.50% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  13,500.47  15.90% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  479,940.00  44.67% 
 
Putnam Investments**  409,371.00  38.10% 

 
Putnam Investment Grade Municipal Trust   
 
COMMON SHARES     

 
Cede & Co Fast     
20 Bowling Green     
New York, NY 10004-1408  18,578,261.76  91.80% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam International New Opportunities Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  3,499,239.87  9.50% 
 
CLASS B     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  427,723.80  5.50% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  85,460.10  8.00% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  90,428.48  8.50% 
 
CLASS M     

Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  107,988.85  9.20% 
 
CLASS R     

 
MLPF&S For The Sole Benefit Of     
its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  1,460.47  6.10% 
 
MG Trust Company Cust     
700 17th St Ste 300     
Denver, CO 80202-3531  7,770.05  32.40% 
 
MG Trust Company     
700 17th St Ste 300     
Denver, CO 80202-3531  2,783.15  11.60% 
 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  5,890.25  24.50% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  1,284.24  5.30% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  925,841.00  86.50% 
 
Putnam Investments**  68,370.00  6.39% 

 
Putnam Investors Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  17,414,401.79  10.70% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  2,682,090.33  5.00% 
 
CLASS C     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  681,853.00  14.10% 

J-11


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Investors Fund, continued   
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  331,759.87  6.80% 
 
CLASS M     

 
Mercer Trust Company     
1 Investors Way     
Norwood, MA 02062-1599  164,883.21  5.40% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  191,279.33  6.30% 
 
CLASS R     

 
MG Trust Company Cust     
700 17th St Ste 300     
Denver, CO 80202-3531  7,211.60  9.10% 
 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  28,598.84  36.00% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  13,754.48  17.30% 
 
CLASS Y     

 
Ohio Tuition Trust Authority/     
College Advantage Program***  10,085,385.00  22.50% 
 
IBEW Local 3**  6,767,272.00  15.23% 

 
Putnam Limited Duration Government Income Fund 
 
CLASS A     

 
Boston Safe Deposit & Tr Co TTEE     
Marsh & McLennan Employer     
1166 Avenue Of The Americas     
New York, NY 10036-2708  2,774,735.24  7.00% 
 
Marsh & McLennan Co Inc.     
1166 Avenue Of The Americas     
New York, NY 10036-2708  2,560,430.16  6.50% 
 
CLASS B     

 
MLPF&S For The Sole Benefit Of     
its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  704,423.70  5.70% 
 
CLASS M     

 
Janney Montgomery Scott LLC     
1801 Market Street     
Philadelphia, PA 19103  67,680.89  5.90% 
 
Concetta Lacorte, Joann Ambrosio &     
Ann Marie Derario     
9005 165th Ave     
Howard Beach, NY 11414-3737  71,687.65  6.30% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  14,062.71  36.10% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  19,206.69  49.30% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS Y     

 
Electrical Contractors Association And     
Local Union 134, IBEW Joint Pension     
Trust Of Chicago**  30,476,187.00  95.66% 

 
Putnam Managed Municipal Income Trust   
 
COMMON SHARES     

 
Cede & Co Fast     
20 Bowling Green     
New York, NY 10004-1408  40,310,303.64  90.20% 

 
Putnam Massachusetts Tax Exempt Income Fund   
 
CLASS A     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  1,403,572.48  5.30% 
 
CLASS B     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  396,892.57  8.70% 
 
CLASS C     

 
Jeanne Craig     
28 Tower Hill Rd     
Braintree, MA 02184-5315  27,844.61  6.10% 
 
Joan A Fitzgerald, Elaine Greene     
JTWROS TOD, Walter D Fitzgerald, III     
40 Rockingham Ave Apt 214     
West Roxbury, MA 02132-4523  30,132.02  6.60% 
 
NFS LLC FEBO, Joe G Naylor, Maile Naylor   
1083 Beacon St Apt 4     
Brookline, MA 02446  131,022.12  28.60% 
 
Elizabeth F Oshea TOD     
Multiple Beneficiaries     
P.O. Box 719     
Dennis, MA 02638-0719  26,489.03  5.80% 
 
CLASS M     

 
NFS LLC FEBO, Andrea Matoes     
238 Plymouth Ave     
E Wareham, MA 02538  59,043.96  11.80% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  29,314.38  5.90% 
 
UBS Financial Services Inc. FBO,     
John M. Whittier Jr GST,     
Bancroft R Wheeler TTEE     
155 Seaport Blvd 7th Floor     
Boston, MA 02210-2698  72,016.00  14.50% 
 
Leonard Joiner & Leigh A Joiner JTWROS     
150 Hampshire Rd     
Methuen, MA 01844-1117  33,481.00  6.70% 

 
Putnam Master Intermediate Income Trust   
 
COMMON SHARES     

 
Cede & Co Fast     
20 Bowling Green     
New York, NY 10004-1408  87,198,558.59  95.40% 

J-12


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Michigan Tax Exempt Income Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  2,292,562.25  20.60% 

 
Putnam Michigan Tax Exempt Income Fund, continued 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  113,485.59  6.60% 
 
CLASS C     

 
Raymond James & Assoc Inc     
880 Carillon Pkwy     
St Petersburg, FL 33716  2,639.35  70.10% 
 
Putnam LLC     
The Putnam Companies, Inc.     
One Post Office Square     
Boston, MA 02109-2106  1,122.21  29.80% 
 
CLASS M     

 
Frank R Farkas     
840 Ducey Ave     
Muskegon, MI 49442-2102  23,432.95  16.60% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  9,353.41  6.60% 
 
Pauline B Pickford Trust     
64 Pleasant St     
Oxford, MI 48371-4648  14,317.89  10.10% 
 
UBS Financial Services Inc. FBO,     
Robert E. Hunter Trust     
5470 Waterfield Ct     
Ann Arbor, MI 48108-2749  10,032.16  7.10% 
 
AG Edwards & Sons Inc     
1 N Jefferson Ave     
Saint Louis, MO 63103  16,603.41  11.80% 
 
AG Edwards & Sons Inc FBO     
its Customers     
1 N Jefferson Ave     
Saint Louis, MO 63103  46,004.92  32.60% 

 
Putnam Mid Cap Value Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  4,563,143.89  10.70% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  876,811.77  5.50% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  49,902.02  5.20% 
 
CLASS R     

 
AST Trust Company Cust     
Anderson Zurmuehlen & Co 401k     
P.O. Box 52129     
Phoenix, AZ 85072-2129  25,381.29  7.00% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS R     

 
MFS Heritage Trust Co FBO, Certain     
Company Benefit Plans     
P.O. Box 55824     
Boston, MA 02205-5824  18,557.60  5.10% 
 
GPC As Agent For DMG Inc.     
401k Plan & Trust     
P.O. Box 79377     
Atlanta, GA 30357-7377  45,642.71  12.70% 
 
CLASS R     

 
Capital Bank & Trust Co     
Hillerich & Bradsby     
8515 E Orchard Rd # 2T2     
Greenwood Vlg, CO 80111-5002  24,121.68  6.70% 
 
CLASS Y     

 
Marsh & McLennan Supplemental     
Retirement Plan**  2,075,797.00  65.23% 
 
Putnam Investments Profit Sharing Plan*  638,891.00  20.08% 
 
Marsh & McLennan Deferred     
Compensation Plans     
1166 Avenue Of The Americas     
New York, NY 10036-2774  246,603.00  7.76% 

 
Putnam Minnesota Tax Exempt Income Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  2,550,777.62  24.70% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  130,657.17  7.50% 
 
CLASS C     

 
Putnam LLC     
The Putnam Companies, Inc.     
One Post Office Square     
Boston, MA 02109-2106  1,125.02  100.00% 
 
CLASS M     

 
LPL Financial Services     
9785 Towne Centre Dr     
San Diego, CA 92121  9,793.50  12.90% 
 
Stifel Nicolaus & Co Inc, Richard E &     
Charlotte A Wuttke     
501 North Broadway     
St Louis, MO 63102  8,402.97  11.00% 
 
Barbara A Aune     
2510 Oregon Ave S     
St Loius Park, MN 55426-2608  4,511.77  5.90% 
 
Barbara J Greenhalgh     
2224 E 36th St     
Minneapolis, MN 55407-3015  3,974.23  5.20% 
 
Gertrude L Palubicki     
576 E 2nd St     
Winona, MN 55987-4217  10,788.38  14.20% 
 
James T Biesanz Jr     
270 W Broadway St     
Winona, MN 55987-5224  4,593.98  6.00% 
 
Mernab & Company     
P.O. Box 248     
Winona, MN 55987-0248  4,593.51  6.00% 

J-13


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Minnesota Tax Exempt Income Fund   
 
CLASS M     

 
Scott K Biesanz     
724 Washington St     
Winona, MN 55987-3350  4,593.99  6.00% 
 
Steven T Biesanz     
11 Knollwood Ln     
Winona, MN 55987-9303  4,593.98  6.00% 

 
Putnam Money Market Fund     
 
CLASS M     

 
Mercer Trust Company     
1 Investors Way     
Norwood, MA 02062-1599  5,374,937.35  13.50% 
 
CLASS R     

 
Pershing LLC     
P. O. Box 2052     
Jersey City, NJ 07303  145,910,080.14  96.80% 
 
CLASS T     

Mercer Trust Company     
1 Investors Way     
Norwood, MA 02062-1599  4,165,894.21  33.00% 
 
MG Trust Company     
700 17th St Ste 300     
Denver, CO 80202-3531  2,759,727.09  21.90% 

 
Putnam Municipal Bond Fund     
 
COMMON SHARES     

 
Cede & Co Fast     
20 Bowling Green     
New York, NY 10004-1408  15,797,882.01  94.10% 

 
Putnam Municipal Opportunities Trust   
 
COMMON SHARES     

 
Cede & Co Fast     
20 Bowling Green     
New York, NY 10004-1408  14,524,380.40  95.70% 

 
Putnam New Jersey Tax Exempt Income Fund   
 
CLASS A     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  1,539,482.67  8.90% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  1,360,352.20  7.90% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  382,219.59  8.50% 
 
CLASS C     

 
Putnam LLC     
The Putnam Companies, Inc.     
One Post Office Square     
Boston, Ma 02109-2106  1,091.55  16.70% 
 
UBS Financial Services Inc. FBO     
its Customers     
P.O. Box 3321     
Weehawken, NJ 07086-8154  5,434.78  83.20% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS M     

 
Shaila Y Karandikar     
203 Sherwood Ct     
Somerset, NJ 08873-6029  21,367.52  12.70% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  19,576.32  11.60% 
 
CLASS M     

 
Leonard Cavaliere &     
Joseph Cavaliere JTWROS     
21 King George Rd     
Warren, NJ 07059-7014  13,688.77  8.10% 
 
Marie Franklin Marsh Exec     
683 Rt 579     
Pittstown, NJ 08867  66,842.56  39.80% 

 
Putnam New Opportunities Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  4,292,680.74  6.00% 
 
CLASS C     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  52,182.88  6.60% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  82,978.87  5.30% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  8,353.65  25.10% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  4,364.54  13.20% 
 
GPC As Agent For Chinburg     
Builders Inc 401k Plan     
P.O. Box 79377     
Atlanta, GA 30357-7377  5,747.85  17.40% 
 
CLASS Y     

 
IBEW Local 3**  3,896,791.00  47.92% 
 
United Technology Carriers**  1,438,457.00  17.69% 
 
Marsh & McLennan Supplemental     
Retirement Plan**  574,225.00  7.06% 
 
Putnam Investments Profit Sharing Plan*  461,519.00  5.67% 

 
Putnam New Value Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  20,686,008.05  28.10% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  2,610,553.58  12.10% 

J-14


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam New Value Fund, continued   
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  336,850.66  9.00% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  569,822.38  15.30% 
 
CLASS M     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  128,220.60  7.20% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  377,251.33  21.20% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  22,730.23  17.10% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  32,097.08  24.30% 
 
Union Bank Of California N.A.,     
C Ceronix Inc PSP     
P.O. Box 85484     
San Diego, CA 92186-5484  13,372.75  10.10% 
 
CLASS Y     

 
Ohio Tuition Trust Authority/     
College Advantage Program***  5,231,927.00  77.40% 
 
Putnam Investments Profit Sharing Plan*  825,301.00  12.27% 

 
Putnam New York Investment Grade Municipal Trust 
 
COMMON SHARES     

 
Cede & Co Fast     
20 Bowling Green     
New York, NY 10004-1408  2,606,021.83  93.80% 

 
Putnam New York Tax Exempt Income Fund   
 
CLASS A     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  9,090,340.21  7.30% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  11,326,818.45  9.00% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  471,385.07  6.90% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  483,768.19  7.10% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  120,582.81  9.50% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS C     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  257,484.93  20.30% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  32,386.37  12.00% 
 
CLASS M     

 
NFS LLC FEBO     
its Customers     
Joan Gramolini     
208 West Street     
Mamaroneck, NY 10543  28,166.17  10.40% 
 
Albert Detiberiis, Louise Detiberiis,     
Paul Detiberiis & Louis Detiberiis JTWROS     
8905 103rd Ave     
Ozone Park, NY 11417-1358  29,656.43  11.00% 
 
Pershing LLC     
P.O. Box 2052     
Jersey City, NY 07303-9998  84,485.70  31.30% 

 
Putnam Ohio Tax Exempt Income Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  3,045,736.47  19.10% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  124,627.35  7.30% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, Fl 32246-6484  176,952.21  10.40% 
 
CLASS C     

 
LPL Financial Services     
9785 Towne Centre Dr     
San Diego, CA 92121  929.20  21.80% 
 
Putnam LLC     
The Putnam Companies, Inc.     
One Post Office Square     
Boston, MA 02109-2106  1,111.73  26.10% 
 
Dean Witter For The Benefit Of     
its Customers     
P.O. Box 250 Church Street Station     
New York, NY 10008-0250  2,209.25  51.90% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  29,555.79  19.30% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  17,687.58  11.50% 
 
UBS Financial Services Inc. FBO     
Pine Hills Golf Club Inc     
433 West 130th Street     
Hinckley, OH 44233-9566  56,763.50  37.10% 

J-15


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam OTC & Emerging Growth Fund   
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  88,721.40  5.90% 
 
CLASS M     

 
Mercer Trust Company     
1 Investors Way     
Norwood, MA 02062-1599  119,356.83  6.80% 
 
Carwash & Co ADP/State St Collective Trust   
200 Newport Avenue Ext     
Quincy, MA 02171-2102  133,715.89  7.80% 
 
CLASS R     

 
MLPF&S For The Sole Benefit Of     
its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  3,573.67  19.20% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  10,936.63  58.70% 
 
D Nederveld & J Mckelvey TTEES     
5925 Imperial Pkwy Ste 226     
Mulberry, FL 33860-8690  1,289.94  6.90% 
 
Trustlynx & Co     
P.O. Box 173736     
Denver, CO 80217-3736  969.74  5.20% 
 
CLASS Y     

 
Chicago District Council Of Carpenters     
Pension Fund Supplemental Annuity Plan*  2,325,671.00  45.36% 
 
Putnam Investments Profit Sharing Plan*  1,218,509.00  23.77% 
 
The Idaho Power Company     
Employee Savings Plan**  638,153.00  12.45% 

 
Putnam Pennsylvania Tax Exempt Income Fund   
 
CLASS A     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  815,461.02  5.20% 
 
CLASS C     

 
NFS LLC FEBO David W Stracener,     
Tod Myrna F Stracener     
1566 Carousel Dr     
Warminster, PA 18974  11,049.21  32.30% 
 
J.J.B. Hilliard, W.L. Lyons, Inc     
George P Fertenbaugh     
500 West Jefferson Street     
Louisville, KY 40202  10,893.24  31.90% 
 
Kim L Szoke     
4827 N Cypress Rd     
Walnutport, PA 18088-9117  5,538.28  16.20% 
 
Randal L Szoke     
4827 N Cypress Rd     
Walnutport, PA 18088-9117  5,538.28  16.20% 
 
CLASS M     

 
Lawrence A Dangelo &     
Elizabeth B Dangelo JTWROS     
906 General Howe Dr     
West Chester, PA 19382-7106  28,034.17  11.00% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS M     

 
J.J.B. Hilliard, W.L. Lyons, Inc     
Jill F Willcox     
501 S.4th Street     
Louisville, KY 40202  16,718.21  6.60% 
 
John J Handley & Joyce A Handley     
Ten In Comm     
RR 3 Box 294-4     
Dallas, PA 18612-9454  102,150.68  40.30% 
 
UBS Financial Services Inc.     
FBO Mary N Stewart     
Light House Point-Apt 316     
500 Chapel Harbor Drive     
Pittsburgh, PA 15238-3144  32,422.63  12.70% 

 
Putnam Premier Income Trust     
 
COMMON SHARES     

 
Cede & Co Fast     
20 Bowling Green     
New York, NY 10004-1408  167,609,373.23  93.70% 

 
Putnam Prime Money Market Fund   
 
CLASS A     

 
The Putnam Companies, Inc.     
One Post Office Square     
Boston, MA 02108-2106  1,091.28  100.00% 
 
CLASS I     

 
Band & Co C/O US Bank     
P.O. Box 1787     
Milwaukee, WI 53201-1787  140,843,767.48  5.60% 
 
Bear Stearns Securities Corp     
1 Metrotech Ctr     
Brooklyn, NY 11201-3831  276,317,506.89  11.10% 
 
Goldman Sachs Global Cash Svcs     
71 S Wacker Dr Ste 500     
Chicago, IL 60606-4673  508,853,807.57  20.50% 
 
Hare & Co     
C/O Bank Of New York     
1 Wall St Fl 3     
New York, NY 10005  448,653,089.53  18.10% 
 
Mellon Bank     
One Freedom Valley Drive     
Oaks, PA 19456  644,200,818.59  26.00% 
 
CLASS P     

 
The George Putnam Fund of Boston     
1 Investors Way     
Norwood, MA 02062-1599  213,232,130.00  9.00% 
 
Putnam Income Fund     
1 Investors Way     
Norwood, MA 02062-1599  210,012,399.00  8.90% 
 
Putnam Premier Income Trust     
1 Investors Way     
Norwood, MA 02062-1599  180,912,188.00  7.70% 
 
Putnam Master Intermediate     
Income Trust     
1 Investors Way     
Norwood, MA 02062-1599  134,746,325.00  5.70% 
 
Putnam Asset Allocation:     
Growth Portfolio     
1 Investors Way     
Norwood, MA 02062-1599  122,418,253.00  5.20% 

J-16


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Prime Money Market Fund, continued   
 
CLASS P     

 
Putnam Asset Allocation:     
Balanced Portfolio     
1 Investors Way     
Norwood, MA 02062-1599  296,067,637.00  12.60% 
 
Putnam Asset Allocation:     
Conservative Portfolio     
1 Investors Way     
Norwood, MA 02062-1599  117,488,972.00  5.00% 
 
PYXIS ABS     
c/o Maples Finance Limited     
P.O. Box 1039GT     
Queensgate House, South Church St.     
George Town, Grand Cayman     
Cayman Islands  130,000,000.00  5.50% 
 
CLASS R     

Putnam LLC     
One Post Office Square     
Boston, MA 02109-2106  1,084.00  100.00% 
 
CLASS S     

 
Putnam LLC     
One Post Office Square     
Boston , MA 02109-2106  1,095.00  100.00% 

 
Putnam Research Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  3,421,284.12  11.60% 
 
CLASS B     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  686,594.71  5.30% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  97,808.65  5.10% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  112,741.37  5.90% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  66,473.96  8.30% 
 
CLASS R     

 
Transamerica Life Insurance Company     
1150 S Olive St     
Los Angeles, CA 90015-2209  11,311.54  78.40% 
 
CLASS Y     

 
Marsh & McLennan Supplemental     
Retirement Plan**  2,394,507.00  51.61% 
 
Ardent Health Services**  1,313,185.00  28.30% 
 
Putnam Investments Profit Sharing Plan*  415,217.00  8.95% 
 
Lovelace Pension Plan**  283,713.00  6.11% 

 
Putnam RetirementReady 2010 Fund   
 
CLASS A     

 
The TXI Inc. Retirement Plan**  133,899.00  17.38% 
 
Radio Shack 401(K) Plan**  111,288.00  14.45% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS B     

 
First Baptist Church Of West     
13350 Maxella Ave Unit 3     
Marina Dl Rey, CA 90292  608.17  13.10% 
 
USD LLC     
1415 Franklin Ave     
River Forest, IL 60305  342.16  7.40% 
 
Unified School District 409     
17727 286th Rd     
Atchison, KS 66002  1,206.78  26.10% 
 
Cheryl S. Smith     
435 E Shoreline Dr     
North Augusta, SC 29841  245.67  5.30% 
 
Hua Hsing Wei     
9146 Emperor Ave     
San Gabriel, CA 91775  281.20  6.10% 
 
LPL Financial Services     
9785 Towne Centre Dr     
San Diego, CA 92121  465.12  10.00% 
 
CLASS C     

Mark J Ruthenberg     
1001 N Stockton Hill Rd Apt B     
Kingman, AZ 86401  124.17  11.20% 
 
Shin Nan Ho     
14321 Don Julian Rd     
City Industry, CA 91746  123.48  11.20% 
 
Nancy A. Smith     
49 E 27th Cir     
Fayetteville, AR 72701  65.41  5.90% 
 
City Of Taunton     
75 Bayview Ave     
Berkley, MA 02779  389.62  35.30% 
 
Peggy J. Ward     
8609 Jenner Ln S     
Cottage Grove, MN 55016  75.13  6.80% 
 
Midland Schools     
913 Country Club Dr     
Maquoketa, IA 52060  59.84  5.40% 
 
CLASS M     

 
California State University     
1205 Riverside Dr     
Fullerton, CA 92831  130.56  5.30% 
 
Dora G. Cota     
2109 Hillcrest St     
Carlsbad, NM 88220  177.50  7.30% 
 
Midland Schools     
913 Country Club Dr     
Maquoketa, IA 52060  738.41  30.50% 
 
Sarah A. Dobroth     
P.O. Box 368     
Grover Beach, CA 93483  187.25  7.70% 
 
CLASS R     

 
MG Trust Company Cust     
700 17th St Ste 300     
Denver, CO 80202-3531  930.79  24.10% 
 
MG Trust Company Trustee     
700 17th St Ste 300     
Denver, CO 80202-3531  1,211.73  31.40% 
 
Wachovia Bank Various Retirement Plans     
1525 West Wt Harris Blvd     
Charlotte, NC 28288-1151  359.25  9.30% 

J-17


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam RetirementReady 2010 Fund, continued   
 
CLASS A     

Union Bank Tr Nominee FBO     
its Customers     
P.O. Box 85484     
San Diego, CA 92186-5484  1,282.29  33.30% 
 
CLASS Y     

Quebecor World (USA) Inc. 401(K) Plan**  114,297.00  22.30% 
First Hawaiian Future Plan**  104,803.00  20.45% 
Ardent Health Services**  55,186.00  10.77% 
Genlyte Thomas Group Retirement     
Savings And Investment Plan**  44,503.00  8.68% 
Briggs & Stratton Corporation Employee     
Savings And Investment Plan**  40,291.00  7.86% 
National Waterworks, Inc.     
Retirement Savings Plan**  30,781.00  6.01% 
The Canadaigua Brands, Inc. 401(K)     
And Profit Sharing Plan**  28,787.00  5.62% 
Church & Dwight Co., Inc.**  33,110.00  6.46% 

Putnam RetirementReady 2015 Fund   
CLASS A     

Asbestos Workers Local No. 6*  247,961.00  18.01% 
Radio Shack 401(K) Plan**  195,899.00  14.23% 
The TXI Inc. Retirement Plan**  106,907.00  7.76% 
 
CLASS B     

Dean C. Holmquist     
1255 Brighton Sq     
Saint Paul, MN 55112  608.81  5.50% 
HSBC Securities (USA) Inc.     
452 Fifth Avenue     
New York, NY 10018  890.86  8.10% 
NFS LLC FEBO     
its Customers     
77 Rocky Rd E     
Harwinton, CT 06791  763.62  7.00% 
Pershing LLC     
P.O. Box 2052     
Jersey City, NJ 07303-9998  2,545.03  23.30% 
 
CLASS C     

Kathy W. Rodgers     
127 Township Road 1266     
Proctorville, OH 45669  1,119.34  31.40% 
 
James Schall     
9396 Jonathan Rd     
Woodbury, MN 55125  235.27  6.60% 
Judy A. Schall     
9396 Jonathan Rd     
Woodbury, MN 55125  235.27  6.60% 
Ann Dobroth     
P.O. Box 368     
Grover Beach, CA 93483  1,122.56  31.50% 
 
CLASS M     

Mercer Trust Company     
1 Investors Way     
Norwood, MA 02062-1599  176.68  7.20% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS M     

 
Jackie L. Hallack     
10120 Arrowhead Dr Apt 7     
Jacksonville, FL 32257  219.46  9.00% 
 
Doris M. Foster     
1827 Miami Ave     
Kingman, AZ 86401  791.00  32.60% 
 
Terry A. Stewart     
215 Ridge Rock Rd     
Sedona, AZ 86351  353.45  14.50% 
 
Sarah A. Dobroth     
P.O. Box 368     
Grover Beach, CA 93483  166.98  6.80% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  231.53  77.20% 
 
Wachovia Bank Various Retirement Plans     
1525 West Wt Harris Blvd     
Charlotte, NC 28288-1151  22.33  7.40% 
 
CLASS Y     

 
First Hawaiian Future Plan**  163,575.00  19.95% 
 
Quebecor World (USA) Inc. 401(K) Plan**  150,493.00  18.35% 
 
Church & Dwight Co., Inc.**  104,823.00  12.78% 
 
The Canadaigua Brands, Inc. 401(K)     
And Profit Sharing Plan**  96,333.00  11.75% 
 
Ardent Health Services**  92,087.00  11.23% 
 
Briggs & Stratton Corporation Employee     
Savings And Investment Plan**  53,135.00  6.47% 

 
Putnam RetirementReady 2020 Fund   
 
CLASS A     

 
Radio Shack 401(K) Plan**  233,578.00  16.12% 
 
The TXI Inc. Retirement Plan**  103,808.00  7.17% 
 
CLASS B     

 
Patricia A. Eaton     
14 Woods Ln     
Lancaster, MA 01523  869.70  8.10% 
 
NFS LLC FEBO     
its Customers     
5769 Pray St     
Bonita, CA 91902  586.82  5.50% 
 
Paul H. Batchelder Ira     
P.O. Box 438     
Drexel, MO 64742  555.90  5.20% 
 
CLASS C     

 
George A. Ozuna     
405 Happy Trl     
Shavano Park, TX 78231  582.33  27.10% 
 
Nancy A. Smith     
49 E 27th Cir     
Fayetville, AR 72701  141.21  6.50% 
 
Mark E. Hall     
5121 N Bank Rd     
Crescent City, CA 95531  331.25  15.40% 
 
Victoria A. Skajewski     
6176 Gettysburg Ave N     
New Hope, MN 55428  123.69  5.70% 

J-18


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam RetirementReady 2020 Fund, continued   
 
CLASS C     

Kristine Dierks     
697 Blue Jay Ln     
Hudson, WI 54016  156.90  7.30% 
 
Todd Dierks     
697 Blue Jay Ln     
Hudson, WI 54016  156.90  7.30% 
 
CLASS M     

John J. McClary     
205 E 26th St     
Yuma, AZ 85364  509.35  5.90% 
 
Margaret C. Smith     
4425 Saddleback St     
Cocoa, FL 32927  620.04  7.20% 
 
Barstow Unified School District     
481 McBroom Ave     
Barstow, CA 92311  569.17  6.60% 
  
Beverly R Mracek     
6505 E Crumb Rd     
Kingman, AZ 86401-6565  1,110.77  13.00% 
 
Sarah A Dobroth     
P.O. Box 368     
Grover Beach, CA 93483  555.06  6.50% 
 
CLASS R     

MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  761.14  34.40% 
 
Wachovia Bank     
Various Retirement Plans     
1525 West Wt Harris Blvd     
Charlotte, NC 28288-1151  1,298.78  59.30% 
 
CLASS Y     

Quebecor World (USA) Inc. 401(K) Plan**  199,833.00  24.47% 
First Hawaiian Future Plan**  127,167.00  15.57% 
Ardent Health Services**  107,728.00  13.19% 
The Canadaigua Brands, Inc. 401(K)     
And Profit Sharing Plan**  80,310.00  9.83% 
Church & Dwight Co., Inc.**  84,010.00  10.29% 
Briggs & Stratton Corporation Employee     
Savings And Investment Plan**  77,745.00  9.52% 

Putnam RetirementReady 2025 Fund   
 
CLASS A     

Radio Shack 401(K) Plan**  208,704.00  20.84% 
 
DS Waters Of America LP**  83,399.00  8.33% 
 
The TXI Inc. Retirement Plan**  75,616.00  7.55% 
 
CLASS B     

Daniel L Kiskis     
4968 S Ridgeside Cir     
Ann Arbor, MI 48105-9447  1,156.91  8.70% 
 
LPL Financial Services     
9785 Towne Centre Drive     
San Diego, CA 92121-1968  1,031.58  7.70% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS B     

  
Memorial Medical Center (IL)     
2500 E Lake Shore Dr     
Springfield, IL 62712-5500  1,094.45  8.20% 
  
NFS LLC FEBO     
its Customers     
2653 Sawmill Rd     
Hickory Grove, SC 29717  1,570.12  11.70% 
 
James E Rembert     
P.O. Box 101     
Greenwood, IL 60425  698.24  5.20% 
 
CLASS C     

 
Debra F Parsons     
19 Webster Ave     
Wheeling, WV 26003  171.05  8.80% 
 
George A Ozuna     
405 Happy Trl     
Shavano Park, TX 78231  543.46  28.00% 
 
Muriel B Quesenberry     
5105 E Camelback Loop     
Kingman, AZ 86409  226.62  11.60% 
 
Otto Eachus     
805 Mason Dr     
Roswell, NM 88201  331.43  17.00% 
 
CLASS M     

 
Barbara M Toth     
2151 Chinook Dr     
Kingman, AZ 86401  227.11  5.40% 
 
Joan S Walker     
2490 Avalon Ln     
Lk Havasu City, AZ 86404  226.03  5.40% 
 
Susan M Stalhut     
3089 W Carmichael Rd     
Kingman, AZ 86413  389.39  9.40% 
 
Corinne C Kovacsics     
3620 S Pima Dr     
Flagstaff, AZ 86001  338.01  8.10% 
 
Robyn S Allen     
3815 N Melody St     
Kingman, AZ 86409  229.23  5.50% 
 
Sarah A Dobroth     
P.O. Box 368     
Grover Beach, CA 93483  388.44  9.40% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  1,832.06  88.90% 
 
CLASS Y     

 
Quebecor World (USA) Inc. 401(K) Plan**  170,363.00  22.83% 
 
Ardent Health Services**  107,363.00  14.39% 
 
First Hawaiian Future Plan**  100,349.00  13.45% 
  
The Canadaigua Brands, Inc. 401(K)     
And Profit Sharing Plan**  78,835.00  10.57% 
 
Church & Dwight Co., Inc.**  60,280.00  8.08% 
 
Kohl’s Department Stores, Inc.**  43,362.00  5.81% 
 
Briggs & Stratton Corporation Employee     
Savings And Investment Plan**  47,435.00  6.36% 

J-19


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam RetirementReady 2030 Fund   
 
CLASS A     

 
Radio Shack 401(K) Plan**  125,612.00  15.49% 
 
DS Waters Of America LP**  68,040.00  8.39% 
 
DR Horton, Inc. Profit Sharing Plan**  53,930.00  6.65% 
 
CLASS B     

 
Hamilton Southeastern Schools     
1371 Bentley Way     
Carmel, IN 46032  745.73  9.30% 
 
John B Adams     
40 Northeast St     
New Columbia, PA 17856  495.38  6.10% 
 
Elliot Popper     
4275 Congressional Dr     
Myrtle Beach, SC 29579  601.67  7.50% 
 
Matthew Finn     
4647 Hannover Ave     
Saint Louis, MO 63123  410.19  5.10% 
 
Cuzin G Inc     
584 Fieldstone Ln     
Ballwin, MO 63011  661.07  8.20% 
 
John F Keating     
7330 Darien Ln     
Darien, IL 60561  777.05  9.70% 
 
CLASS C     

 
Karla J Stein     
1026 Atkins St     
Porterville, CA 93257  123.79  21.50% 
 
Amy Disbury     
108 Miller Dr     
East Syracuse, NY 13057  142.60  24.80% 
 
Randall L Case     
11194 Thornberry Dr     
Freeland, MI 48623  43.81  7.60% 
 
Noah R Ring     
27 Kirkwood Dr     
Newton, PA 18940  74.61  13.00% 
 
Michelle L Kvernmo     
503 Grindstone Ln     
Dundas, MN 55019  64.42  11.20% 
 
Steve Kvernmo     
503 Grindstone Ln     
Dundas, MN 55019  75.56  13.10% 
 
CLASS M     

 
Mercer Trust Company     
1 Investors Way     
Norwood, MA 02062-1599  9,259.38  89.20% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  696.77  36.20% 
   
Wachovia Bank Various Retirement Plans     
1525 West Wt Harris Blvd     
Charlotte, NC 28288-1151  942.41  49.30% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
  
CLASS Y     

Quebecor World (USA) Inc. 401(K) Plan**  108,781.00  21.36% 
 
First Hawaiian Future Plan**  91,181.00  17.91% 
 
Ardent Health Services**  54,862.00  10.77% 
 
The Canadaigua Brands, Inc. 401(K)     
 
And Profit Sharing Plan**  44,176.00  8.67% 
 
Church & Dwight Co., Inc.**  43,473.00  8.54% 
 
Kohl’s Department Stores, Inc.**  38,383.00  7.54% 
 
National Waterworks, Inc.     
 
Retirement Savings Plan**  25,958.00  5.10% 
 
Briggs & Stratton Corporation Employee     
 
Savings And Investment Plan**  33,259.00  6.41% 

 
Putnam RetirementReady 2035 Fund   
 
CLASS A     

Radio Shack 401(K) Plan**  80,724.00  14.24% 
DR Horton, Inc. Profit Sharing Plan**  60,399.00  10.65% 
DS Waters Of America LP**  58,875.00  10.38% 
ASML US Employees Savings**  33,638.00  5.94% 
 
CLASS B     

USD LLC     
1415 Franklin Ave     
River Forest, IL 60305  796.34  13.50% 
 
Primevest Financial Services (FB)     
400 First Street So Suite 300     
St Cloud, MN 56302  314.95  5.30% 
 
HSBC Securities (USA) Inc.     
452 Fifth Avenue     
New York, NY 10018  751.00  12.70% 
  
Michelle M Presby     
77 Arnold Rd     
South China, ME 04358  359.82  6.10% 
 
Pershing LLC     
P. O. Box 2052     
Jersey City, NJ 07303  301.13  5.10% 
 
CLASS C     

Laura L Weber     
118 Atglen St     
Lyndora, PA 16045  322.56  43.30% 
 
Brian J McVay     
2748 Bradfordt Dr # 316     
W Melbourne, FL 32904  63.28  8.50% 
 
Joy P Olson-McVay     
2748 Bradfordt Dr # 316     
W Melbourne, FL 32904  63.28  8.50% 
 
San Diego Unified School Dist     
7445 Charmant Dr Unit 1714     
San Diego, CA 92122  207.29  27.90% 
 
Karen Nixon     
993 Mount View Rd     
Wheeling, WV 26003  64.85  8.70% 
 
CLASS M     

Mercer Trust Company     
1 Investors Way     
Norwood, MA 02062-1599  52.20  6.90% 

J-20


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam RetirementReady 2035 Fund, continued   
 
CLASS M     

Mark J Ruthenberg     
1001 N Stockton Hill Rd Apt B     
Kingman, AZ 86401  81.66  10.80% 
 
Daryl M Eason     
12415 Pathos Ln     
San Diego, CA 92129  307.77  40.60% 
 
Otto G Eachus     
805 Mason Dr     
Roswell, NM 88201  77.35  10.20% 
 
Sarah A Dobroth     
P.O. Box 368     
Grover Beach, CA 93483  124.99  16.50% 
 
CLASS R     

MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  1,133.16  59.70% 
Wachovia Bank Various Retirement Plans     
1525 West Wt Harris Blvd     
Charlotte, NC 28288-1151  509.23  26.90% 
 
CLASS Y     

The Canadaigua Brands, Inc. 401(K)     
And Profit Sharing Plan**  61,117.00  18.04% 
 
Quebecor World (USA) Inc. 401(K) Plan**  57,305.00  16.92% 
Ardent Health Services**  43,585.00  12.87% 
Kohl’s Department Stores, Inc.**  38,206.00  11.28% 
First Hawaiian Future Plan**  33,960.00  10.03% 
Church & Dwight Co., Inc.**  29,147.00  8.61% 
Briggs & Stratton Corporation Employee     
Savings And Investment Plan**  19,190.00  5.67% 

Putnam RetirementReady 2040 Fund   
 
CLASS A     

Radio Shack 401(K) Plan**  51,303.00  13.10% 
DR Horton, Inc. Profit Sharing Plan**  49,462.00  12.63% 
DS Waters Of America LP**  46,559.00  11.89% 
 
CLASS B     

Jacob Hoida     
1006 Hillside Cir     
Verona, WI 53593  203.23  6.90% 
 
Lauren M Hall     
11941 Havermale Rd     
New Lebanon, OH 45345  246.52  8.40% 
 
Ryan Hall     
11941 Havermale Rd     
New Lebanon, OH 45345  251.21  8.60% 
 
Heather M Prondzinski     
19685 Near Mountain Blvd     
Excelsior, MN 55331  147.94  5.00% 
 
Joel J Klein     
22102 Stonehedge St     
Boyds, MD 20841   209.92  7.20% 
 
Mark J Funk     
36022 Rimcrest Rd     
Freeport, MN 56331  352.29  12.00% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS B     

 
David J Walters     
583 Halverson Ct     
Jacksonville, FL 32225  332.50  11.40% 
 
Deborah L Gruneberg     
825 Foxland Dr     
Pittsburgh, PA 15243  188.78  6.40% 
 
Pershing LLC     
P. O. Box 2052     
Jersey City, NJ 07303  227.17  7.70% 
 
CLASS C     

 
John P Dold     
14536 55th St NE     
Saint Michael, MN 55376  8.21  17.50% 
 
Victoria D Dold     
14536 55th St NE     
Saint Michael, MN 55376  8.21  17.50% 
 
Heather M Preston     
17486 308th St     
Shafer, MN 55074  4.23  9.00% 
 
John R Preston     
17486 308th St     
Shafer, MN 55074  4.23  9.00% 
 
Putnam LLC     
The Putnam Companies, Inc.     
One Post Office Square     
Boston, MA 02109-2106  18.08  38.60% 
 
CLASS M     

 
Mercer Trust Company     
1 Investors Way     
Norwood, MA 02062-1599  362.42  65.20% 
 
Mark J Ruthenberg     
1001 N Stockton Hill Rd Apt B     
Kingman, AZ 86401  106.14  19.00% 
 
Tatyana T Ruthenberg     
1001 N Stockton Hill Rd Apt B     
Kingman, AZ 86401  33.24  5.90% 
 
California State Univ Fullerton     
1548 E Brookdale Pl     
Fullerton, CA 92831  34.48  6.20% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  832.42  69.70% 
 
Wachovia Bank Various Retirement Plans     
1525 West Wt Harris Blvd     
Charlotte, NC 28288-1151  204.61  17.10% 
 
CLASS Y     

 
The Canadaigua Brands, Inc. 401(K)     
And Profit Sharing Plan**  27,941.00  15.63% 
 
Quebecor World (USA) Inc. 401(K) Plan**  27,926.00  15.62% 
 
First Hawaiian Future Plan**  24,743.00  13.84% 
 
Church & Dwight Co., Inc.**  21,180.00  11.85% 
 
Kohl’s Department Stores, Inc.**  18,665.00  10.44% 
 
Ardent Health Services**  13,323.00  7.45% 
 
Putnam Investments Profit Sharing Plan*  11,933.00  6.68% 
 
Briggs & Stratton Corporation Employee     
Savings And Investment Plan**  12,972.00  7.26% 

J-21


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam RetirementReady 2045 Fund   
 
CLASS A     

 
Radio Shack 401(K) Plan**  46,758.00  16.26% 
 
DR Horton, Inc. Profit Sharing Plan**  32,299.00  11.23% 
 
DS Waters Of America LP**  25,895.00  9.00% 
 
ASML US Employees Savings**  16,850.00  5.86% 
 
CLASS A     

 
Angela L Bragg     
18811 Arrowhead Ave     
Cleveland, OH 44119  158.74  9.60% 
 
Suzann K Benge     
21417 Naples St NW     
Elk River, MN 55330  111.22  6.70% 
 
Jason J Pidgeon     
35 Bilodeau Pkwy     
Burlington, VT 05401  109.71  6.60% 
 
J.J.B. Hilliard, W.L. Lyons, Inc     
501 S.4th Street     
Louisville, KY 40202  181.26  11.00% 
 
NFS LLC FEBO     
its Customers     
5769 Pray St     
Bonita, CA 91902  236.30  14.40% 
 
Carmen R Grair     
7905 Via Stefano     
Burbank, CA 91504  238.09  14.50% 
 
George Grair     
7905 Via Stefano     
Burbank, CA 91504  234.59  14.30% 
CLASS C     

 
Julie F Wilson     
1014 W Orangewood Ave     
Phoenix, AZ 85021  30.18  19.10% 
 
Lyrics HQ     
611 S Port St     
Baltimore, MD 21224  106.09  67.40% 
 
Precision Inc     
7118 E 30th St     
Tucson, AZ 85710  11.54  7.30% 
 
CLASS M     

 
Mercer Trust Company     
1 Investors Way     
Norwood, MA 02062-1599  84.77  98.30% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  356.87  35.20% 
 
Wachovia Bank Various Retirement Plans     
1525 West Wt Harris Blvd     
Charlotte, NC 28288-1151  562.11  55.50% 
 
CLASS Y     

 
First Hawaiian Future Plan**  52,299.00  32.79% 
 
Quebecor World (USA) Inc. 401(K) Plan**  22,785.00  14.28% 
 
Kohl’s Department Stores, Inc.**  17,143.00  10.75% 
 
The Canadaigua Brands, Inc. 401(K)     
And Profit Sharing Plan**  17,071.00  10.70% 
 
Ardent Health Services**  10,221.00  6.41% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS Y     

 
Church & Dwight Co., Inc.**  10,194.00  6.39% 
 
Briggs & Stratton Corporation Employee     
Savings And Investment Plan**  9,566.00  6.00% 

 
Putnam RetirementReady 2050 Fund   
 
CLASS A     

 
Radio Shack 401(K) Plan**  12,465.00  10.70% 
 
DR Horton, Inc. Profit Sharing Plan**  9,448.00  8.11% 
 
Western States Asbestos Workers’     
Individual Account Plan*  7,435.00  6.38% 
 
ASML US Employees Savings**  7,399.00  6.35% 
 
IBEW Local 150 Supplemental Pension Fund**  7,283.00  6.25% 
 
IBEW Local 38 401k Retirement Plan**  6,209.00  5.33% 
 
CLASS B     

 
Arlington Storage Corp     
15 Bennett St     
Canisteo, NY 14823  282.67  14.30% 
 
Derek C Kulwicki     
1709 Mead Ln     
Moore, OK 73170  121.05  6.10% 
 
Jia Tzong Kou     
19158 Shakespeare Dr     
Walnut, CA 91789  221.12  11.20% 
 
Hsuen-Ting Ho     
2944 Castle Rock Rd     
Diamond Bar, CA 91765  240.12  12.20% 
 
Stephen J Hoffman     
3450 N Lake Shore Dr Apt 2910     
Chicago, IL 60657  139.20  7.00% 
 
NFS LLC FEBO     
its Customers     
5769 Pray St     
Bonita, CA 91902  189.35  9.60% 
 
Brett A Beal     
6800 W Fortuna St     
Wichita, KS 67215  183.62  9.30% 
 
CLASS C     

 
Putnam LLC     
The Putnam Companies, Inc.     
One Post Office Square     
Boston, MA 02109-2106  20.99  100.00% 
 
CLASS M     

 
Mercer Trust Company     
1 Investors Way     
Norwood, MA 02062-1599  15.89  42.90% 
 
Putnam LLC     
The Putnam Companies, Inc.     
One Post Office Square     
Boston, MA 02109-2106  21.10  57.00% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  286.11  71.70% 
 
MG Trust Company Trustee     
700 17th St Ste 300     
Denver, CO 80202-3531  58.52  14.60% 

J-22


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam RetirementReady 2050 Fund   
 
CLASS R     

Putnam LLC     
The Putnam Companies, Inc.     
One Post Office Square     
Boston, MA 02109-2106  21.22  5.30% 
 
CLASS Y     

Quebecor World (USA) Inc. 401(K) Plan**  8,335.00  21.76% 
 
Kohl’s Department Stores, Inc.**  7,324.00  19.11% 
 
Briggs & Stratton Corporation Employee     
Savings And Investment Plan**  4,372.00  11.31% 
 
Church & Dwight Co., Inc.**  4,023.00  10.50% 
 
The Canadaigua Brands, Inc. 401(K)     
And Profit Sharing Plan**  3,528.00  9.21% 
 
Genlyte Thomas Group Retirement     
Savings & Investment Plan**  2,466.00  6.44% 
 
Mechanical Union Savings Trust 401(K) Plan**  2,031.00  5.30% 

Putnam RetirementReady Maturity Fund   
 
CLASS A     

IBEW Local 150 Supplemental Pension Plan**  115,715.00  20.90% 
 
The TXI Inc. Retirement Plan**  82,847.00  14.97% 
 
Radio Shack 401(K) Plan**  44,196.00  7.98% 
 
Roofers Local Union 33 Thrift Fund**  28,424.00  5.13% 
 
CLASS B     

Donna E Mansell     
4907 Cassia St     
Boise, ID 83705-1907  200.63  7.30% 
 
Mabel R Adams     
2012 N 24th St     
Boise, ID 83702-0205  330.09  12.10% 
 
Putnam LLC     
One Post Office Square     
Boston, MA 02109-2106  1,831.00  67.10% 
 
CLASS C     

Donna J Fritz     
336 Brook Dr     
Romeo, MI 48065  454.91  95.90% 
 
CLASS M     

Mercer Trust Company     
1 Investors Way     
Norwood, MA 02062-1599  1,371.66  84.80% 
 
James T Brewer Jr     
RR 1 Box 275     
Williamstown, WV 26187  226.22  13.90% 
 
CLASS R     

MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  1,139.17  92.30% 
 
CLASS Y     

Quebecor World (USA) Inc. 401(K) Plan**  40,631.00  23.97% 
Ardent Health Services**  29,098.00  17.17% 
First Hawaiian Future Plan**  27,732.00  16.36% 
Kohl’s Department Stores, Inc.**  12,236.00  7.22% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS Y     

 
National Waterworks, Inc.     
Retirement Savings Plan**  11,810.00  6.97% 
 
The Canadaigua Brands, Inc. 401(K)     
And Profit Sharing Plan**  10,809.00  6.38% 
 
Church & Dwight Co., Inc.**  9,170.00  5.41% 
 
Briggs & Stratton Corporation Employee     
Savings And Investment Plan**  8,625.00  5.09% 

 
Putnam Small Cap Growth Fund     
 
CLASS A     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  907,310.35  5.50% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  53,444.05  5.50% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  195,992.98  20.40% 
 
CLASS M     

 
Counsel Trust Co Beneco, Inc Polaris     
Plus Master#2 DBA Mid Atlantic Trust     
The Times Building     
336 4th Ave St 5     
PIttsburgh, PA 15222-2004  50,783.63  20.60% 
 
CLASS R     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  36,077.96  7.70% 
 
NFS LLC FEBO     
its Customers     
P.O. Box 1467     
Muncie, IN 47308-1467  197,084.00  42.20% 
 
Hartford Life Insurance     
P.O. Box 2999     
Hartford, CT 06104-2999  30,053.46  6.40% 
 
CLASS Y     

 
Rio Tinto America Inc.**  712,571.00  48.69% 
 
Putnam Investments Profit Sharing Plan*  409,830.00  28.01% 
 
The Idaho Power Company     
Employee Savings Plan**  143,622.00  9.81% 
 
Putnam Investments**  78,108.00  5.34% 
 
Madison Paper Industries Savings &     
Investment Plan**  74,684.00  5.10% 

 
Putnam Small Cap Value Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  2,169,386.96  6.90% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  2,690,997.11  8.60% 

J-23


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Small Cap Value Fund, continued   
 
CLASS B     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  623,509.92  6.10% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  141,060.40  5.50% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  256,953.59  10.00% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  31,478.21  6.80% 
 
CLASS Y     

Putnam Investments Profit Sharing Plan*  1,281,537.00  46.22% 
 
Building Service Local 32b-J Supplemental     
Retirement Savings Plan**  693,249.00  25.00% 
 
Wells Fargo — Retirement Plan Services     
P.O. Box 1533     
Minneapolis, MN 55480-1533  278,034.00  10.03% 
 
National Waterworks, Inc.     
Retirement Savings Plan*  151,927.00  5.48% 
 
Putnam Investments**  151,076.00  5.45% 

 
Putnam Tax Exempt Income Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  30,876,638.29  23.90% 
 
CLASS B     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  277,981.50  6.20% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  372,009.70  8.30% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  300,193.65  6.70% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  71,982.36  7.20% 
 
Primevest Financial Services     
(FBO its Customers)     
D Emil Mihelich     
400 First Street So     
Suite 300, P.O. Box 283     
St Cloud, MN 56302  101,479.59  10.10% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  64,025.57  6.40% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  173,190.65  30.40% 
 
L & F Investments Ltd Partnership     
4121 N 64th Pl     
Scottsdale, AZ 85251-3109  35,682.27  6.20% 

 
Putnam Tax-Free Health Care Fund   
 
COMMON SHARES     

 
Cede & Co Fast     
20 Bowling Green     
New York, NY 10004-1408  12,555,870.01  93.40% 

 
Putnam Tax-Free High Yield Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  16,753,981.04  17.10% 
 
CLASS B     

Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  549,009.80  5.20% 
 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  1,080,532.92  10.20% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  852,599.63  8.10% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  92,928.50  5.90% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  257,601.66  16.30% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  184,128.53  20.90% 
 
Pershing LLC     
P.O. Box 2052     
Jersey City, NJ 07303-9998  46,702.74  5.30% 

 
Putnam Tax Smart Equity Fund®     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  907,628.06  7.60% 
 
CLASS B     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  651,291.80  8.00% 

J-24


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Tax Smart Equity Fund®, continued   
 
CLASS C     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  375,163.05  13.20% 
 
CLASS M     

 
Pershing LLC     
P.O. Box 2052     
Jersey City, NJ 07303-9998  18,250.27  5.40% 
 
Stephen M Schwartz &     
Valerie B Schwartz JTWROS     
5922 New England Woods Dr     
Burke, VA 22015-2910  24,917.95  7.40% 

 
Putnam U.S. Government Income Trust   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  3,956,317.55  5.00% 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  110,884.74  9.70% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  136,312.66  12.00% 
 
CLASS M     

 
Mitsubishi UFJ Securities Co Ltd     
Marunouchi Building 2-4-1     
Marunouchi Chiyoda-Ku     
Tokyo 100-6317 Japan  1,866,450.00  82.00% 
 
CLASS R     

 
MG Trust Company Cust     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  13,417.41  31.20% 
 
MG Trust Company As Agent For     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  7,611.00  17.60% 
 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  4,797.29  11.00% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  5,988.60  13.90% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  137,549.00  40.55% 
 
Ann M. Gray     
6031 Dundee Dr.     
Huntington Beach, CA 92647-2408  18,245.00  5.30% 

 
Putnam Utilities Growth and Income Fund   
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  5,155,422.56  12.90% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  32,483.05  12.80% 
 
CLASS R     

 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  14,029.30  52.00% 
 
MG Trust Company As Agent For     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  1,681.50  6.20% 
 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  6,442.95  23.60% 
 
CLASS Y     

 
Putnam Investments Profit Sharing Plan*  197,634.00  66.22% 

 
Putnam Vista Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  8,023,595.74  5.20% 
 
CLASS M     

 
Fleet Bank     
Automotive Supply Assn PSP     
P.O. Box 105779     
Atlanta, GA 30348-5779  132,469.58  5.00% 
 
CLASS R     

 
MG Trust Company Cust. FBO     
its Customers     
700 17th St Ste 300     
Denver, CO 80202-3531  43,154.41  24.60% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  14,403.07  8.30% 
 
Reliance Trust Company     
P.O. Box 48529     
Atlanta, GA 30362-1529  37,940.50  21.90% 
 
CLASS Y     

 
Emerson Electric Co. Employee     
Savings Investment Plan**  5,169,331.00  32.05% 
 
First Hawaiian Future Plan**  2,445,542.00  15.16% 
 
Putnam Investments Profit Sharing Plan*  1,481,125.00  9.18% 
 
Briggs & Stratton Corporation Employee     
Savings And Investment Plan**  1,323,347.00  8.21% 
 
Arch Coal, Inc. Employee Thrift Plan**  887,439.00  5.50% 

 
Putnam Voyager Fund     
 
CLASS A     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  22,243,919.17  7.50% 
 
CLASS C     

 
Citigroup Global Markets Inc     
333 W 34th St     
New York, NY 10001-2402  204,537.43  5.20% 

J-25


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam Voyager Fund, continued     
 
CLASS C     

 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  204,628.07  5.20% 
 
CLASS M     

 
Edward D Jones & Co     
201 Progress Pkwy     
Maryland Hts, MO 63043-3003  256,465.11  7.80% 
 
CLASS R     

 
MG Trust Company     
700 17th St Ste 300     
Denver, CO 80202-3531  20,045.72  17.70% 
 
MG Trust Custodian     
700 17th St Ste 300     
Denver, CO 80202-3531  6,993.56  6.10% 
 
Transamerica Life Insurance Company     
1150 S Olive St #T-04-05     
Los Angeles, CA 90015-2209  14,093.23  12.40% 
 
MLPF&S For The Sole Benefit     
Of Its Customers     
4800 Deer Lake Dr E Fl 3     
Jacksonville, FL 32246-6484  6,503.48  5.70% 
 
Hartford Life Insurance     
P.O. Box 2999     
Hartford, CT 06104-2999  18,469.20  16.30% 
 
CLASS Y     

 
Abbott Laboratories Stock     
Retirement Programs**  10,842,670.00  14.13% 

 
Putnam VT American Government Income Fund   
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  7,095,432.48  100.00% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  4,281,106.32  75.70% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  499,514.31  8.80% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  868,585.45  15.30% 

 
Putnam VT Capital Appreciation Fund   
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  2,930,173.61  100.00% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  1,726,037.05  73.40% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS IB     

 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  118,800.72  5.00% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  504,295.33  21.40% 

 
Putnam VT Capital Opportunities Fund   
 
CLASS IA     

 
Hartford Life & Annuity     
P.O. Box 2999     
Hartford, CT 06104-2999  929,191.01  59.20% 
 
Hartford Life Ins Co     
P.O. Box 2999     
Hartford, CT 06104-2999  633,586.46  40.40% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  523,752.08  40.80% 
 
Hartford Life & Annuity     
P.O. Box 2999     
Hartford, CT 06104-2999  604,728.32  47.10% 
 
Hartford Life Ins Co     
P.O. Box 2999     
Hartford, CT 06104-2999  112,199.39  8.70% 

 
Putnam VT Discovery Growth Fund   
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  1,866,144.84  100.00% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  2,709,136.37  64.70% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  565,328.43  13.50% 

 
Putnam VT Diversified Income Fund   
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  31,786,088.62  98.90% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  9,252,018.14  42.30% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  9,728,774.18  44.50% 

 
Putnam VT Equity Income Fund     
 
CLASS IA     

 
Hartford Life & Annuity     
P.O. Box 2999     
Hartford, CT 06104-2999  5,568,157.55  67.40% 

J-26


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam VT Equity Income Fund, continued   
 
CLASS IA     

 
Hartford Life Ins Co     
P.O. Box 2999     
Hartford, CT 06104-2999  2,655,979.74  32.10% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  2,347,623.60  32.80% 
 
Metlife Investors VA     
501 Boylston St     
Boston MA 02116-3769  2,546,924.91  35.60% 
 
Hartford Life & Annuity     
P.O. Box 2999     
Hartford, CT 06104-2999  1,406,503.15  19.60% 
 
Hartford Life Ins Co     
P.O. Box 2999     
Hartford, CT 06104-2999  442,979.99  6.20% 

 
Putnam VT The George Putnam Fund of Boston   
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  24,806,333.40  99.40% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  16,668,306.31  72.70% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  1,315,271.52  5.70% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  4,599,069.08  20.00% 

 
Putnam VT Global Asset Allocation Fund   
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  18,225,157.29  98.00% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  3,173,145.26  58.30% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  569,536.83  10.40% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  1,693,534.83  31.10% 

 
Putnam VT Global Equity Fund     
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  37,660,012.16  99.60% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  4,301,492.52  76.10% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
CLASS IB     

 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  481,250.24  8.50% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  542,610.58  9.60% 

 
Putnam VT Growth and Income Fund   
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  107,637,933.52  98.60% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  17,407,811.89  66.00% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  1,585,431.39  6.00% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  3,328,817.82  12.60% 

 
Putnam VT Growth Opportunities Fund   
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  3,952,666.76  100.00% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  3,878,869.41  70.90% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  357,054.31  6.50% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  949,158.01  17.30% 

 
Putnam VT Health Sciences Fund   
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  8,181,821.52  100.00% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  4,828,255.40  43.40% 
 
AXP IDS Life     
1497 AXP Financial Ctr     
Minneapolis, MN 55474-0014  3,929,863.12  35.30% 
 
Lincoln National Variable     
1300 S Clinton St     
Fort Wayne, IN 46802-3506  786,419.64  7.00% 

 
Putnam VT High Yield Fund     
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  43,456,956.56  82.00% 

J-27


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam VT High Yield Fund, continued   
 
CLASS IA     

 
CUNA Mutual Life Insurance Co     
2000 Heritage Way     
Waverly, IA 50677-9208  8,691,424.97  16.40% 
 
CLASS IB     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  3,627,322.55  16.90% 
 
AXP IDS Life     
1497 AXP Financial Ctr     
Minneapolis, MN 55474-0014  2,491,401.07  11.60% 
 
Lincoln Benefit Life Co     
C/O Allstate Financial     
544 Lakeview Pkwy     
Vernon Hills IL 60061-1826  1,357,559.62  6.30% 
 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  12,322,599.94  57.50% 

 
Putnam VT High Yield Fund, continued   
 
CLASS IB     

 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  1,312,486.28  6.10% 

 
Putnam VT Income Fund     
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  32,773,774.96  97.50% 
 
CLASS IB     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  4,530,096.55  19.00% 
 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  16,894,536.26  71.10% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  2,241,264.54  9.40% 

 
Putnam VT International Equity Fund   
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  19,447,896.83  99.80% 
 
CLASS IB     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  11,402,974.62  27.30% 
 
AXP IDS Life     
1497 AXP Financial Ctr     
Minneapolis, MN 55474-0014  5,231,867.88  12.50% 
 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  11,886,913.92  28.50% 
 
Allstate Northbrook Life     
3100 Sanders Rd     
Northbrook, IL 60062-7155  4,105,117.21  9.80% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam VT International Growth and Income Fund 
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  15,814,893.10  95.60% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  3,808,317.76  54.20% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  1,314,029.50  18.70% 
 
Lincoln Benefit Life Co     
C/O Allstate Financial     
544 Lakeview Pkwy     
Vernon Hills, IL 60061-1826  729,606.45  10.30% 

 
Putnam VT International New Opportunities Fund 
 
CLASS IA     

Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  6,285,900.99  99.80% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  2,165,990.45  23.80% 
 
AXP IDS Life     
1497 AXP Financial Ctr     
Minneapolis, MN 55474-0014  6,191,223.39  68.00% 

 
Putnam VT Investors Fund     
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  20,456,346.18  99.90% 
 
CLASS IB     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  3,745,382.96  19.60% 
 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  13,883,552.60  72.90% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  1,376,807.94  7.20% 

 
Putnam VT Mid Cap Value Fund     
 
CLASS IA     

 
Hartford Life & Annuity     
P.O. Box 2999     
Hartford, CT 06104-2999  2,024,253.98  56.60% 
 
Hartford Life Ins Co     
P.O. Box 2999     
Hartford, CT 06104-2999  1,547,171.85  43.30% 
 
CLASS IB     

 
Hartford Life & Annuity     
P.O. Box 2999     
Hartford, CT 06104-2999  348,537.24  19.80% 
 
Hartford Life Ins Co     
P.O. Box 2999     
Hartford, CT 06104-2999  207,352.73  11.70% 

J-28


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam VT Mid Cap Value Fund, continued   
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  1,122,580.12  63.80% 

 
Putnam VT Money Market Fund     
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  194,520,160.61  97.50% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  150,296,267.08  77.70% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  24,911,354.44  12.80% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  10,698,882.56  5.50% 

 
Putnam VT New Opportunities Fund   
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  32,765,721.51  60.10% 
 
AXP IDS Life     
1497 AXP Financial Ctr     
Minneapolis, MN 55474-0014  19,772,338.10  36.20% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  5,310,476.30  74.70% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  521,107.21  7.30% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  1,221,581.28  17.10% 

 
Putnam VT New Value Fund     
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  20,164,202.43  99.20% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  10,883,868.73  67.60% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  898,100.01  5.50% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  3,365,490.29  20.90% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam VT OTC & Emerging Growth Fund   
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  5,314,658.57  92.10% 
 
Hartford Life Ins Co     
P.O. Box 2999     
Hartford, CT 06104-2999  453,137.81  7.80% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  4,036,520.76  83.60% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  302,544.67  6.20% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  489,219.28  10.10% 

 
Putnam VT Research Fund     
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  5,354,857.10  100.00% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  6,291,983.53  80.60% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  481,755.55  6.10% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  975,410.91  12.50% 

 
Putnam VT Small Cap Value Fund     
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  9,951,766.86  100.00% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  4,634,579.30  15.30% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  7,784,427.24  25.70% 
 
AXP American Enterprise Life     
1497 AXP Financial Ctr     
Minneapolis, MN 55474-0014  1,725,242.87  5.70% 
 
Metlife Insurance Company     
1 City Pl     
Hartford, CT 06103-3432  9,228,161.40  30.50% 
 
Metlife Life And Annuity Company     
1 City Pl     
Hartford, CT 06103-3432  2,995,260.97  9.90% 

J-29


Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam VT Small Cap Value Fund, continued   
 
CLASS IB     

 
Northbrook Life Insurance Co     
3100 Sanders Rd Ste K4A     
Northbrook, IL 60062-7155  1,945,337.16  6.40% 

 
Putnam VT Utilities Growth and Income Fund   
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  17,603,657.85  99.90% 
 
CLASS IB     

 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  2,808,555.23  81.30% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  303,108.69  8.70% 
 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  340,853.63  9.80% 

 
Putnam VT Vista Fund     
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  11,572,456.79  97.10% 
 
CLASS IB     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  1,216,012.88  7.70% 
 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  5,791,881.79  37.00% 
 
AXP American Enterprise Life     
1497 AXP Financial Ctr     
Minneapolis, MN 55474-0014  822,661.46  5.20% 
 
AXP IDS Life     
1497 AXP Financial Ctr     
Minneapolis, MN 55474-0014  6,491,044.81  41.50% 

Shareholder Name    Percentage 
and Address  Holdings  Owned 
 
Putnam VT Voyager Fund     
 
CLASS IA     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  45,527,624.87  99.20% 
 
CLASS IB     

 
Hartford Life     
P.O. Box 2999     
Hartford, CT 06104-2999  1,785,382.20  13.00% 
 
Allstate Life Insurance Co     
3100 Sanders Rd     
Northbrook, IL 60062-7155  8,977,114.04  65.80% 
 
Allstate Life Of NY     
3100 Sanders Rd     
Northbrook, IL 60062-7155  703,036.17  5.10% 
 
Allstate Northbrook Life     
3100 Sanders Rd     
Northbrook, IL 60062-7155  832,192.61  6.10% 
 
Principal Financial Group PFLX     
711 High St     
Des Moines, IA 50392-0001  840,714.88  6.10% 

* The address for the name listed is: c/o Putnam Fiduciary Trust Company, as trustee or agent, One Post Office Square, Boston, MA 02109.

** The address for the name listed is: c/o Mercer Trust Company, as trustee or agent, Investor’s Way, Norwood, MA 02062.

*** The address for the name listed is: c/o Putnam Fiduciary Trust Company, as service provider, One Post Office Square, Boston, MA 02109.

J-30


Additional ownership information for Putnam closed-end funds

In addition to the holdings information listed above for the Putnam closed-end funds, as of February 9, 2007, to the knowledge of the funds, the following additional persons owned beneficially or of record more than 5% of the common shares of certain Putnam closed-end funds.

  Shareholder Name    Percentage 
Fund  and Address  Holdings  Owned 

Putnam High Income Securities Fund  Wachovia Corporation  1,153,575.00  5.12%1 
  One Wachovia Center     
Charlotte, NC 28288-0137      

Putnam High Income Securities Fund  First Trust Portfolios L.P.,  1,189,605.00  5.30%2 
First Trust Advisors L.P., and      
The Charger Corporation      
  1001 Warrenville Road     
  Lisle, IL 60532     

Putnam High Yield Municipal Trust  Roumell Asset Management, LLC  1,281,699.00  5.98%3 
2 Wisconsin Circle, Suite 660      
  Chevy Chase, MD 20815     

Putnam Investment Grade Municipal Trust  Karpus Management, Inc., d/b/a  1,515,280.00  7.27%4 
  Karpus Investment Management     
  183 Sully’s Trail     
  Pittsford, NY 14534     

Putnam Master Intermediate Income Trust  Wachovia Corporation  5,280,935.67  5.73%5 
  One Wachovia Center     
Charlotte, NC 28288-0137      

Putnam Municipal Opportunities Trust  First Trust Portfolios L.P.,  965,099.00  6.10%6 
First Trust Advisors L.P., and      
The Charger Corporation      
  1001 Warrenville Road     
  Lisle, IL 60532     

Putnam New York Investment Grade  Karpus Management, Inc., d/b/a  308,665.00  11.21%7 
Municipal Trust  Karpus Investment Management     
  183 Sully’s Trail     
  Pittsford, NY 14534     

Putnam Tax-Free Health Care Fund  Bulldog Investors General Partnership  1,384,487.00  10.21%8 
  60 Heritage Drive     
  Pleasantville, NY 10570     


1 Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on February 6, 2007.

2 Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on February 9, 2006.

3 Based on information oabtained from a Schedule 13D filed with the Securities and Exchange Commission on December 29, 2006. The 1,281,699 shares are deemed to be owned beneficially by Roumell Asset Management, LLC solely as a result of its discretionary power over such shares as investment adviser. In addition, James C. Roumell and Deborah Billet-Roumell have beneficial ownership of 4,700 shares of common stock, representing less than 1% of outstanding shares.

4 Based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on February 9, 2007. Shares reported may include shares owned by certain affiliates of Karpus Investment Management.

5 Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on February 6, 2007.

6 Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on January 26, 2007.

7 Based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on February 9, 2007. As of March 6, 2007, Karpus Investment Management owned 326,615 common shares of the fund, representing 11.77% of outstanding common shares (based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on March 6, 2007). Shares reported may include shares owned by certain affiliates of Karpus Investment Management.

8 Based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on November 21, 2006; includes beneficial ownership of shares owned by Opportunity Income Plus L.P., Andrew Dakos, and Phillip Goldstein.

J-31


APPENDIX K

Security Ownership

The following tables set forth for each Trustee, and for the Trustees and officers as a group, the amount of equity securities owned in each Putnam fund as of February 9, 2007 (except as otherwise indicated). Where the number of shares beneficially owned exceeds 1% of the class owned, the percentage is included in parentheses below. None of the Trustees or officers owned shares of Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2035 Fund, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2050 Fund, Putnam RetirementReady Maturity Fund, Putnam VT Health Sciences Fund, Putnam VT Money Market Fund, or Putnam VT Utilities Growth and Income Fund as of that date. Additional ownership information for the funds that are series of Putnam Variable Trust is shown separately at the end of this Appendix J.

    Shares  Shares  Shares  Shares 
  Beneficially  Beneficially  Beneficially  Beneficially 
Trustees    Owned  Owned  Owned  Owned 

  Putnam American  Putnam AMT-Free  Putnam Arizona  Putnam Asset 
  Government  Insured  Tax Exempt  Allocation: 
  Income Fund  Municipal Fund  Income Fund           Balanced Portfolio 

  Class A  Class Y  Class A  Class A  Class A  Class Y 

John A. Hill  13,823.002    187.630  215.206  373,492.363   

Jameson Adkins Baxter  404.423    532.513  178.937  13,578.820   

Charles B. Curtis  122.983    131.409  127.887  117.321   

Myra R. Drucker  107.777    110.796  110.369  103.753   

Charles E. Haldeman, Jr.  1,277.084    786.056  1,274.400  1.519.211   

Paul L. Joskow  1,460.590    150.413  159.633  21,997.748   

Elizabeth T. Kennan  132.454    111.710  111.880  349.248   

Kenneth R. Leibler  100.951    101.337  101.154  100.455   

Robert E. Patterson  2,058.733    111.804  111.597  1.170.508   

George Putnam, III  3,074.922    808.167  1,245.684  2.954.054   

W. Thomas Stephens  318.728    158.418  152.442  43,361.340   

Richard B. Worley  107.777    110.601  110.121  103.753   

Trustees and Officers  22,989.424  10,630.749  3,300.854  3,899.310  458,848.574  13,129.392 
as a group    (1.01%)         


K-1


    Shares    Shares  Shares  Shares 
  Beneficially  Beneficially  Beneficially  Beneficially 
Trustees  Owned    Owned  Owned  Owned 

            Putnam 
  Putnam Asset  Putnam Asset  Putnam California  California 
  Allocation:  Allocation:  Investment Grade  Tax Exempt 
  Conservative Portfolio  Growth Portfolio  Municipal Trust  Income Fund 

  Class A  Class Y  Class A  Class Y  Common  Class A 

John A. Hill  111,994.998                6,209.773                            224.592             187.514 

Jameson Adkins Baxter                1,228.577    21,262.989    188.704  235.702 

Charles B. Curtis  14,097.461    116.151    117.774  136.190 

Myra R. Drucker  106.957    5,278.448    109.068  114.668 

Charles E. Haldeman, Jr.  537,246.818    1,045.575    243.000  1,444.841 
  (1.13%)           

Paul L. Joskow  248.471    1,080.277    100.000  182.342 

Elizabeth T. Kennan  346.043    2,060.923    201.338  134.329 

Kenneth R. Leibler  100.772    100.570    100.000  101.437 

Robert E. Patterson  1,234.123    2,246.213    100.000  116.075 

George Putnam, III  4,537.829    25,641.662    1,100.000  1,479.584 

W. Thomas Stephens  5,056.591    102.567    100.000  164.812 

Richard B. Worley  106.957    102.567    102.960  114.444 

Trustees and Officers  676,305.597  323.931  71,164.731  54,970.239  2,687.436  4,411.938 
as a group  (1.42%)           

 
  Shares    Shares    Shares 
  Beneficially  Beneficially  Beneficially 
Trustees  Owned    Owned    Owned 

  Putnam Capital  Putnam Capital  Putnam Classic 
  Appreciation Fund  Opportunities Fund  Equity Fund 

  Class A  Class Y  Class A  Class Y  Class A  Class Y 

John A. Hill  8,246.533    18,783.858    14,469.495   

Jameson Adkins Baxter  313.753        4,895.534   

Charles B. Curtis  103.245    140.848    110.584   

Myra R. Drucker  100.414    132.315    102.809   

Charles E. Haldeman, Jr.  654.057    1,318.134      1,050.623 

Paul L. Joskow  605.292    242.941    2,410.818   

Elizabeth T. Kennan  252.970    1,461.152    197.645   

Kenneth R. Leibler  100.000    112.703    100.598   

Robert E. Patterson  484.635    2,010.019    708.459   

George Putnam, III  1,243.373    1,577.716    6,509.541   

W. Thomas Stephens  137.950    132.315    148.112   

Richard B. Worley  100.414    132.315    102.809   

Trustees and Officers  12,442.123  7,753.123  35,109.626  10,238.954  29,756.404  8,648.264 
as a group    (2.46%)        (2.38%) 


K-2


  Shares    Shares    Shares 
  Beneficially  Beneficially  Beneficially 
Trustees  Owned    Owned    Owned 

  Putnam Convertible  Putnam Discovery  Putnam Diversified 
  Income-Growth Trust  Growth Fund  Income Trust 

  Class A  Class Y                       Class A  Class Y  Class A  Class Y 

John A. Hill  32,061.700    2,303.388    1,953.567   

Jameson Adkins Baxter  7,969.065    7,048.603                 1,128.750                

Charles B. Curtis  124.126    199.733    248.125   

Myra R. Drucker  107.759    100.000    115.849   

Charles E. Haldeman, Jr.  904.871    696.286      32,019.160 

Paul L. Joskow  686.473    360.285    387.474   

Elizabeth T. Kennan  1,071.157    113.856    750.000   

Kenneth R. Leibler  100.678    100.000    101.360   

Robert E. Patterson  3,485.678    799.281    1,404.333   

George Putnam, III  13,051.715    2,101.545    5,434.823   

W. Thomas Stephens  208.558    208.686    349.475   

Richard B. Worley  106.899    100.000    115.849   

Trustees and Officers  61,086.152  19,890.021  14,837.343  3,384.176  11,989.605  40,204.574 
as a group    (1.59%)        (2.42%) 

 
  Shares    Shares    Shares 
  Beneficially  Beneficially  Beneficially 
Trustees  Owned    Owned    Owned 

  Putnam Equity  Putnam Europe  Putnam Floating Rate 
  Income Fund  Equity Fund  Income Fund 

  Class A  Class Y  Class A  Class Y  Class A  Class Y 

John A. Hill  13,569.172    523.756    549,196.252   
          (1.62%)   

Jameson Adkins Baxter  3,390.567    2,290.402    2,200.690   

Charles B. Curtis  136.833    109.809    107.284   

Myra R. Drucker  125.419    104.751    112.041   

Charles E. Haldeman, Jr.  1,049.823  3,551.283  743.434    1,150.494   

Paul L. Joskow  8,180.125    489.440    9,503.469   

Elizabeth T. Kennan  359.837    542.203    105.439   

Kenneth R. Leibler  112.173    102.172    101.707   

Robert E. Patterson  1,650.075    2,033.819    1,069.397   

George Putnam, III  8,415.606    977.920    3,849.695   

W. Thomas Stephens  191.040    140.795    134,975.747   

Richard B. Worley  125.002    104.751    111.850   

Trustees and Officers  46,071.331  12,890.841  8,623.288  280.283  702,484.065  66,837.482 
as a group          (2.07%)  (19.32%) 


K-3


  Shares    Shares      Shares 
  Beneficially  Beneficially      Beneficially 
Trustees  Owned    Owned      Owned 

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

  Class A    Class Y                    Class A    Class Y    Class A   Class Y 

John A. Hill                   11,786.523               25,757.193                              51,073.375    

Jameson Adkins Baxter  16,850.506    11,742.687      9,945.299   

Charles B. Curtis  130.983    293.279      438.950   

Myra R. Drucker  118.625    117.435      102.668    

Charles E. Haldeman, Jr.  972.775    738.172      1,478.755    

Paul L. Joskow  8,802.201    1,994.013      633.784    

Elizabeth T. Kennan  285.325    1,442.227      4,987.810    

Kenneth R. Leibler  113.330    109.686      101.588    

Robert E. Patterson  602.556    1,254.030    14,611.566   

George Putnam, III  36,058.016    12,879.370    31,866.947   

W. Thomas Stephens  188.904    301.759      641.484   

Richard B. Worley  118.625    117.435      102.668    

Trustees and Officers  76,065.887  19,172.389  58,169.654  4,583.433  117,081.043     2,301.460
as a group                 

 
  Shares    Shares  Shares             Shares 
  Beneficially  Beneficially  Beneficially      Beneficially 
Trustees  Owned    Owned  Owned      Owned 

  Putnam Global  Putnam Global Natural  Putnam Growth         Putnam Health 
  Income Trust  Resources Fund  Opportunities Fund    Sciences Trust 

  Class A  Class A  Class Y  Class A  Class Y  Class A  Class Y 

John A. Hill  154.607  8,768.918    2,538.040    4,656.855   

Jameson Adkins Baxter  159.620  1,008.625    479.604    178.569   

Charles B. Curtis  134.289  160.312    105.939    126.934   

Myra R. Drucker  111.402  141.232    100.867    126.934   

Charles E. Haldeman, Jr.  967.131  661.434    890.000  3,977.847  237.662   

Paul L. Joskow  184.791  174.550    840.579    555.030   

Elizabeth T. Kennan  350.369  1,137.652    100.867    126.934   

Kenneth R. Leibler  100.969  112.147    100.000    110.546   

Robert E. Patterson    810.440    390.728    2,146.569    292.114   

George Putnam, III  3,871.242  1,714.971    2,785.949          2,897.889   

W. Thomas Stephens  168.477  211.480    101.894    175.468   

Richard B. Worley  111.170  141.232    100.867    126.934   

Trustees and Officers  7,124.507  14,623.281  5,054.012  10,373.246  3,977.847  9,631.325      9,051.754 
as a group      (1.05%)          (2.63%) 


K-4


  Shares      Shares  Shares    Shares 
  Beneficially    Beneficially  Beneficially    Beneficially 
Trustees  Owned      Owned  Owned    Owned 

  Putnam High Income    Putnam High Yield  Putnam High Yield    Putnam High 
  Securities Fund    Advantage Fund  Municipal Trust    Yield Trust 

  Common  Class A      Class Y  Common      Class A  Class Y 

John A. Hill  86,341.603  448.064    223.227      3,247.157   

Jameson Adkins Baxter  1,619.792  2,625.395    203.997      21,036.989   

Charles B. Curtis  395.447  163.381    115.649        450.564   

Myra R. Drucker  361.503  117.953    106.505        242.777   

Charles E. Haldeman, Jr.  841.000  364.706    500.000      2,059.289   

Paul L. Joskow  334.178  3,766.751    100.000      7,105.469   

Elizabeth T. Kennan  451.380  519.984    201.315        931.284   

Kenneth R. Leibler  100.000  102.258    100.000        101.832   

Robert E. Patterson  1,084.356  9,231.793    300.000      7,182.140   

George Putnam, III  1,670.000  3,550.811    2,100.000      24,842.086   

W. Thomas Stephens  334.178  240.281    100.000        663.835   

Richard B. Worley  337.591  117.953    100.889        235.868   

Trustees and Officers  93,871.028  21,249.330  358.933  4,151.582      68,515.481  15,976.865 
as a group               

 
  Shares    Shares  Shares    Shares 
  Beneficially    Beneficially  Beneficially    Beneficially 
Trustees  Owned    Owned  Owned    Owned 

               Putnam Income  Putnam International  Putnam International 
  Putnam Income Fund  Strategies Fund         Capital Opportunities Fund  Equity Fund 

  Class A        Class A  Class A  Class Y  Class A  Class Y 

John A. Hill  19,337.397  25,142.622  9,678.404      23,622.060   
    (2.26%)           

Jameson Adkins Baxter  4,201.791  5,175.344  6,710.478      9,770.372   

Charles B. Curtis  128.161  105.993  111.068      220.229   

Myra R. Drucker  109.159  105.683  104.977      110.651   

Charles E. Haldeman, Jr.  2,328.993  203.425  745.715      746.663   

Paul L. Joskow  218.357  503.803  426.876      6,666.243   

Elizabeth T. Kennan  369.677  546.217  1,652.780      2,409.760   

Kenneth R. Leibler  101.164  101.568  102.024      106.953   

Robert E. Patterson  1,538.650  1,010.337  1,829.646      4,032.718   

George Putnam, III  6,272.696  3,022.820  1,168.739      3,320.198   

W. Thomas Stephens  161.461  105.993  125.616      198.180   

Richard B. Worley  109.159    104.977      110.651   

Trustees and Officers        34,876.665  36,023.805       22,761.300  8,595.540         68,535.121       9,585.550 
as a group    (3.24%)           


K-5


  Shares  Shares  Shares  Shares 
  Beneficially  Beneficially  Beneficially  Beneficially 
Trustees  Owned  Owned  Owned  Owned 

        Putnam Investment     
  Putnam International  Putnam International  Grade  Putnam 
  Growth and Income Fund  New Opportunities Fund  Municipal Trust  Investors Fund 

  Class A  Class Y  Class A       Class Y          Common  Class A  Class Y 

John A. Hill        5,702.890           1,279.259    225.245       29,699.767         

Jameson Adkins Baxter  4,974.728    2,538.625    212.401  14,122.693   

Charles B. Curtis  117.918    104.533    119.333  103.824   

Myra R. Drucker  112.265    102.316    106.124  1,869.479   

Charles E. Haldeman, Jr.  1,614.759    1,075.395    330.000  966.796   

Paul L. Joskow  849.299    1,417.629    100.000  8,572.119   

Elizabeth T. Kennan  728.007    202.289    109.015  4,203.469   

Kenneth R. Leibler  110.097    100.444    100.000  100.216   

Robert E. Patterson  6,209.416    3,957.003    300.000  4,784.644   

George Putnam, III  2,490.577    7,173.199    1,500.000  7,939.431   

W. Thomas Stephens  167.302    151.442    180.672  117.268   

Richard B. Worley  112.265    102.316    100.822  101.376   

Trustees and Officers  23,316.587  3,177.074  18,972.767  14,264.833  3,383.612  81,272.731  65,794.112 
as a group        (1.33%)       

 
  Shares  Shares  Shares  Shares  Shares  Shares 
  Beneficially  Beneficially  Beneficially  Beneficially  Beneficially  Beneficially 
Trustees  Owned  Owned  Owned  Owned  Owned  Owned 

  Putnam Limited   Putnam    Putnam  Putnam  Putnam     
  Duration  Managed  Massachusetts  Master  Michigan  Putnam 
  Government       Municipal  Tax Exempt  Intermediate    Tax Exempt  Mid Cap 
  Income Fund  Income Trust  Income Fund  Income Trust  Income Fund  Value Fund 

  Class A  Common  Class A  Common  Class A  Class A  Class Y 

John A. Hill  1,564.506  225.663  171.456  442.687  164.230  138.524   

Jameson Adkins Baxter  2,888.428  212.250  186.434  461.972  180.430  3,624.800   

Charles B. Curtis  124.017  117.170  128.988  119.146  128.683  134.808   

Myra R. Drucker  108.227  106.671  111.173  106.798  109.099  127.198   

Charles E. Haldeman, Jr.  2,228.809  450.000  1,247.201  510.000  1,294.030  1,462.201   

Paul L. Joskow  289.058  100.000  12,693.301  100.000  161.108  152.730   

Elizabeth T. Kennan  771.156  108.920  112.331  270.436  110.378  623.395   

Kenneth R. Leibler  101.061  100.000  101.118  100.000  101.049  112.193   

Robert E. Patterson  873.531  300.000  101.496  587.000  110.334  1,593.851   

George Putnam, III  4,813.954  1,800.000  5,967.938  2,178.000  1,284.848  2,721.327   

W. Thomas Stephens  147.690  100.000  155.925  100.000  152.728  127.198   

Richard B. Worley  108.139  100.891  110.948  100.931  108.900  127.198   

Trustees and Officers  14,018.576  3,721.565  35,026.462  5,076.970  3,905.817  18,178.815  10,410.120 
as a group               


K-6


  Shares    Shares  Shares  Shares  Shares 
  Beneficially  Beneficially  Beneficially  Beneficially  Beneficially 
Trustees  Owned  Owned  Owned  Owned  Owned 

            Putnam 
          Putnam  New Jersey 
  Putnam Minnesota      Putnam  Municipal  Tax Exempt 
  Tax Exempt  Putnam  Municipal  Opportunities  Income 
  Income Fund  Money Market Fund  Bond Fund  Trust  Fund 

  Class A  Class A  Class R  Common  Common  Class A 

John A. Hill  219.763  906,249.650  76,931.310  322.603  226.131  227.595 

Jameson Adkins Baxter  179.111  121,091.870    3,570.000  207.003  183.577 

Charles B. Curtis  127.254  399,904.680    121.003  121.225  126.582 

Myra R. Drucker  109.477  107.980  12.880  106.735  106.349  109.346 

Charles E. Haldeman, Jr.  1,294.671    8,385.310  250.000  270.000  1,277.404 

Paul L. Joskow  162.518  294,174.600    196.000  100.000  158.564 

Elizabeth T. Kennan  110.683  14,556.200    189.709  119.793  110.425 

Kenneth R. Leibler  101.085  7,677.000    100.000  100.000  101.092 

Robert E. Patterson  110.714  187,507.700    293.000  100.000  110.435 

George Putnam, III  1,293.642  612,594.980    1,184.000  1,300.000  1,246.818 

W. Thomas Stephens  152.042  2,468.300    196.000  100.000  150.959 

Richard B. Worley  109.268  107.950  9,630.200  100.811  100.805  109.125 

Trustees and Officers  3,970.228  3,439,303.440  94,959.700  6,629.861  2,851.306  3,911.922 
as a group             

 
  Shares    Shares  Shares  Shares 
  Beneficially   Beneficially  Beneficially  Beneficially 
Trustees  Owned    Owned  Owned  Owned 

          Putnam  Putnam 
          New York  New York 
  Putnam New  Putnam New  Investment Grade  Tax Exempt 
  Opportunities Fund  Value Fund             Municipal Trust              Income Fund 

  Class A  Class Y    Class A  Class Y  Common  Class A 

John A. Hill  6,660.309      5,971.716    71,595.182  5,190.748 
          (2.58%)   

Jameson Adkins Baxter  1,733.616      11,286.655    186.650  559.437 

Charles B. Curtis  104.835      123.592    116.241  264.359 

Myra R. Drucker  100.000      1,571.520    105.266  112.375 

Charles E. Haldeman, Jr.  293.214      1,047.856  3,205.655  280.000  1,360.257 

Paul L. Joskow  980.800      728.260    100.000  344.800 

Elizabeth T. Kennan  100.000      2,473.418    189.263  243.453 

Kenneth R. Leibler  100.000      108.289    100.000  101.325 

Robert E. Patterson  1,038.444      1,528.107    100.000  113.637 

George Putnam, III  763.162      12,017.915    1,200.000  1,403.735 

W. Thomas Stephens  133.948      165.765    100.000  160.978 

Richard B. Worley  100.000      115.245    100.714  112.142 

Trustees and Officers  12,709.436  2,714.411    40,761.847  32,786.176  74,173.316  9,967.246 
as a group          (2.67%)   


K-7


  Shares    Shares  Shares  Shares  Shares  Shares 
  Beneficially  Beneficially  Beneficially  Beneficially   Beneficially  Beneficially 
Trustees  Owned  Owned  Owned  Owned  Owned  Owned 

        Putnam  Putnam       
  Putnam Ohio  Putnam OTC  Pennsylvania  Premier  Putnam Prime     
  Tax Exempt  & Emerging  Tax Exempt  Income  Money  Putnam 
  Income Fund  Growth Fund  Income Fund  Trust  Market Fund  Research Fund 

  Class A  Class A  Class Y    Class A  Common  Class I  Class A  Class Y   

John A. Hill  236.582  3,926.695      233.554  3,693.640  50,067,211.230^  5,636.398     
            (2.03%)     

Jameson Adkins Baxter  179.752  3,818.078      186.671  496.412    418.083     

Charles B. Curtis  125.685  105.121      126.936  242.603    105.882     

Myra R. Drucker  109.498  100.000      109.345  215.100    100.873     

Charles E. Haldeman, Jr.  1,286.975  1,664.025      1,302.086  1,005.000    856.937     

Paul L. Joskow  162.056  129.574      163.644  201.176    5,546.414     

Elizabeth T. Kennan  110.735  1,141.113      110.619  292.060    146.694     

Kenneth R. Leibler  101.104  100.000      101.078  100.000    100.109     

Robert E. Patterson  110.686  1,453.803      110.615  803.529    145.779     

George Putnam, III  1,276.313  11,392.960      1,273.698  2,505.000    1,753.253     

W. Thomas Stephens  152.421  144.331      156.187  201.176    100.873     

Richard B. Worley  109.308  100.000      109.172  202.877    100.873     

Trustees and Officers  3,961.115       24,138.024      10,857.414        3,983.605      9,958.573     50,067,211.230^    15,012.168        7,020.033  
as a group            (2.03%)     

 
  Shares  Shares  Shares  Shares    Shares 
  Beneficially  Beneficially  Beneficially  Beneficially  Beneficially   
Trustees  Owned  Owned  Owned  Owned    Owned 

  Putnam  Putnam  Putnam  Putnam    Putnam 
  RetirementReady     RetirementReady     RetirementReady       RetirementReady       RetirementReady  
  2010 Fund  2015 Fund  2020 Fund  2025 Fund  2045 Fund   

  Class A      Class A    Class A    Class A      Class A   

John A. Hill                       

Jameson Adkins Baxter          360.422             

Charles B. Curtis          112.471             

Myra R. Drucker          1,194.810             

Charles E. Haldeman, Jr.  199.250                     

Paul L. Joskow      173.076                 

Elizabeth T. Kennan                    106.147   

Kenneth R. Leibler      106.842                 

Robert E. Patterson          163.521          

George Putnam, III              347.268         

W. Thomas Stephens      113.435                 

Richard B. Worley                       

Trustees and Officers  199.250  393.353    1,831.224    347.268      106.147   
as a group                 

^Reflects holdings as of 02/12/07.               

K-8


    Shares  Shares  Shares  Shares 
  Beneficially  Beneficially  Beneficially  Beneficially 
Trustees    Owned  Owned  Owned  Owned 

          Putnam  Putnam 
          Tax Exempt  Tax Exempt 
  Putnam Small Cap  Putnam Small Cap  Income  Money Market 
  Growth Fund  Value Fund  Fund  Fund 

            Class A  Class Y                   Class A             Class Y            Class A            Class A 

John A. Hill  3,244.878    22,526.691    586.373  3,840,684.230 
            (4.84%) 

Jameson Adkins Baxter  801.254    3,643.596    1,597.921  2,167.660 

Charles B. Curtis  609.294            175.356    129.943  1,615.540 

Myra R. Drucker  113.645    162.329    110.621  148,756.870 

Charles E. Haldeman, Jr.  848.486      1,110.407  1,345.180  10,778.420 

Paul L. Joskow  4,883.960    4,591.973    168.716  3,335.600 

Elizabeth T. Kennan  454.581    2,200.972    128.631  158.510 

Kenneth R. Leibler  106.092    120.604    101.140  100.910 

Robert E. Patterson  511.712    1,451.981    184.993  100.000 

George Putnam, III  5,766.333    2,579.539    1,779.841  10,451.820 

W. Thomas Stephens  113.645    162.329    158.390  181,638.740 

Richard B. Worley  113.645    162.329    110.373  105.890 

Trustees and Officers  21,502.617  9,742.964  37,777.699  19,951.538  6,402.122  4,502,847.100 
as a group            (5.68%) 

 
  Shares  Shares  Shares    Shares  Shares 
  Beneficially  Beneficially  Beneficially  Beneficially  Beneficially 
Trustees  Owned  Owned  Owned    Owned  Owned 

  Putnam  Putnam  Putnam    Putnam  Putnam 
  Tax-Free  Tax-Free  Tax Smart  U.S. Government  Utilities Growth 
  Health Care Fund    High Yield Fund    Equity Fund®  Income Trust  and Income Fund 

  Common  Class A  Class A  Class A  Class B  Class A 

John A. Hill  219.176  402.179  7,985.816  728.436    3,399.876 

Jameson Adkins Baxter  582.481  1,276.060  1,239.863  197.129    649.544 

Charles B. Curtis  115.789  224.331  102.377  1,228.561  2,539.689  118.186 

Myra R. Drucker  105.244  187.262  100.163  108.946    104.935 

Charles E. Haldeman, Jr.  270.000  1,888.364  1,185.698  881.754    1,266.451 

Paul L. Joskow  100.000  279.554  5,400.929  173.315    997.481 

Elizabeth T. Kennan  108.110  189.648  106.867  184.771    116.304 

Kenneth R. Leibler  100.000  101.333  100.000  100.992    100.352 

Robert E. Patterson  100.000  189.753  2,239.580  1,424.248    718.950 

George Putnam, III  500.000  2,696.560  6,405.434  2,850.746    2,179.026 

W. Thomas Stephens  100.000  276.236  100.163  156.023    170.019 

Richard B. Worley  100.725  186.791  100.163  108.946    104.387 

Trustees and Officers  2,401.525  7,898.071  25,067.053  8,143.867  2,539.689  9,925.511 
as a group             


K-9


    Shares    Shares 
  Beneficially    Beneficially 
Trustees    Owned    Owned 

  Putnam Vista Fund  Putnam Voyager Fund 

  Class A  Class Y  Class A  Class Y 

John A. Hill  48,265.800    23,528.436   

Jameson Adkins Baxter  14,111.419    8,201.140   

Charles B. Curtis  108.696    109.618   

Myra R. Drucker  2,234.927    100.707   

Charles E. Haldeman, Jr.  1,759.930    927.312   

Paul L. Joskow  2,016.190    3,248.819   

Elizabeth T. Kennan  5,005.941    299.547   

Kenneth R. Leibler  100.000    100.000   

Robert E. Patterson  1,479.233    5,000.471   

George Putnam, III  5,233.274    2,198.233   

W. Thomas Stephens  177.190    149.155   

Richard B. Worley  100.000    100.707   

Trustees and Officers  80,592.600  31,280.167  50,697.156  15,412.564 
as a group         


Additional ownership information for funds that are series of Putnam Variable Trust

As of February 9, 2007, except as shown below, the Trustees, and the Trustees and officers as a group, did not own variable annuity contracts or variable life insurance policies that invested in the funds that are series of Putnam Variable Trust.* This table shows the value of the Trustees’ indirect beneficial ownership interest in these funds.

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

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

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

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

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

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

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

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

 
Putnam VT Global Asset Allocation Fund       
Class IA      $10,001-$50,000 
Class IB  $1-$10,000     

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

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

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

 
Putnam VT High Yield Fund       
Class IA    $10,001-$50,000   
Class IB  $1-$10,000     


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

K-10


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

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

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

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

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

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

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

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

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

 
Putnam VT OTC & Emerging Growth Fund       
Class IB  $1-$10,000     

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

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

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

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


K-11


This page intentionally left blank.


This page intentionally left blank.


This page intentionally left blank.


This page intentionally left blank.


This page intentionally left blank.


This page intentionally left blank.


This page intentionally left blank.




One Post Office Square
Boston, Massachusetts 02109
1-800-225-1581

Putnam Retail Management

www.putnam.com

242548 3/07



The proxy ballot

To vote by mail  To vote by telephone  To vote on the Web 
  Read the proxy statement and  Read the proxy statement and 
Read the proxy statement.  have the proxy ballot at hand.  have the proxy ballot at hand. 
Check the appropriate boxes  Call 1-888-221-0697.   
on the reverse side.    Go to http://www.proxyweb.com 
  Follow the automated  /Putnam 
Sign and date the proxy ballot.  telephone directions. There   
Return the proxy ballot in the  is no need for you to return  Follow the instructions on 
envelope provided.  your proxy ballot.  the site. 
 
    There is no need for you to 
    return your proxy ballot. 


By signing below, you as a Putnam fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at the meeting of the shareholders of the above-referenced fund. The meeting will take place on May 15, 2007 at 11:00 a.m. Boston time, and may be adjourned to later times or dates. Your vote is being solicited on behalf of the Trustees. When you complete and sign the proxy ballot, your proxies will vote exactly as you have indicated on the other side of this card. If you simply sign the proxy ballot, or dont vote on the specific proposal, your shares will be automatically voted as the Trustees recommend. Your proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.

Sign your name exactly as it appears on this card. If you own shares jointly,
each owner should sign. When signing as executor, administrator, attorney, trustee,
guardian, or as custodian for a minor, please give your full title as such. If you are
signing for a corporation, please sign the full corporate name and indicate the
signer
s office. If you are a partner, sign in the partnership name.


  Please place an X in the appropriate box using black or blue ink or 
Proposal  number 2 pencil. Please do not use a fine point pen.   

 
If you do not mark the proposal, your shares will be voted as the Trustees recommend.     
THE TRUSTEES RECOMMEND A VOTE FOR THIS PROPOSAL       
  FOR  AGAINST  ABSTAIN 
1. Approving a new management contract for your fund.  0  0  0 

If you have any questions on the proposal, please call 1-866-905-2396.                                                       Please sign and date the other side of this card.



ezVoteSM Consolidated Proxy Ballot

The top half of this form is your EzVote Consolidated Proxy. It reflects all of your accounts registered to the same Social Security or Tax I.D. number at this address. By voting and signing the Consolidated Proxy Ballot, you are voting all of these accounts in the same manner as indicated on the reverse side of the form.

By signing below, you as a Putnam fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at a meeting of the shareholders of the Putnam funds. The meeting will take place on May 15, 2007 at 11:00 a.m. Boston time, and may be adjourned to later times or dates. Your vote is being solicited on behalf of the Trustees. When you complete and sign the proxy ballot, your proxies will vote exactly as you have indicated on the other side of this card. If you simply sign the proxy ballot, or dont vote on the specific proposal, your shares will be automatically voted as the Trustees recommend. Your proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.

Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signers office. If you are a partner, sign in the partnership name.

putnam 2007 EZ - dh

DETACH CONSOLIDATED PROXY BALLOT AT PERFORATION BELOW

Your vote is important. For your convenience, you can vote your proxy in any of these three ways:

1    2    3   
TELEPHONE  INTERNET  MAIL 
Call us toll-free at  Go to  Mail in the proxy card. 
1-888-221-0697  http://www.proxyweb.com/Putnam    Please sign and date your proxy ballot. 
  Follow the automated telephone direction.    Follow the instructions on the site.    Detach the ballot from this proxy form. 
  There is no need for you to return your    There is no need for you to return your    Return the ballot in the postage-paid 
  proxy ballot.    proxy ballot.    envelope provided. 

INDIVIDUAL PROXY BALLOTS

On the reverse side of this form (and on accompanying pages, if necessary) you will find individual proxy ballots, one for each of your accounts. If you would wish to vote each of these accounts separately, sign in the signature box below, mark each individual ballot to indicate your vote, detach the form at the perforation above and return the individual proxy ballots portion only.

N O T E : If you elect to vote each account separately,do not return the Consolidated Proxy Ballot above.

Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signers office. If you are a partner, sign in the partnership name.

putnam 2007 IND - dh


  Please place an X in the appropriate box using black or blue ink or 
Proposal  number 2 pencil. Please do not use a fine point pen.   

 
If you do not mark the proposal, your shares will be voted as the Trustees recommend.     
THE TRUSTEES RECOMMEND A VOTE FOR THIS PROPOSAL       
    FOR  AGAINST  ABSTAIN 
1. Approving a new management contract for your fund.  0  0  0 

If you have any questions on the proposal, please call 1-866-905-2396.  Please sign and date the other side of this card. 

putnam 2007 EZ - dh

DETACH CONSOLIDATED PROXY BALLOT AT PERFORATION BELOW

INDIVIDUAL BALLOTS

NOTE: IF YOU HAVE USED THE CONSOLIDATED BALLOT ABOVE, DO NOT VOTE THE INDIVIDUAL BALLOTS BELOW.

JOHN Q. PUBLIC          JOHN Q. PUBLIC       
123 MAIN STREET          123 MAIN STREET       
ANYTOWN, MA 02030          ANYTOWN, MA 02030       
 
FUNDNAME PRINTS HERE          FUNDNAME PRINTS HERE       
 
  FOR  AGAINST  ABSTAIN                              FOR  AGAINST  ABSTAIN 
1. Approving a new management  0  0  0  1.  Approving a new management  0  0  0 
contract for your fund.          contract for your fund.       
 
 
 
 
JOHN Q. PUBLIC          JOHN Q. PUBLIC       
123 MAIN STREET          123 MAIN STREET       
ANYTOWN, MA 02030          ANYTOWN, MA 02030       
 
FUNDNAME PRINTS HERE          FUNDNAME PRINTS HERE       
 
  FOR  AGAINST  ABSTAIN      FOR  AGAINST  ABSTAIN 
1. Approving a new management  0  0  0  1.  Approving a new management  0  0  0 
contract for your fund.          contract for your fund.       

putnam 2007 IND - dh


March 14, 2007

Dear Putnam Fund Shareholder:

Please find enclosed proxy materials for a Special Meeting of Shareholders of your fund to be held on Tuesday, May 15, 2007. The proxy cards for your accounts are enclosed along with a copy of the Notice of a Special Meeting of Shareholders and Proxy Statement dated March 9, 2007.

You may cast your votes in one of two ways:

Option 1. If you wish to vote all of your accounts (registered to the same Social Security or Tax I.D. number at your address) in the same manner, you may simply indicate that vote below in this letter, sign it in the space provided and (a) return it in the enclosed postage paid envelope provided, or (b) fax it, toll-free to our proxy agent at 1-877-226-7171.

Option 2. If you wish to vote each account individually, mark your votes on each account’s proxy card enclosed in this package, sign the cards and return the cards by using the enclosed postage paid envelope.

Your vote is important. Thank you for your prompt attention to this matter.

Consolidated Proxy Ballot
By voting and signing the Consolidated Proxy Ballot,
you are voting all of your accounts in the same manner.

By signing below, you as a Putnam fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at a meeting of the shareholders of the Putnam funds. The meeting will take place on May 15, 2007 at 11:00 a.m. Boston time, and may be adjourned to later times or dates. Your vote is being solicited on behalf of the Trustees. When you complete and sign the proxy ballot, your proxies will vote exactly as you have indicated on the other side of this card. If you simply sign the proxy ballot, or dont vote on the specific proposal, your shares will be automatically voted as the Trustees recommend. Your proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.

Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signers office. If you are a partner, sign in the partnership name.


    Please place an X in the appropriate box using black or blue ink 
Proposal  or number 2 pencil. Please do not use a fine point pen. 

If you do not mark the proposal, your shares will be voted as the Trustees recommend.     
THE TRUSTEES RECOMMEND A VOTE FOR THIS PROPOSAL       
    FOR  AGAINST  ABSTAIN  
1.  Approving a new management contract for your fund.  0  0  0 

If you have any questions on the proposal, please call 1-866-905-2396.  Please sign and date this card in the space above. 


GRAPHIC 3 allfundproxxyx144x1.jpg GRAPHIC begin 644 allfundproxxyx144x1.jpg M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86 M&#$C)1TH.C,]/#DS.#=`2%Q.0$17137!D>%QE9V/_ MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"``\`*X#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*9*C21.BR M-&S*0'7&5/J,\4^B@#S6PUS6KGQ7_9+ZK,(?/>+<(X]V%SC^'':M#6?$>H^& M-=BM9[@W]H\:R'S$59`"2#@J`,\=Q7/:=&\OQ!9(YGA M?\(G93:D+_4)[B_G7&WSBH48Z<*`*`$\975W9:$U_8WWGN[Z^DE\M_+$>U0O0'/`SG\:O^.()+CPK>)"A=AM;`]`P)_2 ML'X97UM'9WEK),B3>8)`K'&5P!Q^5`&];_;/^$KFM6U&=[=(%G$95,99F&W. MW.!CZTS7FU6;7=/L=-O#:QR1O),P16PH(YY'OC\:DL)8[KQ??RP,)(XK6.%G M7D!]S'&?I6WY:>:)=H\P+M#8YQZ4`>;V^N:U+XL.DG59A"+IX=XCCW8!(S]W M&>*ZGP\^JQ:SJ5EJEV;E85C:%RJKE6W<\#VQ^%<19?\`)26_["$G_H35ZL(H MQ,TH1?,90I;')`R0/U/YT`,!U4!0K$9X`ZU>UC4( M]*TJXO9,8B3(']YNP_.LKP+*]QX;CFDQODED=L>I8FH]:>74M>M]/AMOM,%D M!<7"%PH+'(0'/XG%`%/P%XDN=5-S::A/YMPO[R-BH&5Z$<#L?YUV)Y!&<5XZ MPN?"GBI9&B,8B?>$W;LQGMGOQQ]:]?AECGA2:)@\WCD\M7>-,YVJQ!PO^U6OJ?BBZE\*6,^GR;;Z=2TC``[!&/G.#[X M_.C7--_M*R\1*J[I8+E)H\#)R(ER/RS6'X:T]O\`A%-:U"7./(>*$'H.,L1] M>/RH`V?`FJZIK5WZA*Z6X4B,(@#9W=>,]NU=S7GGPL_UNI?[L?_LU>AT` M%%%%`!4=[_P!?\_\`Z&:H:T/[/U^+6P2$B=+> MXYX\MQU/T;!H`Z$7UJUNTXE4PK]YL<5D/IOABZ,=.:>-R>H(8*H_[Y8_E0!LQS:9I96RB\FVZ MLL2+C/J<#K5FWN+;4+7S()$G@D!&Y3E6[&L36[C[+XDTV;RWDV6]P=J#)/"U MK65LL5@R1X02EI.!C:7)8_J:`,Y;#PPUPD"VFGF5R0B^4N7QUQQS^%:%SJ>G M:F7"-/INEZI";34+$_NCM^20H&*D#H?IZ5-) M<:9J5G<>:]O<6T)/G!\%4*\G.>F*DLK0VL]Z^1MN)_-`';Y$4Y_%2?QKCK;, M=WK5CRW]HRLP7../M#QN1]%Y_"@#L--:P6S']G");8)RE]=F$R!*`-:^TS0H=]S>V5FNXEGDDB')ZDDXJQ:_V99(EO:)#"D_SJD:8#Y'7CVQ M3M8B2XTJXAD!*2+L;'H3@UB>&97C9-+G;,^G2R0\XR4QE#^7\J`-#9H&C71` MCLK2=H\G"A6*$X_(GBIH+/1[ZQ6&&VM9K2)SA!&"JMWX]>36;XLM0MG/=\9D M-M%[_+,3_P"S5M16AC6[4$`32%QCME0#^N:`,^TA\/07T7V6&RCNB3Y11`K- MP<[3W[]*VJY?3KA);G3=.U.)K/4;$DQ?+\DX"%3L/H0X&)8X@KC.>14&EZ6;+5]6NR!B[D0J M?8+S^I-:U%`&-J$%RWB&QNH[226""*579609+;<8!8>AJ;3EO'L;HW5N8)99 M'*1%PVU<87D$CH*TZ*`,);:\O;73H+VU,=Q:RQR/,&4K\O\`=.<_-TQCN:?X MNL[G4/#US9V<#332[<`,J@8=3R21V%;5%`#`[&+>8V#8SL)&?IUQ^MRVSJ]O)=MLRI+>8Y*=#CHQKIZ*`,SP_#/::':VUS`T GRAPHIC 4 allfundproxxyx1x1.jpg GRAPHIC begin 644 allfundproxxyx1x1.jpg M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86 M&#$C)1TH.C,]/#DS.#=`2%Q.0$17137!D>%QE9V/_ MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`"5`(0#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"L_Q!_R+VI_]>DO_`*`: MT*S_`!!_R+VI_P#7I+_Z`:`...G6/:SM_P#OTO\`A3?[/LQ_RYV__?I?\*M^ MU+M]:`*7]GV7_/G;_P#?I?\`"E&G61_Y<[?_`+]+_A5LJ,TX;44NYX'ZT`5# MIUD%)-G;_P#?I?\`"H_LNG@X-E!^$2UKVME/=`.X"0GH.YJ=[&&"@#GC!8)?\*UIH(V)Z5GW%EG)7%`""QL<\6=N1_US7_"E%A8 M]?L=OC_KDO\`A56)IH9`&Z5=B<2$=O:@",V%DW2SM_\`OTO^%)%:6\5Y9LEM M"CB[@PRH`1^\7O5M?OTQAB\M/^ON#_T:M`'>T444`%%%%`!6?X@_Y%[4_P#K MTE_]`-:%9_B#_D7M3_Z])?\`T`T`M!Z\TO\)H`=!$9I`@K273EGNE MC('EQ#)]S46B`"Z.?2N@AC"`X[G)H`K2+L7"C`'0>E9=VQ)-;5R`%K+N(P>: M`,>1SG!J,OCBI+@?.2/6H,9H`J7:X<,.AJO#*4EYS6A.H,)SU%9VS/S]N]`& MCD@Y'UI_6XM#_P!/4'_HU:BA;=$/85(/^/BS_P"OJ#_T:M`'>T444`%%%%`! M6?X@_P"1>U/_`*])?_0#6A6?X@_Y%[4_^O27_P!`-`',OP>*CY[]*E(QUIC4 M`6+"417<9/3.*ZY3D9'2N'!*D$'O7303M=Z3_.G:_=&,NB9./6@"C=W,`8J#D^PJ")T?[IS]:K M[FELR5/[TGI3(5DAD&XX!'ZT`6[LYB..PK/PODY_B/:K]R-T(`YJ$^7&VTC# M%>*`"UYA4GK5@#$MK_U]0?\`HU:CM%Q;*6')YI^[-Q:#_I[@_P#1JT`=Y111 M0`4444`%9_B#_D7M3_Z])?\`T`UH5G^(/^1>U/\`Z])?_0#0!S,A)--`.*=W MH.>W2@!N!WK?\/S%X'CQC:>*P"/6MCPZ?WTJ^JY_E0!K-;1^=YT@!<=#7+:L MX>_E&>,UT@E::^D13\D8Q^-<_K%K*ET\B%2>I%`&;`DRY.E M`#*N:5.+>]7=T;Y:J$&G*"1Q0!N7$-PFH+]F8*C_`#,?6JNHQ7*,[G9N(P2. M]7=*NO/A\J0YD0=34E]'O3#`$^M`'%21R,Q!;`ST%7YI$\B*,$_**;DO_`*`:T*S_`!!_R+VI_P#7I+_Z`:`,,8&>*B93 MDD"I.^:7<#D4`0`Y/-/C'SX%+M'/%5KF_@ML9.Y_[HH`NQ7!M9A*#C;UK;D; M[3`DJ9VLH;]*X"\OY;DDME4SPHKOM,(31K7>0!Y2]?I0!A7]I+(?W8)/K66M ME))<")1N?O[5V9B\\%8V`3NP-.BLH+53L3YCU;N:`,O3[".QC!8!G[L:S->U M1EB94)`KH+H?NSCI7`:U/YMTT8/RJU`&DO_H!H`Q=H(XZ53N[N&V7+L,^@J'5[XQ8MX3ASU([5B29 M/)))]30!8N=5GF)6,F-?;K551_$Q)/%=TLMO(B+G&25( M`YJY10!Y[)HFM27+RMIDIW'C][%_\74;:!K1Z:7+_P!_8O\`XNO1J*`/./\` MA']:Q_R#)/\`O[%_\72_V#K>W`TR3/\`UUB_^+KT:B@#@(-&UF&P>#^RYM[M MN)$L6/\`T.J3^&M;;)_LQ\DY_P!;%_\`%5Z910!S'A]-1TRVV7&D73-TRDD) M_FXJWJ5UJ<]E+':Z3=K*_`+R0@`?A)6Y10!YDWAK72?^0:__`'^B_P#BJ;_P MC&NX_P"0:_\`W^B_^*KT^B@#R_\`X1?7?^@:_P#W^B_^*JQI_AK68M3LY9-/ M9(X[B-W8RQG`#`D\-Z"O2**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB 4@`HHHH`****`"BBB@`HHHH`__]D_ ` end GRAPHIC 5 allfundproxxyx1x2.jpg GRAPHIC begin 644 allfundproxxyx1x2.jpg M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86 M&#$C)1TH.C,]/#DS.#=`2%Q.0$17137!D>%QE9V/_ MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`!6`-P#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HH MJM>W]II\)EO+B.!/5VQGZ#O^%`%FH+J\MK*$RW<\<,8_BD8`5S[:SJ^LDIH5 MG]GMBF/KF@`E\5"X+)H MFGW.ID<&1!LB!]-QJWX>UF35X;@7%M]EN;:4Q2Q;MV#ZY_/\JU41(T"1JJ(H MP%48`KGO#!\S5]?F`&PW>P8]5�!T=%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!12$A022`!R2>UN;NZ>P\/P+ZE(=0 MU`G)FF&0I]%7H`/\XK7M;6"RMTM[6)8HD&%51P*FH`****`(+VZCLK*>ZE.( MX4+M^`K%\#6[Q>'4FE_UEW(\[?B>/T`JOXP=]0N+#0(&.Z[D#S8/W8EY.?Y_ MA7311I#$D4:A410JJ.@`Z"@!]%1S3Q6\9DGE2)!_$[!1^9I_6@!:***`"BFR M2)$A>1U1%Y+,<`4V">*XB66"5)8VZ.C!@?Q%`$E%5=22[DT^==/E6*Z*_NG8 M9`/ZUSD7BVZTW$'B/3)[=QQ]HB7=&WO_`/JS0!UM%P'K]<=*`-+PCHEYX@9;G5) MYI=-BD+!))"?-?O^'J?P]:],`"@```#@`=JXJW\61V<\266GLOA^%O(-R$8X M/J/;Z\GZ\5VD3+OEF/2%/7Z_\`UO45&G]C>#+8><[3WTW+-C=-.2?T M&?\`)-`"6WARZU?_`$CQ1,TS9REI$Y6.,>^.I_'\36[I>F6FDVGV:RC*1;BV M"Q;D_6L/2_$U[+K4=EJM@MBMTA>V!;+'V;Z_05U%`!117/\`BC4KJ/[/I6E$ M?VA>D@'_`)YIW;V__70!5UK4I)]0&CZ!#"U]UGG*`K`/KZ_YZ])O#^FZ/9ZC M<0Q.UWJMO@W%Q,"6)8=B>!^%:6B:+:Z):>3;KND;F69OO2-ZG_"N=U5KG1/& M#WNG6LEV+FWWW4*#D`$+N'ZL'5_%6GZQJEI#=>=#ID'[R:)T^:20=% M(&>!_C[5;T[QZ@U&[&I)]EM%4""(1$N/K^%`'=T5PFJ^+M2U!X;'1K">W>[. M(IIAAF'XN$@1%.#EO_K`UG:WXI2QO$T[3X#?:BYQY2GA/J?Z?GBJEWJ]UXBN&L?#Z MA88V_>:@X^5#_L>_/7_]=;.BZ#9Z-&WD*9)Y/];/(IR:`-*,LT:EUV.0 M"RYS@^F:=110`4444`%(0&!!`(/!![TM%`&1<^%]$NF+2Z;!D]2@*?\`H.*B MC\+VUNNVSOM1M5QC;%2\0P+U8^I]J`.?\6WTF M@6Z10:U?RWTG*([1D*N>IPGX=?Y5AZ1'8$7$FN73QV=N^\VLC8DN)LN>IT#PN[7AUG73YVH2G>(CRL7I]2/R'ZUO-H^G/J'V][.%KKC]X5R>._U M]Z`,C2M.;5KJ+5]0M_(CA&VRLRN!$HZ,P_O'T[<5LZEIEGJMNL%_`)HU8.%) M(P1WX^M7**`(8[6WBMA;1PQK`!M$84;<>F*D5510J@*JC``&`!3J*`.:OM`U M/^W;G4-+U*.U%VBK+NBWL-HQQGZ"KNE>'+/3IS=.TEW>M]ZYN#N?\/2MBB@" M"2SMI;F.YDMXGGC&$D9067Z'M4]%%`!6':V-PGC"^O9HRT4ENBP2=E`^\OUS MS6Y10`5R.N)KC>+`=)M\![+R?M$BG9'E\DY]>!Q^E==10!DZ)X?LM'MD5(TE MN,[GN'4%W;N<]1]*TF@B=MSQ(S>I4$U)10!E:UH<.K>1+YTEM=6YW0SQ'YE] M?J*HCPH+IPVLZE=:BJG*QL=B#Z@=:Z.B@".""&VA6&WB2*-1A408`_"I***` M"BBB@`HHHH`****`,7Q%XBM]#A1=AGNYN(H$ZD^I]!5+P_X?E^UG6M:/FZE+ M\RK_``P#'0#UQ^7ZULMI%B^JC4W@#784*KL2=H'H.F>>M7J`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB (@`HHHH`__]D_ ` end GRAPHIC 6 ballotx1x2.jpg GRAPHIC begin 644 ballotx1x2.jpg M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86 M&#$C)1TH.C,]/#DS.#=`2%Q.0$17137!D>%QE9V/_ MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`!0`3T#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#N+R\@L8// MN&94W!?E0L22<```$GDU';ZI9W)18I3N=VC",C*P8#)!!`(..><5#KUI/>V" M16^X/Y\3[E(!4!P21GC@#-4K[1;@*@LII'F=IGDN)"N[8[CWZ51_L74&2X6W@^RW#-&VD^YVD]Z`.JHKF+#1KK[7%+<6ZIL2Z*LS*VQWF#(>#UQS MGM5SPWILUA%+YR3(7"@K(T9#,,Y8!`.N>I))[T`:\,T<\?F1.'3)&1Z@X/ZB MI*Y)-%GBMDB_LL.B^>JHK(H1V?*2CGLO&?O#'`K4URPGN]+MX?+:Y>-U9PI4 M[L`C)5_E89[$CU!R!0!K"13*T8#;E`))4@G2GUR5SI]U;V\DMVD0A6 M"U616F`60([%TRS>A'WC@],U':Z6VH1B9+5'MBMYY8+*RY9U*8]>G!'`QUZ4 M`=C161J=K8I(*.?,(.?[I_$'%`'52W,,,T,4C[7G8K&,$[B`2?T!HN;F&TB$D[[$+*@. M">6(`''N16#%I=TFN6\[VFXI=RRR76Y?F1D<(,9SQD#IQVZFG:OIES<7[R): M>>6E@:.;3)>&>P&9HQN MCS&5=UDSD[B@#/YMJT3[@"`K'?CGC@\^OO56/ M0[S[-=)(DSR2%`Y9XPLI$@)8!0"?E'5CGM0!UE%%A=2N&E"E75,$'Z**O54 MO_\`EV_Z[K_6K=`%:Z_U]G_UV/\`Z+>K-5KK_7V?_78_^BWJS0`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110!4O_\`EV_Z[K_6K=5+_P#Y=O\`KNO]:MT` M5KK_`%]G_P!=C_Z+>K-5KK_7V?\`UV/_`*+>K-`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`%2_\`^7;_`*[K_6K=5+__`)=O^NZ_UJW0!3U-K6.V6:[D MDC2-P5:,MNW'(&-O)Z]*9#;6\Z[HKB[92`0WG.`01D$'//7M2ZS9-?Z<]NBQ MLQ((#LR]#G(8<@^AYKG-;TB]%AYUU_X$/_`(TQ+."3=LN+EMC;6QE/AZZ25&A6T4;V,A#$%@S1L6^[R_XTZ=KA[J&(A+A(5=6`+;@RX(&,J`.O.,YX'4@&M_9\?_/: MZ_\``A_\:/[/C_Y[77_@0_\`C5NB@"I_9\?_`#VNO_`A_P#&C^SX_P#GM=?^ M!#_XU;HH`J?V?'_SVNO_``(?_&C^SX_^>UU_X$/_`(U;HH`J?V?'_P`]KK_P M(?\`QH_L^/\`Y[77_@0_^-6Z*`*G]GQ_\]KK_P`"'_QH_L^/_GM=?^!#_P"- M6Z*`*G]GQ_\`/:Z_\"'_`,:/[/C_`.>UU_X$/_C5NB@"I_9\?_/:Z_\``A_\ M:/[/C_Y[77_@0_\`C5NB@"I_9\?_`#VNO_`A_P#&C^SX_P#GM=?^!#_XU;HH M`J?V?'_SVNO_``(?_&C^SX_^>UU_X$/_`(U;HH`J?V?'_P`]KK_P(?\`QH_L M^/\`Y[77_@0_^-6Z*`*G]GQ_\]KK_P`"'_QH_L^/_GM=?^!#_P"-6Z*`*G]G MQ_\`/:Z_\"'_`,:/[/C_`.>UU_X$/_C5NB@"I_9\?_/:Z_\``A_\:/[/C_Y[ M77_@0_\`C5NB@"I_9\?_`#VNO_`A_P#&C^SX_P#GM=?^!#_XU;HH`J?V?'_S MVNO_``(?_&C^SX_^>UU_X$/_`(U;HH`J?V?'_P`]KK_P(?\`QJI:M8W<\D,% MU>%XRP(:250=IVM@G`;!X.,UK5SC:+?LDJD69"F?R@Y+B02RASN!7Y<`8_B& M3GM0!JQVELT^!--(\#`E6F9@IQD9!/H:O5R*>%+A88XWD3`$?F/"P$CE4VY! 19#R,9!X/S'D8YZT<`4`?_]D_ ` end GRAPHIC 7 ballotthreex1x1.jpg GRAPHIC begin 644 ballotthreex1x1.jpg M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86 M&#$C)1TH.C,]/#DS.#=`2%Q.0$17137!D>%QE9V/_ MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`!H`3P#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#O7ECC($DB M*3TW,!3/M-O_`,]XO^^Q6/J5G;7OBFSBNX(YXQ:2L%D4,,[DYYJTV@:(BEFT MRR50,DF%0`*`+WVFW_Y[Q?\`?8H^TV__`#WB_P"^Q69#I7ARXA$T%GILL1;: M'1$92?3([T?V3X=-U]E^Q:=]HQN\K8F_'KCK0!I_:;?_`)[Q?]]BC[3;_P#/ M>+_OL5FKH_A]@I6QT\[W,:XC3EAG*CW&#Q[&I#H.AAMITRR#8SCRESCUH`O? M:;?_`)[Q?]]BC[3;_P#/>+_OL5D3V7A:VV?:(=)A\Q=R>8(UW#U&>HI6T_PP MEW]D:WTM;G('DD('R>1\O6@#6^TV_P#SWB_[[%'VFW_Y[Q?]]BLG^S_#'VO[ M)]FTO[3G'DX3?G&?N]:;\7_`'V*RY]+\-V\;23VFFQ(K;69U10#Z$GO3)[' MPM;!#<0:5")!E#((UW#U&>M`&O\`:;?_`)[Q?]]BC[3;_P#/>+_OL5D26'A> M*=()(-*25\;8V$89L],#OFII]%T"VB,MQI]A%&,`N\:J!G@+ M_OL4?:;?_GO%_P!]BL\Z'H*RK$VG6`D<$JAB7+`=2!^(H.AZ")A"=.L/-*E@ MGE+N(Z9QZ\7_?8J@=!T,.J'3;$.P)53$N3 MCK_.H9=,\-0A#+:Z9&)#M0LJ#M`&K]IM_P#GO%_WV*/M-O\`\]XO^^Q5 M'^P-$W[/[,LMV,X\I\7_`'V*HKH&B.H9=,LF4C((A4@BD30M"D+!--L6*':P$2G:?0_G M0!?^TV__`#WB_P"^Q1]IM_\`GO%_WV*S(=)\.7$LD4%GILLD?WT1$8K]0.E$ M>D^')9W@BL]->:/[\:HA9?J.HH`T_M-O_P`]XO\`OL4?:;?_`)[Q?]]BLQ=* M\.-=&V6STTW`&3$$3>!ZXZT\Z'H(4L=.L`H;:3Y2X!SC'US0!H?:;?\`Y[Q? M]]BC[3;_`//>+_OL5G?V+H&91]@T_P#<_P"L_=I\G&>?3CFJ\UKX3MY3%/'I M$4@QE'\M2,C(X-`&S]IM_P#GO%_WV*/M-O\`\]XO^^Q69%I/AV>62*&RTZ22 M/&]$1"5STR.U3?\`"/:-_P!`JS_[\K_A0!=^TV__`#WB_P"^Q1]IM_\`GO%_ MWV*I?\(]HW_0*L_^_*_X4?\`"/:-_P!`JS_[\K_A0!=^TV__`#WB_P"^Q1]I MM_\`GO%_WV*I?\(]HW_0*L_^_*_X4?\`"/:-_P!`JS_[\K_A0!=^TV__`#WB M_P"^Q1]IM_\`GO%_WV*I?\(]HW_0*L_^_*_X4?\`"/:-_P!`JS_[\K_A0!?2 M:*0X21&/7"L#4E8,%A9V'BJ$6=K#;A[&4L(T"Y^>/TK>H`QY_P#D;K/_`*\Y M?_0TK0OT62RF21)'5EP1&,M^%4+^"\36[:^MK83HD#Q,OF!2"64CK]*E^V:E M_P!`K_R86@""'SIX2Q5Y%^T1%9'MS$[`$9+`@=,=<#CZ5''Y\=Q#;+!EUN&D MD+6[L&!8D.),A0<'HS32#!_=MME&?8,&7\O>M._M9[B]!BN;BW`@8%HE0[CD<'U,NXC=E6^1L8S[=:= M)97+ZA?S>9<"V-Y&S0*BXE41QC<"1NX(['^$CK5_[9J7_0*_\F%H^V:E_P!` MK_R86@""V9H]7F5KB_7=,2(A;9A8;1SOV?\`LU7;Q&:]L&520LK%B!T&QAS4 M/VS4O^@5_P"3"T?;-2_Z!7_DPM`%)QY,%_9S6&1(BN M"BGN0.F3D_C4OVS4O^@5_P"3"T?;-2_Z!7_DPM`$$K-%K4A:XOXE9D(2&VWQ MOQ_$VPX]#R/PZU%XBMKK4KBVL(K59K?#2S&5RB''"KN"GG)SCVJY]LU+_H%? M^3"T?;-2_P"@5_Y,+0!C6DUU#=:3-?VUUOMH)[>9TMW?+`H`?E7.&QD'%7;B MX$?B*UOF@NC;M9.FY+:1B&+J0"`N0<`]15S[9J7_`$"O_)A:/MFI?]`K_P`F M%H`?J<;7-@LD!E252KQLJX=<\'@CT)X(JNZPZ?<2*]G+)#)$L<7E0F08&1L. M!Q^.!SUJ7[9J7_0*_P#)A:/MFI?]`K_R86@""`R:;]D-Q#._^C"(F*-I=K`] M#@$_CTXJO'I]\8[9(9YK2:.R"DHJ,"V?NDLI_2K_`-LU+_H%?^3"T?;-2_Z! M7_DPM`$]H5M]*B*0RJL<0(C8$N,#ICN:RK"VU&%IXYX4B-W`S;XI"X$N223E M1@G=[_=_.]]LU+_H%?\`DPM'VS4O^@5_Y,+0`RQ>*8PQI8SP300E-TD)019Q M\H/1N0/NY''7I3=*9!%9VKV4R7%LFUF:-@J'&"0YX;/MGWQ4OVS4O^@5_P"3 M"T?;-2_Z!7_DPM`%*-'-O;V*6TL=U%.LCRF(A.'R[[^AW#/&<_-R.M2SER9K M(03F1[I)%;RSL*;U8G?C`Q@\9SQ5C[9J7_0*_P#)A:/MFI?]`K_R86@#,O;2 MX237;N"WD:20[-H4YF3R4'R^I#9Q_P`"'>M9XW-QIQV-A-VXX^[\AZTS[9J7 M_0*_\F%H^V:E_P!`K_R86@"*S;RKZ4)%/Y2"1F\VW(,9+`X1@/G!Y.!GH/I6 MM6=]LU+_`*!7_DPM'VS4O^@5_P"3"T`:5%9OVS4O^@5_Y,+1]LU+_H%?^3"T M`:5%9OVS4O\`H%?^3"T?;-2_Z!7_`),+0!I45F_;-2_Z!7_DPM'VS4O^@5_Y M,+0!')_R-EM_UXR_^C(ZUJR+>*]GUV.\N+06\4=L\7^M#$DLA[?[IK7H`**J MS*9+Q$,CJOEDX5L01WH`LT56:TM$4LT2*H&23P`*0VMFJAFCC`)`!/*T`6**K_8K;_GBM'V*V_YXK0!8HJO]BMO^>*T M?8K;_GBM`%BBJ_V*V_YXK1]BMO\`GBM`%BBJ_P!BMO\`GBM'V*V_YXK0!8HJ MO]BMO^>*T?8K;_GBM`%BBJ_V*V_YXK1]BMO^>*T`6**K_8K;_GBM'V*V_P"> M*T`6**K_`&*V_P">*T?8K;_GBM`%BBJ_V*V_YXK1]BMO^>*T`6**K_8K;_GB MM'V*V_YXK0!8HJO]BMO^>*T?8K;_`)XK0!8HJO\`8K;_`)XK1]BMO^>*T`6* M*K_8K;_GBM'V*V_YXK0!8HJI+;V4$32S+%'&HRSN<`#W)HA@L;B)98%BEC;E M70[@?H10!;HJL+.T+%1$F1U'I2_8K;_GBM`#)O\`D*6O_7.3_P!EJW4,=K!% M()$B57`(#`7&S^;(;@DE-S`! MANYXVG)!/T/7/;3M66)H6?/#;UP%&X\# M`.=J_CUHHH`Z"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`J:I')+ITR0QF20@$("`3@@XYP*R-2M]4? M2)OL-N\=S-,TBJ)@K1<<=&`))`R,D<]\444`2W]C?%K][/S4DG\DAQ(<$#A@ EHW#!QZ%>O6M:S22.S@264S2*BAI&7:7..I';-%%`$]%%%`'_V3\_ ` end GRAPHIC 8 ballottwox1x1.jpg GRAPHIC begin 644 ballottwox1x1.jpg M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86 M&#$C)1TH.C,]/#DS.#=`2%Q.0$17137!D>%QE9V/_ MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"``E`1(#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBN3\1> M,Y-!U1K.33/-78'23[1MW@]\;3CD$?A0!UE%<;+XZELVM7U+19;>WN8_-CD2 M82;E(R,#`'ID9!&:U-8\1FQTF'5+"T6_LG&7E68)LY`'!!)R21CMCF@#>HKE M_#?BRX\07ACBTKRX(_\`6S?:`=F0=ORX!.2,<5)H?B6]U;5)K,Z/Y"VSE+B3 M[2&\H_-@8P,Y*D<4`=)17#ZA\0_L6HW-I_9>_P`B5X]WVC&[:2,XV^U0K\27 M=79-%9@@W,1<9VC(&3\G')`_&@#OJ*Q8]>>Y\+KK%G82SNP&+93EB=^TX(!S MCD].@[5S]I\28);J..ZT]H(6.&E6;?L]\;1G_/7I0!W5%VUQ=,L]) M:\,H5H)$GP)59<[A\I&.O.<<&NJH`**YO1_&=CJVM2:=#'(H.?(E/27`R>,? M+T)&>H]#Q724`%%<#)\27BD:.3161T)5E:XP5(Z@C96EKOCJUTN:".UM_MGF MQ+,6$FP*&Y7L3DCG!`X(]:`.LHK!\+>(W\11W,AL6MDA*J&W[PY.:`.DHKF=7\5RZ7KRZ6=+:4RA M?(=9P/,+<+P1Q\W')]Z;%XHU&73KZ[&A_P#'C*8Y5^UKQM!+G./X<+TSG=QT MH`ZBBN/TWQM<:AJ-C:+H^S[9\R-]J!P@)#-C;VVMQWQ3K_QE=V>I7UFNB-*; M(&1RMP/]7D8?&T]F!]L\]#0!UU%8.H^)DL=$L;X6K37%\$\FU1_F)8`^F3C. M.!U(]:=I_B+[;H%[J36?*D>[[1G;N(&<;?>MZ_\36FGZW!I4]O<^=<%!&ZA2AW'`/WL]-KC3]1OK1M'W_8_F M=OM0&4)`5L;>^Y>.V:`.PHK#OO$UOIVC6.I75M/Y5VBG$6UMA9=P!R1GOSCM MVIUEXFM+[4+:S@M[EC*`-JBN5O/'VE6=[/:R6] MX7@D:-BJ+@D'!Q\WM6E?>)+.RTZQO'CGD^W;?)AC4&5MPR/ES[@<9Y(H`V** MS]&U>'6;>6:&&>'RI3"Z3J%8,`">`3ZUH4`%%%%`!7E_Q._Y&&W_`.O1?_0W MKU"N7O\`P)INHWTUY<75\99G+-^\7`]AE>@Z#V%`&#/X9U_Q!I6EL]QIZ6\- ML@@0%P0I4"_P#D8?$__7W_`.SR53G^&<+3,;?5)(XOX5DA#L/J01G\JZ;P M[H%MX?LF@@9I'D(:25@`6.,8&.W4@:`.=\1^'X=+T'7[[S/.GO95?)0# MRU,H.T=^IY]<#CBN=\"V2:E?ZC9R;0)[!TRR[MI+)AL>QP?PKTK6](AUNQ^Q MW$T\46\,WDL%+8['(.1W^H%9NC>#;#1=02\M+F\+J"I5Y%VL".A`49]?J!0! MI:#IG]C:/!8>=YWE;OGV[3P:%)=>&)=6MQ)(\%PT#GC!KV"_M?MMG);_:)[??C]Y`^QUP0>#^&*HZ!X?MM`CFCM)[F1)2&* MS."%([@`#&>_T%`'G?@RZGNO%NEB>5I!!&\4>[^%`CD#\,G^5=UXUUG^Q]#D M\I]MUY#QEBL;."@R",=,\`^M5] M=\(7.KZL;X:S+`%(:&/RRWDD`#*G<,9(SQB@#S&VN/L5];W5N=[0NDB^8N!N M&#@@'IGCKR/2O<+"]AU&QAO+=LQ3(&7D9'L<=QT/N*Q=9\&V&M:@]Y=W-X'8 M!0J2+M4`=`"IQZ_4FK&G^'4TO3;JSLK^\`GC*1F63=Y!(/S(!C'+9_`4`>6Z M_!(VLZMU@:>\2*UCV1HL@QR M22QR#R2><>@]*`*OPQ_Y%ZX_Z^V_]`2C3?\`DJ&K?]>B_P`HJVM`\/VV@1S1 MVD]S(DI#%9G!"D=P`!C/?Z"JZ^%;9-;?5DO]06X>3>P$P"L,@[#QDKP!C/04 M`<[XXTW^T=>N,-M>VTK[0N3@';(<@\?W2?QQ5[P*IU;PUJ:W;L3>7,HE=<`G M>BY(XP.OI6U/X>AFUP:M]NOHYQM&Q)0$*C!V8QG:2,D9[FK&C:-:Z);RV]EY M@BDE,NUVSM)`&![<#KD^]`'$_#S3YQKMXUT%)T^,P!'.XQN6/W>PZ/G!_B]S M5?7HYW\>:BT:RO;Q1I)>)%)L+6X1-XZC.1VS7H&FZ5;:;)>20;B]W.T\C-C. M3V!`Z#G`]S7,ZCX#FO\`4;R[.M2+]J$`12$8[L@D[`"-QR/>K'AB234K+6-+U.U^RWF\K=&-=N_> MFW?U(W':3D#!R#W-7KOPK;7UEID$]U:`.1\(:);2ZKJUJSRA-/OXI(B",L4:0#=Q^ M>,5#X_EFMO%EG>01[VM;>.;D$J,2MC..V<#\:Z+1/"]WI.L2Z@VL-.)RS7$7 MD!!*3DY^\0,$YX'J.]3:MX1L]7OI;NXO+Y6E0(R1R@)M&#@`J>,C./7F@#G_ M`(5_\Q3_`+9?^SU3UJ&:;X@7^PR"U1(WO=DA7-N%3S,X()&.PYKM-$\-V>A7 M%Q+8R3A+C[T3L"HP3C'&>,D=>_.:Q]1\%75]JEY?#7)(6NLJRI!C]WT"'##( MP`/?%`%7QTT#^"=,:T1H[=I(C$C=53RVP#R>WO57P+#=6GBRYL+S[]G:/"HQ M@8\U6XX!()8D$]C70:QX6DU31M/TT:CY,5FBACY.[S"JA0>HQWXSW]JM6&@& MTUZ35Y+QIIIK98908PNYQM!<8Z9VCCWZT`]A)%E/(`RY11A6Y`^8A.<'D=.:FUKPG<:KK MB:HFJ^0\.SR5^SAO+V\CG(S\V3R.]7O$?AY-=6W<7,$4`1^$IKF:VOVO;**SNA>,)8XE(!;8GS GRAPHIC 9 ballottwox1x2.jpg GRAPHIC begin 644 ballottwox1x2.jpg M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86 M&#$C)1TH.C,]/#DS.#=`2%Q.0$17137!D>%QE9V/_ MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`!H`44#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BLOQ')+ M%H\A@F>%VEB3>APP#2*#C\":B_L&7_H.:M_W]3_XB@#9HK&_L&7_`*#FK?\` M?U/_`(BC^P9?^@YJW_?U/_B*`-FBL;^P9?\`H.:M_P!_4_\`B*/[!E_Z#FK? M]_4_^(H`V:*QO[!E_P"@YJW_`']3_P"(H_L&7_H.:M_W]3_XB@#9HK&_L&7_ M`*#FK?\`?U/_`(BC^P9?^@YJW_?U/_B*`-FBL;^P9?\`H.:M_P!_4_\`B*/[ M!E_Z#FK?]_4_^(H`V:*QO[!E_P"@YJW_`']3_P"(H_L&7_H.:M_W]3_XB@#9 MHK&_L&7_`*#FK?\`?U/_`(BC^P9?^@YJW_?U/_B*`-FBL;^P9?\`H.:M_P!_ M4_\`B*/[!E_Z#FK?]_4_^(H`V:*QO[!E_P"@YJW_`']3_P"(H_L&7_H.:M_W M]3_XB@#9HK&_L&7_`*#FK?\`?U/_`(BC^P9?^@YJW_?U/_B*`-FBL;^P9?\` MH.:M_P!_4_\`B*/[!E_Z#FK?]_4_^(H`V:*QO[!E_P"@YJW_`']3_P"(H_L& M7_H.:M_W]3_XB@#9HK&_L&7_`*#FK?\`?U/_`(BC^P9?^@YJW_?U/_B*`-FB ML;^P9?\`H.:M_P!_4_\`B*/[!E_Z#FK?]_4_^(H`V:*QO[!E_P"@YJW_`']3 M_P"(H_L&7_H.:M_W]3_XB@#9HK&_L&7_`*#FK?\`?U/_`(BC^P9?^@YJW_?U M/_B*`-FBL;^P9?\`H.:M_P!_4_\`B*/[!E_Z#FK?]_4_^(H`V:*QO[!E_P"@ MYJW_`']3_P"(H_L&7_H.:M_W]3_XB@#9HKF=5L+C3+5+F+6-1D83Q+LED4J0 MSJ#G"CL:Z:@`HHHH`R?$W_(&;_KO!_Z.2M:LGQ0=NB2.0Q"RPL=JDG`E0G@> MU,_X2G2/^>\__@++_P#$T`;-0W9(M)BLRPG8V)&Z(<=3]*S/^$ITC_GO/_X" MR_\`Q-(?%&CL"#-,0>"#:2__`!-`#8FDM[>:%C/',K0LP:X,JX9\95CS@X/! MQ]*))BL[7+M=LZW7E%8Y0$C7<`-R%@"",'.">:C@UOP[;1&*W3RHR=Q1+&10 M3ZX"4K:]X?>Y6Y=2TZC"RFRD+#Z'9F@!J7=Q#?>5+,[1W%Z1$<_=VG!3Z8&1 M^-:%_+=IJ%JMHD/\`0Y?O>OW> MOO2GQ-HQ<.992P!`;[)+D`]?X?8?E0!6"7EY%8@!I6^SEG'VZ6`9R.*)]6\,W*HMQ`LPC&$$EA(VT>V4X MJ8^(M#*,A+E77:P^QRX(Z8/R]*`'B"XGUN>3:S0Q2H,_;98]OR*<>6HVL,GN M>@!)P?054FUSP]<2I+.GFR1_<=[&1BOT) M3BIF\3Z,ZE7EE96&"#:2D$?]\T`1J\EY>1)-/-';79ED79(REMI544,",`C+ M8'7\Z;)&9;>YB-Q5"))(888OO:A-& M5^9\G`SO/'\1[4[Q-=/%:PVD$DT&;@,)X%E MW-O.^PD;+8QGE.N.]-DU/PO+%'%);1O'%D1HVGN0F>N!LXH`UM8E>UL)+V,G M-J#*5S@.H'S*?PSCWQ57[.TEU%9W=W,/W)E/ES-&9'+?-@@YPO&!G`##>`PQ\R\G@\#IS4 MMQKWA^ZA$-R#-$.B264C+^12GCQ)H@*$/("@VJ?LLD9;1/LZL5GGVR;RQS*A@\/V\:1P*8HT. MY%2RD4*?4`)QU/YU-_PE.D?\]Y__``%E_P#B:`-FBL;_`(2G2/\`GO/_`.`L MO_Q-'_"4Z1_SWG_\!9?_`(F@#9HK&_X2G2/^>\__`("R_P#Q-'_"4Z1_SWG_ M`/`67_XF@!?%'_()7_KY@_\`1JUL5RVM:Y8:A91VUH\SRM<0D`V\B\"12>2H M'05U-`!1110`453U6XFMK+?;F,2M+%&ID4LHWR*N2`1G[WK4?DZQ_P`_UC_X M!O\`_':`-"BL_P`G6/\`G^L?_`-__CM'DZQ_S_6/_@&__P`=H`T**S_)UC_G M^L?_``#?_P".T>3K'_/]8_\`@&__`,=H`T**S_)UC_G^L?\`P#?_`..T>3K' M_/\`6/\`X!O_`/':`-"BL_R=8_Y_K'_P#?\`^.T>3K'_`#_6/_@&_P#\=H`T M**S_`"=8_P"?ZQ_\`W_^.T>3K'_/]8_^`;__`!V@#0HK/\G6/^?ZQ_\``-__ M`([1Y.L?\_UC_P"`;_\`QV@#0HK/\G6/^?ZQ_P#`-_\`X[1Y.L?\_P!8_P#@ M&_\`\=H`T**S_)UC_G^L?_`-_P#X[1Y.L?\`/]8_^`;_`/QV@#0HK/\`)UC_ M`)_K'_P#?_X[1Y.L?\_UC_X!O_\`':`-"BL_R=8_Y_K'_P``W_\`CM'DZQ_S M_6/_`(!O_P#':`-"BL_R=8_Y_K'_`,`W_P#CM'DZQ_S_`%C_`.`;_P#QV@#0 MHK/\G6/^?ZQ_\`W_`/CM'DZQ_P`_UC_X!O\`_':`-"BL_P`G6/\`G^L?_`-_ M_CM'DZQ_S_6/_@&__P`=H`T**S_)UC_G^L?_``#?_P".T>3K'_/]8_\`@&__ M`,=H`T**S_)UC_G^L?\`P#?_`..T>3K'_/\`6/\`X!O_`/':`-"BL_R=8_Y_ MK'_P#?\`^.T>3K'_`#_6/_@&_P#\=H`T**S_`"=8_P"?ZQ_\`W_^.T>3K'_/ M]8_^`;__`!V@#0HK/\G6/^?ZQ_\``-__`([1Y.L?\_UC_P"`;_\`QV@#0HK, MD&K01F5[RR=5Y*BT<$CZ^8E:%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`%>^_X\I? M]VK%5[[_`(\I?]VK%`!1110!GZW_`,>,?_7W;?\`H]*T*S];_P"/&/\`Z^[; M_P!'I6A0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!7OO^/*7_=JQ5>^_ MX\I?]VK%`!1110!GZW_QXQ_]?=M_Z/2M"JFJ112V#^?,8(XRLQD&/EV,'!Y_ MW:K6KM=HCP:E<.KAB#Y``&TX(.5X.>QYX/H:`-2BJGV6Y_Z"$W_?"?\`Q-,: M&9'1&U*4,^=HV)SC_@-`%ZBJGV6Y_P"@A-_WPG_Q-,\J;SA%_:,V\KNQY:=. MG]V@"]15%8IGD>-=1E+IC9/*#-(2&=&"9QEAA2#QGV-%%`$>C:#.LT%\T<,15BR* MP8,B[YCC!`(!$B\<=#G%">&+MK.:.?[&99&EVLHP(@\04[0%&/F'3T/))ZE% M`%I=!N)([EYS;I<2QNJ,A+;"S$D`E>F#CI^%-.B2+&]J/-=6M41`S*`K+(S8 M)"[DV?V#3HK;+G9G[Q!QDDX&`!CGC@<8X%%%`%VB %BB@#_]D_ ` end GRAPHIC 10 ballottwox1x3.jpg GRAPHIC begin 644 ballottwox1x3.jpg M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86 M&#$C)1TH.C,]/#DS.#=`2%Q.0$17137!D>%QE9V/_ MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`!H`4,#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BL'58'O M?$5I:&[NH(C;22$6\S1Y(90,X^IJ7_A'8O\`H)ZM_P"!K_XT`;-%8W_".Q?] M!/5O_`U_\:/^$=B_Z">K?^!K_P"-`&S16-_PCL7_`$$]6_\``U_\:/\`A'8O M^@GJW_@:_P#C0!LT5C?\([%_T$]6_P#`U_\`&C_A'8O^@GJW_@:_^-`&S16- M_P`([%_T$]6_\#7_`,:/^$=B_P"@GJW_`(&O_C0!LT5C?\([%_T$]6_\#7_Q MH_X1V+_H)ZM_X&O_`(T`;-%8W_".Q?\`03U;_P`#7_QH_P"$=B_Z">K?^!K_ M`.-`&S16-_PCL7_03U;_`,#7_P`:/^$=B_Z">K?^!K_XT`;-%8W_``CL7_03 MU;_P-?\`QH_X1V+_`*">K?\`@:_^-`&S16-_PCL7_03U;_P-?_&C_A'8O^@G MJW_@:_\`C0!LT5C?\([%_P!!/5O_``-?_&C_`(1V+_H)ZM_X&O\`XT`;-%8W M_".Q?]!/5O\`P-?_`!H_X1V+_H)ZM_X&O_C0!LT5C?\`".Q?]!/5O_`U_P#& MC_A'8O\`H)ZM_P"!K_XT`;-%8W_".Q?]!/5O_`U_\:/^$=B_Z">K?^!K_P"- M`&S16-_PCL7_`$$]6_\``U_\:/\`A'8O^@GJW_@:_P#C0!LT5C?\([%_T$]6 M_P#`U_\`&C_A'8O^@GJW_@:_^-`&S16-_P`([%_T$]6_\#7_`,:/^$=B_P"@ MGJW_`(&O_C0!LT5C?\([%_T$]6_\#7_QH_X1V+_H)ZM_X&O_`(T`;-%8W_". MQ?\`03U;_P`#7_QH_P"$=B_Z">K?^!K_`.-`&S16#9VC:?XDC@2\O)HI+.1R MMQ.T@R'0`C/U-;U`!1110!CS_P#(W6?_`%YR_P#H:5):RW2ZDR7.2,V5YLDA6!E%E,!Y:YPN-O&-QZ4`:EW/+%I3 MSIDR",,,8R3^/%9UQJ-XZ7NV&XMF00!$/E%_F<@D1P,FI'UK3WA\EH+XQ MXQC['-T_[YJ.?4M+N!+YEOJ&90H8K:SJ?E.5P0.,$]J`&W,NH0VMJH?4O,EG M8,,6QFVA"<#C9C(SZTANK^6PL2KW9>;>Q\@0^85_AW;_`)0<8SCO2PZCID&S M;%JCE'+J98+B0@D8ZL#V[4DU[I4R*I@U-`K,X,4%Q&06Y/*@'GTH`TYDG;3! MBYN()ECW%\1E\@=&X*_7`^E4HVNV-I9_VA-ON(FG:=ECW@#8-JC;MQ\W4@G^ MBIK5@L`A\K4&0+M^:TG8D>Y*Y-13ZEI=Q"D4EOJ`6/&PI:SHR_1@`1^=`%VS MEN)5O;5Y]TMNWEK.`,G*!@2,8R-WICI5.;5;EK>-X=JNL2B4%=P61W"#/LI# MD_2GVVKZ=:PB*&WOU4<\VO!6@ M"UMNH+J.V>_EE%PCX,C'*X7&.>X/:JLCWT6GVQ6\O)Y9Y]I*+"'P%8X7 M*A>P/-):ZAI5I(TD5OJ)PXI9M1TN>!(7@U)41MR^7;W" M,#ST90#W/>@#6LA(+2/SFF,F.3/LW]>^SY?RK-T>XNFMS=WLE[Y?D[R9A`(S MWRNSYO\`OKM[TMOK-C;PK$D>I%5Z&2VG=OS8$FJL5SH\2/&L&JF-TV&-XKED MV^@4Y`_"@`LM9FO+>"!+N-II[CRVGB*MY8,;28&.,C&WGTSS5VXDO=/CC!F> M]+3J%`5%D92#D'[J]1UXX_6O<:CI5RSM+:WQ9U52PM)U.`21@A>""3R.>:2& M_P!)@552VU`[7\S<]M.[%NF2Q!)_&@#0T^[GN;FZ6:"6`1E0LISMR/PZ=J`);9[V^5[R*\,*I.\8@**4*HY4[ MCC=D@9X(QQP>Y"][);#4/MGRY+&W*+LV`GC.-V['?.,]JJO>:1)<^>UMJ.[( M8J+:X",?4IC:3[D4"\T<7'G"UU`-NW[?LL^S=G.[9C;G/.<9H`MQ27<+6DTE MV9Q=':T150J$J6&S`SV[DTRUOKB32]*F:3,EQ;AY3M'S'R]V?;FH(+[2;>?S MHK74`PR%!M9V5,]=JD87\`*(;W2()&>.VU#+`K@VUP54'J%!&%_#%`$MA>W5 MPEK:W$Y6Y:(F21%4%@5!5P""!W[8R#5K24N/W[3WL]QMD:,"18P``<9^51S5 M-=3TM9H91:WHD@0QQM]CFRJG''W>>@J6+6["$,(X+X!F+'_0YNIZ_P`-`#KV M>ZAOB\DL\-LI78R1J\;`X!W_`,0Y[C`Q@^M,ADO9=5E&Z_\`(2;:-@@\H``< M'/SU!)?:3))+Z6]>Y$%LN6^UB(.I`)/\`J^-N,?K4%M?S M7^ERM'J6)X'&Z2V,;JP8`XY!'&2.Q^6I9=4TR5W=[:^+.%#$6!Z M?PCL:LQ2W5Q)JD4- M]_X!2_\`Q-`&K165_P`)!9_\\;[_`,`I?_B:/^$@L_\`GC??^`4O_P`30`DG M_(V6W_7C+_Z,CK6K"MKM;_Q-%-##AK=H`****`"B MJTSSFY6*%XT!0L2Z%NX]"*-E[_S\6_\`WX;_`.+H`LT56V7O_/Q;_P#?AO\` MXNC9>_\`/Q;_`/?AO_BZ`+-%5ME[_P`_%O\`]^&_^+HV7O\`S\6__?AO_BZ` M+-%5ME[_`,_%O_WX;_XNC9>_\_%O_P!^&_\`BZ`+-%5ME[_S\6__`'X;_P"+ MHV7O_/Q;_P#?AO\`XN@"S15;9>_\_%O_`-^&_P#BZ-E[_P`_%O\`]^&_^+H` MLT56V7O_`#\6_P#WX;_XNC9>_P#/Q;_]^&_^+H`LT56V7O\`S\6__?AO_BZ- ME[_S\6__`'X;_P"+H`LT56V7O_/Q;_\`?AO_`(NC9>_\_%O_`-^&_P#BZ`+- M%5ME[_S\6_\`WX;_`.+HV7O_`#\6_P#WX;_XN@"S15;9>_\`/Q;_`/?AO_BZ M-E[_`,_%O_WX;_XN@"S15;9>_P#/Q;_]^&_^+HV7O_/Q;_\`?AO_`(N@"S15 M;9>_\_%O_P!^&_\`BZ-E[_S\6_\`WX;_`.+H`LT56V7O_/Q;_P#?AO\`XNC9 M>_\`/Q;_`/?AO_BZ`+-%5ME[_P`_%O\`]^&_^+HV7O\`S\6__?AO_BZ`+-%5 MME[_`,_%O_WX;_XNC9>_\_%O_P!^&_\`BZ`+-%5ME[_S\6__`'X;_P"+HV7O M_/Q;_P#?AO\`XN@"S15;9>_\_%O_`-^&_P#BZ-E[_P`_%O\`]^&_^+H`LT56 MV7O_`#\6_P#WX;_XNC9>_P#/Q;_]^&_^+H`LT5362YCOHH99(721';Y8RI!& M/]H^M7*`"BBB@"N?^0@O_7(_S%6*KG_D(+_UR/\`,58H`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`J3?\A2U_P"NR)S&#$BMNSSSN5L`8Z\8[TJV-RY8#6=0^4X.8 MH1^68^?K0!I45G_V==?]!F^_[X@_^-U'':32/(B:Y>LT3;7`2#Y3@''^K]"/ MSH`U**S_`.SKK_H,WW_?$'_QNF1V<\H8QZW?,%8J?D@ZCK_RSH`TZ*RX;2:> M%)8M;OF1QE3Y<(X_[]U)_9UU_P!!F^_[X@_^-T`:%%9_]G77_09OO^^(/_C= M']G77_09OO\`OB#_`.-T`:%%9_\`9UU_T&;[_OB#_P"-T?V==?\`09OO^^(/ M_C=`&A16?_9UU_T&;[_OB#_XW1_9UU_T&;[_`+X@_P#C=`&A16?_`&==?]!F M^_[X@_\`C=']G77_`$&;[_OB#_XW0!H45G_V==?]!F^_[X@_^-T?V==?]!F^ M_P"^(/\`XW0!H45G_P!G77_09OO^^(/_`(W1_9UU_P!!F^_[X@_^-T`:%%9_ M]G77_09OO^^(/_C=']G77_09OO\`OB#_`.-T`:%%9_\`9UU_T&;[_OB#_P"- MT?V==?\`09OO^^(/_C=`&A16?_9UU_T&;[_OB#_XW1_9UU_T&;[_`+X@_P#C M=`&A16?_`&==?]!F^_[X@_\`C=']G77_`$&;[_OB#_XW0!H45G_V==?]!F^_ M[X@_^-T?V==?]!F^_P"^(/\`XW0!H45G_P!G77_09OO^^(/_`(W1_9UU_P!! MF^_[X@_^-T`:%%9_]G77_09OO^^(/_C=']G77_09OO\`OB#_`.-T`:%%9_\` M9UU_T&;[_OB#_P"-T?V==?\`09OO^^(/_C=`&A16?_9UU_T&;[_OB#_XW56R M_P!/W?9M=U!MN"0T$2$@]"-T0R.#R.*`+\W_`"%+7_KG)_[+5NLZTM0+QI&U M*XNW@S&4D$8"$A3_``H.<8_.M&@`HHHH`R]>TZ?4;:)+9DCFC?G'6LK6].N!.A\DW"S3N0%0L$)"`,<`X/RL,],$Y/8E%`"R>'+K[/ M>1Q_9"+H+N#C()#R$MRI&<,F#@_=QQP:6\\/7DD%VL)MM\Y)RS$=8/+.<`]# MS[Y/2BB@!_\`PCL@6(EE!%W+<2>5M#-N8E3EE/(&!VZG!]9+72K@3V\H4+)! M0MP""X1K"H)W@J"3NY3@\C`P>G7G(**`";P[-(S ?[I%57G25C$1O.(U7^)2,AER#[]172T44`%%%%`'_V3\_ ` end GRAPHIC 11 ballotx1x1.jpg GRAPHIC begin 644 ballotx1x1.jpg M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86 M&#$C)1TH.C,]/#DS.#=`2%Q.0$17137!D>%QE9V/_ MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"``R`2`#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HKG?&6MW^@V5O=6:6SH\ACD$P8 MG)&1C!'HV?PK&L_%'B.\T.YU:*#33!;,59`DAQH`[NBN<\- M^)7\16-WY-NL%W;J!AVS&S$'!XYQD'(_4US^E^-->U75(]/MX=-660L%:1)` MO`)YPQ]*`/0Z*Y;Q'K>LZ7J]G:VJ6#17T@CA,H*G\5ZWJ&D MS:?#IL,$LMV[(%E!Z_*`!R/7O0!T5%>=2^-M>CU=M,%MI[SB;R!M1\%LXX)8 M=_6N@\):]?ZQ/J$.H0PPO:E`%C1E.3NR""3Z4`=+17GFL>--=TC4IK*:#3F> M+;ED5R.5![L/6K=SXUNF\/6NHV26AE\SR;J)PQ*-@E2!D<$`GOZ= MQ[$#&!4OB+4=6TK1DO8%LG:)1]I5PY!8E1\F.V2>OM0!O45RV@:[JFIZC;1R M_83;RVYN"8E<,!DKCD]0PY[8Z&LN?Q=KEK/>P7$>G)-:$`QF*7=)\P&4YYZ@ M]N#F@#O:*Y?7M9UG3;_2K2%+!FO@(R7#D"7(!Z$?+\PQU/6K.E:W M);R263RC%N2$D"*#P3GKZT`;]%Q,XEM]Q((4DJ>>" M#UX]LUE:CXRUJVU"2"WM;.2,WU`'?45SFL:OJEIXI]*S;CQ=J$EUI<&GBR8WL",6D5R!(7*$<$?*" M/?IWH`[6BL#Q)J6KZ=<6?V!;)H;F9+<>>'+"1B>>#C;@#WINA:MJ>HC4H9A8 MFXM@!$\))B9CNP2Z)#%5(*+\O(.-S_`%H`Z>BN7T3Q%?W. MFZA=:C;0JUK;K.J19&Y2I8QOD9UFMPQ*[5)* MG)X(.`>/_K`'54444`%%%%`'&_$Z1!H5M&74.UR&"YY("MDX]LC\Q6-X.TT: MSH%WI[:J8$>4LUJJH6(`3Y^?FQG`XXXKTJC%`&3X?\/6F@02);%WDFP9'8]< M#@`=AR??GJ:\ST.X30?%T4NH!D2"5TDV_-M)!7MUP3SC\,U['5>XL;.[)-S: M03$@`^9&&R`<@<^]`'&:QJ-KX@\2:`NENTXMY][OM*KC*L1DXY`0G%=E=6]J MTT5[? M:/.C\C^T@_F[AMV^9G.>F,=Z]:MK>U$TM];!6>[",\BL6#@#"DE6,#TH MH`\\FL[#Q!XXU2W:Y0I-`#!+&X/SA8^G/S]>ZX'I1B@#-U_6(-%TV6XDDC$VP^3&Q&7;@<#()`)&<=J\KU323; M:+8WY>(BXS@BX#E_HNT8V]#R>?2O9J,#TH`X[X>Z['=::--N)0+BW.V(._,B M8)`&3DXP>@X&*J^)8K75O$]Q:I:[O`]*,#T MH`\9T.Q1XM0NKJ2)(;>VD4>8PP\K(P10">O4C&?NUK?#.1$\03*[JK/;LJ`G M!8[E.!Z\`G\*]-C@ABQY42)A0@VJ!\HS@?09.![T_`]*`.0^(]Q"-)MX#-&) MO/5_+W#=MVN,XZXSWJYXVN[;_A%IU^T19G"-$-X_>`.IROKQSQ71XHQ0!P?@ MZS33O&&H6<4BRPI`6CD5MVY&*,ISCG@BI=6TH-\1K"0;U6X"S&0KD%HP?E'X M(OTS]!7:>3%Y_G^4GG;=GF;1NVYSC/IGM0\,3RQRO&C21YV,5!*YX.#VH`XW MQV\+:WH,4ER(,2,7=7"M$I*#=GMT.#[>U6]$NHXO">J1VYCNX+`SQ1%TRLP" M[N0"002QZ'D8KJL44`>?:!Y-AK&E-H]QY@OXS]LLQ(,1$#)Z\@#)(SR0IY.: ML>+WL;?Q'H2PM;1,EX9;@(54J2T9W/Z$@9R?2NV6&-6#+&@89P0HR,G)_,\F MGX'I0!S_`(SDMK?PS-;%XHBX18HLA=P#KPH[X'I7GFBA+;4]-N;B>-%-P`5: M3!0*RQTR*"&'=Y421[V+MM4#V*:7;2W:P.;^ M)VQ(%=$^8%_8#UH\(ZA$BZAIZ74$UCINWR[E1M#!MQ8DDD8!!`(XP*ZC%&*` M/(#;!=%T^\M)8VWJUO=1QL`RGS&9"^#DY`XR/X![5WGCXQ+X5NBY02-L1"<9 M/SJ2!^"YQ[>U=!-!%/$T4T221MU1U!!_`T^@#G[&2"'P0+R"*WE8:<"^5#"0 MI'C:V.N,$$?45SOA@0VFO:8^F7Z/!J$;_:;5.D3*F<&!56&&.-5!"A%``R@"6BBB@`HHHH`****`"BBB@`HHHH`****`"BB MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**** '`"BBB@#_V3\_ ` end
-----END PRIVACY-ENHANCED MESSAGE-----