-----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, Gn1lpyt5kbHvLyWiLZ52OGXmDxa5dbqr3Yh6jWsXFxnp/NeaeDEna3P+axgQ8AbW aH5e6RaqwXjAjcTs/QtEgQ== 0000928816-04-000561.txt : 20040719 0000928816-04-000561.hdr.sgml : 20040719 20040719095401 ACCESSION NUMBER: 0000928816-04-000561 CONFORMED SUBMISSION TYPE: PRE 14A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20041111 FILED AS OF DATE: 20040719 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: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07121 FILM NUMBER: 04919236 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM LIFE STAGES ASSET ALLOCATION TRUST DATE OF NAME CHANGE: 19931027 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: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02280 FILM NUMBER: 04919250 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 CAPITAL APPRECIATION FUND CENTRAL INDEX KEY: 0000902475 IRS NUMBER: 046733578 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07061 FILM NUMBER: 04919252 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 GLOBAL EQUITY FUND CENTRAL INDEX KEY: 0000081251 IRS NUMBER: 046145734 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01403 FILM NUMBER: 04919232 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: GEORGE PUTNAM FUND OF BOSTON CENTRAL INDEX KEY: 0000081259 IRS NUMBER: 046013677 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-00058 FILM NUMBER: 04919233 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 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: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-00781 FILM NUMBER: 04919235 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 INVESTORS FUND CENTRAL INDEX KEY: 0000081269 IRS NUMBER: 042713095 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-00159 FILM NUMBER: 04919243 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 VISTA FUND/NEW/ CENTRAL INDEX KEY: 0000081279 IRS NUMBER: 042430137 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01561 FILM NUMBER: 04919238 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 VOYAGER FUND CENTRAL INDEX KEY: 0000081280 IRS NUMBER: 046187125 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01682 FILM NUMBER: 04919237 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 EQUITY INCOME FUND/NEW/ CENTRAL INDEX KEY: 0000216934 IRS NUMBER: 046407893 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02742 FILM NUMBER: 04919253 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 GLOBAL NATURAL RESOURCES FUND CENTRAL INDEX KEY: 0000317031 IRS NUMBER: 133035507 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03061 FILM NUMBER: 04919231 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 HEALTH SCIENCES TRUST CENTRAL INDEX KEY: 0000357295 IRS NUMBER: 046471950 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03386 FILM NUMBER: 04919246 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 OTC EMERGING GROWTH FUND CENTRAL INDEX KEY: 0000703969 IRS NUMBER: 046483374 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03512 FILM NUMBER: 04919241 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 EUROPE EQUITY FUND CENTRAL INDEX KEY: 0000842940 IRS NUMBER: 043083315 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05693 FILM NUMBER: 04919247 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 NEW OPPORTUNITIES FUND CENTRAL INDEX KEY: 0000865177 IRS NUMBER: 043091455 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06128 FILM NUMBER: 04919242 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: A6 ZIP: 02109 BUSINESS PHONE: 6172921000 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: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05989 FILM NUMBER: 04919239 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 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: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06190 FILM NUMBER: 04919245 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: PUTNAM CLASSIC EQUITY FUND CENTRAL INDEX KEY: 0000930748 IRS NUMBER: 043246687 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07223 FILM NUMBER: 04919251 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 DISCOVERY GROWTH FUND CENTRAL INDEX KEY: 0000868480 IRS NUMBER: 046661046 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06203 FILM NUMBER: 04919249 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 INVESTMENT FUNDS CENTRAL INDEX KEY: 0000932101 IRS NUMBER: 043251560 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07237 FILM NUMBER: 04919244 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 FUNDS TRUST CENTRAL INDEX KEY: 0001005942 IRS NUMBER: 043299786 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07513 FILM NUMBER: 04919234 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 TAX SMART FUNDS TRUST CENTRAL INDEX KEY: 0001083872 IRS NUMBER: 046888512 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-09289 FILM NUMBER: 04919240 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 PRE 14A 1 prox1.txt PUTNAM EQUITY FUNDS PROXY SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant / X / Filed by a party other than the Registrant / / Check the appropriate box: / X / Preliminary Proxy Statement / / Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e) (2)) / / Definitive Proxy Statement / / Definitive Additional Materials / / Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12 ASSET ALLOCATION FUNDS PUTNAM CAPITAL APPRECIATION FUND PUTNAM CLASSIC EQUITY FUND PUTNAM CONVERTIBLE INCOME-GROWTH TRUST PUTNAM DISCOVERY GROWTH FUND PUTNAM EQUITY INCOME FUND PUTNAM EUROPE EQUITY FUND THE GEORGE PUTNAM FUND OF BOSTON PUTNAM FUNDS TRUST PUTNAM GLOBAL EQUITY FUND PUTNAM GLOBAL NATURAL RESOURCES FUND THE PUTNAM FUND FOR GROWTH AND INCOME PUTNAM HEALTH SCIENCES TRUST PUTNAM INTERNATIONAL EQUITY FUND PUTNAM INVESTMENT FUNDS PUTNAM INVESTORS FUND PUTNAM NEW OPPORTUNITIES FUND PUTNAM OTC & EMERGING GROWTH FUND TAX SMART FUNDS TRUST PUTNAM UTILITIES GROWTH AND INCOME FUND PUTNAM VISTA FUND PUTNAM VOYAGER FUND (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than Registrant) Payment of Filing Fee (Check the appropriate box): / X / No fee required / / Fee computed on table below per Exchange Act Rule 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: Important information for shareholders of THE PUTNAM FUNDS The document you hold in your hands contains your proxy statement and proxy card. Your proxy tells us how to vote on your behalf on important issues relating to your fund. If you complete and sign the proxy, we'll vote it exactly as you tell us. If you simply sign the proxy, we'll vote it in accordance with the Trustees' recommendations on pages 8 and 9. We urge you to carefully review the proxy statement, and provide your voting instructions by using any of the methods shown on your proxy card. When shareholders don't return their proxies in sufficient numbers, we have to make follow up solicitations, which can cost your fund money. We want to know how you would like to vote and welcome your comments. Please take a few minutes with these materials and return your proxy to us. PUTNAM INVESTMENTS [SCALE LOGO OMITTED] Table of contents A Message from the Chairman 1 Notice of Shareholder Meeting 2 Trustees' Recommendations 3 PROXY CARD ENCLOSED If you have any questions, please contact us at 1-800-225-1581 or call your financial advisor. [GRAPHIC OMITTED: PHOTO OF JOHN A. HILL] A Message from the Chairman Dear Fellow Shareholder: I am writing to you to ask for your vote on important matters that affect your investment in the Putnam funds. While you are, of course, welcome to join us at your fund's meeting, most shareholders cast their vote by filling out and signing the enclosed proxy cards, by calling or by voting via the Internet. We are asking for your vote on the following matters: (1) Electing Trustees; (2) Approving a number of changes to various funds' fundamental investment restrictions and investment objectives; (3) Approving an amendment to various funds' Agreements and Declarations of Trust. Please see page 5 for list of the affected funds. Although we would like very much to have each shareholder attend this meeting, we realize that it may not be possible. Whether or not you plan to be present, we need your vote. We urge you to record your voting instructions by telephone, via the Internet or by completing, signing, and returning the enclosed proxy card promptly. A postage-paid envelope is enclosed for mailing, and the telephone and Internet voting instructions are listed at the top of your proxy card. I'm sure that you, like most people, lead a busy life and are tempted to put this proxy aside for another day. Please don't. When shareholders do not vote their proxies, their fund may have to incur the expense of follow-up solicitations. All shareholders benefit from the speedy return of proxies. Your vote is important to us. We appreciate the time and consideration I am sure you will give these important matters. If you have questions about the proposals, please call a Putnam customer service representative at 1-800-225-1581 or contact your financial advisor. Sincerely yours, /S/ JOHN A. HILL John A. Hill, Chairman Notice of a Meeting of Shareholders * This is the formal agenda for your fund's shareholder meeting. It tells you what proposals will be voted on and the time and place of the meeting, in the event you attend in person. To the Shareholders of: PUTNAM ASSET ALLOCATION: BALANCED PORTFOLIO PUTNAM ASSET ALLOCATION: CONSERVATIVE PORTFOLIO PUTNAM ASSET ALLOCATION: GROWTH PORTFOLIO PUTNAM CAPITAL APPRECIATION FUND PUTNAM CAPITAL OPPORTUNITIES FUND PUTNAM CLASSIC EQUITY FUND PUTNAM CONVERTIBLE INCOME-GROWTH TRUST PUTNAM DISCOVERY GROWTH FUND PUTNAM EQUITY INCOME FUND PUTNAM EUROPE EQUITY FUND THE GEORGE PUTNAM FUND OF BOSTON PUTNAM GLOBAL EQUITY FUND PUTNAM GLOBAL NATURAL RESOURCES FUND THE PUTNAM FUND FOR GROWTH AND INCOME PUTNAM GROWTH OPPORTUNITIES FUND PUTNAM HEALTH SCIENCES TRUST PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND PUTNAM INTERNATIONAL EQUITY FUND PUTNAM INTERNATIONAL GROWTH AND INCOME FUND PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND PUTNAM INVESTORS FUND PUTNAM MID CAP VALUE FUND PUTNAM NEW OPPORTUNITIES FUND PUTNAM NEW VALUE FUND PUTNAM OTC & EMERGING GROWTH FUND PUTNAM RESEARCH FUND PUTNAM SMALL CAP GROWTH FUND PUTNAM SMALL CAP VALUE FUND PUTNAM TAX SMART EQUITY FUND PUTNAM UTILITIES GROWTH AND INCOME FUND PUTNAM VISTA FUND PUTNAM VOYAGER FUND A Meeting of Shareholders of your fund will be held on November 11, 2004 at 11:00 a.m., Boston time, at the principal offices of the fund on the eighth floor of One Post Office Square, Boston, Massachusetts 02109, to consider the following: 1. Electing your fund's Trustees; 2A. Approving an amendment to certain funds' fundamental investment restrictions with respect to borrowing; 2B. Approving an amendment to certain funds' fundamental investment restrictions with respect to making loans; 2C. Approving an amendment to certain funds' fundamental investment restrictions with respect to diversification of investments; 2D. Approving an amendment to certain funds' fundamental investment restrictions with respect to issuance of senior securities; 2E. Approving an amendment to a fund's investment objective; and 3. Approving an amendment to certain funds' Agreements and Declarations of Trust. By the Trustees John A. Hill, Chairman George Putnam, III, President Jameson A. Baxter Charles B. Curtis Ronald J. Jackson Paul L. Joskow Elizabeth T. Kennan John H. Mullin, III Robert E. Patterson A.J.C. Smith W. Thomas Stephens We urge you to mark, sign, date, and mail the enclosed proxy in the postage-paid envelope provided or record your voting instructions by telephone or via the Internet so that you will be represented at the meeting. September 3, 2004
Pro- posal Proposal Description Affected Funds Page - --------------------------------------------------------------------------------------------------------------------------------- 1. Election of Trustees All funds 2.A. Approving an amendment Putnam Asset Allocation: Balanced Portfolio Putnam Capital Appreciation Fund to a fund's fundamental Putnam Asset Allocation: Conservative Portfolio Putnam Classic Equity Fund investment restriction Putnam Asset Allocation: Growth Portfolio Putnam Discovery Growth Fund with respect to borrowing Putnam Convertible Income-Growth Trust Putnam Equity Income Fund The George Putnam Fund of Boston Putnam Europe Equity Fund The Putnam Fund for Growth and Income Putnam Global Equity Fund Putnam Growth Opportunities Fund Putnam New Opportunities Fund Putnam Health Sciences Trust Putnam New Value Fund Putnam International Capital Opportunities Fund Putnam OTC & Emerging Growth Fund Putnam International Equity Fund Putnam Research Fund Putnam International Growth and Income Fund Putnam Utilities Growth and Income Fund Putnam International New Opportunities Fund Putnam Vista Fund Putnam Investors Fund Putnam Voyager Fund - --------------------------------------------------------------------------------------------------------------------------------- Pro- posal Proposal Description Affected Funds Page - --------------------------------------------------------------------------------------------------------------------------------- 2.B. Approving an amendment Putnam Asset Allocation: Balanced Portfolio Putnam Health Sciences Trust to a fund's fundamental Putnam Asset Allocation: Conservative Portfolio Putnam International Capital Opportunities Fund investment restriction Putnam Asset Allocation: Growth Portfolio Putnam International Equity Fund with respect to making Putnam Capital Appreciation Fund Putnam New Opportunities Fund loans Putnam Classic Equity Fund Putnam New Value Fund Putnam Convertible Income-Growth Trust Putnam OTC & Emerging Growth Fund Putnam Discovery Growth Fund Putnam Research Fund Putnam Equity Income Fund Putnam Utilities Growth and Income Fund Putnam Europe Equity Fund Putnam Vista Fund and The George Putnam Fund of Boston Putnam Voyager Fund Putnam Global Equity Fund Putnam Global Natural Resources Fund The Putnam Fund for Growth and Income Putnam Growth Opportunities Fund Putnam International Growth and Income Fund Putnam International New Opportunities Fund Putnam Investors Fund - --------------------------------------------------------------------------------------------------------------------------------- 2.C. Approving an amendment All funds to a fund's fundamental investment restriction with respect to diversification of investments - --------------------------------------------------------------------------------------------------------------------------------- Pro- posal Proposal Description Affected Funds Page - --------------------------------------------------------------------------------------------------------------------------------- 2.D. Approving an amendment Putnam Capital Opportunities Fund Putnam New Value Fund to a fund's fundamental Putnam Classic Equity Fund Putnam Research Fund investment restriction Putnam Global Natural Resources Fund Putnam Small Cap Growth Fund with respect to issuance The Putnam Fund for Growth and Income Putnam Small Cap Value Fund of senior securities Putnam International Capital Opportunities Fund Putnam Tax Smart Equity Fund Putnam International New Opportunities Fund - --------------------------------------------------------------------------------------------------------------------------------- 2.E. Approving an amendment Putnam Equity Income Fund to a fund's investment objective - --------------------------------------------------------------------------------------------------------------------------------- 3. Approval of an amendment All funds, except Putnam Tax Smart Equity Fund to a fund's Agreements and Declarations of Trust - ---------------------------------------------------------------------------------------------------------------------------------
Proxy statement This document will give you the information you need to vote on the proposals. Much of the information is required under rules of the Securities and Exchange Commission ("SEC"); some of it is technical. If there is anything you don't understand, please contact us at our toll-free number, 1-800-225-1581, or call your financial advisor. * Who is asking for your vote? The enclosed proxy is solicited by the Trustees of the Putnam funds for use at the Meeting of Shareholders of each fund to be held on November 11, 2004, and, if your fund's meeting is adjourned, at any later meetings, for the purposes stated in the Notice of Meeting (see previous pages). The Notice of Meeting, the proxy and the Proxy Statement are being mailed on or about September 3, 2004. * How do your fund's Trustees recommend that shareholders vote on these proposals? The Trustees recommend that you vote 1. For electing your fund's nominees for Trustees; 2A. For approving an amendment to certain funds' fundamental investment restrictions with respect to borrowing; 2B. For approving an amendment to certain funds' fundamental investment restrictions with respect to making loans; 2C. For approving an amendment to certain funds' fundamental investment restrictions with respect to diversification of investments; 2D. For approving an amendment to certain funds' fundamental investment restrictions with respect to issuance of senior securities; 2E. For approving an amendment to a fund's investment objective; and 3. For approving an amendment to certain funds' Agreements and Declarations of Trust Please see the descriptions of proposals 2 and 3 beginning on page 48 for lists of the affected funds. * Who is eligible to vote? Shareholders of record of each affected fund at the close of business on August 13, 2004 are entitled to be present and to vote at the meeting or any adjourned meeting. Each share is entitled to one vote. Shares represented by your duly executed proxy will be voted in accordance with your instructions. If you sign the proxy, but don't fill in a vote, your shares will be voted in accordance with the Trustees' recommendations. If any other business is brought before your fund's meeting, your shares will be voted at the Trustees' discretion. Shareholders of each fund vote separately with respect to each proposal other than the election of Trustees and the amendment to a trust's agreement and declaration of trust, in which case shareholders of each series of a trust vote together as a single class. The outcome of a vote affecting one fund does not affect any other fund, except where series of a trust vote together. The Proposals I. Election of Trustees * Who are the nominees for trustees? The Board Policy and Nominating Committee of the Trustees of each fund makes recommendations concerning the Trustees of that fund. The Board Policy and Nominating Committee consists solely of Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of your fund or of Putnam Investment Management, LLC, your fund's investment manager ("Putnam Management"). The Board Policy and Nominating Committee of the Trustees of each fund has fixed the number of Trustees of each fund at fourteen and recommends that you vote for the election of the nominees described below. The 14 nominees for election as Trustees at the shareholder meeting of your fund who receive the greatest number of votes from shareholders will be elected as Trustees of your fund. The nominees for Trustees and their backgrounds are shown in the table below. The table discloses each Nominee's name, date of birth, principal occupation(s) during the past five years, and other information about the nominee's professional background, including other directorships the nominee holds. For more in depth biographical information, please refer to the website of Putnam, LLC ("Putnam Investments"): www.Putnam.com. Each Trustee oversees all of the Putnam funds and serves until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed. Each nominee other than Ms. Drucker and Messrs. Haldeman and Worley currently serve as a Trustee. The address of all of the Trustees and nominees is One Post Office Square, Boston, Massachusetts 02109. At December 31, 2003, there were 101 Putnam funds. Jameson A. Baxter (9/6/43), Trustee since 1994 [GRAPHIC OMITTED: PHOTO OF JAMESON A. BAXTER] - -------------------------------------------- Ms. Baxter is the President of Baxter Associates, Inc., a private investment firm that she founded in 1986. Ms. Baxter serves as a Director of ASHTA Chemicals, Inc., Banta Corporation (a printing and digital imaging firm), Ryerson Tull, Inc. (a steel service corporation), Advocate Health Care, and BoardSource, formerly the National Center for Nonprofit Boards. She is Chairman Emeritus of the Board of Trustees, Mount Holyoke College, having served as Chairman for five years and as a board member for thirteen years. Until 2002, Ms. Baxter was a Director of Intermatic Corporation (a manufacturer of energy control products). Ms. Baxter has held various positions in investment banking and corporate finance, including Vice President and Principal of the Regency Group, and Vice President of and Consultant to First Boston Corporation. She is a graduate of Mount Holyoke College. Charles B. Curtis (4/27/40), Trustee since 2001 [GRAPHIC OMITTED: PHOTO OF CHARLES B. CURTIS] - -------------------------------------------- Mr. Curtis is President and Chief Operating Officer of the Nuclear Threat Initiative (a private foundation dealing with national security issues) and serves as Senior Advisor to the United Nations Foundation. Mr. Curtis is a member of the Council on Foreign Relations and the Trustee Advisory Council of the Applied Physics Laboratory, Johns Hopkins University. Until 2003, Mr. Curtis was a member of the Electric Power Research Institute Advisory Council and the University of Chicago Board of Governors for Argonne National Laboratory. Prior to 2002, Mr. Curtis was a Member of the Board of Directors of the Gas Technology Institute and the Board of Directors of the Environment and Natural Resources Program Steering Committee, John F. Kennedy School of Government, Harvard University. Until 2001, Mr. Curtis was a member of the Department of Defense Policy Board and Director of EG&G Technical Services, Inc. (a fossil energy research and development support company). From August 1997 to December 1999, Mr. Curtis was a Partner at Hogan & Hartson L.L.P., a Washington, D.C. law firm. Prior to May 1997, Mr. Curtis was Deputy Secretary of Energy. He served as Chairman of the Federal Energy Regulatory Commission from 1977 to 1981 and has held positions on the staff of the U.S. House of Representatives, the U.S. Treasury Department, and the SEC. Myra R. Drucker (1/16/48) Nominee for Trustee [GRAPHIC OMITTED: PHOTO OF MYRA R. DRUCKER] - ------------------------------------------- Ms. Drucker is Vice Chair of the Board of Trustees of Sarah Lawrence College, a Trustee of Commonfund (a not-for-profit firm specializing in asset management for educational endowments and foundations), and a member of the Investment Committee of the Kresge Foundation (a charitable trust). She is also Chair of the New York Stock Exchange (NYSE) Pension Managers Advisory Committee and a member of the Executive Committee of the Committee on Investment of Employee Benefit Assets. Until August 31, 2004, Ms. Drucker was Managing Director and a member of the Board of Directors of General Motors Asset Management and Chief Investment Officer of General Motors Trust Bank. Ms. Drucker also served as a member of the NYSE Corporate Accountability and Listing Standards Committee and the NYSE/NASD IPO Advisory Committee. Prior to joining General Motors Asset Management in 2001, Ms. Drucker held various executive positions in the investment management industry. Ms. Drucker served as Chief Investment Officer of Xerox Corporation (a technology and service company in the document industry), where she was responsible for the investment of the company's pension assets. Ms. Drucker was also Staff Vice President and Director of Trust Investments for International Paper (a paper, paper distribution, packaging and forest products company) and previously served as Manager of Trust Investments for Xerox Corporation. Ms. Drucker received a B.A. degree in Literature and Psychology from Sarah Lawrence College and pursued graduate studies in economics, statistics and portfolio theory at Temple University. John A. Hill (1/31/42), Trustee since 1985 and Chairman since 2000 [GRAPHIC OMITTED: PHOTO OF JOHN A. HILL] - --------------------------------------- Mr. Hill is Vice Chairman of First Reserve Corporation, a private equity buyout firm that specializes in energy investments in the diversified worldwide energy industry. Mr. Hill is a Director of Devon Energy Corporation, TransMontaigne Oil Company, Continuum Health Partners of New York, and various private companies controlled by First Reserve Corporation, as well as a Trustee of TH Lee, Putnam Investment Trust (a closed-end investment company advised by an affiliate of Putnam Management). He is also a Trustee of Sarah Lawrence College. Prior to acquiring First Reserve Corporation in 1983, Mr. Hill held executive positions in investment banking and investment management with several firms and with the federal government, including Deputy Associate Director of the Office of Management and Budget, and Deputy Director of the Federal Energy Administration. He is active in various business associations, including the Economic Club of New York, and lectures on energy issues in the United States and Europe. Mr. Hill holds a B.A. degree in Economics from Southern Methodist University and pursued graduate studies there as a Woodrow Wilson Fellow. Ronald J. Jackson (12/17/43), Trustee since 1996 [GRAPHIC OMITTED: PHOTO OF RONALD J. JACKSON] - -------------------------------------------- Mr. Jackson is a private investor. Mr. Jackson is President of the Kathleen and Ronald J. Jackson Foundation (a charitable trust). He is also a member of the Board of Overseers of WGBH (a public television and radio station) as well as a member of the Board of Overseers of the Peabody Essex Museum. Mr. Jackson is the former Chairman, President, and Chief Executive Officer of Fisher-Price, Inc. (a major toy manufacturer), from which he retired in 1993. He previously served as President and Chief Executive Officer of Stride-Rite, Inc. (a manufacturer and distributor of footwear) and of Kenner Parker Toys, Inc. (a major toy and game manufacturer). Mr. Jackson was President of Talbots, Inc. (a distributor of women's apparel) and has held financial and marketing positions with General Mills, Inc. and Parker Brothers (a toy and game company). Mr. Jackson is a graduate of the University of Michigan Business School. Paul L. Joskow (6/30/47), Trustee since 1997 [GRAPHIC OMITTED: PHOTO OF PAUL L. JOSKOW] - ----------------------------------------- Dr. Joskow is the Elizabeth and James Killian Professor of Economics and Management, and Director of the Center for Energy and Environmental Policy Research at the Massachusetts Institute of Technology. Dr. Joskow serves as a Director of National Grid Transco (a UK-based holding company with interests in electric and gas transmission and distribution, and telecommunications infrastructure) and TransCanada Corporation (an energy company focused on natural gas transmission and power services). He also serves on the board of the Whitehead Institute for Biomedical Research (a non-profit research institution) and has been President of the Yale University Council since 1993. Prior to February 2002, he was a Director of State Farm Indemnity Company (an automobile insurance company) and prior to March 2000 he was a Director of New England Electric System (a public utility holding company). Dr. Joskow has published five books and numerous articles on topics in industrial organization, government regulation of industry, and competition policy. He is active in industry restructuring, environmental, energy, competition, and privatization policies -- serving as an advisor to governments and corporations worldwide. Dr. Joskow holds a Ph.D. and M. Phil from Yale University and B.A. from Cornell University. Elizabeth T. Kennan (2/25/38), Trustee since 1992 [GRAPHIC OMITTED: PHOTO OF ELIZABETH T. KENNAN] - ---------------------------------------------- Dr. Kennan is a Partner of Cambus-Kenneth Farm (thoroughbred horse and cattle breeding). She is President Emeritus of Mount Holyoke College. Dr. Kennan served as Chairman and is now Lead Director of Northeast Utilities and is a Director of Talbots, Inc. She has served as Director on a number of other boards, including Bell Atlantic, Chastain Real Estate, Shawmut Bank, Berkshire Life Insurance, and Kentucky Home Life Insurance. She is a Trustee of the National Trust for Historic Preservation, of Centre College and of Midway College in Midway, Kentucky. She is also a member of The Trustees of Reservations. Dr. Kennan has served on the oversight committee of the Folger Shakespeare Library, as President of Five Colleges Incorporated, as a Trustee of Notre Dame University, and is active in various educational and civic associations. As a member of the faculty of Catholic University for twelve years, until 1978, Dr. Kennan directed the post-doctoral program in Patristic and Medieval Studies, taught history, and published numerous articles. Dr. Kennan holds a Ph.D. from the University of Washington in Seattle, an M.S. from St. Hilda's College at Oxford University, and an A.B. from Mount Holyoke College. She holds several honorary doctorates. John H. Mullin, III (6/15/41), Trustee since 1997 [GRAPHIC OMITTED: PHOTO OF JOHN H. MULLIN, III] - ---------------------------------------------- Mr. Mullin is the Chairman and CEO of Ridgeway Farm (a limited liability company engaged in timber and farming). Mr. Mullin serves as a Director of Alex. Brown Realty, Inc., The Liberty Corporation (a broadcasting company), Progress Energy, Inc. (a utility company, formerly known as Carolina Power & Light), and Sonoco Products, Inc. (a packaging company). Mr. Mullin is Trustee Emeritus of Washington & Lee University, where he served as Chairman of the Investment Committee. Prior to May 2001, he was a Director of Graphic Packaging International Corp. Mr. Mullin also served as a Director of Dillon, Read & Co., Inc. until October 1997 and The Ryland Group, Inc. until January 1998. Mr. Mullin is a graduate of Washington & Lee University and The Wharton Graduate School, University of Pennsylvania. Robert E. Patterson (3/15/45), Trustee since 1984 [GRAPHIC OMITTED: PHOTO OF ROBERT E. PATTERSON] - ---------------------------------------------- Mr. Patterson is Senior Partner of Cabot Properties, L.P. and Chairman of Cabot Properties, Inc. Mr. Patterson serves as Chairman of the Joslin Diabetes Center and as a Director of Brandywine Trust Company. Prior to June 2003, he was a Trustee of Sea Education Association. Prior to December 2001, he was President and Trustee of Cabot Industrial Trust (a publicly traded real estate investment trust), prior to February 1998, he was Executive Vice President and Director of Acquisitions of Cabot Partners Limited Partnership (a registered investment advisor involved in institutional real estate investments); and prior to 1990, he served as Executive Vice President of Cabot, Cabot & Forbes Realty Advisors, Inc. (the predecessor company of Cabot Partners) and as a Senior Vice President of the Beal Companies (a real estate management, investment, and development firm). Mr. Patterson practiced law and held various positions in state government, and was the founding Executive Director of the Massachusetts Industrial Finance Agency. Mr. Patterson is a graduate of Harvard College and Harvard Law School. W. Thomas Stephens (9/2/42), Trustee since 1997 [GRAPHIC OMITTED: PHOTO OF W. THOMAS STEPHENS] - --------------------------------------------- Mr. Stephens serves on a number of corporate boards. Mr. Stephens serves as a Director of Xcel Energy Incorporated (a public utility company), TransCanada Pipelines Limited, Norske Canada, Inc. (a paper manufacturer), and Qwest Communications. Until 2003, Mr. Stephens was a Director of Mail-Well, Inc. (a diversified printing company). He served as Chairman of Mail-Well until 2001 and as CEO of MacMillan-Bloedel, Ltd. (a forest products company) until 1999. Prior to 1996, Mr. Stephens was Chairman and Chief Executive Officer of Johns Manville Corporation. He holds B.S. and M.S. degrees from the University of Arkansas. Richard B. Worley (11/15/45) Nominee for Trustee [GRAPHIC OMITTED: PHOTO OF RICHARD B. WORLEY] - ------------------------------------------- Mr. Worley is Managing Partner of Permit Capital LLC, an investment management firm. Mr. Worley serves as a director of [ ]. Mr. Worley is also on the Executive Committee of the University of Pennsylvania Medical Center, is a Trustee of The Robert Wood Johnson Foundation (a philanthropic organization devoted to health care issues) and is a Director of The Colonial Williamsburg Foundation (a historical preservation organization). Mr. Worley also serves on the investment committees of Mount Holyoke College and World Wildlife Fund (a wildlife conservation organization). Prior to joining Permit Capital LLC in 2002, Mr. Worley served as Chief Strategic Officer of Morgan Stanley Investment Management. He previously served as President, Chief Executive Officer and Chief Investment Officer of Morgan Stanley Dean Witter Investment Management and as a Managing Director of Morgan Stanley, a financial services firm. Mr. Worley also was the Chairman of Miller Anderson & Sherrerd, an investment management firm. Mr. Worley holds a B.S. degree from University of Tennessee and pursued graduate studies in economics at the University of Texas. * Interested trustees Charles E. Haldeman Jr.* (10/29/48), Nominee for Trustee [GRAPHIC OMITTED: PHOTO OF CHARLES E. HALDEMAN JR.] - ------------------------------------------- Mr. Haldeman is President and Chief Executive Officer of Putnam Investments. He is a member of Putnam Investments' Executive Board of Directors and Advisory Counsel. [Insert any outside board service.] Prior to joining Putnam Investments in 2002, Mr. Haldeman held executive positions in the investment management industry. Mr. Haldeman previously served as Chief Executive Officer of Delaware Investments and President & Chief Operating Officer of United Asset Management. Mr. Haldeman was also a partner and director of Cooke & Bieler, Inc. (an investment management firm). Mr. Haldeman is a graduate of Dartmouth College, Harvard Law School and Harvard Business School. Mr. Haldeman is also a Chartered Financial Analyst (CFA) charterholder. George Putnam III* (8/10/51), Trustee since 1984 and President since 2000 [GRAPHIC OMITTED: PHOTO OF GEORGE PUTNAM III] - -------------------------------------------- Mr. Putnam is President of New Generation Research, Inc. (a publisher of financial advisory and other research services), and of New Generation Advisers, Inc. (a registered investment advisor to private funds). Mr. Putnam founded the New Generation companies in 1986. Mr. Putnam is a Director of The Boston Family Office, LLC (a registered investment advisor). He is a Trustee of St. Mark's School, Shore Country Day School, and until 2002 was a Trustee of the Sea Education Association. Mr. Putnam previously worked as an attorney with the law firm of Dechert LLP (formerly known as Dechert Price & Rhoads) in Philadelphia. He is a graduate of Harvard College, Harvard Business School, and Harvard Law School. A.J.C. Smith* (4/13/34), Trustee since 1986 [GRAPHIC OMITTED: PHOTO OF A.J.C. SMITH] - --------------------------------------- Mr. Smith is the Chairman of Putnam Investments and Director of and Consultant to Marsh & McLennan Companies, Inc. Mr. Smith is also a Director of Trident Corp. (a limited partnership with over thirty institutional investors). He is also a Trustee of the Carnegie Hall Society, the Educational Broadcasting Corporation, and the National Museums of Scotland. He is Chairman of the Central Park Conservancy and a Member of the Board of Overseers of the Joan and Sanford I. Weill Graduate School of Medical Sciences of Cornell University. Prior to May 2000 and November 1999, Mr. Smith was Chairman and CEO, respectively, of Marsh & McLennan Companies, Inc. * Nominees who are or may be deemed to be "interested persons" (as defined in the 1940 Act) of a fund, Putnam Management, Putnam Retail Management Limited Partnership ("Putnam Retail Management"), or Marsh & McLennan Companies, Inc., the parent company of Putnam Investments and its affiliated companies. Messrs. Haldeman, Putnam, and Smith are deemed "interested persons" by virtue of their positions as officers or shareholders of each fund, Putnam Management, Putnam Retail Management, or Marsh & McLennan Companies, Inc. Mr. Haldeman is President and Chief Executive Officer of Putnam Investments. Mr. Putnam, III is the President of each of the funds. Mr. Smith is the Chairman of Putnam Investments and serves as a Director of and Consultant to Marsh & McLennan Companies, Inc. Ms. Drucker was nominated by [ ]. Mr. Worley was nominated by [ ]. Mr. Haldeman was nominated by [ ]. The 14 nominees for election as Trustees will be elected as Trustees of your fund. The current Trustees serve until their successors are elected and qualified. Each of the nominees has agreed to serve as a Trustee if elected. If any of the nominees is unavailable for election at the time of the meeting, which is not anticipated, the Trustees may vote for other nominees at their discretion, or the Trustees may fix the number of Trustees at fewer than 14 for your fund. * What are the trustees' responsibilities? Your fund's Trustees are responsible for the general oversight of your fund's affairs and for assuring that your fund is managed in the best interests of its shareholders. The Trustees regularly review your fund's investment performance as well as the quality of other services provided to your fund and its shareholders by Putnam Management and its affiliates, including administration, distribution, custody, and shareholder servicing. At least annually, the Trustees review and evaluate the fees and operating expenses paid by your fund for these services and negotiate changes that they deem appropriate. In carrying out these responsibilities, the Trustees are assisted by an independent administrative staff and by your fund's independent auditors, independent counsel and other experts as appropriate, selected by and responsible to the Trustees. Your fund's Trustees have determined that the efficient conduct of your fund's affairs makes it desirable to delegate responsibility for certain specific matters to committees of the board. Certain committees (the Executive Committee, Distributions Committee, and Audit and Pricing Committee) are authorized to act for the Trustees as specified in their charters. The other committees review and evaluate matters specified in their charters and make recommendations to the Trustees as they deem appropriate. Each committee may utilize the resources of your fund's independent staff, counsel and auditors as well as other experts. The committees meet as often as necessary, either in conjunction with regular meetings of the Trustees or otherwise. The membership and chairperson of each committee are appointed by the Trustees upon recommendation of the Board Policy and Nominating Committee. Audit and Pricing Committee. The Audit and Pricing Committee provides oversight on matters relating to the preparation of the funds' financial statements, compliance matters and Code of Ethics issues. This oversight is discharged by regularly meeting with management and the funds' independent auditors and keeping current on industry developments. Duties of this Committee also include the review and evaluation of all matters and relationships pertaining to the funds' independent auditors, including their independence. The members of the Audit and Pricing Committee of your fund include only Trustees who are not "interested persons" of the fund or Putnam Management (as such term is defined in the 1940 Act). The Committee also reviews the funds' policies and procedures for achieving accurate and timely pricing of the funds' shares, including oversight of fair value determinations of individual securities made by Putnam Management or other designated agents of the funds. The Committee oversees compliance by money market funds with Rule 2a-7, interfund transactions pursuant to Rule 17a-7, and the correction of occasional pricing errors. The Committee also receives reports regarding the liquidity of portfolio securities. The Trustees have adopted a written charter for the Audit and Pricing Committee. The Committee currently consists of Drs. Joskow (Chairperson) and Kennan and Messrs. Patterson and Stephens. Board Policy and Nominating Committee. The Board Policy and Nominating Committee reviews policy matters pertaining to the operations of the Board of Trustees and its committees, the compensation of the Trustees and their staff, and the conduct of legal affairs for the Putnam funds. The Committee also oversees the voting of proxies associated with portfolio investments of the Putnam funds, with the goal of ensuring that these proxies are voted in the best interest of the fund's shareholders. The Committee evaluates and recommends all candidates for election as Trustees and recommends the appointment of members and chairs of each board committee. The Committee also identifies prospective nominees for election as trustee by considering individuals that come to its attention through the recommendation of current Trustees, Putnam Management or shareholders. Candidates properly submitted by shareholders (as described below) will be considered and evaluated on the same basis as candidates recommended by other sources. The Committee may, but is not required to, engage a third-party professional search firm to assist it in identifying and evaluating potential nominees. When evaluating a potential candidate for membership on the Board of Trustees, the Board Policy and Nominating Committee considers the skills and characteristics that it feels would most benefit the Putnam funds at the time the evaluation is made. The Committee may take into account a wide variety of attributes in considering potential trustee candidates, including, but not limited to: (i) availability and commitment of a candidate to attend meetings and perform his or her responsibilities to the Board of Trustees, (ii) other board experience, (iii) relevant industry and related experience, (iv) educational background, (v) financial expertise, (vi) an assessment of the candidate's ability, judgment and expertise, (vii) an assessment of the perceived needs of the Board of Trustees and its committees at that point in time and (viii) overall Board of Trustees composition. In connection with this evaluation, the Committee will determine whether to interview prospective nominees, and, if warranted, one or more members of the Committee, and other Trustees and representatives of the funds, as appropriate, will interview prospective nominees in person or by telephone. Once this evaluation is completed, the Committee recommends such candidates as it determines appropriate to the independent Trustees for nomination, and the independent Trustees select the nominees after considering the recommendation of the Committee. The Board Policy and Nominating Committee will consider nominees for trustee recommended by shareholders of a fund provided shareholders submit their recommendations by the date disclosed in the paragraph entitled "Date for receipt of shareholders' proposals for subsequent meeting of shareholders," and provided the shareholders' recommendations otherwise comply with applicable securities laws, including Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the "1934 Act"). The Committee consists only of Trustees who are not "interested persons" of your fund or Putnam Management (as such term is defined in the 1940 Act). The Trustees have adopted a written charter for the Board Policy and Nominating Committee, a copy of which is attached to this proxy statement as Exhibit A. The Board Policy and Nominating Committee currently consists of Dr. Kennan (Chairperson), Ms. Baxter and Messrs. Hill, Mullin and Patterson. Brokerage and Custody Committee. The Brokerage and Custody Committee reviews the policies and procedures of the funds regarding the execution of portfolio transactions for the funds, including policies regarding the allocation of brokerage commissions and soft dollar credits. The Committee reviews periodic reports regarding the funds' activities involving derivative securities, and reviews and evaluates matters relating to the funds' custody arrangements. The Committee currently consists of Messrs. Jackson (Chairperson), Curtis, and Mullin, and Ms. Baxter. Communication, Service and Marketing Committee. This Committee examines the quality, cost and levels of services provided to the shareholders of the Putnam funds. The Committee also reviews communications sent from the funds to their shareholders, including shareholder reports, prospectuses, newsletters and other materials. In addition, the Committee oversees marketing and sales communications of the funds' distributor. The Committee currently consists of Messrs. Putnam (Chairperson), Smith, and Stephens, and Dr. Joskow. Contract Committee. The Contract Committee reviews and evaluates, at least annually, all arrangements pertaining to (i) the engagement of Putnam Management and its affiliates to provide services to the funds, (ii) the expenditure of the funds' assets for distribution purposes pursuant to the Distribution Plans of the open-end funds, and (iii) the engagement of other persons to provide material services to the funds, including in particular those instances where the cost of services is shared between the funds and Putnam Management and its affiliates or where Putnam Management or its affiliates have a material interest. The Committee recommends to the Trustees such changes in arrangements as it deems appropriate. The Committee also reviews the conversion of Class B shares into Class A shares of the open-end funds in accordance with procedures approved by the Trustees. After review and evaluation, the Committee recommends to the Trustees the proposed organization of new Fund products and proposed structural changes to existing funds. The Committee consists only of Trustees who are not "interested persons" of your fund or Putnam Management ( as such term is defined in the 1940 Act). The Committee currently consists of Ms. Baxter (Chairperson), and Messrs. Curtis, Jackson, and Mullin. Distributions Committee. This Committee oversees all fund distributions and approves the amount and timing of distributions paid by all the funds to the shareholders when the Trustees are not in session. The Committee also meets regularly with representatives of Putnam Management and its affiliates to review distribution levels and the funds' distribution policies. The Committee currently consists of Messrs. Patterson (Chairperson) and Jackson, and Dr. Joskow. Executive Committee. The functions of the Executive Committee are twofold. The first is to ensure that the funds' business may be conducted at times when it is not feasible to convene a meeting of the Trustees or for the Trustees to act by written consent. The Committee may exercise any or all of the power and authority of the Trustees when the Trustees are not in session. The second is to establish annual and ongoing goals, objectives and priorities for the Board of Trustees and to ensure coordination of all efforts between the Trustees and Putnam Management and its affiliates on behalf of the shareholders of the Putnam funds. The Committee currently consists of Messrs. Hill (Chairperson), Jackson, and Putnam, Dr. Joskow, and Ms. Baxter. Investment Oversight Committees. These Committees regularly meet with investment personnel of Putnam Management to review the investment performance and strategies of the Putnam funds in light of their stated investment objectives and policies. Investment Oversight Committee A currently consists of Ms. Baxter (Acting Chairperson) and Mr. Smith. Investment Oversight Committee B currently consists of Messrs. Curtis (Chairperson) and, Hill and Stephens. Investment Committee C currently consists of Messrs. Mullin (Chairperson) and Putnam, and Dr. Kennan. Investment Oversight Committee D currently consists of Messrs. Patterson (Chairperson), Jackson and Joskow. The 1940 Act and the rules and regulations promulgated thereunder require that your fund have a minimum proportion of trustees who are not affiliated in any way with your fund's investment manager, principal underwriter or any broker-dealer. These independent Trustees must vote separately to approve all financial arrangements and other agreements with your fund's investment manager and other affiliated parties. The role of independent trustees has been characterized as that of a "watchdog" charged with oversight to protect shareholders' interests against overreaching and abuse by those who are in a position to control or influence a fund. Your fund's independent Trustees meet regularly as a group in executive session. Eleven of the Fourteen nominees for election as Trustee would be independent Trustees. * How large a stake do the Trustees and nominees have in the Putnam funds? The Trustees believe each Trustee should have a significant investment in the Putnam funds. The Trustees allocate their investments among the Putnam funds based on their own investment needs. The table below shows the number of shares beneficially owned by each current Trustee and nominee and the value of each Trustee's and each nominee's holdings in each fund and in all of the Putnam funds as of June 30, 2004.
TRUSTEE HOLDINGS TABLE Dollar Range Shares Dollar Range Shares Dollar Range Shares of Shares Beneficially of Shares Beneficially of Shares Beneficially Owned Owned Owned Owned Owned Owned - --------------------------------------------------------------------------------------------------------------------------------- Putnam Asset Allocation: Putnam Asset Allocation: Putnam Asset Allocation: Trustees/Nominees Balanced Portfolio Conservative Portfolio Growth Portfolio - --------------------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter $1-$10,000 180.145 $1-$10,000 190.105 $1-$10,000 355.477 - --------------------------------------------------------------------------------------------------------------------------------- Charles B. Curtis $1-$10,000 112.712 $1-$10,000 133.775 $1-$10,000 113.244 - --------------------------------------------------------------------------------------------------------------------------------- Myra R. Drucker - --------------------------------------------------------------------------------------------------------------------------------- Charles E. Haldeman, Jr. $10,001-$50,000 1459.542 $10,001-$50,000 1195.508 $10,001-$50,000 1019.417 - --------------------------------------------------------------------------------------------------------------------------------- John A. Hill Over $100,000 20906.944 $1-$10,000 446.935 $1-$10,000 442.089 - --------------------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson $1-$10,000 333.567 $1-$10,000 153.456 $1-$10,000 820.551 - --------------------------------------------------------------------------------------------------------------------------------- Paul L. Joskow $10,001-$50,000 1783.22 $1-$10,000 230.962 $1-$10,000 875.678 - --------------------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan $1-$10,000 335.530 $1-$10,000 321.669 $1-$10,000 455.450 - --------------------------------------------------------------------------------------------------------------------------------- John H. Mullin, III $1-$10,000 327.998 $1-$10,000 382.184 $1-$10,000 319.132 - --------------------------------------------------------------------------------------------------------------------------------- Robert E. Patterson $10,001-$50,000 1124.534 $10,001-$50,000 1147.178 $10,001-$50,000 1144.164 - --------------------------------------------------------------------------------------------------------------------------------- George Putnam, III $10,001-$50,000 1128.658 $10,001-$50,000 1147.178 $10,001-$50,000 1156.813 - --------------------------------------------------------------------------------------------------------------------------------- A.J.C. Smith $1-$10,000 170.336 $1-$10,000 172.664 $1-$10,000 178.221 - --------------------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens Over $100,000 89673.064 $10,001-$50,000 4700.348 $1-$10,000 100.000 - --------------------------------------------------------------------------------------------------------------------------------- Richard B. Worley - --------------------------------------------------------------------------------------------------------------------------------- Dollar Range Shares Dollar Range Shares Dollar Range Shares of Shares Beneficially of Shares Beneficially of Shares Beneficially Owned Owned Owned Owned Owned Owned - --------------------------------------------------------------------------------------------------------------------------------- Trustees/Nominees Putnam Capital Appreciation Fund Putnam Capital Opportunities Fund Putnam Classic Equity Fund - --------------------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter $10,001-$50,000 715.569 $1-$10,000 346.416 Over $100,000 16328.122 - --------------------------------------------------------------------------------------------------------------------------------- Charles B. Curtis $1-$10,000 102.820 $1-$10,000 106.449 $1-$10,000 107.314 - --------------------------------------------------------------------------------------------------------------------------------- Myra R. Drucker - --------------------------------------------------------------------------------------------------------------------------------- Charles E. Haldeman, Jr. $10,001-$50,000 996.205 $10,001-$50,000 1013.18 - --------------------------------------------------------------------------------------------------------------------------------- John A. Hill $50,001-$100,000 3898.796 $10,001-$50,000 5992.578 $50,001-$100,000 10435.097 - --------------------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson $1-$10,000 262.089 $1-$10,000 207.450 $1-$10,000 234.306 - --------------------------------------------------------------------------------------------------------------------------------- Paul L. Joskow $10,001-$50,000 723.839 $1-$10,000 183.608 $10,001-$50,000 2020.29 - --------------------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan $1-$10,000 251.929 $10,001-$50,000 1104.294 $1-$10,000 191.797 - --------------------------------------------------------------------------------------------------------------------------------- John H. Mullin, III $50,001-$100,000 6477.672 $50,001-$100,000 5695.393 $10,001-$50,000 2769.75 - --------------------------------------------------------------------------------------------------------------------------------- Robert E. Patterson $1-$10,000 482.640 $1-$10,000 837.144 $1-$10,000 687.503 - --------------------------------------------------------------------------------------------------------------------------------- George Putnam, III $10,001-$50,000 1238.256 $10,001-$50,000 1192.389 $50,001-$100,000 6316.991 - --------------------------------------------------------------------------------------------------------------------------------- A.J.C. Smith $1-$10,000 284.565 $1-$10,000 100.000 $1-$10,000 236.905 - --------------------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens $1-$10,000 137.383 $1-$10,000 100.000 $1-$10,000 143.732 - --------------------------------------------------------------------------------------------------------------------------------- Richard B. Worley - --------------------------------------------------------------------------------------------------------------------------------- Dollar Range Shares Dollar Range Shares of Shares Beneficially of Shares Beneficially Owned Owned Owned Owned - --------------------------------------------------------------------------------------------------------------------------------- Putnam Convertible Trustees/Nominees Income-Growth Trust Putnam Discovery Growth Fund - --------------------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter $10,001-$50,000 1631.226 Over $100,000 12,579.229 - --------------------------------------------------------------------------------------------------------------------------------- Charles B. Curtis $1-$10,000 115.191 $10,001-$50,000 1383.006 - --------------------------------------------------------------------------------------------------------------------------------- Myra R. Drucker - --------------------------------------------------------------------------------------------------------------------------------- Charles E. Haldeman, Jr. - --------------------------------------------------------------------------------------------------------------------------------- John A. Hill Over $100,000 24183.105 $1-$10,000 2303.388 - --------------------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson $1-$10,000 431.317 $1-$10,000 243.964 - --------------------------------------------------------------------------------------------------------------------------------- Paul L. Joskow $10,001-$50,000 835.066 $1-$10,000 360.285 - --------------------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan $10,001-$50,000 994.039 $1-$10,000 675.427 - --------------------------------------------------------------------------------------------------------------------------------- John H. Mullin, III $10,001-$50,000 2077.602 $10,001-$50,000 2987.873 - --------------------------------------------------------------------------------------------------------------------------------- Robert E. Patterson $10,001-$50,000 1732.636 $1-$10,000 799.281 - --------------------------------------------------------------------------------------------------------------------------------- George Putnam, III $10,001-$50,000 1324.257 $1-$10,000 2101.545 - --------------------------------------------------------------------------------------------------------------------------------- A.J.C. Smith $1-$10,000 364.960 $1-$10,000 323.142 - --------------------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens $1-$10,000 193.543 $1-$10,000 208.686 - --------------------------------------------------------------------------------------------------------------------------------- Richard B. Worley - --------------------------------------------------------------------------------------------------------------------------------- Dollar Range Shares Dollar Range Shares of Shares Beneficially of Shares Beneficially Owned Owned Owned Owned - --------------------------------------------------------------------------------------------------------------------------------- Trustees/Nominees Putnam Equity Income Fund Putnam Europe Equity Fund - --------------------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter $10,001-$50,000 2726.503 $10,001-$50,000 1215.293 - --------------------------------------------------------------------------------------------------------------------------------- Charles B. Curtis $1-$10,000 109.101 $1-$10,000 104.829 - --------------------------------------------------------------------------------------------------------------------------------- Myra R. Drucker - --------------------------------------------------------------------------------------------------------------------------------- Charles E. Haldeman, Jr. - --------------------------------------------------------------------------------------------------------------------------------- John A. Hill Over $100,000 10823.609 $1-$10,000 500.000 - --------------------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson $1-$10,000 299.929 $1-$10,000 244.253 - --------------------------------------------------------------------------------------------------------------------------------- Paul L. Joskow $50,001-$100,000 5588.703 $1-$10,000 533.109 - --------------------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan $10,001-$50,000 1498.501 $1-$10,000 361.022 - --------------------------------------------------------------------------------------------------------------------------------- John H. Mullin, III $10,001-$50,000 2392.515 $10,001-$50,000 665.610 - --------------------------------------------------------------------------------------------------------------------------------- Robert E. Patterson $10,001-$50,000 1315.648 $10,001-$50,000 1958.550 - --------------------------------------------------------------------------------------------------------------------------------- George Putnam, III $10,001-$50,000 1414.878 $10,001-$50,000 933.566 - --------------------------------------------------------------------------------------------------------------------------------- A.J.C. Smith $1-$10,000 502.204 $1-$10,000 159.520 - --------------------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens $1-$10,000 152.322 $1-$10,000 134.409 - --------------------------------------------------------------------------------------------------------------------------------- Richard B. Worley - --------------------------------------------------------------------------------------------------------------------------------- Dollar Range Shares Dollar Range Shares Dollar Range Shares of Shares Beneficially of Shares Beneficially of Shares Beneficially Owned Owned Owned Owned Owned Owned - --------------------------------------------------------------------------------------------------------------------------------- Trustees/Nominees The George Putnam Fund of Boston Putnam Global Equity Fund Putnam Global Natural Resources Fund - --------------------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter $50,001-$100,000 4084.25 $50,001-$100,000 7703.029 $10,001-$50,000 920.093 - --------------------------------------------------------------------------------------------------------------------------------- Charles B. Curtis $1-$10,000 248.590 $10,001-$50,000 5286.432 $1-$10,000 113.510 - --------------------------------------------------------------------------------------------------------------------------------- Myra R. Drucker - --------------------------------------------------------------------------------------------------------------------------------- Charles E. Haldeman, Jr. $10,001-$50,000 625.693 - --------------------------------------------------------------------------------------------------------------------------------- John A. Hill Over $100,000 19796.222 Over $100,000 29842.849 Over $100,000 6145.952 - --------------------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson $50,001-$100,000 5410.934 $1-$10,000 208.270 $10,001-$50,000 448.000 - --------------------------------------------------------------------------------------------------------------------------------- Paul L. Joskow $10,001-$50,000 1729.101 $1-$10,000 700.412 $1-$10,000 123.590 - --------------------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan $10,001-$50,000 1155.086 $10,001-$50,000 3889.666 $10,001-$50,000 805.519 - --------------------------------------------------------------------------------------------------------------------------------- John H. Mullin, III $10,001-$50,000 5249.942 $50,001-$100,000 8909.351 $10,001-$50,000 654.818 - --------------------------------------------------------------------------------------------------------------------------------- Robert E. Patterson $10,001-$50,000 1092.513 $50,001-$100,000 10394.483 $1-$10,000 281.389 - --------------------------------------------------------------------------------------------------------------------------------- George Putnam, III $50,001-$100,000 5592.022 Over $100,000 29645.314 $10,001-$50,000 1214.292 - --------------------------------------------------------------------------------------------------------------------------------- A.J.C. Smith $10,001-$50,000 1330.678 $10,001-$50,000 2311.026 $1-$10,000 266.030 - --------------------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens $1-$10,000 257.335 $1-$10,000 624.816 $1-$10,000 149.739 - --------------------------------------------------------------------------------------------------------------------------------- Richard B. Worley - --------------------------------------------------------------------------------------------------------------------------------- Dollar Range Shares Dollar Range Shares Dollar Range Shares of Shares Beneficially of Shares Beneficially of Shares Beneficially Owned Owned Owned Owned Owned Owned - --------------------------------------------------------------------------------------------------------------------------------- Trustees/Nominees The Putnam Fund for Growth and Income Putnam Growth Opportunities Fund Putnam Health Sciences Trust - --------------------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter Over $100,000 9,350.354 $10,001-$50,000 1537.221 Over 100,000 2167.541 - --------------------------------------------------------------------------------------------------------------------------------- Charles B. Curtis $10,001-$50,000 1924.766 $1-$10,000 105.029 $1-$10,000 100.00 - --------------------------------------------------------------------------------------------------------------------------------- Myra R. Drucker - --------------------------------------------------------------------------------------------------------------------------------- Charles E. Haldeman, Jr. $10,001-$50,000 817.797 - --------------------------------------------------------------------------------------------------------------------------------- John A. Hill Over $100,000 9913.376 $10,001-$50,000 2516.579 Over $100,000 3670.194 - --------------------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson Over $100,000 34075.751 $1-$10,000 193.855 $1-$10,000 100.00 - --------------------------------------------------------------------------------------------------------------------------------- Paul L. Joskow Over-$100,000 7489.43 $1-$10,000 578.797 $10,001-$50,000 436.772 - --------------------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan $10,001-$50,000 603.004 $10,001-$50,000 1007.462 $1-$10,000 100.00 - --------------------------------------------------------------------------------------------------------------------------------- John H. Mullin, III Over $100,000 4528.036 $10,001-$50,000 1152.083 $50,001-$100,000 1091.876 - --------------------------------------------------------------------------------------------------------------------------------- Robert E. Patterson $1-$10,000 522.329 $1-$10,000 688.172 $10,001-$50,000 230.980 - --------------------------------------------------------------------------------------------------------------------------------- George Putnam, III Over $100,000 42571.034 $10,001-$50,000 2762.012 $50,001-$100,000 939.498 - --------------------------------------------------------------------------------------------------------------------------------- A.J.C. Smith Over $100,000 6875.284 $1-$10,000 100.000 $10,001-$50,000 455.658 - --------------------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens Over $100,000 12731.639 $1-$10,000 101.018 $1-$10,000 138.237 - --------------------------------------------------------------------------------------------------------------------------------- Richard B. Worley - --------------------------------------------------------------------------------------------------------------------------------- Dollar Range Shares Dollar Range Shares Dollar Range Shares of Shares Beneficially of Shares Beneficially of Shares Beneficially Owned Owned Owned Owned Owned Owned - --------------------------------------------------------------------------------------------------------------------------------- Putnam International Putnam International Growth Trustees/Nominees Capital Opportunities Fund Putnam International Equity Fund and Income Fund - --------------------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter $10,001-$50,000 6392.319 Over $100,000 11,214.114 $1-$10,000 679.096 - --------------------------------------------------------------------------------------------------------------------------------- Charles B. Curtis $1-$10,000 105.802 $1-$10,000 199.030 $1-$10,000 105.036 - --------------------------------------------------------------------------------------------------------------------------------- Myra R. Drucker - --------------------------------------------------------------------------------------------------------------------------------- Charles E. Haldeman, Jr. $10,001-$50,000 710.359 $10,001-$50,000 1438.354 - --------------------------------------------------------------------------------------------------------------------------------- John A. Hill Over $100,000 8211.346 Over $100,000 14909.236 Over $100,000 22658.411 - --------------------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson $1-$10,000 214.242 $1-$10,000 253.162 $1-$10,000 518.251 - --------------------------------------------------------------------------------------------------------------------------------- Paul L. Joskow $1-$10,000 406.637 Over $100,000 5866.594 $1-$10,000 483.927 - --------------------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan $1-$10,000 1197.934 $10,001-$50,000 940.734 $1-$10,000 221.427 - --------------------------------------------------------------------------------------------------------------------------------- John H. Mullin, III Over $100,000 5036.801 $10,001-$50,000 2350.4 $1-$10,000 954.473 - --------------------------------------------------------------------------------------------------------------------------------- Robert E. Patterson $10,001-$50,000 427.582 $50,001-$100,000 2868.286 $1-$10,000 855.164 - --------------------------------------------------------------------------------------------------------------------------------- George Putnam, III $10,001-$50,000 1113.326 $10,001-$50,000 749.876 $10,001-$50,000 2218.493 - --------------------------------------------------------------------------------------------------------------------------------- A.J.C. Smith $1-$10,000 100.000 $1-$10,000 244.999 $1-$10,000 100.000 - --------------------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens $1-$10,000 119.660 $1-$10,000 179.103 $1-$10,000 149.025 - --------------------------------------------------------------------------------------------------------------------------------- Richard B. Worley - --------------------------------------------------------------------------------------------------------------------------------- Dollar Range Shares Dollar Range Shares Dollar Range Shares of Shares Beneficially of Shares Beneficially of Shares Beneficially Owned Owned Owned Owned Owned Owned - --------------------------------------------------------------------------------------------------------------------------------- Putnam International Trustees Trustees/Nominees New Opportunities Fund Putnam Investors Fund Putnam Mid Cap Value Fund - --------------------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter $10,001-$50,000 2,191.36 Over $100,000 13,204.415 $10,001-$50,000 2053.445 - --------------------------------------------------------------------------------------------------------------------------------- Charles B. Curtis $1-$10,000 102.166 $1-$10,000 102.415 $1-$10,000 105.982 - --------------------------------------------------------------------------------------------------------------------------------- Myra R. Drucker - --------------------------------------------------------------------------------------------------------------------------------- Charles E. Haldeman, Jr. $10,001-$50,000 1149.541 - --------------------------------------------------------------------------------------------------------------------------------- John A. Hill $1-$10,000 200.000 Over $100,000 25057.65 $1-$10,000 108.904 - --------------------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson $1-$10,000 313.103 Over $100,000 73276.008 $1-$10,000 352.798 - --------------------------------------------------------------------------------------------------------------------------------- Paul L. Joskow $10,001-$50,000 1243.015 $50,001-$100,000 7015.402 $1-$10,000 120.072 - --------------------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan $1-$10,000 197.710 $10,001-$50,000 1359.807 $1-$10,000 490.096 - --------------------------------------------------------------------------------------------------------------------------------- John H. Mullin, III $10,001-$50,000 3546.812 Over $100,000 8659.24 $50,001-$100,000 8192.574 - --------------------------------------------------------------------------------------------------------------------------------- Robert E. Patterson $10,001-$50,000 1335.641 $10,001-$50,000 1314.557 $1-$10,000 680.668 - --------------------------------------------------------------------------------------------------------------------------------- George Putnam, III $10,001-$50,000 1387.061 $10,001-$50,000 2437.122 $10,001-$50,000 2139.429 - --------------------------------------------------------------------------------------------------------------------------------- A.J.C. Smith $1-$10,000 100.00 $50,001-$100,000 8623.297 $1-$10,000 100.000 - --------------------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens $1-$10,000 148.014 $1-$10,000 115.677 $1-$10,000 100.000 - --------------------------------------------------------------------------------------------------------------------------------- Richard B. Worley - --------------------------------------------------------------------------------------------------------------------------------- Dollar Range Shares Dollar Range Shares of Shares Beneficially of Shares Beneficially Owned Owned Owned Owned - --------------------------------------------------------------------------------------------------------------------------------- Trustees/Nominees Putnam New Opportunities Fund Putnam New Value Fund - --------------------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter $50,001-$100,000 1,734.607 Over 100,000 6,881.741 - --------------------------------------------------------------------------------------------------------------------------------- Charles B. Curtis $50,001-$100,000 2254.69 $1-$10,000 107.243 - --------------------------------------------------------------------------------------------------------------------------------- Myra R. Drucker - --------------------------------------------------------------------------------------------------------------------------------- Charles E. Haldeman, Jr. $10,001-$50,000 909.242 - --------------------------------------------------------------------------------------------------------------------------------- John A. Hill $50,001-$100,000 2385.464 $50,001-$100,000 3872.531 - --------------------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson $1-$10,000 204.570 $1-$10,000 233.773 - --------------------------------------------------------------------------------------------------------------------------------- Paul L. Joskow $10,001-$50,000 1111.62 $1-$10,000 584.206 - --------------------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan $1-$10,000 100.000 $10,001-$50,000 1333.438 - --------------------------------------------------------------------------------------------------------------------------------- John H. Mullin, III Over $100,000 5927.957 $10,001-$50,000 2638.549 - --------------------------------------------------------------------------------------------------------------------------------- Robert E. Patterson $10,001-$50,000 1038.444 $10,001-$50,000 1325.964 - --------------------------------------------------------------------------------------------------------------------------------- George Putnam, III $10,001-$50,000 763.162 $10,001-$50,000 1398.657 - --------------------------------------------------------------------------------------------------------------------------------- A.J.C. Smith $10,001-$50,000 638.496 $1-$10,000 100.000 - --------------------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens $1-$10,000 133.948 $1-$10,000 143.838 - --------------------------------------------------------------------------------------------------------------------------------- Richard B. Worley - --------------------------------------------------------------------------------------------------------------------------------- Dollar Range Shares Dollar Range Shares Dollar Range Shares of Shares Beneficially of Shares Beneficially of Shares Beneficially Owned Owned Owned Owned Owned Owned - --------------------------------------------------------------------------------------------------------------------------------- Trustees/Nominees Putnam OTC & Emerging Growth Fund Putnam Research Fund Putnam Small Cap Growth Fund - --------------------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter $10,001-$50,000 2,704.695 $1-$10,000 414.462 $10,001-$50,000 705.048 - --------------------------------------------------------------------------------------------------------------------------------- Charles B. Curtis $1-$10,000 105.121 $1-$10,000 104.965 $10,001-$50,000 536.136 - --------------------------------------------------------------------------------------------------------------------------------- Myra R. Drucker - --------------------------------------------------------------------------------------------------------------------------------- Charles E. Haldeman, Jr. - --------------------------------------------------------------------------------------------------------------------------------- John A. Hill $10,001-$50,000 1951.847 $50,001-$100,000 3902.146 $10,001-$50,000 2144.691 - --------------------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson $10,001-$50,000 1968.372 Over $100,000 8167.352 $1-$10,000 206.855 - --------------------------------------------------------------------------------------------------------------------------------- Paul L. Joskow $1-$10,000 129.574 $50,001-$100,000 5449.857 $50,001-$100,000 4297.547 - --------------------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan $1-$10,000 1141.113 $10,001-$50,000 867.630 $10,001-$50,000 915.840 - --------------------------------------------------------------------------------------------------------------------------------- John H. Mullin, III $10,001-$50,000 6484.534 $10,001-$50,000 849.291 $50,001-$100,000 3996.697 - --------------------------------------------------------------------------------------------------------------------------------- Robert E. Patterson $1-$10,000 259.060 $1-$10,000 145.779 $1-$10,000 450.272 - --------------------------------------------------------------------------------------------------------------------------------- George Putnam, III $50,001-$100,000 10112.593 $10,001-$50,000 1738.068 $10,001-$50,000 1235.585 - --------------------------------------------------------------------------------------------------------------------------------- A.J.C. Smith $10,001-$50,000 3094.300 $1-$10,000 148.213 $1-$10,000 100.000 - --------------------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens $1-$10,000 144.331 $1-$10,000 100.000 $1-$10,000 100.000 - --------------------------------------------------------------------------------------------------------------------------------- Richard B. Worley - --------------------------------------------------------------------------------------------------------------------------------- Dollar Range Shares Dollar Range Shares of Shares Beneficially of Shares Beneficially Owned Owned Owned Owned - --------------------------------------------------------------------------------------------------------------------------------- Trustees/Nominees Putnam Small Cap Value Fund Putnam Tax Smart Equity Fund - --------------------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter $10,001-$50,000 1,867.779 $10,001-$50,000 1237.843 - --------------------------------------------------------------------------------------------------------------------------------- Charles B. Curtis $1-$10,000 108.025 $1-$10,000 102.210 - --------------------------------------------------------------------------------------------------------------------------------- Myra R. Drucker - --------------------------------------------------------------------------------------------------------------------------------- Charles E. Haldeman, Jr. $10,001-$50,000 1434.121 - --------------------------------------------------------------------------------------------------------------------------------- John A. Hill Over $100,000 13881.248 $10,001-$50,000 2475.685 - --------------------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson $1-$10,000 460.660 Over $100,000 11228.341 - --------------------------------------------------------------------------------------------------------------------------------- Paul L. Joskow $50,001-$100,000 2828.795 $50,000-$100,000 5392.129 - --------------------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan $10,001-$50,000 1355.865 $1-$10,000 106.693 - --------------------------------------------------------------------------------------------------------------------------------- John H. Mullin, III/ Over $100,000 6633.668 $10,001-$50,000 3840.080 - --------------------------------------------------------------------------------------------------------------------------------- Robert E. Patterson $1-$10,000 488.256 $1-$10,000 943.821 - --------------------------------------------------------------------------------------------------------------------------------- George Putnam, III $10,001-$50,000 1095.726 $10,001-$50,000 1305.767 - --------------------------------------------------------------------------------------------------------------------------------- A.J.C. Smith $1-$10,000 100.000 $1-$10,000 100.000 - --------------------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens $1-$10,000 100.000 $1-$10,000 100.000 - --------------------------------------------------------------------------------------------------------------------------------- Richard B. Worley - --------------------------------------------------------------------------------------------------------------------------------- Dollar Range Shares Dollar Range Shares of Shares Beneficially of Shares Beneficially Owned Owned Owned Owned - --------------------------------------------------------------------------------------------------------------------------------- Trustees/Nominees Putnam Utilities Growth and Income Fund Putnam Vista Fund - --------------------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter $10,001-$50,000 618.997 Over $100,000 13,673.755 - --------------------------------------------------------------------------------------------------------------------------------- Charles B. Curtis $1-$10,000 112.628 $1-$10,000 108.696 - --------------------------------------------------------------------------------------------------------------------------------- Myra R. Drucker - --------------------------------------------------------------------------------------------------------------------------------- Charles E. Haldeman, Jr. $10,001-$50,000 1759.930 - --------------------------------------------------------------------------------------------------------------------------------- John A. Hill $10,001-$50,000 3240.898 Over $100,000 24573.347 - --------------------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson $1-$10,000 816.839 $1-$10,000 565.702 - --------------------------------------------------------------------------------------------------------------------------------- Paul L. Joskow $1-$10,000 912.907 $10,001-$50,000 1657.718 - --------------------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan $1-$10,000 110.835 $1-$10,000 662.864 - --------------------------------------------------------------------------------------------------------------------------------- John H. Mullin, III/ $10,001-$50,000 2307.695 $50,001-$100,000 10343.971 - --------------------------------------------------------------------------------------------------------------------------------- Robert E. Patterson $1-$10,000 685.142 $10,001-$50,000 1479.233 - --------------------------------------------------------------------------------------------------------------------------------- George Putnam, III $10,001-$50,000 2076.560 $10,001-$50,000 4475.699 - --------------------------------------------------------------------------------------------------------------------------------- A.J.C. Smith $1-$10,000 248.838 $10,001-$50,000 3322.336 - --------------------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens $1-$10,000 162.025 $1-$10,000 177.190 - --------------------------------------------------------------------------------------------------------------------------------- Richard B. Worley - --------------------------------------------------------------------------------------------------------------------------------- Dollar Range Shares Dollar Range of Shares Beneficially of Shares Owned Owned Owned - --------------------------------------------------------------------------------------- Trustees/Nominees Putnam Voyager Fund All Funds - --------------------------------------------------------------------------------------- Jameson A. Baxter $1-$10,000 5,759.153 Over $100,000 - --------------------------------------------------------------------------------------- Charles B. Curtis $1-$10,000 108.848 Over $100,000 - --------------------------------------------------------------------------------------- Myra R. Drucker - --------------------------------------------------------------------------------------- Charles E. Haldeman, Jr. $10,001-$50,000 920.802 Over $100,000 - --------------------------------------------------------------------------------------- John A. Hill Over $100,000 23371.655 Over $100,000 - --------------------------------------------------------------------------------------- Ronald J. Jackson Over $100,000 8722.033 Over $100,000 - --------------------------------------------------------------------------------------- Paul L. Joskow Over $100,000 6528.631 Over $100,000 - --------------------------------------------------------------------------------------- Elizabeth T. Kennan $1-$10,000 297.444 Over $100,000 - --------------------------------------------------------------------------------------- John H. Mullin, III/ $50,001-$100,000 5970.143 Over $100,000 - --------------------------------------------------------------------------------------- Robert E. Patterson $50,001-$100,000 3829.659 Over $100,000 - --------------------------------------------------------------------------------------- George Putnam, III $10,001-$50,000 2182.800 Over $100,000 - --------------------------------------------------------------------------------------- A.J.C. Smith $50,001-$100,000 3762.124 Over $100,000 - --------------------------------------------------------------------------------------- W. Thomas Stephens $1-$10,000 148.108 Over $100,000 - --------------------------------------------------------------------------------------- Richard B. Worley - --------------------------------------------------------------------------------------- At [May 31, 2004], the Trustees and officers of each fund owned less than 1% of the outstanding shares of each class of each fund on that date.
* What are some of the ways in which the trustees represent shareholder interests? The Trustees believe that, as substantial investors in the Putnam funds, their interests are closely aligned with those of individual shareholders. Among other ways, the Trustees seek to represent shareholder interests: * by carefully reviewing your fund's investment performance on an individual basis with your fund's investment team; * by carefully reviewing the quality of the various other services provided to the funds and their shareholders by Putnam Management and its affiliates; * by discussing with senior management of Putnam Management steps being taken to address any performance deficiencies; * by conducting an in-depth review of the fees paid by each fund and by negotiating with Putnam Management to ensure that such fees remain reasonable and competitive with those of other mutual funds, while at the same time providing Putnam Management sufficient resources to continue to provide high quality services in the future; * by reviewing brokerage costs and fees, allocations among brokers, soft dollar expenditures and similar expenses of each fund; * by monitoring potential conflicts between the funds and Putnam Management and its affiliates to ensure that the funds continue to be managed in the best interests of their shareholders; and * by monitoring potential conflicts among funds to ensure that shareholders continue to realize the benefits of participation in a large and diverse family of funds. * How can shareholders communicate with the trustees? The Board of Trustees provides a process for shareholders to send communications to the Trustees. Shareholders may direct communications to the Board of Trustees as a whole or to specified individual Trustees by submitting them in writing to the following address: The Putnam Funds Attention: "Board of Trustees" or any specified Trustee(s) One Post Office Square Boston, Massachusetts 02109 The written communication must include the shareholder's name, be signed by the shareholder, refer to the Putnam fund(s) in which the shareholder holds shares, and include the class and number of shares held by the shareholder as of a recent date. The Office of the Trustees will respond to all correspondence sent to Trustees; however, due to the volume of correspondence, all communications are not sent directly to the Trustees. The correspondence is reviewed, summarized and presented to Trustees on a periodic basis. * How often do the trustees meet? The Trustees meet each month (except August) over a two-day period to review the operations each Putnam fund. A portion of these meetings is devoted to meetings of various committees of the board which focus on particular matters. Each Trustee generally attends at least two formal committee meetings during each regular meeting of the Trustees. During 2003, the average Trustee participated in approximately 49 committee and board meetings. In addition, the Trustees meet in small groups with Chief Investment Officers, Portfolio Leaders and Portfolio Members to review recent performance and the current investment climate for selected funds. These meetings ensure that each fund's performance is reviewed in detail at least twice a year. The Contract Committee typically meets on several additional occasions during the year to carry out its responsibilities. Other committees, including the Executive Committee, may also meet on special occasions as the need arises. The number of times each committee met during calendar year 2003 is shown in the table below: Audit and Pricing Committee 15 - ---------------------------------------------------- Board Policy and Nominating Committee 7 - ---------------------------------------------------- Brokerage and Custody Committee 4 - ---------------------------------------------------- Communication, Service and Marketing Committee 9 - ---------------------------------------------------- Contract Committee 14 - ---------------------------------------------------- Distributions Committee 6 - ---------------------------------------------------- Executive Committee 1 - ---------------------------------------------------- Investment Oversight Committees 30 - ---------------------------------------------------- Your fund does not have a policy with regard to Trustees' attendance at shareholder meetings. The funds are not required under their Agreements and Declarations of Trust to hold annual meetings. * What are the trustees paid for their services? Each Trustee of your fund receives a fee for his or her services. Each Trustee also receives fees for serving as Trustee of the other Putnam funds. Each Trustee receives an annual fee and an additional fee for each Trustees' meeting attended. Trustees who are not "interested persons" of Putnam Management (as such term is defined in the 1940 Act) and who serve on committees of the Trustees receive additional fees for attendance at certain committee meetings and for special services rendered in that connection. All of the current Trustees are Trustees of all the Putnam funds and each receives fees for his or her services. The Trustees periodically review their fees to ensure that such fees continue to be appropriate in light of their responsibilities as well as in relation to fees paid to trustees of other mutual fund complexes. The Board Policy and Nominating Committee, which consists only of Trustees who are not "interested persons" of your fund or Putnam Management (as such term is defined in the 1940 Act), estimates that Committee and Trustee meeting time, together with the appropriate preparation, requires the equivalent of at least three business days per Trustee meeting. The following table shows the fees paid to each current Trustee by your fund for its most recent fiscal year and the fees paid to each current Trustee by all of the Putnam funds during calendar year 2003:
COMPENSATION TABLE Retirement Retirement benefits benefits Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses - ---------------------------------------------------------------------------------------- Putnam Asset Allocation: Putnam Asset Allocation: Trustees Balanced Portfolio Conservative Portfolio - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $2,519 $789 $1,558 $434 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 2,470 632 1,529 345 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 4,246 936 2,614 515 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 2,471 732 1,531 402 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 2,495 606 1,542 335 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 2,483 963 1,524 530 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 2,501 926 1,545 512 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 2,501 524 1,545 288 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 3,088 431 1,905 237 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) 0 997 0 548 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 2,455 848 1,516 470 - ---------------------------------------------------------------------------------------- Retirement Retirement benefits benefits Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses - ---------------------------------------------------------------------------------------- Putnam Asset Allocation: Putnam Capital Trustees Growth Portfolio Appreciation Fund - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $2,309 $668 $1,931 $551 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 2,264 549 1,419 378 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 3,892 787 3,117 676 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 2,264 618 1,877 519 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 2,286 496 1,903 505 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 2,275 811 1,928 693 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 2,292 759 1,914 764 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 2,292 442 1,914 373 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 2,830 363 2,359 312 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) 0 839 0 716 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 2,250 694 1,891 708 - ---------------------------------------------------------------------------------------- Retirement Retirement benefits benefits Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses - ---------------------------------------------------------------------------------------- Putnam Capital Putnam Classic Trustees Opportunities Fund Equity Fund - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $1,793 $395 $2,386 $731 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 1,757 277 2,360 633 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 2,962 481 4,020 851 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 1,754 371 2,395 673 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 1,773 353 2,361 500 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 1,788 494 2,343 878 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 1,777 535 2,369 771 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 1,777 267 2,372 479 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 2,195 222 2,939 392 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) 0 510 0 910 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 1,759 495 2,337 700 - ---------------------------------------------------------------------------------------- Retirement Retirement Retirement benefits benefits benefits Aggregate accrued as Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses from the fund expenses - ------------------------------------------------------------------------------------------------------------------- Putnam Convertible Putnam Discovery Putnam Equity Trustees Income-Growth Trust Growth Fund Income Fund - ------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $1,347 $396 $3,146 $958 $3,298 $789 - ------------------------------------------------------------------------------------------------------------------- Charles B. Curtis/2001 1,333 334 3,112 851 3,264 685 - ------------------------------------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 2,269 463 5,299 1,107 5,530 917 - ------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 1,352 365 3,158 879 3,313 726 - ------------------------------------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 1,333 282 3,148 627 3,251 537 - ------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 1,323 478 3,091 1,143 3,226 946 - ------------------------------------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 1,338 433 3,124 970 3,274 828 - ------------------------------------------------------------------------------------------------------------------- Robert E. Patterson/1984 1,339 260 3,127 625 3,279 517 - ------------------------------------------------------------------------------------------------------------------- George Putnam, III/1984(7) 1,660 214 3,878 510 4,055 423 - ------------------------------------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) 0 496 NA 1,185 NA 981 - ------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 1,319 394 3,081 878 3,226 752 - ------------------------------------------------------------------------------------------------------------------- Retirement Retirement benefits benefits Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses - ---------------------------------------------------------------------------------------- Putnam Europe The George Putnam Trustees Equity Fund Fund of Boston - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $1,733 $536 $5,050 $1,476 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 1,697 382 4,953 1,121 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 2,859 653 8,511 1,771 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 1,693 503 4,955 1,376 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 1,712 474 5,003 1,212 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 1,728 670 4,976 1,821 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 1,717 718 5,013 1,845 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 1,717 362 5,013 987 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 2,119 301 6,192 817 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) 0 692 0 1,883 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 1,700 663 4,922 1,698 - ---------------------------------------------------------------------------------------- Retirement Retirement benefits benefits Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses - ---------------------------------------------------------------------------------------- Putnam Global Putnam Global Natural Trustees Equity Fund Resources Fund - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $4,508 $1,449 $1,031 $264 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 4,458 1,196 1,012 211 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 7,594 1,705 1,677 314 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 4,524 1,340 1,013 245 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 4,460 1,066 1,022 204 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 4,427 1,757 1,017 323 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 4,475 1,635 1,024 311 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 4,480 957 1,024 175 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 5,553 786 1,244 145 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) NA 1,820 0 334 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 4,415 1,493 1,007 285 - ---------------------------------------------------------------------------------------- Retirement Retirement benefits benefits Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses - ---------------------------------------------------------------------------------------- The Putnam Fund Putnam Growth Trustees for Growth and Income Opportunities Fund - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $10,730 $3,330 $3,128 $1,047 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 10,609 2,796 3,066 776 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 18,080 3,902 5,275 1,263 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 10,766 3,073 3,065 978 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 10,612 2,389 3,096 884 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 10,534 4,023 3,083 1,298 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 10,650 3,669 3,105 1,344 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 10,663 2,193 3,105 702 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 13,213 1,799 3,832 582 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) 0 4,197 0 1,341 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 10,508 3,344 3,048 1,239 - ---------------------------------------------------------------------------------------- Retirement Retirement benefits benefits Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses - ---------------------------------------------------------------------------------------- Putnam Health Putnam International Trustees Sciences Trust Capital Opportunities Fund - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $4,763 $1,390 $2,617 $744 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 4,670 1,101 2,566 594 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 8,029 1,653 4,413 883 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 4,670 1,291 2,566 691 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 4,716 1,084 2,592 574 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 4,694 1,701 2,580 909 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 4,728 1,655 2,598 877 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 4,728 924 2,598 494 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 5,838 762 3,209 407 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) NA 1,761 0 940 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 4,647 1,581 2,551 804 - ---------------------------------------------------------------------------------------- Retirement Retirement benefits benefits Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses - ---------------------------------------------------------------------------------------- Putnam International Putnam International Trustees Equity Fund Growth and Income Fund - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $6,919 $2,041 $1,465 $409 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 6,777 1,501 1,434 305 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 11,514 2,466 2,437 493 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 6,762 1,908 1,431 382 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 6,847 1,739 1,449 344 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 6,914 2,534 1,464 507 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 6,862 2,641 1,453 522 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 6,862 1,370 1,453 274 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 8,486 1,137 1,796 227 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) 0 2,618 0 524 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 6,785 2,436 1,436 481 - ---------------------------------------------------------------------------------------- Retirement Retirement benefits benefits Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses - ---------------------------------------------------------------------------------------- Putnam International Trustees New Opportunities Fund Putnam Investors Fund - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $1,930 $567 $5,386 $1,617 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 1,889 452 5,279 1,233 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 3,252 672 9,087 1,938 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 1,881 526 5,277 1,507 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 1,906 437 5,333 1,321 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 1,908 692 5,312 1,993 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 1,917 669 5,347 2,012 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 1,917 376 5,347 1,080 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 2,363 310 6,601 894 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) NA 717 0 2,062 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 1,879 613 5,250 1,850 - ---------------------------------------------------------------------------------------- Retirement benefits Aggregate accrued as Compensation part of fund from the fund expenses - ---------------------------------------------------------------------------------------- Putnam Mid Cap Trustees Value Fund - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $1,397 $278 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 1,369 203 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 2,325 337 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 1,366 260 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 1,383 239 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 1,396 346 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 1,385 363 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 1,385 187 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 1,714 155 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) 0 357 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 1,369 335 - ---------------------------------------------------------------------------------------- Retirement Retirement benefits benefits Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses - ---------------------------------------------------------------------------------------- Putnam New Putnam New Trustees Opportunities Fund Value Fund - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $7,394 $2,254 $2,364 $666 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 7,239 1,644 2,319 532 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 12,277 2,729 3,986 789 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 7,218 2,109 2,319 617 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 7,310 1,939 2,342 512 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 7,385 2,803 2,330 813 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 7,330 2,942 2,347 783 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 7,330 1,515 2,347 442 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 9,054 1,258 2,952 364 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) 0 2,897 0 840 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 7,251 2,716 2,304 718 - ---------------------------------------------------------------------------------------- Retirement Retirement benefits benefits Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses - ---------------------------------------------------------------------------------------- Putnam OTC & Trustees Emerging Growth Fund Putnam Research Fund - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $3,032 $1,005 $2,603 $738 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 2,972 747 2,552 568 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 5,113 1,211 4,388 883 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 2,972 939 2,552 687 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 3,002 846 2,578 596 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 2,988 1,245 2,565 908 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 3,010 1,286 2,583 908 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 3,010 674 2,583 493 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 3,715 558 3,190 407 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) 0 1,287 0 939 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 2,955 1,185 2,536 835 - ---------------------------------------------------------------------------------------- Retirement Retirement Retirement benefits benefits benefits Aggregate accrued as Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses from the fund expenses - ------------------------------------------------------------------------------------------------------------------- Putnam Small Cap Putnam Small Cap Putnam Tax Smart Trustees Growth Fund Value Fund Equity Fund - ------------------------------------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $411 $80 $1,897 $511 $872 $274 - ------------------------------------------------------------------------------------------------------------------- Charles B. Curtis/2001 403 66 1,816 313 862 227 - ------------------------------------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 685 94 3,131 640 1,469 322 - ------------------------------------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 402 74 1,827 485 875 253 - ------------------------------------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 407 59 1,802 517 862 200 - ------------------------------------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 411 97 1,802 655 856 332 - ------------------------------------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 408 91 1,844 778 866 306 - ------------------------------------------------------------------------------------------------------------------- Robert E. Patterson/1984 408 53 1,854 351 867 181 - ------------------------------------------------------------------------------------------------------------------- George Putnam, III/1984(7) 505 44 2,230 295 1,074 148 - ------------------------------------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) NA 101 NA 676 0 343 - ------------------------------------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 403 83 1,793 725 854 280 - ------------------------------------------------------------------------------------------------------------------- Retirement Retirement benefits benefits Aggregate accrued as Aggregate accrued as Compensation part of fund Compensation part of fund from the fund expenses from the fund expenses - ---------------------------------------------------------------------------------------- Putnam Utilities Growth Trustees and Income Fund Putnam Vista Fund - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $1,396 $451 $4,552 $1,344 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 1,380 371 4,463 1,025 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 2,351 531 7,676 1,611 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 1,401 417 4,462 1,253 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 1,381 332 4,507 1,098 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 1,370 547 4,487 1,657 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 1,386 510 4,519 1,671 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 1,387 298 4,519 898 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 1,719 245 5,579 743 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) NA 566 NA 1,713 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 1,367 465 4,436 1,537 - ---------------------------------------------------------------------------------------- Retirement Estimated benefits annual benefits Total Aggregate accrued as from all Putnam compensation Compensation part of fund funds upon from all from the fund expenses retirement Putnam funds - ---------------------------------------------------------------------------------------- Trustees Putnam Voyager Fund For All Funds - ---------------------------------------------------------------------------------------- Jameson A. Baxter/1994(5) $10,472 $3,114 $215,500 $100,000 - ---------------------------------------------------------------------------------------- Charles B. Curtis/2001 10,266 2,372 210,250 100,000 - ---------------------------------------------------------------------------------------- John A. Hill/1985(5)(7) 17,658 3,734 413,625 200,000 - ---------------------------------------------------------------------------------------- Ronald J. Jackson/1996(5) 10,264 2,902 214,500 100,000 - ---------------------------------------------------------------------------------------- Paul L. Joskow/1997(5) 10,368 2,547 215,250 100,000 - ---------------------------------------------------------------------------------------- Elizabeth T. Kennan/1992 10,320 3,840 207,000 100,000 - ---------------------------------------------------------------------------------------- John H. Mullin, III/1997(5) 10,395 3,878 208,750 100,000 - ---------------------------------------------------------------------------------------- Robert E. Patterson/1984 10,395 2,080 206,500 100,000 - ---------------------------------------------------------------------------------------- George Putnam, III/1984(7) 12,832 1,721 260,500 125,000 - ---------------------------------------------------------------------------------------- A.J.C. Smith/1986(6) 0 3,970 0 93,333 - ---------------------------------------------------------------------------------------- W. Thomas Stephens/1997(5) 10,205 3,568 206,500 100,000 - ----------------------------------------------------------------------------------------
(1) Includes an annual retainer and an attendance fee for each meeting attended. (2) Assumes that each Trustee retires at the normal retirement date. For Trustees who are not within three years of retirement, estimated benefits for each Trustee are based on Trustee fee rates in effect during calendar 2003. (3) As of December 31, 2003, there were 101 funds in the Putnam family. For Mr. Hill, amounts shown also include compensation for service as a trustee of TH Lee, Putnam Emerging Opportunities Portfolio, a closed-end fund advised by an affiliate of Putnam Management. (4) Includes amounts (ranging from $2,000 to $11,000 per Trustee) for which the Putnam funds were reimbursed by Putnam Management for special Board and committee meetings in connection with certain regulatory and other matters relating to alleged improper trading by certain Putnam Management employees and participants in certain 401(k) plans administered by Putnam Fiduciary Trust Company. (5) Includes compensation deferred pursuant to a Trustee Compensation Deferral Plan. As of the dates indicated below, the total amounts of deferred compensation payable by the fund, including income earned on such amounts, were as follows:
Putnam Putnam Putnam Putnam Putnam Asset Asset Asset Capital Capital Allocation: Allocation: Allocation: Appre- Oppor- Balanced Conservative Growth ciation tunities Portfolio Portfolio Portfolio Fund Fund (Sept. 30, (Sept. 30, (Sept. 30, (May 31, (April 30, 2003) 2003) 2003) 2003) 2003) - -------------------------------------------------------------------------------------------------- Baxter $5,888 $1,165 $4,963 $8,909 $905 - -------------------------------------------------------------------------------------------------- Hill 16,268 3,219 13,712 23,602 2,398 - -------------------------------------------------------------------------------------------------- Jackson 8,290 1,640 6,988 11,914 1,211 - -------------------------------------------------------------------------------------------------- Joskow 6,216 1,230 5,240 9,069 921 - -------------------------------------------------------------------------------------------------- Mullin 6,735 1,332 5,677 10,207 1,037 - -------------------------------------------------------------------------------------------------- Stephens 2,645 523 2,229 3,993 406 - -------------------------------------------------------------------------------------------------- The Putnam Putnam Putnam Putnam Putnam George Classic Convertible Discovery Equity Europe Putnam Equity Income- Growth Income Equity Fund Fund Growth Trust Fund Fund Fund of Boston (Nov. 30, (Oct. 31, (Dec, 31, (Nov. 30, (June 30, (July 31, 2003) 2003) 2003) 2003) 2003) 2003) - ------------------------------------------------------------------------------------------------------------------ Baxter $9,991 $6,665 $10,668 $7,353 $6,392 $19,003 - ------------------------------------------------------------------------------------------------------------------ Hill 28,685 19,137 30,722 21,111 16,933 52,508 - ------------------------------------------------------------------------------------------------------------------ Jackson 14,722 9,826 15,756 10,835 8,552 26,755 - ------------------------------------------------------------------------------------------------------------------ Joskow 10,871 7,249 11,624 8,000 6,513 20,034 - ------------------------------------------------------------------------------------------------------------------ Mullin 11,421 7,621 12,193 8,406 7,321 21,753 - ------------------------------------------------------------------------------------------------------------------ Stephens 4,484 2,993 4,798 3,300 2,870 8,528 - ------------------------------------------------------------------------------------------------------------------ The Putnam Putnam Putnam Putnam Global Fund for Growth Putnam Global Natural Growth Oppor- Health Equity Resources and tunities Sciences Fund Fund Income Fund Trust (Oct. 31, (Aug. 31, (Oct. 31, (July 31, (Aug. 31, 2003) 2003) 2003) 2003) 2003) - -------------------------------------------------------------------------------------------------- Baxter $22,888 $616 $75,982 $7,336 $15,201 - -------------------------------------------------------------------------------------------------- Hill 65,719 1,702 218,171 20,270 42,001 - -------------------------------------------------------------------------------------------------- Jackson 33,745 867 112,025 10,328 21,393 - -------------------------------------------------------------------------------------------------- Joskow 24,894 650 82,644 7,734 16,033 - -------------------------------------------------------------------------------------------------- Mullin 26,171 705 86,881 8,397 17,397 - -------------------------------------------------------------------------------------------------- Stephens 10,277 276 34,117 3,292 6,817 - -------------------------------------------------------------------------------------------------- Putnam Putnam Inter- Inter- Putnam Putnam national national International Inter- Growth New Capital national and Oppor- Putnam Opportunities Equity Income tunities Investors Fund Fund Fund Fund Fund (Aug. 31, (June 30, (June 30, (Sept. 30, (July 31, 2003) 2003) 2003) 2003) 2003) - -------------------------------------------------------------------------------------------------- Baxter $1,730 $18,253 $2,767 $8,719 $17,124 - -------------------------------------------------------------------------------------------------- Hill 4,780 48,351 7,328 24,088 47,316 - -------------------------------------------------------------------------------------------------- Jackson 2,435 24,419 3,701 12,275 24,109 - -------------------------------------------------------------------------------------------------- Joskow 1,825 18,598 2,819 9,205 18,053 - -------------------------------------------------------------------------------------------------- Mullin 1,980 20,903 3,168 9,973 19,602 - -------------------------------------------------------------------------------------------------- Stephens 776 8,195 1,242 3,916 7,684 - -------------------------------------------------------------------------------------------------- Putnam Putnam Putnam New Putnam OTC & Mid Cap Oppor- New Emerging Value tunities Value Growth Fund Fund Fund Fund (April 30, (June 30, (Aug. 31, (July 31, 2003) 2003) 2003) 2003) - -------------------------------------------------------------------------------------------------- Baxter $652 $51,699 $4,404 $16,520 - -------------------------------------------------------------------------------------------------- Hill 1,727 136,866 12,170 45,647 - -------------------------------------------------------------------------------------------------- Jackson 872 69,123 6,199 23,259 - -------------------------------------------------------------------------------------------------- Joskow 663 52,645 4,646 17,416 - -------------------------------------------------------------------------------------------------- Mullin 747 59,171 5,041 18,910 - -------------------------------------------------------------------------------------------------- Stephens 292 23,197 1,975 7,413 - -------------------------------------------------------------------------------------------------- Putnam Utilities Putnam Putnam Growth Putnam Small Cap Small Cap Putnam and Putnam Research Growth Value Tax Smart Income Vista Fund Fund Fund Equity Fund Fund Fund (July 31, (June 30, (Feb. 29, (Oct. 31, (Oct. 31, (July 31, 2003) 2003) 2003) 2003) 2003) 2003) - ------------------------------------------------------------------------------------------------------------------ Baxter $1,710 $179 $830 $709 $7,024 $19,769 - ------------------------------------------------------------------------------------------------------------------ Hill 4,725 474 2,108 2,035 20,168 54,625 - ------------------------------------------------------------------------------------------------------------------ Jackson 2,408 240 1,054 1,045 10,356 27,834 - ------------------------------------------------------------------------------------------------------------------ Joskow 1,803 182 815 771 7,640 20,842 - ------------------------------------------------------------------------------------------------------------------ Mullin 1,957 205 953 811 8,031 22,630 - ------------------------------------------------------------------------------------------------------------------ Stephens 767 80 372 318 3,154 8,871 - ------------------------------------------------------------------------------------------------------------------ Putnam Voyager Fund (July 31, 2003) - -------------------------------------------------------------------------------------------------- Baxter $58,337 - -------------------------------------------------------------------------------------------------- Hill 161,193 - -------------------------------------------------------------------------------------------------- Jackson 82,134 - -------------------------------------------------------------------------------------------------- Joskow 61,502 - -------------------------------------------------------------------------------------------------- Mullin 66,778 - -------------------------------------------------------------------------------------------------- Stephens 26,179 - --------------------------------------------------------------------------------------------------
(6) Since July 1, 2000, Marsh & McLennan Companies, Inc. has compensated Mr. Smith for his service as Trustee. The estimated annual retirement benefits shown in this table for Mr. Smith reflect benefits earned under the funds' retirement plan prior to July 1, 2000. (7) Includes additional compensation to Messrs. Hill and Putnam for service as Chairman of the Trustees and President of the Funds, respectively. (8) Putnam Floating Rate Income Fund and Putnam Prime Money Market Fund commenced operations after December 31, 2003. Under a Retirement Plan for Trustees of the Putnam funds (the "Plan"), each Trustee who retires with at least five years of service as a Trustee of the funds is entitled to receive an annual retirement benefit equal to one-half of the average annual compensation paid to such Trustee for the last three years of service prior to retirement. This retirement benefit is payable during a Trustee's lifetime, beginning the year following retirement, for a number of years equal to such Trustee's years of service. A death benefit, also available under the Plan, assures that the Trustee and his or her beneficiaries will receive benefit payments for the lesser of an aggregate period of (i) ten years or (ii) such Trustee's total years of service. The Plan Administrator (a committee comprised of Trustees that are not "interested persons" of the fund, as defined in the 1940 Act) may terminate or amend the Plan at any time, but no termination or amendment will result in a reduction in the amount of benefits (i) currently being paid to a Trustee at the time of such termination or amendment, or (ii) to which a current Trustee would have been entitled had he or she retired immediately prior to such termination or amendment. 2. Adoption of Standardized Fundamental Investment Restrictions As described in the following proposals, the Trustees recommend that shareholders of the affected funds approve the elimination of and revisions to certain fundamental investment restrictions currently observed by such funds. Generally, the purpose of these proposed changes is to increase each fund's investment flexibility and reduce administrative and compliance burdens by simplifying and making uniform these fundamental investment restrictions. Background. The 1940 Act requires registered investment companies like the funds to have "fundamental" investment restrictions governing certain of its investment practices. Investment companies may also voluntarily designate restrictions relating to other investment practices as fundamental. "Fundamental" investment restrictions can be changed only by a shareholder vote. The proposed elimination of and revisions to certain of the fundamental investment restrictions of the funds are discussed below. By eliminating those fundamental investment restrictions that are not required and revising those fundamental investment restrictions that are required, the Trustees believe that Putnam Management will be better able to manage the funds in a changing regulatory or investment environment. In addition, the process of monitoring the funds' compliance with investment restrictions will be simplified. To the extent multiple proposals apply to the same fund, the adoption of any of these proposals is not contingent on the adoption of any other proposal. 2.A. Amending Fundamental Investment Restrictions with Respect to Borrowing. Affected funds: Putnam Asset Allocation: Balanced Portfolio Putnam Asset Allocation: Conservative Portfolio Putnam Asset Allocation: Growth Portfolio Putnam Capital Appreciation Fund Putnam Classic Equity Fund Putnam Convertible Income-Growth Trust Putnam Discovery Growth Fund Putnam Equity Income Fund Putnam Europe Equity Fund The George Putnam Fund of Boston Putnam Global Equity Fund Putnam Global Natural Resources Fund The Putnam Fund for Growth and Income Putnam Growth Opportunities Fund Putnam Health Sciences Trust Putnam International Capital Opportunities Fund Putnam International Equity Fund Putnam International Growth and Income Fund Putnam International New Opportunities Fund Putnam Investors Fund Putnam New Opportunities Fund Putnam New Value Fund Putnam OTC & Emerging Growth Fund Putnam Research Fund Putnam Utilities Growth and Income Fund Putnam Vista Fund Putnam Voyager Fund The Trustees are recommending that each affected fund's fundamental investment restriction with respect to borrowing be revised to reflect the standard restriction expected to be used by other Putnam funds. Under the 1940 Act, a fund may borrow up to 33 1/3% of its total assets. Generally, each of the affected fund's current restriction is more restrictive. Exhibit B lists the current fundamental investment restrictions with respect to borrowing of each of the affected funds. The proposed fundamental investment restriction is set forth below: "The fund may not. . . [b]orrow money in excess of 33 1/3% of the value of its total assets (not including the amount borrowed) at the time the borrowing is made." If the proposed change is approved, each affected fund will not be restricted to borrowing only for redemption requests or for extraordinary or emergency purposes, and would not be limited to borrowing only from banks. The new restriction would not prohibit an affected fund from borrowing for leveraging purposes, although Putnam Management currently has no intention of borrowing for such purposes. If a fund were to borrow money, its net assets would tend to increase or decrease to a greater extent with market changes than if the fund had not borrowed money. Putnam Management believes that this enhanced flexibility could assist each affected fund in achieving its investment objective. In circumstances in which an affected fund's available cash is not sufficient to meet, among other things, shareholder redemptions, Putnam Management believes that it may be advantageous at times for an affected fund to borrow money instead of raising cash by selling its portfolio securities, which could be disruptive to the fund's investment strategy. In a separate proposal (see Proposal 2.B. below), shareholders of these affected funds are being asked to approve an amendment to each affected fund's restriction on lending. The proposed revisions would, subject to the limitations discussed below, permit an affected fund to participate in an "interfund lending program," which would allow the fund, through a master loan agreement, to lend available cash to and borrow from other Putnam funds. As stated above, certain of the affected funds may currently borrow money only from banks. Each affected fund would be able to borrow money under the interfund lending program only if the interest rate on the loan is more favorable to the fund than the interest rates otherwise available for short-term bank loans, as well as being more favorable to the lending fund than available repurchase agreement rates. Putnam Management believes that the ability to engage in such borrowing transactions will allow an affected fund to pay lower interest rates on its borrowings. An affected fund could, in certain circumstances, have its loan recalled by a lending fund on one day's notice. In these circumstances, the fund might have to borrow from a bank at a higher interest rate if loans were not available from other Putnam funds. The Putnam funds have received an exemptive order from the SEC which permits interfund lending between Putnam funds so long as certain conditions are satisfied. Required Vote. Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected fund, or (2) 67% or more of the shares of the affected fund present at the meeting if more than 50% of the outstanding shares of such affected fund are present at the meeting in person or by proxy. 2.B. Amending Fundamental Investment Restrictions with Respect to Making Loans. Affected funds: Putnam Asset Allocation: Balanced Portfolio Putnam Asset Allocation: Conservative Portfolio Putnam Asset Allocation: Growth Portfolio Putnam Capital Appreciation Fund Putnam Classic Equity Fund Putnam Convertible Income-Growth Trust Putnam Discovery Growth Fund Putnam Equity Income Fund Putnam Europe Equity Fund The George Putnam Fund of Boston Putnam Global Equity Fund Putnam Global Natural Resources Fund The Putnam Fund for Growth and Income Putnam Growth Opportunities Fund Putnam Health Sciences Trust Putnam International Capital Opportunities Fund Putnam International Equity Fund Putnam International Growth and Income Fund Putnam International New Opportunities Fund Putnam Investors Fund Putnam New Opportunities Fund Putnam New Value Fund Putnam OTC & Emerging Growth Fund Putnam Research Fund Putnam Utilities Growth and Income Fund Putnam Vista Fund Putnam Voyager Fund The Trustees are recommending that each affected fund's fundamental investment restriction with respect to making loans be revised to reflect the standard restriction used by other Putnam funds, to remove any limitations on each affected fund's ability to enter into repurchase agreements and securities loans, and to clarify that each affected fund is permitted (subject to the limitation discussed above) to participate in the proposed interfund lending program described in Proposal 2.A. Each affected fund currently has one of the following investment restrictions which states that such affected fund may not: "Make loans, except by purchase of debt obligations in which the fund may invest consistent with its investment policies, by entering into repurchase agreements, or by lending its portfolio securities." (All affected funds except Putnam Classic Equity Fund, Putnam Growth Opportunities Fund, Putnam International Capital Opportunities Fund, Putnam International New Opportunities Fund, Putnam New Value Fund and Putnam Research Fund.) OR "Make loans, except by purchase of debt obligations in which the fund may invest consistent with its investment policies, by entering into repurchase agreements with respect to not more than 25% of its total assets (taken at current value) or through the lending of its portfolio securities with respect to no more than 25% of its total assets (taken at current value)." (Putnam Classic Equity Fund, Putnam Growth Opportunities Fund, Putnam International Capital Opportunities Fund, Putnam International New Opportunities Fund, Putnam New Value Fund and Putnam Research Fund.) The proposed amended fundamental investment restriction is set forth below: "The fund may not. . . [m]ake loans, except by purchase of debt obligations in which the fund may invest consistent with its investment policies, by entering into repurchase agreements, or by lending its portfolio securities." Following the amendment, each affected fund may, consistent with its investment objective and policies and applicable law, enter into repurchase agreements and securities loans without limit. Putnam Management believes that this increased investment flexibility could assist each affected fund in achieving its investment objective. When a fund enters into a repurchase agreement, it typically purchases a security for a relatively short period (usually not more than one week), which the seller agrees to repurchase at a fixed time and price, representing the fund's cost plus interest. When a fund enters into a securities loan, it lends certain of its portfolio securities to broker-dealers or other parties, typically in exchange for a portion of the interest earned on the collateral posted by the borrower. These transactions must be fully collateralized at all times, but involve some risk to the fund if the borrower should default on its obligation. If the borrower in these transactions should become involved in bankruptcy insolvency proceedings, it is possible that the fund may be treated as an unsecured creditor and be required to return the underlying collateral to the other party's estate. If the proposal is approved, each affected fund would be able to participate in an interfund lending program and make loans to other Putnam funds for short-term purposes. As discussed in Proposal 2.A, a fund would only make loans under the program if it could receive an interest rate higher than those available for repurchase agreements. There is a risk that a fund could experience a delay in obtaining prompt repayment of a loan and, unlike repurchase agreements, the fund would not necessarily have received collateral for its loan. A delay in obtaining prompt payment could cause a fund to miss an investment opportunity or to incur costs to borrow money to replace the delayed payment. Required vote. Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of each affected fund, or (2) 67% or more of the shares of each affected fund present at the meeting if more than 50% of the outstanding shares of such fund are present at the meeting in person or by proxy. 2.C. Amending Fundamental Investment Restrictions with Respect to Diversification of Investments. Affected funds: All funds. The Trustees recommend that each affected fund's fundamental investment restriction with respect to the diversification of its investments be revised to reflect the standard restriction expected to be used by the other Putnam funds, depending on whether the affected fund is a "diversified" fund or a "non-diversified" fund. Under the 1940 Act, a "diversified" fund generally may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of any one issuer (except U.S. government securities, cash, cash items or the securities of other regulated investment companies). The remaining 25% of the fund's total assets is not subject to this restriction. A "non-diversified" fund is not subject to the 1940 Act restriction discussed above, but is only subject to the rules under the Internal Revenue Code of 1986, as amended (the "Code"), which require that a fund diversify its holdings at the end of each fiscal quarter such that, with respect to 50% of the fund's total assets, the fund does not have more than 5% of its total assets invested in any one issuer. The remaining 50% of the fund's assets is not subject to this 5% limitation, although with respect to that portion of its assets the fund may not invest more than 25% in any issuer. Neither of these Code requirements applies to U.S. government securities, cash, cash items or the securities of other regulated investment companies. Exhibit C lists the current fundamental investment restrictions with respect to diversification of investments of each of the affected funds. The proposed amended fundamental investment restrictions are set forth below: "The fund may not ... [w]ith respect to 50% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies." (Putnam Health Sciences Trust only.) OR "The fund may not ... [w]ith respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies." (For all funds except Putnam Health Sciences Trust.) If the proposed change is approved, each affected fund will continue to be able to invest up to 25% of its total assets in the securities of any one issuer. The amended restrictions would continue to exclude from its limitations U.S. government securities, cash and cash items, and would also exclude from its limitations securities of other investment companies. The proposed changes would not result in a "diversified" fund becoming a "non-diversified" fund, or a "non-diversified" fund becoming a "diversified" fund. The purpose of these proposed changes is to reduce administrative and compliance burdens by simplifying and making uniform these fundamental investment restrictions with respect to diversification. The proposed revisions would also permit each affected fund to invest in shares of Putnam money market funds, Putnam short-term bond funds or other Putnam entities that operate as cash management investment vehicles in excess of the limitations discussed above, by excluding from these limitations securities of other investment companies. The Putnam funds have received an exemptive order from the SEC which permits "cash sweep" arrangements in which a fund invests all or a portion of its available cash in a Putnam cash management investment vehicle, such as a Putnam money market fund, rather than directly in short-term instruments. If the proposed change is approved, each affected fund will be able to invest up to 25% of its total assets in a Putnam money market fund or other Putnam cash management investment vehicle, in accordance with the conditions set forth in the SEC exemptive order. Putnam Management believes that use of a Putnam money market fund or other Putnam cash management investment vehicle to invest an affected fund's uninvested cash and cash collateral from securities lending arrangements may achieve greater efficiencies, reduce fund management expenses and increase returns. Moreover, use of a Putnam money market fund or other Putnam cash management investment vehicle in these instances would permit an affected fund's management team to focus on the management of the principal investments of the fund. Required Vote. Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected fund, or (2) 67% or more of the shares of the affected fund present at the meeting if more than 50% of the outstanding shares of such fund are present at the meeting in person or by proxy. 2.D. AMENDING FUNDAMENTAL INVESTMENT RESTRICTIONS WITH RESPECT TO THE ISSUANCE OF SENIOR SECURITIES. Affected funds: Putnam Capital Opportunities Fund Putnam Classic Equity Fund Putnam Global Natural Resources Fund The Putnam Fund for Growth and Income Putnam International Capital Opportunities Fund Putnam International New Opportunities Fund Putnam New Value Fund Putnam Research Fund Putnam Small Cap Growth Fund Putnam Small Cap Value Fund Putnam Tax Smart Equity Fund The Trustees recommend that each of the affected funds' fundamental investment restriction with respect to the issuance of senior securities be revised to reflect the standard restriction expected to be used by the other Putnam funds and to make it clear that a fund is not restricted from borrowing money consistent with its investment policies. Generally, a "senior security" is a security which has priority over any other security as to distribution of assets or dividends and technically includes all indebtedness over 5% of the fund's assets. Each affected fund currently has one of the following investment restrictions which states that such fund may not: "Issue any class of securities which is senior to the fund's shares of beneficial interest." (All affected funds except Putnam Global Natural Resources Fund.) OR "Issue senior securities (except insofar as the fund may be deemed to be doing so by virtue of [the fund's other investment restrictions with respect to investments in U.S. government securities and making loans])." (Putnam Global Natural Resources Fund only.) The proposed amended fundamental restriction is set forth below: "The fund may not... [i]ssue any class of securities which is senior to the fund's shares of beneficial interest, except for permitted borrowings." The 1940 Act imposes limitations on an investment company's ability to issue senior securities. This revised investment restriction is intended to simplify and standardize the language of the funds' policies concerning senior securities, and to permit each fund to take full advantage of all investment flexibility permitted under applicable law. Required vote. Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of such fund, or (2) 67% or more of the shares of such fund present at the meeting if more than 50% of the outstanding shares of such fund are present at the meeting in person or by proxy. 2.E AMENDING FUND'S INVESTMENT OBJECTIVE Affected fund: Putnam Equity Income Fund The Trustees recommend that the fund's shareholders approve an amendment to the fund's investment objective, which, as disclosed in the fund's prospectus, states: The fund seeks current income. Capital growth is a secondary objective when consistent with seeking current income. The proposed new investment objective of the fund is the following: The fund seeks capital growth and current income. Putnam Management believes that the fund's current investment objective, which gives priority to current income, has become more constraining for the fund's management team. Putnam Management believes that by restating the fund's investment objective to give greater emphasis to capital growth, the fund's management team will be able to take advantage of more opportunities in the market for growth stocks as well as income-generating stocks, thereby better serving the long-term interests of the fund's shareholders. If approved, the proposed investment objective would not materially alter the investment strategy of the fund. Under normal circumstances, the fund invests at least 80% of its net assets in common stocks and other equity investments that offer the potential for current income. This non-fundamental investment policy cannot be changed without providing shareholders with at least 60 days' advance notice. Required Vote. Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the fund, or (2) 67% of the shares of the fund present at the meeting if more than 50% of the outstanding shares of the fund are present at the meeting in person or by proxy. 3. Adoption of Amendment to Declarations of Trust. Affected funds: All funds, except Putnam Tax Smart Equity Fund The Trustees of each of the trusts of which a fund is a series (the "Trusts") and of each fund that is not a series of a Trust (each a "Fund") have approved and recommend shareholder approval of a proposal to amend each Trust's and each Fund's Agreement and Declaration of Trust ("Declaration of Trust") to expressly provide that the Trust or Fund may pay redemption proceeds in-kind (i.e., by distributing securities rather than cash). Exhibit D lists the Article and Section of each Declaration of Trust that would be revised by the proposed amendment to each Declaration of Trust. The proposed amendments to each Declaration of Trust are set forth below: Article VI Distributions, Redemptions and Repurchases * * * Redemption and Repurchases Section 2. The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of any certificate for the Shares to be purchased, a proper instrument of transfer and a request directed to the Trust or a person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, as next determined in accordance with the Bylaws, less any redemption charge fixed by the Trustees. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than customary weekends or holidays, or, if permitted by the rules of the Securities and Exchange Commission, during periods when trading on the Exchange is restricted or during any emergency which makes it impractical for the Trust to dispose of its investments or to determine fairly the value of its net assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Payment for any redemption of Shares pursuant may be made in cash or in other property, or in any combination thereof. The composition of any such payment shall be determined by the Trust in its sole discretion, and the Trust shall have no obligation to effect a pro rata division of cash or other property in making any such payment. In no event shall the Trust be liable for any delay of any other person in transferring securities or other property selected for delivery as all or part of any payment. (All affected funds except The Putnam Fund for Growth and Income and The George Putnam Fund of Boston.) OR Article IV Rights and Privileges of Beneficiaries * * * Right to Sell Shares to Trust Section 4. The Trust shall purchase such shares as are offered by any beneficiary for redemption, upon the presentation of any certificate for the shares to be purchased, a proper instrument of transfer and a request directed to the Trust or a person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, as next determined in accordance with the Bylaws, less any redemption charge fixed by the Trustees. Payment for said Shares shall be made by the Trust to the beneficiary within seven days after the date on which the request is made. The obligation set forth in this Section 4 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than customary weekends or holidays, or, if permitted by the rules of the Securities and Exchange Commission, during periods when trading on the Exchange is restricted or during any emergency which makes it impractical for the Trust to dispose of its investments or to determine fairly the value of its net assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase shares at a price not exceeding the net asset value of such shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Payment for any redemption of shares pursuant may be made in cash or in other property, or in any combination thereof. The composition of any such payment shall be determined by the Trust in its sole discretion, and the Trust shall have no obligation to effect a pro rata division of cash or other property in making any such payment. In no event shall the Trust be liable for any delay of any other person in transferring securities or other property selected for delivery as all or part of any payment. (The Putnam Fund for Growth and Income.) OR Article IV Rights and Privileges of Beneficiaries * * * Right to Sell Shares to Trust Section 4. The Trust shall purchase such shares as are offered by any beneficiary for redemption, upon the presentation of any certificate for the shares to be purchased, a proper instrument of transfer and a request directed to the Trust or a person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees may from time to time authorize; and the Trust will pay therefor the liquidating value thereof, as next determined in accordance with the Bylaws, less any redemption charge fixed by the Trustees. Payment for said Shares shall be made by the Trust to the beneficiary within seven days after the date on which the request is made. The obligation set forth in this Section 4 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than customary weekends or holidays, or, if permitted by the rules of the Securities and Exchange Commission, during periods when trading on the Exchange is restricted or during any emergency which makes it impractical for the Trust to dispose of its investments or to determine fairly the value of its net assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase shares at a price not exceeding the liquidating value of such shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Payment for any redemption of shares pursuant may be made in cash or in other property, or in any combination thereof. The composition of any such payment shall be determined by the Trust in its sole discretion, and the Trust shall have no obligation to effect a pro rata division of cash or other property in making any such payment. In no event shall the Trust be liable for any delay of any other person in transferring securities or other property selected for delivery as all or part of any payment. (The George Putnam Fund of Boston.) Putnam Management recommended the proposed change to modernize and standardize this provision of each Trust's or Fund's Declaration of Trust. The Declarations of Trust are currently silent on the matter of the permitted form of redemption payments or permit only a cash payment. Although the Trusts and Funds have no current intention to redeem their shares other than for cash, Putnam Management believes that the explicit authority to pay a redemption wholly or partially in kind may benefit a fund's or Trust's remaining shareholders. If shares are redeemed in-kind, the redeeming shareholder would incur brokerage costs in converting the portfolio securities into cash. Required Vote. For each Trust, all shares will vote together as a single class, and approval of this proposal requires the affirmative vote of shareholders holding a majority of the shares of the Trust entitled to vote. For each Fund that operates as the sole series of Trust, approval of this proposal requires the affirmative vote of shareholders holding a majority of the shares of such Fund outstanding. Further information about voting and the meeting Quorum and Methods of Tabulation. The shareholders of each fund vote separately with respect to each proposal other than the election of Trustees (Proposal 1) and approving the amendment to a Trust's Declaration of Trust (Proposal 3), in which case shareholders of each series of a trust vote together as a single class. In the case of each fund, 30% of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the meeting (unless otherwise noted in the proxy statement). Votes cast by proxy or in person at the meeting will be counted by persons appointed by your fund as tellers for the meeting. The tellers will count the total number of votes cast "for" approval of a proposal for purposes of determining whether sufficient affirmative votes have been cast. Shares represented by proxies that reflect abstentions and "broker non-votes" (i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or the persons entitled to vote and (ii) the broker or nominee does not have the discretionary voting power on a particular matter) will be counted as shares that are present and entitled to vote on the matter for purposes of determining the presence of a quorum. With respect to the election of Trustees, neither abstentions nor broker non-votes have an effect on the outcome of the proposal. With respect to any other proposals, abstentions and broker non-votes have the effect of a vote "against" the proposal. Other business. The Trustees know of no matters other than those set forth herein to be brought before the meeting. If, however, any other matters properly come before the Meeting, it is the Trustees' intention that proxies will be voted on such matters in accordance with the judgment of the persons named in the enclosed form of proxy. Simultaneous meetings. The meeting of shareholders of your fund is called to be held at the same time as the meetings of shareholders of certain of the other Putnam funds. It is anticipated that all meetings will be held simultaneously. If any shareholder at the meeting objects to the holding of a simultaneous meeting and moves for an adjournment of the meeting to a time promptly after the simultaneous meetings, the persons named as proxies will vote in favor of such adjournment. Solicitation of proxies. In addition to soliciting proxies by mail, 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 number Putnam Management has in its records for their accounts, and would be asked for their Social Security number or other identifying information. The shareholders would then be given an opportunity to authorize the proxies to vote their shares at the meeting in accordance with their instructions. To ensure that the shareholders' instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case the information contained in the confirmation is incorrect. Shareholders have the opportunity to submit their voting instructions via the Internet by utilizing a program provided by a third party vendor hired by Putnam Management or by automated telephone service. The giving of such a proxy will not affect your right to vote in person should you decide to attend the Meeting. To use the Internet, please access the Internet address listed on your proxy card, and follow the instructions on the internet site. To record your voting instructions via automated telephone service, call the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions, and to confirm that shareholders' instructions have been recorded properly. Shareholders voting via the Internet should understand that there may be costs associated with electronic access, such as usage charges from Internet access providers and telephone companies, that must be borne by the shareholders. Your fund's Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies. Consistent with this policy, your fund may solicit proxies from shareholders who have not voted their shares or who have abstained from voting. Persons holding shares as nominees will, upon request, be reimbursed for their reasonable expenses in soliciting instructions from their principals. The funds have retained at its own expense PFPC Inc., 4400 Computer Drive, Westborough, Massachusetts 01581, to aid in the solicitation of instructions for registered and nominee accounts, for a fee expected not to exceed $1.3 million plus reasonable out-of-pocket expenses for mailing. The expenses of the preparation of proxy statements and related materials, including printing and delivery costs, are borne by each fund. Revocation of proxies. Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy, (iii) by recording later-dated voting instructions via the Internet or (iv) by attending the Meeting and voting in person. Date for receipt of shareholders' proposals for subsequent meetings of shareholders. Your fund does not hold regular shareholder meetings, but may from time to time schedule special meetings. In accordance with the regulations of the SEC, in order to be eligible for inclusion in the fund's proxy statement for such a meeting, a shareholder proposal must be received a reasonable time before the fund prints and mails its proxy statement. [The Board Policy and Nominating Committee will also consider nominees recommended by shareholders of the fund to serve as Trustees. Shareholders who wish to propose, for consideration by the Board Policy and Nominating Committee, one or more nominees for election as Trustees must provide written notice to the fund (including all required information) so that such notice is received in good order within a reasonable time before your fund prints and mails its proxy statement for any scheduled special meeting.] If a shareholder who wishes to present a proposal fails to notify the fund within a reasonable time before the fund mails its proxy statement, the proxies solicited for the meeting will have discretionary authority to vote on the shareholder's proposal if it is properly brought before the meeting. If a shareholder makes a timely notification, the proxies may still exercise discretionary voting authority under circumstances consistent with the SEC's proxy rules. All shareholder proposals must also comply with other requirements of the SEC's rules and the fund's Declaration of Trust. Adjournment. If sufficient votes in favor of any of the proposals set forth in the Notice of the Meeting are not received by the time scheduled for the Meeting, the persons named as proxies may propose adjournments of the Meeting for a period or periods of not more than 60 days in the aggregate to permit further solicitation of proxies. [Any adjournment will require the affirmative vote of a majority of the votes cast on the question in person or by proxy at the session of the Meeting to be adjourned.] The persons named as proxies will vote in favor of adjournment those proxies that they are entitled to vote in favor of the proposals. They will vote against any such adjournment those proxies required to be voted against the proposals. Your fund pays the costs of any additional solicitation and of any adjourned session. Any proposals for which sufficient favorable votes have been received by the time of the meeting may be acted upon and considered final regardless of whether the meeting is adjourned to permit additional solicitation with respect to any other proposal. Financial information. Your fund will furnish to you upon request and without charge, a copy of the fund's annual report for its most recent fiscal year, and a copy of its semiannual report for any subsequent semiannual period. Such requests may be directed to Putnam Investor Services, P.O. Box 41203, Providence, RI 02940-1203 or 1-800-225-1581. Fund Information Putnam Investments. Putnam Investment Management, LLC, the fund's investment manager, is a subsidiary of Putnam Management Trust, which is in turn owned by Putnam Investments. Putnam Investments is a wholly-owned subsidiary of Putnam Investments Trust, a holding company that, except for a minority stake owned by employees, is in turn owned by Marsh & McLennan Companies, Inc., a leading professional services firm that includes risk and insurance services, investment management and consulting businesses. Putnam Investments Limited, Cassini House, 57-59 St. James's Street, London SW1A 1LD, United Kingdom, serves as investment sub-adviser to Putnam Europe Equity Fund and Putnam International Equity Fund. Putnam Investments Limited is also an indirect subsidiary of Putnam Investments Trust. Putnam Fiduciary Trust Company, the fund's investor servicing agent and custodian and Putnam Retail Management Limited Partnership, the fund's principal underwriter, are also subsidiaries of Putnam Investments. The address of Putnam Investments Trust, Putnam Investments, Putnam Investment Management, LLC, Putnam Retail Management Limited Partnership and Putnam Fiduciary Trust Company is One Post Office Square, Boston, Massachusetts 02109. The address of the executive offices of Marsh & McLennan Companies, Inc. is 1166 Avenue of the Americas, New York, New York 10036. Litigation. Exhibit E to this proxy statement describes the pending legal proceedings in which the Trustees have been named as parties adverse to your fund as of June 30, 2004. Limitation of Trustee liability. The Agreement and Declaration of Trust of each fund provides that the fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the fund, except if it is determined in the manner specified in the 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. Independent Auditors. As listed below, the Trustees have selected PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts 02110, or KPMG LLP, 99 high Street Boston, Massachusetts 02110 as the independent auditors for each fund's current fiscal year. Each of these firms is among the country's preeminent accounting firms. Each firm was selected primarily on the basis of its expertise as auditors of investment companies, the quality of its audit services and the competitiveness of its fees. Representatives of each PricewaterhouseCoopers LLP and KPMG LLP are expected to be present at the meeting to make statements and to respond to appropriate questions. The following table presents fees billed in each of the last two fiscal years for services rendered to each fund by PricewaterhouseCoopers LLP or KPMG LLP: Table to come Audit Fees represents audit fees billed for a fund's last two fiscal years. Audit-Related Fees represents fees billed in a fund's last two fiscal years for services traditionally performed by the fund's auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation. Tax Fees represents fees billed in a fund's last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities. All Other Fees represents fees billed for services relating to calculation of a fund's investment performance. The following tables present the amounts the independent auditors for each fund billed for aggregate non-audit fees in each of the last two fiscal years to each fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund: Pre-Approval Policies of the Audit and Pricing Committee. The Audit and Pricing Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee and will generally not be subject to pre-approval procedures. Under certain circumstances, the Audit and Pricing Committee believes that it may be appropriate for Putnam Management and certain of its affiliates to engage the services of the funds' independent auditors, but only after prior approval by the Committee. Such requests are required to be submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work must be performed by that particular audit firm. The Committee will review the proposed engagement at its next meeting. Since May 6, 2003, all work performed by the independent auditors for the funds, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the funds was pre-approved by the Committee or a member of the Committee pursuant to the pre-approval policies discussed above. Prior to that date, the Committee had a general policy to pre-approve the independent auditors' engagements for non-audit services with the funds, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the funds. For each fund's last two fiscal years, such fund's principal auditor did not bill for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. Officers and other information. All of the officers of your fund, with the exception of Mr. Putnam, III, are employees of Putnam Management or its affiliates. Because of their positions with Putnam Management, Putnam Retail Management or their affiliates or their ownership of stock of Marsh & McLennan Companies, Inc., the parent corporation of Putnam Investments Trust and indirectly of Putnam LLC, Messrs. Haldeman, Putnam, III and Smith (nominees for Trustees of your fund), as well as the officers of your fund, will benefit from the management fees, distribution fees, custodian fees, and investor servicing fees paid or allowed by the fund. In addition to Mr. Putnam, III, the other officers of each fund are as follows:
Year first Name (birthdate) elected Business experience Office with the fund to office during past five years - ------------------------------------------------------------------------------ Charles E. Porter (7/26/38) 1989 Managing Director, Executive Vice President, Putnam Investments Associate Treasurer and and Putnam Management Principal Executive Officer - ------------------------------------------------------------------------------ Patricia C. Flaherty (12/1/46) 1993 Senior Vice President, Senior Vice President Putnam Investments and Putnam Management - ------------------------------------------------------------------------------ Jonathan S. Horwitz (6/4/55) 2004 Managing Director, Senior Vice President and Treasurer Putnam Investments - ------------------------------------------------------------------------------ Steven D. Krichmar (6/27/58) 2002 Managing Director, Vice President and Principal Putnam Investments. Financial Officer Prior to July 2001, Partner, PricewaterhouseCoopers, LLP - ------------------------------------------------------------------------------ Michael T. Healy (1/24/58) 2000 Managing Director, Assistant Treasurer and Principal Putnam Investments Accounting Officer - ------------------------------------------------------------------------------ Beth S. Mazor (4/6/58) 2002 Senior Vice President, Vice President Putnam Investments - ------------------------------------------------------------------------------ Daniel T. Gallagher (2/27/62) 2004 Vice President, Putnam Vice President and Legal and Investments. Prior to Compliance Liaison Officer 2004, Mr. Gallagher was an Associate for Ropes & Gray LLP; Prior to 2000, he was a Law Clerk for the Massachusetts Supreme Judicial Court - ------------------------------------------------------------------------------ Mark C. Trenchard (6/5/62) 2002 Senior Vice President, Assistant Treasurer and Putnam Investments BSA Compliance Officer - ------------------------------------------------------------------------------ Francis J. McNamara (8/19/55) 2004 Senior Managing Director, Vice President and Chief Legal Officer Putnam Investments, Putnam Management and Putnam Retail Management. Prior to 2004, Mr. McNamara was General Counsel of State Street Research & Management - ------------------------------------------------------------------------------ James P. Pappas (2/24/53) 2004 Managing Director, Vice President Putnam Investments and Putnam Management. During 2002, Mr. Pappas was Chief Operating Officer of Atalanta/ Sosnoff Management Corporation; prior to 2001 he was President and Chief Executive Officer of UAM Investment Services, Inc. - ------------------------------------------------------------------------------ Richard S. Robie, III (3/30/60) 2004 Senior Managing Director, Vice President Putnam Investments, Putnam Management and Putnam Retail Management. Prior to 2003, Mr. Robie was Senior Vice President of United Asset Management Corporation - ------------------------------------------------------------------------------ Judith Cohen (6/7/45) 1993 Clerk and Assistant Clerk and Assistant Treasurer Treasurer, The Putnam Funds - ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------- Shares outstanding of your fund as of June 30, 2004 Putnam Putnam Putnam Putnam Putnam Asset Allocation: Asset Allocation: Asset Allocation: Capital Capital Putnam Balanced Conservative Growth Appreciation Opportunities Classic Equity Class Portfolio Portfolio portfolio Fund Fund Fund - ------------------------------------------------------------------------------------------------------------------------------- Class A shares 95,993,368.025 64,531,714.577 57,106,072.569 24,597,253.902 37,404,722.225 57,485,313.808 - ------------------------------------------------------------------------------------------------------------------------------- Class B shares 32,692,022.749 13,785,302.272 25,612,961.941 21,827,491.535 26,629,820.220 24,605,172.343 - ------------------------------------------------------------------------------------------------------------------------------- Class C shares 8,295,858.873 4,086,225.588 7,412,177.122 228,270.512 3,493,575.758 1,533,258.210 - ------------------------------------------------------------------------------------------------------------------------------- Class M shares 3,244,448.140 1,486,096.208 2,912,629.804 1,192,629.687 1,837,731.837 3,401,130.189 - ------------------------------------------------------------------------------------------------------------------------------- Class R shares 466.105 8,545.487 590.608 508.861 5,314.503 450.751 - ------------------------------------------------------------------------------------------------------------------------------- Class Y shares 47,729,788.526 9,693,798.394 41,458,786.998 -- 32,073,753.026 515,212.678 - ------------------------------------------------------------------------------------------------------------------------------- Putnam Putnam Putnam Putnam The George Putnam Convertible Discovery Equity Europe Putnam Global Income- Growth Income Equity Fund of Equity Class Growth Trust Fund Fund Fund Boston Fund - ------------------------------------------------------------------------------------------------------------------------------- Class A shares 36,168,736.914 43,767,457.352 117,200,286.049 17,382,387.707 197,325,638.829 263,154,841.917 - ------------------------------------------------------------------------------------------------------------------------------- Class B shares 6,693,004.380 34,817,128.206 48,947,130.445 13,198,993.976 66,804,263.959 71,713,792.240 - ------------------------------------------------------------------------------------------------------------------------------- Class C shares 636,493.905 3,747,374.476 4,749,175.700 306,604.557 4,525,210.900 4,919,927.946 - ------------------------------------------------------------------------------------------------------------------------------- Class M shares 451,781.356 2,350,205.665 8,215,957.428 1,368,089.142 13,173,350.732 4,972,254.759 - ------------------------------------------------------------------------------------------------------------------------------- Class R shares 64.820 61.275 57,974.398 59.946 7,780.970 2,486.327 - ------------------------------------------------------------------------------------------------------------------------------- Class Y shares 1,791,803.057 936,763.815 24,991,240.884 -- 50,226,658.936 4,013,662.360 - ------------------------------------------------------------------------------------------------------------------------------- Putnam Global Natural Resources Class Fund - ------------------------------------------------------------------------------------------------------------------------------- Class A shares 7,741,778.506 - ------------------------------------------------------------------------------------------------------------------------------- Class B shares 3,862,070.605 - ------------------------------------------------------------------------------------------------------------------------------- Class C shares 610,104.257 - ------------------------------------------------------------------------------------------------------------------------------- Class M shares 139,685.742 - ------------------------------------------------------------------------------------------------------------------------------- Class R shares 3,195.013 - ------------------------------------------------------------------------------------------------------------------------------- Class Y shares -- - ------------------------------------------------------------------------------------------------------------------------------- Putnam Putnam Putnam Putnam Putnam International Putnam International Fund For Growth Health Capital International Growth and Growth Opportunities Sciences Opportunities Equity Income Class and Income Fund Trust Fund Fund Fund - ------------------------------------------------------------------------------------------------------------------------------- Class A shares 709,835,850.421 53,147,445.648 31,087,893.953 29,503,648.804 176,351,471.058 30,189,580.993 - ------------------------------------------------------------------------------------------------------------------------------- Class B shares 199,419,389.849 50,858,664.830 20,263,891.527 20,741,266.860 78,604,775.824 24,553,062.650 - ------------------------------------------------------------------------------------------------------------------------------- Class C shares 6,431,550.562 4,509,250.055 889,452.897 3,325,369.874 15,337,243.237 2,157,516.192 - ------------------------------------------------------------------------------------------------------------------------------- Class M shares 8,668,908.019 1,801,173.067 682,895.580 816,860.986 5,346,348.201 1,399,524.355 - ------------------------------------------------------------------------------------------------------------------------------- Class R shares 2,305.026 361.279 257.096 159.591 26,911.696 108.851 - ------------------------------------------------------------------------------------------------------------------------------- Class Y shares 92,895,549.813 3,211,375.483 528,356.587 2,832,404.174 61,018,147.352 1,277,431.459 - ------------------------------------------------------------------------------------------------------------------------------- Putnam International Putnam Putnam Putnam New Putnam Mid Cap New New Opportunities Investors Value Opportunities Value Class Fund Fund Fund Fund Fund - ------------------------------------------------------------------------------------------------------------------------------- Class A shares 42,645,160.589 205,816,115.494 30,789,135.920 130,267,700.827 44,072,066.973 - ------------------------------------------------------------------------------------------------------------------------------- Class B shares 27,272,910.128 128,148,765.940 21,460,996.554 47,380,100.195 30,538,321.228 - ------------------------------------------------------------------------------------------------------------------------------- Class C shares 1,502,554.982 5,241,541.797 2,396,826.630 1,467,129.936 2,196,029.937 - ------------------------------------------------------------------------------------------------------------------------------- Class M shares 2,145,866.763 5,463,887.822 992,574.841 3,642,665.149 2,001,845.262 - ------------------------------------------------------------------------------------------------------------------------------- Class R shares 198.937 685.993 7,324.016 648.190 136.825 - ------------------------------------------------------------------------------------------------------------------------------- Class Y shares -- 69,175,202.490 2,008,251.032 21,213,401.877 5,875,676.779 - ------------------------------------------------------------------------------------------------------------------------------- Putnam Putnam OTC & Putnam Putnam Putnam Utilities Emerging Putnam Small Cap Small Cap Tax Smart Growth and Growth Research Growth Value Equity Income Class Fund Fund Fund Fund Fund Fund - ------------------------------------------------------------------------------------------------------------------------------- Class A shares 144,642,565.894 66,937,434.403 7,976,379.495 25,362,906.825 13,126,403.339 47,801,229.035 - ------------------------------------------------------------------------------------------------------------------------------- Class B shares 50,099,344.493 35,341,974.864 3,430,526.340 16,718,660.365 14,672,364.689 10,625,354.068 - ------------------------------------------------------------------------------------------------------------------------------- Class C shares 2,920,161.128 4,125,042.021 628,997.424 2,624,573.643 4,025,908.899 457,682.168 - ------------------------------------------------------------------------------------------------------------------------------- Class M shares 33,457,701.484 1,917,159.718 267,716.570 594,610.246 444,671.848 378,402.748 - ------------------------------------------------------------------------------------------------------------------------------- Class R shares 1,093.841 24,063.860 971.658 -- -- 123.526 - ------------------------------------------------------------------------------------------------------------------------------- Class Y shares 13,841,701.434 8,982,784.787 715,641.977 6,041,298.746 -- -- - ------------------------------------------------------------------------------------------------------------------------------- Putnam Putnam Vista Voyager Class Fund Fund - ------------------------------------------------------------------------------------------------------------------------------- Class A shares 225,218,033.614 588,008,712.618 - ------------------------------------------------------------------------------------------------------------------------------- Class B shares 98,159,298.250 178,986,950.561 - ------------------------------------------------------------------------------------------------------------------------------- Class C shares 4,834,037.852 8,175,207.453 - ------------------------------------------------------------------------------------------------------------------------------- Class M shares 6,014,271.797 9,052,652.807 - ------------------------------------------------------------------------------------------------------------------------------- Class R shares 1,772.410 15,294.502 - ------------------------------------------------------------------------------------------------------------------------------- Class Y shares 35,221,753.447 178,655,940.842 - -------------------------------------------------------------------------------------------------------------------------------
As of June 30, 2004, to the knowledge of the fund, the following persons owned beneficially or of record 5% or more of any class of shares of each fund:
Putnam Putnam Putnam Asset Asset Asset Allocation: Allocation: Allocation: CLASS Balanced Portfolio Conservative Portfolio Growth Portfolio - ----------------------------------------------------------------------------------------------- A Putnam Investments LLC* (50.80%) - ----------------------------------------------------------------------------------------------- B - ----------------------------------------------------------------------------------------------- C Edward D. Jones & Co 201 Progress Pkwy Maryland Heights, MO 63043-3003 (9.00%) - ----------------------------------------------------------------------------------------------- M Edward D. Jones & Co Edward D. Jones & Co 201 Progress Pkwy 201 Progress Pkwy Maryland Heights, Maryland Heights, MO MO 63043-3003 MO 63043-3003 (7.70%) (5.40%) National City Bank National City Bank (5.10%) (29.70%) - ----------------------------------------------------------------------------------------------- R Putnam Investments MCB Trust Services Putnam Investments LLC* Cust. FBO LLC* (26.00%) (81.70%) (21.30%) MCB Trust Services MCB Trust Services MCB Trust Services (69.60%) (15.30%) (70.10%) MCB Trust Services Cust. FBO (8.30%) - ----------------------------------------------------------------------------------------------- Y Putnam Investments Putnam Investments Putnam Investments LLC* LLC* LLC* (67.80%) (62.50%) (47.40%) The Bank One Corporation c/o Putnam Fiduciary Trust Company, as trustee or agent Investors Way Norwood, MA 02062 (30.40%) - ----------------------------------------------------------------------------------------------- Putnam Putnam Putnam Capital Capital Classic Appreciation Opportunities Equity CLASS Fund Fund Fund - ----------------------------------------------------------------------------------------------- A Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co 201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy Maryland Heights, Maryland Heights, Maryland Heights, MO 63043-3003 MO 63043-3003 MO 63043-3003 (11.70%) (7.20%) (26.90%) - ----------------------------------------------------------------------------------------------- B Edward D. Jones & Co 201 Progress Pkwy Maryland Heights, MO 63043-3003 (10.60%) - ----------------------------------------------------------------------------------------------- C Merrill, Lynch, Pierce, Edward D. Jones & Co Fenner & Smith Inc. 201 Progress Pkwy 4800 Deer Lake Dr E Maryland Heights, Jacksonville, FL 32246 MO 63043-3003 (6.10%) (6.60%) Merrill, Lynch, Pierce, Fenner & Smith Inc. 4800 Deer Lake Dr E Jacksonville, FL 32246 (5.20%) - ----------------------------------------------------------------------------------------------- M Edward D. Jones & Co Saxon & Co. Edward D. Jones & Co 201 Progress Pkwy P.O. Box 7780 201 Progress Pkwy Maryland Heights, Philadelphia, PA Maryland Heights, MO 63043-3003 19182-0001 MO 63043-3003 (6.20%) (11.50%) (20.60%) - ----------------------------------------------------------------------------------------------- R Putnam Investments LLC* A.G. Edwards & Putnam Investments (12.40%) Sons Inc. LLC* 1 N. Jefferson Ave. St. Louis, MO 63103-2205 (68.00%) MCB Trust Services MCB Trust Services National Quality Cust. FBO Cust. FBO Review Inc TTEE (87.50%) (24.20%) National Quality Review Inc - ----------------------------------------------------------------------------------------------- Y College Advantage Putnam Investments (23.60%) LLC* Putnam Investments LLC* (7.80%) - ----------------------------------------------------------------------------------------------- Putnam Putnam Putnam Putnam Convertible Discovery Equity Europe Income-Growth Growth Income Equity CLASS Trust Fund Fund Fund - ---------------------------------------------------------------------------------------------------------- A Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co 201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy Maryland Heights, MO Maryland Heights, Maryland Heights, Maryland Heights, 63043-3003 MO 63043-3003 MO 63043-3003 MO 63043-3003 (13.10%) (13.80%) (20.20%) (6.20%) Charles Schwab (9.90%) - ---------------------------------------------------------------------------------------------------------- B Edward D. Jones & Co Edward D. Jones & Co Citigroup Global 201 Progress Pkwy 201 Progress Pkwy Markets Inc. Maryland Heights, MO Maryland Heights, 333 W 34th St. FL 3 63043-3003 MO 63043-3003 New York NY 10001- (5.30%) (10.20%) 2402 (5.40%) - ---------------------------------------------------------------------------------------------------------- C Merrill, Lynch, Pierce, Merrill, Lynch, Pierce, Merrill, Lynch, Pierce, Citigroup Global Fenner & Smith Inc. Fenner & Smith Inc. Fenner & Smith Inc. Markets Inc. 4800 Deer Lake Dr E 4800 Deer Lake Dr E 4800 Deer Lake Dr E 333 W 34th St. FL 3 Jacksonville, FL 32246 Jacksonville, FL 32246 Jacksonville, FL 32246 New York NY (12.00%) (5.50%) (8.90%) 10001-2402 (7.90%) Merrill, Lynch, Pierce, Fenner & Smith Inc. 4800 Deer Lake Dr E. Jacksonville, FL 32246 (11.20%) Citigroup Global Citigroup Global Markets Inc. Markets Inc. 333 W 34th St. FL 3 333 W 34th St. FL 3 New York New York NY 10001-2402 NY 10001-2402 (7.10%) (6.80%) - ---------------------------------------------------------------------------------------------------------- M Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co SMBC Friend 201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy Securities Co., 7-12 Kabuto- Maryland Heights, Maryland Heights, Ltd. (66.40%) 63043-3003 MO 63043-3003 MO 63043-3003 (10.00%) (8.20%) (7.30%) Delaware Charter Guaranty & Trust 1013 Centre Road Wilmington, DE 19899-8936 (60.70%) - ---------------------------------------------------------------------------------------------------------- R Putnam Investments LLC* Putnam Investments LLC* Merrill, Lynch, Pierce, Putnam Investments (100.00%) (100.00%) Fenner & Smith Inc. LLC* (100.00%) 4800 Deer Lake Dr E Jacksonville, FL 32246 (11.70%) MCB Trust Services (32.00%) NFSC FEBO #251-076201 (15.90%) Federated Investors Trust Co. (15.20%) Martin Prakken & Tom O'Connell (7.90%) - ---------------------------------------------------------------------------------------------------------- Y Putnam Investments Putnam Investments LLC* Putnam Investments LLC* Profit Sharing Plan* State Street Corp TTEE (13.72%) United States Filter Corporation Retirement Savings Plan c/o Putnam Fiduciary Trust Company, as trustee or agent Investors Way Norwood, MA 02062-9105 Bank One Corporation TTEE Raymond James Financial, Inc.* (11.55%) Putnam Investments LLC* (5.58%) - ----------------------------------------------------------------------------------------------- The George Putnam Global Putnam Putnam Fund of Equity Global Natural CLASS Boston Fund Resources Fund - ----------------------------------------------------------------------------------------------- A Edward D. Jones & Co Edward D. Jones & Co 201 Progress Pkwy 201 Progress Pkwy Maryland Heights, Maryland Heights, MO 63043-3003 MO 63043-3003 (8.00%) (5.20%) Valic (18.70%) - ----------------------------------------------------------------------------------------------- B - ----------------------------------------------------------------------------------------------- C Merrill, Lynch, Pierce, Citigroup Global Fenner & Smith Inc. Markets Inc. 4800 Deer Lake Dr E 333 W 34th St. FL 3 Jacksonville, FL 32246 New York NY 10001- (5.30%) (11.70%) Merrill, Lynch, Pierce, Fenner & Smith Inc. 4800 Deer Lake Dr. E Jacksonville, FL 32246 (7.10%) - ----------------------------------------------------------------------------------------------- M Edward D. Jones & Co 201 Progress Pkwy Maryland Heights, MO 63043-3003 (8.40%) - ----------------------------------------------------------------------------------------------- R Putnam Investments Wachovia Bank LLC* (6.80%) (98.20%) Wexford Securities LLC. FBO (27.60%) Vito Spinosa (24.70%) MCB Trust Services Cust. FBO (14.00%) - ----------------------------------------------------------------------------------------------- The Putnam Putnam Fund for Growth Growth and Opportunities Putnam Health CLASS Income Fund Sciences Trust - ----------------------------------------------------------------------------------------------- A Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co 201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy Maryland Heights, Maryland Heights, Maryland Heights, MO 63043-3003 MO 63043-3003 MO 63043-3003 (12.30%) (12.70%) Merrill, Lynch, Pierce, Fenner & Smith Inc. 4800 Deer Lake Dr E Jacksonville, FL 32246 (7.50%) - ----------------------------------------------------------------------------------------------- B Edward D. Jones & Co Citigroup Global 201 Progress Pkwy Markets Inc. Maryland Heights, 333 W 34th St. FL 3 MO 63043-3003 New York NY 10001- (6.40%) Merrill, Lynch, Pierce, Fenner & Smith Inc. 4800 Deer Lake Dr E Jacksonville, FL 32246 (9.30%) - ----------------------------------------------------------------------------------------------- C Edward D. Jones & Co Merrill, Lynch, Pierce, Citigroup Global 201 Progress Pkwy Fenner & Smith Inc. Markets Inc. Maryland Heights, 4800 Deer Lake Dr E 333 W 34th St. FL 3 MO 63043-3003 Jacksonville, FL 32246 New York NY 10001- (7.60%) (10.10%) Citigroup Global Merrill, Lynch, Pierce, Markets Inc. Fenner & Smith Inc. 333 W 34th St. FL 3 4800 Deer Lake Dr E New York NY 10001- Jacksonville, FL 32246 (6.00%) (14.00%) - ----------------------------------------------------------------------------------------------- M Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co 201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy Maryland Heights, Maryland Heights, Maryland Heights, MO 63043-3003 MO 63043-3003 MO 63043-3003 (7.60%) (6.30%) Frontier Trust Co Citigroup Global (5.60%) Markets Inc. 333 W 34th St. FL 3 New York NY 10001- (6.60%) - ----------------------------------------------------------------------------------------------- R Putnam Investments MCB Trust Services LLC* (26.10%) (63.60%) MCB Trust Services Wexford Securities Cust. FBO LLC. FBO (73.80%) (18.10%) Bryce Edwards & (12.90%) - ----------------------------------------------------------------------------------------------- Y - ----------------------------------------------------------------------------------------------- Putnam Putnam International Putnam International Capital International Growth and CLASS Opportunities Fund Equity Fund Income Fund - ----------------------------------------------------------------------------------------------- A Edward D. Jones & Co Edward D. Jones & Co 201 Progress Pkwy 201 Progress Pkwy Maryland Heights, Maryland Heights, MO 63043-3003 MO 63043-3003 (6.00%) Charles Schwab & Co Inc (10.40%) - ----------------------------------------------------------------------------------------------- B Citigroup Global Citigroup Global Edward D. Jones & Co Markets Inc. Markets Inc. 201 Progress Pkwy 333 W 34th St. FL 3 333 W 34th St. FL 3 Maryland Heights, New York NY 10001- New York NY 10001- MO 63043-3003 (5.10%) (6.40%) Merrill, Lynch, Pierce, Merrill, Lynch, Pierce, Fenner & Smith Inc. Fenner & Smith Inc. 4800 Deer Lake Dr E 4800 Deer Lake Dr E Jacksonville, FL 32246 Jacksonville, FL 32246 (6.00%) (7.90%) - ----------------------------------------------------------------------------------------------- C Citigroup Global Merrill, Lynch, Pierce, Edward D. Jones & Co Markets Inc. Fenner & Smith Inc. 201 Progress Pkwy 333 W 34th St. FL 3 4800 Deer Lake Dr E Maryland Heights, New York NY 10001- Jacksonville, FL 32246 MO 63043-3003 (10.80%) (17.60%) Merrill, Lynch, Pierce, Citigroup Global Citigroup Global Fenner & Smith Inc. Markets Inc. Markets Inc. 4800 Deer Lake Dr E 333 W 34th St. FL 3 333 W 34th St. FL 3 Jacksonville, FL 32246 New York NY 10001- New York NY 10001- (14.00%) (9.20%) - ----------------------------------------------------------------------------------------------- M Edward D. Jones & Co 201 Progress Pkwy Maryland Heights, MO 63043-3003 - ----------------------------------------------------------------------------------------------- R Putnam Investments LLC* Federated Investors Putnam Investments (46.10%) Trust Company LLC* (60.80%) MCB Trust Services Reliance Trust (41.90%) Company (14.20%) MCB Trust Services Bisys Retirement Cust. FBO (9.80%) Services (11.00%) Merrill, Lynch, Pierce, Fenner & Smith Inc. 4800 Deer Lake Dr E Jacksonville, FL 32246 (5.30%) - ----------------------------------------------------------------------------------------------- Y - ----------------------------------------------------------------------------------------------- Putnam International New Putnam Opportunities Investors Putnam Mid Cap CLASS Fund Fund Value Fund - ----------------------------------------------------------------------------------------------- A Edward D. Jones & Co Edward D. Jones & Co 201 Progress Pkwy 201 Progress Pkwy Maryland Heights, Maryland Heights, MO 63043-3003 MO 63043-3003 - ----------------------------------------------------------------------------------------------- B Merrill, Lynch, Pierce, Fenner & Smith Inc. 4800 Deer Lake Dr E Jacksonville, FL 32246 - ----------------------------------------------------------------------------------------------- C Merrill, Lynch, Pierce, Edward D. Jones & Co Fenner & Smith Inc. 201 Progress Pkwy 4800 Deer Lake Dr E Maryland Heights, Jacksonville, FL 32246 MO 63043-3003 Citigroup Global Markets Inc. 333 W 34th St. FL 3 New York NY 10001- - ----------------------------------------------------------------------------------------------- M Merrill, Lynch, Pierce, Fenner & Smith Inc. 4800 Deer Lake Dr E Jacksonville, FL 32246 - ----------------------------------------------------------------------------------------------- R Putnam Investments LLC* - ----------------------------------------------------------------------------------------------- Y - ----------------------------------------------------------------------------------------------- Putnam New Opportunities Putnam New CLASS Fund Value Fund - ----------------------------------------------------------------------------------------------- A Edward D. Jones & Co Edward D. Jones & Co 201 Progress Pkwy 201 Progress Pkwy Maryland Heights, Maryland Heights, MO 63043-3003 MO 63043-3003 - ----------------------------------------------------------------------------------------------- B Citigroup Global Edward D. Jones & Co Markets Inc. 201 Progress Pkwy 333 W 34th St. FL 3 Maryland Heights, New York NY 10001- MO 63043-3003 - ----------------------------------------------------------------------------------------------- C Merrill, Lynch, Pierce, Merrill, Lynch, Pierce, Fenner & Smith Inc. Fenner & Smith Inc. 4800 Deer Lake Dr E 4800 Deer Lake Dr E Jacksonville, FL 32246 Jacksonville, FL 32246 Citigroup Global Markets Inc. 333 W 34th St. FL 3 New York NY 10001- - ----------------------------------------------------------------------------------------------- M Edward D. Jones & Co Edward D. Jones & Co 201 Progress Pkwy 201 Progress Pkwy Maryland Heights, Maryland Heights, MO 63043-3003 MO 63043-3003 - ----------------------------------------------------------------------------------------------- R Putnam Investments LLC* Putnam Investments LLC* - ----------------------------------------------------------------------------------------------- Y - ----------------------------------------------------------------------------------------------- Putnam Putnam Putnam Small Cap OTC & Emerging Research Growth Growth Fund Fund Fund - ----------------------------------------------------------------------------------------------- A Edward D. Jones & Co 201 Progress Pkwy Maryland Heights, MO 63043-3003 - ----------------------------------------------------------------------------------------------- B Edward D. Jones & Co 201 Progress Pkwy Maryland Heights, MO 63043-3003 - ----------------------------------------------------------------------------------------------- C Citigroup Global Citigroup Global Citigroup Global Markets Inc. Markets Inc. Markets Inc. 333 W 34th St. FL 3 333 W 34th St. FL 3 333 W 34th St. FL 3 New York NY 10001- New York NY 10001- New York NY 10001- - ----------------------------------------------------------------------------------------------- M Edward D. Jones & Co 201 Progress Pkwy Maryland Heights, MO 63043-3003 - ----------------------------------------------------------------------------------------------- R Putnam Investments LLC* - ----------------------------------------------------------------------------------------------- Y - ----------------------------------------------------------------------------------------------- Putnam Putnam Putnam Utilities Small Cap Tax Smart Growth and Putnam CLASS Value Fund Equity Fund Income Fund Vista Fund - ----------------------------------------------------------------------------------------------------------- A Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co Edward D. Jones & Co 201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy 201 Progress Pkwy Maryland Heights, Maryland Heights, Maryland Heights, Maryland Heights, MO 63043-3003 MO 63043-3003 MO 63043-3003 MO 63043-3003 (10.00%) - ----------------------------------------------------------------------------------------------------------- B Merrill, Lynch, Pierce, Fenner & Smith Inc. 4800 Deer Lake Dr E Jacksonville, FL 32246 (9.70%) - ----------------------------------------------------------------------------------------------------------- C Merrill, Lynch, Pierce, Fenner & Smith Inc. 4800 Deer Lake Dr E Jacksonville, FL 32246 (9.50%) - ----------------------------------------------------------------------------------------------------------- M Edward D. Jones & Co Pershing, LLC Edward D. Jones & Co 201 Progress Pkwy P.O. Box 2052 201 Progress Pkwy Maryland Heights, Jersey City, NJ Maryland Heights, MO 63043-3003 07303-2052 MO 63043-3003 (5.30%) - ----------------------------------------------------------------------------------------------------------- R - ----------------------------------------------------------------------------------------------------------- Y - ----------------------------------------------------------------------------------------------------------- Putnam CLASS Voyager Fund - ----------------------------------------------------------------------------------------------- A Edward D. Jones & Co 201 Progress Pkwy Maryland Heights, MO 63043-3003 - ----------------------------------------------------------------------------------------------- B Edward D. Jones & Co 201 Progress Pkwy Maryland Heights, MO 63043-3003 - ----------------------------------------------------------------------------------------------- C Edward D. Jones & Co 201 Progress Pkwy Maryland Heights, MO 63043-3003 Citigroup Global Markets Inc. 333 W 34th St. FL 3 New York NY 10001- - ----------------------------------------------------------------------------------------------- M Edward D. Jones & Co 201 Progress Pkwy Maryland Heights, MO 63043-3003 - ----------------------------------------------------------------------------------------------- R - ----------------------------------------------------------------------------------------------- Y - ----------------------------------------------------------------------------------------------- * The address for the name listed is: c/o Putnam Fiduciary Trust Company, as trustee or agent, Investors Way, Norwood, MA 02062-9105. ** The address for the name listed is: c/o Putnam Fiduciary Trust Company, as service provider, Investors Way, Norwood, MA 02062-9105.
Exhibit A THE PUTNAM FUNDS Board Policy and Nominating Committee Charter * This Committee reviews matters pertaining to the operations of the Board of Trustees and its Committees and the conduct of legal affairs for the Funds. The Committee evaluates and recommends all candidates for election as Trustees and recommends the appointment of members and chairs of each board committee. The Committee also reviews policy matters affecting the operation of the Board and its independent staff and make recommendations to the Board as appropriate. The Committee also oversees the voting of proxies associated with portfolio investments of The Putnam Funds with the goal of ensuring that these proxies are voted in the best interest of the Funds' shareholders. The Committee is comprised exclusively of Independent Trustees. Exhibit B Current Fundamental Investment Restrictions with Respect to Borrowing Putnam Asset Allocations: Balanced Portfolio Putnam Asset Allocation: Conservative Portfolio Putnam Asset Allocation: Growth Portfolio Putnam Capital Appreciation Fund Putnam Classic Equity Fund Putnam Discovery Growth Fund Putnam Equity Income Fund Putnam Europe Equity Fund The George Putnam Fund Putnam Global Income Trust The Putnam Fund for Growth and Income Putnam Growth Opportunities Fund Putnam Health Sciences Fund Putnam International Capital Opportunities Fund Putnam International Equity Fund Putnam International Growth and Income Fund Putnam International New Opportunities Fund Putnam New Opportunities Fund Putnam New Value Fund Putnam OTC & Emerging Growth Fund Putnam Research Fund Putnam Utilities Growth and Income Fund "The fund may not. . . [b]orrow money in excess of 10% of the value (taken at the lower of cost or current value) of the fund's total assets (not including the amount borrowed) at the time the borrowing is made, and then only from banks as a temporary measure to facilitate the meeting of redemption requests (not for leverage) which might otherwise require the untimely disposition of portfolio investments or for extraordinary or emergency purposes. Such borrowings will be repaid before any additional investments are purchased. Putnam Voyager Fund: "The fund may not. . . [b]orrow more than 50% of the value of its total assets (excluding borrowings and stock index futures contracts and call options on stock index futures contracts and stock indices) less liabilities other than borrowings and stock index futures contracts and call options on stock index futures and stock indices. Putnam Vista Fund: "The fund may not. . . [b]orrow money in excess of 5% of its net assets (taken at current value) and then only as a temporary measure for extraordinary or emergency reasons and not for investment purposes. (The fund may borrow only from banks and immediately after any such borrowings there must be an asset coverage (total assets of the fund including the amount borrowed less liabilities other than borrowings) of at least 300% of the amount of all borrowings. In the event that, due to market decline or other reasons, such asset coverage should at any time fall below 300%, the fund is required within three days not including Sundays and holidays to reduce the amount of its borrowings to the extent necessary to cause the asset coverage of such borrowings to be at least 300%. If this should happen, the fund may have to sell securities at a time when it would be disadvantageous to do so.) Putnam Global Equity Fund: "The fund may not [b]orrow money in excess of 10% of its gross assets (taken at cost) and then only as a temporary measure for extraordinary or emergency reasons and not for investment. (The fund may borrow only from banks and immediately after any such borrowings there must be an asset coverage (total assets of the fund including the amount borrowed less liabilities other than such borrowings) of at least 300% of the amount of all borrowings. In the event that, due to market decline or other reasons, such asset coverage should at any time fall below 300%, the fund is required within three days not including Sundays and holidays to reduce the amount of its borrowings to the extent necessary to cause the asset coverage of such borrowings to be at least 300%. If this should happen, the fund may have to sell securities at a time when it would be disadvantageous to do so.) Putnam Money Market Fund: "The fund may not. . . [b]orrow money in excess of one-third of the value (taken at the lower of cost or current value) of its total assets (not including the amount borrowed) at the time the borrowing is made, and then only as a temporary measure to facilitate the meeting of redemption requests (not for leverage) which might otherwise require the untimely disposition of portfolio investments or for extraordinary or emergency purposes. Such borrowings will be repaid before any additional investments are made. Interest paid on such borrowings would reduce the yield on the fund's investments." Putnam Global Natural Resources Fund: "The fund may not. . . [b]orrow money, except for temporary or emergency purposes and then in an amount not in excess of 5% of the market value of its total assets (not including the amount borrowed)." Putnam Convertible Income-Growth Trust: "The fund may not. . . [b]orrow money in excess of 5% of its net assets (taken at the lower of cost or current value) and then only from banks as a temporary measure for extraordinary or emergency reasons and not for investment purposes." Exhibit C Current Fundamental Investment Restrictions with Respect to Diversification of Investments Putnam Discovery Growth Fund Putnam Equity Income Fund Putnam Europe Equity Fund The George Putnam Fund of Boston Putnam Global Equity Fund Putnam Global Natural Resources Fund The Putnam Fund for Growth and Income Putnam International Equity Fund Putnam Investors Fund Putnam New Opportunities Fund Putnam OTC & Emerging Growth Fund Putnam Utilities Growth and Income Fund Putnam Vista Fund Putnam Voyager Fund "The fund may not. . . [w]ith respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities." Putnam Capital Opportunities Fund Putnam Classic Equity Fund Putnam Growth Opportunities Fund Putnam International Capital Opportunities Fund Putnam International New Opportunities Fund Putnam Mid Cap Value Fund Putnam New Value Fund Putnam Research Fund Putnam Small Cap Growth Fund Putnam Small Cap Value Fund "The fund may not. . . [w]ith respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its political subdivisions." Putnam Asset Allocation: Balanced Portfolio, Putnam Asset Allocation: Conservative Portfolio, and Putnam Asset Allocation: Growth Portfolio: "The fund may not. . . [w]ith respect to 75% of its total assets, invest in the securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest and principal by the U.S. government or its agencies or instrumentalities." Putnam Health Sciences Trust: "The fund may not. . . [w]ith respect to 50% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities." Exhibit D Current Provisions of Agreements and Declarations of Trust with Respect to Redemptions of Fund Shares Putnam Convertible Income-Growth Trust, Putnam Equity Income Fund, Putnam Global Equity Fund, Putnam Global Natural Resources Fund, Putnam Health Sciences Trust, Putnam International Equity Fund, Putnam Investors Fund, Putnam OTC & Emerging Growth Fund, Putnam Vista Fund and Putnam Voyager Fund: Article VI Distributions, Redemptions and Repurchases Redemption and Repurchases Section 2. The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of any certificate for the Shares to be purchased, a proper instrument of transfer and a request directed to the Trust or a person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, as next determined in accordance with the Bylaws. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than customary weekends or holidays, or, if permitted by the rules of the [Securities and Exchange Commission], during periods when trading on the Exchange is restricted or during any emergency which makes it impractical for the Trust to dispose of its investments or to determine fairly the value of its net assets, or during any other period permitted by order of the [Securities and Exchange Commission] for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Putnam Asset Allocation: Growth Portfolio, Putnam Asset Allocation: Balanced Portfolio, Putnam Asset Allocation: Conservative Portfolio, Putnam Capital Opportunities Fund, Putnam Classic Equity Fund, Putnam Discovery Growth Fund, Putnam Europe Equity Fund, Putnam Growth Opportunities Fund, Putnam International Capital Opportunities Fund, Putnam International Growth and Income Fund, Putnam International New Opportunities Fund, Putnam Mid Cap Value Fund, Putnam New Opportunities Fund, Putnam New Value Fund, Putnam Research Fund, Putnam Small Cap Growth Fund, Putnam Small Cap Value Fund and Putnam Utilities Growth and Income Fund: Article VI Distributions, Redemptions and Repurchases Redemption and Repurchases Section 2. The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of any certificate for the Shares to be purchased, a proper instrument of transfer and a request directed to the Trust or a person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, as next determined in accordance with the Bylaws, less any redemption charge fixed by the Trustees. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than customary weekends or holidays, or, if permitted by the rules of the [Securities and Exchange Commission], during periods when trading on the Exchange is restricted or during any emergency which makes it impractical for the Trust to dispose of its investments or to determine fairly the value of its net assets, or during any other period permitted by order of the [Securities and Exchange Commission] for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The George Putnam Fund of Boston: Article IV Rights and Privileges of Beneficiaries Right to Sell Shares to Trust Section 4. The Trust shall purchase such shares as are offered by any beneficiary for redemption, upon the presentation of the certificate or certificates therefore, if any, to the Trust or to the Transfer Agent, duly endorsed or accompanied by a proper instrument of transfer, together with a request that the Trust purchase the shares represented thereby; and the Trust will pay therefor in cash the liquidating value of the shares so presented determined as of such time as the Trustees may from time to time specify, subject to any applicable rule of the Securities and Exchange Commission adopted under the Investment Company Act of 1940. For the protection of the remaining beneficiaries the Trustees reserve the right to demand not more than seven (7) full business days' written notice of the request to purchase such shares at such liquidating value, which period may be extended by the Trustees for such time as the New York Stock Exchange may at any time be closed for business or open upon a restricted basis, all under such reasonable rules and regulations as may be determined by the Trustees from time to time. The Putnam Fund for Growth and Income: Article IV Rights and Privileges of Beneficiaries Right to Sell Shares to Trust Section 4. The Trust shall purchase such shares as are offered by any beneficiary for redemption, upon the presentation of the certificate or certificates therefore, if any, to the Trust or to the Transfer Agent, duly endorsed or accompanied by a proper instrument of transfer, together with a request that the Trust purchase the shares represented thereby; and the Trust will pay therefor in cash the net asset value of the shares so presented determined as of such time as the Trustees may from time to time specify, subject to any applicable rule of the Securities and Exchange Commission adopted under the Investment Company Act of 1940. For the protection of the remaining beneficiaries the Trustees reserve the right to demand not more than seven (7) days' written notice of the request to purchase such shares at such net asset value, which period may be extended by the Trustees for such times as the New York Stock Exchange may at any time be closed for business other than customary week-end and holiday closings or open upon a restricted basis, all under such reasonable rules and regulations as may be determined by the Trustees from time to time. EXHIBIT E LITIGATION 1. The plaintiff named below alleges that the defendants engaged in, or allowed others to engage in, activities that took advantage of the way mutual fund shares are priced in exchange for investments that benefited the managers and advisers of the funds, but which harmed investors and the funds themselves. The plaintiff's complaint sets forth violations of [SECTION] 36 of the 1940 Act, [SECTION] 206 of the Investment Advisers Act, [SECTION] 10(b) and [SECTION] 20(a) of the 1934 Act, breach of fiduciary duty, and civil conspiracy. The plaintiff seeks declaratory relief, damages, pre and post judgment interest, and attorney's fees and costs. Case Name Defendants Court Date Instituted - ------------------------------------------------------------------------------- Gladys Baker Putnam Management 1 United States April 5, 2004 (derivatively on Omid Kamshad District Court behalf of the Putnam Justin Scott for the District Fund for Putnam Trustees 2 of Delaware Growth and Income, Putnam Funds 3 Putnam Europe (nominal) Equity Fund, and Putnam Funds) v. Putnam Investment Management LLC, et al. - ------------------------------------------------------------------------------- 2. The plaintiffs named below allege that the defendants engaged in, permitted, and/or failed to prevent market timing and short-term trading in the Putnam Funds. Plaintiffs generally claim violations of [SECTION] 36 of the Investment Company Act of 1940, [SECTION] 206 of the Investment Advisers Act, [SECTION] 10(b) of the Exchange Act and Rule 10b-5, [SECTION] 20(a) of the Exchange Act, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and civil conspiracy. The plaintiffs generally seek injunctive relief including removal of the current Trustees and fund managers, disgorgement of profits, monetary damages, punitive damages, and attorney's fees and costs. Case Name Defendants Court Date Instituted - ------------------------------------------------------------------------------- Joanne S. Baseman Putnam Management United States Dec. 16, 2003 (derivatively on behalf Omid Kamshad District Court of Putnam International Justin Scott for the District Equity Fund and the William Woolverton of Maryland Putnam Funds) Putnam Trustees v. Putnam Investment Putnam Funds Management, Inc., et al. (nominal) - ------------------------------------------------------------------------------- John K. Clement Putnam Management United States Nov. 26, 2003 (derivatively on behalf Omid Kamshad District Court of several individual Justin Scott for the District funds and the William Woolverton of Maryland Putnam Funds) Putnam Trustees v. Putnam Investment Putnam Funds Management Inc., et al. (nominal) - ------------------------------------------------------------------------------- Simon J. Denenberg Putnam Management United States Jan. 30, 2004 (derivatively on behalf Omid Kamshad District Court of the Putnam U.S. Justin Scott for the District Government Income William Woolverton of Maryland Trust and the Putnam Putnam Trustees Funds) v. Putnam Putnam Funds Investment Management, (nominal) Inc., et al. - ------------------------------------------------------------------------------- Diane Hutto and Putnam Management United States Nov. 12, 2003 Dina Rozenbaum Putnam Trustees District Court (derivative on behalf Justin M. Scott for the District of several individual Omid Kamshad of Maryland funds and the Putnam Certain officers of Funds) v. Putnam, LLC, the Putnam Funds and et. al. Putnam Management John Does 1-100 Putnam Funds (nominal) - ------------------------------------------------------------------------------- Seth B. Marks (derivative Putnam Management United States Dec. 3, 2003 on behalf of several Putnam Trustees District Court individual funds and the Justin M. Scott for the District Putnam Funds) Omid Kamshad of Maryland v. Putnam, LLC, et. al. Certain officers of the Putnam Funds and Putnam Management John Does 1-100 Putnam Funds (nominal) - ------------------------------------------------------------------------------- Cynthia Puleo (derivative Putnam Management United States Dec. 16, 2003 on behalf of several Putnam Trustees District Court individual funds and the Justin M. Scott for the District Putnam Funds) Omid Kamshad of Maryland v. Putnam, LLC, et al. Certain officers of the Putnam Funds and Putnam Management John Does 1-100 Putnam Funds (nominal) - ------------------------------------------------------------------------------- Edward L. Segel Putnam Management United States Jan. 23, 2004 (derivative on behalf Putnam Trustees District Court of individual fund Omid Kamshad for the District and the Putnam Funds) Justin Scott of Maryland v. Putnam, LLC, et al. William Woolverton Putnam Funds (nominal) - ------------------------------------------------------------------------------- Zachary Alan Starr Putnam Management United States Nov. 6, 2003 (derivative on behalf Putnam Trustees District Court of Putnam International Omid Kamshad for the District Equity Fund and the Justin M. Scott of Maryland Putnam Funds) Putnam Funds v. Putnam Investment (nominal) Management, et al. - ------------------------------------------------------------------------------- 3. The plaintiffs named below allege that the defendants failed to properly disclose that select customers were allowed to engage in late trading or time their mutual fund trades. The plaintiffs generally claim of breach of fiduciary duty, abuse of control, gross mismanagement, waste of corporate assets, unjust enrichment. The plaintiffs seek damages, equitable and/or injunctive relief, restitution, and attorney's fees and costs. Case Name Defendants Court Date Instituted - ------------------------------------------------------------------------------- Leon Brazin Putnam Trustees Superior Court March 15, 2004 (derivatively on behalf Putnam Management of Suffolk County, of Putnam Vista Fund) Putnam Vista Fund MA; Stipulation v. John A. Hill, et al. (nominal) agreeing to Certain officers of removal and the Putnam Funds and transfer to Putnam Management United States District Court for the District of Maryland executed on April 23, 2004 - ------------------------------------------------------------------------------- Peter Kavaler Putnam Trustees Superior Court March 15, 2004 (derivatively on behalf Putnam Management of Suffolk County, of Putnam Income Putnam Income Fund MA; Stipulation Fund) v. John A. Hill, (nominal) agreeing to et al. Certain officers of removal and the Putnam Funds and transfer to Putnam Management United States District Court for the District of Maryland executed on April 23, 2004 - ------------------------------------------------------------------------------- Todd Klein (derivatively Putnam Trustees United States Jan. 27, 2004 on behalf of Putnam Putnam Management District Court Global Equity Fund) Putnam Global Equity for the District v. Hill, et al. Fund (nominal) of Maryland Certain officers of the Putnam Funds and Putnam Management - ------------------------------------------------------------------------------- Steven Wiegand Putnam Trustees United States Jan. 27, 2004 (derivatively on behalf Putnam Management District Court of Putnam Classic Putnam Classic for the District Equity Fund) Equity Fund of Maryland v. Hill et al. (nominal) Certain officers of the Putnam Funds and Putnam Management - ------------------------------------------------------------------------------- 4. The plaintiff named below alleges that defendants failed to prevent the disclosure of confidential information concerning the identity of securities, the practice of late trading by selected investors, time-trading by selected investors and insider trading by directors, officers and/or employees of the defendants. The plaintiff claims breach of fiduciary duty. Case Name Defendants Court Date Instituted - ------------------------------------------------------------------------------- Stern (derivative on Putnam Funds Supreme Court December 17, 2003 behalf of Marsh & Putnam Management of the State McLennan) v. Greenberg, Jeffrey Greenberg of New York et. al, Mathis Cabaillavetta Marsh Directors 4 Lawrence Lasser - ------------------------------------------------------------------------------- 1 "Putnam Management" includes Putnam Investments Trust, Putnam Investment Management, Putnam Investment Management, LLC, Putnam, LLC, and/or Marsh & McLennan Companies, Inc. 2 The 13 Putnam Trustees include current Trustees Jameson Adkins Baxter, Charles B. Curtis, John A. Hill, Ronald J. Jackson, Paul L. Joskow, Elizabeth T. Kennan, John H. Mullin, III, Robert E. Patterson, George Putnam, III, A.J. Smith and W. Thomas Stephens, and former Trustees W. Nicholas Thorndike and Lawrence J. Lasser. 3 "Putnam Funds" includes any and/or all registered investment companies managed by Putnam Management. 4 The Directors of Marsh & McLennan Companies, Inc. are Charles Davis, Lewis Bernard, Peter Coster, Robert Ebruru, Oscar Fanjul, Ray Groves, Stephen Hardis, Gwendolyn King, Lord Lang of Monkton, David Olsen, Morton Shapiro, Adele Simmons, and A.J. Smith. PUTNAM INVESTMENTS The Putnam Funds One Post Office Square Boston, Massachusetts 02109 Toll-free 1-800-225-1581 216581 8/04 PUTNAM INVESTMENTS P.O. BOX 9132 HINGHAM, MA 02043-9132 To vote by Telephone 1) Read the Proxy Statement and have the proxy card at hand. 2) Call 1-888-221-0697. 3) Follow the automated telephone directions. 4) There is no need for you to return your proxy card. To vote by Internet 1) Read the Proxy Statement and have the proxy card at hand. 2) Go to https://www.proxyweb.com/Putnam 3) Follow the instructions on the site. 4) There is no need for you to return your proxy card. To vote by Mail 1) Read the Proxy Statement. 2) Check one of the appropriate boxes on the reverse side. 3) Sign and date the proxy card. 4) Return the proxy card in the envelope provided. This is your PROXY CARD. This proxy is solicited on behalf of the Trustees of the Fund. Proxy for a meeting of shareholders to be held on November 11, 2004. FUND NAME PRINTS HERE FUND NAME PRINTS HERE The undersigned shareholder hereby appoints John A. Hill and Robert E. Patterson, and each of them separately, Proxies, with power of substitution, and hereby authorizes them to represent such shareholder and to vote, as designated on the reverse side, at the meeting of shareholders of the above referenced Fund on November 11, 2004 at 11:00 a.m., Boston time, and at any adjournments thereof, all of the shares of the fund that the undersigned shareholder would be entitled to vote if personally present. The Proxies are authorized to vote in their discretion upon any matters as may properly come before the meeting or at any adjournments of the meeting. If you simply sign the proxy or fail to provide your voting instructions on a proposal, the Proxies will vote in the same manner as the Trustees recommend. PLEASE BE SURE TO SIGN AND DATE THIS PROXY. - ------------------------------------------- Shareholder/Co-owner sign(s) here Date Please sign your name exactly as it appears on this card. If you are a joint owner, each owner should sign. When signing as executor, administrator, attorney, trustee, or guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer's office. If you are a partner, sign in the partnership name. Equity 1 - dh REFER TO PAGES ______ IN YOUR PROXY STATEMENT TO DETERMINE WHICH PROPOSALS ARE APPLICABLE TO YOUR FUND(S). THE TRUSTEES RECOMMEND A VOTE FOR ALL PROPOSALS: Please fill in box(es) as shown using black or blue ink or number 2 pencil. X PLEASE DO NOT USE FINE POINT PENS. 1. Proposal to elect all nominees. The nominees for Trustees are: (01) J.A. Baxter, (02) C.B. Curtis, (03) M.R. Drucker, (04) C.E. Haldeman, Jr., (05) J.A. Hill, (06) R.J. Jackson, (07) P.L. Joskow, (08) E.T. Kennan, (09) J.H. Mullin, III, (10) R.E. Patterson, (11) G. Putnam, III, (12) A.J.C. Smith, (13) W.T. Stephens and (14) R.B. Worley - ------------------------------------------------------------------------ To withhold authority to vote for one or more of the nominees, write the number(s) of the nominee(s) above. FOR electing all the nominees (except as marked to the contrary at left) WITHHOLD authority to vote for all nominees 2A. Approving an amendment to the fund's fundamental investment restriction with respect to borrowing. FOR AGAINST ABSTAIN 2B. Approving an amendment to the fund's fundamental investment restriction with respect to making loans. FOR AGAINST ABSTAIN 2C. Approving an amendment to the fund's fundamental investment restriction with respect to diversification of investments. FOR AGAINST ABSTAIN 2D. Approving an amendment to the fund's fundamental investment restriction with respect to issuance of senior securities. FOR AGAINST ABSTAIN 2E. Approving an amendment to Putnam Equity Income Fund's investment objective. FOR AGAINST ABSTAIN 3. Approving an amendment to the fund's Agreement and Declaration of Trust. FOR AGAINST ABSTAIN Note: If you have any questions on the proposals, please call 1-800-225-1581. PLEASE SIGN AND DATE ON THE REVERSE SIDE. Equity 1- dh PUTNAM INVESTMENTS EzVote Consolidated Proxy Card 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 Card, you are voting all of these accounts in the same manner as indicated on the reverse side of the form. PROXY FOR THE SPECIAL MEETING OF SHAREHOLDERS TO BE HELD NOVEMBER 11, 2004 This Proxy is solicited on behalf of the Trustees of the Fund. The undersigned shareholder hereby appoints John A. Hill and Robert E. Patterson, and each of them separately, Proxies, with power of substitution, and hereby authorizes them to represent such shareholder and to vote, as designated on the reverse side, at the meeting of shareholders of the open-end Putnam funds noted thereon on November 11, 2004 at 11:00 a.m., Boston time, and at any adjournments thereof, all of the shares of the fund that the undersigned shareholder would be entitled to vote if personally present. The Proxies are authorized to vote in their discretion upon any matters as may properly come before the meeting or at any adjournments of the meeting. If you simply sign the proxy or fail to provide your voting instructions on a proposal, the Proxies will vote in the same manner as the Trustees recommend PLEASE BE SURE TO SIGN AND DATE THIS PROXY. - ------------------------------------------- Shareholder/Co-owner sign(s) here Date Please sign your name exactly as it appears on this card. If you are a joint owner, each owner should sign. When signing as executor, administrator, attorney, trustee, or guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer's office. If you are a partner, sign in the partnership name. Equity 1 EZ - dh DETACH CONSOLIDATED PROXY CARD AT PERFORATION BELOW Your vote is important. For your convenience, you can vote your Proxy in any of these three ways: 1 TELEPHONE Call us toll-free at 1-888-221-0697 * Follow the automated telephone direction. * There is no need for you to return your proxy card. 2 INTERNET Go to https://www.proxyweb.com/Putnam * Follow the instructions on the site. * There is no need for you to return your proxy card. 3 MAIL Mail in the proxy card. * Please sign and date your proxy card. * Detach the card from this proxy form. * Return the card in the postage-paid envelope provided. INDIVIDUAL BALLOTS On the reverse side of this form (and on accompanying pages, if necessary) you will find individual 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 ballots portion only. NOTE: If you elect to vote each account separately, do not return the Consolidated Proxy Card above. SIGN BELOW ONLY IF YOU ARE VOTING EACH ACCOUNT SEPARATELY. - ------------------------------------------- Shareholder/Co-owner sign(s) here Date Please sign your name exactly as it appears on this card. If you are a joint owner, each owner should sign. When signing as executor, administrator, attorney, trustee, or guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer's office. If you are a partner, sign in the partnership name. Equity 1 IND - dh REFER TO PAGES ______ IN YOUR PROXY STATEMENT TO DETERMINE WHICH PROPOSALS ARE APPLICABLE TO YOUR FUND(S). EzVote Consolidated Proxy Card THE TRUSTEES RECOMMEND A VOTE FOR ALL PROPOSALS: Please fill in box(es) as shown using black or blue ink or number 2 pencil. X PLEASE DO NOT USE FINE POINT PENS. 1. Proposal to elect all nominees. The nominees for Trustees are: (01) J.A. Baxter, (02) C.B. Curtis, (03) M.R. Drucker, (04) C.E. Haldeman, Jr., (05) J.A. Hill, (06) R.J. Jackson, (07) P.L. Joskow, (08) E.T. Kennan, (09) J.H. Mullin, III, (10) R.E. Patterson, (11) G. Putnam, III, (12) A.J.C. Smith, (13) W.T. Stephens and (14) R.B. Worley To withhold authority to vote for one or more of the nominees, write the number(s) of the nominee(s) above. FOR electing all the nominees (except as marked to the contrary at left) WITHHOLD authority to vote for all nominees 2A. Approving an amendment to the fund's fundamental investment restriction with respect to borrowing. FOR AGAINST ABSTAIN 2B. Approving an amendment to the fund's fundamental investment restriction with respect to making loans. FOR AGAINST ABSTAIN 2C. Approving an amendment to the fund's fundamental investment restriction with respect to diversification of investments. FOR AGAINST ABSTAIN 2D. Approving an amendment to the fund's fundamental investment restriction with respect to issuance of senior securities. FOR AGAINST ABSTAIN 2E. Approving an amendment to Putnam Equity Income Fund's investment objective. FOR AGAINST ABSTAIN 3. Approving an amendment to the fund's Agreement and Declaration of Trust. FOR AGAINST ABSTAIN Note: If you have any questions on the proposals, please call 1-800-225-1581. PLEASE SIGN AND DATE ON THE REVERSE SIDE. Equity 1 EZ - dh DETACH CONSOLIDATED PROXY CARD AT PERFORATION BELOW
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